Key Financial Information (£m)

Balance Sheet 2012 2011 2010
Portfolio value 181.8 123.8 110.0
Cash and deposits 47.9 60.5 21.5
Net asset value excluding intangibles* 236.6 189.1 134.6
Net asset value 263.1 221.6 173.1
Income Statement 2012 2011 2010
Change in fair value of portfolio 38.0 0.9 4.0
Profit/(loss) on realisations from portfolio 11.8 2.3 0.6
Revenue from services and other operating income 2.3 2.1 2.2
Administrative expenses - change in fair value of Oxford equity rights asset 6.0 6.0 -
Administrative expenses - other 6.7 6.0 5.4
Profit/(loss) for the period after tax 40.7 (5.5) 1.8
Cash Flow Statement 2012 2011 2010
Investments in portfolio 26.3 14.3 6.9
Realisations from portfolio 16.7 3.7 2.7
Net cash outflow from operating activities** 2.6 3.0 2.5

All amounts are displayed in £m.

Information is extracted from IP Group’s audited annual financial statements.

* Net asset value excluding intangibles comprises all assets and liabilities of the Group excluding intangible assets and the Oxford equity rights asset.

**Net cash outflow from operating activities excludes cash flows to/from fixed term deposits.