GSK Annual Report 2002

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134 GlaxoSmithKline Notes to the financial statements 37 Reconciliation to US accounting principles continued Segment information under US GAAP Under UK GAAP, the segment information presented in Note 6 includes results of operations and other information on a historical combined Glaxo Wellcome and SmithKline Beecham basis for 2002, 2001 and 2000. Under US GAAP, the segment information for results of operations for 2002 and 2001 reflect the merged operations of GlaxoSmithKline, while for 2000 it relates to Glaxo Wellcome only as this period is, for practical purposes, regarded as being prior to the acquisition of SmithKline Beecham. Glaxo Wellcome operated in only one segment – Pharmaceuticals. Segment information in respect of assets relates to Glaxo Wellcome and SmithKline Beecham on a consolidated basis at 31st December 2002 and 2001 as the acquisition of SmithKline Beecham by Glaxo Wellcome occurred on 27th December 2000. 2001 2000 2002 (restated) (restated) Turnover by location of customer £m £m £m USA 10,807 10,087 4,314 Europe 6,064 5,855 2,959 International 4,341 4,547 2,286 External turnover 21,212 20,489 9,559 Turnover by business sector Pharmaceuticals 17,995 17,205 9,559 Consumer Healthcare 3,217 3,284 – External turnover 21,212 20,489 9,559 Operating profit/(loss) by business sector Pharmaceuticals 876 565 (4,456) Consumer Healthcare 150 25 – Operating profit/(loss) 1,026 590 (4,456) Turnover by location of subsidiary undertaking USA 11,096 10,517 4,494 Europe 10,423 10,704 5,375 International 6,824 7,540 3,370 Gross turnover 28,343 28,761 13,239 USA (168) (327) (176) Europe (3,873) (4,372) (2,271) International (3,090) (3,573) (1,233) Inter-segment turnover (7,131) (8,272) (3,680) USA 10,928 10,190 4,318 Europe 6,550 6,332 3,104 International 3,734 3,967 2,137 External turnover 21,212 20,489 9,559 Profit before tax by location of subsidiary undertaking USA 418 (938) (2,850) Europe 795 1,305 (670) International (187) 223 (936) Operating profit/(loss) 1,026 590 (4,456) Share of profits of joint ventures and associated undertakings 81 71 – Profit/(loss) on disposal of businesses and/or interest in associates 10 (113) 144 Net interest expense (192) (54) (87) Profit/(loss) before taxation 925 494 (4,399) Profit/(loss) before taxation 925 494 (4,399) Taxation (292) (506) (808) Minority interests and preference share dividends (130) (131) (21) Net income/(loss) before cumulative effect of changes in accounting principles 503 (143) (5,228) Cumulative effect of change in accounting principle (90) – – Net income/(loss) 413 (143) (5,228)
37 Reconciliation to US accounting principles continued Notes to the financial statements GlaxoSmithKline 135 2002 2001 Total assets by business sector £m £m Pharmaceuticals 46,706 52,391 Consumer Healthcare 10,965 8,950 Total assets 57,671 61,341 Total assets by location of subsidiary undertaking USA 22,727 25,741 Europe 20,982 20,865 International 11,414 12,256 Total operating assets 55,123 58,862 Cash and cash equivalents and marketable securities 2,548 2,479 Total assets 57,671 61,341 2002 2001 Total liabilities by business sector £m £m Pharmaceuticals 16,816 15,757 Consumer Healthcare 5,126 4,615 Total liabilities 21,942 20,372 Total liabilities by location of subsidiary undertaking USA 8,710 7,971 Europe 9,351 9,112 International 3,881 3,289 Total liabilities 21,942 20,372 2002 2001 Land and Plant, equipment Computer Assets in Tangible fixed assets by location of subsidiary undertaking buildings £m and vehicles £m software £m construction £m Total £m Total £m USA 691 379 29 378 1,477 1,611 Europe 1,729 1,833 111 649 4,322 4,210 International 533 370 11 151 1,065 1,194 Total 2,953 2,582 151 1,178 6,864 7,015 UK segment Information is given separately in respect of the UK, which, although included in the Group’s Europe market region, is considered the Group’s home segment for the purposes of segmental reporting. 2002 2001 2000 £m £m £m Turnover by location of customer 1,366 1,328 474 Gross turnover 4,945 5,388 1,241 Inter-segment turnover (3,230) (3,753) (562) Turnover by location of subsidiary 1,715 1,635 679 Operating profit 373 321 370 Total assets 8,253 6,962
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Do more, feel better, live longer T
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The Annual Report was approved by t
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Joint statement by the Chairman and
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04 GlaxoSmithKline Joint statement
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Products - Pharmaceuticals Descript
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Additionally, GlaxoSmithKline marke
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Competition - Consumer Healthcare T
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Operating activities Marketing and
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Description of business GlaxoSmithK
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Description of business GlaxoSmithK
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Product approvals Country/Region Pr
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As part of GlaxoSmithKline’s majo
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Operating resources Intellectual pr
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Compensation philosophy and program
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Access to healthcare in the develop
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GlaxoSmithKline gave unrestricted g
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Corporate governance This section d
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Corporate Executive Team (CET) JP G
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The Annual General Meeting takes pl
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Research and development Safety of
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Remuneration report GlaxoSmithKline
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The majority of the competitor pane
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Performance graph 100 90 80 70 60 N
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Non-Executive Directors Non-Executi
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Non-Executive Directors’ share ar
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Incentive plans Remuneration report
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Operating and financial review and
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2002 Year World economy The world
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Pharmaceutical sales by therapeutic
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Consumer Healthcare sales 2002 2001
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Earnings 2001 2002 (restated) CER%
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Contractual obligations and commitm
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Funding, maturity and counterparty
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Stricter regulatory controls also h
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Operating and financial review and
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Latin America reported eight per ce
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Selected financial data UK/US GAAP
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Financial statements GlaxoSmithKlin
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Independent Auditors’ report to t
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Consolidated statement of profit an
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Consolidated statement of cash flow
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Company balance sheet at 31st Decem
Page 85 and 86: 2 Accounting policies Consolidation
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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
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Page 117 and 118: 33 Employee costs continued Notes t
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Page 121 and 122: 34 Employee share schemes continued
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Page 125 and 126: 37 Reconciliation to US accounting
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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
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GSK Annual Report 2002

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