Financial statements
Consolidated income statement
for the year to 31 March 2007| Notes | 2007 £m |
2006 £m |
|
|---|---|---|---|
| Realised profits over value on the disposal of investments | 2 | 830 | 576 |
| Unrealised profits on the revaluation of investments | 3 | 323 | 245 |
| 1,153 | 821 | ||
| Portfolio income | |||
| Dividends | 81 | 75 | |
| Income from loans and receivables | 158 | 133 | |
| Fees receivable | 4 | 14 | 24 |
| Gross portfolio return | 1 | 1,406 | 1,053 |
| Fees receivable from external funds | 37 | 24 | |
| Carried interest | |||
| Carried interest receivable from managed funds | 5 | 81 | 79 |
| Carried interest payable to executives | 5 | (142) | (64) |
| Operating expenses | 6 | (255) | (211) |
| Net portfolio return | 1,127 | 881 | |
| Treasury interest receivable | 10 | 91 | 57 |
| Interest payable | 10 | (100) | (74) |
| Movement in the fair value of derivatives | 11 | (29) | (78) |
| Exchange movements | (31) | 47 | |
| Other income | 12 | 1 | 22 |
| Profit before tax | 1,059 | 855 | |
| Income taxes | 13 | (3) | (3) |
| Profit after tax and profit for the year | 1,056 | 852 | |
| Earnings per share | |||
| Basic (pence) | 29 | 215.5 | 152.0 |
| Diluted (pence) | 29 | 213.2 | 151.2* |
| *As restated (note 29). | |||