GSK Annual Report 2002
GSK Annual Report 2002
GSK Annual Report 2002
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Consolidated statement of cash flow GlaxoSmithKline 79<br />
Analysis of cash flows <strong>2002</strong> 2001 2000<br />
£m £m £m<br />
Returns on investment and servicing of finance<br />
Interest received 83 134 157<br />
Interest paid (215) (196) (328)<br />
Dividends paid to minority shareholders (85) (91) (95)<br />
Dividends paid on preference shares (20) (38) (56)<br />
(237) (191) (322)<br />
Capital expenditure and financial investment<br />
Purchase of tangible fixed assets (1,044) (1,115) (1,007)<br />
Sale of tangible fixed assets 59 65 46<br />
Purchase of intangible assets (182) (196) (96)<br />
Sale of intangible assets – 6 –<br />
Product divestments (1) (30) 1,529<br />
Purchase of own shares for employee share options and awards – (795) (1,232)<br />
Proceeds from own shares for employee share options 58 194 206<br />
Purchase of equity investments (75) (47) (62)<br />
Sale of equity investments 65 139 289<br />
(1,120) (1,779) (327)<br />
Acquisitions and disposals (Note 31)<br />
Purchase of businesses (21) (848) (25)<br />
Cash acquired with subsidiary – 45 –<br />
Disposal of businesses 6 66 (62)<br />
Investment in joint ventures and associated undertakings (5) (44) (2)<br />
Disposal of interests in associates – 124 155<br />
(20) (657) 66<br />
Financing<br />
Issue of share capital 56 144 185<br />
Redemption of preference shares issued by a subsidiary – (457) –<br />
Share capital purchased for cancellation (2,220) (1,274) –<br />
Other financing cash flows 135 144 (47)<br />
Increase in long-term loans 1,094 973 12<br />
Repayment of long-term loans (89) (112) (3)<br />
Net repayment of short-term loans (542) (860) (706)<br />
Net (repayment of)/increase in obligations under finance leases (1) (2) 13<br />
(1,567) (1,444) (546)<br />
Analysis of changes in net debt At 31.12.02 Cash flow Acquisitions Exchange At 1.1.02<br />
£m £m £m £m £m<br />
Cash at bank 1,052 378 – (42) 716<br />
Overdrafts (193) 27 – 10 (230)<br />
859 405 – (32) 486<br />
Debt due within one year:<br />
Commercial paper (1,284) (15) – – (1,269)<br />
Other (74) 558 – (7) (625)<br />
(1,358) 543 – (7) (1,894)<br />
Debt due after one year:<br />
Euro Bonds, Medium-Term Notes and private financing (3,054) (1,027) – 32 (2,059)<br />
Other (38) 22 (4) (7) (49)<br />
(3,092) (1,005) (4) 25 (2,108)<br />
Management of liquid resources:<br />
Liquid investments 1,256 (52) – (107) 1,415<br />
Net debt (2,335) (109) (4) (121) (2,101)
Change language