Strong total shareholder return of 30%
Good flow of Private Equity realisations with proceeds of £669m, representing a 43% uplift over opening value
Building investment momentum with three new Private Equity investments and one substantial further investment. Closed acquisition of Barclays' European infrastructure fund management business and seeing a good pipeline of primary PPP projects from this platform. Also closed 4 CLOs during the year; two each in the US and Europe
Substantially outperformed cost savings target; achieved £70 million of cumulative run-rate operating cost reductions, ahead of targeted savings of £60 million. Exceeded our target of covering operating costs with cash income, with an annual operating cash profit of £5m for the year
Solid and simplified balance sheet with gross debt reduced to £857m and gross interest costs reduced to £54m, ahead of target of £60m. Net debt reduced to £160m and gearing to 5%
Total return of £478 million after accounting for a foreign exchange translation loss of £116m
Good progression in NAV per share to 348 pence and a distribution yield of over 6%
Confirming final dividend of 13.3 pence per share, bringing the total dividend for FY2014 to 20.0 pence per share, subject to shareholder approval
Simon Borrows, 3i's Chief Executive, commented:
"We have met or exceeded all of our strategic priorities and targets for the year.
"3i is now a more streamlined, decisive organisation focused on high performance and delivering attractive shareholder returns. We have started the new financial year with good momentum in our private equity portfolio and ambitious plans in our three businesses."
