Financial statements
Balance sheet
as at 31 March 2007| Notes | Group 2007 £m |
Group 2006 £m |
Company 2007 £m |
Company 2006 (as restated)* £m |
|
|---|---|---|---|---|---|
| Assets | |||||
| Non-current assets | |||||
| Investments | |||||
| Quoted equity investments | 14 | 570 | 259 | 498 | 173 |
| Unquoted equity investments | 14 | 2,534 | 2,514 | 1,179 | 1,349 |
| Loans and receivables | 14 | 1,258 | 1,366 | 548 | 735 |
| Investment portfolio | 4,362 | 4,139 | 2,225 | 2,257 | |
| Carried interest receivable | 83 | 77 | 83 | 77 | |
| Interests in Group entities | 15 | – | – | 1,766 | 1,500 |
| Property, plant and equipment | 16 | 32 | 31 | 9 | 9 |
| Total non-current assets | 4,477 | 4,247 | 4,083 | 3,843 | |
| Current assets | |||||
| Other current assets | 17 | 197 | 149 | 168 | 193 |
| Derivative financial instruments | 19 | 21 | 19 | 21 | 19 |
| Deposits | 1,668 | 1,108 | 1,668 | 1,052 | |
| Cash and cash equivalents | 486 | 847 | 346 | 776 | |
| Total current assets | 2,372 | 2,123 | 2,203 | 2,040 | |
| Total assets | 6,849 | 6,370 | 6,286 | 5,883 | |
| Liabilities | |||||
| Non-current liabilities | |||||
| Carried interest payable | (153) | (83) | (153) | (83) | |
| Loans and borrowings | 20 | (916) | (1,243) | (843) | (968) |
| Convertible Bonds | 21 | (363) | (365) | (363) | (365) |
| B shares | 22 | (11) | – | (11) | – |
| Subordinated liabilities | 23 | (21) | (24) | – | – |
| Retirement benefit deficit | 9 | (1) | (17) | – | – |
| Deferred income tax | 13 | (1) | (1) | – | – |
| Provisions | 25 | (7) | (5) | – | – |
| Total non-current liabilities | (1,473) | (1,738) | (1,370) | (1,416) | |
| Current liabilities | |||||
| Trade and other payables | 24 | (179) | (160) | (191) | (271) |
| Carried interest payable | (71) | (60) | (42) | (60) | |
| Loans and borrowings | 20 | (675) | (231) | (474) | (230) |
| Derivative financial instruments | 19 | (189) | (168) | (188) | (160) |
| Current income tax | (2) | (2) | (1) | – | |
| Provisions | 25 | (11) | (5) | – | – |
| Total current liabilities | (1,127) | (626) | (896) | (721) | |
| Total liabilities | (2,600) | (2,364) | (2,266) | (2,137) | |
| Net assets | 4,249 | 4,006 | 4,020 | 3,746 | |
| Equity | |||||
| Issued capital | 26 | 289 | 292 | 289 | 292 |
| Share premium | 27 | 387 | 376 | 387 | 376 |
| Capital redemption reserve | 27 | 27 | 17 | 27 | 17 |
| Share-based payment reserve | 27 | 18 | 17 | 18 | 17 |
| Translation reserve | 27 | 5 | – | – | – |
| Capital reserve | 27 | 3,280 | 3,110 | 3,013 | 2,767 |
| Revenue reserve | 27 | 318 | 263 | 286 | 277 |
| Own shares | 27 | (75) | (69) | – | – |
| Total equity | 27 | 4,249 | 4,006 | 4,020 | 3,746 |
| *As restated for the adoption of IFRIC 11. | |||||
Baroness Hogg Chairman
9 May 2007
9 May 2007