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Annual Report 2005 Barclays PLC Barclays PLC Annual Report 2005

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Annual Report 2005 Barclays PLC Barclays PLC Annual Report 2005 The cover and pages 1-20 of this report are printed on coated paper containing 30% de-inked post-consumer recycled fibre and 70% virgin fibre, of which 30% comes from well-managed forests independently certified according to the rules of the Forest Stewardship Council (FSC). The remaining pages are printed on uncoated paper containing 25% de-inked post-consumer fibre, 50% pre-consumer fibre or mill broke and 25% FSC approved fibre. All pulps are Elemental Chlorine Free (ECF). The papers are produced at mills with ISO 9001, ISO 9002, ISO 14001, EMAS and FSC accreditation. 2005 Annual Report PLC Barclays Barclays PLC Annual Report 2005 Registered office: 1 Churchill Place, London E14 5HP Registered in England. Registered No: 48839 9904803 Forward-looking statements This document contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition and performance. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. Examples of forward-looking statements include, among others, statements regarding the Group’s future financial position, income growth, impairment charges, business strategy, projected levels of growth in the banking and financial markets, projected costs, estimates of capital expenditures, and plans and objectives for future operations. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, the further development of standards and interpretations under IFRS applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, as well as UK domestic and global economic and business conditions, market related risks such as changes in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, changes in legislation, progress in the integration of Absa into the Group’s business and the achievement of synergy targets related to Absa, the outcome of pending and future litigation, and the impact of competition – a number of which factors are beyond the Group’s control. As a result, the Group’s actual future results may differ materially from the plans, goals, and expectations set forth in the Group’s forward-looking statements. Any forward-looking statements made by or on behalf of Barclays speak only as of the date they are made. Barclays does not undertake to update forward- looking statements to reflect any changes in Barclays expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based. The reader should, however, consult any additional disclosures that Barclays has made or may make in documents it has filed or may file with the SEC. Who we are and what we do We are a major global financial services provider engaged in retail and commercial banking, credit cards, investment banking, wealth management and investment management services. We are one of the largest financial services companies in the world by market capitalisation. Operating in over 60 countries and employing over 113,000 people, we move, lend, invest and protect money for over 25 million customers and clients worldwide. Our business purpose is to help our customers and clients achieve their objectives. Our goal is to deliver top quartile total shareholder return relative to our peers, consistently over time. Contents Section 1 – Review Section 2 – Responsibilities Section 3 – Results 4 Our businesses 18 Directors and Officers of Barclays PLC 96 Financial data Barclays PLC 6 Chairman’s statement and Barclays Bank PLC 100 Business description 8 Group Chief Executive’s review 21 Directors’ report 103 Financial review 11 Group Finance Director’s review 24 Corporate governance report 132 Independent Auditors’ report 14 Corporate responsibility 31 Barclays report on remuneration 133 Independent Registered Public 45 Accountability and audit Accounting Firm’s report 46 Presentation of information 134 Consolidated accounts Barclays PLC 47 Risk factors 305 Shareholder information 50 Risk management 311 Group senior management and principal offices Barclays PLC Annual Report 2005 1 Financial highlights Profit before tax £m Earnings per share pence Dividend per share pence 6,000 60 30 54.4 5,280 51.0 26.6 5,000 4,580 50 25 24.0 42.3 20.5 4,000 3,845 40 20 3,000 30 15 2,000 20 1,000 10 10 0 0 0 2003 2004(a) 2005 2003 2004(a) 2005 2003 2004 2005 UK GAAP IFRS UK GAAP IFRS 23% Increase in income(b) Rise in profit before 15% tax to £5,280m Earnings per share 54.4p up 7% Dividend per share(c) 26.6p up 11% Notes (a) Does not reflect the application of IAS 32, IAS 39 and IFRS 4 which became effective from 1st January 2005. Further explanation is provided on page 134. (b) Total income net of insurance claims. (c) Proposed full year dividend per share. Barclays PLC 2 Annual Report 2005 Section 1 Review section page 1.1 Our businesses 4 1.2 Chairman’s statement 6 1.3 Group Chief Executive’s review 8 1.4 Group Finance Director’s review 11 1.5 Corporate responsibility 14 Barclays PLC Annual Report 2005 3 Our businesses UK Banking Barclays Capital Barclays Global Investors 11.1m $329.2bn US$1.5tn Current accounts 183,000 Business Banking Value of debt Assets under customers issued globally management UK Banking delivers banking Barclays Capital is a leading Barclays Global Investors (BGI) solutions to retail and business global investment bank which is one of the world’s largest banking customers in the United provides large corporate, asset managers and a leading Kingdom, through a variety of institutional and government global provider of investment channels comprising the branch clients with solutions to their management products and network, cash machines, financing and risk management services. telephone banking, online needs. banking and relationship BGI offers structured investment strategies managers. It is managed through Barclays Capital services a wide variety such as indexing, global asset allocation and risk-controlled active products including two business areas, UK Retail of client needs, from capital raising and managing foreign exchange, interest rate, hedge funds; provides related investment Banking and UK Business equity and commodity risks, through to services such as securities lending, cash Banking. providing technical advice and expertise. management and portfolio transition Activities are organised into three principal services. In addition, BGI is the global leader UK Retail Banking aims to build broader and areas: Rates, which includes fixed income, in assets and products in the exchange deeper relationships with both existing and foreign exchange, commodities, emerging traded funds business, with over 140 funds new customers. It provides a wide range of markets, money markets sales, trading for institutions and individuals trading in products and services to retail customers, and research, prime services and equity eleven markets globally. BGI’s investment including current accounts, savings, products; Credit, which includes primary philosophy is founded on managing all mortgages, and general insurance; banking and secondary activities for loans and dimensions of performance: a consistent services for small businesses and banking, bonds for investment grade, high yield and focus on controlling risk, return and cost. investment products and advice to affluent emerging market credits, as well as hybrid customers. capital products, asset based finance, commercial mortgage backed securities, UK Business Banking provides relationship credit derivatives, structured capital markets banking to larger and medium business and large asset leasing; and Private Equity. customers in the United Kingdom via a network of relationship and industry sector specialist managers; offers access to the products and expertise of other businesses in the Group, particularly Barclays Capital; and provides asset financing and leasing solutions through a specialist business. Barclays PLC 4 Annual Report 2005 1.1 Wealth Management Barclaycard International Retail and Commercial Banking £78.3bn 11.2m 1,516 UK customers 4.3m International cards International branches Total customer funds* in issue including Absa Wealth Management serves Barclaycard is a multi-brand International Retail and affluent, high net worth and international credit card and Commercial Banking (IRCB) corporate clients, providing consumer lending business; it provides Barclays international private banking, offshore banking, is one of the leading credit card personal and corporate stockbroking, asset management, businesses in Europe. customers with banking services. financial planning services and It includes the Absa Group in manages the closed life fund. In the UK, Barclaycard manages the South Africa in which Barclays Barclaycard branded credit cards and other acquired a majority stake on non-Barclaycard branded card portfolios Private banking offers bespoke banking and including Monument, SkyCard and Solution 27th July 2005. investment
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