 |
| |
|
First
|
|
|
|
Proportion
|
|
Directors’
|
|
Income in
|
|
Net
|
|
|
|
| |
|
invested
|
|
Cost1
|
|
of equity
|
|
valuation1
|
|
the year2
|
|
assets3
|
|
Earnings3
|
|
| Investment |
|
in
|
|
£m
|
|
shares held
|
|
£m
|
|
£m
|
|
£m
|
|
£m
|
|
|
| Travelex Holdings Ltd4 |
|
1998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
–
|
|
19.6%
|
|
60
|
|
1
|
|
|
|
|
|
|
| |
|
|
|
– |
|
|
|
60 |
|
1 |
|
45 |
|
15 |
|
|
| Nordisk Renting AB5 |
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Renting real estate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
67
|
|
35.0%
|
|
47
|
|
3
|
|
|
|
|
|
|
| |
|
|
|
67 |
|
|
|
47 |
|
3 |
|
140 |
|
26 |
|
|
| Malmberg Investments BV |
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Educational publisher |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
7
|
|
41.8%
|
|
26
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
19
|
|
|
|
19
|
|
2
|
|
|
|
|
|
|
| |
|
|
|
26 |
|
|
|
45 |
|
2 |
|
16 |
|
3 |
|
|
| Mettis Group Ltd |
|
1999
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Orthopaedic and aerospace component
service provider |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
1
|
|
40.0%
|
|
–
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
50
|
|
|
|
43
|
|
3
|
|
|
|
|
|
|
| |
|
|
|
51 |
|
|
|
43 |
|
3 |
|
(19) |
|
(11) |
|
|
| SR Technics Holding AG6 |
|
2002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Repair and maintenance of aeroplane
engines and frames |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
7
|
|
32.2%
|
|
7
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
33
|
|
|
|
33
|
|
1
|
|
|
|
|
|
|
| |
|
|
|
40 |
|
|
|
40 |
|
1 |
|
|
|
|
|
|
| Beltpacker plc |
|
2000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Manufacture/marketing of healthcare/beauty
products, footwear and accessories |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
12
|
|
38.9%
|
|
–
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
43
|
|
|
|
38
|
|
–
|
|
|
|
|
|
|
| |
|
|
|
55 |
|
|
|
38 |
|
– |
|
15 |
|
(13) |
|
|
| Westminster Health Care Holdings Ltd |
|
2002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Care homes operator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
1
|
|
49.6%
|
|
1
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
37
|
|
|
|
37
|
|
3
|
|
|
|
|
|
|
| |
|
|
|
38 |
|
|
|
38 |
|
3 |
|
3 |
|
1 |
|
|
| ERM Holdings Ltd7 |
|
2001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Environmental consultancy |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
–
|
|
39.0%
|
|
1
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
35
|
|
|
|
35
|
|
4
|
|
|
|
|
|
|
| |
|
|
|
35 |
|
|
|
36 |
|
4 |
|
(3) |
|
(3) |
|
|
| Pets at Home Ltd |
|
1995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retailer in pets and pet supplies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
2
|
|
26.0%
|
|
5
|
|
–
|
|
|
|
|
|
|
| Loans |
|
|
|
27
|
|
|
|
27
|
|
2
|
|
|
|
|
|
|
| |
|
|
|
29 |
|
|
|
32 |
|
2 |
|
– |
|
2 |
|
|
| Aspen Insurance Holdings Ltd6 |
|
2002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Property/casualty insurance underwriters |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity shares |
|
|
|
30
|
|
6.7%
|
|
30
|
|
–
|
|
|
|
|
|
|
| |
|
|
|
30 |
|
|
|
30 |
|
|
|
|
|
|
|
|
| Notes |
- The investment information is in respect of 3i’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 2003.
- Net assets and earnings figures are taken from the most
recent audited accounts of the investee business. The figures
shown are the total earnings and net assets of each business.
Because of the varying rights attaching to the classes of
shares held by 3i, 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 cost of the equity held in Travelex Holdings Ltd is
£121,000.
- This investment has been sold since the year end.
- These companies were incorporated in 2002 and no audited
accounts are available, consequently no net assets or earnings
are disclosed.
- The cost of the equity held in ERM Holdings Ltd is £463,000.
|
