Interim Management Statement
3i Group plc ("3i"), an international investor, today issues its Interim Management Statement in accordance with FSA Disclosure and Transparency Rule 4.3. This statement relates to the three month period from 1 April 2010 to 30 June 2010.
Michael Queen, 3i''s Chief Executive, said:
"Despite uncertain markets, the business continues to perform well. We are seeing stable to improving earnings performance across the portfolio and continue to see a good pipeline of investment opportunities."
1. Investment and Realisations
Investment in the three month period was £105 million (2009: £76 million). This includes a £35 million first investment in Vedici, which was signed prior to 31 March 2010 but completed during the quarter. A further £70 million was invested in the existing portfolio.
Realisation proceeds (excluding funds managed or advised by 3i) were £79 million (2009: £163 million), the largest of which was the sale of Kneip. Realisations exclude the partial realisation of Inspicio, which was signed in the period but is not expected to complete until the end of the summer, generating proceeds of around £120 million.
2. Cash flow and balance sheet
The Group had cash, cash deposits and undrawn committed facilities of £2,355 million at 30 June 2010 (31 March 2010: £2,731 million). Net debt increased from its year end level of £258 million to £325 million, recognising the net outflows from investments and realisations, together with other operating expenses.
For information please contact:
Patrick Dunne
Group Communications Director, 3i Group plc
020 7975 3566
Philip Gawith
Maitland
020 7975 3573
This statement aims to give an indication of material events and transactions that have taken place during the period from 1 April 2010 to 30 June 2010 and their mpact 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.