3i Group plc Report and accounts 2005

Ten largest investments

At 31 March 2005, the Directors’ valuation of the ten largest investments was a total of £636 million. The residual cost of these investments at that date was £285 million.
Investment Business
line		 Geography First
invested
in		 Residual
cost1
£m		 Proportion
of equity
shares held		 Directors’
valuation1
£m		 Income in the year2
£m		 Net assets3
£m		 Earnings3
£m
Travelex Holdings Ltd4
 Buyouts UK 1998            
Foreign currency services                  
Equity shares       - 19.6% 109 -    
        -   109 - 88 45
SR Technics Holding AG
 Buyouts Switzerland 2002            
Technical solutions provider for commercial aircraft fleets                  
Equity shares       7 32.2% 60 -    
Loans       43   43 3    
        50   103 3 4 (1)
Yellow Brick Road BV5
 Buyouts The Netherlands 2004            
Directory services                  
Equity shares       6 22.7% 37 -    
Loans       19   50 5    
        25   87 5 57 (38)
Cannon Avent Group plc
 Growth Capital UK 1995            
Manufacture of branded consumer products                  
Equity shares       5 22.2% 54 2    
        5   54 2 37 14
Betapharm Arzneimittel GmbH
 Buyouts Germany 2003            
Supplier of generic prescription drugs                  
Equity shares       31 30.5% 31 -    
Loans       21   21 2    
        52   52 2 1 9
ERM Holdings Ltd6
 Buyouts UK 2001            
Environmental consultancy                  
Equity shares       - 38.1% 18 -    
Loans       32   32 2    
        32   50 2 (4) -
Pharmadule Emtunga AB
 Buyouts Sweden 2003            
Modular facilities to pharmaceutical/biotech offshore and telecom sectors                  
Equity shares       1 47.5% 8 -    
Loans       38   38 3    
        39   46 3 9 (1)
Refresco Holding BV
 Buyouts The Netherlands 2003            
Fruit juice producer                  
Equity shares       2 38.3% 19 -    
Loans       14   14 1    
Preference shares       12   12 -    
        28   45 1 32 6
Williams Lea Group Ltd
 Growth Capital UK 1965            
Outsourced print services                  
Equity shares       33 37.9% 45 2    
        33   45 2 51 6
Petrofac Ltd7
 Growth Capital UK 2002            
Oilfield services                  
Equity shares       - 16.2% 45 -    
Loans       21   - 1    
        21   45 1 74 17

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 2005.
  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 on ordinary activities after tax 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. The residual cost of the equity held in Travelex Holdings Ltd is £120,560.
  5. In April 2004, three portfolio companies were merged to form Yellow Brick Road BV. 3i’s equity value was converted into a loan and into new equity shares.
  6. The cost of the equity held in ERM Holdings Ltd is £387,701.
  7. The loan to Petrofac Ltd is convertible into equity, which has been reflected in the valuation of individual instruments.
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