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3i Group plc
Report and accounts 2006
 
 

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Portfolio analysis

The Group's equity, fixed income and loan investments total £4,139 million at 31 March 2006.

 

Portfolio value by business line (£m)

 
 
Portfolio value by business line (£m)
  2006 20051 20041 2003 2002
Buyouts 1,465 1,521 1,487 1,197 1,152
Growth Capital 1,284 1,292 1,233 2,000 2,647
Venture Capital 826 748 682 742 1,310
SMI 564 756 960 - -
Total 4,139 4,317 4,362 3,939 5,109
 
 

Portfolio value by geography (£m)

 
 
Portfolio value by geography (£m)
  2006 20051 20041 2003 2002
UK 1,740 2,258 2,528 2,494 3,386
Continental Europe 1,925 1,693 1,516 1,175 1,373
US 307 277 243 180 264
Asia 167 89 75 90 86
Total 4,139 4,317 4,362 3,939 5,109
 
 

Continental European portfolio value (£m)

 
 
Continental European portfolio value (£m)
  2006 20051 20041 2003 2002
Benelux 124 180 181 101 78
France 344 292 234 186 253
Germany/Austria/Switzerland 489 503 459 319 385
Italy 142 69 53 69 103
Nordic 394 344 332 273 304
Spain 342 249 224 211 222
Other European* 90 56 33 16 28
Total 1,925 1,693 1,516 1,175 1,373

* Other European includes investments in countries where 3i did not have an office at 31 March 2006.

 
 

Portfolio value by FTSE industrial classification (£m)2

 
 
Portfolio value by FTSE industrial classification (£m)2
  2006 20051 20041 2003 2002
Resources 145 162 159 186 268
Industrials 1,040 1,077 1,019 944 1,117
Consumer goods 841 969 1,030 873 1,080
Services and utilities 1,173 1,214 1,278 1,018 1,318
Financials 379 326 247 274 273
Information technology 561 569 629 644 1,053
Total 4,139 4,317 4,362 3,939 5,109
 
 

Portfolio value by valuation method (£m)

 
 
Portfolio value by valuation method (£m)
  2006 20051 20041 2003 2002
Imminent sale or IPO 290 373 174 37 51
Listed 197 198 259 187 413
Secondary market 62 37 31 30 89
Earnings 1,021 1,138 1,347 938 1,210
Cost 621 468 509 607 1,077
Further advance 116 203 149 155 186
Net assets 95 92 103 139 132
Other (including other Venture Capital assets valued below cost) 371 408 328 282 219
Loan investments and fixed income shares 1,366 1,400 1,462 1,564 1,732
Total 4,139 4,317 4,362 3,939 5,109
 
 

Buyout portfolio value by valuation method (£m)

 
 
Buyout portfolio value by valuation method (£m)
  2006 20051 20041 2003 2002
Imminent sale or IPO 92 134 59 - -
Listed 25 48 86 46 93
Secondary market 1 1 1 6 12
Earnings 410 372 472 245 204
Cost 105 71 58 93 64
Net assets - 4 2 7 9
Other 38 22 20 32 14
Loan investments and fixed income shares 794 869 789 768 756
Total 1,465 1,521 1,487 1,197 1,152
 
 

Growth Capital portfolio value by valuation method (£m)

 
 
Growth Capital portfolio value by valuation method (£m)
  2006 20051 20041 2003 2002
Imminent sale or IPO 112 120 49 23 42
Listed 31 62 78 102 177
Secondary market 27 9 7 6 13
Earnings 294 360 350 658 967
Cost 257 159 171 230 284
Further advance 8 14 15 14 24
Net assets 29 33 39 131 115
Other 89 200 145 135 155
Loan investments and fixed income shares 437 335 379 701 870
Total 1,284 1,292 1,233 2,000 2,647
 
 

Venture Capital portfolio value by valuation method (£m)

 
 
Venture Capital portfolio value by valuation method (£m)
  2006 20051 20041 2003 2002
Imminent sale or IPO 33 33 36 14 9
Listed 128 72 71 39 143
Secondary market 31 22 20 18 64
Earnings 10 25 - 35 39
Cost 248 221 257 284 729
Further advance 104 186 119 141 162
Net assets 6 1 1 1 8
Other Venture Capital assets valued below cost 71 71 51 79 23
Other 132 55 66 36 27
Loan investments and fixed income shares 63 62 61 95 106
Total 826 748 682 742 1,310
- of which early stage Venture Capital 629 561 456 589 1,042
 
 

SMI portfolio value by valuation method (£m)

 
 
SMI portfolio value by valuation method (£m)
  2006 20051 20041 2003 2002
Imminent sale or IPO 53 86 30 - -
Listed 13 16 24 - -
Secondary market 3 5 3 - -
Earnings 307 381 525 - -
Cost 11 17 23 - -
Further advance 4 3 15 - -
Net assets 60 54 61 - -
Other 41 60 46 - -
Loan investment and fixed income shares 72 134 233 - -
Total 564 756 960 - -
 
 

Venture Capital portfolio value by sector (£m)

 
 
Venture Capital portfolio value by sector (£m)
  2006 20051 20041 2003 2002
Healthcare 290 228 232 253 400
Communications 178 189 171 151 242
Electronics, semiconductors and advanced technologies 147 141 106 107 186
Software 211 190 173 231 482
Total 826 748 682 742 1,310
 
 

Note

  1. 2004 and 2005 have been restated for IFRS.
  2. In January 2006 there was a reclassification of industry sectors by the FTSE. Comparative data has not been restated.
 
 
 

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