Interim Management Statement

26 Jan 2012

 

3i Group plc ("3i"), the international private equity firm, today issues its Interim Management Statement in accordance with FSA Disclosure and Transparency Rule 4.3. This statement which, as usual, is unaudited, relates to the three month period from 30 September 2011 to 31 December 2011.

Michael Queen, 3i's Chief Executive, said: "We have made a number of important strategic steps to strengthen each of our business lines in the period, including the reorganisation of our private equity business, signing our first investment in Brazil, and the launch of our Credit Opportunities Fund."

"We have also generated good realisations from the portfolio, although, as we said in our November half-year results announcement, the operating environment is challenging given the deterioration in the macro-economic outlook and continued market uncertainty. Conditions have not improved since then, which has been reflected in a softening in the earnings performance of some of the portfolio over this period."

1. Investment

Investment by business line was as follows:

Investment (£m)

 

Six months ended

Three months ended

Nine months to

Nine months to

30 September

31 December

31 December

31 December

2011

2011

2011 (total)

2010 (total)

Private Equity

 

Buyouts

292

65

357

436

 

Growth Capital

117

4

121

23

Infrastructure

33

-

33

15

Debt Management

6

13

19

36

Total

448

82

530

510

2. Realisations

Realisations by business line were as follows:

Realisations (£m)

 

Six months ended

Three months ended

Nine months to

Nine months to

30 September

31 December

31 December

31 December

2011

2011

2011 (total)

2010 (total)

Private Equity

 

Buyouts

360

202

562

168

 

Growth Capital

163

16

179

126

Infrastructure

1

-

1

1

Debt Management

-

-

-

40

Non-core

8

1

9

63

Total

532

219

751

398

3. Cashflow and balance sheet

The Group had cash, cash deposits and undrawn committed facilities of £1,753 million as at 31 December 2011 (30 September 2011: £1,680 million) and gross debt had reduced to £1,659 million (30 September 2011: £1,722 million).

Net cash divestment in the three month period was £159 million and net debt decreased by £136 million to £395 million (30 September 2011: £531 million)

   

 

For information please contact:

Patrick Dunne
Group Communications Director
3i Group plc
020

Kathryn van der Kroft
PR Director
020 7975 3021

This statement aims to give an indication of material events and transactions that have taken place during the period from 30 September 2011 to 31 December 2011 and their impact on the financial position of 3i Group plc. These indications reflect the Board's current view. They are subject to a number of risks and uncertainties and could change. Factors which could cause or contribute to such differences include, but are not limited to, general economic and market conditions and specific factors affecting the financial prospects or performance of individual investments within 3i's portfolio.