Ten largest investments
 
At 31 March 2004, the Directors’ valuation of the ten largest investments was a total of £557 million. These investments cost £284 million.
Investment First 
 invested 
in 		 Cost1 
£m 		 Proportion 
of  equity 
shares held 		 Directors’ 
valuation1
£m 		 Income in 
 the year2 
 £m 		 Net assets3 
£m 		 Earnings3 
£m 
SR Technics Holding AG 2002             
Technical solutions provider for commercial aircraft fleets              
Equity shares   6  32.2%  45  –     
Loans   32    32  2     
    38    77  2  6  (2)
Fonecta Group Oy 2002             
Directory services              
Equity shares   4  33.5%  67  –     
Loans   –    –  2     
    4    67  2  15  2 
Betapharm Arzneimittel GmbH4 2003             
Supplier of generic prescription drugs              
Equity shares   3  66.2%  3  –     
Loans   61    61  –     
    64    64  –     
Westminster Health Care Holdings Ltd 2002             
Care homes operator              
Equity shares   1  49.6%  20  2     
Loans   37    37  3     
    38    57  5  6  4 
Travelex Holdings Ltd5 1998             
Foreign currency services              
Equity shares   –  19.6%  57  –     
    –    57  –  45  15 
De Telefoongids Holding BV 2002             
Directory services              
Equity shares   8  22.1%  40  –     
Loans   15    15  1     
    23    55  1  30  (3)
ERM Holdings Ltd6 2001             
Environmental consultancy              
Equity shares   –  38.1%  15  –     
Loans   32    32  2     
    32    47  2  (4) (2)
Pets at Home Group Ltd 1995             
Retailer of pets and pet supplies              
Equity shares   2  26.0%  21  –     
Loans   25    25  2     
    27    46  2  18  18 
Williams Lea Group Ltd 1965             
Outsourced print services              
Equity shares   33  38.1%  45  –     
    33    45  –  39  4 
Malmberg Investments BV 2001             
Educational publisher              
Equity shares   7  41.8%  24  –     
Loans   18    18  1     
    25    42  1  16  – 
 
Notes
1 The investment information is in respect of the Group’s holding and excludes any co-investment by 3i managed funds.
2 Income in the year represents dividends received (inclusive of any overseas withholding tax) and gross interest receivable in the year to 31 March 2004.
3 Net assets and earnings figures are taken from the most recent audited accounts of the investee business. The figures shown are the total earnings and net assets of each business. Because of the varying rights attaching to the classes of shares held by the Group, it could be misleading to attribute a certain proportion of earnings and net assets to the proportion of equity capital held. Negative earnings and net assets are shown in brackets.
4 Betapharm Arzneimittel GmbH was incorporated in 2003 and no audited accounts are available, consequently no net assets or earnings are disclosed.
5 The cost of the equity held in Travelex Holdings Ltd is £121,000.
6 The cost of the equity held in ERM Holdings Ltd is £398,000.