Preliminary results for the year to 31 March 2010

13 May 2010

 

Key points

  • Total return of £407 million, a 16.2% return on opening shareholders' funds
  • Strong realisations of £1,385 million, at good average uplifts of 19% over opening carrying value
  • Net debt reduced to £258 million (2009: £1,912m)
  • Increase in net asset value to £3.21 (opening NAV of £2.79 at 31 March 2009)

3i's Chairman Baroness Hogg said:
"A transformed financial position, improved performance, and a substantial increase in funds available to invest have put 3i in a strong competitive position."

Michael Queen 3i's Chief Executive added:
"I am confident we will see some outstanding opportunities in the next three years and believe we are now well placed, with a focused business model, good liquidity and a strong balance sheet to invest in and build some great businesses."

 

2010

2009

Investment activity

 

 

Investment

£386m

£968m

Realisations

1,385m

£1,308m

Net divestment

£999m

£340m

Returns

 

 

Gross portfolio return

Gross portfolio return on opening portfolio value1

£843m

20.9%

£(2,206)m

(36.7)%

Total return

£407m

£(2,150)m

Total return on opening shareholders funds2

16.2%

(53.0)%

Dividend per ordinary share

3.0p

6.3p

Assets under management

 

 

3i

£5,787m

£6,909m

External funds

£3,846m

£3,871m

Total assets under management3

£9,633m

£10,780m

Balance sheet

 

 

3i portfolio value

£3,517m

£4,050m

Net debt

£258m

£1,912m

Gearing

8%

103%

Net asset value

£3,068m

£1,862m

Diluted net asset value per ordinary share

£3.21

£2.794

1 Opening portfolio value is 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 is 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 management has been re-defined and 2009 restated. The new definition is detailed in the Business review.
4 Adjusted to reflect the impact of the rights issue and issue of shares related to the acquisition of 3i QPEP.

For further information, please contact:

Michael Queen, Chief Executive
3i Group plc - Tel:  020 7975 3512

Rachel Richards
Press Office - Tel:  020 7975 3573

Suzanne Bartch
Maitland Consultancy - Tel:  020 7379 5151

For further information regarding the announcement of 3i's annual results to 31 March 2010, including a live videocast of the results presentation from 09:45am, please see www.3igroup.com.

Notes to editors 
3i is an international investor focused on buyouts, growth capital and infrastructure, investing across Europe, Asia and North America. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.