Consolidated statement of cash flow ------------------------- Annual report 2000 - contents ------------------------- Financial summary ------------------------- Joint statement by the Chairman & the CEO ------------------------- Description of business ------------------------- Corporate Governance ------------------------- Remuneration Report ------------------------- Operating & Financial Review & Prospects ------------------------- Directors' statements of responsibility ------------------------- Report by the auditors ------------------------- Consolidated statement of profit & loss ------------------------- Consolidated statement of total recognised gains & losses ------------------------- Consolidated statement of cash flow ------------------------- Consolidated balance sheet ------------------------- Reconciliation of movements in equity shareholders' funds ------------------------- Company balance sheet ------------------------- Notes to financial statements ------------------------- Group companies ------------------------- Principal financial statements in US$ ------------------------- Financial record ------------------------- Shareholder Return ------------------------- Taxation information for shareholders ------------------------- Shareholder information ------------------------- Share capital ------------------------- Cross reference to Form 20-F ------------------------- Glossary of terms ------------------------- Contact details
Reconciliation of operating profit to operating cash flows Notes 2000 £m 1999 £m 1998 £m Business performance operating profit   5,300 4,816 4,488 Depreciation   735 650 608 Impairment (excluding restructuring)   75 12 11 Amortisation of goodwill and intangible fixed assets   38 55 93 Loss on sale of tangible fixed assets   38 8 8 Income from equity investments   (225) (171) (48) Increase in stocks   (17) (408) (400) Increase in trade and other debtors   (333) (271) (388) Increase in trade and other creditors   389 153 9 (Decrease)/increase in pension and other provisions   (60) 152 32 Other   (40) (5) 10 Net cash inflow from business performance operating activities   5,900 4,991 4,423 Manufacturing restructuring costs paid   (159) (131) (78) Integration provision movement   – – (15) Integration costs paid   (203) (44) (95) Merger transaction costs   (97) – – Net cash inflow from operating activities   5,441 4,816 4,235           Cash flow statement                              Net cash inflow from operating activities   5,441 4,816 4,235 Earnings from joint ventures and associated undertakings   1 2 40 Returns on investment and servicing of finance   (322) (315) (327) Taxation paid   (1,240) (1,095) (1,043) Capital expenditure and financial investment   (327) (2,241) (1,206) Acquisitions and disposals 32 66 973 (172) Equity dividends paid   (2,028) (1,833) (1,817) Net cash inflow/(outflow) before management of liquid resources and financing   1,591 307 (290) Management of liquid resources   (223) (36) (178) Financing   (546) (175) 257 Increase/(decrease) in cash in the year   822 96 (211)           Reconciliation of net cash flow to movement in net debt                   Net debt at beginning of year   (2,357) (2,717) (2,830) Increase/(decrease) in cash in the year   822 96 (211) Cash inflow from management of liquid resources   223 36 178 Net (increase in)/repayment of long-term loans   (9) (114) 94 Net repayment of short-term loans   706 456 21 Net (increase in)/repayment of obligations under finance leases   (13) 5 4 Net non-cash funds of subsidiary undertakings acquired   – – 1 Exchange adjustments   24 (113) (44) Other non-cash movements   (7) (6) 70 Movement in net debt   1,746 360 113 Net debt at end of year 26 (611) (2,357) (2,717)           Analysis of cash flows   2000 1999 1998   £m £m £m             Returns on investment and servicing of finance         Interest received   157 139 146 Interest paid   (328) (291) (338) Dividends paid to minority shareholders   (95) (113) (85) Dividends paid on preference shares   (56) (50) (50)     (322) (315) (327)           Taxation paid   (1,240) (1,095) (1,043)           Capital expenditure and financial investment         Purchase of tangible fixed assets   (1,007) (1,139) (1,032) Sale of tangible fixed assets (including integration)   46 116 83 Purchase of intangible assets   (96) (106) (91) Sale of intangible assets   – 1 8 Proceeds from product divestments   1,529 – – Purchase of own shares   (1,232) (1,291) (277) Proceeds from own shares for staff options   206 45 124 Purchase of equity investments   (62) (37) (102) Sale of equity investments   289 170 81     (327) (2,241) (1,206)           Acquisitions and disposals (Note 32)         Purchase of businesses   (25) (67) (174) Disposal of businesses   (62) 1,002 20 Investment in joint ventures and associated undertakings   (2) (3) (18) Disposal of interest in associate   155 41 –     66 973 (172)           Financing         Issue of Ordinary Share capital   185 171 361 Other financing cash flows   (47) 1 15 Increase in long-term loans   12 123 5 Repayment of long-term loans   (3) (9) (99) Net repayment of short-term loans   (706) (456) (21) Net increase in/(repayment of) obligations under finance leases   13 (5) (4)     (546) (175) 257                     Analysis of changes in net debt At 31.12.00 Cash flow Exchange Other At 1.1.00 £m £m £m £m £m Cash repayable on demand 1,275 706 24 – 545 Overdrafts (191) 116 (6) – (301)   1,084 822 18 – 244             Debt due within one year:           Commercial paper (1,599) (468) (32) (5) (1,094) Other (491) 1,173 (35) (205) (1,424)   (2,090) 705 (67) (210) (2,518)             Debt due after one year:           Euro Bonds and Euro notes (1,644) (12) (32) 200 (1,800) Other (107) (9) (5) 4 (97)   (1,751) (21) (37) 204 (1,897)             Management of liquid resources           Cash balances not repayable on demand 8 (27) 1 – 34 Liquid investments 2,138 250 109 (1) 1,780   2,146 223 110 (1) 1,814 Net debt (611) 1,729 24 (7) (2,357)       Back to top   Updated March 22, 2001 - © 2001-2002 GlaxoSmithKline - All Rights Reserved Legal Notices - Privacy Statement