Barclays 2014 Annual Report Download - page 322

320 I Barclays PLC Annual Report 2014 barclays.com/annualreport
Notes to the financial statements
Capital instruments, equity and reserves
33 Non-controlling interests continued
Barclays Bank PLC
Barclays PLC holds 100% of the voting rights of Barclays Bank PLC. As at 31 December 2014, Barclays Bank PLC has in issue preference shares and
Upper Tier 2 instruments, representing 11% (2013: 12%) of its equity. Preference share dividends and redemption are typically at the discretion of
Barclays Bank PLC. The payment of Upper Tier 2 instrument coupons and principal are typically at the discretion of Barclays Bank PLC, except for
coupon payments that become compulsory where Barclays PLC has declared or paid a dividend on ordinary shares in the preceding six-month
period. Preference share and Upper Tier 2 instrument holders typically only have rights to redeem in the event of insolvency.
Instrument
2014
£m
2013
£m
Preference Shares:
6.00% non cumulative callable preference shares 203 744
6.278% non cumulative callable preference shares 318 548
4.875% non cumulative callable preference shares – 687
4.75% non cumulative callable preference shares 211 967
6.625% non cumulative callable preference shares 406 406
7.1% non cumulative callable preference shares 657 657
7.75% non cumulative callable preference shares 550 550
8.125% non cumulative callable preference shares 1,309 1,309
Total Barclays Bank PLC Preference Shares 3,654 5,868
Barclays Africa Group Limited 258 267
Total 3,912 6,135
Upper Tier 2 Instruments:
Undated Floating Rate Primary Capital Notes Series 1 222 222
Undated Floating Rate Primary Capital Notes Series 2 264 263
Total Upper Tier 2 Instruments 486 485
Summarised financial information for Barclays Africa Group Limited
Summarised financial information for Barclays Africa Group Limited, before intercompany eliminations, is set out below:
Barclays
Africa Group
Limited
2014
£m
Barclays
Africa Group
Limited
2013
£m
Income statement information
Total income net of insurance claims 3,530 3,356
Profit after tax 765 807
Total other comprehensive income for the year, after tax (7) (71)
Total comprehensive income for the year 758 736
Statement of Cash flows information
Net cash inflows 43 109
Balance sheet information
Total assets 55,378 55,616
Total liabilities 50,150 50,500
Shareholder equity 5,228 5,116
Full financial statements for Barclays Africa Group Limited can be obtained at barclaysafrica.com/barclaysafrica/Investor-Relations.
Protective rights of non-controlling interests
Barclays Africa Group Limited
Barclays owns 62.3% of the share capital of Barclays Africa Group Limited. Certain resolutions of Barclays Africa require a 75% approval which
restricts Barclays PLC’s rights to access the assets of Barclays Africa and its group companies. 75% approval would be required to dispose of all or
the greater part of the Barclays Africa Group Limited’s assets or to complete the voluntary winding up of the entity.
Barclays Bank PLC
Barclays Bank PLC also has in issue preference shares which are non-controlling interests to the Group. Under the terms of these instruments,
Barclays PLC may not pay dividends on ordinary shares until a dividend is next paid on these instruments or the instruments are redeemed or
purchased by Barclays Bank PLC. There are no restrictions on Barclays Bank PLC’s ability to remit capital to the Parent as a result of these issued
instruments.