Preliminary statement of annual results for the year to 31 March 2004

13 May 2004

3i delivers a strong overall performance

  • Total return of £531 million
  • Significant increase in investment activity in the second half
  • Realised profits of £228m

Preliminary results for year ended 31 March 2004

Total return £531m
Return on opening shareholders funds 18.1%
Revenue profit before tax £139m
Realisation proceeds £923m
Realisation profits on disposal of investments £228m
Unrealised profits on revaluation of investments £336m
Investment (including co-investment funds) £979m
Diluted net asset value per share (post final dividend) 553p
Full year dividend (including recommended final dividend of 8.9p per share) 14.0p

 

Highlights

  • A total return of £531 million representing 18.1% of opening shareholders' funds.
  • Investment in the year of £979 million (including co-investment funds), following a significant increase in the second half.
  • Realisation proceeds on the sale of assets of £923 million generated realised capital profits of £228 million. Equity realisations were made at an uplift of 58% over opening values.
  • Significant reduction in provisions and down rounds to £143 million and £70 million respectively. This compares with £379 million and £361 million for the same period last year.
  • Revenue profit before tax of £139 million.
  • Full year dividend of 14.0p up 3.7%.

Baroness Hogg, Chairman of 3i Group plc, said: 

"3i has achieved a strong overall performance. We have a highly focused business, clear competitive advantage, a strong balance sheet and good momentum on the new investment front."

3i's Chief Executive, Brian Larcombe, commenting on the outlook, said: 

"The general macroeconomic drivers look more favourable, the business model is delivering in each of our three key areas of activity: buy-outs, growth capital and venture capital and the business has the people, the network and the capital strength to grow significant value for our shareholders."

For further information, please contact:

3i Group plc
Brian Larcombe, Chief Executive -  020 7975 3386
Michael Queen, Finance Director -  020 7975 3400
Patrick Dunne, Group Communications Director -  020 7975 3283

Maitland Consultancy
Philip Gawith -  020 7379 5151

Notes to editors
3i is a world leader in private equity and venture capital. We focus on buy-outs, growth capital and venture capital and invest across Europe, in the United States and in Asia Pacific. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. It underpins the value that we deliver to our portfolio and to our shareholders. 3i's buy-out business concentrates on the mid and smaller buy-out markets in Europe and Asia Pacific. In the year to 31 March 2004 3i invested £492m. Our growth capital business invests in high growth companies expanding organically or through acquisition. In the year to 31 March 2004, 3i invested £313m. 3i's venture capital business invested £174m in the year to 31 March 2004 in early stage technology companies.