Capital structure

3i's capital structure comprises a combination of shareholders' funds, long-term borrowing, short-term borrowing and liquid treasury assets and cash. In managing our capital structure, we seek to balance the current needs of the business with our ability to support new business growth. Total shareholders' funds at 31 March 2006 were £4,006 million (2005: £3,699 million), the main components being capital reserves of £3,110 million, revenue reserves of £263 million and share capital and share premium of £668 million.

Total Group borrowings at 31 March 2006 were £1,474 million, which is repayable as follows: £231 million, less than one year; £643 million, between one and five years; and £600 million, greater than five years. At the year end, 3i had committed and undrawn borrowing facilities of £488 million, and cash and liquid assets totalling £1,955 million. Additionally, as noted above, in 2003, 3i issued a €550 million Convertible Bond due in 2008.