3i Group plc (LON:III) will be holding a Capital Markets Seminar via webcast today, involving presentations on a number of our Private Equity investments: BoConcept; our healthcare sector investments with a particular focus on Cirtec Medical; and WilsonHCG. In addition, Simon Borrows, our Chief Executive, will provide an update on the portfolio more broadly, the key elements of which are outlined below. The seminar will start at 14.00 and the joining details are provided at the end of this press release. The presentation materials and a recording of the webcast will also be made available on our website.
We have completed our September semi-annual portfolio company reviews for Private Equity and Infrastructure. Our investment portfolios continue to make good progress in what are more challenging markets. In our Private Equity portfolio, assets in the value-for-money consumer, healthcare, speciality industrial and business and technology services sectors have generated strong earnings growth and have good momentum as we head into the second half of our financial year. We also see a sustained increase in demand across the travel-related assets in the portfolio. Assets exposed to discretionary spending continue to see headwinds but we have been encouraged by the pricing power shown by a number of the more challenged companies and the ability of our management teams to use other levers in their control to partially mitigate rising energy costs, other inflation impacts and weaker consumer sentiment. International investments (non-sterling) account for 87% of 3i’s investment portfolio.
Action’s impressive performance has continued with very strong sales and EBITDA growth. Year-to-date sales at over €5.8 billion are now over 26% ahead of the same period last year with strong trading continuing across all geographies. The Action team continues to execute its strategy well and the business continues to attract significant new customer flow through very low prices and good product availability in store. We expect EBITDA for the last 12 months to the end of P9 to be circa €1,035 million compared to €765 million at September last year and €506 million at September 2019. Cash generation has continued to be strong with net debt now standing at less than 2.1x run-rate EBITDA. Action has now opened 142 new stores in 2022 and remains on track to open more new stores than in 2021. Action’s energy costs for 2022 are estimated to total less than 0.4% of sales.
A live webcast of the seminar will be available at 14.00. To register for the webcast, please visit https://www.3i.com/investor-relations/capital-markets-presentations/2022/. Registration will open at 09.00.
