3i Group PLC
23 June 2005
23 June 2005
3i Group plc - IFRS seminar
3i Group plc ('3i'), a world leader in private equity and venture capital, will
today host a seminar for analysts and investors to discuss the impact of
International Financial Reporting Standards ('IFRS'). From 1 January 2005, in
line with other European listed companies, 3i is required to prepare its
financial statements in accordance with IFRS as adopted for use in the European
Union. The Group's Interim results for the six months ended 30 September 2005
will be its first set of financial results prepared exclusively on this basis.
The key conclusions drawn at today's seminar will be that adoption of IFRS will
not have a significant impact on:
• the economics of 3i's business;
• the relevant key measures of 3i's business performance.
Adoption of IFRS is expected to have the following key impacts on 3i's financial
statements:
• Total return of £512 million for the year to 31 March 2005 under UK GAAP
becomes £515 million of Total Recognised Income and Expense for the same
period under IFRS;
• £9.0 million (-1.75%) decrease in profit for the period to 31 March
2005 under IFRS
• £75 million (13 pence per share) increase in net assets at 31 March 2005.
The changes largely result from the final dividend no longer being recorded as a
liability at the balance sheet date (IAS 10), the revised valuation of quoted
equities and derivative instruments (IAS 39), and the adoption of IFRS 2
regarding share based payments.
The presentation will be available on www.3igroup.com from 3:00pm today.
ends
For information please contact:
Simon Ball Finance Director, 3i Group plc 020 7975 3356
Douwe Cosijn Head of IR, 3i Group plc 020 7975 3283
Notes to editors
3i is a world leader in private equity and venture capital. We focus on
buyouts, growth capital and venture capital and invest across Europe, in the
United States and in Asia.
Our competitive advantage comes from our international network and the strength
and breadth of our relationships in business. These underpin the value that we
deliver to our portfolio and to our shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
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