Barclays 2006 Annual Report Download - page 190

Notes to the accounts
For the year ended 31st December 2006
Barclays PLC
Annual Report 2006
186
22 Investment in associates and joint ventures
Share of net assets
Associates Joint ventures Total
2006 2005 2006 2005 2006 2005
£m £m £m £m £m £m
At beginning of year 427 399 119 30 546 429
Share of results before tax 63 63 (6) (12) 57 51
Share of tax (10) (10) (1) 4(11) (6)
Share of post-tax results 53 53 (7) (8) 46 45
Dividends paid (17) (23) ––(17) (23)
New investments 2–781 981
Acquisitions 51 72 102 23 153 95
Disposals (404) (39) (72) (1) (476) (40)
Exchange and other adjustments (38) (35) 5(6) (33) (41)
At end of year 74 427 154 119 228 546
Goodwill included above:
Associates Joint ventures Total
2006 2005 2006 2005 2006 2005
£m £m £m £m £m £m
Cost
At beginning of year 122 122 83 –205 122
Acquisitions –––83 –83
Disposals (121) –––(121) –
Transfer ––(43) –(43) –
At end of year 1122 40 83 41 205
The fair value of the investment in Gabetti Holding SpA, which is listed on the Milan stock exchange, is £16m (2005: £15m).
Disposal of FirstCaribbean International Bank
On 22nd December 2006 the Group disposed of its investment in FirstCaribbean International Bank, its former principal associate, for cash
consideration, net of transaction costs of £583m, which, after deducting the Group’s share of its net assets on the date of disposal, resulted in a profit
of £247m.
Following this transaction, there were no individually significant associates or joint ventures.
Of the £46m share of post-tax results of associates and joint ventures, FirstCaribbean International Bank contributed £41m (2005: £37m).