 |
 |
| Note 22 - Debt securities and other fixed income securities held as financial fixed asset investments and equity shares |
|
| |
| |
The
Group
2004
£m |
The
Group
2003
£m |
The
Company
2004
£m |
The
Company
2003
£m |
| Debt securities and fixed income shares |
|
|
|
|
| Loan investments |
1,312 |
1,336 |
1,217 |
1,258 |
| Fixed income shares |
150 |
228 |
148 |
224 |
| |
1,462 |
1,564 |
1,365 |
1,482 |
| Equity shares |
|
|
|
|
| Listed |
225 |
187 |
219 |
180 |
| Unlisted |
2,639 |
2,188 |
2,440 |
1,999 |
| |
2,864 |
2,375 |
2,659 |
2,179 |
| |
|
|
|
|
| Total |
4,326 |
3,939 |
4,024 |
3,661 |
| Maturity of debt securities and fixed income shares |
|
|
|
|
| Repayable within one year |
93 |
101 |
89 |
95 |
| Repayable after more than one year |
1,369 |
1,463 |
1,276 |
1,387 |
| |
1,462 |
1,564 |
1,365 |
1,482 |
| |
|
|
|
|
| |
The
Group
Equity
shares
2004
£m |
The
Group
Loan
investments
2004
£m |
The
Group
Fixed
income
shares
2004
£m |
The
Group
Total
2004
£m |
| Opening balances |
|
|
|
|
| Cost |
2,751 |
1,563 |
355 |
4,669 |
| Unrealised appreciation |
(376) |
(227) |
(127) |
(730) |
| |
2,375 |
1,336 |
228 |
3,939 |
| Additions at cost |
356 |
401 |
27 |
784 |
| Disposals, repayments and write-offs |
(497) |
(325) |
(92) |
(914) |
| Transfers |
69 |
(80) |
11 |
– |
| Unrealised appreciation |
661 |
11 |
(20) |
652 |
| Currency translation |
(100) |
(31) |
(4) |
(135) |
| 31 March 2004 |
2,864 |
1,312 |
150 |
4,326 |
| Represented by: |
|
|
|
|
| Cost |
2,579 |
1,528 |
297 |
4,404 |
| Unrealised appreciation |
285 |
(216) |
(147) |
(78) |
| |
2,864 |
1,312 |
150 |
4,326 |
| Listed |
|
|
|
|
| UK |
156 |
– |
– |
156 |
| Non-UK |
69 |
– |
2 |
71 |
| |
225 |
– |
2 |
227 |
| Unlisted |
|
|
|
|
| UK |
1,387 |
831 |
114 |
2,332 |
| Non-UK |
1,252 |
481 |
34 |
1,767 |
| |
2,639 |
1,312 |
148 |
4,099 |
| |
| |
The
Company
Equity
shares
2004
£m |
The
Company
Loan
investments
2004
£m |
The
Company
Fixed
income
shares
2004
£m |
The
Company
Total
2004
£m |
| Opening balances |
|
|
|
|
| Cost |
2,477 |
1,466 |
350 |
4,293 |
| Unrealised appreciation |
(298) |
(208) |
(126) |
(632) |
| |
2,179 |
1,258 |
224 |
3,661 |
| Additions at cost |
333 |
354 |
27 |
714 |
| Disposals, repayments and write-offs |
(430) |
(304) |
(89) |
(823) |
| Transfers |
68 |
(78) |
10 |
– |
| Transfers from other Group companies |
3 |
2 |
– |
5 |
| Unrealised appreciation |
596 |
13 |
(20) |
589 |
| Currency translation |
(90) |
(28) |
(4) |
(122) |
| 31 March 2004 |
2,659 |
1,217 |
148 |
4,024 |
| Represented by: |
|
|
|
|
| Cost |
2,361 |
1,412 |
294 |
4,067 |
| Unrealised appreciation |
298 |
(195) |
(146) |
(43) |
| |
2,659 |
1,217 |
148 |
4,024 |
| Listed |
|
|
|
|
| UK |
156 |
– |
– |
156 |
| Non-UK |
63 |
– |
2 |
65 |
| |
219 |
– |
2 |
221 |
| Unlisted |
|
|
|
|
| UK |
1,386 |
828 |
113 |
2,327 |
| Non-UK |
1,054 |
389 |
33 |
1,476 |
| |
2,440 |
1,217 |
146 |
3,803 |
| |
| Group companies have invested in or made commitments to 15
limited partnerships. These investments represented the following proportions
of the total commitments of all investors in these partnerships: |
| Partnership |
Proportion
of total
commitments |
| 3i Europe Investment Partners No. 1 |
0.92% |
| 3i Europe Investment Partners No. 2 |
<0.01% |
| 3i 94 LMBO Plan |
<0.01% |
| 3i UK Investment Partners |
0.23% |
| 3i Smaller MBO Plan |
<0.01% |
| 3i NPM Smaller MBO Plan |
<0.01% |
| 3i UKIP II LP |
<0.01% |
| 3i Europartners II LP |
<0.01% |
| 3i Parallel Ventures LP |
<0.01% |
| 3i Europartners IIIA LP |
<0.01% |
| 3i Europartners IIIB LP |
<0.01% |
| 3i Asia Pacific Technology LP |
<0.01% |
| 3i Europartners IVa LP |
<0.01% |
| 3i Europartners IVb LP |
<0.01% |
| 3i Europartners IVd LP |
<0.01% |
| The proportion of total commitments shown above are those
at both 31 March 2004 and 31 March 2003 except for the commitments made
to 3i Europartners IVa LP, 3i Europartners IVb LP and 3i Europartners IVd
LP, which were made during the year. Although Group companies act as the
general partner and the manager of each partnership, since their rights
as such are held in a fiduciary capacity, the investments are included as
equity share investments. Unrealised appreciation on unlisted equity investments
includes £5 million (2003: £6 million) which represents the net carried
interest that would be received by the Group if all investments held by
the limited partnerships, which have already achieved their necessary hurdle,
were realised at their valuation on the balance sheet date. The Group received
fee income of £31 million (2003: £34 million) and distributions of £2 million
(2003: £7 million) from this activity. |
|
|
|
|
