11th May 2005 07:01
Barclays PLC11 May 2005 11th May 2005 BARCLAYS PLC IFRS TRANSITION REPORT 2004/2005 Barclays PLC today announced its transition report that sets out its auditedfinancial results under International Financial Reporting Standards (IFRS) from1st January 2004. The transition report restates the 2004 results and providesthe opening balance sheet at 1st January 2005. It also summarises the mainpolicy differences between UK GAAP and IFRS and details the Group's provisionalaccounting policies for the year ending 31st December 2005 in accordance withthe standards expected to be applicable as at 31st December 2005. For its 2004 results Barclays PLC has not applied International AccountingStandard (IAS) 32 (Financial Instruments: Disclosure and Presentation), IAS 39(Financial Instruments: Recognition and Measurement) and IFRS 4 (InsuranceContracts). These accounting standards have been applied from 1st January 2005in accordance with the transitional provisions of IFRS 1. The change in accounting standards has had no impact on the underlying economicsor risk of the business. The standards applied have a minimal overall impact onreported profit before tax and earnings per share in 2004 with the biggestimpact being on the balance sheet and equity. The Group's capital positionremains strong. The 2004 IFRS income statement shows a reduction in profit before tax of £23m to£4,580m from the reported UK GAAP figure of £4,603m. Basic earnings per sharefor 2004 on an IFRS basis were 51.0p as against 51.2p reported under UK GAAP. Asat 1st January 2005 the balance sheet assets under IFRS total £716bn, anincrease of £193bn over those reported under UK GAAP as at 31st December 2004.Total shareholders' equity (including minority interests) under IFRS at 1stJanuary 2005 at £18.6bn is £0.2bn higher than the UK GAAP equivalent as at 31stDecember 2004 with total shareholders' equity (excluding minority interests)£2.2bn lower at £15.2bn. The impact on the Tier 1 Capital ratio as at 1stJanuary 2005 is a reduction of approximately 50 basis points. There will be a briefing to analysts and investors today via a conference callat 09.30 (BST). The telephone number for UK callers is 0845 301 4020 (+44 207663 4861 for callers outside the UK), with the access code 'Barclays IFRS'. The briefing will be accompanied by slides available from the Investor Relationswebsite at www.investorrelations.barclays.co.uk after 08.30 (BST). The call willalso be available as a live audio webcast on the Investor Relations website anda recording will be posted on the website. ENDS For further information contact: Investor Relations: Media Relations:Mark Merson / James S Johnson Pam Horrell / Jo Thethi+44 (0)20 7116 5752/2927 +44 (0)20 7116 6132/6217 This document contains certain forward-looking statements within the meaning ofSection 21E of the US Securities Exchange Act of 1934, as amended, and Section27A of the US Securities Act of 1933, as amended, with respect to certain of theGroup's plans and its current goals and expectations relating to its futurefinancial condition and performance. These forward-looking statements can beidentified by the fact that they do not relate only to historical or currentfacts. Forward-looking statements sometimes use words such as "anticipate","target", "expect", "estimate", "intend", "plan", "goal", "believe", or otherwords of similar meaning. By their nature, forward-looking statements involverisk and uncertainty because they relate to future events and circumstances,including, but not limited to the further development of standards andinterpretations under IFRS applicable to past , current and future periods,evolving practices with regard to the interpretation and application ofstandards under IFRS and pending tax elections with regards to certainsubsidiaries as well as UK domestic and global economic and business conditions,market related risks such as changes in interest rates and exchange rates, thepolicies and actions of governmental and regulatory authorities, changes inlegislation, the outcome of pending and future litigation and the impact ofcompetition, a number of which factors are beyond the Group's control. As aresult, the Group's actual future results may differ materially from the plans,goals, and expectations set forth in the Group's forward-looking statements. Anyforward-looking statements made by or on behalf of Barclays speak only as of thedate they are made. Barclays does not undertake to update forward-lookingstatements to reflect any changes in Barclays expectations with regard theretoor any changes in events, conditions or circumstances on which any suchstatement is based. The reader should, however, consult any additionaldisclosures that Barclays has made or may make in documents it has filed or mayfile with the SEC including its most recent Annual Report on Form 20-F. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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