3i Group plc Report and accounts 2005

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Portfolio analysis

The Group’s equity, fixed income and loan investments total £4,301 million at 31 March 2005.
Portfolio value by business line (£m)
 2005 2004 2003 2002 2001
Buyouts 1,570 1,480 1,197 1,152 1,183
Growth Capital 1,226 1,214 2,000 2,647 2,710
Venture Capital 743 672 742 1,310 1,912
SMI 762 960 - - -
Total 4,301 4,326 3,939 5,109 5,805
 
Portfolio value by geography (including co-investment funds) (£m)
UK 2,751 3,024 3,041 4,018 4,792
Continental Europe 2,427 2,299 1,773 1,984 2,039
US 281 241 182 270 246
Asia 102 86 101 101 98
Total 5,561 5,650 5,097 6,373 7,175
 
Portfolio value by geography (3i only - excluding co-investment funds) (£m)
UK 2,253 2,506 2,494 3,386 4,121
Continental Europe 1,688 1,511 1,175 1,373 1,363
US 272 234 180 264 235
Asia 88 75 90 86 86
Total 4,301 4,326 3,939 5,109 5,805
 
Continental European portfolio value (£m)
Benelux 180 181 101 78 92
France 291 234 186 253 254
Germany/Austria/Switzerland 499 454 319 385 556
Italy 69 53 69 103 142
Nordic 344 332 273 304 26
Spain 249 224 211 222 234
Other European† 56 33 16 28 59
Total 1,688 1,511 1,175 1,373 1,363
† Other European includes investments in countries where 3i did not have an office at 31 March 2005.
 
Portfolio value by FTSE industrial classification (£m)
Resources 161 155 186 268 232
Industrials 1,074 1,018 944 1,117 1,081
Consumer goods 964 1,026 873 1,080 1,237
Services and utilities 1,212 1,275 1,018 1,318 1,538
Financials 331 238 274 273 256
Information technology 559 614 644 1,053 1,461
Total 4,301 4,326 3,939 5,109 5,805
 
Portfolio value by valuation method (£m)
Imminent sale or IPO 373 174 37 51 106
Listed 179 225 187 413 818
Secondary market 31 29 30 89 266
Earnings 1,138 1,347 938 1,210 1,033
Cost 468 509 607 1,077 1,078
Further advance 203 149 155 186 244
Net assets 92 103 139 132 147
Other (including other Venture Capital assets valued below cost) 417 328 282 219 157
Loan investments and fixed income shares 1,400 1,462 1,564 1,732 1,956
Total 4,301 4,326 3,939 5,109 5,805
           
Buyout portfolio value by valuation method (£m)
Imminent sale or IPO 134 59 - - -
Listed 72 79 46 93 215
Secondary market 1 1 6 12 16
Earnings 372 472 245 204 140
Cost 71 58 93 64 76
Net assets 4 2 7 9 6
Other 47 20 32 14 9
Loan investments and fixed income shares 869 789 768 756 721
Total 1,570 1,480 1,197 1,152 1,183
 
Growth Capital portfolio value by valuation method (£m)
Imminent sale or IPO 120 49 23 42 62
Listed 29 60 102 177 313
Secondary market 7 6 6 13 25
Earnings 360 350 658 967 850
Cost 159 171 230 284 175
Further advance 14 15 14 24 22
Net assets 32 39 131 115 140
Other 184 145 135 155 67
Loan investments and fixed income shares 321 379 701 870 1,056
Total 1,226 1,214 2,000 2,647 2,710
 
Venture Capital portfolio value by valuation method (£m)
Imminent sale or IPO 33 36 14 9 44
Listed 63 62 39 143 290
Secondary market 19 19 18 64 225
Earnings 22 - 35 39 43
Cost 221 257 284 729 827
Further advance 186 119 141 162 222
Net assets 1 1 1 8 1
Other Venture Capital assets valued below cost 82 51 79 23 15
Other 55 66 36 27 66
Loan investments and fixed income shares 61 61 95 106 179
Total 743 672 742 1,310 1,912
- of which early stage Venture Capital 561 456 589 1,042 1,368
 
SMI portfolio value by valuation method (£m)
Imminent sale or IPO 86 30 - - -
Listed 15 24 - - -
Secondary market 4 3 - - -
Earnings 384 525 - - -
Cost 17 23 - - -
Further advance 3 15 - - -
Net assets 55 61 - - -
Other 49 46 - - -
Loan investment and fixed income shares 149 233 - - -
Total 762 960 - - -
 
Venture Capital portfolio value by sector (£m)
Healthcare 236 231 253 400 359
Communications 183 168 151 242 493
Electronics, semiconductors and advanced technologies 140 101 107 186 192
Software 184 172 231 482 868
Total 743 672 742 1,310 1,912


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