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3i Group plc
Report and accounts 2006
Report and accounts 2006
Ten largest investments1
| Investment | Business line |
Geography | First invested in |
Residual cost2 £m |
Proportion of equity shares held |
Directors' valuation2 £m |
Income in the year3 £m |
Net assets4 £m |
Earnings4 £m |
|---|---|---|---|---|---|---|---|---|---|
| SR Technics Holding Technical solutions provider for commercial aircraft fleets |
Buyouts | Switzerland | 2002 | ||||||
| Equity shares | 7 | 32.2% | 70 | - | |||||
| Loans | 30 | 30 | 3 | ||||||
| Total | 37 | 100 | 3 | 14 | (1) | ||||
| Parking International Holdings Limited (NCP) Transport management and parking services |
Buyouts | UK | 2005 | ||||||
| Equity shares | 1 | 39.9% | 1 | - | |||||
| Loans | 95 | 95 | 12 | ||||||
| Total | 96 | 96 | 12 | (23) | (9) | ||||
| Giochi Preziosi Spa Retailer and wholesaler of toys |
Buyouts | Italy | 2005 | ||||||
| Equity shares | 63 | 37.8% | 64 | - | |||||
| Total | 63 | 64 | - | 77 | 13 | ||||
| Boxer TV-Access AB Digital TV distributor |
Growth | Sweden | 2005 | ||||||
| Equity shares | 58 | 30.0% | 60 | - | |||||
| Total | 58 | 60 | - | 14 | 8 | ||||
| Infrastructure Investors5 Secondary PFI and Infrastructure investment fund |
Growth | UK | 2005 | ||||||
| Equity shares | - | 31.2% | - | - | |||||
| Loans | 59 | 59 | - | ||||||
| Total | 59 | 59 | - | 208 | 23 | ||||
| Vetco International Ltd6 Oilfield equipment manufacturer |
Buyouts | UK | 2004 | ||||||
| Equity shares | - | 17.7% | 53 | - | |||||
| Total | - | 53 | - | (67) | (49) | ||||
| Tato Holdings Ltd Manufacture and sale of specialist chemicals |
SMI | UK | 1989 | ||||||
| Equity shares | 2 | 25.2% | 53 | - | |||||
| Total | 2 | 53 | - | 89 | 13 | ||||
| Coor Service Management AB Facilities management |
Buyouts | Sweden | 2004 | ||||||
| Equity shares | 1 | 37.5% | 26 | - | |||||
| Loans | 26 | 26 | 2 | ||||||
| Total | 27 | 52 | 2 | 2 | 2 | ||||
| Senoble Holding SAS Manufacturer of dairy products and chilled desserts |
Growth | France | 2004 | ||||||
| Equity shares | 9 | 10.0% | 27 | - | |||||
| Loans | 18 | 19 | 1 | ||||||
| Total | 27 | 46 | 1 | 88 | 18 |
Notes
- The valuation of Vonage Holdings Corp., a US Venture Capital investment made in 2004, has been excluded as the company has commenced an IPO process in the US. If it had been disclosed, the investment would have been among the largest five investments shown above.
- The investment information is in respect of the Group's holding and excludes any co-investment by 3i managed funds.
- Income in the year represents dividends received (inclusive of any overseas withholding tax) and gross interest receivable in the year to 31 March 2006.
- 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 the 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.
- The investment by 3i is into three Infrastructure Investors' entities, a limited partner in the fund, a general partner in the fund and a management company and as well as the loan shown, has a cost of £3,177 for partnership capital. The net assets and earnings figures for this investment are for the LP and are unaudited.
- The cost of the equity held in Vetco International Ltd is £423,367.