Interim Management Statement

RNS Number : 2957V
3i Group PLC
08 July 2009
 



3i Group plc - Interim Management Statement 



8 July 2009



3i Group plc ('3i'), the international private equity company, 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 2009 t30 June 2009


Michael Queen, 3i's Chief Executive, said:


'Our focus in the first quarter was ostrengthening the balance sheetA substantial increase in liquidity and the reduction in net debt provide further resilience in what remains a fragile environment. We have also significantly enhanced our ability to take full advantage of improved conditions as they emerge.' 


He added:


'Given our view of the general economic outlook wwill continue to take a cautious approach to new investmentmaintain our focus on the portfolio and ensure that we build upon our strong positions in the mid-market buyout, growth capital and infrastructure markets.'


1.

Balance sheet


Improving 3i's balance sheet strength was a key priority for the period. The successful rights issue, the receipt of the proceeds from 3i QPE, and other operational cash in-flow resulted in a reduction of net debt to £961 million at 30 June 2009 from £1,912 million at 31 March 2009


2.

Realisations and Investment


Realisation proceeds received by 3i (excluding funds managed or advised by 3i) were £163 million (2008: £301 million). Realisations for the three month period were achieved at a modest uplift to 31 March 2009 valuations.  


Realisationexceeded new investment by £87 million for the three months to 30 June 2009. There were no investments in new portfolio companies in the period.


Investment and realisations for the quarter by business line were as follows: 


Investment £m


3 months ended

3 months ended


30 June

30 June


2009

2008

Buyouts

37

251

Growth Capital

28

160

Infrastructure

2

-

Non-core 

9

17

Total

76

428

Note: Non-core includes the Venture portfolio and SMI portfolio.



Realisation proceeds by business line were as follows:

Realisations £m


3 months ended

3 months ended


30 June

30 June


2009

2008

Buyouts

31

169

Growth Capital

68

96

Infrastructure

-

5

Non-core

64

31

Total

163

301

Note: Non-core includes the Venture portfolio and SMI portfolio.



3.

Returns


Results for the year to 31 March 2009 were announced on 8 May 2009. The next detailed valuation exercise of the investment portfolio is for the half year results to 
30 September 2009. 


Ends


For information please contact:


Patrick Dunne

Group Communications Director, 3i Group plc

020 7975 3566

   Philip Gawith

Maitland

020 7379 5151


This statement aims to give an indication of material events and transactions that have taken place during the period from 1 April 2009 to 30 June 2009 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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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