GSK Annual Report 2002

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94 GlaxoSmithKline Notes to the financial statements 14 Dividends 2002 2001 £m £m GlaxoSmithKline plc: First interim 535 546 Second interim 530 546 Third interim 527 546 Fourth interim 754 718 2,346 2,356 2000 £m Glaxo Wellcome plc: Interim 538 Second interim 827 Final – SmithKline Beecham plc: First interim 162 Second interim 162 Third interim 163 Fourth interim 245 2002 2001 Dividends per share p p GlaxoSmithKline plc: First interim 9 9 Second interim 9 9 Third interim 9 9 Fourth interim 13 12 40 39 2000 p Glaxo Wellcome plc - per Glaxo Wellcome share: Interim 15 Second interim 23 Final – The equivalent dividend per GlaxoSmithKline share is the same as the dividend per Glaxo Wellcome share. SmithKline Beecham plc – per SmithKline Beecham share: First interim 3.0 Second interim 3.0 Third interim 3.0 Fourth interim 4.5 SmithKline Beecham plc – equivalent dividend per GlaxoSmithKline share: First interim 6.59 Second interim 6.59 Third interim 6.59 Fourth interim 9.89 1,365 732 2,097 38 13.5 29.66
Notes to the financial statements GlaxoSmithKline 95 15 Goodwill Total £m Cost at 1st January 2002 210 Exchange adjustments (17) Additions (Note 31) 23 Cost at 31st December 2002 216 Amortisation at 1st January 2002 (36) Exchange adjustments 3 Provision for the year (12) Amortisation at 31st December 2002 (45) Net book value at 1st January 2002 174 Net book value at 31st December 2002 171 Licences, 16 Intangible assets patents, etc. Brands Total £m £m £m Cost at 1st January 2002 597 1,266 1,863 Exchange adjustments (27) (94) (121) Additions 182 – 182 Acquisition of businesses 4 – 4 Assets written off (44) (10) (54) Cost at 31st December 2002 712 1,162 1,874 Amortisation at 1st January 2002 (119) – (119) Exchange adjustments 5 – 5 Provision for the year (60) – (60) Assets written off 12 – 12 Amortisation at 31st December 2002 (162) – (162) Impairment at 1st January 2002 (46) (25) (71) Exchange adjustments (3) 3 – Impairment loss (4) – (4) Impairment at 31st December 2002 (53) (22) (75) Net book value at 1st January 2002 432 1,241 1,673 Net book value at 31st December 2002 497 1,140 1,637 The licences and patents acquired in the year relate to the acquisition of various compound rights and other research based agreements (see Note 26). Brands largely comprise a portfolio of Sterling products such as Panadol, Solpadeine and Hedex and the Block Drug products such as Sensodyne, Polident and Poligrip. Each of these is considered to have an indefinite life given the strength and durability of the brand and the level of marketing support. Accordingly, they are not amortised. The valuation of each Sterling brand is reviewed annually using a 10 year cash flow forecast as this was the basis for the original independent assessment when they were acquired in 1994 and a post-tax discount rate of eight per cent. The valuation of each Block Drug brand is also reviewed annually using a five year cash flow forecast and a post-tax discount rate of eight per cent.
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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
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 and 82: Consolidated statement of cash flow
Page 83 and 84: Company balance sheet at 31st Decem
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: 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
Page 123 and 124: 34 Employee share schemes continued
Page 125 and 126: 37 Reconciliation to US accounting
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
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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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