GSK Annual Report 2002
GSK Annual Report 2002
GSK Annual Report 2002
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78 GlaxoSmithKline<br />
Consolidated statement of cash flow<br />
for the year ended 31st December <strong>2002</strong><br />
Reconciliation of operating profit to operating cash flows <strong>2002</strong> 2001 2000<br />
Notes £m £m £m<br />
Operating profit 5,551 4,734 4,729<br />
Depreciation 764 761 735<br />
Impairment and assets written off 288 178 136<br />
Amortisation of goodwill and intangible fixed assets 72 50 38<br />
Loss on sale of tangible fixed assets 26 99 41<br />
Profit on sale of equity investments (46) (118) (225)<br />
(Increase)/decrease in stocks (2) 252 (16)<br />
Increase in trade and other debtors (72) (77) (333)<br />
Increase in trade and other creditors 459 601 402<br />
Increase in pension and other provisions 256 144 70<br />
Other (41) (93) (39)<br />
Merger transaction costs paid – (24) (97)<br />
Net cash inflow from operating activities 7,255 6,507 5,441<br />
Cash flow statement<br />
Net cash inflow from operating activities 7,255 6,507 5,441<br />
Dividends from joint ventures and associated undertakings 2 – 1<br />
Returns on investment and servicing of finance (237) (191) (322)<br />
Taxation paid (1,633) (1,717) (1,240)<br />
Capital expenditure and financial investment (1,120) (1,779) (327)<br />
Acquisitions and disposals 31 (20) (657) 66<br />
Equity dividends paid (2,327) (2,325) (2,028)<br />
Net cash inflow/(outflow) before management of liquid resources and financing 1,920 (162) 1,591<br />
Management of liquid resources 52 994 (223)<br />
Financing (1,567) (1,444) (546)<br />
Increase/(decrease) in cash in the year 405 (612) 822<br />
Reconciliation of net cash flow to movement in net debt<br />
Net debt at beginning of year (2,101) (611) (2,357)<br />
Increase/(decrease) in cash in the year 405 (612) 822<br />
Cash (outflow)/inflow from management of liquid resources (52) (994) 223<br />
Net increase in long-term loans (1,005) (861) (9)<br />
Net repayment of short-term loans 542 860 706<br />
Net repayment of/(increase in) obligations under finance leases 1 2 (13)<br />
Net non-cash funds of subsidiary undertakings acquired (4) 56 –<br />
Exchange adjustments (121) 59 24<br />
Other non-cash movements – – (7)<br />
Movement in net debt (234) (1,490) 1,746<br />
Net debt at end of year 25 (2,335) (2,101) (611)
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