RNS No 5333p
BARCLAYS PLC
5 August 1999
PART 5
AVERAGE BALANCE SHEET AND NET INTEREST INCOME
30.6.99 30.6.99 30.6.99 30.6.98 30.6.98 30.6.98
Average Interest Average Average Interest Average
Balance Rate Balance Rate
Assets #m #m % #m #m %
Treasury bills and
other eligible bills:
in offices in the UK 2,881 73 5.1 2,504 86 6.9
in offices outside the UK 967 45 9.3 1,106 58 10.5
Loans and advances to
banks:
in offices in the UK 7,636 196 5.1 11,470 320 5.6
in offices outside the UK 9,054 198 4.4 10,375 281 5.4
Loans and advances
to customers:
in offices in the UK 66,545 2,698 8.1 61,119 2,850 9.3
in offices outside the 15,065 435 5.8 10,822 418 7.7
UK
Lease receivables:
in offices in the UK 5,058 176 7.0 5,599 224 8.0
in offices outside the UK 555 32 11.5 203 12 11.8
Debt securities:
in offices in the UK 13,251 406 6.1 14,516 472 6.5
in offices outside the UK 9,229 238 5.2 8,829 293 6.6
Average assets of 130,241 4,497 6.9 126,543 5,014 7.9
banking business
Average assets of 65,017 1,785 5.5 78,954 1,795 4.5
trading business
Total average interest 195,258 6,282 6.4 205,497 6,809 6.6
earning assets
Provisions (1,931) (1,847)
Non-interest earning 37,228 39,889
assets
Total average assets 230,555 6,282 5.4 243,539 6,809 5.6
and interest income
Percentage of total
average assets in 32.8 27.8
offices outside the UK
Average interest
earning assets and net
interest income:
Banking business 130,241 2,281 3.5 126,543 2,140 3.4
Trading business 65,017 30 0.1 78,954 4 0.0
Write-down of leases - - - - (40) -
Discount rate - (3) - - (2) -
adjustment on provisions
Profit on redemption/
repurchase of loan - - - - 3 -
capital
Total average interest
earning assets and 195,258 2,308 2.4 205,497 2,105 2.0
net interest income
Total average interest
earning assets related to:
Interest income 6,282 6.4 6,809 6.6
Interest expense (3,971) (4.1) (4,665) (4.5)
Write-down of leases - - (40) -
Discount rate (3) - (2) -
adjustment on provisions
Profit on redemption/
repurchase of loan - - 3 -
capital
2,308 2.4 2,105 2.0
Notes
(i) Loans and advances to customers and banks include all doubtful lendings,
including non-accrual lendings. Interest receivable on such lendings has
been included to the extent to which either cash payments have been received
or interest has been accrued in accordance with the income recognition
policy of the Group.
(ii) Average balances are based upon daily averages for most UK banking
operations and monthly averages elsewhere.
(iii) The average balance sheet does not include the retail life fund assets
attributable to policyholders nor the related liabilities.
AVERAGE BALANCE SHEET AND NET INTEREST INCOME
30.6.99 30.6.99 30.6.99 30.6.98 30.6.98 30.6.98
Average Interest Average Average Interest Average
Balance Rate Balance Rate
Liabilities and #m #m % #m #m %
shareholders' funds
Deposits by banks:
in offices in the UK 12,603 255 4.0 17,118 321 3.8
in offices outside 11,750 216 3.7 12,015 261 4.3
the UK
Customer accounts
- demand accounts:
in offices in the UK 12,222 82 1.3 11,194 101 1.8
in offices outside 1,904 17 1.8 1,745 18 2.1
the UK
Customer accounts
- savings accounts:
in offices in the UK 23,977 387 3.2 21,889 534 4.9
in offices outside 1,278 25 3.9 1,123 33 5.9
the UK
Customer accounts -
other time deposits
- retail:
in offices in the UK 23,553 605 5.1 21,977 761 6.9
in offices outside 4,800 108 4.5 5,256 139 5.3
the UK
Customer accounts -
other time deposits
- wholesale:
in offices in the UK 18,911 412 4.4 17,377 473 5.4
in offices outside 6,744 160 4.7 6,401 144 4.5
the UK
Debt securities in
issue:
in offices in the UK 13,440 383 5.7 13,664 434 6.4
in offices outside 5,866 143 4.9 6,309 171 5.4
the UK
Dated and undated
loan capital and other 3,969 127 6.4 3,223 118 7.3
subordinated liabilities
principally in offices
in the UK
Internal funding of (28,710) (704) 4.9 (30,110) (634) 4.2
trading business
Average liabilities
of banking business 112,307 2,216 3.9 109,181 2,874 5.3
Average liabilities 69,517 1,755 5.0 80,692 1,791 4.4
of trading business
Total average
interest 181,824 3,971 4.4 189,873 4,665 4.9
bearing liabilities
Interest free
customer deposits:
in offices in the UK 8,464 7,901
in offices outside 1,514 1,309
the UK
Other non-interest 30,160 36,373
bearing liabilities
Minority interests
and shareholders' 8,593 8,083
funds
Total average
liabilities, 230,555 3,971 3.4 243,539 4,665 3.8
shareholders' funds
and interest expense
Percentage of total
average non-capital 32.1 31.0
liabilities in offices
outside the UK
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' FUNDS (UNAUDITED)
Half-year ended
30.6.99 31.12.98 30.6.98
#m #m #m
Share capital
At beginning of period 1,511 1,509 1,530
Shares issued 1 8 2
Repurchase of shares (9) (6) (23)
At end of period 1,503 1,511 1,509
Share premium account
At beginning of period 1,381 1,288 1,281
Premium arising on shares issued 20 93 7
At end of period 1,401 1,381 1,288
Revaluation reserve
At beginning of period 36 34 35
Exchange rate translation (2) 2 (1)
differences
Revaluation of interest in 5 - -
associated undertaking
At end of period 39 36 34
Capital redemption reserve
At beginning of period 179 173 150
Repurchase of ordinary shares 9 6 23
At end of period 188 179 173
Other capital reserve
At beginning and end of period 320 320 320
Profit retained
At beginning of period 4,415 4,498 4,241
Profit retained 433 17 654
Exchange rate translation (38) 66 (35)
differences
Repurchase of ordinary shares (159) (93) (379)
Transfer to capital redemption (9) (6) (23)
reserve
Goodwill written back on 138 - 10
disposals
Shares issued to the QUEST in
relation to share option schemes (13) (67) -
for staff
Other movements - - 30
At end of period 4,767 4,415 4,498
Total reserves 6,715 6,331 6,313
Total shareholders' funds 8,218 7,842 7,822
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES (UNAUDITED)
Half-year ended
30.6.99 31.12.98 30.6.98
#m #m #m
Profit attributable to the 696 431 886
members of Barclays PLC
Exchange rate translation (40) 68 (36)
differences
Other items 5 - 30
Total recognised gains relating 661 499 880
to the period
Prior period adjustment (as (81)
explained on page 38)
Total gains and losses recognised
since 31st December 1998 580
Historical cost profits and losses
There is no material difference between profit before tax and profit
retained, as reported, and historical cost profits.
CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Half-year ended Full year
Note 30.6.99 30.6.99 30.6.98 30.6.98 31.12.98 31.12.98
#m #m #m #m #m #m
Net cash
inflow/(outflow) from 1 3,403 (2,481) (1,337)
operating activities
Dividends received
from associated 5 1 3
undertakings
Returns on investments
and servicing of
finance:
Interest paid on loan
capital and other (139) (100) (220)
subordinated
liabilities
Preference dividends
paid by subsidiary (13) (13) (25)
undertaking
Dividends paid to
minority shareholders (6) (6) (7)
Net cash outflow from
returns on investment (158) (119) (252)
and servicing of
finance
Tax paid (220) (228) (547)
Capital expenditure
and financial
investment:
Capital expenditure (101) (106) (305)
Sale of property and 34 64 107
equipment
Purchase of investment (7,031) (7,097) (10,866)
securities
Redemption of 2,728 2,476 3,874
investment securities
Sale of investment 1,351 7,435 9,523
securities
Net cash
(outflow)/inflow from (3,019) 2,772 2,333
capital expenditure
and financial
investment
Acquisitions and
disposals:
Acquisition of 2 38 (48) (70)
subsidiary
undertakings
Acquisition of - (43) (43)
associated
undertakings
Sale of associated - 7 7
undertakings
Sale of other group 3 168 675 690
undertakings
Net cash inflow from
acquisitions and 206 591 584
disposals
Equity dividend paid (414) (359) (591)
Net cash (197) 177 193
(outflow)/inflow
before financing
Financing:
Issue of loan capital
and other
subordinated 363 903 962
liabilities (net of
expenses)
Redemption/repurchase
of loan capital - (117) (240)
and other subordinated
liabilities
Repurchase of ordinary (168) (402) (501)
shares
Issue of ordinary
shares (net of 8 9 43
contribution to the
QUEST)
Net cash inflow from 203 393 264
financing
Increase in cash 4 6 570 457
NOTES TO CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
1. Reconciliation of operating profit to net operating cashflows
Half-year ended Full year
30.6.99 30.6.98 31.12.98
#m #m #m
Operating profit 1,089 1,292 1,898
Provisions for bad and 320 129 492
doubtful debts
Depreciation and amortisation 135 136 270
Net decrease in accrued
expenditure (312) (938) (719)
and prepayments
Provisions for contingent
liabilities and commitments - - 76
Other provisions for 336 (51) 56
liabilities and charges
Interest on dated and undated
loan capital and other 127 118 244
subordinated liabilities
Associated undertakings - (5) (12) (22)
profit included
Increase in shareholders'
interest in the long-term (10) (40) (95)
assurance fund
Profit on - (3) (3)
redemption/repurchase of loan
capital
Net decrease/(increase) in net
interest and commission 561 (432) (23)
receivable
Net profit on disposal of
investments and fixed assets (30) (58) (106)
Other non-cash movements (13) 45 53
2,198 186 2,121
Net change in items in transit
and items in course of (209) (519) (311)
collection
Net increase/(decrease) in 2,339 (37) (4,230)
other credit balances
Net (increase)/decrease in
loans and advances to banks (14,420) (10,467) 8,652
and customers
Net increase/(decrease) in
deposits and debt securities 18,368 17,705 (14,958)
in issue
Net decrease in other assets 1,945 2,637 3,215
Net (decrease)/increase in
other debt securities and (3,528) (10,320) 3,642
equity shares
Net (increase)/decrease in
treasury (3,513) (1,547) 777
and other eligible bills
Other non-cash movements 223 (119) (245)
Net cash inflow/(outflow) from
operating activities 3,403 (2,481) (1,337)
NOTES TO CONSOLIDATED CASHFLOW STATEMENT (UNAUDITED)
2. Cash flow in respect of the purchase of subsidiary undertakings during
the period
Half-year ended Full year
30.6.99 30.6.98 31.12.98
#m #m #m
Cash consideration 41 52 74
Cash at bank and in hand (79) (4) (4)
acquired
Net cash (inflow)/outflow in
respect of the purchase of (38) 48 70
subsidiary undertakings
3. Sale of subsidiary and associated undertakings
Half-year ended Full year
30.6.99 30.6.98 31.12.98
#m #m #m
Goodwill written off 138 11 12
Advances and other accounts 1,520 1,419 1,561
Deposits and other borrowings (1,365) (717) (829)
Net assets disposed of 293 713 744
Net loss on disposal (119) (53) (51)
174 660 693
Less: Deferred consideration (6) (2) (3)
Add: Deferred consideration
received in respect of prior - 17 -
year disposals
Settled by net cash received 168 675 690
4. Analysis of cash balances
30.6.99 1.1.99 Change 30.6.98 1.1.98 Change
#m #m #m #m #m #m
Cash and
balances at 780 942 (162) 709 750 (41)
central bank
Loans and
advances to
other banks
repayable on 1,310 1,174 136 1,489 908 581
demand
2,090 2,116 (26) 2,198 1,658 540
Half-year ended Full year
30.6.99 30.6.98 31.12.98
#m #m #m
Balance at beginning of 2,116 1,658 1,658
period/year
Net increase in cash before the
effect of exchange rate 6 570 457
movements
Effect of exchange rate movements (32) (30) 1
(26) 540 458
Balance at end of period/year 2,090 2,198 2,116
US GAAP DATA (UNAUDITED)
The following unaudited financial information has been adjusted from data
prepared under UK GAAP to reflect significant differences from US GAAP.
Half-year ended
30.6.99 30.6.99 30.6.98 30.6.98
UK US UK US
GAAP GAAP GAAP GAAP
#m #m #m #m
Profit attributable to
the members of Barclays 696 612 886 936
PLC - Net income
Shareholders' funds 8,218 7,722 7,822 7,484
Total assets 241,265 246,173 248,956 258,984
PER ORDINARY SHARE pence Pence pence pence
Earnings 46.2 40.7 58.3 61.6
Diluted Earnings - US - 40.0 - 60.3
GAAP
Dividend 17.5 27.5 15.5 23.5
Net asset value 547 514 519 496
PERFORMANCE RATIOS % % % %
Net income as a
percentage of
average total assets 0.6 0.5 0.7 0.7
average shareholders' 16.8 15.3 22.8 25.2
funds
Dividends as a 37.8 67.7 26.2 38.4
percentage of net income
Average shareholders'
funds as a percentage of 3.6 3.3 3.2 2.9
average total assets
INDEPENDENT REVIEW REPORT BY THE AUDITORS
Independent review report to the Board of Directors of Barclays PLC
Introduction
We have been instructed by the company to review the financial information
set out on pages 7 and 9, 39 to 49 and 52 to 56 and we have read the other
information contained in the interim report for any apparent misstatements
or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein,
is the responsibility of, and has been approved by the directors. The
Listing Rules of the London Stock Exchange require that the accounting
policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board. A review consists
principally of making enquiries of group management and applying analytical
procedures to the financial information and underlying financial data, and
based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review
excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope
than an audit performed in accordance with Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not
express an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications
that should be made to the financial information as presented for the six
months ended 30th June 1999.
PricewaterhouseCoopers
Chartered Accountants 4th August 1999
London, England
OTHER INFORMATION
Registered office
54 Lombard Street, London, EC3P 3AH, England, United Kingdom.
Tel: 020 7699 5000
Registrar and transfer office
The Registrars to Barclays PLC, PO Box 82, Caxton House, Redcliffe Way,
Bristol, BS99 7NH
Tel: 0117 930 6600
Listing
The principal trading market for Barclays PLC ordinary shares is the London
Stock Exchange. Ordinary shares are also listed on the New York Stock
Exchange and the Tokyo Stock Exchange. Trading on the New York Stock
Exchange is in the form of ADSs under the ticker symbol 'BCS'. Each ADS
represents four #1 ordinary shares and is evidenced by an ADR. The ADR
depositary is Morgan Guaranty Trust Company of New York. Details of trading
activity are published in the stock tables of certain daily newspapers in
the United States.
The non-cumulative dollar-denominated preference shares of Barclays Bank PLC
are traded on the New York Stock Exchange in the form of ADSs. Each series
of preference shares is also listed on the London Stock Exchange.
Filings with the SEC
Statutory accounts for the year ended 31st December 1998, which also include
the joint annual report on Form 20-F of Barclays PLC and Barclays Bank PLC
to the Securities and Exchange Commission in the United States of America,
can be obtained from the Vice President, Corporate Communications, Barclays
Bank PLC, 75 Wall Street, New York, NY 10265 or from the Head of Investor
Relations at Barclays registered office address shown above.
The 1999 interim report including extracts from this announcement will be
posted to shareholders on 16th August 1999 when copies will be available to
the public at Barclays registered office from the Group Secretary.
For further information, please contact:
Oliver Stocken
Finance Director
020 7699 2944 - Direct Line
020 7699 5000 - Switchboard
Ian Roundell
Head of Investor Relations
020 7699 2961 - Direct Line
Leigh Bruce
Director, Corporate Communications
020 7699 2658 - Direct Line
Maria Darby
Director, Group Media Relations
020 7699 2970 - Direct Line
More information on Barclays, including the 1999 interim results, can be
found on our website at the following address:
http://www.investor.barclays.com
END
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