Portfolio analysis
           
The Group’s equity, fixed income and loan investments total £4,326 million at 31 March 2004.
           
Portfolio value by product (£m) 2004  2003  2002  2001  2000 
Buy-outs 2,306  2,001  2,253  2,338  2,622 
Growth capital 1,487  1,349  1,814  2,099  2,357 
Venture capital 533  589  1,042  1,368  991 
Total 4,326  3,939  5,109  5,805  5,970 
           
Portfolio value by geography (including co-investment funds) (£m)
UK 3,024  3,041  4,018  4,792  5,240 
Continental Europe 2,299  1,773  1,984  2,039  1,514 
US 241  182  270  246  192 
Asia Pacific 86  101  101  98  64 
Total 5,650  5,097  6,373  7,175  7,010 
           
Portfolio value by geography (3i only – excluding co-investment funds) (£m)
UK 2,506  2,494  3,386  4,121  4,668 
Continental Europe 1,511  1,175  1,373  1,363  1,049 
US 234  180  264  235  190 
Asia Pacific 75  90  86  86  63 
Total 4,326  3,939  5,109  5,805  5,970 
           
Continental European portfolio value (£m)
Benelux 181  101  78  92  59 
France 234  186  253  254  203 
Germany/Austria/Switzerland 454  319  385  556  533 
Italy 53  69  103  142  71 
Nordic 332  273  304  26  6 
Spain 224  211  222  234  135 
Other European† 33  16  28  59  42 
Total 1,511  1,175  1,373  1,363  1,049 
† Other European includes investments in countries where 3i did not have an office at 31 March 2004.

Portfolio value by FTSE industrial classification (£m)
Resources 155  186  268  232  185 
Industrials 1,018  944  1,117  1,081  1,247 
Consumer goods 1,026  873  1,080  1,237  1,138 
Services and utilities 1,275  1,018  1,318  1,538  1,648 
Financials 238  274  273  256  251 
Information technology 614  644  1,053  1,461  1,501 
Total 4,326  3,939  5,109  5,805  5,970 
           
Portfolio value by valuation method (£m)
Imminent sale or IPO 174  37  51  106  241 
Listed 225  187  413  818  1,103 
Secondary market 29  30  89  266  483 
Earnings 1,347  938  1,210  1,033  1,226 
Cost 509  607  1,077  1,078  626 
Further advance 149  155  186  244  143 
Net assets 103  139  132  147  144 
Other (including other technology assets valued below cost) 328  282  219  157  119 
Loan investments and fixed income shares 1,462  1,564  1,732  1,956  1,885 
Total 4,326  3,939  5,109  5,805  5,970 
           
Buy-out portfolio value by valuation method (£m)          
Imminent sale or IPO 103  12  14  30  33 
Listed 103  67  144  279  573 
Secondary market 1  7  15  23  21 
Earnings 834  536  635  551  649 
Cost 78  149  132  130  100 
Net assets 20  40  36  32  45 
Other 61  115  90  43  19 
Loan investments and fixed income shares 1,106  1,075  1,187  1,250  1,182 
Total 2,306  2,001  2,253  2,338  2,622 
           
Growth capital portfolio value by valuation method (£m)
Imminent sale or IPO 38  14  28  32  44 
Listed 122  120  269  539  530 
Secondary market 28  23  74  243  462 
Earnings 513  377  544  442  511 
Cost 202  187  234  134  102 
Further advance 32  42  26  22  – 
Net assets 82  98  88  114  98 
Other 169  69  96  43  72 
Loan investments and fixed income shares 301  419  455  530  538 
Total 1,487  1,349  1,814  2,099  2,357 
           
Venture capital portfolio value by valuation method (£m)
Imminent sale or IPO 33  11  9  44  164 
Earnings –  25  31  40  66 
Cost 229  271  711  814  424 
Further advance 117  113  160  222  143 
Net assets 1  1  8  1  1 
Other technology assets valued below cost 64  79  23  15  2 
Other 34  19  10  56  26 
Loan investments and fixed income shares 55  70  90  176  165 
Total 533  589  1,042  1,368  991 
           
Technology portfolio value by stage (£m)
Venture capital 533  589  1,042  1,368  991 
Late stage technology          
   Quoted 136  103  290  723  1,074 
   Buy-outs 305  294  214  231  312 
   Growth capital 317  250  170  7  2 
  758  647  674  961  1,388 
Total 1,291  1,236  1,716  2,329  2,379 
The venture capital portfolio comprises investments in immature businesses which typically require further funding. The late stage portfolio comprises investments in more mature, typically self-funding businesses, including investments made by way of buy-outs and growth capital.

Venture capital portfolio value by sector (£m)		          
Healthcare 169  195  288  237  181 
Communications 117  112  185  264  223 
Electronics, semiconductors and advanced technologies 73  72  139  140  166 
Software 174  210  430  727  421 
Total 533  589  1,042  1,368  991