6-K 1 barc200802196k.txt FINAL RESULTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 -------------------------------------------------------------------------------- FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 February, 2008 Barclays PLC and Barclays Bank PLC (Names of Registrants) 1 Churchill Place London E14 5HP England (Address of Principal Executive Offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F x Form 40-F Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes No x If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): -------------------------------------------------------------------------------- This Report is a joint Report on Form 6-K filed by Barclays PLC and Barclays Bank PLC. All of the issued ordinary share capital of Barclays Bank PLC is owned by Barclays PLC. This Report comprises: Information given to The London Stock Exchange and furnished pursuant to General Instruction B to the General Instructions to Form 6-K. -------------------------------------------------------------------------------- EXHIBIT INDEX Final Results announcement released 19 February 2008 -------------------------------------------------------------------------------- Barclays Bank PLC Results Announcement 31st December 2007 Barclays Bank PLC 19th February 2008 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, each of the registrants has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. BARCLAYS PLC (Registrant) Date: February 19, 2008 By: /s/ Patrick Gonsalves ---------------------- Patrick Gonsalves Deputy Secretary BARCLAYS BANK PLC (Registrant) Date: February 19, 2008 By: /s/ Patrick Gonsalves ---------------------- Patrick Gonsalves Joint Secretary BARCLAYS BANK PLC Barclays Bank PLC and its subsidiary undertakings (taken together, the "Group") is a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. The whole of the issued ordinary share capital of Barclays Bank PLC is beneficially owned by Barclays PLC, which is the ultimate holding company of the Group. Barclays PLC, one of the largest financial services companies in the world by market capitalisation has a wide public shareholder base and its ordinary shares are listed on the London, Tokyo and New York Stock Exchanges (the latter in the form of American Depositary Shares evidenced by American Depositary Receipts). The Directors report the following results of the Barclays Bank PLC Group for the year ended 31st December 2007:
CONSOLIDATED INCOME STATEMENT 2007 2006 GBPm GBPm Continuing operations -------- -------- Interest income 25,308 21,805 Interest expense (15,707) (12,662) -------- -------- Net interest income 9,601 9,143 -------- -------- Fee and commission income 8,682 8,005 Fee and commission expense (970) (828) -------- -------- Net fee and commission income 7,712 7,177 -------- -------- Net trading income 3,759 3,632 Net investment income 1,216 962 -------- -------- Principal transactions 4,975 4,594 Net premiums from insurance contracts 1,011 1,060 Other income 224 257 -------- -------- Total income 23,523 22,231 Net claims and benefits incurred on insurance (492) (575) contracts -------- -------- Total income net of insurance claims 23,031 21,656 Impairment charges and other credit provisions (2,795) (2,154) -------- -------- Net income 20,236 19,502 -------- -------- Staff costs (8,405) (8,169) Administration and general expenses (4,141) (3,914) Depreciation of property, plant and equipment (467) (455) Amortisation of intangible assets (186) (136) -------- -------- Operating expenses (13,199) (12,674) Share of post-tax results of associates and joint 42 46 ventures Profit on disposal of subsidiaries, associates and 28 323 joint ventures -------- -------- Profit before tax 7,107 7,197 Tax (1,981) (1,941) -------- -------- Profit after tax 5,126 5,256 -------- -------- Profit attributable to minority interests 377 342 Profit attributable to equity holders 4,749 4,914 -------- -------- 5,126 5,256 -------- --------
The information in this announcement, which was approved by the Board of Directors on 18th February 2008, does not comprise statutory accounts for the year ended 31st December 2007 or 31st December 2006, within the meaning of Section 240 of the Companies Act 1985 (the 'Act'). Statutory accounts for the year ended 31st December 2007 will be delivered to the Registrar of Companies in accordance with Section 242 of the Act. Statutory accounts for the year ended 31st December 2006 have been delivered to the Registrar of Companies and the Group's auditors have reported on those accounts and have given an unqualified report which does not contain a statement under Section 237(2) or (3) of the Act.
CONSOLIDATED BALANCE SHEET 2007 2006 GBPm GBPm Assets Cash and balances at central banks 5,801 6,795 Items in the course of collection from other banks 1,836 2,408 Trading portfolio assets 193,726 177,884 Financial assets designated at fair value: - held on own account 56,629 31,799 - held in respect of linked liabilities to customers under investment contracts 90,851 82,798 Derivative financial instruments 248,088 138,353 Loans and advances to banks 40,120 30,926 Loans and advances to customers 345,398 282,300 Available for sale financial investments 43,256 51,952 Reverse repurchase agreements and cash collateral on securities borrowed 183,075 174,090 Other assets 5,153 5,850 Current tax assets 518 557 Investments in associates and joint ventures 377 228 Goodwill 7,014 6,092 Intangible assets 1,282 1,215 Property, plant and equipment 2,996 2,492 Deferred tax assets 1,463 764 ----------- --------- Total assets 1,227,583 996,503 ----------- --------- CONSOLIDATED BALANCE SHEET 2007 2006 GBPm GBPm Liabilities Deposits from banks 90,546 79,562 Items in the course of collection due to other 1,792 2,221 banks Customer accounts 295,849 256,754 Trading portfolio liabilities 65,402 71,874 Financial liabilities designated at fair value 74,489 53,987 Liabilities to customers under investment 92,639 84,637 contracts Derivative financial instruments 248,288 140,697 Debt securities in issue 120,228 111,137 Repurchase agreements and cash collateral on 169,429 136,956 securities lent Other liabilities 10,514 10,337 Current tax liabilities 1,311 1,020 Insurance contract liabilities, including 3,903 3,878 unit-linked liabilities Subordinated liabilities 18,150 13,786 Deferred tax liabilities 855 282 Provisions 830 462 Retirement benefit liabilities 1,537 1,807 ----------- --------- Total liabilities 1,195,762 969,397 ----------- --------- Shareholders' equity Called up share capital 2,382 2,363 Share premium account 10,751 9,452 Other reserves (170) (484) Other shareholders' funds 2,687 2,534 Retained earnings 14,222 11,556 ----------- --------- Shareholders' equity excluding minority interests 29,872 25,421 Minority interests 1,949 1,685 ----------- --------- Total shareholders' equity 31,821 27,106 ----------- --------- ----------- --------- Total liabilities and shareholders' equity 1,227,583 996,503 ----------- --------- CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE 2007 2006 GBPm GBPm Net movements in available for sale reserve (93) (120) Net movements in cash flow hedging reserve 359 (487) Net movements in currency translation reserve 54 (781) Tax 54 253 Other movements 22 25 -------- -------- Amounts included directly in equity 396 (1,110) Profit after tax 5,126 5,256 -------- -------- Total recognised income and expense 5,522 4,146 -------- -------- Attributable to: Equity holders 5,135 4,132 Minority interests 387 14 -------- -------- 5,522 4,146 -------- --------
The consolidated statement of recognised income and expense reflects all items of income and expense for the period, including items taken directly to equity. Movements in individual reserves are shown including amounts which relate to minority interests; the impact of such amounts is then reflected in the amount attributable to such interests. Movements in individual reserves are also shown on a pre-tax basis with any related tax recorded on the separate tax line. The available for sale reserve reflects gains or losses arising from the change in fair value of available for sale financial assets except for items recorded in the income statement which are: impairment losses; gains or losses transferred to the income statement due to fair value hedge accounting; and foreign exchange gains or losses on monetary items such as debt securities. When an available for sale asset is impaired or derecognised, the cumulative gain or loss previously recognised in the available for sale reserve is transferred to the income statement. The transfer of net gains to the income statement, primarily on disposal of assets, was partially offset by the recognition of net unrealised gains from changes in fair value. Cash flow hedging aims to minimise exposure to variability in cash flows that is attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss. The portion of the gain or loss on the hedging instrument that is deemed to be an effective hedge is recognised in the cash flow hedging reserve. The gains and losses deferred in this reserve will be transferred to the income statement in the same period or periods during which the hedged item is recognised in the income statement. The movement in 2007 reflects the transfer of net losses to the income statement and the recognition of net unrealised gains from changes in the fair value of the hedging instruments. Exchange differences arising on the net investments in foreign operations and effective hedges of net investments are recognised in the currency translation reserve and transferred to the income statement on the disposal of the net investment. The movement in 2007 primarily reflects the impact of changes in the value of the Euro on net investments partially offset by the impact of changes in the value of the US Dollar on net investments and other currency movements on net investments which are hedged on a post-tax basis. The Euro and US Dollar net investments are economically hedged through Euro-denominated and US Dollar-denominated preference share capital, which is not revalued for accounting purposes.
CONSOLIDATED CASH FLOW STATEMENT 2007 2006 GBPm GBPm Net cash flow from operating activities (8,764) 10,057 Net cash flow from investing activities 10,016 (1,177) Net cash flow from financing activities 2,078 565 Effects of exchange rate on cash and cash (654) 552 equivalents -------- -------- Net (decrease)/increase in cash and cash 2,676 9,997 equivalents Cash and cash equivalents at beginning of 30,402 20,405 period -------- -------- Cash and cash equivalents at end of period 33,078 30,402 -------- -------- NOTES 1. Authorised share capital Ordinary shares The authorised ordinary share capital of Barclays Bank PLC at 31st December 2007 was 3,000 million (2006: 3,000 million) ordinary shares of GBP1 each. Preference shares 2007 2006 '000 '000 Authorised share capital - shares of GBP1 each 1 1 Authorised share capital - shares of GBP100 each 400 400 Authorised share capital - shares of US$0.25 each 150,000 80,000 Authorised share capital - shares of US$100 each 400 400 Authorised share capital - shares of EUR100 each 400 400
2. Issued share capital Ordinary shares The issued ordinary share capital of Barclays Bank PLC at 31st December 2007 comprised 2,336 million (2006: 2,329 million) ordinary shares of GBP1 each. The whole of the issued ordinary share capital of Barclays Bank PLC is beneficially owned by Barclays PLC. Preference shares The issued preference share capital of Barclays Bank PLC at 31st December 2007 comprised GBP46m (2006: GBP34m) of preference shares of the following denominations: 2007 2006 '000 '000 Issued and fully paid shares of GBP1 each 1 1 Issued and fully paid shares of GBP100 each 75 75 Issued and fully paid shares of US$0.25 each 131,000 30,000 Issued and fully paid shares of US$100 each 100 100 Issued and fully paid shares of EUR100 each 240 240 3. Staff numbers On a full time equivalent basis the total permanent and fixed term contract staff at 31st December 2007 was 134,900 (2006: 122,600).