3i Group plc Interim report 2005

Notes to the financial statements

Notes to the financial statements list

1 Segmental analysis
The Group carries on its private equity activities in four business segments. There are three distinct business lines (Buyouts, Growth Capital and Venture Capital), the activities of which are described in Our business lines. The fourth segment (SMI) contains the Group's smaller minority investments.

The Group allocates all items of income and expenditure within gross portfolio return to a business segment.
Gross portfolio return 6 months to
30 September
2005

(unaudited)
£m		 6 months to
30 September
2004
(as restated)*
(unaudited)
£m		 12 months to
31 March
2005
(as restated)*
(unaudited)
£m
Buyouts      
Realised profits over value on the disposal of investments 62 22 103
Unrealised profits on the revaluation of investments 79 76 122
Portfolio income 58 47 76
  199 145 301
Growth Capital      
Realised profits over value on the disposal of investments 60 50 110
Unrealised profits on the revaluation of investments 86 (3) 109
Portfolio income 22 46 66
  168 93 285
Venture Capital      
Realised profits over value on the disposal of investments 36 10 35
Unrealised profits on the revaluation of investments 23 12 37
Portfolio income 2 1 4
  61 23 76
SMI      
Realised profits over value on the disposal of investments 31 7 2
Unrealised profits on the revaluation of investments 35 1 (23)
Portfolio income 27 32 86
  93 40 65
  521 301 727

* As restated for the adoption of IFRS, as explained within the Basis of preparation.



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