25 Sep 2008
Pre-close period briefing
- Financial
3i Group plc ("3i"), the international private equity company, will be holding discussions with analysts and investors ahead of its close period for the six months ending 30 September 2008.
This statement sets out the information that will be covered in those discussions. 3i expects to announce its results for the six months ending 30 September 2008 on 6 November 2008.
Commenting on the statement, Philip Yea, 3i Chief Executive, said:
"In these markets, we continue to be highly selective in respect of new investment, rigorous in managing our existing portfolio, and focused on maximising cash to cash returns. In line with our expectation, our investment and realisations have been broadly balanced so far this year."
The main topics that will be discussed with analysts and investors are set out below.
1. Investments and realisations
3i invested a total of £622 million in the five months ended 31 August 2008 compared with £1,012 million in the equivalent period last year. In addition, £268 million (2007: £258 million) was invested on behalf of co-investment funds managed by 3i.
Realisation proceeds received by 3i were £560 million in the five months ended 31 August 2008 (2007: £1,011 million). This excludes the realisation proceeds of approximately £162 million from ABX, which are expected to be received shortly after 30 September 2008.
2. Returns
The three main drivers of 3i''s gross portfolio return are: realised profits, movements in unrealised value and portfolio income.
Realisations for the five month period have been achieved at aggregate uplifts over 31 March 2008 carrying values at similar levels to the prior 12 months. Portfolio income for the half year to 30 September 2008 is expected to be ahead of the same period last year.
As usual, movements in unrealised value will be an important element in the determination of 3i''s results for the half year to 30 September 2008 and will be derived from the detailed valuation exercise carried out on the investment portfolio as at that date.
For further information, please contact:
3i Group plc
Simon Ball, Finance Director - 020 7975 3356
Julia Wilson, Finance Director Designate - 020 7975 3356
Patrick Dunne, Group Communications Director - 020 7975 3283
Rachel Richards, Press office - 020 7975 3573
Maitland Consultancy
Lydia Pretzlik - 020 7379 5151