Barclays 2009 Annual Report Download - page 226

224 Barclays PLC Annual Report 2009 www.barclays.com/annualreport09
Notes to the accounts
For the year ended 31st December 2009
continued
20 Investments in associates and joint ventures
Share of net assets
Associates Joint ventures Total
2009 2008 2009 2008 2009 2008
£m £m £m £m £m £m
.
At beginning of year 175 90 166 287 341 377
Share of results before tax 21 25 21 (6) 42 19
Share of tax (2) (3) (6) (2) (8) (5)
Share of post-tax results 19 22 15 (8) 34 14
Dividends paid ––(1) –(1) –
New investments 198 6127 199 33
Acquisitions 38 62 3141 63
Disposals (58) (20) (14) (117) (72) (137)
Exchange and other adjustments (122) 15 2(24) (120) (9)
At end of year 250 175 172 166 422 341
Goodwill included above:
Associates Joint ventures Total
2009 2008 2009 2008 2009 2008
£m £m £m £m £m £m
.
Cost
At beginning of year – –31 27 31 27
Acquisitions 19 –––19 –
Exchange and other adjustments (1) –(1) 4(2) 4
At end of year 18 –30 31 48 31
The Group holds investments in associates listed on the Johannesburg Stock Exchange: Pinnacle Point Group Limited, Blue Financial Services Limited
(acquired during 2009) and Sekunjalo Investments Limited (acquired during 2009). The fair value of the Group’s investment in these associates is £15m
(2008: £60m). Ambit Properties Limited was disposed during 2009 (2008: fair value of £51m).
Aggregate cash consideration paid for additional investments in associates and joint ventures was £82m (2008: £96m), which also included New China
Trust. Additional investments for non-cash consideration, include Barclays Vida y Pensiones Compañía de Seguros (£69m) and associates held by Crescent
Real Estate Holdings LLC (£89m).
Summarised financial information for the Group’s associates and joint ventures is set out below:
2009 2008
Joint Joint
Associates ventures Associates ventures
£m £m £m £m
.
Property, plant and equipment 1,174 98 788 104
Financial investments 772 6 124 –
Trading portfolio assets 426 – ––
Loans to banks and customers 712 3,124 271 2,883
Other assets 1,855 293 1,343 418
Total assets 4,939 3,521 2,526 3,405
Deposits from banks and customers 2,200 2,751 1,376 2,207
Trading portfolio liabilities 370 107 ––
Other liabilities 1,666 380 985 890
Shareholders’ equity 703 283 165 308
Total liabilities and shareholders’ equity 4,939 3,521 2,526 3,405
Net income 1,022 391 859 357
Operating expenses (1,045) (342) (732) (364)
(Loss)/profit before tax (23) 49 127 (7)
(Loss)/profit after tax (96) 30 52 (11)
The amounts included above, which include the entire assets, liabilities and net income of the investees, not just the Group’s share, are based on accounts
made up to 31st December 2009 with the exception of certain undertakings for which the amounts are based on accounts made up to dates not earlier
than three months before the balance sheet date.
The Group’s share of commitments and contingencies of its associates and joint ventures is £5m (2008: £nil).