UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
February 2007
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):
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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.
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EXHIBIT INDEX
Final Results dated 20 February 2007
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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 20, 2007 By: /s/ Patrick Gonsalves
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Patrick Gonsalves
Deputy Secretary
BARCLAYS BANK PLC
(Registrant)
Date: February 20, 2007 By: /s/ Patrick Gonsalves
----------------------
Patrick Gonsalves
Joint Secretary
Barclays Bank PLC
Results
Announcement
31st December 2006
BARCLAYS BANK PLC
Barclays PLC has a wide public shareholder base and its ordinary shares are
listed on the London Stock Exchange, the Tokyo Stock Exchange and the New York
Stock Exchange (in the form of American Depositary Shares evidenced by American
Depositary Receipts). Barclays PLC is the holding company of Barclays Bank PLC
and is the beneficial owner of all the ordinary shares of Barclays Bank PLC.
Barclays Bank PLC conducts banking activities, is the holding company for all
other subsidiaries in the Barclays Group and issues debt securities and
preference shares. Therefore, with the exception of differences arising from
the different ownership and equity structures of Barclays PLC and Barclays Bank
PLC, the consolidated financial statements of the groups headed by each parent
companies are the same.
BARCLAYS BANK PLC IS A WHOLLY OWNED SUBSIDIARY OF BARCLAYS PLC
The Directors report the following results of the Barclays Bank PLC Group for
the year ended 31st December 2006:
CONSOLIDATED INCOME STATEMENT
2006 2005
GBPm GBPm
Continuing operations
-------- --------
Interest income 21,805 17,232
Interest expense (12,662) (9,157)
-------- --------
Net interest income 9,143 8,075
-------- --------
Fee and commission income 8,005 6,430
Fee and commission expense (828) (725)
-------- --------
Net fee and commission income 7,177 5,705
-------- --------
Net trading income 3,632 2,321
Net investment income 962 858
-------- --------
Principal transactions 4,594 3,179
Net premiums from insurance contracts 1,060 872
Other income 257 178
-------- --------
Total income 22,231 18,009
Net claims and benefits paid on insurance contracts (575) (645)
-------- --------
Total income net of insurance claims 21,656 17,364
Impairment charges (2,154) (1,571)
-------- --------
Net income 19,502 15,793
-------- --------
Staff costs (8,169) (6,318)
Administration and general expenses (3,914) (3,768)
Depreciation of property, plant and equipment (455) (362)
Amortisation of intangible assets (136) (79)
-------- --------
Operating expenses (12,674) (10,527)
Share of post-tax results of associates and joint
ventures 46 45
Profit on disposal of subsidiaries, associates and
joint ventures 323 -
-------- --------
Profit before tax 7,197 5,311
Tax (1,941) (1,439)
-------- --------
Profit after tax 5,256 3,872
-------- --------
Profit attributable to minority interests 342 177
Profit attributable to equity holders 4,914 3,695
-------- --------
5,256 3,872
-------- --------
The information in this announcement, which was approved by the Board of
Directors on 19th February 2007, does not comprise statutory accounts within the
meaning of Section 240 of the Companies Act 1985 (the 'Act'). Statutory accounts
will be delivered to the Registrar of Companies in accordance with Section 242
of the Act.
CONSOLIDATED BALANCE SHEET
As at
2006 2005
GBPm GBPm
Assets
Cash and balances at central banks 6,795 3,506
Items in the course of collection from other
banks 2,408 1,901
Trading portfolio assets 177,884 155,730
Financial assets designated at fair value:
- held on own account 31,799 12,904
- held in respect of linked liabilities to
customers under investment contracts 82,798 83,193
Derivative financial instruments 138,353 136,823
Loans and advances to banks 30,926 31,105
Loans and advances to customers 282,300 268,896
Available for sale financial investments 51,952 53,703
Reverse repurchase agreements and cash collateral
on securities borrowed 174,090 160,398
Other assets 5,850 4,734
Current tax assets 557 -
Investments in associates and joint ventures 228 546
Goodwill 6,092 6,022
Intangible assets 1,215 1,269
Property, plant and equipment 2,492 2,754
Deferred tax assets 764 686
-------- --------
Total assets 996,503 924,170
-------- --------
CONSOLIDATED BALANCE SHEET
As at
2006 2005
GBPm GBPm
Liabilities
Deposits from banks 79,562 75,127
Items in the course of collection due to other
banks 2,221 2,341
Customer accounts 256,754 238,684
Trading portfolio liabilities 71,874 71,564
Financial liabilities designated at fair value 53,987 33,385
Liabilities to customers under investment
contracts 84,637 85,201
Derivative financial instruments 140,697 137,971
Debt securities in issue 111,137 103,328
Repurchase agreements and cash collateral on
securities lent 136,956 121,178
Other liabilities 10,337 11,131
Current tax liabilities 1,020 747
Insurance contract liabilities, including
unit-linked liabilities 3,878 3,767
Subordinated liabilities 13,786 12,463
Deferred tax liabilities 282 700
Provisions 462 517
Retirement benefit liabilities 1,807 1,823
-------- --------
Total liabilities 969,397 899,927
-------- --------
Shareholders' equity
Called up share capital 2,363 2,348
Share premium account 9,452 8,882
Other reserves (484) 483
Other shareholders' funds 2,534 2,490
Retained earnings 11,556 8,462
-------- --------
Shareholders' equity excluding minority interests 25,421 22,665
Minority interests 1,685 1,578
-------- --------
Total shareholders' equity 27,106 24,243
-------- --------
-------- --------
Total liabilities and shareholders' equity 996,503 924,170
-------- --------
CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
2006 2005
GBPm GBPm
Net movements in available for sale reserve (120) (77)
Net movements in cash flow hedging reserve (487) (119)
Net movements in currency translation reserve (781) 300
Tax 253 50
Other movements 25 (102)
-------- --------
Amounts included directly in equity (1,110) 52
Profit after tax 5,256 3,872
-------- --------
Total recognised income and expense 4,146 3,924
-------- --------
Attributable to:
Equity holders 4,132 3,659
Minority interests 14 265
-------- --------
4,146 3,924
-------- --------
The consolidated statement of recognised income and expense reflects all items
of income and expense for the year, 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 gross 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 movement in 2006 reflects the transfer of net realised
gains partially offset by the transfer of impairment losses and 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
movement in 2006 primarily reflects net unrealised losses from changes in the
fair value of the hedging instruments. 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.
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 the year primarily reflects the impact of changes in
the value of the Rand on the minority interest in Absa Group Limited and changes
in the value of the US Dollar on net investments. The net investments are
economically hedged through US Dollar-denominated preference share capital,
which is not revalued for accounting purposes.
CONSOLIDATED CASH FLOW STATEMENT
2006 2005
GBPm GBPm
Net cash flow from operating activities 10,057 3,679
Net cash flow from investing activities (1,177) (5,432)
Net cash flow from financing activities 565 793
Exchange loss/(gain) on foreign currency cash and cash
equivalents 552 (237)
--------- ---------
Net increase/(decrease) in cash and cash
equivalents 9,997 (1,197)
Cash and cash equivalents at beginning of period 20,405 21,602
--------- ---------
Cash and cash equivalents at end of period 30,402 20,405
--------- ---------
In order to provide more relevance to users and to enhance the comparability of
its financial statement presentation, the Group has changed certain
classifications within the cash flow statement in 2006.
Certain activities which were categorised as operating activities have been
reclassified as financing activities and investing activities. These changes
have increased net cash from operating activities by GBP14,147m in 2005, with a
corresponding decrease in net cash used in investing activities of GBP111m and
decrease in net cash from financing activities of GBP14,036m. The amounts of
cash and cash equivalents in 2005 have not been affected by the changes.
NOTES
1. Authorised share capital
Ordinary shares
The authorised ordinary share capital of Barclays Bank PLC at 31st December 2006
was 3,000 million (2005: 3,000 million) ordinary shares of GBP1 each.
Preference shares 2006 2005
'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 80,000 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 2006
comprised 2,329 million (2005: 2,318 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 2006
comprised GBP34m (2005: GBP30m) of preference shares of the following
denominations:
2006 2005
'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$100 each 100 100
Issued and fully paid shares of EUR100 each 240 240
Issued and fully paid shares of US$0.25 each 30,000 -
3. Staff numbers
On a full time equivalent basis the total permanent and contract staff at 31st
December 2006 was 122,600 (2005: 113,300). Additionally agency staff totalled
9,100 (2005: 7,000).