Barclays 2006 Annual Report Download - page 2

Forward-looking statements
This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and
Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group’s plans and its current goals and expectations relating to its
future financial condition and performance. These forward-looking statements can be identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of
similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group’s future financial position, income growth,
impairment charges, business strategy, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and
plans and objectives for future operations.
By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to,
the further development of standards and interpretations under International Financial Reporting Standards (IFRS) applicable to past, current and future
periods, evolving practices with regard to the interpretation and application of standards under IFRS, as well as UK domestic and global economic and
business conditions, market related risks such as changes in interest rates and exchange rates, the policies and actions of governmental and regulatory
authorities, changes in legislation, progress in the integration of Absa into the Group’s business and the achievement of synergy targets related to Absa, the
outcome of pending and future litigation, and the impact of competition – a number of which factors are beyond the Group’s control. As a result, the Group’s
actual future results may differ materially from the plans, goals, and expectations set forth in the Group’s forward-looking statements. Any forward-looking
statements made by or on behalf of Barclays speak only as of the date they are made. Barclays does not undertake to update forward-looking statements to
reflect any changes in Barclays expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.
The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC.
Contents
page
Section 1 Operating review
Financial highlights and performance indicators 2
Executive management structure 5
Chairman’s statement 7
Group Chief Executive’s review 8
Consolidated income statement and balance sheet summary 10
Financial review 15
Risk factors 64
Risk management 67
Critical accounting estimates 108
Section 2 Governance
Board and Executive Committee 112
Directors’ report 114
Corporate governance report 117
Remuneration report 125
Accountability and audit 141
Corporate responsibility 143
Section 3 Financial statements
Presentation of information 148
Independent Auditors’ report/Independent Registered
Public Accounting Firm’s report 149
Consolidated accounts Barclays PLC 151
Section 4 Shareholder information 295