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Report and accounts 2006
Portfolio
The value of the portfolio at 31 March 2006 was £4,139 million (2005: £4,317 million). As shown in table 6, the reduction in portfolio value resulted from the high level of realisations in the year. Other movements include transfers of assets into the portfolio previously held through joint ventures and the currency movement in the year.
Table 6: Summary of changes to investment portfolio
| 2006 £m |
2005 (as restated)* £m |
|
|---|---|---|
| Opening portfolio | 4,317 | 4,362 |
| Investment | 1,110 | 755 |
| Realisation proceeds | (2,207) | (1,302) |
| Realised profits on disposal of investments | 576 | 250 |
| Unrealised profits on revaluation of investments | 245 | 245 |
| Other movements | 98 | 7 |
| Closing portfolio | 4,139 | 4,317 |
* As restated for the adoption of IFRS.
Charts A and B show the portfolio value analysed by business line and geography. Chart C shows the age profile of the portfolio.
At 31 March 2006, 6% of the portfolio value was held in investments in quoted companies (2005: 5%).
The number of investments in the portfolio continues to fall, reflecting the high number of realisations in the year, our policy to seek investment opportunities in fewer larger deals and our strategy to reduce portfolio numbers within SMI. At 31 March 2006, the number of investments stood at 1,087 (excluding SMI: 561), down from 1,502 (excluding SMI: 695) at the beginning of the year.
Chart A: Portfolio value by business line (%) as at 31 March 2006
Chart B: Portfolio value by geography (%)
as at 31 March 2006
Chart C: Portfolio value by age (£m)
as at 31 March 2006
