Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable \u2013 the accounting policy for carried interest and performance fees receivable is\u00a0shown in\u00a0Note 14. | ||
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax in the UK. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2023: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar Two model rules. The United Kingdom, the jurisdiction in which the ultimate parent company of the Group is tax resident, has enacted the Pillar Two legislation. The Group has no related current tax exposure for its year ended 31\u00a0March 2024, as the rules will first apply to the Group\u2019s accounting period ended 31 March 2025. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The application of the legislation and calculating GloBE income to determine the quantitative impact is complex and the Group is engaged with tax specialists to assist it with applying the legislation. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar Two rules is not anticipated to have a material impact on the Group. | ||
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available in \u201cValuations Committee report\u201d on pages 131 to 135. Interest bearing loans accrue interest which is either settled in cash or capitalised on a regular basis and included as part of the principal loan balance. The capitalisation of accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in Note 12. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We determine that, in the ordinary course of business, the net asset value of investment entity subsidiaries is considered to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2023 : no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2024. | ||
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Accounting policy: The Group earns a share of profits (\u201ccarried interest receivable\u201d) from funds which it manages on behalf of third parties. These profits are\u00a0earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a cash basis. In certain limited circumstances the carried interest received may be subject to clawback provisions if the performance of the fund deteriorates materially following carried interest being paid. Carried interest receivable The carried interest receivable recognised at the balance sheet date is calculated based on the valuation of the remaining portfolio assets in the fund at that date, discounted to reflect the estimated realisation dates. Following initial recognition, carried interest receivable is\u00a0accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that carried interest is received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to\u00a0be negligible. Performance fees receivable The Group earns performance fees from the investment management services it provides to 3i Infrastructure plc (\u201c3iN\u201d) when 3iN\u2019s total return for the year exceeds a specified threshold. These fees are calculated on an annual basis and paid in three equal instalments over three years. The second and third instalments will only be recognised and received if either: (a) 3iN\u2019s performance in the year in which the instalment is paid also triggers payment of a performance fee in respect of that year, or (b) if 3iN\u2019s performance over the three years starting with the year in which the performance fee is earned exceeds a specified threshold. The Group also earns performance fees from the investment management services it provides to certain other funds when the net asset value of the fund exceeds the performance threshold. These fees are calculated on an annual basis, and are recognised and paid at the end of successive five-year performance periods. The first five-year performance period ended on 31\u00a0March 2024. In accordance with IFRS 15, revenue from performance fees is recognised when it\u00a0is\u00a0sufficiently certain that there will not be a significant reversal, which is usually at the end of the relevant financial year or performance period, when the calculation is finalised and agreed. Following initial recognition, performance fees receivable are accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that performance fees are received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to be negligible. | ||
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment- related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment participants. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. The Infrastructure performance fee payable is accrued based on the expected award. A significant proportion of the amount awarded is\u00a0deferred over time and may be granted in 3i Group plc shares. This is recognised over the vesting period in line with the requirements of\u00a0IFRS 2 or IAS 19, depending on the type of award. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2024, \u00a3764 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2023: \u00a31,274 million). | ||
Accounting policy: Assets, other than those specifically accounted for under a separate policy, are stated at their cost less impairment losses. Financial assets are recognised at amortised cost in accordance with IFRS 9, which includes the requirement to calculate expected credit losses (\u201cECLs\u201d) on\u00a0initial recognition. Any ECLs are recognised directly in profit and loss, with any subsequent reversals recognised in the same location. | ||
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to there maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust. Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 27 . | ||
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. | ||
Accounting policy: Commitments represent amounts the Group has contractually committed to pay third parties but do not yet represent a charge or asset. This gives an indication of committed future cash flows. Commitments are recognised in the balance sheet at the point of settlement subject to associated risks and rewards being transferred. Commitments at the year end do not impact the Group\u2019s financial results for\u00a0the\u00a0year. | ||
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in profit or loss over the vesting period. They are fair valued at each reporting date. The cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long-term Incentive Plans are allocated to operating expenses. | ||
Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable \u2013 the accounting policy for carried interest and performance fees receivable is\u00a0shown in\u00a0Note 14. | ||
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available in \u201cValuations Committee report\u201d on pages 131 to 135. Interest bearing loans accrue interest which is either settled in cash or capitalised on a regular basis and included as part of the principal loan balance. The capitalisation of accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in Note 12. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We determine that, in the ordinary course of business, the net asset value of investment entity subsidiaries is considered to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2023 : no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2024. | ||
Investment basis Year to 31 March 2024 | Private Equity \u00a3m | Of which Action \u00a3m | Infrastructure \u00a3m | Scandlines \u00a3m | Total4 \u00a3m |
Realised losses over value on the disposal of investments | \u2013 | \u2013 | (4) | \u2013 | (4) |
Unrealised profits/(losses) on the revaluation of investments | 3,874 | 3,609 | 72 | (20) | 3,926 |
Portfolio income | |||||
Dividends | 439 | 377 | 35 | 25 | 499 |
Interest income from investment portfolio | 80 | \u2013 | 11 | \u2013 | 91 |
Fees receivable | 7 | 6 | (6) | \u2013 | 1 |
Foreign exchange on investments | (437) | (332) | (9) | (15) | (461) |
Movement in the fair value of derivatives | 96 | 58 | \u2013 | 20 | 116 |
Gross investment return | 4,059 | 3,718 | 99 | 10 | 4,168 |
Fees receivable from external funds | 4 | 68 | \u2013 | 72 | |
Operating expenses | (92) | (52) | (3) | (147) | |
Interest receivable | 13 | ||||
Interest payable | (61) | ||||
Exchange movements | 29 | ||||
Other income | 3 | ||||
Operating profit before carried interest | 4,077 | ||||
Carried interest | |||||
Carried interest and performance fees receivable | \u2013 | 62 | \u2013 | 62 | |
Carried interest and performance fees payable | (262) | (43) | \u2013 | (305) | |
Operating profit before tax | 3,834 | ||||
Tax charge | (2) | ||||
Profit for the year | 3,832 | ||||
Other comprehensive income | |||||
Re-measurements of defined benefit plans | 7 | ||||
Total return | 3,839 | ||||
Realisations1 | 866 | 762 | 22 | \u2013 | 888 |
Cash investment2 | (556) | (455) | (36) | (1) | (593) |
Net divestment/(investment) | 310 | 307 | (14) | (1) | 295 |
Balance sheet | |||||
Opening portfolio value at 1 April 2023 | 16,425 | 11,188 | 1,409 | 554 | 18,388 |
Investment3 | 683 | 455 | 36 | 1 | 720 |
Value disposed | (866) | (762) | (26) | \u2013 | (892) |
Unrealised value movement | 3,874 | 3,609 | 72 | (20) | 3,926 |
Foreign exchange (including other movements) | (487) | (332) | (3) | (16) | (506) |
Closing portfolio value at 31 March 2024 | 19,629 | 14,158 | 1,488 | 519 | 21,636 |
Investment basis Year to 31 March 2023 | Private Equity \u00a3m | Of which Action \u00a3m | Infrastructure \u00a3m | Scandlines \u00a3m | Total4 \u00a3m |
Realised profits over value on the disposal of investments | 169 | \u2013 | \u2013 | \u2013 | 169 |
Unrealised profits on the revaluation of investments | 3,746 | 3,708 | 23 | \u2013 | 3,769 |
Portfolio income | |||||
Dividends | 345 | 328 | 33 | 38 | 416 |
Interest income from investment portfolio | 77 | \u2013 | 14 | \u2013 | 91 |
Fees receivable | 7 | 1 | \u2013 | \u2013 | 7 |
Foreign exchange on investments | 493 | 285 | 16 | 21 | 530 |
Movement in the fair value of derivatives | 129 | 22 | \u2013 | (7) | 122 |
Gross investment return | 4,966 | 4,344 | 86 | 52 | 5,104 |
Fees receivable from external funds | 4 | 66 | \u2013 | 70 | |
Operating expenses | (88) | (48) | (2) | (138) | |
Interest receivable | 4 | ||||
Interest payable | (54) | ||||
Exchange movements | (29) | ||||
Other income | (1) | ||||
Operating profit before carried interest | 4,956 | ||||
Carried interest | |||||
Carried interest and performance fees receivable | 4 | 37 | \u2013 | 41 | |
Carried interest and performance fees payable | (392) | (26) | \u2013 | (418) | |
Operating profit before tax | 4,579 | ||||
Tax charge | (2) | ||||
Profit for the year | 4,577 | ||||
Other comprehensive income | |||||
Re-measurements of defined benefit plans | 8 | ||||
Total return | 4,585 | ||||
Realisations1 | 857 | \u2013 | \u2013 | \u2013 | 857 |
Cash investment2 | (381) | (30) | (16) | \u2013 | (397) |
Net divestment/(investment) | 476 | (30) | (16) | \u2013 | 460 |
Balance sheet | |||||
Opening portfolio value at 1 April 2022 | 12,420 | 7,165 | 1,352 | 533 | 14,305 |
Investment3 | 496 | 30 | 16 | \u2013 | 512 |
Value disposed | (688) | \u2013 | \u2013 | \u2013 | (688) |
Unrealised value movement | 3,746 | 3,708 | 23 | \u2013 | 3,769 |
Foreign exchange (including other movements) | 451 | 285 | 18 | 21 | 490 |
Closing portfolio value at 31 March 2023 | 16,425 | 11,188 | 1,409 | 554 | 18,388 |
Investment basis Year to 31 March 2024 | Europe1 \u00a3m | North America \u00a3m | Other \u00a3m | Total \u00a3m |
Realised losses over value on the disposal of investments | (1) | (3) | \u2013 | (4) |
Unrealised profits on the revaluation of investments | 3,919 | 7 | \u2013 | 3,926 |
Portfolio income | 579 | 12 | \u2013 | 591 |
Foreign exchange on investments | (416) | (44) | (1) | (461) |
Movement in fair value of derivatives | 88 | 28 | \u2013 | 116 |
Gross investment return | 4,169 | \u2013 | (1) | 4,168 |
Realisations | 865 | 22 | 1 | 888 |
Cash investment | (532) | (61) | \u2013 | (593) |
Net (investment)/divestment | 333 | (39) | 1 | 295 |
Balance sheet | ||||
Closing portfolio value at 31 March 2024 | 19,485 | 2,124 | 27 | 21,636 |
Investment basis Year to 31 March 2023 | Europe1 \u00a3m | North America \u00a3m | Other \u00a3m | Total \u00a3m |
Realised profits over value on the disposal of investments | 169 | \u2013 | \u2013 | 169 |
Unrealised profits on the revaluation of investments | 3,445 | 317 | 7 | 3,769 |
Portfolio income | 498 | 16 | \u2013 | 514 |
Foreign exchange on investments | 418 | 113 | (1) | 530 |
Movement in fair value of derivatives | 22 | 100 | \u2013 | 122 |
Gross investment return | 4,552 | 546 | 6 | 5,104 |
Realisations | 525 | 332 | \u2013 | 857 |
Cash investment | (323) | (74) | \u2013 | (397) |
Net (investment)/divestment | 202 | 258 | \u2013 | 460 |
Balance sheet | ||||
Closing portfolio value at 31 March 2023 | 16,239 | 2,122 | 27 | 18,388 |
2024 Unquoted investments | Total \u00a3m | |
Realisations | 543 | 543 |
Valuation of disposed investments | (542) | (542) |
1 | 1 | |
Of which: | ||
\u2013 profits recognised on realisations | 1 | 1 |
1 | 1 | |
2023 Unquoted investments | Total \u00a3m | |
Realisations | 193 | 193 |
Valuation of disposed investments | (129) | (129) |
64 | 64 | |
Of which: | ||
\u2013 profits recognised on realisations | 64 | 64 |
64 | 64 |
2024 Unquoted investments \u00a3m | 2024 Quoted investments \u00a3m | Total \u00a3m | |
Movement in the fair value of investments | 2,704 | 38 | 2,742 |
Of which: | |||
\u2013 unrealised profits | 2,896 | 38 | 2,934 |
\u2013 unrealised losses | (192) | \u2013 | (192) |
2,704 | 38 | 2,742 | |
2023 Unquoted investments \u00a3m | 2023 Quoted investments \u00a3m | Total \u00a3m | |
Movement in the fair value of investments | 1,990 | (93) | 1,897 |
Of which: | |||
\u2013 unrealised profits | 2,152 | \u2013 | 2,152 |
\u2013 unrealised losses | (162) | (93) | (255) |
1,990 | (93) | 1,897 |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available in \u201cValuations Committee report\u201d on pages 131 to 135. Interest bearing loans accrue interest which is either settled in cash or capitalised on a regular basis and included as part of the principal loan balance. The capitalisation of accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in Note 12. | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Opening fair value | 9,518 | 6,642 | 9,518 | 6,642 |
Additions | 3,596 | 908 | 3,596 | 908 |
\u2013 of which loan notes with nil value | (6) | (6) | (6) | (6) |
Disposals, repayments and write-offs | (542) | (129) | (542) | (129) |
Fair value movement1 | 2,742 | 1,897 | 2,742 | 1,897 |
Other movements2 | (236) | 206 | (236) | 206 |
Closing fair value | 15,072 | 9,518 | 15,072 | 9,518 |
Quoted investments | 879 | 841 | 879 | 841 |
Unquoted investments | 14,193 | 8,677 | 14,193 | 8,677 |
Closing fair value | 15,072 | 9,518 | 15,072 | 9,518 |
2024 \u00a3m | 2023 \u00a3m | |
Purchase of investments | 506 | 46 |
Transfer of portfolio investments from investment entity subsidiaries1 | 3,068 | 781 |
Syndication | \u2013 | 57 |
Investment (paid)/payable | (2) | 2 |
Investment | 3,572 | 886 |
Capitalised interest received by way of loan notes | 24 | 22 |
Additions | 3,596 | 908 |
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We determine that, in the ordinary course of business, the net asset value of investment entity subsidiaries is considered to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2023 : no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2024. | ||
Non-current | Group 2024 \u00a3m | Group 2023 \u00a3m |
Opening fair value | 7,844 | 6,791 |
Amounts paid to investment entity subsidiaries | 674 | 535 |
Amounts received from investment entity subsidiaries | (580) | (841) |
Fair value movements on investment entity subsidiaries | 861 | 2,112 |
Transfer of portfolio investments from investment entity subsidiaries | (3,068) | (781) |
Transfer of assets to investment entity subsidiaries | 73 | 28 |
Closing fair value | 5,804 | 7,844 |
Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable \u2013 the accounting policy for carried interest and performance fees receivable is\u00a0shown in\u00a0Note 14. | ||
Year to 31 March 2024 | Private Equity \u00a3m | Infrastructure \u00a3m | Total \u00a3m |
Total revenue by geography1 | |||
Europe2 | 11 | 120 | 131 |
North America | 2 | 4 | 6 |
Total | 13 | 124 | 137 |
Revenue by type | |||
Fees receivable3 | 9 | (6) | 3 |
Fees receivable from external funds | 4 | 68 | 72 |
Carried interest and performance fees receivable3 | \u2013 | 62 | 62 |
Total | 13 | 124 | 137 |
Year to 31 March 2023 | Private Equity \u00a3m | Infrastructure \u00a3m | Total \u00a3m |
Total revenue by geography1 | |||
Europe2 | 16 | 101 | 117 |
North America | 2 | 2 | 4 |
Total | 18 | 103 | 121 |
Revenue by type | |||
Fees receivable3 | 10 | \u2013 | 10 |
Fees receivable from external funds | 4 | 66 | 70 |
Carried interest and performance fees receivable3 | 4 | 37 | 41 |
Total | 18 | 103 | 121 |
2024 \u00a3m | 2023 \u00a3m | |
Depreciation of property, plant and equipment | 2 | 1 |
Depreciation of right of use assets | 5 | 4 |
Amortisation of intangible assets | 1 | 1 |
Audit fees (Note 7) | 3 | 3 |
Staff costs (Note 6) | 102 | 97 |
Redundancy costs | 2 | \u2013 |
2024 \u00a3m | 2023 \u00a3m | |
Wages and salaries | 74 | 72 |
Social security costs | 15 | 12 |
Share-based payment costs (Note 27) | 9 | 9 |
Pension costs | 4 | 4 |
Total staff costs | 102 | 97 |
2024 \u00a3m | 2023 \u00a3m | |
Fixed staff costs | 48 | 45 |
Variable staff costs1 | 54 | 52 |
Total staff costs | 102 | 97 |
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
2024 \u00a3m | 2023 \u00a3m | |
Present value of funded obligations | (446) | (450) |
Fair value of the Plan assets | 530 | 532 |
Asset restriction | (23) | (29) |
Retirement benefit surplus in respect of the Plan | 61 | 53 |
Retirement benefit deficit in respect of other defined benefit schemes | (21) | (20) |
2024 \u00a3m | 2023 \u00a3m | |
Included in interest payable | ||
Interest income on net defined benefit asset | 3 | 2 |
Included in other comprehensive income | ||
Re-measurement gain/(loss) | \u2013 | \u2013 |
Asset restriction | 7 | 1 |
Total re-measurement gain and asset restriction | 7 | 1 |
Total | 10 | 3 |
2024 \u00a3m | 2023 \u00a3m | |
Opening defined benefit obligation | 450 | 641 |
Interest on Plan liabilities | 21 | 17 |
Re-measurement gain/loss: | ||
\u2013 gain from change in financial assumptions | (16) | (188) |
\u2013 experience loss | 12 | 4 |
Benefits paid | (21) | (25) |
Curtailments and settlements | \u2013 | 1 |
Closing defined benefit obligation | 446 | 450 |
2024 \u00a3m | 2023 \u00a3m | |
Opening fair value of the Plan assets | 532 | 723 |
Interest on Plan assets | 25 | 20 |
Actual return on Plan assets less interest on Plan assets | (4) | (184) |
Expenses | (2) | (2) |
Benefits paid | (21) | (25) |
Closing fair value of the Plan assets | 530 | 532 |
2024 \u00a3m | 2023 \u00a3m | |
Annuity contracts | 446 | 451 |
Cash and cash equivalents | 84 | 81 |
530 | 532 |
2024 \u00a3m | 2023 \u00a3m | |
Opening asset restriction | 29 | 29 |
Interest on asset restriction | 1 | 1 |
Re-measurements | (7) | (1) |
Closing asset restriction | 23 | 29 |
2024 | 2023 | |
Discount rate | 4.8% | 4.8% |
Expected rate of pension increases | 0% to 3.5% | 0% to 3.6% |
Retail Price Index (\u201cRPI\u201d) inflation | 3.4% | 3.5% |
Consumer Price Index (\u201cCPI\u201d) inflation | 2.8% | 2.9% |
2024 \u00a3m | 2023 \u00a3m | |
Audit services | ||
Statutory audit \u2013 Company | 1.8 | 1.7 |
\u2013 UK subsidiaries | 0.8 | 0.7 |
\u2013 Overseas subsidiaries | 0.5 | 0.4 |
Total audit services | 3.1 | 2.8 |
Non-audit services | ||
Other assurance services | 0.4 | 0.4 |
Total audit and non-audit services | 3.5 | 3.2 |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax in the UK. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2023: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar Two model rules. The United Kingdom, the jurisdiction in which the ultimate parent company of the Group is tax resident, has enacted the Pillar Two legislation. The Group has no related current tax exposure for its year ended 31\u00a0March 2024, as the rules will first apply to the Group\u2019s accounting period ended 31 March 2025. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The application of the legislation and calculating GloBE income to determine the quantitative impact is complex and the Group is engaged with tax specialists to assist it with applying the legislation. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar Two rules is not anticipated to have a material impact on the Group. | ||
2024 \u00a3m | 2023 \u00a3m | |
Current taxes | ||
Current year: | ||
UK | 3 | 2 |
Overseas | 1 | 1 |
Prior year: | ||
UK | (1) | (1) |
Overseas | (1) | (1) |
Deferred taxes | ||
Current year | \u2013 | 1 |
Total tax charge in the Consolidated statement of comprehensive income | 2 | 2 |
2024 \u00a3m | 2023 \u00a3m | |
Profit before tax | 3,838 | 4,575 |
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2023: 19%) | 960 | 869 |
Effects of: | ||
Non-taxable capital profits due to UK-approved investment trust company status | (838) | (793) |
Non-taxable dividend income | (120) | (75) |
2 | 1 | |
Other differences between accounting and tax profits: | ||
Permanent differences \u2013 non-deductible items | 2 | 4 |
Temporary differences on which deferred tax is not recognised | 2 | 1 |
Overseas countries\u2019 taxes | 1 | 1 |
Tax losses brought forward and utilised on which deferred tax not previously provided | (3) | (3) |
Prior year tax credits | (2) | (2) |
Total income tax charge in the Consolidated statement of comprehensive income | 2 | 2 |
2024 \u00a3m | 2023 \u00a3m | |
Opening deferred income tax asset/(liability) | ||
Tax losses | 1 | 1 |
Income in accounts taxable in the future | (2) | (1) |
(1) | \u2013 | |
Recognised through Consolidated statement of comprehensive income | ||
Tax losses recognised | \u2013 | \u2013 |
Income in accounts taxable in the future | \u2013 | (1) |
\u2013 | (1) | |
Closing deferred income tax asset/(liability) | ||
Tax losses | 1 | 1 |
Income in accounts taxable in the future | (2) | (2) |
(1) | (1) |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax in the UK. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2023: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar Two model rules. The United Kingdom, the jurisdiction in which the ultimate parent company of the Group is tax resident, has enacted the Pillar Two legislation. The Group has no related current tax exposure for its year ended 31\u00a0March 2024, as the rules will first apply to the Group\u2019s accounting period ended 31 March 2025. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The application of the legislation and calculating GloBE income to determine the quantitative impact is complex and the Group is engaged with tax specialists to assist it with applying the legislation. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar Two rules is not anticipated to have a material impact on the Group. | ||
2024 \u00a3m | 2023 \u00a3m | |
Current taxes | ||
Current year: | ||
UK | 3 | 2 |
Overseas | 1 | 1 |
Prior year: | ||
UK | (1) | (1) |
Overseas | (1) | (1) |
Deferred taxes | ||
Current year | \u2013 | 1 |
Total tax charge in the Consolidated statement of comprehensive income | 2 | 2 |
2024 \u00a3m | 2023 \u00a3m | |
Profit before tax | 3,838 | 4,575 |
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2023: 19%) | 960 | 869 |
Effects of: | ||
Non-taxable capital profits due to UK-approved investment trust company status | (838) | (793) |
Non-taxable dividend income | (120) | (75) |
2 | 1 | |
Other differences between accounting and tax profits: | ||
Permanent differences \u2013 non-deductible items | 2 | 4 |
Temporary differences on which deferred tax is not recognised | 2 | 1 |
Overseas countries\u2019 taxes | 1 | 1 |
Tax losses brought forward and utilised on which deferred tax not previously provided | (3) | (3) |
Prior year tax credits | (2) | (2) |
Total income tax charge in the Consolidated statement of comprehensive income | 2 | 2 |
2024 \u00a3m | 2023 \u00a3m | |
Opening deferred income tax asset/(liability) | ||
Tax losses | 1 | 1 |
Income in accounts taxable in the future | (2) | (1) |
(1) | \u2013 | |
Recognised through Consolidated statement of comprehensive income | ||
Tax losses recognised | \u2013 | \u2013 |
Income in accounts taxable in the future | \u2013 | (1) |
\u2013 | (1) | |
Closing deferred income tax asset/(liability) | ||
Tax losses | 1 | 1 |
Income in accounts taxable in the future | (2) | (2) |
(1) | (1) |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax in the UK. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2023: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar Two model rules. The United Kingdom, the jurisdiction in which the ultimate parent company of the Group is tax resident, has enacted the Pillar Two legislation. The Group has no related current tax exposure for its year ended 31\u00a0March 2024, as the rules will first apply to the Group\u2019s accounting period ended 31 March 2025. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The application of the legislation and calculating GloBE income to determine the quantitative impact is complex and the Group is engaged with tax specialists to assist it with applying the legislation. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar Two rules is not anticipated to have a material impact on the Group. | ||
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax in the UK. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2023: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar Two model rules. The United Kingdom, the jurisdiction in which the ultimate parent company of the Group is tax resident, has enacted the Pillar Two legislation. The Group has no related current tax exposure for its year ended 31\u00a0March 2024, as the rules will first apply to the Group\u2019s accounting period ended 31 March 2025. The Group has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as provided in the amendments to IAS 12 issued in May 2023. Under the Pillar Two legislation, the Group is liable to pay a top-up tax for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The application of the legislation and calculating GloBE income to determine the quantitative impact is complex and the Group is engaged with tax specialists to assist it with applying the legislation. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar Two rules is not anticipated to have a material impact on the Group. | ||
2024 | 2023 | |
Net assets per share (\u00a3) | ||
Basic | 20.92 | 17.50 |
Diluted | 20.85 | 17.45 |
Net assets (\u00a3m) | ||
Net assets attributable to equity holders of the Company | 20,170 | 16,844 |
2024 | 2023 | |
Number of shares in issue | ||
Ordinary shares | 973,366,445 | 973,312,950 |
Own shares | (8,997,664) | (10,660,078) |
964,368,781 | 962,652,872 | |
Effect of dilutive potential ordinary shares | ||
Share awards | 3,104,739 | 2,849,520 |
Diluted shares | 967,473,520 | 965,502,392 |
2024 | 2023 | |
Earnings per share (pence) | ||
Basic | 397.9 | 475.0 |
Diluted | 396.7 | 473.8 |
Earnings (\u00a3m) | ||
Profit for the year attributable to equity holders of the Company | 3,836 | 4,573 |
2024 pence per share | 2024 \u00a3m | 2023 pence per share | 2023 \u00a3m | |
Declared and paid during the year | ||||
Ordinary shares | ||||
Second dividend | 29.75 | 286 | 27.25 | 262 |
First dividend | 26.50 | 255 | 23.25 | 223 |
56.25 | 541 | 50.50 | 485 | |
Proposed dividend | 34.50 | 332 | 29.75 | 285 |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available in \u201cValuations Committee report\u201d on pages 131 to 135. Interest bearing loans accrue interest which is either settled in cash or capitalised on a regular basis and included as part of the principal loan balance. The capitalisation of accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in Note 12. | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Opening fair value | 9,518 | 6,642 | 9,518 | 6,642 |
Additions | 3,596 | 908 | 3,596 | 908 |
\u2013 of which loan notes with nil value | (6) | (6) | (6) | (6) |
Disposals, repayments and write-offs | (542) | (129) | (542) | (129) |
Fair value movement1 | 2,742 | 1,897 | 2,742 | 1,897 |
Other movements2 | (236) | 206 | (236) | 206 |
Closing fair value | 15,072 | 9,518 | 15,072 | 9,518 |
Quoted investments | 879 | 841 | 879 | 841 |
Unquoted investments | 14,193 | 8,677 | 14,193 | 8,677 |
Closing fair value | 15,072 | 9,518 | 15,072 | 9,518 |
2024 \u00a3m | 2023 \u00a3m | |
Purchase of investments | 506 | 46 |
Transfer of portfolio investments from investment entity subsidiaries1 | 3,068 | 781 |
Syndication | \u2013 | 57 |
Investment (paid)/payable | (2) | 2 |
Investment | 3,572 | 886 |
Capitalised interest received by way of loan notes | 24 | 22 |
Additions | 3,596 | 908 |
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We determine that, in the ordinary course of business, the net asset value of investment entity subsidiaries is considered to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2023 : no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2024. | ||
Non-current | Group 2024 \u00a3m | Group 2023 \u00a3m |
Opening fair value | 7,844 | 6,791 |
Amounts paid to investment entity subsidiaries | 674 | 535 |
Amounts received from investment entity subsidiaries | (580) | (841) |
Fair value movements on investment entity subsidiaries | 861 | 2,112 |
Transfer of portfolio investments from investment entity subsidiaries | (3,068) | (781) |
Transfer of assets to investment entity subsidiaries | 73 | 28 |
Closing fair value | 5,804 | 7,844 |
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Group 2024 Classified at fair value through profit and loss \u00a3m | Group 2024 Other financial instruments at amortised cost \u00a3m | Group 2024 Total \u00a3m | Group 2023 Classified at fair value through profit and loss \u00a3m | Group 2023 Other financial instruments at amortised cost \u00a3m | Group 2023 Total \u00a3m | |
Assets | ||||||
Quoted investments | 879 | \u2013 | 879 | 841 | \u2013 | 841 |
Unquoted investments | 14,193 | \u2013 | 14,193 | 8,677 | \u2013 | 8,677 |
Investments in investment entities | 5,804 | \u2013 | 5,804 | 7,844 | \u2013 | 7,844 |
Other financial assets | 182 | 106 | 288 | 142 | 82 | 224 |
Total | 21,058 | 106 | 21,164 | 17,504 | 82 | 17,586 |
Liabilities | ||||||
Loans and borrowings | \u2013 | 1,202 | 1,202 | \u2013 | 775 | 775 |
Other financial liabilities | \u2013 | 242 | 242 | 4 | 167 | 171 |
Total | \u2013 | 1,444 | 1,444 | 4 | 942 | 946 |
Company 2024 Classified at fair value through profit and loss \u00a3m | Company 2024 Other financial instruments at amortised cost \u00a3m | Company 2024 Total \u00a3m | Company 2023 Classified at fair value through profit and loss \u00a3m | Company 2023 Other financial instruments at amortised cost \u00a3m | Company 2023 Total \u00a3m | |
Assets | ||||||
Quoted investments | 879 | \u2013 | 879 | 841 | \u2013 | 841 |
Unquoted investments | 14,193 | \u2013 | 14,193 | 8,677 | \u2013 | 8,677 |
Other financial assets | 170 | 96 | 266 | 131 | 113 | 244 |
Total | 15,242 | 96 | 15,338 | 9,649 | 113 | 9,762 |
Liabilities | ||||||
Loans and borrowings | \u2013 | 1,202 | 1,202 | \u2013 | 775 | 775 |
Other financial liabilities | \u2013 | 760 | 760 | 4 | 728 | 732 |
Total | \u2013 | 1,962 | 1,962 | 4 | 1,503 | 1,507 |
Level | Fair value input description | Financial instruments |
Level 1 | Quoted prices (unadjusted) from active markets | Quoted equity instruments |
Level 2 | Inputs other than quoted prices included in Level 1 that are observable either directly (ie as prices) or indirectly (ie derived from prices) | Derivative financial instruments |
Level 3 | Inputs that are not based on observable market data | Unquoted investments |
Group 2024 Level 1 \u00a3m | Group 2024 Level 2 \u00a3m | Group 2024 Level 3 \u00a3m | Group 2024 Total \u00a3m | Group 2023 Level 1 \u00a3m | Group 2023 Level 2 \u00a3m | Group 2023 Level 3 \u00a3m | Group 2023 Total \u00a3m | |
Assets | ||||||||
Quoted investments | 879 | \u2013 | \u2013 | 879 | 841 | \u2013 | \u2013 | 841 |
Unquoted investments | \u2013 | \u2013 | 14,193 | 14,193 | \u2013 | \u2013 | 8,677 | 8,677 |
Investments in investment entity subsidiaries | \u2013 | \u2013 | 5,804 | 5,804 | \u2013 | \u2013 | 7,844 | 7,844 |
Other financial assets | \u2013 | 165 | 17 | 182 | \u2013 | 121 | 21 | 142 |
Liabilities | ||||||||
Other financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | (4) |
Total | 879 | 165 | 20,014 | 21,058 | 841 | 117 | 16,542 | 17,500 |
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Opening fair value | 8,677 | 5,708 | 8,677 | 5,708 |
Additions3 | 3,596 | 908 | 3,596 | 908 |
\u2013 of which loan notes with nil value | (6) | (6) | (6) | (6) |
Disposals, repayments and write-offs | (542) | (129) | (542) | (129) |
Fair value movement1 | 2,704 | 1,990 | 2,704 | 1,990 |
Other movements2 | (236) | 206 | (236) | 206 |
Closing fair value | 14,193 | 8,677 | 14,193 | 8,677 |
Methodology | Description | Inputs | Fair value at 31 March 2024 (\u00a3m) | Sensitivity on key unobservable input | Fair value impact of sensitivities (\u00a3m) +5%/-5% |
Earnings (Private Equity) | Most commonly used Private Equity valuation methodology. Used for investments which are typically profitable and for which we can determine a set of listed companies and precedent transactions, where relevant, with similar characteristics | Earnings multiples are applied to the earnings of the Company to determine the enterprise value Earnings multiples When selecting earnings multiples, we consider: (1) Comparable listed companies current performance and through-the-cycle averages (2) Relevant market transaction multiples (3) Company performance, organic growth and\u00a0value-accretive add-ons, if any (4) Exit expectations and other company specific factors For point 1 and 2 of the above we select companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus The pre-discount multiple ranges from 7.5x - 20.0 x (2023 : 6.4x - 20.0 x) Other inputs: Earnings Reported earnings are adjusted for non- recurring items, such as restructuring expenses, for significant corporate actions and, in\u00a0exceptional cases, adjustments to arrive at\u00a0maintainable earnings The most common measure is earnings before interest, tax, depreciation and amortisation (\u201cEBITDA\u201d) Earnings are usually obtained from portfolio company management accounts to the preceding quarter end, with reference also to\u00a0forecast earnings and the maintainable view\u00a0of earnings Action, our largest asset, is valued using run-rate earnings | 18,916 ( 2023 : 16,109 ) | For the assets valued on an earnings basis, we have applied a 5% sensitivity to the earnings multiple Action is our largest asset, and we have included a 5% sensitivity on Action\u2019s earnings multiple of 19.5x (equivalent to 18.5 x net) | 1,103 ( 2023 : 928 ) (1,104) ( 2023: (930)) 801 ( 2023 : 618) (801) ( 2023 : (619) ) |
Discounted cash flow (Private Equity/ Infrastructure/ Scandlines) | Appropriate for businesses with long- term stable cash flows, typically in Infrastructure or, alternatively, businesses where DCF is more appropriate in the short term | Long-term cash flows are discounted at a rate which is benchmarked against market data, where possible, or adjusted from the rate at the initial investment based on changes in the risk profile of the investment The range of discount rates used in our DCF valuations is 10.5% to 16.9 % (2023 : 10.5% to\u00a016.9%). An outlier has been excluded from the range. | 1,047 ( 2023 : 1,024 ) | For the assets valued on a DCF basis, we have applied a 5% sensitivity to the discount rate | (34) ( 2023 : (37) ) 36 ( 2023: 39) |
NAV (Private Equity/ Infrastructure) | Used for investments in\u00a0unlisted funds | Net asset value reported by the fund manager. The valuation of the underlying portfolio is\u00a0consistent with IFRS | 104 ( 2023 : 97 ) | A 5% increase on closing NAV | 5 ( 2023 : 5 ) |
Imminent sale (Private Equity) | Used for assets where a sale has been agreed | A 2.5% discount is applied to expected proceeds | 377 (2023: \u2013) | n/a | n/a |
Other (Private Equity/ Infrastructure) | Used where elements of\u00a0a business are valued on different bases | Values of separate elements prepared on or triangulated against one of the methodologies listed above | 246 ( 2023 : 196 ) | A 5% increase in the closing value | 12 ( 2023 : 10 ) |
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to there maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Movement in the fair value of derivatives | 116 | 122 | 116 | 122 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Non-current assets | ||||
Forward foreign exchange contracts | 83 | 73 | 83 | 73 |
Current assets | ||||
Forward foreign exchange contracts | 82 | 48 | 82 | 48 |
Non-current liabilities | ||||
Forward foreign exchange contracts | \u2013 | (3) | \u2013 | (3) |
Current liabilities | ||||
Forward foreign exchange contracts | \u2013 | (1) | \u2013 | (1) |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available in \u201cValuations Committee report\u201d on pages 131 to 135. Interest bearing loans accrue interest which is either settled in cash or capitalised on a regular basis and included as part of the principal loan balance. The capitalisation of accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in Note 12. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We determine that, in the ordinary course of business, the net asset value of investment entity subsidiaries is considered to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2023 : no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2024. | ||
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Group 2024 Classified at fair value through profit and loss \u00a3m | Group 2024 Other financial instruments at amortised cost \u00a3m | Group 2024 Total \u00a3m | Group 2023 Classified at fair value through profit and loss \u00a3m | Group 2023 Other financial instruments at amortised cost \u00a3m | Group 2023 Total \u00a3m | |
Assets | ||||||
Quoted investments | 879 | \u2013 | 879 | 841 | \u2013 | 841 |
Unquoted investments | 14,193 | \u2013 | 14,193 | 8,677 | \u2013 | 8,677 |
Investments in investment entities | 5,804 | \u2013 | 5,804 | 7,844 | \u2013 | 7,844 |
Other financial assets | 182 | 106 | 288 | 142 | 82 | 224 |
Total | 21,058 | 106 | 21,164 | 17,504 | 82 | 17,586 |
Liabilities | ||||||
Loans and borrowings | \u2013 | 1,202 | 1,202 | \u2013 | 775 | 775 |
Other financial liabilities | \u2013 | 242 | 242 | 4 | 167 | 171 |
Total | \u2013 | 1,444 | 1,444 | 4 | 942 | 946 |
Company 2024 Classified at fair value through profit and loss \u00a3m | Company 2024 Other financial instruments at amortised cost \u00a3m | Company 2024 Total \u00a3m | Company 2023 Classified at fair value through profit and loss \u00a3m | Company 2023 Other financial instruments at amortised cost \u00a3m | Company 2023 Total \u00a3m | |
Assets | ||||||
Quoted investments | 879 | \u2013 | 879 | 841 | \u2013 | 841 |
Unquoted investments | 14,193 | \u2013 | 14,193 | 8,677 | \u2013 | 8,677 |
Other financial assets | 170 | 96 | 266 | 131 | 113 | 244 |
Total | 15,242 | 96 | 15,338 | 9,649 | 113 | 9,762 |
Liabilities | ||||||
Loans and borrowings | \u2013 | 1,202 | 1,202 | \u2013 | 775 | 775 |
Other financial liabilities | \u2013 | 760 | 760 | 4 | 728 | 732 |
Total | \u2013 | 1,962 | 1,962 | 4 | 1,503 | 1,507 |
Level | Fair value input description | Financial instruments |
Level 1 | Quoted prices (unadjusted) from active markets | Quoted equity instruments |
Level 2 | Inputs other than quoted prices included in Level 1 that are observable either directly (ie as prices) or indirectly (ie derived from prices) | Derivative financial instruments |
Level 3 | Inputs that are not based on observable market data | Unquoted investments |
Group 2024 Level 1 \u00a3m | Group 2024 Level 2 \u00a3m | Group 2024 Level 3 \u00a3m | Group 2024 Total \u00a3m | Group 2023 Level 1 \u00a3m | Group 2023 Level 2 \u00a3m | Group 2023 Level 3 \u00a3m | Group 2023 Total \u00a3m | |
Assets | ||||||||
Quoted investments | 879 | \u2013 | \u2013 | 879 | 841 | \u2013 | \u2013 | 841 |
Unquoted investments | \u2013 | \u2013 | 14,193 | 14,193 | \u2013 | \u2013 | 8,677 | 8,677 |
Investments in investment entity subsidiaries | \u2013 | \u2013 | 5,804 | 5,804 | \u2013 | \u2013 | 7,844 | 7,844 |
Other financial assets | \u2013 | 165 | 17 | 182 | \u2013 | 121 | 21 | 142 |
Liabilities | ||||||||
Other financial liabilities | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (4) | \u2013 | (4) |
Total | 879 | 165 | 20,014 | 21,058 | 841 | 117 | 16,542 | 17,500 |
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Opening fair value | 8,677 | 5,708 | 8,677 | 5,708 |
Additions3 | 3,596 | 908 | 3,596 | 908 |
\u2013 of which loan notes with nil value | (6) | (6) | (6) | (6) |
Disposals, repayments and write-offs | (542) | (129) | (542) | (129) |
Fair value movement1 | 2,704 | 1,990 | 2,704 | 1,990 |
Other movements2 | (236) | 206 | (236) | 206 |
Closing fair value | 14,193 | 8,677 | 14,193 | 8,677 |
Methodology | Description | Inputs | Fair value at 31 March 2024 (\u00a3m) | Sensitivity on key unobservable input | Fair value impact of sensitivities (\u00a3m) +5%/-5% |
Earnings (Private Equity) | Most commonly used Private Equity valuation methodology. Used for investments which are typically profitable and for which we can determine a set of listed companies and precedent transactions, where relevant, with similar characteristics | Earnings multiples are applied to the earnings of the Company to determine the enterprise value Earnings multiples When selecting earnings multiples, we consider: (1) Comparable listed companies current performance and through-the-cycle averages (2) Relevant market transaction multiples (3) Company performance, organic growth and\u00a0value-accretive add-ons, if any (4) Exit expectations and other company specific factors For point 1 and 2 of the above we select companies in the same industry and, where possible, with a similar business model and profile in terms of size, products, services and customers, growth rates and geographic focus The pre-discount multiple ranges from 7.5x - 20.0 x (2023 : 6.4x - 20.0 x) Other inputs: Earnings Reported earnings are adjusted for non- recurring items, such as restructuring expenses, for significant corporate actions and, in\u00a0exceptional cases, adjustments to arrive at\u00a0maintainable earnings The most common measure is earnings before interest, tax, depreciation and amortisation (\u201cEBITDA\u201d) Earnings are usually obtained from portfolio company management accounts to the preceding quarter end, with reference also to\u00a0forecast earnings and the maintainable view\u00a0of earnings Action, our largest asset, is valued using run-rate earnings | 18,916 ( 2023 : 16,109 ) | For the assets valued on an earnings basis, we have applied a 5% sensitivity to the earnings multiple Action is our largest asset, and we have included a 5% sensitivity on Action\u2019s earnings multiple of 19.5x (equivalent to 18.5 x net) | 1,103 ( 2023 : 928 ) (1,104) ( 2023: (930)) 801 ( 2023 : 618) (801) ( 2023 : (619) ) |
Discounted cash flow (Private Equity/ Infrastructure/ Scandlines) | Appropriate for businesses with long- term stable cash flows, typically in Infrastructure or, alternatively, businesses where DCF is more appropriate in the short term | Long-term cash flows are discounted at a rate which is benchmarked against market data, where possible, or adjusted from the rate at the initial investment based on changes in the risk profile of the investment The range of discount rates used in our DCF valuations is 10.5% to 16.9 % (2023 : 10.5% to\u00a016.9%). An outlier has been excluded from the range. | 1,047 ( 2023 : 1,024 ) | For the assets valued on a DCF basis, we have applied a 5% sensitivity to the discount rate | (34) ( 2023 : (37) ) 36 ( 2023: 39) |
NAV (Private Equity/ Infrastructure) | Used for investments in\u00a0unlisted funds | Net asset value reported by the fund manager. The valuation of the underlying portfolio is\u00a0consistent with IFRS | 104 ( 2023 : 97 ) | A 5% increase on closing NAV | 5 ( 2023 : 5 ) |
Imminent sale (Private Equity) | Used for assets where a sale has been agreed | A 2.5% discount is applied to expected proceeds | 377 (2023: \u2013) | n/a | n/a |
Other (Private Equity/ Infrastructure) | Used where elements of\u00a0a business are valued on different bases | Values of separate elements prepared on or triangulated against one of the methodologies listed above | 246 ( 2023 : 196 ) | A 5% increase in the closing value | 12 ( 2023 : 10 ) |
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Accounting policy: The Group earns a share of profits (\u201ccarried interest receivable\u201d) from funds which it manages on behalf of third parties. These profits are\u00a0earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a cash basis. In certain limited circumstances the carried interest received may be subject to clawback provisions if the performance of the fund deteriorates materially following carried interest being paid. Carried interest receivable The carried interest receivable recognised at the balance sheet date is calculated based on the valuation of the remaining portfolio assets in the fund at that date, discounted to reflect the estimated realisation dates. Following initial recognition, carried interest receivable is\u00a0accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that carried interest is received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to\u00a0be negligible. Performance fees receivable The Group earns performance fees from the investment management services it provides to 3i Infrastructure plc (\u201c3iN\u201d) when 3iN\u2019s total return for the year exceeds a specified threshold. These fees are calculated on an annual basis and paid in three equal instalments over three years. The second and third instalments will only be recognised and received if either: (a) 3iN\u2019s performance in the year in which the instalment is paid also triggers payment of a performance fee in respect of that year, or (b) if 3iN\u2019s performance over the three years starting with the year in which the performance fee is earned exceeds a specified threshold. The Group also earns performance fees from the investment management services it provides to certain other funds when the net asset value of the fund exceeds the performance threshold. These fees are calculated on an annual basis, and are recognised and paid at the end of successive five-year performance periods. The first five-year performance period ended on 31\u00a0March 2024. In accordance with IFRS 15, revenue from performance fees is recognised when it\u00a0is\u00a0sufficiently certain that there will not be a significant reversal, which is usually at the end of the relevant financial year or performance period, when the calculation is finalised and agreed. Following initial recognition, performance fees receivable are accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that performance fees are received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to be negligible. | ||
Group 2024 Carried interest receivable \u00a3m | Group 2024 Performance fees receivable \u00a3m | Group 2024 Total \u00a3m | Group 2023 Carried interest receivable \u00a3m | Group 2023 Performance fees receivable \u00a3m | Group 2023 Total \u00a3m | |
Opening carried interest and performance fees receivable | 6 | 37 | 43 | 9 | 51 | 60 |
Carried interest and performance fees receivable recognised in profit and loss during the year1 | \u2013 | 62 | 62 | 4 | 37 | 41 |
Received in the year1 | \u2013 | (58) | (58) | (7) | (51) | (58) |
Other movements2 | \u2013 | 1 | 1 | \u2013 | \u2013 | \u2013 |
Closing carried interest and performance fees receivable | 6 | 42 | 48 | 6 | 37 | 43 |
Of which: receivable in greater than one year | 3 | \u2013 | 3 | 3 | \u2013 | 3 |
Company 2024 Carried interest receivable \u00a3m | Company 2024 Performance fees receivable \u00a3m | Company 2024 Total \u00a3m | Company 2023 Carried interest receivable \u00a3m | Company 2023 Performance fees receivable \u00a3m | Company 2023 Total \u00a3m | |
Opening carried interest and performance fees receivable | 98 | \u2013 | 98 | 63 | 25 | 88 |
Carried interest and performance fees receivable recognised in profit and loss during the year | 25 | \u2013 | 25 | 42 | \u2013 | 42 |
Received in the year | (46) | \u2013 | (46) | (9) | (25) | (34) |
Other movements1 | (1) | \u2013 | (1) | 2 | \u2013 | 2 |
Closing carried interest and performance fees receivable | 76 | \u2013 | 76 | 98 | \u2013 | 98 |
Of which: receivable in greater than one year | 5 | \u2013 | 5 | 81 | \u2013 | 81 |
Accounting policy: The Group earns a share of profits (\u201ccarried interest receivable\u201d) from funds which it manages on behalf of third parties. These profits are\u00a0earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a cash basis. In certain limited circumstances the carried interest received may be subject to clawback provisions if the performance of the fund deteriorates materially following carried interest being paid. Carried interest receivable The carried interest receivable recognised at the balance sheet date is calculated based on the valuation of the remaining portfolio assets in the fund at that date, discounted to reflect the estimated realisation dates. Following initial recognition, carried interest receivable is\u00a0accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that carried interest is received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to\u00a0be negligible. Performance fees receivable The Group earns performance fees from the investment management services it provides to 3i Infrastructure plc (\u201c3iN\u201d) when 3iN\u2019s total return for the year exceeds a specified threshold. These fees are calculated on an annual basis and paid in three equal instalments over three years. The second and third instalments will only be recognised and received if either: (a) 3iN\u2019s performance in the year in which the instalment is paid also triggers payment of a performance fee in respect of that year, or (b) if 3iN\u2019s performance over the three years starting with the year in which the performance fee is earned exceeds a specified threshold. The Group also earns performance fees from the investment management services it provides to certain other funds when the net asset value of the fund exceeds the performance threshold. These fees are calculated on an annual basis, and are recognised and paid at the end of successive five-year performance periods. The first five-year performance period ended on 31\u00a0March 2024. In accordance with IFRS 15, revenue from performance fees is recognised when it\u00a0is\u00a0sufficiently certain that there will not be a significant reversal, which is usually at the end of the relevant financial year or performance period, when the calculation is finalised and agreed. Following initial recognition, performance fees receivable are accounted for under the amortised cost method in accordance with IFRS 9. This includes the requirement to calculate expected credit losses at inception. Given that performance fees are received from a small number of entities which are managed by the Group and are paid shortly following receipt of the proceeds or finalisation of the calculation which causes the payments to become due, the expected credit losses for these receivables are expected to be negligible. | ||
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment- related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment participants. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. The Infrastructure performance fee payable is accrued based on the expected award. A significant proportion of the amount awarded is\u00a0deferred over time and may be granted in 3i Group plc shares. This is recognised over the vesting period in line with the requirements of\u00a0IFRS 2 or IAS 19, depending on the type of award. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2024, \u00a3764 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2023: \u00a31,274 million). | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | |
Opening carried interest and performance fees payable | 77 | 77 |
Carried interest and performance fees payable recognised in profit and loss during the year | 51 | 38 |
Cash paid in the year | (53) | (29) |
Other movements1 | (21) | (9) |
Closing carried interest and performance fees payable | 54 | 77 |
Of which: payable in greater than one year | 30 | 43 |
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Trade and other payables | 139 | 80 | 29 | 11 |
Amounts due to subsidiaries | \u2013 | \u2013 | 731 | 717 |
Total trade and other payables | 139 | 80 | 760 | 728 |
Of which: payable in greater than one year | 5 | 4 | \u2013 | \u2013 |
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment- related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment participants. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. The Infrastructure performance fee payable is accrued based on the expected award. A significant proportion of the amount awarded is\u00a0deferred over time and may be granted in 3i Group plc shares. This is recognised over the vesting period in line with the requirements of\u00a0IFRS 2 or IAS 19, depending on the type of award. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2024, \u00a3764 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2023: \u00a31,274 million). | ||
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Accounting policy: Assets, other than those specifically accounted for under a separate policy, are stated at their cost less impairment losses. Financial assets are recognised at amortised cost in accordance with IFRS 9, which includes the requirement to calculate expected credit losses (\u201cECLs\u201d) on\u00a0initial recognition. Any ECLs are recognised directly in profit and loss, with any subsequent reversals recognised in the same location. | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Prepayments | 4 | 3 | \u2013 | \u2013 |
Other debtors | 71 | 51 | 25 | 25 |
Proceeds/syndication receivable | \u2013 | 6 | \u2013 | \u2013 |
Total other assets | 75 | 60 | 25 | 25 |
Of which: receivable in greater than one year | 28 | 30 | 16 | 16 |
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | |
Loans and borrowings are repayable as follows: | ||
Within one year | \u2013 | \u2013 |
Between the second and fifth year | \u2013 | \u2013 |
After five years | 1,202 | 775 |
1,202 | 775 |
Rate | Maturity | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Fixed rate | ||||||
\u20ac500 million notes (public issue) | 4.875% | 2029 | 427 | \u2013 | 427 | \u2013 |
\u00a3375 million notes (public issue) | 5.750% | 2032 | 375 | 375 | 375 | 375 |
\u00a3400 million notes (public issue) | 3.750% | 2040 | 400 | 400 | 400 | 400 |
1,202 | 775 | 1,202 | 775 | |||
Committed multi-currency facilities: Revolving Credit Facility (RCF) | ||||||
\u00a3400 million tranche | SONIA+0.75% | 2026 | \u2013 | \u2013 | \u2013 | \u2013 |
\u00a3500 million tranche | SONIA+0.50% | 2027 | \u2013 | \u2013 | \u2013 | \u2013 |
Total loans and borrowings | 1,202 | 775 | 1,202 | 775 |
Loans and borrowings 2024 \u00a3m | Lease liability 2024 \u00a3m | Loans and borrowings 2023 \u00a3m | Lease liability 2023 \u00a3m | |
Opening liability | 775 | 10 | 975 | 14 |
Additions | 422 | 44 | \u2013 | 1 |
Interest | \u2013 | 1 | \u2013 | \u2013 |
Repayments | \u2013 | (6) | (200) | (5) |
Exchange movements | 5 | \u2013 | \u2013 | \u2013 |
Closing liability | 1,202 | 49 | 775 | 10 |
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to there maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Movement in the fair value of derivatives | 116 | 122 | 116 | 122 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Non-current assets | ||||
Forward foreign exchange contracts | 83 | 73 | 83 | 73 |
Current assets | ||||
Forward foreign exchange contracts | 82 | 48 | 82 | 48 |
Non-current liabilities | ||||
Forward foreign exchange contracts | \u2013 | (3) | \u2013 | (3) |
Current liabilities | ||||
Forward foreign exchange contracts | \u2013 | (1) | \u2013 | (1) |
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to there maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
Issued and fully paid | 2024 Number | 2024 \u00a3m | 2023 Number | 2023 \u00a3m |
Ordinary shares of 7319 \u2215 22p | ||||
Opening balance | 973,312,950 | 719 | 973,238,638 | 719 |
Issued under employee share plans | 53,495 | \u2013 | 74,312 | \u2013 |
Closing balance | 973,366,445 | 719 | 973,312,950 | 719 |
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust. Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 27 . | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Opening cost | 108 | 100 | 108 | 100 |
Additions | \u2013 | 30 | \u2013 | 30 |
Awards granted | (16) | (22) | (16) | (22) |
Closing cost | 92 | 108 | 92 | 108 |
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust. Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 27 . | ||
Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m | |
Cash and deposits | 358 | 162 | 328 | 128 |
Borrowings and derivative financial liabilities | (1,202) | (779) | (1,202) | (779) |
Net debt1 | (844) | (617) | (874) | (651) |
Total equity | 20,170 | 16,844 | 19,581 | 16,250 |
Gearing (net debt/total equity) | 4% | 4% | 4% | 4% |
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. | ||
Company 2024 Equity investments \u00a3m | Company 2024 Loans \u00a3m | Company 2024 Total \u00a3m | |
Opening book value | 5,061 | 2,806 | 7,867 |
Additions | 29 | 173 | 202 |
Share of profits from partnership entities | \u2013 | 2,548 | 2,548 |
Disposals and repayments | \u2013 | (2,752) | (2,752) |
Fair value movements | (1,951) | (72) | (2,023) |
Exchange movements | \u2013 | 35 | 35 |
Closing book value | 3,139 | 2,738 | 5,877 |
Company 2023 Equity investments \u00a3m | Company 2023 Loans \u00a3m | Company 2023 Total \u00a3m | |
Opening book value | 3,912 | 2,889 | 6,801 |
Additions | 20 | 453 | 473 |
Share of profits from partnership entities | \u2013 | 1,148 | 1,148 |
Disposals and repayments | \u2013 | (1,475) | (1,475) |
Fair value movements | 1,129 | (225) | 904 |
Exchange movements | \u2013 | 16 | 16 |
Closing book value | 5,061 | 2,806 | 7,867 |
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. | ||
Company 2024 Equity investments \u00a3m | Company 2024 Loans \u00a3m | Company 2024 Total \u00a3m | |
Opening book value | 5,061 | 2,806 | 7,867 |
Additions | 29 | 173 | 202 |
Share of profits from partnership entities | \u2013 | 2,548 | 2,548 |
Disposals and repayments | \u2013 | (2,752) | (2,752) |
Fair value movements | (1,951) | (72) | (2,023) |
Exchange movements | \u2013 | 35 | 35 |
Closing book value | 3,139 | 2,738 | 5,877 |
Company 2023 Equity investments \u00a3m | Company 2023 Loans \u00a3m | Company 2023 Total \u00a3m | |
Opening book value | 3,912 | 2,889 | 6,801 |
Additions | 20 | 453 | 473 |
Share of profits from partnership entities | \u2013 | 1,148 | 1,148 |
Disposals and repayments | \u2013 | (1,475) | (1,475) |
Fair value movements | 1,129 | (225) | 904 |
Exchange movements | \u2013 | 16 | 16 |
Closing book value | 5,061 | 2,806 | 7,867 |
Accounting policy: Commitments represent amounts the Group has contractually committed to pay third parties but do not yet represent a charge or asset. This gives an indication of committed future cash flows. Commitments are recognised in the balance sheet at the point of settlement subject to associated risks and rewards being transferred. Commitments at the year end do not impact the Group\u2019s financial results for\u00a0the\u00a0year. | ||
Group 2024 due within 1 year \u00a3m | Group 2024 due between 2 and 5 years \u00a3m | Group 2024 due over 5 years \u00a3m | Group 2024 Total \u00a3m | Group 2023 due within 1 year \u00a3m | Group 2023 due between 2 and 5 years \u00a3m | Group 2023 due over 5 years \u00a3m | Group 2023 Total \u00a3m | |
Unquoted investments | 8 | \u2013 | \u2013 | 8 | 9 | \u2013 | \u2013 | 9 |
Company 2024 due within 1 year \u00a3m | Company 2024 due between 2 and 5 years \u00a3m | Company 2024 due over 5 years \u00a3m | Company 2024 Total \u00a3m | Company 2023 due within 1 year \u00a3m | Company 2023 due between 2 and 5 years \u00a3m | Company 2023 due over 5 years \u00a3m | Company 2023 Total \u00a3m | |
Unquoted investments | 8 | \u2013 | \u2013 | 8 | 9 | \u2013 | \u2013 | 9 |
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in profit or loss over the vesting period. They are fair valued at each reporting date. The cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long-term Incentive Plans are allocated to operating expenses. | ||
2024 \u00a3m | 2023 \u00a3m | |
Share awards included as operating expenses1,2 | 11 | 9 |
Share awards included as carried interest1 | 16 | 10 |
Cash-settled share awards3 | 14 | 8 |
41 | 27 |
2024 Number | 2023 Number | |
Outstanding at the start of the year | 6,277,107 | 6,309,498 |
Granted | 2,336,288 | 3,181,041 |
Exercised | (2,387,539) | (2,787,794) |
Forfeited | (14,878) | (425,638) |
Lapsed | \u2013 | \u2013 |
Outstanding at the end of year | 6,210,978 | 6,277,107 |
Weighted average remaining contractual life of awards outstanding in years | 1.7 | 1.8 |
Weighted average fair value of awards granted (pence) | 1,708 | 872 |
Weighted average market price at date of exercise (pence) | 1,953 | 1,228 |
Monte Carlo model | Black Scholes | |||
2024 | 2023 | 2024 | 2023 | |
Share price at grant date (pence)1 | 1,943 | 1,171 | 1,956 | 1,102 |
Fair value at grant date (pence)1 | 1,290 | 449 | 1,803 | 971 |
Exercise price (pence) | \u2013 | \u2013 | \u2013 | \u2013 |
Expected volatility (weighted average) | 28.2% | 32.6% | 30.8% | 31.0% |
Expected life (weighted average) | 4 years | 4 years | 3 years | 3 years |
Dividend yield | \u2013 | \u2013 | 2.7 % | 4.2% |
Risk free interest rate | 4.70% | 1.70% | 4.36% | 1.72% |
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in profit or loss over the vesting period. They are fair valued at each reporting date. The cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long-term Incentive Plans are allocated to operating expenses. | ||
As at 31 March 2024 | Due within 1 year \u00a3m | Due between 1 and 2 years \u00a3m | Due between 2 and 5 years \u00a3m | Due more than 5 years \u00a3m | \u00a3m Total \u00a3m |
Gross commitments: | |||||
Fixed loan notes | 56 | 56 | 172 | 1,482 | 1,766 |
Committed multi-currency facility | 2 | 2 | 2 | \u2013 | 6 |
Carried interest and performance fees payable within one year | 24 | \u2013 | \u2013 | \u2013 | 24 |
Trade and other payables | 134 | \u2013 | \u2013 | 5 | 139 |
Lease liabilities | 4 | 3 | 15 | 27 | 49 |
Derivative financial instruments | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
Total | 220 | 61 | 189 | 1,514 | 1,984 |
As at 31 March 2023 | Due within 1 year \u00a3m | Due between 1 and 2 years \u00a3m | Due between 2 and 5 years \u00a3m | Due more than 5 years \u00a3m | \u00a3m Total \u00a3m |
Gross commitments: | |||||
Fixed loan notes | 36 | 36 | 110 | 1,070 | 1,252 |
Committed multi-currency facility | 2 | 1 | 2 | \u2013 | 5 |
Carried interest and performance fees payable within one year | 34 | \u2013 | \u2013 | \u2013 | 34 |
Trade and other payables | 76 | \u2013 | \u2013 | 4 | 80 |
Lease liabilities | 5 | 4 | 1 | \u2013 | 10 |
Derivative financial instruments | 1 | 2 | 1 | \u2013 | 4 |
Total | 154 | 43 | 114 | 1,074 | 1,385 |
As at 31 March 2024 | Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m |
Net assets1 | 4,817 | 13,947 | 1,180 | 200 | 26 | 20,170 |
Sensitivity analysis | ||||||
Assuming a 10% movement in exchange | ||||||
rates against sterling: | ||||||
Impact on net assets | n/a | 1,399 | 117 | 20 | 3 | 1,539 |
As at 31 March 2023 | Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m |
Net assets1 | 4,797 | 10,641 | 1,154 | 222 | 30 | 16,844 |
Sensitivity analysis | ||||||
Assuming a 10% movement in exchange | ||||||
rates against sterling: | ||||||
Impact on net assets | n/a | 1,064 | 115 | 22 | 3 | 1,204 |
Group | Quoted investment \u00a3m | Unquoted investment \u00a3m | Investment in Investment entity subsidiaries \u00a3m | Total \u00a3m |
At 31 March 2024 | 44 | 710 | 290 | 1,044 |
At 31 March 2023 | 42 | 434 | 392 | 868 |
Company | Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | |
At 31 March 2024 | 44 | 710 | 754 | |
At 31 March 2023 | 42 | 434 | 476 |
As at 31 March 2024 | Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m |
Net assets1 | 4,817 | 13,947 | 1,180 | 200 | 26 | 20,170 |
Sensitivity analysis | ||||||
Assuming a 10% movement in exchange | ||||||
rates against sterling: | ||||||
Impact on net assets | n/a | 1,399 | 117 | 20 | 3 | 1,539 |
As at 31 March 2023 | Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m |
Net assets1 | 4,797 | 10,641 | 1,154 | 222 | 30 | 16,844 |
Sensitivity analysis | ||||||
Assuming a 10% movement in exchange | ||||||
rates against sterling: | ||||||
Impact on net assets | n/a | 1,064 | 115 | 22 | 3 | 1,204 |
Group | Quoted investment \u00a3m | Unquoted investment \u00a3m | Investment in Investment entity subsidiaries \u00a3m | Total \u00a3m |
At 31 March 2024 | 44 | 710 | 290 | 1,044 |
At 31 March 2023 | 42 | 434 | 392 | 868 |
Company | Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | |
At 31 March 2024 | 44 | 710 | 754 | |
At 31 March 2023 | 42 | 434 | 476 |
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Carried interest receivable | 21 | 6 | 25 | 42 |
Fees receivable from external funds | 19 | 20 | \u2013 | \u2013 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Carried interest receivable | 6 | 8 | 76 | 99 |
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Realised profits over value on the disposal of investments | 1 | \u2013 | 1 | \u2013 |
Unrealised (losses)/profits on the revaluation of investments | (23) | 89 | (23) | 89 |
Portfolio income | 14 | 18 | 14 | 17 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Unquoted investments | 754 | 775 | 754 | 775 |
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Unrealised profits/(losses) on the revaluation of investments | 38 | (93) | 38 | (93) |
Fees receivable from external funds | 50 | 49 | \u2013 | \u2013 |
Performance fees receivable | 41 | 35 | \u2013 | \u2013 |
Dividends | 31 | 29 | 31 | 29 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m | Company 2024 \u00a3m | Company 2023 \u00a3m |
Quoted equity investments | 879 | 841 | 879 | 841 |
Performance fees receivable | 42 | 35 | \u2013 | \u2013 |
Statement of comprehensive income | Group 2024 \u00a3m | Group 2023 \u00a3m |
Salaries, fees, supplements and benefits in kind | 6 | 6 |
Cash bonuses | 2 | 2 |
Carried interest and performance fees payable | 31 | 34 |
Share-based payments | 11 | 13 |
Termination payments | \u2013 | \u2013 |
Statement of financial position | Group 2024 \u00a3m | Group 2023 \u00a3m |
Bonuses and share-based payments | 18 | 14 |
Carried interest and performance fees payable within one year | 38 | 22 |
Carried interest and performance fees payable after one year | 30 | 64 |
Carrying amount | Maximum loss exposure \u00a3m | |||
Balance sheet line item of asset or liability | Assets \u00a3m | Liabilities \u00a3m | Net \u00a3m | |
Unquoted investments | 104 | \u2013 | 104 | 104 |
Carried interest receivable | 6 | \u2013 | 6 | 6 |
Total | 110 | \u2013 | 110 | 110 |
Description | Holding/share class | Footnote |
Subsidiaries | ||
3i Holdings plc | 100% ordinary shares | 1 |
3i Investments plc | 100% ordinary shares | 1 |
3i plc | 100% ordinary shares | 1 |
3i International Holdings | 100% ordinary shares | 1 |
Investors in Industry plc | 100% ordinary shares/ cumulative preference shares | 1 |
3i Corporation | 100% ordinary shares | 2 |
3i Deutschland Gesellschaft f\u00fcr Industriebeteiligungen mbH | 100% ordinary shares | 4 |
Gardens Nominees Limited | 100% ordinary shares | 1 |
Gardens Pension Trustees Limited | 100% ordinary shares | 1 |
3i Europe plc | 100% ordinary shares | 1 |
3i Nominees Limited | 100% ordinary shares | 1 |
3i Osprey GP Limited | 100% ordinary shares | 1 |
3i Nordic plc | 100% ordinary shares | 1 |
3i GP 2004 Limited | 100% ordinary shares | 3 |
3i Ademas LP | 100% partnership interest | 3 |
The 3i Group Employee Trust | n/a | 6 |
3i International Services plc | 100% ordinary shares | 1 |
3i EFV Nominees A Limited | 100% ordinary shares | 1 |
3i EFV Nominees B Limited | 100% ordinary shares | 1 |
3i India Private Limited | 100% ordinary shares | 7 |
3i Sports Media (Mauritius) Limited | 100% ordinary shares | 8 |
3i EFV GP Limited | 100% ordinary shares | 1 |
IIF SLP GP Limited | 100% ordinary shares | 3 |
3i Buyouts 2010 A LP | 85% partnership interest | 1 |
3i Buyouts 2010 B LP | 79% partnership interest | 1 |
3i Buyouts 2010 C LP | 60% partnership interest | 1 |
GP CCC 2010 Limited | 100% ordinary shares | 3 |
3i GC GP Limited | 100% ordinary shares | 1 |
Description | Holding/share class | Footnote |
3i GP 2010 Limited | 100% ordinary shares | 1 |
3i Growth Capital A LP | 100% partnership interest | 1 |
3i Growth Capital G LP | 100% partnership interest | 1 |
3i Growth 2010 LP | 85% partnership interest | 1 |
Strategic Investments FM (Mauritius) Alpha Limited | 70% ordinary shares | 8 |
3i GC Nominees A Limited | 100% ordinary shares | 1 |
3i GC Nominees B Limited | 100% ordinary shares | 1 |
3i India Infrastructure Fund B LP | 99% partnership interest | 1 |
3i 2004 GmbH & Co. KG | 100% partnership interest | 4 |
3i General Partner 2004 GmbH | 100% ordinary shares | 4 |
Pan European Growth Co-invest 2006-08 LP | 100% partnership interest | 1 |
Pan European Growth (Dutch)A Co-invest 2006-08 LP | 100% partnership interest | 1 |
Asia Growth Co-invest 2006-08 LP | 100% partnership interest | 1 |
Pan European Growth (Nordic) Co-invest 2006-08 LP | 100% partnership interest | 1 |
3i PE 2013-16A LP | 100% partnership interest | 1 |
3i PE 2013-16C LP | 100% partnership interest | 1 |
3i GP 2013 Ltd | 100% ordinary shares | 1 |
GP 2013 Ltd | 100% ordinary shares | 3 |
3i BIFM Investments Limited | 100% ordinary shares | 1 |
BIIF GP Limited | 100% ordinary shares | 1 |
BAM General Partner Limited | 100% ordinary shares | 1 |
BEIF Management Limited | 100% ordinary shares | 1 |
3i BIIF GP LLP | 100% partnership interest | 1 |
3i PE 2016-19 A LP | 100% partnership interest | 1 |
3i Managed Infrastructure Acquisitions GP (2017) LLP | 100% partnership interest | 1 |
3i Managed Infrastructure Acquisitions GP Limited | 100% ordinary shares | 1 |
3i 2016 Gmbh & Co. KG | 100% partnership interest | 4 |
3i European Operational Projects GmbH & Co. KG | 100% partnership interest | 4 |
Description | Holding/share class | Footnote |
GP 2016 Limited | 100% ordinary shares | 3 |
3i GP 2016 Limited | 100% ordinary shares | 1 |
3i European Operational Projects GP s.a.r.l | 100% ordinary shares | 10 |
3i SCI Holdings Limited | 100% ordinary shares | 1 |
3i North American Infrastructure Partners, LLC | 80% equity shares | 26 |
3i Abaco ApS | 100% ordinary shares | 23 |
3i Investments (Luxembourg) S.A. | 100% ordinary shares | 10 |
3i 2019-22 DLP SCSp | 100% partnership interest | 10 |
3i PE 2019-22 A LP | 100% partnership interest | 1 |
3i PE 2019-22 B LP | 100% partnership interest | 1 |
3i PE 2019-22 Warehouse LP | 100% partnership interest | 3 |
3i 2020 Co-investment LP | 100% partnership interest | 3 |
3i GP 2019 Limited | 100% ordinary shares | 1 |
3i GP 2020 Limited | 100% ordinary shares | 3 |
3i GP 2019 s.a.r.l | 100% ordinary shares | 10 |
3i GP 2019 (Scots) Limited | 100% ordinary shares | 3 |
3i 2020 Co-investment GP s.a.r.l | 100% ordinary shares | 10 |
3i France SAS | 100% ordinary shares | 16 |
3i IP Acquisitions Limited | 100% ordinary shares | 1 |
3i IP Acquisitions GP LLP | 100% partnership interest | 1 |
2020 Co-Investment 1 LP | 100% partnership interest | 1 |
2020 Co-Investment 2 LP | 94% partnership interest | 1 |
3i IIF GP 2020 Limited | 100% ordinary shares | 1 |
3i IIF GP LLP | 100% partnership interest | 1 |
Coral LP | 50% carried interest units | 3 |
3i Benelux B.V. | 100% ordinary shares | 12 |
3i Mountain LP | 99% partnership interest | 3 |
3i NAI Holdings GP Limited | 100% ordinary shares | 3 |
3i PE 2022-25 A LP | 100% partnership interest | 1 |
3i PE 2022-25 B LP | 100% partnership interest | 1 |
3i GP 2022 Limited | 100% ordinary shares | 1 |
3i GP 2022 (Scots) Limited | 100% ordinary shares | 3 |
3i PE 2022-25 A (Lux) SCSp | 100% partnership interest | 10 |
3i PE 2022-25 B (Lux) SCSp | 100% partnership interest | 10 |
3i GP 2022 s.a.r.l | 100% ordinary shares | 10 |
3i North American Infrastructure Fund A LP | 100% partnership interest | 26 |
3i NAI Holdings LP | 100% partnership interest | 3 |
3i North American Infrastructure GP, LLC | 100% equity units | 26 |
3i ECW Coinvest GP, LLC | 100% equity units | 26 |
3i RR Coinvest GP, LLC | 100% equity units | 26 |
3i Aura GP (2022) Limited | 100% ordinary shares | 1 |
3i Zephyr GP (2022) Limited | 100% ordinary shares | 1 |
3i Infra GP 2022 (Scots) Limited | 100% ordinary shares | 3 |
3i Infra 2022 Warehouse LP | 100% partnership interest | 3 |
3i 2023 Co-investment LP | 51% partnership interest | 1 |
3i MME Coinvest GP, LLC | 100% equity units | 26 |
Description | Holding/share class | Footnote |
Associates | ||
3i Growth Carry A LP | 25% partnership interest | 3 |
3i Growth Carry B LP | 25% partnership interest | 3 |
Pan European Buyouts (Nordic) Co-invest 2006-08 LP | 26% partnership interest | 1 |
Global Growth Co-invest 2006-08 LP | 30% partnership interest | 38 |
Strategic Investments FM (Mauritius) B Limited | 36% ordinary shares | 8 |
3i Growth Capital B LP | 36% partnership interest | 1 |
Moon Topco GmbH | 49% ordinary shares | 13 |
Layout Holdco A/S | 49% ordinary shares | 14 |
Boketto Holdco Limited | 47% ordinary shares | 15 |
Klara HoldCo S.A. | 43% ordinary shares | 10 |
Shield Holdco LLC | 49% equity units | 31 |
Q Holdco Limited | 27% ordinary shares | 18 |
3i Infrastructure plc | 29% ordinary shares | 17 |
Peer Holding I B.V. | 49% ordinary shares | 19 |
AES Engineering Limited | 43% ordinary shares | 20 |
Carter Thermal Industries Limited | 32% ordinary shares | 21 |
Harper Topco Limited | 42% ordinary shares | 22 |
Orange County Fundo de Investmento EM Participacoes | 40% equity units | 25 |
Tato Holdings Limited | 27% ordinary shares | 28 |
Nimbus Communications Ltd | 30% ordinary shares | 29 |
Aurela TopCo Gmbh | 49% ordinary shares | 5 |
nexeye holding B.V. | 49% ordinary shares | 27 |
C Medical Holdco, LLC | 49% equity units | 2 |
Crown Holdco B.V. | 49% ordinary shares | 42 |
3i India Infrastructure Holdings Ltd | 21% ordinary shares | 8 |
Racing Topco GmbH | 49% ordinary shares | 24 |
Panda Holdco LLC | 49% equity units | 2 |
Scandlines Infrastructure ApS | 35% ordinary shares | 30 |
Alinghi 1 S.A.S | 49% ordinary shares | 11 |
SaniSure Holdings GP LLC | 49% equity units | 2 |
New Amsterdam Software GP LLC | 49% equity units | 31 |
Garden & House International GmbH | 36% ordinary shares | 32 |
T&J Holdco Limited | 49% ordinary shares | 9 |
WHCG GP LLC | 49% equity units | 31 |
Hydra Holdco B.V. | 49% ordinary shares | 40 |
European Bakery Group B.V. | 49% ordinary shares | 41 |
Himalaya Topco B.V. | 46% ordinary shares | 39 |
MAIT Group GmbH | 49% ordinary shares | 33 |
Ten23 Health GP LLC | 49% equity units | 31 |
George Topco Limited | 49% ordinary shares | 34 |
xSuite Top Holding GmbH | 49% ordinary shares | 35 |
Balearia Topco B.V. | 49% ordinary shares | 36 |
Kite Topco ApS | 49% ordinary shares | 37 |
Footnote | Address |
1 | 16 Palace Street, London, SW1E 5JD, UK |
2 | 300 Park Avenue, 23rd Fl, New York, NY 10022, USA |
3 | 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ, UK |
4 | OpernTurm, Bockenheimer Landstresse 2-4, 60306 Frankfurt am Main, Germany |
5 | Seelb\u00fcde 13, 36110 Schlitz, Germany |
6 | 13 Castle Street, St Helier, JE1 1ES, Jersey |
7 | Level 7, The Capital B-Wing, Bandra Kurla Complex, Bandra East, Mumbai, 400051, India |
8 | 5th Floor, Ebene Esplanade, 24 Bank Street, Cybercity, Ebene, Mauritius |
9 | Floor 2, Trident 3, Trident Business Park, Styal Road, Manchester, M22 5XB, UK |
10 | 9 Rue Sainte Zithe, L-2763 Luxembourg, Grand Duchy of Luxembourg |
11 | 16 place de l\u2019Iris, 92 400 Courbevoie, France |
12 | Cornelis Schuytstraat 74, 1071JL Amsterdam, Netherlands |
13 | Einsteinring 10, 85609 Aschheim, Germany |
14 | M\u00f8rupvej 16 M\u00f8rup, 7400 Herning, Denmark |
15 | New Mill, New Mill Lane, Witney, Oxfordshire, OX29 9SX, UK |
16 | 29-31, rue de Berri, 75008 Paris, France |
17 | Aztec Financial Services (Jersey) Limited, Aztec Group House, IFC 6, The Esplanade, St Helier, JE2 3BZ, Jersey |
18 | 1 Bartholomew Lane, London, EC2N 2AX, UK |
19 | Perenmarkt 15, Zwaagdijk East, 1681PG, Netherlands |
20 | Bradmarsh Business Park, Mill Close, Rotherham, South Yorkshire, S60 1BZ, UK |
21 | 90 Lea Ford Road, Birmingham, B33 9TX, UK |
22 | 1st James Court, Whitefriars, Norwich, Norfolk, NR3 1RU, UK |
23 | Nybrogade 12, 1203 Copenhagen, Denmark |
24 | Schanzenstr. 6-20, Geb\u00e4ude 2.08, 51063 Cologne, Germany |
25 | Avenida Brigadeiro Faria Lima, 2055, 19 andar, 01452-001 \u2013 Sao Paulo, SP, Brazil |
26 | Corporation Trust Center, 1209 Orange Street, Wilmington, New Castle, Delaware, 19801, USA |
27 | Papland 21, 4206CK Gorinchem, Netherlands |
28 | Thor Specialities (Uk) Ltd, Wincham Avenue, Wincham, Northwich, CW9 6GB, UK |
29 | 44 Oberoi Complex, Andheri (West), Mumbai, India |
30 | Havneholmen 25, 8.,1561 Copenhagen, Denmark |
31 | 251 Little Falls Drive, Wilmington, DE 19808, New Castle, USA |
32 | Bahrenfelder Chaussee 49, 22761, Hamburg, Germany |
33 | Berner Feld 10, 78628 Rottweil, Germany |
34 | Milton Gate, 60 Chiswell Street, London, EC1Y 4AG, UK |
35 | Hamburger Str. 12, 22926 Ahrensburg, Germany |
36 | Herengracht 262, 1016 BV Amsterdam, Netherlands |
37 | Konges Sl\u00f8jd, Store Kongensgade 77, 1., 1264 Copenhagen, Denmark |
38 | 2nd Floor, Gasp\u00e9 House, 66-72 Esplanade, St Helier, JE1 1GH, Jersey |
39 | Aalsvoort 101, 7241 MB Lochem, Netherlands |
40 | Weidehek 46, 4824 AS Breda, Netherlands |
41 | Kronosstraat 2, 5048 CE Tilburg, Netherlands |
42 | Industriepark Vliedberg 12, 5251 RG Vlijmen, the Netherlands |