Barclays 2003 Annual Report Download - page 140

Notes to the Accounts
For the Year Ended 31st December 2003
18 Equity shares
2003 2002
restated
Balance Balance
sheet Valuation sheet Valuation
£m £m £m £m
Investment securities 954 1,134 505 509
Other securities 6,905 6,905 2,624 2,624
7,859 8,039 3,129 3,133
2003
Balance
Cost Provisions sheet
Movements in Investment securities £m £m £m
At beginning of year 516 (11) 505
Acquisitions and transfers 572 (10) 562
Sale of Investment securities (115) 2 (113)
At end of year 973 (19) 954
Gross unrealised gains on equity shares amounted to £180m (2002: £14m). Gross unrealised losses amounted to £nil (2002: £10m).
Gross gains of £82m (2002: £91m, 2001: £68m) and gross losses of £nil (2002: £12m, 2001: £8m) were realised on the sale of Investment securities.
The cost of Other securities is not available and would be unreasonably expensive to obtain.
The 2002 comparatives have been restated to reflect the impact of UITF Abstract 37 – see summary of changes in accounting policy on page 118.
Of the total equity shares disclosed above, £6,471m (2002: £2,273m) were listed on a recognised exchange. These listed equity securities had a
market value of £6,486m (2002: £2,277m).
19 Interests in associated undertakings and joint ventures
Associates Joint ventures
2003 2002 2003 2002
Share of net assets £m £m £m £m
At beginning of year 397 32 58 56
Exchange and other adjustments (25) (2) ––
New investments/acquisitions 2373 –7
Disposals (19) –(1) –
Profit/(loss) retained 15 (6) 1(5)
At end of year 370 397 58 58
Interest in FirstCaribbean International Bank
– share of gross assets 2,294 2,671
– share of gross liabilities (2,082) (2,444)
– goodwill 120 130
Other associates – share of net assets 38 40
Total 370 397
Associated undertakings and joint ventures include £332m in respect of banks (2002: £357m). Dividend income from associated undertakings and
joint ventures amount to £7m (2002: £1m). On an historical cost basis, the Group’s interests in associated undertakings and joint ventures at
31st December 2003 amount to £428m (2002: £455m). Of the above interests in associated undertakings and joint ventures, FirstCaribbean
International Bank and Gabetti Holding SpA are listed on recognised exchanges. FirstCaribbean International Bank is listed on the Barbados, Trinidad
and Tobago and Jamaican Stock Exchanges and Gabetti Holding SpA is listed on the Milan exchange.
The Group’s share of the total operating income of joint ventures is £21m (2002: £17m, 2001: £44m). The Group’s share of the total operating
income of FirstCaribbean International Bank is £93m (2002: £31m).
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