27th Mar 2008 07:01
3i Group PLC27 March 2008 27 March 2008 3i Group plc - Pre-close period briefing 3i Group plc ("3i"), a world leader in private equity, will be holdingdiscussions with analysts and investors ahead of its close period for the yearending 31 March 2008. This statement sets out the information for the 11 monthsto 29 February 2008 that will be covered in those discussions. 3i expects toannounce its results for the year ending 31 March 2008 on 15 May 2008. Commenting on the statement, Philip Yea, 3i Chief Executive said: "Our business as a whole continues to perform in line with our cross cyclereturn objectives. Although our portfolio companies are not immune to economiccycles, to date we have seen no material changes to their overall financialperformance. The opportunities available to our investment business areconsiderable, notwithstanding the deterioration in the financial markets sincethe turn of the year. As expected, realisations have slowed. Our clear focus onthe mid market and our international breadth, highly selective approach to newinvestment and the diversity of our portfolio, continue to position us wellagainst a more challenging market backdrop." The main topics that will be discussed with analysts and investors are set outbelow. 1 Investments and realisations 3i invested a total of £2,154 million in the eleven months ended 29 February2008 compared with £1,348 million in the equivalent period last year. Inaddition, £600 million (2007: £250 million) was invested on behalf ofco-investment funds managed by 3i. Realisation proceeds received by 3i (excluding co-investment funds managed by3i) totalled £1,619 million in the eleven months ended 29 February 2008 (2007:£1,935 million). Investment and realisation proceeds by business line were as follows: Investment £m Realisation proceeds £m(11 months ended) 29 February 28 February (11 months ended) 29 February 28 February 2008 2007 2008 2007 Buyouts 823 431 Buyouts 843 990Growth Capital 960 447 Growth Capital 432 609Venture Capital 129 170 Venture Capital 168 133QPE 182 14 QPE 17 -Infrastructure 54 284 Infrastructure 32 5SMI 6 2 SMI 127 198Total 2,154 1,348 Total 1,619 1,935 Total investment and realisation proceeds for the nine months to 31 December2007 were £1,778 million and £1,473 million respectively. 2 Returns Aggregate Gross Portfolio Return for the 11 months to 29 February 2008 is inline with our cross cycle return objectives. The portfolio continues to perform well despite a more challenging economicoutlook. As usual, an important element in the determination of 3i's results forthe full year to 31 March 2008 will be the detailed valuation exercise carriedout on its unquoted investment portfolio as at that date. 3 India Infrastructure Fund Today 3i also announces that the 3i India Infrastructure Fund (the "Fund") hasexceeded its $1.0 billion target, with a final closing to be announced in April.The Fund includes commitments from 3i of $250 million, with 3i InfrastructureLimited, which is advised by 3i Investments plc, committing $250 million. Ends For information please contact: Simon Ball Finance Director, 3i Group plc 020 7975 3356Patrick Dunne Group Communications Director, 3i Group plc 020 7975 3283Rachel Richards 3i Press Office 020 7975 3573Philip Gawith Maitland 020 7379 5151 This statement aims to give an indication of 3i's expected return (and of keycomponents of that return) for the twelve months to 31 March 2008. Theseindications reflect the Board's current view. They are subject to a number ofrisks and uncertainties and could change. In particular, an important elementin the determination of 3i's results for the twelve months to 31 March 2008 isthe detailed valuation exercise carried out on its investment portfolio as atthat date. The final results for the twelve months to 31 March 2008, due to bereported on 15 May 2008, may differ accordingly. Factors which could cause orcontribute to such differences include, but are not limited to, general economicand market conditions and specific factors affecting the financial prospects orperformance of individual investments within 3i's portfolio. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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