Half-year results 2010

11 Nov 2010

 

''We have transformed the balance sheet, reorganised the business and have moved from organising and planning for growth to starting to deliver it. There is increased momentum throughout the business." - Michael Queen, Chief Executive

Commentary

  • Increased momentum throughout the business
  • Good portfolio performance
    - Gross portfolio return of 8.7% in first half driven by portfolio earnings growth
  • Increased investment of £327 million
  • Significant liquidity of £2.1 billion to support new investment
  • Three good platforms for growth:
    - Private Equity; Infrastructure; and Debt Management
  • Increase in interim dividend to 1.2 pence per share

 

Six months to/as at

Six months to/as at

 

30 September

30 September

 

2010

2009

Investment activity

 

 

Investment

£327m

£190m

Realisations

£293m

£507m

Net (investment) / divestment

£(34)m

£317m

Returns

 

 

Gross portfolio return

£307m

£316m

Gross portfolio return on opening portfolio value

8.7%

7.8%1

Total return

£117m

£81m

Total return on opening shareholders' funds

3.8%

3.2%2

Dividend per ordinary share

1.2p

1.0p

Assets under management

 

 

3i

£5,513m

£6,070m

External funds

£3,791m

£3,604m

Total assets under management3

£9,304m

£9,674m

Balance sheet

 

 

3i portfolio value

£3,679m

£3,780m

Net debt

£352m

£854m

Gearing

11%

31%

Net asset value

£3,161m

£2,746m

Diluted net asset value per ordinary share

£3.30

£2.86

1. Opening portfolio value in 2009 was the weighted average of the opening portfolio value, less the opening portfolio value of 3i's share of 3i Quoted Private Equity plc ("3iQPEP"), plus the value of investments transferred from 3iQPEP to 3i Group plc.
2. Opening shareholders' funds in 2009 was the weighted average of opening shareholders' funds and the equity value following the liquidation of 3i QPEP and the nine for seven rights issue.
3. "Assets under managemen" was re-defined as at 31 March 2010 and 2009 restated. The new definition is detailed in the Business review

For further information, please contact:

3i Group plc
Patrick Dunne, Group Communications Director, Tel: 020 7975 3283
Kathryn van der Kroft, Press Office, Tel: 020 7975 3021

Maitland Consultancy
Suzanne Bartch
Tel: 020 7379 5151

For further information regarding the announcement of 3i's Half-yearly results to 30 September 2010, including a live videocast of the results presentation from 09:45am, please see http://www.3igroup.com.

Notes to editors 
3i is an international investor focused on Private Equity, Infrastructure and Debt Management, investing in Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our business relationships. These underpin the value that we deliver to our portfolio, shareholders and fund investors. More information is available at:http://www.3i.com.

The online Half-yearly report 2010 will be available athttp://www.2010reportingcentre.3igroup.com from 3.00pm today.

This Half-yearly report may contain certain statements about the future outlook for 3i Group plc and its subsidiaries ("3i"). Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

This report has been drawn up and presented for the purposes of complying with English law. Any liability arising out of or in connection with the Half-yearly report for the six months to 30 September 2010 will be determined in accordance with English law. The Half-yearly results for 2010 and 2009 are unaudited.