Barclays 2004 Annual Report Download - page 155

18 Interests in associated undertakings and joint ventures
Associates Joint ventures
2004 2003 2004 2003
Share of net assets £m £m £m £m
At beginning of year 370 397 58 58
Exchange and other adjustments (25) (25) ––
New investments/acquisitions 8223 –
Disposals (6) (19) (50) (1)
Profit/(loss) retained 34 15 (3) 1
At end of year 381 370 28 58
Interest in FirstCaribbean International Bank
– share of gross assets 2,160 2,294
– share of gross liabilities (1,932) (2,082)
– goodwill 114 120
Other associates
– share of net assets 38 38
– goodwill 1–
Total 381 370
Associated undertakings and joint ventures include £342m in respect of banks (2003: £332m). Dividend income from associated undertakings
and joint ventures amount to £15m (2003: £7m). On an historical cost basis, the Group’s interests in associated undertakings and joint ventures
at 31st December 2004 amount to £409m (2003: £428m).
The principal associate of Barclays is:
Country of Nature Percentage of Percentage of Date of
incorporation of business equity share non-cumulative last audited
capital held perpetual preference accounts
share capital held
FirstCaribbean International Bank Barbados Banking 43.7% 100% 31/10/2004
The interest in FirstCaribbean International Bank is owned by Barclays Bank PLC.
Of the above interests in associated undertakings and joint ventures, Gabetti Holding SpA is listed on the Milan stock exchange.
The Group’s share of the total operating income of joint ventures is £32m (2003: £21m, 2002: £17m). The Group’s share of the total operating
income of FirstCaribbean International Bank is £133m (2003: £93m).
Included within Barclays share of associates net assets is goodwill as follows:
2004 2003
Goodwill £m £m
Cost
At beginning of year 128 131
Additions/(disposals) 2(3)
At end of year 130 128
Accumulated amortisation
At beginning of year 81
Amortisation charge for year 77
At end of year 15 8
Net book value 115 120
Barclays PLC Annual Report 2004
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