GSK Annual Report 2002

More documents

Recommendations

Info

126 GlaxoSmithKline Notes to the financial statements 37 Reconciliation to US accounting principles continued Glaxo- Glaxo- SmithKline US GAAP SmithKline (UK GAAP) adjustments (US GAAP) Reconciliation of consolidated income statement £m £m £m Revenues 21,212 – 21,212 Cost of sales (4,609) 13 (4,596) Gross profit 16,603 13 16,616 Selling, general and administrative expenditure (8,041) (347) (8,388) Research and development expenditure (2,900) (85) (2,985) Trading profit 5,662 (419) 5,243 Other operating income/(expense) (111) 71 (40) Amortisation and impairment of goodwill and intangible assets – (4,195) (4,195) Write-off in-process R&D acquired – – – Product divestments 11 7 18 Merger transaction costs – – – Operating profit 5,562 (4,536) 1,026 Share of profits/(losses) of joint ventures and associated undertakings 75 6 81 Profit/(loss) on disposal of interest in associate – – – Disposal of businesses 10 – 10 Profit before interest 5,647 (4,530) 1,117 Net interest expense (141) (51) (192) Profit on ordinary activities before taxation 5,506 (4,581) 925 Taxation (1,461) 1,169 (292) Profit on ordinary activities after taxation 4,045 (3,412) 633 Minority interests (110) – (110) Preference share dividends (20) – (20) Net income/(loss) before cumulative effect of changes in accounting principles 3,915 (3,412) 503 Cumulative effect of changes in accounting principles – (90) (90) Net income/(loss) 3,915 (3,502) 413 Basic and diluted net income/(loss) per share before cumulative effect of changes in accounting principles under US GAAP (pence) 8.5p Cumulative effect of changes in accounting principles per share under US GAAP (pence) (1.5)p Basic and diluted net income/(loss) per share after cumulative effect of changes in accounting principles under US GAAP (pence) 7.0p Basic and diluted net income/(loss) per ADS before cumulative effect of changes in accounting principles under US GAAP ($) $0.26 Cumulative effect of changes in accounting principles per ADS under US GAAP ($) $(0.05) Basic and diluted net income/(loss) per ADS after cumulative effect of changes in accounting principles under US GAAP ($) $0.21 Consolidated statement of comprehensive income and <strong>2002</strong> changes in shareholders’ equity under US GAAP £m Shareholders’ equity at beginning of year 40,107 Net income/(loss) 413 Exchange movements on overseas net assets (73) Unrealised (loss)/gain on equity investments, net of tax (83) Unrealised gain/(loss) on liquid investments, net of tax 7 Unrealised gain on derivatives 61 Minimum pension liability (1,446) Cumulative effect of change in accounting principle – Comprehensive (loss)/income (1,121) Dividends (2,310) Shares purchased and cancelled (2,220) Shares issued 56 Employee Share Ownership Plan 58 Shares issued to purchase SmithKline Beecham – Other 352 Shareholders’ equity at end of year 34,922 Certain items for the years ended 31st December 2000 and 2001 have been reclassified for comparative purposes. <strong>2002</strong>
Notes to the financial statements GlaxoSmithKline 127 2001 2000 Glaxo- Glaxo- Less SmithKline Beecham SmithKline US GAAP Glaxo- SmithKline pre-acquisition US GAAP Glaxo- (UK GAAP) adjustments SmithKline (UK GAAP) (UK GAAP) adjustments SmithKline (restated) (restated) (US GAAP) (restated) (restated) (restated) (US GAAP) £m £m £m £m £m £m £m 20,489 – 20,489 18,079 (8,520) – 9,559 (4,733) (324) (5,057) (3,962) 1,802 (32) (2,192) 15,756 (324) 15,432 14,117 (6,718) (32) 7,367 (8,408) (28) (8,436) (7,136) 3,578 (65) (3,623) (2,651) (140) (2,791) (2,526) 1,158 (28) (1,396) 4,697 (492) 4,205 4,455 (1,982) (125) 2,348 37 (75) (38) 274 (23) – 251 – (3,577) (3,577) – – (725) (725) – – – – – (6,324) (6,324) – – – 1,416 (1,422) – (6) – – – (121) 55 66 – 4,734 (4,144) 590 6,024 (3,372) (7,108) (4,456) 71 – 71 57 (57) – – 96 (117) (21) 144 – – 144 (296) 204 (92) (14) 14 – – 4,605 (4,057) 548 6,211 (3,415) (7,108) (4,312) (88) 34 (54) (182) 95 – (87) 4,517 (4,023) 494 6,029 (3,320) (7,108) (4,399) (1,333) 827 (506) (1,747) 956 (17) (808) 3,184 (3,196) (12) 4,282 (2,364) (7,125) (5,207) (97) – (97) (120) 99 – (21) (34) – (34) (56) 56 – – 3,053 (3,196) (143) 4,106 (2,209) (7,125) (5,228) – – – – – – – 3,053 (3,196) (143) 4,106 (2,209) (7,125) (5,228) (2.4)p (145.6)p – – (2.4)p (145.6)p $(0.07) $(4.43) – – $(0.07) $(4.43) 2001 2000 £m £m 44,995 7,230 (143) (5,228) (107) 88 (381) 356 (1) 1 24 – – – 5 – (603) (4,783) (2,872) (1,334) (1,274) – 144 121 (501) (472) – 43,919 218 314 40,107 44,995
Page 1 and 2:
Do more, feel better, live longer T
Page 3 and 4:
The Annual Report was approved by t
Page 5 and 6:
Joint statement by the Chairman and
Page 7 and 8:
04 GlaxoSmithKline Joint statement
Page 9 and 10:
Products - Pharmaceuticals Descript
Page 11 and 12:
Additionally, GlaxoSmithKline marke
Page 13 and 14:
Competition - Consumer Healthcare T
Page 15 and 16:
Operating activities Marketing and
Page 17 and 18:
Description of business GlaxoSmithK
Page 19 and 20:
Description of business GlaxoSmithK
Page 21 and 22:
Product approvals Country/Region Pr
Page 23 and 24:
As part of GlaxoSmithKline’s majo
Page 25 and 26:
Operating resources Intellectual pr
Page 27 and 28:
Compensation philosophy and program
Page 29 and 30:
Access to healthcare in the develop
Page 31 and 32:
GlaxoSmithKline gave unrestricted g
Page 33 and 34:
Corporate governance This section d
Page 35 and 36:
Corporate Executive Team (CET) JP G
Page 37 and 38:
The Annual General Meeting takes pl
Page 39 and 40:
Research and development Safety of
Page 41 and 42:
Remuneration report GlaxoSmithKline
Page 43 and 44:
The majority of the competitor pane
Page 45 and 46:
Performance graph 100 90 80 70 60 N
Page 47 and 48:
Non-Executive Directors Non-Executi
Page 49 and 50:
Non-Executive Directors’ share ar
Page 51 and 52:
Incentive plans Remuneration report
Page 53 and 54:
Operating and financial review and
Page 55 and 56:
2002 Year World economy The world
Page 57 and 58:
Pharmaceutical sales by therapeutic
Page 59 and 60:
Consumer Healthcare sales 2002 2001
Page 61 and 62:
Earnings 2001 2002 (restated) CER%
Page 63 and 64:
Contractual obligations and commitm
Page 65 and 66:
Funding, maturity and counterparty
Page 67 and 68:
Stricter regulatory controls also h
Page 69 and 70:
Operating and financial review and
Page 71 and 72:
Latin America reported eight per ce
Page 73 and 74:
Selected financial data UK/US GAAP
Page 75 and 76:
Financial statements GlaxoSmithKlin
Page 77 and 78: Independent Auditors’ report to t
Page 79 and 80: Consolidated statement of profit an
Page 81 and 82: Consolidated statement of cash flow
Page 83 and 84: Company balance sheet at 31st Decem
Page 85 and 86: 2 Accounting policies Consolidation
Page 87 and 88: 2 Accounting policies continued Sto
Page 89 and 90: 6 Segment information continued Not
Page 91 and 92: 7 Merger items, restructuring costs
Page 93 and 94: Notes to the financial statements G
Page 95 and 96: 13 Earnings per share Notes to the
Page 99 and 100: 19 Equity investments Notes to the
Page 105 and 106: 30 Legal proceedings The Group is i
Page 107 and 108: 30 Legal proceedings continued In F
Page 109 and 110: 30 Legal proceedings continued In 2
Page 111 and 112: 31 Acquisitions and disposals conti
Page 113 and 114: 32 Financial instruments and relate
Page 115 and 116: 32 Financial instruments and relate
Page 117 and 118: 33 Employee costs continued Notes t
Page 119 and 120: 33 Employee costs continued Notes t
Page 121 and 122: 34 Employee share schemes continued
Page 123 and 124: 34 Employee share schemes continued
Page 125 and 126: 37 Reconciliation to US accounting
Page 127: 37 Reconciliation to US accounting
Page 141 and 142: 38 Principal Group companies Notes
Page 143 and 144: 38 Principal Group companies contin
Page 145 and 146: Financial record GlaxoSmithKline 14
Page 153 and 154: Investor information GlaxoSmithKlin
Page 155 and 156: Shareholder information Ordinary sh
Page 157 and 158: Share capital GlaxoSmithKline 155 A
Page 159 and 160: Cross reference to Form 20-F GlaxoS
Page 161 and 162: Index A Access to healthcare 27 Acc
Page 163: Contact details INTERNET Informatio
show all

GSK Annual Report 2002

Create successful ePaper yourself

Delete template?

Save as template?