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The following information is provided for the convenience
of US shareholders in accordance with the requirements of the New
York Stock Exchange. The principal financial statements, prepared
under UK GAAP and in sterling, have been translated into US$ –
the consolidated profit and loss account, consolidated statement of
recognised gains and losses and consolidated cash flow statement at
average exchange rates and the consolidated balance sheet at period
end exchange rates. The exchange rates used are given in Note
5 to the financial statements. |
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| Consolidated profit and loss account |
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| Turnover |
27,480 |
|
27,480 |
|
27,210 |
|
27,210 |
|
26,563 |
|
26,563 |
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|
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| Cost of sales |
(5,793) |
(230) |
(6,023) |
|
(6,375) |
(646) |
(7,021) |
|
(6,511) |
(76) |
(6,587) |
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| Gross profit |
21,687 |
(230) |
21,457 |
|
20,835 |
(646) |
20,189 |
|
20,052 |
(76) |
19,976 |
| Selling, general and |
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administrative expenditure |
(10,232) |
(614) |
(10,846) |
|
(9,998) |
(120) |
(10,118) |
|
(9,528) |
(226) |
(9,754) |
| Research and development |
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expenditure |
(3,815) |
(24) |
(3,839) |
|
(3,704) |
|
(3,704) |
|
(3,441) |
|
(3,441) |
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| Trading profit |
7,640 |
(868) |
6,772 |
|
7,133 |
(766) |
6,367 |
|
7,083 |
(302) |
6,781 |
| Other operating income/(expense) |
416 |
|
416 |
|
669 |
|
669 |
|
367 |
|
367 |
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| Operating profit |
8,056 |
(868) |
7,188 |
|
7,802 |
(766) |
7,036 |
|
7,450 |
(302) |
7,148 |
| Share of profits/(losses) of |
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joint ventures and associates |
99 |
(12) |
87 |
|
24 |
(13) |
11 |
|
36 |
|
36 |
| Profit on disposal of interest in associate |
219 |
|
219 |
|
63 |
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63 |
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| Profit on dissolution of joint venture |
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|
95 |
|
95 |
| Product divestments |
|
2,152 |
2,152 |
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| Merger transaction costs |
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(184) |
(184) |
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| Disposal of businesses: |
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| Provision for loss on disposal |
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(1,044) |
(1,044) |
| Loss on disposal |
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(21) |
(21) |
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(1,028) |
(1,028) |
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| Utilisation of provision |
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|
1,043 |
1,043 |
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| Profit before interest |
8,374 |
1,067 |
9,441 |
|
7,889 |
(764) |
7,125 |
|
7,581 |
(1,346) |
6,235 |
| Net interest payable |
(277) |
|
(277) |
|
(262) |
|
(262) |
|
(319) |
|
(319) |
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| Profit on ordinary activities |
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| before taxation |
8,097 |
1,067 |
9,164 |
|
7,627 |
(764) |
6,863 |
|
7,262 |
(1,346) |
5,916 |
| Taxation |
(2,210) |
(372) |
(2,582) |
|
(2,150) |
176 |
(1,974) |
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(2,118) |
496 |
(1,622) |
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| Profit on ordinary activities |
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after taxation |
5,887 |
695 |
6,582 |
|
5,477 |
(588) |
4,889 |
|
5,144 |
(850) |
4,294 |
| Minority interests |
(183) |
|
(183) |
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(178) |
|
(178) |
|
(169) |
|
(169) |
| Preference share dividends |
(85) |
|
(85) |
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(79) |
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(79) |
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(83) |
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(83) |
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| Earnings (Profit attributable |
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| to shareholders) |
5,619 |
695 |
6,314 |
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5,220 |
(588) |
4,632 |
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4,892 |
(850) |
4,042 |
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| Earnings per ADS |
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2.08 |
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1.51 |
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|
1.32 |
| Adjusted earnings per ADS |
1.85 |
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1.71 |
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1.60 |
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A columnar presentation of the profit and loss account has been adopted in order to illustrate underlying business performance. For this
purpose certain items are excluded from business performance, the ‘Business’ column, and are presented in the ‘Other’
column. These items comprise: merger items, including product divestments; costs relating to previously announced manufacturing and other
restructurings; the effect of business disposals in prior years.
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| Consolidated statement of total recognised gains and losses |
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| Profit attributable to shareholders |
6,314 |
4,632 |
4,042 |
| Exchange movements on overseas net assets |
(682) |
(674) |
75 |
| UK tax on exchange movements |
(52) |
(71) |
40 |
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| Total recognised gains and losses |
5,580 |
3,887 |
4,157 |
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| Consolidated cash flow statement |
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| Net cash inflow from operating activities |
8,271 |
7,801 |
7,030 |
| Earnings from joint ventures and associated undertakings |
2 |
3 |
66 |
| Returns on investment and servicing of finance |
(490) |
(510) |
(543) |
| Taxation paid |
(1,885) |
(1,774) |
(1,731) |
| Capital expenditure and financial investment |
(497) |
(3,630) |
(2,002) |
| Acquisitions and disposals |
100 |
1,576 |
(285) |
| Equity dividends paid |
(3,083) |
(2,969) |
(3,016) |
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| Net cash inflow/(outflow) before management of liquid resources and financing |
2,418 |
497 |
(481) |
| Management of liquid resources |
(339) |
(58) |
(295) |
| Financing |
(830) |
(283) |
426 |
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| Increase/(decrease) in cash in the year |
1,249 |
156 |
(350) |
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| Consolidated balance sheet |
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| Goodwill |
253 |
258 |
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| Intangible assets |
1,439 |
1,491 |
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| Tangible assets |
9,897 |
10,307 |
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| Investments |
3,791 |
2,904 |
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| Fixed assets |
15,380 |
14,960 |
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| Equity investments |
255 |
84 |
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| Stocks |
3,393 |
3,611 |
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| Debtors |
8,044 |
7,773 |
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| Liquid investments |
3,186 |
2,866 |
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| Cash at bank |
1,912 |
932 |
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| Current assets |
16,790 |
15,266 |
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| Loans and overdrafts |
(3,399) |
(4,539) |
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| Other creditors |
(10,137) |
(9,062) |
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| Creditors: amounts due within one year |
(13,536) |
(13,601) |
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| Net current assets |
3,254 |
1,665 |
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| Total assets less current liabilities |
18,634 |
16,625 |
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| Loans |
(2,609) |
(3,054) |
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| Other creditors |
(213) |
(237) |
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| Creditors: amounts due after one year |
(2,822) |
(3,291) |
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| Provisions for liabilities and charges |
(2,469) |
(2,697) |
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| Net assets |
13,343 |
10,637 |
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| Called up share capital |
2,318 |
2,494 |
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| Share premium account |
45 |
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| Other reserves |
9,126 |
6,303 |
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| Equity shareholders funds |
11,489 |
8,797 |
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| Non-equity minority interest |
1,548 |
1,547 |
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| Equity minority interests |
306 |
293 |
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| Capital employed |
13,343 |
10,637 |
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Updated March 22, 2001 - © 2001 GlaxoSmithKline - All Rights Reserved
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