Interim Management Statement

RNS Number : 1951W

3i Group PLC

26 January 2012

 



26 January 2012

3i Group plc - Interim Management Statement

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).

Ends

For information please contact:

Patrick Dunne	Group Communications Director, 3i Group plc	020 7975 3566
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.

 

END

 

 

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