Barclays 2003 Annual Report Download - page 168
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Notes to the Accounts
For the Year Ended 31st December 2003
166
49 Sale of Group undertakings during the year
2003 2002
Net cash outflow from formation of FirstCaribbean International Bank Ltd £m £m
Advances and other accounts –3,277
Deposits and other borrowings –(3,189)
Net assets disposed of –88
Balance transferred to associated undertaking –(366)
Profit on disposal reflected in statement of total recognised gains and losses –206
Amounts not yet settled (including deferred consideration) –28
Cash at Bank and in hand disposed of –(116)
Net cash outflow from formation of FirstCaribbean International Bank Ltd –(160)
In 2002 the balance transferred to associated undertakings comprised the Group’s share of the net assets disposed of and the Group’s share of the
net assets acquired from the Canadian Imperial Bank of Commerce and goodwill thereon. Fair value adjustments of (£1m) were applied to the assets
acquired primarily relating to loans and advances to customers and customer accounts.
2003 2002 2001
Sale of Group undertakings £m £m £m
Goodwill written off –10 7
Advances and other accounts 65 22,148
Deposits and other borrowings (30) (1) (2,109)
Net assets disposed of 35 11 46
Net profit/(loss) on disposal 4(3) (4)
Amounts not yet settled (including deferred consideration) –(8) –
Cash at bank and in hand disposed of –(1) –
Net cash inflow/(outflow) from sale of Group undertakings 39 (1) 42
50 Changes in financing during the year
The following table does not include the premium of £192m paid in respect of the repurchase of ordinary shares or the Group’s contributions to the
Qualifying Employee Share Ownership Trust (QUEST) of £36m.
Non- Undated Dated
recourse loan loan Ordinary Share Minority
financing capital capital shares premium interests
£m £m £m £m £m £m
Barclays PLC
At beginning of year (restated) 1,251 6,678 4,859 1,645 5,277 156
Exchange rate and other movements – (177) 27 – – 62
Net cash inflow/(outflow) from financing 3,262 (191) 1,143 (3) 140 65
At end of year 4,513 6,310 6,029 1,642 5,417 283