Preliminary results for the year to 31 March 2012

17 May 2012

Key points

  • Appointment of Simon Borrows as the new Chief Executive with a clear mandate to address the performance of the Group
  • Subject to shareholder approval, a significant increase in the dividend to bring the total dividend for the year to 8.1p
  • Further strengthen the distribution policy giving shareholders a direct share in the success of the Group's realisation activities.

3i's Chairman, Sir Adrian Montague, said: "We are delighted to announce the appointment of Simon as Chief Executive. He has already made a significant positive impact as Chief Investment Officer, bringing a fresh focus and discipline to 3i's investment processes."

"This has been a challenging year for 3i and the stability of the Eurozone remains central to the outlook. Whatever the environment, we have a clear set of measures to maximise shareholder value and the returns to our co-investors in our funds."

  Year to/as at
31 March 2012
Year to/as at
31 March 2011
Returns
Gross portfolio return £(329)m £601m
Gross portfolio return on opening portfolio value (8.2)% 17.1%
Net portfolio return £(425)m £449m
Net portfolio return on opening portfolio value (10.6)% 12.8%
Total return £(656)m £324m
Total return on opening shareholders' funds (19.5)% 10.6%
Dividend per ordinary share 8.1p 3.6p
Operating expenses as a percentage of assets under management1 1.5% 1.8%
Assets under management ("AUM")
3i £4,174m £5,450m
External funds £6,319m £7,236m
Total assets under management £10,493m £12,686m
Balance sheet
3i portfolio value £3,204m £3,993m
Gross debt £1,623m £2,043m
Net debt £464m £522m
Liquidity £1,653m £1,846m
Net asset value £2,627m £3,357m
Diluted net asset value per ordinary share £2.79 £3.51
Investment activity
Investment £646m £719m
Realisations £771m £609m

1 weighted average assets under management.

 

For further information, please contact:

Patrick Dunne, 3i Group plc
Tel: 020 7975 3283

Kathryn van der Kroft, Press Office
Tel: 020 7975 3021

Guy Lamming, Finsbury
Tel: 020 7251 3801

For further information regarding the announcement of 3i's annual results to 31 March 2012, 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 private equity, infrastructure and debt management, investing across Europe, Asia and the Americas.

Our rich mix of international relationships, extensive experience, on-the-ground knowledge and capital enables us to identify market-leading businesses and contribute to their success. Working in partnership, we support these companies in achieving their goals. Through combining these attributes, we create value for all our stakeholders. www.3i.com

 

Notes to the announcement of the results

Note 1

The statutory accounts for the year to 31 March 2012 have not yet been delivered to the Registrar of Companies. The statutory accounts for the year to 31 March 2011 have been delivered to the Registrar of Companies. The auditors' reports on the statutory accounts for these years are unqualified and do not contain any matters to which the auditor drew attention by way of emphasis or any statements under section 498(2) or (3) of the Companies Act 2006. This announcement does not constitute statutory accounts.

Note 2

Copies of the Report and accounts 2012 will be distributed to shareholders on or soon after 23 May 2012.

Note 3

This announcement may contain certain statements about the future outlook for 3i Group plc and its subsidiaries. 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.