Portfolio value by product (£m)          

At
30 September
2003
At
31 March
2003
Buy-outs
 
  2,131 2,001
Growth capital
 
  1,331 1,349
Early stage technology
 
  544 589
Total
 
  4,006 3,939
           
Portfolio value by geography (including co-investment funds) (£m)
 
     
UK
 
  3,031 3,041
Continental Europe
 
  1,977 1,773
US       177 182
Asia Pacific
  
  80 101
Total       5,265 5,097
           
Portfolio value by geography (£m)          
UK       2,495 2,494
Continental Europe       1,271 1,175
US       170 180
Asia Pacific       70 90
Total       4,006 3,939
           
Continental European portfolio value (£m)          
Benelux       141 101
France       205 186
Germany/Austria/Switzerland       328 319
Italy       82 69
Nordic       279 273
Spain       218 211
Other European*       18 16
Total       1,271 1,175
*Other European includes investments in countries where 3i did not have an office at the period end.        
           
Portfolio value by FTSE industrial classification (£m)          
Resources       171 186
Industrials       1,028 944
Consumer goods       923 873
Services and utilities       1,046 1,018
Financials       230 274
Information technology       608 644
Total       4,006 3,939
           
Portfolio value by valuation method (£m)          
Imminent sale or IPO       83 37
Listed       168 187
Secondary market       48 30
Earnings       1,251 938
Cost       514 607
Further advance       125 155
Net assets       114 139
Other (including other technology assets valued below cost)       275 282
Loan investments and fixed income shares       1,428 1,564
Total       4,006 3,939
             

   
Buy-out portfolio value by valuation method (£m)          
Imminent sale or IPO       18 12
Listed       70 67
Secondary market       7 7
Earnings       750 536
Cost       141 149
Net assets       24 40
Other       61 115
Loan investments and fixed income shares       1,060 1,075
Total       2,131 2,001
             

   
Growth capital portfolio value by valuation method (£m)          
Imminent sale or IPO       47 14
Listed       98 120
Secondary market       41 23
Earnings       500 377
Cost       147 187
Further advance       19 42
Net assets       90 98
Other       85 69
Loan investments and fixed income shares       304 419
Total       1,331 1,349
             

   
Early stage technology portfolio value by valuation method (£m)          
Imminent sale or IPO       18 11
Earnings       1 25
Cost       226 271
Further advance       106 113
Net assets       – 1
Other technology assets valued below cost       107 79
Other       22 19
Loan investments and fixed income shares       64 70
Total       544 589
             

   
Technology portfolio value by stage (£m)          
Early stage       544 589
Late stage          
Quoted       124 103
Buy-outs       339 294
Growth capital       260 250
        723 647
Total       1,267 1,236
The early stage portfolio comprises investments in immature businesses which typically require further funding. The late stage portfolio comprises
investments in more mature, typically self-funding businesses, including investments made by way of buy-outs and growth capital.
             

   
Early stage technology portfolio value by sector (£m)          
Healthcare       183 195
Communications       111 112
Electronics, semiconductors and advanced technologies       74 72
Software       176 210
Total       544 589