6-K 1 bar200602216k.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 2006 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 dated 21 February, 2006 -------------------------------------------------------------------------------- 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 21, 2006 By: /s/ Patrick Gonsalves ---------------------- Patrick Gonsalves Deputy Secretary BARCLAYS BANK PLC (Registrant) Date: February 21, 2006 By: /s/ Patrick Gonsalves ---------------------- Patrick Gonsalves Joint Secretary -------------------------------------------------------------------------------- Barclays Bank PLC Results Announcement 31st December 2005 Barclays Bank PLC Barclays Bank PLC 21st February 2006 BARCLAYS BANK PLC 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 2005:
CONSOLIDATED INCOME STATEMENT 2005 2004 GBPm GBPm Continuing operations -------- -------- Interest income 17,232 13,880 Interest expense (9,157) (7,047) -------- -------- Net interest income 8,075 6,833 -------- -------- Fee and commission income 6,430 5,509 Fee and commission expense (725) (662) -------- -------- Net fee and commission income 5,705 4,847 -------- -------- Net trading income 2,321 1,487 Net investment income 858 1,027 -------- -------- Principal transactions 3,179 2,514 Net premiums from insurance contracts 872 1,042 Other income 178 140 -------- -------- Total income 18,009 15,376 Net claims and benefits paid on insurance contracts (645) (1,259) -------- -------- Total income net of insurance claims 17,364 14,117 Impairment charge and other credit provisions (1,571) (1,093) -------- -------- Net income 15,793 13,024 -------- -------- Operating expenses excluding amortisation of intangible assets (10,448) (8,514) Amortisation of intangible assets (79) (22) -------- -------- Operating expenses (10,527) (8,536) -------- -------- Share of post-tax results of associates and joint ventures 45 56 Profit on disposal of associates and joint ventures - 45 -------- -------- Profit before tax 5,311 4,589 Tax (1,439) (1,279) -------- -------- Profit for the year 3,872 3,310 -------- -------- Profit attributable to minority interests 177 47 Profit attributable to equity holders 3,695 3,263 -------- -------- 3,872 3,310 -------- --------
The information in this announcement, which was approved by the Board of Directors on 20th February 2006, 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. BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET
As at 2005 01.01.05 2004 GBPm GBPm GBPm Assets Cash and balances at central banks 3,506 3,238 1,753 Items in the course of collection from other banks 1,901 1,772 1,772 Treasury bills and other eligible bills - - 6,658 Trading portfolio assets 155,730 110,044 - Financial assets designated at fair value: - held on own account 12,904 9,799 - - held in respect of linked liabilities to customers under investment contracts 83,193 63,124 - Derivative financial instruments 136,823 94,211 - Loans and advances to banks 31,105 25,728 80,632 Loans and advances to customers 268,896 207,259 262,409 Debt securities - - 130,311 Equity shares - - 11,518 Available for sale financial investments 53,703 48,227 - Reverse repurchase agreements and cash collateral on securities borrowed 160,398 139,574 - Other assets 4,620 3,647 25,915 Insurance assets including unit linked assets 114 109 8,576 Investments in associates and joint ventures 546 429 429 Goodwill 6,022 4,518 4,518 Intangible assets 1,269 139 139 Property, plant and equipment 2,754 2,282 2,282 Deferred tax assets 686 1,641 1,388 -------- -------- -------- Total assets 924,170 715,741 538,300 -------- -------- -------- BARCLAYS BANK PLC CONSOLIDATED BALANCE SHEET As at 2005 01.01.05 2004 GBPm GBPm GBPm Liabilities Deposits from banks 75,127 74,735 111,024 Items in the course of collection due to other banks 2,341 1,205 1,205 Customer accounts 238,684 194,478 217,492 Trading portfolio liabilities 71,564 59,114 - Financial liabilities designated at fair value: - held on own account 33,385 5,320 - Liabilities to customers under investment contracts 85,201 64,609 - Derivative financial instruments 137,971 94,429 - Debt securities in issue 103,328 76,154 83,842 Repurchase agreements and cash collateral on securities lent 121,178 98,582 - Other liabilities 11,131 9,903 82,970 Current tax liabilities 747 621 621 Insurance contract liabilities, including unit-linked liabilities 3,767 3,596 8,377 Subordinated liabilities: - Undated loan capital - non convertible 4,397 4,208 6,149 - Dated loan capital - convertible 38 15 15 - Dated loan capital - non convertible 8,028 6,383 6,113 Deferred tax liabilities 700 1,397 1,362 Other provisions for liabilities 517 403 416 Retirement benefit liabilities 1,823 1,865 1,865 -------- -------- -------- Total liabilities 899,927 697,017 521,451 -------- -------- -------- Shareholders' equity Called up share capital 2,348 2,316 2,316 Share premium account 8,882 6,531 6,531 Available for sale reserve 257 336 - Cash flow hedging reserve 70 302 - Other shareholders' funds 2,490 2,494 - Translation reserve 156 (58) (58) Retained earnings 8,462 6,657 7,849 -------- -------- -------- Shareholders' equity excluding minority interests 22,665 18,578 16,638 Minority interests 1,578 146 211 -------- -------- -------- Total shareholders' equity 24,243 18,724 16,849 -------- -------- -------- -------- -------- -------- Total liabilities and shareholders' equity 924,170 715,741 538,300 -------- -------- --------
BARCLAYS BANK PLC CONSOLIDATED STATEMENT OF RECOGNISED INCOME AND EXPENSE
2005 2004 GBPm GBPm Net movements in available for sale reserve (77) - Net movements in cash flow hedging reserve (119) - Currency translation differences arising during the year 300 (58) Tax 50 - Other movements (102) - -------- -------- Amounts included directly in equity 52 (58) Profit for the year 3,872 3,310 -------- -------- Total recognised income and expense for the year 3,924 3,252 -------- -------- Attributable to: Equity holders 3,659 3,205 Minority interests 265 47 -------- -------- 3,924 3,252 -------- --------
The consolidated statement of recognised income and expense reflects the accumulated income and expense for the year, including items taken directly to equity and reserves. In accordance with IAS 39, gains or losses arising from the change in fair value of available for sale assets are recognised in the available for sale reserve except for impairment losses and foreign exchange gains on monetary items such as debt securities, which are recognised in income. 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 income. In accordance with IAS 39, 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 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 are transferred to income in the same period or periods during which the hedged item effects profit or loss. Exchange differences arising on the net investments in foreign operations and effective hedges of net investments are recognised in the translation reserve and transferred to income on the disposal of the net investment. Tax comprises tax on items taken directly to reserves, including tax on the available for sale reserve and cash flow hedging reserve. Other movements primarily reflects the change in insurance liabilities taken directly to reserves. BARCLAYS BANK PLC CONSOLIDATED CASH FLOW STATEMENT
2005(1) 2004 GBPm GBPm Net cash (outflow)/inflow from operating activities (10,468) 5,204 Net cash outflow from investing activities (5,321) (7,033) Net cash inflow from financing activities 14,829 2,962 Net gain on exchange rate changes on cash and cash equivalents (237) (470) --------- --------- Net (decrease)/increase in cash and cash (1,197) 663 equivalents Cash and cash equivalents at beginning of period 21,602 13,854 --------- --------- Cash and cash equivalents at end of period 20,405 14,517 --------- ---------
(1) The opening cash equivalents balance includes the impacts of adopting IAS 32 and IAS 39 and IFRS 4, which have not been applied to 2004 comparatives, in accordance with IFRS 1. BARCLAYS BANK PLC NOTES 1. Basis of preparation The Group has adopted the requirements of International Financial Reporting Standards and International Accounting Standards (collectively IFRS) as adopted by the European Union for the first time for the purpose of preparing financial statements for the year ended 31st December 2005. The reconciliations required by IFRS 1 will be provided in the 2005 Annual Report. The Group has applied IFRS from 1st January 2004, with the exception of the standards relating to financial instruments and insurance contracts, which are applied only with effect from 1st January 2005. The impacts of adopting IAS 32, IAS 39 and IFRS 4 are not included in the 2004 comparatives in accordance with IFRS 1 and financial instruments and insurance contracts are accounted for in accordance with UK GAAP in 2004. Therefore, the results for 2005 are not entirely comparable to those for 2004 in affected areas. Dashes have been used to indicate where changes in policy cause an item to be not applicable and where there is no amount to report. 2. Authorised share capital Ordinary shares The authorised ordinary share capital of Barclays Bank PLC at 31st December 2005 was 3,000 million (2004: 3,000 million) ordinary shares of GBP1 each.
Preference shares 2005 2004 '000 '000 Authorised share capital - shares of GBP1 each 1 1 Authorised share capital - shares of GBP100 each 400 - Authorised share capital - shares of US$0.01 each(1) - 150,000 Authorised share capital - shares of US$0.25 each(1) 80,000 - Authorised share capital - shares of US$100 each 400 - Authorised share capital - shares of EUR100 each 400 400
3. Issued share capital Ordinary shares The issued ordinary share capital of Barclays Bank PLC at 31st December 2005 comprised 2,318 million (2004: 2,309 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 2005 comprised GBP30m (2004: GBP7m) of preference shares of the following denominations:
2005 2004 '000 '000 Issued and fully paid shares of GBP1 each 1 1 Issued and fully paid shares of GBP100 each 75 - Issued and fully paid shares of US$0.01 each - - Issued and fully paid shares of US$0.25 each - - Issued and fully paid shares of US$100 each 100 - Issued and fully paid shares of EUR100 each 240 100
4. Staff numbers On a full time equivalent basis the total permanent and contract staff at 31st December 2005 was 113,300 (2004: 78,400). Additionally, temporary and agency staff totalled 7,000 (2004: 4,300). 1 On 1st June 2005, Barclays Bank PLC consolidated the 150,000,000 preference shares of US$0.01 into 6,000,000 preference shares of US$0.25 each, and authorised a further 74,000,000 of such shares.