Barclays 2013 Annual Report Download - page 349

Note 34: Non-controlling interests continued
Changes in ownership interest
During the year, the Group disposed of its shares in Barclays Africa Limiteda, which at that time included Barclays interests in a number of African
businesses and Absa Group Limited in exchange for an additional 6.7% of Barclays Africa Group Limited, increasing its ownership interests in that
entity from 55.6% to 62.3%. Non-controlling interests hold 37.7% of the voting capital of Barclays Africa Group Limited, representing 37.7% of
that company’s equity on 31 December 2013. The minority shareholders in Absa Group Limited, were offered shares in Barclays Africa Group
Limited in exchange for their shares. At 31 December 2012, non-controlling interests held 44.4% of the voting capital of Absa Group Limited,
which was 44.4% of that company’s equity.
Following this disposal, the Group retained control of both Barclays Africa Limited and Absa Group Limited, through its shareholding in Barclays
Africa Group Limited and continues to consolidate these businesses. Accordingly, the transaction was recorded entirely in shareholders’ equity.
The effects of the transaction on the equity attributable to shareholders of the parent was as follows:
£m
Proceeds received – additional shares in Barclays Africa Group Limited at fair value 282
Share of net assets in Barclays Africa Limited transferred to non-controlling interests (188)
Increase in equity attributable to the shareholders of the parent 94
Summarised financial information for Barclays Africa Group Limited (2012: Absa Group Limited)
Summarised financial information for Barclays Africa Group Limited, before intercompany eliminations, is set out below:
Barclays
Africa Group
Limited
2013
£m
Absa Group
Limited
2012
£m
Income statement information
Total income net of insurance claims 3,356 3,560
Profit after tax 807 649
Total other comprehensive income for the year, after tax (71) 56
Total comprehensive income for the year 736 705
Statement of Cashflows information
Net cash inflows 109 120
Balance sheet information
Total assets 55,616 59,297
Total liabilities 50,500 53,637
Shareholder equity 5,116 5,660
Full financial statements for Barclays Africa Group Limited can be obtained at www.barclaysafrica.com/barclaysafrica/Investor-Relations.
Protective rights of non-controlling interests
Barclays Africa Group Limited
Barclays owns 62.3% of the share capital of Barclays Africa Group Limited. Certain resolutions of Barclays Africa require a 75% approval which
restricts Barclays PLC’s rights to access the assets of Barclays Africa and its group companies. 75% approval would be required to dispose of all or
the greater part of the Barclays Africa Group Limited’s assets or to complete the voluntary winding up of the entity.
Barclays Bank PLC
Barclays Bank PLC also has in issue preference shares and Upper Tier 2 instruments which are non-controlling interests to the Group. Under the
terms of these instruments, Barclays PLC may not pay dividends on ordinary shares until a dividend is next paid on these instruments or the
instruments are redeemed or purchased by Barclays Bank PLC. There are no restrictions on the ability of Barclays Bank PLC’s ability to remit capital
to the Parent as a result of these issued instruments.
Note
a Removed the Barclays Africa business in Botswana, Ghana, Mauritius, Seychelles, Tanzania, Uganda, Kenya, Zambia and the Barclays Africa regional office.
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