GSK Annual Report 2002

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80 GlaxoSmithKline Consolidated balance sheet at 31st December 2002 2001 2002 (restated) Notes £m £m Goodwill 15 171 174 Intangible assets 16 1,637 1,673 1,808 1,847 Tangible assets 17 6,649 6,845 Investments 18 3,121 3,228 Fixed assets 11,578 11,920 Equity investments 19 161 185 Stocks 20 2,080 2,090 Debtors 21 6,200 6,017 Liquid investments 25 1,256 1,415 Cash at bank 25 1,052 716 Current assets 10,749 10,423 Loans and overdrafts 25 (1,551) (2,124) Other creditors 22 (7,257) (7,306) Creditors: amounts due within one year (8,808) (9,430) Net current assets 1,941 993 Total assets less current liabilities 13,519 12,913 Loans 25 (3,092) (2,108) Other creditors 22 (206) (190) Creditors: amounts due after one year (3,298) (2,298) Provisions for liabilities and charges 23 (2,833) (2,363) Net assets 7,388 8,252 Called up share capital 27 1,506 1,543 Share premium account 27 224 170 Other reserves 29 1,905 1,866 Profit and loss account 29 2,946 3,811 Equity shareholders’ funds 6,581 7,390 Non-equity minority interests 28 559 621 Equity minority interests 248 241 Capital employed 7,388 8,252 Approved by the Board Sir Christopher Hogg, Chairman 10th March 2003 Reconciliation of movements in equity shareholders’ funds for the year ended 31st December 2002 2001 2002 (restated) Notes £m £m Equity shareholders’ funds at beginning of year as previously reported 7,517 7,711 Prior year adjustment – implementation of FRS 19 (127) (121) Equity shareholders’ funds at beginning of year as restated 7,390 7,590 Total recognised gains and losses for the year 3,701 2,902 Dividends 14 (2,346) (2,356) Share capital issued 56 144 Share capital purchased and cancelled (2,220) (1,274) Exchange movements on goodwill written off to reserves – 28 Goodwill written back 29 – 356 Equity shareholders’ funds at end of year 6,581 7,390
Company balance sheet at 31st December 2002 GlaxoSmithKline 81 2002 2001 Notes £m £m Shares in subsidiary companies – at cost 36 17,612 1,574 Fixed assets 17,612 1,574 Amounts owed by Group undertakings 1,412 2,122 Taxation 66 – Current assets 1,478 2,122 Taxation – (1) Dividends payable 14 (1,289) (1,264) Amounts owed to Group undertakings (5,192) – Creditors: amounts due within one year (6,481) (1,265) Net current assets/(liabilities) (5,003) 857 Net assets 12,609 2,431 Called up share capital 27 1,506 1,543 Share premium account 27 224 170 Other reserves 29 56 17 Profit and loss account 29 10,823 701 Equity shareholders’ funds 12,609 2,431 Approved by the Board Sir Christopher Hogg, Chairman 10th March 2003
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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
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: Consolidated statement of cash flow
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
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Page 125 and 126: 37 Reconciliation to US accounting
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37 Reconciliation to US accounting
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38 Principal Group companies Notes
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38 Principal Group companies contin
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Financial record GlaxoSmithKline 14
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Investor information GlaxoSmithKlin
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Shareholder information Ordinary sh
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Share capital GlaxoSmithKline 155 A
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Cross reference to Form 20-F GlaxoS
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Index A Access to healthcare 27 Acc
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Contact details INTERNET Informatio
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GSK Annual Report 2002

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