Analyse 3i Group plc

Fundamentele Analyse : FY 2017/18

Simon Borrows, 3i's Chief Executive, commented:

 

 

“3i delivered another strong all-round performance in FY2018, generating a total return of 24%. Our investment teams had a very busy year. We received £1,323 million of proceeds, announced a further c.£350 million of realisations to complete by July 2018, and invested £827 million, including in five new companies.

 

We enter FY2019 with good momentum across the Group. Our fund management initiatives in Infrastructure, together with our reinvestment into Scandlines, will generate important cash income while our Private Equity portfolio remains well positioned to generate top-tier capital returns. We remain confident in our ability to deliver continued growth and our new dividend policy provides shareholders with clarity on future distributions.”

 

Strong all-round performance

 

 

 

 

  • Total return of £1,425 million or 24% on opening shareholders’ funds and NAV per share of 724 pence (31 March 2017: 604 pence)
  • Continued strong performance from Private Equity, with gross investment return of £1,438 million or 30%, driven by Action, Scandlines, ATESTEO and Basic-Fit in particular. The gross investment return from investments completed between 2013 and 2016 was 29%
  • Private Equity team generated excellent realisations of £1,002 million, announced a further c.£350 million of proceeds to complete by the summer of 2018 and invested a total of £587 million in four new portfolio companies, as well as two important further investments
  • A very good year for Infrastructure, which advised 3i Infrastructure plc (“3iN”) on six investments and commitments totalling £525 million and the disposals of Elenia and AWG, which helped to generate a total return of 29% for 3iN as well as a special dividend of £143 million for 3i
  • Closed two European Infrastructure fund platforms, raising assets of more than £1 billion, and invested £177 million in our first US infrastructure investment, Smarte Carte
  • Total dividend of 30 pence per share for FY2018, with 22 pence to be paid in July subject to shareholder approval

 

 

Source : 3i Group plc Full Year Results to 31 March 2018, May 17, 2018


Fundamentele Analyse : HY 2017/18


Fundamentele Analyse : FY 2016/17

Simon Borrows, 3i Group ’s Chief Executive, commented: 

 

 

 

FY2017 was another important year for 3i. Our Private Equity and Infrastructure businesses performed well and we simplified the Group by selling our Debt Management platform. Our efforts over the last few years in reshaping the portfolio mean we are now able to focus on active asset management and origination. We continued to make very strong progress at 3i in FY2017. Our financial results were excellent and underpinned by strong fundamentals."

 

Our Private Equity investment portfolio has undergone a major transformation over the last five years as we have sold many of the weaker, legacy assets and made new investments in good quality companies at attractive prices.

 

We sold our Debt Management business for £270 million during the year, as we were not confident that this business would meet our return requirements and justify its relative complexity in a more onerous regulatory environment in the future.

A measure of the success of these changes can be seen in this year’s financial results; 3i generated a total return on shareholders’ funds of £1,592 million, or 36% (2016: £824 million, or 22%), ending the year with a NAV per share of 604 pence (31 March 2016: 463 pence).

 

Action was the strongest performer again. The performance of Scandlines has accelerated since our further investment in 2013.

Since our investment in 2013, ATESTEO, the world’s leading drivetrain testing services provider to the automotive industry, has increased the utilisation of its testing facilities in Germany and expanded its Chinese footprint. As a result, its Chinese capacity has doubled and sales have increased by more than 100%. The outlook looks promising, with further expansion in China and North America in progress.

Aspen Pumps, Audley Travel, Basic-Fit, Q Holding and Euro-Diesel also performed well, with strong, organic earnings growth.

 

We completed new investments in BoConcept, Schlemmer and Ponroy Santé together with a further investment in Q Holding to support its acquisition of Degania in FY2017. A German investment, Lampenwelt, and a Dutch investment, Hans Anders, were announced in March 2017 and April 2017 respectively and should complete by the end of June 2017. We also announced an investment in Formel D in May 2017.

 

Source : 3i Group plc Full Year Results to 31 March 2017, May 18, 2017


Fundamentele Analyse : FY 2015/16

Simon Borrows, 3i Group ’s Chief Executive, commented: 

“These strong FY2016 results demonstrate 3i’s continued momentum in the face of challenging macro-economic conditions. We enter FY2017 firmly focused on delivering our clear and consistent strategy and generating good returns and distributions for our shareholders.”

 

Financial Highlights :

  • Total return of £824m / 22% (FY2015: £659m / 20%) and NAV per share of 463 pence (FY2015: 396 pence).
  • Private Equity gross investment return of £1,011m, or 32%, underpinned by a strong performance from a number of our key investments such as Action, Scandlines, Basic-Fit and ATESTEO (formerly GIF).
  • Momentum in Private Equity realisations continues with proceeds of £743m and a further c.£224m announced in April 2016. Maintained a disciplined approach to investment and invested £365m in three new portfolio companies; Audley Travel, Weener Plastic and Euro-Diesel.

Source : 3i Group plc Full Year Results to 31 March 2016, May 19, 2016