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, 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):
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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 announcement released 19 February 2008
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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).