Financial statements
Notes to the financial statements
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1 Segmental analysis
| Year to 31 March 2007 | Buyouts £m |
Growth Capital £m |
Venture Capital £m |
Infrastructure £m |
Quoted Private Equity £m |
Smaller Minority Investments £m |
Total £m |
|---|---|---|---|---|---|---|---|
| Gross portfolio return | |||||||
| Realised profits over value on the disposal of investments | 538 | 235 | 12 | (15) | – | 60 | 830 |
| Unrealised profits on the revaluation of investments |
123 | 269 | (61) | 3 | 6 | (17) | 323 |
| Portfolio income | 127 | 65 | 3 | 27 | – | 31 | 253 |
| 788 | 569 | (46) | 15 | 6 | 74 | 1,406 | |
| Net (investment)/divestment | |||||||
| Realisation proceeds | 1,341 | 691 | 187 | 5 | – | 214 | 2,438 |
| Investment | (498) | (482) | (200) | (380) | (14) | (2) | (1,576) |
| 843 | 209 | (13) | (375) | (14) | 212 | 862 | |
| Balance sheet | |||||||
| Value of investment portfolio at end of year |
1,281 | 1,460 | 741 | 469 | 20 | 391 | 4,362 |
| Year to 31 March 2006 | Buyouts £m |
Growth Capital £m |
Venture Capital £m |
Infrastructure £m |
Quoted Private Equity £m |
Smaller Minority Investments £m |
Total £m |
|---|---|---|---|---|---|---|---|
| Gross portfolio return | |||||||
| Realised profits over value on the disposal of investments | 208 | 232 | 72 | – | – | 64 | 576 |
| Unrealised profits on the revaluation of investments |
124 | 60 | 51 | – | – | 10 | 245 |
| Portfolio income | 115 | 49 | 5 | – | – | 63 | 232 |
| 447 | 341 | 128 | – | – | 137 | 1,053 | |
| Net (investment)/divestment | |||||||
| Realisation proceeds | 877 | 855 | 207 | – | – | 268 | 2,207 |
| Investment | (451) | (497) | (156) | – | – | (6) | (1,110) |
| 426 | 358 | 51 | – | – | 262 | 1,097 | |
| Balance sheet | |||||||
| Value of investment portfolio at end of year |
1,465 | 1,192 | 826 | *92 | – | 564 | 4,139 |
| *This represents the value at 31 March 2006 of the assets incorporated into the Infrastructure business line previously included in Growth Capital. | |||||||
| Year to 31 March 2007 | UK £m |
Continental Europe £m |
Asia £m |
US £m |
Rest of World £m |
Total £m |
|---|---|---|---|---|---|---|
| Gross portfolio return | 716 | 692 | 25 | (27) | – | 1,406 |
| Net (investment)/divestment | ||||||
| Realisation proceeds | 1,169 | 1,159 | 54 | 56 | – | 2,438 |
| Investment | (650) | (560) | (259) | (92) | (15) | (1,576) |
| 519 | 599 | (205) | (36) | (15) | 862 | |
| Balance sheet | ||||||
| Value of investment portfolio at end of year | 1,792 | 1,894 | 373 | 283 | 20 | 4,362 |
| Year to 31 March 2006 | UK £m |
Continental Europe £m |
Asia £m |
US £m |
Rest of World £m |
Total £m |
|---|---|---|---|---|---|---|
| Gross portfolio return | 392 | 586 | 48 | 27 | – | 1,053 |
| Net (investment)/divestment | ||||||
| Realisation proceeds | 1,173 | 891 | 67 | 76 | – | 2,207 |
| Investment | (405) | (538) | (91) | (70) | (6) | (1,110) |
| 768 | 353 | (24) | 6 | (6) | 1,097 | |
| Balance sheet | ||||||
| Value of investment portfolio at end of year | 1,736 | 1,923 | 167 | 307 | 6 | 4,139 |