Interim Management Statement
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 which, as usual, is unaudited, relates to the three month period from 30 September 2009 to 31 December 2009.
Michael Queen, 3i's Chief Executive, said:
"We start 2010 in a strong financial position, building on the performance of the previous quarter. We have continued to see good realisations from the portfolio and the pipeline for new investment has strengthened."
Realisations (excluding co-investment funds) were £270 million for the third quarter, bringing realisations to £777 million for the nine months to 31 December 2009 (2008: £942 million). Realisations from the portfolio, including the IPO of PCD in China and the sales of DNA and Dockwise in the Nordic region, have been made at good uplifts over opening carrying value at the start of the year.
3i invested £59 million during the quarter, bringing the total investment in the nine months to 31 December 2009 to £249 million. Of this investment £111 million was invested in the existing portfolio, the balance related primarily to capitalised interest. Investment for the equivalent nine month period last year was £841 million. In addition, £34 million (2008: £81 million) was invested in the quarter on behalf of co-investment funds managed by 3i.
3. Cashflow and balance sheet
The Group had cash, cash deposits and undrawn committed facilities of £2.34 billion as at 31 December (30 September 2009: £1.96 billion). The significant cash movements from realisations and investment generated a net cash inflow of £231 million during the three month period. As a result of these and other cashflows, net debt was further reduced by £211 million to £643 million, which is below our objective of £1.0 billion of net debt by mid-2010.
For further information, please contact:
Group Communications Director - 3i Group plc
|020 7975 3566|
3i Press Office
|020 7975 3573|
| 020 7379 5151
This statement aims to give an indication of material events and transactions that have taken place during the period from 30 September 2009 to 31 December 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