Barclays 2007 Annual Report Download - page 222

Notes to the accounts
For the year ended 31st December 2007
220 Barclays PLC Annual Report 2007
37 Leasing (continued)
(b) As Lessee (continued)
The carrying amount of assets held under finance leases at the balance sheet date was:
2007 2006
£m £m
Cost 94 44
Accumulated depreciation (24) (25)
Net book value 70 19
Operating lease commitments
The Group leases various offices, branches and other premises under non-cancellable operating lease arrangements. The leases have various terms,
escalation and renewal rights. There are no contingent rents payable. The Group also leases equipment under non-cancellable lease arrangements.
Where the Group is the lessee the future minimum lease payment under non-cancellable operating leases are as follows:
2007 2006
Property Equipment Property Equipment
£m £m £m £m
Not more than one year 191 6 335 9
Over one year but not more than two years 396 1 337 9
Over two years but not more than three years 357 1 311 2
Over three years but not more than four years 323 – 268 –
Over four years but not more than five years 287 – 223 –
Over five years 2,225 – 2,057 –
Total 3,779 8 3,531 20
The total of future minimum sublease payments to be received under non-cancellable subleases at the balance sheet date is £167m (2006: £251m).
38 Acquisitions
The Group made the following material acquisitions in 2007:
(a) Indexchange Investment AG
On 8th February 2007, the Group acquired 100% of the ordinary shares of Indexchange Investment AG, based in Munich offering exchange traded
fund products.
(b) Equifirst Corporation
On 30th March 2007, the Group acquired 100% of the ordinary shares of Equifirst Corporation, a sub-prime mortgage origination business.
(c) Walbrook Group Limited
On 18th May 2007, the Group acquired 100% of the ordinary shares of Walbrook Group Limited. The business serves high net worth private clients
and corporate customers.