3i Group plc announces full year results to 31 March 2012
(Preliminary results for the year to 31 March 2012)
Key points
Appointment of Simon Borrows as the new Chief Executive with a clear mandate to address the performance of the Group
Subject to shareholder approval, a significant increase in the dividend to bring the total dividend for the year to 8.1p
Further strengthen the distribution policy giving shareholders a direct share in the success of the Group's realisation activities.
3i's Chairman, Sir Adrian Montague, said: "We are delighted to announce the appointment of Simon as Chief Executive. He has already made a significant positive impact as Chief Investment Officer, bringing a fresh focus and discipline to 3i's investment processes."
"This has been a challenging year for 3i and the stability of the Eurozone remains central to the outlook. Whatever the environment, we have a clear set of measures to maximise shareholder value and the returns to our co-investors in our funds."
|
|
Year to/as at 31 March 2012 |
Year to/as at 31 March 2011 |
|
Gross portfolio return |
(329)m |
601m |
|
Gross portfolio return on opening portfolio value |
(8.2)% |
17.1% |
|
Net portfolio return |
(425)m |
449m |
|
Net portfolio return on opening portfolio value |
(10.6)% |
12.8% |
|
Total return |
(656)m |
324m |
|
Total return on opening shareholders' funds |
(19.5)% |
10.6% |
|
Dividend per ordinary share |
8.1p |
3.6p |
|
Operating expenses as a percentage of assets under management1 |
1.5% |
1.8% |
|
Assets under management ("AUM") |
||
|
3i |
4,174m |
5,450m |
|
External funds |
6,319m |
7,236m |
|
Total assets under management |
10,493m |
12,686m |
|
Balance sheet |
||
|
3i portfolio value |
3,204m |
3,993m |
|
Gross debt |
1,623m |
2,043m |
|
Net debt |
464m |
522m |
|
Liquidity |
1,653m |
1,846m |
|
Net asset value |
2,627m |
3,357m |
|
Diluted net asset value per ordinary share |
2.79 |
3.51 |
|
Investment activity |
||
|
Investment |
646m |
719m |
|
Realisations |
771m |
609m |
1 weighted average assets under management.
