|
Issued: Thursday, 1st December 2011, London, U.K.
|
|
Reporting on a core earnings basis will begin with effect from Q1 2012
|
|
As previously announced, GlaxoSmithKline will be introducing core measures for both operating profit and earnings per share to report the performance of the Group with effect from Q1 2012. The primary purpose of this approach is to remove the volatility created by various items such as the impairment of intangible assets, legal charges and asset disposal gains and losses, in order to provide a clearer view of the underlying performance of GSK's core business. Transitioning to a core basis is also expected to make GSK's reporting more comparable with the majority of its peers.
For comparative purposes, set out below are the unaudited detailed reconciliations between the current reporting basis and the new core basis for the full-year 2010, first nine months of 2011 (and 2010) and each of the quarters from Q1 2010 to Q3 2011.
The adjustments to be made in arriving at core will be as follows:
Amortisation and impairment of intangible assets (excluding computer software) and goodwill. These are non-cash items and removing them eliminates the volatility caused by individual impairments of assets in development and is intended to provide a better measure of underlying cash generation. The amortisation and impairment of computer software remain in core.
Major restructuring costs. These charges will only arise from major restructuring programmes that are separately announced by the Group, and include the remainder of the current £4.5 billion programme (post Q3 2011, approximately £0.7 billion related to this programme remains to be charged), expected to be largely completed in 2012. These costs will also include restructuring programmes that follow, and relate to, material acquisitions. The only such acquisitions since 2007 are those of Reliant Pharmaceuticals and Stiefel Pharmaceuticals. Ongoing regular restructuring costs and restructuring costs following smaller acquisitions will remain in core.
Legal charges. Legal charges (net of insurance recoveries) and expenses related to the settlement of product liability and anti-trust litigation and government investigations can be volatile and these will be excluded from the core measures. Intellectual property protection costs and the costs of GSK's in-house legal function will remain in core.
Other operating income and disposal of associates, products and businesses. All items of other operating income, apart from royalty income, will be excluded from core earnings. These items include impairments of equity investments and fair value adjustments on financial instruments. In addition, the profits and losses on the disposals of investments in associates, products and businesses will be excluded from core. Excluding these items from core removes a significant source of potential volatility and is intended to provide a clearer view of the underlying performance of GSK's business.
Acquisition accounting adjustments for material acquisitions. For material acquisitions (as defined above) various acquisition accounting adjustments, such as fair value gains on existing holdings, fair value adjustments to contingent consideration, inventory value step-ups and acquisition costs, will be excluded from core.
Tax on adjustments. The tax effects of the adjustments reflect the different territories, tax treatments and rates that apply to each item.
|
|
On Thursday 1st December 2011, GlaxoSmithKline will hold a teleconference hosted by Simon Dingemans, Chief Financial Officer, at 15:00 hrs Greenwich Mean Time (GMT), 10:00 hrs US Eastern Standard Time (EST) to discuss the methodology GSK will use for its core reporting to begin with effect from Q1 2012. There will be time for related Q&A during the call.
To participate in the teleconference please dial one of the numbers below:
|
|
UK Freefone:
|
0800 077 8491
|
|
US Freefone:
|
+1 866 804 8688
|
|
US Direct:
|
+1 718 354 1175
|
|
International:
|
+44 (0) 20 8996 3900
|
|
Passcode: 401 617 81 - Please note you will need to quote this number to gain access to the call.
A live audio webcast will begin at the same time as the teleconference (15:00 hrs GMT, 10:00 hrs US EST) and can be accessed directly via the GlaxoSmithKline website: http://www.gsk.com. Web participants can register for the event on www.gsk.com now.
An archived version of this webcast will be available from the GSK website at approximately 21:00 hrs GMT, 16:00 hrs US EST today.
|
|
GlaxoSmithKline - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com
|
|
GlaxoSmithKline enquiries:
|
|||
|
UK Media enquiries:
|
David Mawdsley
|
+44 (0) 20 8047 5502
|
(London)
|
|
Stephen Rea
|
+44 (0) 20 8047 5502
|
(London)
|
|
|
Sarah Spencer
|
+44 (0) 20 8047 5502
|
(London)
|
|
|
David Daley
|
+44 (0) 20 8047 5502
|
(London)
|
|
|
US Media enquiries:
|
Kevin Colgan
|
+1 919 483 2839
|
(North Carolina)
|
|
Mary Anne Rhyne
|
+1 919 483 2839
|
(North Carolina)
|
|
|
Sarah Alspach
|
+1 919 483 2839
|
(Washington, DC)
|
|
|
Jennifer Armstrong
|
+1 919 483 2839
|
(Philadelphia)
|
|
|
Analyst/Investor enquiries:
|
Sally Ferguson
|
+44 (0) 20 8047 5543
|
(London)
|
|
Tom Curry
|
+1 215 751 5419
|
(Philadelphia)
|
|
|
Gary Davies
|
+44 (0) 20 8047 5503
|
(London)
|
|
|
Ziba Shamsi
|
+44 (0) 20 8047 3289
|
(London)
|
|
|
Jeff McLaughlin
|
+1 215 751 7002
|
(Philadelphia)
|
|
Cautionary statement regarding forward-looking statements
Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GSK cautions investors that any forward-looking statements or projections made by GSK, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected. Factors that may affect GSK' s operations are described under 'Risk Factors' in the 'Business Review' in the company' s Annual Report on Form 20-F for 2010.
|
|
Registered in England & Wales:
No. 3888792
|
|
Registered Office:
980 Great West Road
Brentford, Middlesex
TW8 9GS
|
|
Income statement - Core earnings reconciliation
Three months ended 31st March 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
7,357
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,357
|
|
Cost of sales
|
(1,952)
|
-
|
-
|
-
|
28
|
-
|
-
|
-
|
(1,924)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
5,405
|
-
|
-
|
-
|
28
|
-
|
-
|
-
|
5,433
|
|
Selling, general and administration
|
(2,350)
|
72
|
-
|
-
|
52
|
210
|
-
|
-
|
(2,016)
|
|
Research and development
|
(1,160)
|
29
|
32
|
-
|
221
|
-
|
-
|
-
|
(878)
|
|
Royalty income
|
80
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
80
|
|
Other operating income
|
119
|
-
|
-
|
-
|
-
|
-
|
(119)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
2,094
|
101
|
32
|
-
|
301
|
210
|
(119)
|
-
|
2,619
|
|
Net finance costs
|
(188)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
(187)
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
25
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
25
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
1,931
|
101
|
32
|
-
|
302
|
210
|
(119)
|
-
|
2,457
|
|
Taxation
|
(536)
|
(31)
|
(10)
|
-
|
(82)
|
(32)
|
31
|
-
|
(660)
|
|
Tax rate %
|
27.8%
|
26.9%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,395
|
70
|
22
|
-
|
220
|
178
|
(88)
|
-
|
1,797
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
55
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
55
|
|
Profit attributable to shareholders
|
1,340
|
70
|
22
|
-
|
220
|
178
|
(88)
|
-
|
1,742
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
26.4p
|
1.4p
|
0.4p
|
-
|
4.3p
|
3.5p
|
(1.7)p
|
-
|
34.3p
|
|
Weighted average number of shares
|
5,078
|
5,078
|
|
Income statement - Core earnings reconciliation
Three months ended 30th June 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
7,025
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,025
|
|
Cost of sales
|
(1,657)
|
-
|
-
|
-
|
31
|
-
|
-
|
-
|
(1,626)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
5,368
|
-
|
-
|
-
|
31
|
-
|
-
|
-
|
5,399
|
|
Selling, general and administration
|
(4,202)
|
74
|
-
|
-
|
357
|
1,578
|
-
|
-
|
(2,193)
|
|
Research and development
|
(1,196)
|
35
|
(1)
|
-
|
202
|
-
|
-
|
-
|
(960)
|
|
Royalty income
|
65
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
65
|
|
Other operating income
|
16
|
-
|
-
|
-
|
-
|
-
|
(16)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
51
|
109
|
(1)
|
-
|
590
|
1,578
|
(16)
|
-
|
2,311
|
|
Net finance costs
|
(170)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
(169)
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
22
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
22
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
(97)
|
109
|
(1)
|
-
|
591
|
1,578
|
(16)
|
-
|
2,164
|
|
Taxation
|
(155)
|
(35)
|
-
|
-
|
(157)
|
(236)
|
4
|
-
|
(579)
|
|
Tax rate %
|
>100%
|
26.8%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
(252)
|
74
|
(1)
|
-
|
434
|
1,342
|
(12)
|
-
|
1,585
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
52
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
52
|
|
Profit attributable to shareholders
|
(304)
|
74
|
(1)
|
-
|
434
|
1,342
|
(12)
|
-
|
1,533
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
(6.0)p
|
1.4p
|
-
|
-
|
8.6p
|
26.4p
|
(0.2)p
|
-
|
30.2p
|
|
Weighted average number of shares
|
5,085
|
5,085
|
|
Income statement - Core earnings reconciliation
Three months ended 30th September 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
6,813
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6,813
|
|
Cost of sales
|
(1,906)
|
-
|
-
|
-
|
31
|
-
|
-
|
-
|
(1,875)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
4,907
|
-
|
-
|
-
|
31
|
-
|
-
|
-
|
4,938
|
|
Selling, general and administration
|
(2,040)
|
73
|
1
|
-
|
84
|
48
|
-
|
-
|
(1,834)
|
|
Research and development
|
(1,004)
|
33
|
20
|
-
|
56
|
-
|
-
|
-
|
(895)
|
|
Royalty income
|
77
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
77
|
|
Other operating income
|
18
|
-
|
-
|
-
|
-
|
-
|
(18)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
1,958
|
106
|
21
|
-
|
171
|
48
|
(18)
|
-
|
2,286
|
|
Net finance costs
|
(175)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
(174)
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
16
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
16
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
1,799
|
106
|
21
|
-
|
172
|
48
|
(18)
|
-
|
2,128
|
|
Taxation
|
(456)
|
(33)
|
(7)
|
-
|
(24)
|
(7)
|
5
|
-
|
(522)
|
|
Tax rate %
|
25.3%
|
24.5%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,343
|
73
|
14
|
-
|
148
|
41
|
(13)
|
-
|
1,606
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
55
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
55
|
|
Profit attributable to shareholders
|
1,288
|
73
|
14
|
-
|
148
|
41
|
(13)
|
-
|
1,551
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
25.3p
|
1.5p
|
0.3p
|
-
|
2.9p
|
0.8p
|
(0.3)p
|
-
|
30.5p
|
|
Weighted average number of shares
|
5,086
|
5,086
|
|
Income statement - Core earnings reconciliation
Nine months ended 30th September 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
21,195
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
21,195
|
|
Cost of sales
|
(5,515)
|
-
|
-
|
-
|
90
|
-
|
-
|
-
|
(5,425)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
15,680
|
-
|
-
|
-
|
90
|
-
|
-
|
-
|
15,770
|
|
Selling, general and administration
|
(8,592)
|
219
|
1
|
-
|
493
|
1,836
|
-
|
-
|
(6,043)
|
|
Research and development
|
(3,360)
|
97
|
51
|
-
|
479
|
-
|
-
|
-
|
(2,733)
|
|
Royalty income
|
222
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
222
|
|
Other operating income
|
153
|
-
|
-
|
-
|
-
|
-
|
(153)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
4,103
|
316
|
52
|
-
|
1,062
|
1,836
|
(153)
|
-
|
7,216
|
|
Net finance costs
|
(533)
|
-
|
-
|
-
|
3
|
-
|
-
|
-
|
(530)
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
63
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
63
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
3,633
|
316
|
52
|
-
|
1,065
|
1,836
|
(153)
|
-
|
6,749
|
|
Taxation
|
(1,147)
|
(99)
|
(17)
|
-
|
(263)
|
(275)
|
40
|
-
|
(1,761)
|
|
Tax rate %
|
31.6%
|
26.1%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
2,486
|
217
|
35
|
-
|
802
|
1,561
|
(113)
|
-
|
4,988
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
162
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
162
|
|
Profit attributable to shareholders
|
2,324
|
217
|
35
|
-
|
802
|
1,561
|
(113)
|
-
|
4,826
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
45.7p
|
4.3p
|
0.7p
|
-
|
15.8p
|
30.7p
|
(2.3)p
|
-
|
94.9p
|
|
Weighted average number of shares
|
5,083
|
5,083
|
|
Income statement - Core earnings reconciliation
Three months ended 31st December 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
7,197
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,197
|
|
Cost of sales
|
(2,077)
|
-
|
-
|
-
|
97
|
-
|
-
|
-
|
(1,980)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
5,120
|
-
|
-
|
-
|
97
|
-
|
-
|
-
|
5,217
|
|
Selling, general and administration
|
(4,461)
|
76
|
10
|
-
|
172
|
2,165
|
-
|
-
|
(2,038)
|
|
Research and development
|
(1,097)
|
36
|
75
|
-
|
14
|
-
|
-
|
-
|
(972)
|
|
Royalty income
|
74
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
74
|
|
Other operating income
|
44
|
-
|
-
|
-
|
-
|
-
|
(44)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
(320)
|
112
|
85
|
-
|
283
|
2,165
|
(44)
|
-
|
2,281
|
|
Net finance costs
|
(182)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(182)
|
|
Profit on disposal of interest in
associates
|
8
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
18
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
(476)
|
112
|
85
|
-
|
283
|
2,165
|
(52)
|
-
|
2,117
|
|
Taxation
|
(157)
|
(37)
|
(22)
|
-
|
23
|
(325)
|
13
|
-
|
(505)
|
|
Tax rate %
|
(33.0)%
|
23.9%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
(633)
|
75
|
63
|
-
|
306
|
1,840
|
(39)
|
-
|
1,612
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
57
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
57
|
|
Profit attributable to shareholders
|
(690)
|
75
|
63
|
-
|
306
|
1,840
|
(39)
|
-
|
1,555
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
(13.6)p
|
1.4p
|
1.2p
|
-
|
6.1p
|
36.2p
|
(0.7)p
|
-
|
30.6p
|
|
Weighted average number of shares
|
5,090
|
5,090
|
|
Income statement - Core earnings reconciliation
Year ended 31st December 2010
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
28,392
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
28,392
|
|
Cost of sales
|
(7,592)
|
-
|
-
|
-
|
187
|
-
|
-
|
-
|
(7,405)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
20,800
|
-
|
-
|
-
|
187
|
-
|
-
|
-
|
20,987
|
|
Selling, general and administration
|
(13,053)
|
295
|
11
|
-
|
665
|
4,001
|
-
|
-
|
(8,081)
|
|
Research and development
|
(4,457)
|
133
|
126
|
-
|
493
|
-
|
-
|
-
|
(3,705)
|
|
Royalty income
|
296
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
296
|
|
Other operating income
|
197
|
-
|
-
|
-
|
-
|
-
|
(197)
|
-
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
3,783
|
428
|
137
|
-
|
1,345
|
4,001
|
(197)
|
-
|
9,497
|
|
Net finance costs
|
(715)
|
-
|
-
|
-
|
3
|
-
|
-
|
-
|
(712)
|
|
Profit on disposal of interest in
associates
|
8
|
-
|
-
|
-
|
-
|
-
|
(8)
|
-
|
-
|
|
Share of after tax profits of
associates and joint ventures
|
81
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
81
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
3,157
|
428
|
137
|
-
|
1,348
|
4,001
|
(205)
|
-
|
8,866
|
|
Taxation
|
(1,304)
|
(136)
|
(39)
|
-
|
(240)
|
(600)
|
53
|
-
|
(2,266)
|
|
Tax rate %
|
41.3%
|
25.6%
|
|||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,853
|
292
|
98
|
-
|
1,108
|
3,401
|
(152)
|
-
|
6,600
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
219
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
219
|
|
Profit attributable to shareholders
|
1,634
|
292
|
98
|
-
|
1,108
|
3,401
|
(152)
|
-
|
6,381
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
32.1p
|
5.7p
|
1.9p
|
-
|
21.8p
|
66.9p
|
(2.9)p
|
-
|
125.5p
|
|
Weighted average number of shares
|
5,085
|
5,085
|
|
Income statement - Core earnings reconciliation
Three months ended 31st March 2011
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
Growth
CER%
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
6,585
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6,585
|
(10)
|
|
Cost of sales
|
(1,795)
|
-
|
-
|
-
|
15
|
-
|
-
|
-
|
(1,780)
|
(8)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
4,790
|
-
|
-
|
-
|
15
|
-
|
-
|
-
|
4,805
|
(11)
|
|
Selling, general and administration
|
(2,157)
|
77
|
-
|
-
|
103
|
-
|
-
|
-
|
(1,977)
|
(6)
|
|
Research and development
|
(915)
|
34
|
8
|
-
|
17
|
-
|
-
|
-
|
(856)
|
(2)
|
|
Royalty income
|
72
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
72
|
|
|
Other operating income
|
245
|
-
|
-
|
-
|
-
|
-
|
(245)
|
-
|
-
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
2,035
|
111
|
8
|
-
|
135
|
-
|
(245)
|
-
|
2,044
|
(18)
|
|
Net finance costs
|
(174)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(174)
|
|
|
Profit on disposal of interest in
associates
|
584
|
-
|
-
|
-
|
-
|
-
|
(584)
|
-
|
-
|
|
|
Share of after tax profits of
associates and joint ventures
|
19
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
2,464
|
111
|
8
|
-
|
135
|
-
|
(829)
|
-
|
1,889
|
(19)
|
|
Taxation
|
(880)
|
(35)
|
(2)
|
-
|
(21)
|
-
|
424
|
-
|
(514)
|
|
|
Tax rate %
|
35.7%
|
27.2%
|
||||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,584
|
76
|
6
|
-
|
114
|
-
|
(405)
|
-
|
1,375
|
(20)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
59
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
59
|
|
|
Profit attributable to shareholders
|
1,525
|
76
|
6
|
-
|
114
|
-
|
(405)
|
-
|
1,316
|
(21)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
30.0p
|
1.5p
|
0.1p
|
-
|
2.2p
|
-
|
(7.9)p
|
-
|
25.9p
|
(21)
|
|
Weighted average number of shares
|
5,087
|
5,087
|
|
Income statement - Core earnings reconciliation
Three months ended 30th June 2011
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
Growth
CER%
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
6,720
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6,720
|
(2)
|
|
Cost of sales
|
(1,644)
|
-
|
-
|
-
|
19
|
-
|
-
|
-
|
(1,625)
|
1
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
5,076
|
-
|
-
|
-
|
19
|
-
|
-
|
-
|
5,095
|
(3)
|
|
Selling, general and administration
|
(2,345)
|
76
|
24
|
-
|
101
|
61
|
-
|
-
|
(2,083)
|
-
|
|
Research and development
|
(1,015)
|
36
|
2
|
-
|
71
|
-
|
-
|
-
|
(906)
|
(2)
|
|
Royalty income
|
61
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
61
|
|
|
Other operating income
|
1
|
-
|
-
|
-
|
-
|
-
|
(1)
|
-
|
-
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
1,778
|
112
|
26
|
-
|
191
|
61
|
(1)
|
-
|
2,167
|
(6)
|
|
Net finance costs
|
(188)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(188)
|
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Share of after tax profits of
associates and joint ventures
|
2
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
2
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
1,592
|
112
|
26
|
-
|
191
|
61
|
(1)
|
-
|
1,981
|
(9)
|
|
Taxation
|
(445)
|
(35)
|
(8)
|
-
|
(30)
|
(9)
|
-
|
-
|
(527)
|
|
|
Tax rate %
|
28.0%
|
26.6%
|
||||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,147
|
77
|
18
|
-
|
161
|
52
|
(1)
|
-
|
1,454
|
(8)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
41
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
41
|
|
|
Profit attributable to shareholders
|
1,106
|
77
|
18
|
-
|
161
|
52
|
(1)
|
-
|
1,413
|
(8)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
21.8p
|
1.5p
|
0.4p
|
-
|
3.2p
|
1.0p
|
-
|
-
|
27.9p
|
(8)
|
|
Weighted average number of shares
|
5,064
|
5,064
|
|
Income statement - Core earnings reconciliation
Three months ended 30th September 2011
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
Growth
CER%
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
7,104
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
7,104
|
3
|
|
Cost of sales
|
(1,998)
|
-
|
-
|
-
|
20
|
-
|
-
|
-
|
(1,978)
|
3
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
5,106
|
-
|
-
|
-
|
20
|
-
|
-
|
-
|
5,126
|
3
|
|
Selling, general and administration
|
(2,098)
|
84
|
1
|
-
|
31
|
20
|
-
|
-
|
(1,962)
|
5
|
|
Research and development
|
(984)
|
34
|
16
|
-
|
13
|
-
|
-
|
-
|
(921)
|
3
|
|
Royalty income
|
85
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
85
|
|
|
Other operating income
|
6
|
-
|
-
|
-
|
-
|
-
|
(6)
|
-
|
-
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
2,115
|
118
|
17
|
-
|
64
|
20
|
(6)
|
-
|
2,328
|
2
|
|
Net finance costs
|
(172)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
(171)
|
|
|
Profit on disposal of interest in
associates
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Share of after tax profits of
associates and joint ventures
|
(2)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(2)
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
1,941
|
118
|
17
|
-
|
65
|
20
|
(6)
|
-
|
2,155
|
2
|
|
Taxation
|
(498)
|
(37)
|
(6)
|
-
|
(17)
|
(3)
|
2
|
-
|
(559)
|
|
|
Tax rate %
|
25.7%
|
25.9%
|
||||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
1,443
|
81
|
11
|
-
|
48
|
17
|
(4)
|
-
|
1,596
|
-
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
65
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
65
|
|
|
Profit attributable to shareholders
|
1,378
|
81
|
11
|
-
|
48
|
17
|
(4)
|
-
|
1,531
|
(1)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
27.6p
|
1.6p
|
0.2p
|
-
|
0.9p
|
0.3p
|
-
|
-
|
30.6p
|
1
|
|
Weighted average number of shares
|
5,001
|
5,001
|
|
Income statement - Core earnings reconciliation
Nine months ended 30th September 2011
|
|
Total
results
£m
|
Intangible
amortisation
£m
|
Intangible
impairment
£m
|
Goodwill
impairment
£m
|
Major
restructuring
£m
|
Legal
costs
£m
|
Other operating
income
£m
|
Acquisition
adjustments
£m
|
Core
results
£m
|
Growth
CER%
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Turnover
|
20,409
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
20,409
|
(3)
|
|
Cost of sales
|
(5,437)
|
-
|
-
|
-
|
54
|
-
|
-
|
-
|
(5,383)
|
(1)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Gross profit
|
14,972
|
-
|
-
|
-
|
54
|
-
|
-
|
-
|
15,026
|
(4)
|
|
Selling, general and administration
|
(6,600)
|
237
|
25
|
-
|
235
|
81
|
-
|
-
|
(6,022)
|
-
|
|
Research and development
|
(2,914)
|
104
|
26
|
-
|
101
|
-
|
-
|
-
|
(2,683)
|
-
|
|
Royalty income
|
218
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
218
|
|
|
Other operating income
|
252
|
-
|
-
|
-
|
-
|
-
|
(252)
|
-
|
-
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Operating profit
|
5,928
|
341
|
51
|
-
|
390
|
81
|
(252)
|
-
|
6,539
|
(8)
|
|
Net finance costs
|
(534)
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
(533)
|
|
|
Profit on disposal of interest in
associates
|
584
|
-
|
-
|
-
|
-
|
-
|
(584)
|
-
|
-
|
|
|
Share of after tax profits of
associates and joint ventures
|
19
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
19
|
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit before taxation
|
5,997
|
341
|
51
|
-
|
391
|
81
|
(836)
|
-
|
6,025
|
(9)
|
|
Taxation
|
(1,823)
|
(107)
|
(16)
|
-
|
(68)
|
(12)
|
426
|
-
|
(1,600)
|
|
|
Tax rate %
|
30.4%
|
26.6%
|
||||||||
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit after taxation
|
4,174
|
234
|
35
|
-
|
323
|
69
|
(410)
|
-
|
4,425
|
(10)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Profit attributable to
non-controlling interests
|
165
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
165
|
|
|
Profit attributable to shareholders
|
4,009
|
234
|
35
|
-
|
323
|
69
|
(410)
|
-
|
4,260
|
(10)
|
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
------
|
|
|
Earnings per share
|
79.4p
|
4.6p
|
0.7p
|
-
|
6.4p
|
1.4p
|
(8.1)p
|
-
|
84.4p
|
(10)
|
|
Weighted average number of shares
|
5,050
|
5,050
|