Interim Results. Part 2 of 2
Barclays PLC
01 August 2002
BARCLAYS PLC
PART 2
NOTES (UNAUDITED)
1. Loans and advances to banks 30.06.02 31.12.01 30.06.01
£m £m £m
Banking business:
United Kingdom 12,058 7,116 6,549
Other European Union 2,093 2,278 2,130
United States 730 930 1,501
Rest of the World 2,167 1,924 1,992
17,048 12,248 12,172
Less - provisions (159) (52) (23)
16,889 12,196 12,149
Trading business 40,951 35,693 38,207
Total loans and advances to banks 57,840 47,889 50,356
Of the total loans and advances to banks, placings with banks were £48.3bn at
30th June 2002 (31st December 2001: £39.5bn, 30th June 2001: £40.7bn). Placings
with banks include reverse repos of £34.9bn (31st December 2001: £32.0bn, 30th
June 2001: £31.3bn). The majority of the placings have a residual maturity of
less than one year.
2. Loans and advances to customers 30.06.02 31.12.01 30.06.01
£m £m £m
Banking business:
United Kingdom 127,219 124,254 121,549
Other European Union 12,326 10,708 11,052
United States 6,694 6,614 6,081
Rest of the World 8,341 7,416 5,877
154,580 148,992 144,559
Less - provisions (2,682) (2,664) (2,476)
- interest in suspense (83) (75) (84)
151,815 146,253 141,999
Trading business 47,211 34,240 37,268
Total loans and advances to customers 199,026 180,493 179,267
Of the total loans and advances to customers, reverse repos were £38.5bn (31st
December 2001: £29.7bn, 30th June 2001: £29.7bn).
3. Provisions for bad and doubtful debts Half-year ended
30.06.02 31.12.01 30.06.01
£m £m £m
Provisions at beginning of period 2,716 2,499 2,353
Acquisitions and disposals 29 20 26
Exchange and other adjustments (47) 16 (17)
Amounts written off
United Kingdom (444) (446) (368)
Other European Union (16) (24) (12)
United States (133) (87) (7)
Rest of the World (18) (23) (6)
(611) (580) (393)
Recoveries (analysed below) 41 110 32
Sub-total 2,128 2,065 2,001
Provisions charged against profit:
New and increased specific provisions
United Kingdom 550 680 477
Other European Union 17 17 18
United States 257 127 46
Rest of the World 34 48 27
858 872 568
Less: Releases of specific provisions
United Kingdom (38) (61) (26)
Other European Union (6) (5) (5)
United States (3) (7) (3)
Rest of the World (13) (16) (10)
(60) (89) (44)
Less: Recoveries
United Kingdom (31) (78) (28)
Other European Union (2) (3) (2)
United States (7) (26) (1)
Rest of the World (1) (3) (1)
(41) (110) (32)
Net specific provisions charge 757 673 492
General provision - (release)/charge (44) (22) 6
Net credit risk charge to profit 713 651 498
Provisions at end of year 2,841 2,716 2,499
Total provision for bad and doubtful debts at end of period comprise:
Specific
United Kingdom 1,686 1,605 1,434
Other European Union 88 89 108
United States 199 89 58
Rest of the World 166 188 132
Total specific provisions 2,139 1,971 1,732
General provisions 702 745 767
2,841 2,716 2,499
The geographic analysis of provisions shown above is based on location of office
recording the transaction. The US charge includes specific provisions raised
against Argentina exposures booked in the US.
The 2002 totals reflect a £7m UK specific provision charge within the Business
Banking lending book based on a statistical methodology which enables the
earlier recognition of specific impairment. There has been a corresponding
release of the UK general provision.
4. Other assets 30.06.02 31.12.01 30.06.01
£m £m £m
Own shares 4 6 6
Balances arising from off-balance sheet
financial instruments 13,383 13,730 12,958
Shareholders' interest in long term 889 921 884
assurance fund
London Metal Exchange warrants and other
metals trading positions 701 1,236 829
Sundry debtors 2,687 2,330 2,039
Prepayments and accrued income 2,705 2,553 2,864
20,369 20,776 19,580
'Own shares' represent Barclays PLC shares held in employee benefit trusts that
have not yet vested unconditionally with the eligible employees.
5. Other liabilities 30.06.02 31.12.01 30.06.01
restated restated
£m £m £m
Obligations under finance leases payable 155 166 166
Balances arising from off-balance sheet
financial instruments 12,449 11,091 12,466
Short positions in securities 28,765 26,200 25,320
Current tax 798 589 768
Cash receipts from securitisation 491 605 686
Sundry creditors 4,597 4,279 4,302
Accruals and deferred income 3,772 4,377 3,988
Provisions for liabilities and charges 1,178 1,210 1,289
Dividend 422 728 383
52,627 49,245 49,368
Cash receipts from securitisation are in respect of the securitisation of a
portfolio of investment debt securities which did not qualify for linked
presentation under Financial Reporting Standard 5.
6. Potential credit risk lendings
The following table presents an analysis of potential credit risk lendings in
accordance with the US Securities and Exchange Commission guidelines.
Additional categories of disclosure are included, however, to record lendings
where interest continues to be accrued and where either interest is being
suspended or specific provisions have been raised. Normal US banking practice
would be to place such lendings on non-accrual status.
The amounts, the geographical presentation of which is based on the location of
the office recording the transaction, are stated before deduction of the value
of security held, specific provisions carried or interest suspended.
Non-performing lendings 30.06.02 31.12.01 30.06.01
£m £m £m
Non-accrual lendings:
United Kingdom 1,471 1,292 1,263
Other European Union 113 90 93
United States 610 306 289
Rest of the World 202 235 129
Accruing lendings where interest is being
suspended:
United Kingdom 640 386 352
Other European Union 39 30 48
United States - - -
Rest of the World 132 145 181
Other accruing lendings against which
provisions have been made:
United Kingdom 1,067 1,044 1,008
Other European Union 46 20 25
United States 8 11 13
Rest of the World 57 43 80
Sub-totals:
United Kingdom 3,178 2,722 2,623
Other European Union 198 140 166
United States 618 317 302
Rest of the World 391 423 390
Accruing lendings 90 days overdue, against
which no provisions have been made:
United Kingdom 352 237 248
Other European Union - - 1
United States - - -
Rest of the World 25 27 30
Reduced rate lendings:
United Kingdom 4 4 5
Other European Union - - -
United States - - -
Rest of the World 4 1 1
Total non-performing lendings
United Kingdom 3,534 2,963 2,876
Other European Union 198 140 167
United States 618 317 302
Rest of the World 420 451 421
4,770 3,871 3,766
30.06.02 31.12.01 30.06.01
£m £m £m
Potential problem lendings
United Kingdom 878 968 780
Other European Union 1 2 13
United States 224 369 66
Rest of the World 115 63 106
1,218 1,402 965
30.06.02 31.12.01 30.06.01
% % %
Provision coverage of non-performing lendings
United Kingdom 64.5 74.9 72.0
Other European Union 63.1 78.6 85.0
United States 48.2 61.8 51.7
Rest of the World 53.3 59.2 50.6
Total 61.3 72.1 68.6
30.06.02 31.12.01 30.06.01
% % %
Provision coverage of total potential credit
risk lendings
United Kingdom 51.6 56.4 56.7
Other European Union 62.8 77.5 78.9
United States 35.4 28.6 42.4
Rest of the World 41.9 51.9 40.4
Total 48.8 52.9 54.6
The geographical coverage ratios reflect an allocation of general provisions.
UK non-performing loans increased by £571m to £3,534m reflecting increases in
both personal and corporate lending balances.
US non-performing loans increased by £301m to £618m reflecting the impact of
Argentina exposures booked in the US and the continued difficult economic
conditions on the telecommunications and energy sectors. US coverage also
reflects the practice of writing off non-performing loans earlier than is the
practice in other geographic areas.
Half-year ended
30.06.02 31.12.01 30.06.01
£m £m £m
Interest forgone on non-performing lendings:
Interest income that would have been recognised 135 128 151
under original contractual terms
Interest income included in profit (23) (23) (27)
Interest forgone 112 105 124
7. Exposure to countries subject to International Monetary Fund
liquidity support programmes
Amounts outstanding, net of provisions, and commitments to counterparties in
countries which make significant use of International Monetary Fund liquidity
support programmes were as follows:
30.06.02 31.12.01 30.06.01
£bn £bn £bn
Europe
Turkey 0.1 0.2 0.2
0.1 0.2 0.2
Asia
Indonesia 0.0 0.1 0.1
South Korea * * 0.3
0.0 0.1 0.4
Latin America
Argentina 0.1 0.3 0.5
Brazil 0.2 0.7 *
0.3 1.0 0.5
Total 0.4 1.3 1.1
* Did not make significant use of IMF liquidity support programmes at the end of
the period.
The total comprises:
£bn £bn £bn
Banks 0.2 0.7 0.7
Governments and sovereigns - 0.1 0.1
Corporates and project financings 0.2 0.5 0.3
0.4 1.3 1.1
8. Cross-border outstandings
As at 30th June 2002 the countries where Barclays cross-border outstandings
exceeded 1% of assets were United States, Germany and France. In this context,
assets comprise total assets as presented in the consolidated balance sheet and
include acceptances. On this basis total assets amounted to £392,107m at 30th
June 2002 (31st December 2001: £359,071m).
As % Total
Of assets £m
As at 30th June 2002
United States 3.0 11,706
Germany 1.9 7,317
France 1.1 4,482
As at 31st December 2001
United States 2.3 8,294
Germany 2.3 8,218
France 1.2 4,203
As at 30th June 2002, the country with aggregate cross-border outstandings
between 0.75% and 1% of total Group assets was Netherlands at £3,536m. At 31st
December 2001 the countries in this category were Japan £2,997m and Netherlands
£2,777m.
9. European Economic and Monetary Union (EMU)
Barclays is maintaining a prudent programme to validate and develop further its
existing plans relating to the potential membership of EMU by the UK, and to
conduct feasibility studies with selected suppliers and partners.
Barclays has contributed to the development of, and supports the conclusions
arising from, the British Bankers' Association and Association for Payment
Clearing Services' UK Banking Industry Outline Euro Blueprint published in June
2002.
Given the considerable uncertainty that continues to surround whether and when
the UK may enter, it has not been possible to draw any definitive conclusions as
to the final overall cost of preparing retail systems and operations.
Barclays incurred minimal expenditure during the first half of 2002 with respect
to any decision to introduce the euro in the UK. No significant incremental
costs are expected in the remainder of the year.
10. Legal proceedings
Barclays is party to various legal proceedings, the ultimate resolution of which
is not expected to have a significant effect on the financial position or
profitability of the Group.
11. Geographical analysis
Half-year ended
30.06.02 31.12.01 30.06.01
restated restated
Profit before tax £m £m £m
United Kingdom 1,599 1,233 1,492
Other European Union 173 240 170
United States (125) 13 72
Rest of the World 102 122 128
1,749 1,608 1,862
30.06.02 31.12.01 30.06.01
Total assets £m £m £m
United Kingdom 286,125 266,867 268,330
Other European Union 23,523 20,278 20,523
United States 47,708 48,701 49,139
Rest of the World 32,397 20,803 25,958
389,753 356,649 363,950
The geographic presentation above is generally based on the office recording the
transaction.
Losses relating to and the assets of the South American Corporate Banking
portfolio are reflected in the United States, above.
12. Contingent liabilities and commitments
30.06.02 31.12.01 30.06.01
Contingent liabilities £m £m £m
Acceptances and endorsements 2,391 2,460 2,373
Guarantees and assets pledged as
collateral security 15,818 14,826 14,498
Other contingent liabilities 7,461 7,313 6,178
25,670 24,599 23,049
Commitments
Standby facilities, credit lines and
other commitments 104,822 99,917 94,184
13. Derivatives
The tables set out below analyse the contract or underlying principal amounts of
derivative financial instruments held for trading purposes and for the purposes
of managing the Group's structural exposures.
30.06.02 31.12.01 30.06.01
Foreign exchange derivatives £m £m £m
Contract or underlying principal amount
Forward foreign exchange 275,692 242,277 287,125
Currency swaps 146,619 146,297 143,769
Other exchange rate related contracts 89,268 75,114 83,084
511,579 463,688 513,978
Interest rate derivatives
Contract or underlying principal amount
Interest rate swaps 1,837,304 1,556,457 1,442,033
Forward rate agreements 172,351 103,447 55,844
OTC options bought and sold 549,058 502,703 471,075
Other interest rate related contracts 647,727 675,246 821,909
3,206,440 2,837,853 2,790,861
Credit derivatives 15,381 16,640 19,045
Equity, stock index and
commodity derivatives
Contract or underlying principal amount 99,254 96,218 102,867
Other exchange rate related contracts are primarily over the counter (OTC)
options. Other interest rate related contracts are primarily exchange traded
options and futures.
Derivatives entered into as trading transactions, together with any associated
hedging thereof, are measured at fair value and the resultant profits and losses
are included in dealing profits. The tables below summarise the positive and
negative fair values of such derivatives, including an adjustment for netting
where the Group has the ability to insist on net settlement which is assured
beyond doubt, based on a legal right that would survive the insolvency of the
counterparty.
Positive fair values 30.06.02 31.12.01 30.06.01
£m £m £m
Foreign exchange derivatives 11,282 8,262 9,337
Interest rate derivatives 36,851 32,659 23,821
Credit derivatives 568 508 252
Equity, stock index and commodity derivatives 2,295 1,990 2,082
Effect of netting (37,027) (29,173) (22,343)
Cash collateral meeting offset criteria (586) (516) (191)
13,383 13,730 12,958
30.06.02 31.12.01 30.06.01
Negative fair values £m £m £m
Foreign exchange derivatives 12,348 7,554 8,779
Interest rate derivatives 35,815 31,432 24,238
Credit derivatives 236 161 75
Equity, stock index and commodity derivatives 2,694 2,031 2,126
Effect of netting (37,027) (29,173) (22,343)
Cash collateral meeting offset criteria (1,617) (914) (409)
12,449 11,091 12,466
14. Market risk
Market risk is the risk of loss arising from adverse movements in the level or
volatility of market prices, which can occur in the interest rate, traded
credit, foreign exchange, equity and commodity markets. It is incurred as a
result of both trading and asset/liability management activities.
The market risk management policies of the Group are determined by the Group
Risk Oversight Committee, which also recommends overall market risk appetite to
Group Executive Committee. The Group's policy is that exposure to market risk
arising from trading activities should be concentrated in Barclays Capital. The
Group's banking businesses are also subject to market risk, which arises in
relation to non-trading positions, such as capital balances, demand deposits and
customer originated transactions and flows.
The Group uses a 'value at risk' measure as the primary mechanism for
controlling market risk. Daily Value at Risk (DVaR) is an estimate, with a
confidence level of 98%, of the potential loss which might arise if the current
positions were to be held unchanged for one business day. Daily losses
exceeding the DVaR figure are likely to occur, on average, only twice in every
one hundred business days. Actual outcomes are monitored regularly to test the
validity of the assumptions made in the calculation of DVaR.
Barclays Capital
In Barclays Capital, the formal process for the management of risk is through
the Barclays Capital Risk Management Committee. Day-to-day responsibility for
market risk lies with the senior management of Barclays Capital, supported by a
dedicated market risk management unit that operates independently of the trading
areas.
DVaR is the main tool used for controlling market risk. In addition to DVaR,
there are a number of complementary techniques used to control market risk.
These include revenue loss triggers and weekly firm wide stress tests which are
also subject to trigger limits.
Barclays Capital uses the historical simulation method for calculating DVaR.
The length of the historical sample is two years. In August 2000 the interest
rate DVaR methodology was enhanced with interest rate exposures being mapped
into eight rather than two categories. The eight categories in the enhanced
methodology are: government, interest rate swaps and six credit grades for
non-government exposures. This allows the system to discriminate between the
market risk of holding bonds with different credit qualities, for example AAA
securities as against non-investment grade securities. In particular, it shows
the effectiveness of hedging strategies such as shorting government bonds or
swaps against non-government bond portfolios. The DVaR numbers for both 2002
and 2001 reflect this enhancement.
Overall market risk exposure for the first half of 2002 increased compared to
2001, due mainly to an increase in interest rate risk. Total DVaR for the first
half of 2002 averaged £22.4m compared to £20.0m for the first half of 2001, and
£17.0m for the second half of 2001. Total DVaR as at end June 2002 was £15.5m.
DVaR
Half-year ended
30.06.02
Average High(1) Low(1)
£m £m £m
Interest rate risk 20.8 29.9 13.1
Credit spread risk 8.8 12.5 6.0
Foreign exchange risk 2.9 4.4 2.0
Equities risk 3.4 4.3 2.7
Commodities risk 1.6 3.3 0.8
Diversification effect (15.1)
Total DVaR 22.4 30.5 14.4
Half-year ended Half-year ended
31.12.01 30.06.01
Average High(1) Low(1) Average High(1) Low(1)
£m £m £m £m £m £m
Interest rate risk 15.1 24.1 9.2 14.6 22.1 7.6
Credit spread risk 7.3 14.0 4.6 10.3 14.7 8.0
Foreign exchange risk 2.7 6.2 0.7 1.8 5.1 0.6
Equities risk 2.9 4.8 2.2 3.8 6.4 2.1
Commodities risk 1.3 4.3 0.6 2.0 3.1 0.9
Diversification (12.3) (12.5)
effect
Total DVaR 17.0 25.4 11.3 20.0 23.9 15.4
(1) The high (and low) DVaR figures reported for each category did not
necessarily occur on the same day as the high (and low) DVaR reported as a
whole. A corresponding diversification effect cannot be calculated and is
therefore omitted from the above table.
AVERAGE BALANCE SHEET AND NET INTEREST INCOME (UNAUDITED)
30.06.02 30.06.02 30.06.02 30.06.01 30.06.01 30.06.01
restated restated restated
Average Interest Average Average Interest Average
Balance Rate Balance Rate
Assets £m £m % £m £m %
Treasury bills and other eligible
bills:
In offices in the UK 4,611 88 3.8 3,427 88 5.1
In offices outside the UK 944 37 7.8 1,100 47 8.5
Loans and advances to banks:
In offices in the UK 13,273 254 3.8 6,829 174 5.1
In offices outside the UK 5,855 87 3.0 6,001 158 5.3
Loans and advances to customers:
In offices in the UK 122,677 3,785 6.2 114,205 4,312 7.6
In offices outside the UK 24,893 571 4.6 25,080 798 6.4
Lease receivables:
In offices in the UK 4,240 103 4.9 4,459 137 6.1
In offices outside the UK 219 8 7.3 230 10 8.7
Debt securities:
In offices in the UK 38,141 955 5.0 34,356 1,043 6.1
In offices outside the UK 5,470 149 5.4 5,130 173 6.7
Average assets of banking business 220,323 6,037 5.5 200,817 6,940 6.9
Average assets of trading business 151,781 2,233 2.9 139,933 3,031 4.3
Total average interest earning assets 372,104 8,270 4.4 340,750 9,971 5.9
Provisions (2,667) (2,446)
Non-interest earning assets 47,588 47,875
Total average assets and
Interest income 417,025 8,270 4.0 386,179 9,971 5.2
Percentage of total average
assets in offices outside the UK 29.4% 30.3%
Average interest earning assets
and net interest income:
Banking business 220,323 3,134 2.8 200,817 2,945 2.9
Trading business 151,781 144 0.2 139,933 (92) (0.1)
Discount rate adjustment on - (1) - - (2)
provisions -
Total average interest earning 372,104 3,277 1.8 340,750 2,851 1.7
assets and net interest income
Total average interest earning
assets related to:
Interest income 8,270 4.4 9,971 5.9
Interest expense (4,992) (2.7) (7,118) (4.2)
Discount rate adjustment on provisions (1) - (2) -
3,277 1.8 2,851 1.7
Notes
(1) Loans and advances to customers and banks include all doubtful lendings,
including non-accrual lendings. Interest receivable on such lendings has been
included to the extent to which either cash payments have been received or
interest has been accrued in accordance with the income recognition policy of
the Group.
(2) Average balances are based upon daily averages for most UK banking
operations and monthly averages elsewhere.
(3) The average balance sheet does not include the retail life-fund assets
attributable to policyholders nor the related liabilities.
AVERAGE BALANCE SHEET AND NET INTEREST INCOME (UNAUDITED)
30.06.02 30.06.02 30.06.02 30.06.01 30.06.01 30.06.01
restated restated restated
Average Interest Average Average Interest Average
balance rate balance Rate
Liabilities and shareholders' funds £m £m % £m £m %
Deposits by banks:
In offices in the UK 32,279 487 3.0 27,644 613 4.4
In offices outside the UK 9,531 115 2.4 12,249 232 3.8
Customer accounts - demand accounts:
In offices in the UK 16,187 76 0.9 13,704 113 1.6
In offices outside the UK 1,662 13 1.6 1,797 21 2.3
Customer accounts - savings accounts:
In offices in the UK 41,020 473 2.3 36,365 606 3.3
In offices outside the UK 1,272 22 3.4 1,348 29 4.3
Customer accounts -
Other time deposits - retail:
In offices in the UK 37,768 670 3.5 36,881 1,002 5.4
In offices outside the UK 5,494 76 2.8 5,764 140 4.9
Customer accounts -
Other time deposits - wholesale:
In offices in the UK 34,429 512 3.0 29,616 669 4.5
In offices outside the UK 6,470 107 3.3 8,452 215 5.1
Debt securities in issue:
In offices in the UK 29,468 611 4.1 29,326 784 5.3
In offices outside the UK 12,132 157 2.6 9,455 254 5.4
Dated and undated loan capital
And other subordinated liabilities
Principally in offices in the UK 10,467 308 5.9 8,500 298 7.0
Internal funding of trading business (42,120) (724) 3.4 (39,515) (981) 5.0
Average liabilities of banking 196,059 2,903 3.0 181,586 3,995 4.4
business
Average liabilities of trading 152,125 2,089 2.7 139,403 3,123 4.5
business
Total average interest
bearing liabilities 348,184 4,992 2.9 320,989 7,118 4.4
Interest free customer deposits:
In offices in the UK 10,926 10,417
In offices outside the UK 2,265 2,051
Other non-interest bearing liabilities 40,511 38,830
Minority interests and
shareholders' funds 15,139 13,892
Total average liabilities,
shareholders'
funds and interest expense 417,025 4,992 2.4 386,179 7,118 3.7
Percentage of total average
non-capital liabilities in offices
outside the UK 27.2% 30.4%
CONSOLIDATED STATEMENT OF CHANGES IN
SHAREHOLDERS' FUNDS (UNAUDITED)
Half-year ended
30.06.02 31.12.01 30.06.01
restated restated
£m £m £m
Share capital
At beginning of period 1,668 1,664 1,662
Shares issued 2 9 2
Repurchase of shares (9) (5) -
At end of period 1,661 1,668 1,664
Share premium account
At beginning of period 5,149 4,988 4,950
Premium arising on shares issued 27 161 38
At end of period 5,176 5,149 4,988
Revaluation reserve
At beginning of period 30 35 35
Write down against surplus - (4)
Exchange rate translation differences - (1) -
At end of period 30 30 35
Capital redemption reserve
At beginning of period 232 227 227
Repurchase of ordinary shares 9 5 -
At end of period 241 232 227
Other capital reserve
At beginning of period 617 617 469
Redemption of preference shares - - 148
of subsidiary undertaking
At end of period 617 617 617
Profit retained
At beginning of period 6,826 6,574 5,844
Profit retained 814 446 923
Exchange rate translation differences (42) 4 -
Repurchase of ordinary shares (9) (5) -
Premium and legal costs on
repurchase of ordinary shares (190) (96) -
Shares issued to Quest in relation to
share option schemes for staff (10) (92) (15)
Transfer to other capital reserve - - (148)
Goodwill written back on disposals 10 - -
Other items - (5) (30)
At end of period 7,399 6,826 6,574
Total reserves 13,463 12,854 12,441
Total shareholders' funds 15,124 14,522 14,105
Statement of total recognised gains and losses (unaudited)
Half-year ended
30.06.02 31.12.01 30.06.01
restated restated
£m £m £m
Profit attributable to the members of Barclays PLC 1,233 1,173 1,306
Exchange rate translation differences (42) 4 (1)
Other items 10 (14) (10)
Joint ventures and associated undertakings 2 4 (19)
Total recognised gains and losses relating to the period 1,203 1,167 1,276
Prior period adjustment (as explained on page 51) 14 - -
Total gains and losses recognised since
31st December 2001 1,217 1,167 1,276
Historical cost profits and losses
There is no material difference between profit before tax and profit retained,
as reported, and historical cost profits.
SUMMARY CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED)
Half-year ended Full year
ended
30.06.02 30.06.01 31.12.01
£m £m £m
Net cash inflow from operating activities 2,351 2,484 3,799
Net cash outflow from returns on investment and servicing of
finance (250) (235) (617)
Tax paid (271) (328) (1,004)
Net cash (outflow)/inflow from capital expenditure and
financial investment (471) 254 (1,330)
Net cash (outflow)/inflow from acquisitions and disposals (426) (41) 6
Equity dividend paid (725) (632) (1,014)
Net cash inflow/(outflow) before financing 208 1,502 (160)
Net cash inflow from financing 854 1,867 2,158
Increase in cash 1,062 3,369 1,998
OTHER INFORMATION
Registered office
54 Lombard Street, London, EC3P 3AH, England, United Kingdom. Tel: 020 7699 5000
Website
www.barclays.com
Registrar
The Registrar to Barclays PLC, PO Box 82, The Pavilions, Bridgwater Road,
Bristol, BS99 7NH
Tel: 0870 702 0196
Listing
The principal trading market for Barclays PLC ordinary shares is the London
Stock Exchange. Ordinary shares are also listed on the New York Stock Exchange
and the Tokyo Stock Exchange. Trading on the New York Stock Exchange is in the
form of ADSs under the ticker symbol 'BCS'. Each ADS represents four ordinary
shares of 25p and is evidenced by an ADR. The ADR depositary is The Bank of New
York whose international telephone number is (610) 312 5315, domestic telephone
number is 1-888-269-2377 and whose address is 22nd Floor, 101 Barclay Street,
New York, NY 10286.
Filings with the SEC
Statutory accounts for the year ended 31st December 2001, which also include the
joint annual report on Form 20-F of Barclays PLC and Barclays Bank PLC to the
Securities and Exchange Commission in the United States of America, can be
obtained from Corporate Communications, Barclays Bank PLC, 222 Broadway, New
York, NY 10265 or from the Head of Investor Relations at Barclays registered
office address shown above.
For further information; please contact: John Varley
Finance Director
+44 20 7699 5000 - Switchboard
Cathy Turner
Head of Investor Relations
+44 20 7699 3638 - Direct Line
Leigh Bruce
Corporate Communications Director
+44 20 7699 2658 - Direct Line
More information on Barclays, including these 2002 interim results, can be found
on our website at the following address: http://www.investor.barclays.com
This information is provided by RNS
The company news service from the London Stock Exchange
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