Barclays 2009 Annual Report Download - page 46

Excluding these items, settlement balances, goodwill and intangible
assets, our adjusted total tangible assets were £969bn at 31st December
2009 (2008: £1,026bn). At 31st December 2009 adjusted gross leverage was
20x (2008: 28x).
Adjusted total tangible assets include cash and balances at central
banks of £81.5bn (2008: £30.0bn). Excluding these balances the adjusted
gross leverage would be 18x (2008: 27x).
2008/07
Derivative assets and liabilities would be £917bn lower than reported
under IFRS if netting were permitted for assets and liabilities with the same
counterparty or for which we hold cash collateral. Assets and liabilities also
include amounts held under investment contracts with third parties of a
further £69bn as at 31st December 2008. These constitute asset
management products offered to institutional pension funds which are
required to be recognised as financial instruments. Changes in value in
these assets are entirely to the account of the beneficial owner of the asset.
Excluding these items, settlement balances, goodwill and intangible
assets, our adjusted total tangible assets were £1,026bn at 31st December
2008 (2007: £888bn). At 31st December 2008 adjusted gross leverage was
28x (2007: 33x).
Total shareholders’ equity
2009/08
Total shareholders’ equity increased £11,067m to £58,478m (2008:
£47,411m).
Called up share capital comprises 11,412 million ordinary shares of
25p each (2008: 8,372 million ordinary shares of 25p each).
Retained earnings increased £9,637m to £33,845m (2008: £24,208m).
Profit attributable to the equity holders of the Parent of £9,393m and the
proceeds of capital raising of £784m were partially offset by dividends
paid to shareholders of £113m. Other equity in the prior year represents
Mandatorily Convertible Notes, which were converted into ordinary shares
by June 2009.
Movements in other reserves, except the capital redemption reserve
and other capital reserve, reflect the relevant amounts recorded in the
consolidated statement of comprehensive income on page 205.
Non-controlling interests increased £408m to £11,201m (2008:
£10,793m). The increase primarily reflects profit for the year attributable
to non-controlling interests of £895m, currency translation differences of
£277m, offset by dividends paid of £767m.
The Group’s authority to buy back equity shares was renewed at the
2009 AGM.
2008/07
Total shareholders’ equity increased £14,935m to £47,411m
(2007: £32,476m).
Called up share capital comprised 8,372 million ordinary shares of
25p each (2007: 6,600 million ordinary shares of 25p each and 1 million
staff shares of £1 each).
Retained earnings increased £3,238m to £24,208m (2007: £20,970m).
Profit attributable to the equity holders of the Parent of £4,382m and the
proceeds of capital raising of £1,410m were partially offset by dividends paid
to shareholders of £2,344m. Other equity of £3,652m represents the issue
of Mandatorily Convertible Notes, which were subsequently converted into
ordinary shares prior to 1st July 2009.
Movements in other reserves, except the capital redemption reserve
and other capital reserve, reflect the relevant amounts recorded in the
consolidated statement of comprehensive income on page 205.
Non-controlling interests increased £1,608m to £10,793m (2007:
£9,185m). The increase primarily reflects a 2008 preference share issuance
by Barclays Bank PLC of £1,345m.
Barclays Bank PLC
Preference shares issued by Barclays Bank PLC are included within share
capital and share premium in the Barclays Bank PLC Group but represent
non-controlling interests in the Barclays PLC Group. Certain issuances of
reserve capital instruments and capital notes by Barclays Bank PLC are
included within other shareholders’ equity in the Barclays Bank PLC Group
but represent non-controlling interests in Barclays PLC Group.
Total shareholders’ equity 2009 2008 2007
£m £m £m
Barclays PLC Group
Called up share capital 2,853 2,093 1,651
Share premium account 7,951 4,045 56
Other equity –3,652 –
Available for sale reserve (110) (1,190) 154
Cash flow hedging reserve 252 132 26
Capital redemption reserve 394 394 384
Other capital reserve 617 617 617
Currency translation reserve 1,615 2,840 (307)
Other reserves 2,768 2,793 874
Retained earnings 33,845 24,208 20,970
Less: Treasury shares (140) (173) (260)
Shareholders’ equity excluding
non-controlling interests 47,277 36,618 23,291
Non-controlling interests 11,201 10,793 9,185
Total shareholders’ equity 58,478 47,411 32,476
Total shareholders’ equity 2009 2008 2007
£m £m £m
Barclays Bank PLC Group
Called up share capital 2,402 2,398 2,382
Share premium account 12,092 12,060 10,751
Available for sale reserve (84) (1,249) 111
Cash flow hedging reserve 252 132 26
Currency translation reserve 1,615 2,840 (307)
Other reserves 1,783 1,723 (170)
Other shareholders’ equity 2,559 2,564 2,687
Retained earnings 37,089 22,457 14,222
Shareholders’ equity excluding
non-controlling interests 55,925 41,202 29,872
Non-controlling interests 2,774 2,372 1,949
Total shareholders’ equity 58,699 43,574 31,821
44 Barclays PLC Annual Report 2009 www.barclays.com/annualreport09
Financial review
Balance sheet commentary
continued