GSK Annual Report 2002

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138 GlaxoSmithKline Notes to the financial statements 37 Reconciliation to US accounting principles continued Post-retirement healthcare under US GAAP The disclosures for 2002 and 2001 are provided in relation to the employees of GlaxoSmithKline. For 2000 the income statement disclosures are provided in relation to the employees of Glaxo Wellcome only. 2002 2001 2000 Net healthcare cost £m £m £m Service cost 23 15 5 Interest cost 53 40 13 Amortisation of prior service cost 2 (3) (2) Net healthcare cost 78 52 16 The major assumptions used in calculating the net healthcare cost were: %pa %pa %pa Rate of future healthcare inflation 7.0 to 5.0 7.0 to 5.0 7.8 to 4.9 Discount rate 6.75 7.3 7.2 The rate of future healthcare inflation reflects the fact that the benefits of certain groups of participants are capped. 2002 2001 Change in benefit obligation £m £m Benefit obligation at beginning of year 788 583 Adjustment for change in accounting principle 13 – Amendments – (1) Service cost 77 15 Interest cost 53 40 Plan participants’ contributions 9 2 Actuarial loss 24 202 Benefits paid (50) (31) Acquisition – (32) Curtailments – (2) Exchange (84) 12 Benefit obligation at end of year 830 788 Change in plan assets Fair value of plan assets at beginning of year – – Employer and plan participants’ contributions 51 31 Benefits paid (51) (31) Fair value of plan assets at end of year – – Funded status Funded status (830) (788) Unrecognised net actuarial loss 230 216 Unrecognised prior service cost (17) (20) Other – 8 Accrued post-retirement healthcare cost (617) (584) The impact of a 1 per cent variation in the rate of future healthcare inflation would be: 1% decrease £m 1% increase £m Effect on total service and interest cost (9) 8 Effect on provision for post-retirement benefits (85) 71
38 Principal Group companies Notes to the financial statements GlaxoSmithKline 139 The following represent the principal subsidiary and associated undertakings of the GlaxoSmithKline Group at 31st December 2002. Details are given of the principal country of operation, the location of the headquarters, the business segment and the business activities. The equity share capital of these undertakings is wholly owned by the Group except where its percentage interest is shown otherwise. All companies are incorporated in their principal country of operation except where stated. Europe Location Subsidiary undertaking Segment Activity % England Brentford +GlaxoSmithKline Services Unlimited plc (formerly GlaxoSmithKline Services plc) Ph,CH s Brentford +SmithKline Beecham plc Ph,CH e h r d m p Greenford +Glaxo Group Ltd Ph h Brentford SmithKline Beecham Research Ltd Ph m Brentford SmithKline Beecham (Investments) Ltd Ph,CH f Brentford GlaxoSmithKline Research & Development Ltd Ph r d Brentford GlaxoSmithKline Export Ltd Ph e Brentford GlaxoSmithKline UK Ltd Ph m p Greenford The Wellcome Foundation Ltd Ph p Brentford +Wellcome Limited Ph,CH h Brentford SmithKline Beecham (SWG) Ltd CH e m Brentford Glaxo Operations UK Ltd Ph p Brentford Glaxo Wellcome International BV (Footnote (iv)) Ph,CH h Brentford Glaxo Wellcome Investments BV (Footnote (iv)) Ph,CH h Stockley Park Glaxo Wellcome UK Ltd Ph h m p Brentford Stafford-Miller Ltd CH m p Austria Vienna GlaxoSmithKline Pharma GmbH Ph m Belgium Genval GlaxoSmithKline SA (formerly GlaxoSmithKline Belgium SA) Ph m Rixensart GlaxoSmithKline Biologicals SA Ph e r d p Rixensart GlaxoSmithKline Biologicals Manufacturing SA Ph e p Guernsey St. Peter Port S.B. Insurance Ltd Ph,CH i Denmark Ballerup GlaxoSmithKline Consumer Healthcare A/S (formerly SmithKline Beecham A/S) CH m Brøndby GlaxoSmithKline Pharma a/s Ph m Finland Espoo GlaxoSmithKline Oy Ph m France Marly le Roi GlaxoSmithKline Sante Grand Publique SAS CH m Marly le Roi Glaxo Wellcome Production SAS Ph m p Germany Buehl GlaxoSmithKline Consumer Healthcare GmbH & Co KG CH m p Munich SmithKline Beecham GmbH Ph m Greece Athens GlaxoSmithKline AEBE (formerly Glaxo Wellcome AEBE) Ph h m p Hungary Budapest GlaxoSmithKline Kft Ph,CH m Italy Verona GlaxoSmithKline SpA Ph m p r d Milan GlaxoSmithKline Consumer Healthcare SpA CH h m Luxembourg Mamer GlaxoSmithKline International (Luxembourg) SA Ph,CH h Mamer GlaxoSmithKline Luxembourg SA Ph,CH h
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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
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2 Accounting policies Consolidation
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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
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Page 125 and 126: 37 Reconciliation to US accounting
Page 139: 37 Reconciliation to US accounting
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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