23rd Jun 2005 12:01
3i Group PLC23 June 2005 23 June 2005 3i Group plc - IFRS seminar 3i Group plc ("3i"), a world leader in private equity and venture capital, willtoday host a seminar for analysts and investors to discuss the impact ofInternational Financial Reporting Standards ("IFRS"). From 1 January 2005, inline with other European listed companies, 3i is required to prepare itsfinancial statements in accordance with IFRS as adopted for use in the EuropeanUnion. The Group's Interim results for the six months ended 30 September 2005will 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 willnot 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 financialstatements: • 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 aliability at the balance sheet date (IAS 10), the revised valuation of quotedequities and derivative instruments (IAS 39), and the adoption of IFRS 2regarding 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 3356Douwe 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 onbuyouts, growth capital and venture capital and invest across Europe, in theUnited States and in Asia. Our competitive advantage comes from our international network and the strengthand breadth of our relationships in business. These underpin the value that wedeliver to our portfolio and to our shareholders. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
3i Group