TIDMAG99
RNS Number : 4906M
GlaxoSmithKline Capital PLC
28 July 2017
Publication of GlaxoSmithKline Capital plc
Interim Management Report 2017
Today, 28 July 2017, GlaxoSmithKline Capital plc (the "Company")
published on the GlaxoSmithKline Group ("GSK") website, www.gsk.com,
its Interim Management Report in respect of the period ended 30
June 2017.
In compliance with Listing Rule 9.6.1 of the UK Financial Conduct
Authority ('FCA'), copies of Company's Interim Management Report
have been submitted to the UK Listing Authority's National Storage
Mechanism and will shortly be available for inspection at http:/www.morningstar.co.uk/UK/NSM.
In accordance with the FCA's Disclosure and Transparency Rules
4.2 and 6.3.5, Appendix A to this announcement contains the Company's
Interim Management Report, which includes a description of the
principal risks and uncertainties affecting it together with a
responsibility statement.
V A Whyte
Company Secretary
28 July 2017
Cautionary statement regarding forward-looking statements
GSK and the Company cautions investors that any forward-looking
statements or projections made by GSK and the Company, including
those made in this announcement, are subject to risks and uncertainties
that may cause actual results to differ materially from those
projected. Such factors include, but are not limited to, those
described as 'Principal risks and uncertainties' in Appendix A
of this announcement and under 'Principal Risks and Uncertainties'
in the 'Investor information" section in the GSK Annual Report
2016 included as exhibit 15.2 to the GSK Annual Report on Form
20-F for 2016.
Appendix A
GlaxoSmithKline Capital plc
(Registered number: 2258699)
Interim Management Report
for the half year ended 30 June 2017
Registered office address: 980 Great
West Road Brentford
Middlesex TW8 9GS
GlaxoSmithKline Capital plc
(Registered number: 2258699)
Interim Management Report
for the half year ended 30 June 2017
Contents Page
Interim report 1-2
Income statement 3
Statement of comprehensive income 4
Statement of financial position 5
Statement of changes in equity 6
Cash flow statement 7
Notes to the financial statements 8-11
GlaxoSmithKline Capital plc
(Registered number: 2258699)
Results announcement and interim management report for the half
year ended 30 June 2017
Performance
GlaxoSmithKline Capital plc (the "Company") is a member of the
GlaxoSmithKline Group (the "Group"). The Company's principal
activity is the issuance of notes under the Group's European and US
Medium Term Note programme and the provision of financial services
to other companies within the Group.
The Directors do not envisage any change to the nature of the
business in the foreseeable future.
Review of business
The Company made a profit for the half year ended 30 June 2017
of GBP4,055,000 (2016: GBP5,691,000), which will be transferred to
reserves. The Directors are of the opinion that the current level
of activity and the period end financial position are satisfactory
and will remain so in the foreseeable future.
No dividend is proposed to the holders of Ordinary Shares in
respect of the period ended 30 June 2017 (2016: GBPnil).
At 30 June 2017, the Company had in issue GBP7,979,192,000 Euro
Medium Term Notes and GBP1,529,764,000 US Medium Term Notes (31
December 2016: GBP7,874,858,000 and GBP3,214,961,000,
respectively), which mature at dates between 2017 and 2045. All
notes currently in issue pay interest on a fixed rate basis.
Principal risks and uncertainties
The Directors of GlaxoSmithKline plc manage the risks of the
Group at a group level, rather than at an individual statutory
entity level. For this reason, the Company's Directors believe that
a discussion of the Group's risks would not be appropriate for an
understanding of the development, performance or position of the
Company's business. The principal risks and uncertainties of the
Group, which include those of the Company, are discussed in the
Group's 2016 Annual Report and Second Quarter 2017 Results
Announcement which do not form part of this report.
Details of the Company's financial risk management is also
disclosed in the Company's Directors' Report and Annual Report for
the year ended 31 December 2016.
Directors' responsibility statement
The Board of Directors approved this document on 24 July
2017.
The Directors confirm that to the best of their knowledge this
unaudited condensed financial information for the six months ended
30 June 2017 has been prepared in accordance with Financial
Reporting Standard 104 "Interim Financial Reporting" and that the
interim management report herein includes a true and fair view of
the information required by Disclosure and Transparency Rules (DTR)
4.2.7.
The Directors of the Company are:
Mr S Dingemans
Edinburgh Pharmaceutical Industries Limited
Glaxo Group Limited
By order of the Board
Mr A Walker
For and on behalf of Glaxo Group Limited
Corporate Director
24 July 2017
Internet
This Announcement and other information about the GSK Group are
available on the website at:http://www.gsk.com
Income statement
for the half year ended 30 June 2017
30 June 2017 30 June 2016
Note GBP'000 GBP'000
----------------------------------- ------ ------------ ------------
Other operating (expense) /
income (511) 1,527
Finance income 3 196,552 196,314
Finance expense 4 (191,019) (190,729)
----------------------------------- ------ ------------ ------------
Operating profit 2 5,022 7,112
----------------------------------- ------ ------------ ------------
Profit before taxation 5,022 7,112
----------------------------------- ------ ------------ ------------
Tax on profit 5 (967) (1,421)
----------------------------------- ------ ------------ ------------
Profit for the financial period 4,055 5,691
----------------------------------- ------ ------------ ------------
Statement of comprehensive income
for the half year ended 30 June 2017
Period ended Period ended
30 June 2017 30 June 2016
GBP'000 GBP'000
---------------------------------------------- ------------- -------------
Profit for the financial period 4,055 5,691
Items that may be subsequently reclassified
to the income statement:
Reclassification of cash flow hedges
to the income statement 477 477
Deferred tax on cash flow hedges (81) (86)
---------------------------------------------- ------------- -------------
Other comprehensive income for the
financial period 396 391
---------------------------------------------- ------------- -------------
Total comprehensive income for the
financial period 4,451 6,082
---------------------------------------------- ------------- -------------
Statement of financial position
as at 30 June 2017
30 June 31 December 2016
2017 GBP'000
Note GBP'000
--------------------------- --------------------- ---------------------------- ------------------------------------
Non-current assets
Deferred tax assets 1,812 1,893
Loans and receivables 6 8,351,495 8,353,138
--------------------------- --------------------- ---------------------------- ------------------------------------
Total non-current assets 8,353,307 8,355,031
--------------------------- --------------------- ---------------------------- ------------------------------------
Current assets
Loans and receivables 6 1,187,321 2,767,682
Prepayments and accrued
income 7 116,664 110,223
Cash and cash equivalents 2 2
--------------------------- --------------------- ---------------------------- ------------------------------------
Total current assets 1,303,987 2,877,907
--------------------------- --------------------- ---------------------------- ------------------------------------
Total assets 9,657,294 11,232,938
--------------------------- --------------------- ---------------------------- ------------------------------------
Current liabilities
Other payables 8 (3,791) (5,026)
Short-term borrowings 9 (1,096,128) (2,679,716)
Accruals and deferred
income 10 (108,434) (106,431)
--------------------------- --------------------- ---------------------------- ------------------------------------
Total current liabilities (1,208,353) (2,791,173)
--------------------------- --------------------- ---------------------------- ------------------------------------
Net current assets 95,634 86,734
--------------------------- --------------------- ---------------------------- ------------------------------------
Total assets less
current liabilities 8,448,941 8,441,765
--------------------------- --------------------- ---------------------------- ------------------------------------
Non-current liabilities
Long-term borrowings 9 (8,412,828) (8,410,103)
--------------------------- --------------------- ---------------------------- ------------------------------------
Total non-current
liabilities (8,412,828) (8,410,103)
--------------------------- --------------------- ---------------------------- ------------------------------------
Total liabilities (9,621,181) (11,201,276)
--------------------------- --------------------- ---------------------------- ------------------------------------
Net assets 36,113 31,662
--------------------------- --------------------- ---------------------------- ------------------------------------
Equity
Called up share capital 13 100 100
Other reserves (8,847) (9,243)
Retained earnings 44,860 40,805
--------------------------- --------------------- ---------------------------- ------------------------------------
Total equity 36,113 31,662
--------------------------- --------------------- ---------------------------- ------------------------------------
Statement of changes in equity
for the half year ended 30 June 2017
Called up share Retained
capital earnings
Other reserves Total equity
---------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- --------------- -------------------- ---------------- ------------------
At 1 January 2016 100 (9,914) 29,508 19,694
Profit for the financial period - 5,691 5,691
Other comprehensive income for
the financial period - 477 - 477
--------------------------------- --------------- -------------------- ---------------- ------------------
At 30 June 2016 100 (9,437) 35,199 25,862
--------------------------------- --------------- -------------------- ---------------- ------------------
Called Retained
up earnings
share Other reserves Total equity
capital
----------------------------
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- --------------------------- -------------------- ----------------- ------------------
At 1 January 2017 100 (9,243) 40,805 31,662
Profit for the financial
period - - 4,055 4,055
Other comprehensive income
for
the financial period - 396 - 396
---------------------------- --------------------------- -------------------- ----------------- ------------------
At 30 June 2017 100 (8,847) 44,860 36,113
---------------------------- --------------------------- -------------------- ----------------- ------------------
Cash flow statement
for the half year ended 30 June 2017
Period ended Period ended
30 June 2017 30 June 2016
Note GBP'000 GBP'000
------------------------------------------------- ---- ------------ ------------
Cash flows from operating activities
Operating profit 5,022 7,112
Adjustments reconciling operating profit
to operating cash flows 12 (312) (759)
------------------------------------------------- ---- ------------ ------------
Net cash inflow from operating activities 4,710 6,353
------------------------------------------------- ---- ------------ ------------
Cash flows from financing activities
Repayment of short-term borrowings (1,543,721) -
Loan repayments received from Group undertakings 1,532,776 -
Decrease / (increase) in current accounts
with Group undertakings 6,235 (6,354)
------------------------------------------------- ---- ------------ ------------
Net cash outflow from financing activities (4,740) (6,354)
------------------------------------------------- ---- ------------ ------------
Net movement in cash in the period - (1)
------------------------------------------------- ---- ------------ ------------
Cash at beginning of period 2 3
Movement in cash - (1)
------------------------------------------------- ---- ------------ ------------
Cash at end of period 2 2
------------------------------------------------- ---- ------------ ------------
Notes to the financial statements for the half year ended 30
June 2017
1 Accounting presentation and policies
This unaudited Results Announcement containing condensed
financial information for the six months ended 30 June 2017 is
prepared in accordance with Financial Reporting Standard 104
"Interim Financial Reporting" using the recognition and measurement
requirements of Financial Reporting Standard 101 "Reduced
Disclosure Framework" and in accordance with the Listing Rules of
the UK Listing Authority.
2 Operating profit
Period ended Period ended
30 June 2017 30 June 2016
GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
The following items have been (charged)
/ credited in operating profit:
Exchange gains on foreign currency transactions (511) 1,527
--------------------------------------------------------- -------------- --------------
3 Finance income
Period ended Period ended
30 June 2017 30 June 2016
GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
Interest income arising from loans with
Group undertakings 196,552 196,314
--------------------------------------------------------- -------------- --------------
4 Finance expense
Period ended Period ended
30 June 2017 30 June 2016
GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
Interest expense arising on financial liabilities
at amortised cost (190,542) (190,252)
Reclassification of cash flow hedge from
other comprehensive income (477) (477)
--------------------------------------------------------- -------------- --------------
Total finance expense (191,019) (190,729)
--------------------------------------------------------- -------------- --------------
5 Tax on profit
Period ended Period ended
30 June 2017 30 June 2016
Income tax expense on ordinary activities GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
Current tax:
UK corporation tax at 19.25% (2016: 20%) (967) (1,421)
--------------------------------------------------------- -------------- --------------
Total current tax (967) (1,421)
--------------------------------------------------------- -------------- --------------
6 Loans and receivables
30 June 2017 31 December
2016
GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
Amounts due within one year
Amounts owed by Group undertakings - loans 1,087,763 2,661,340
Amounts owed by Group undertakings - current
accounts 99,558 106,342
--------------------------------------------------------- -------------- --------------
1,187,321 2,767,682
--------------------------------------------------------- -------------- --------------
Amounts due after more than one year
Amounts owed by Group undertakings - loans 8,351,495 8,353,138
--------------------------------------------------------- -------------- --------------
8,351,495 8,353,138
--------------------------------------------------------- -------------- --------------
9,538,816 11,120,820
--------------------------------------------------------- -------------- --------------
Amounts due within one year are the net proceeds of bond
issuances that have been advanced as loans to Group undertakings
totalling GBP1,087,763,000
(31 December 2016: GBP2,661,340,000), which are unsecured with
interest charged at 5.76% per annum and repayable at maturity in
December 2017.
In addition, there are balances with Group undertakings
totalling GBP99,558,000 (31 December 2016: GBP106,342,000) that are
unsecured and repayable on demand and earn a market rate of
interest (based on one week LIBOR minus 0.125%) that is consistent
with the Group's policy.
Amounts due after more than one year are the net proceeds of
bond issuances that have been advanced as loans to Group
undertakings, which are unsecured with interest charged between
1.05% and 6.50% per annum and repayable at maturity dates between
2017 and 2045.
7 Prepayments and accrued income
30 June 2017 31 December
2016
GBP'000 GBP'000
-------------------------------------------------- -------------- -------------
Amounts due within one year 116,664 110,223
----------------------------------------------------- -------------- -------------
Accrued income relates to interest on amounts
owed by Group undertakings (see Note 6).
8 Other payables
30 June 2017 31 December
2016
GBP'000 GBP'000
-------------------------------------------------- -------------- -------------
Amounts falling due within one year
Amounts owed to Group undertakings - (2,202)
Corporation tax (3,791) (2,824)
----------------------------------------------------- -------------- -------------
(3,791) (5,026)
----------------------------------------------------- -------------- -------------
Amounts owed to Group undertakings are unsecured
and repayable on demand.
The corporation tax creditor contains amounts
which will be paid to fellow Group companies.
9 Borrowings
30 June 2017 31 December
2016
GBP'000 GBP'000
-------------------------------------------------- -------------- -------------
Amounts falling due within one year
Loans payable:
EUR European Medium Term Notes (1,096,128) (1,067,597)
US$ Medium Term Notes - (1,612,119)
----------------------------------------------------- -------------- -------------
(1,096,128) (2,679,716)
----------------------------------------------------- -------------- -------------
Amounts falling due after more than one year
Loans payable:
EUR European Medium Term Notes (2,831,355) (2,756,848)
GBP European Medium Term Notes (4,051,709) (4,050,413)
US$ Medium Term Notes (1,529,764) (1,602,842)
----------------------------------------------------- -------------- -------------
(8,412,828) (8,410,103)
----------------------------------------------------- -------------- -------------
Total borrowings (9,508,956) (11,089,819)
30 June 2017 31 December
2016
Maturity of borrowings GBP'000 GBP'000
----------------------------------------- ------------------------------------------- ----------------------
In one year or less, or on demand
1.50% US$ Medium Term Note 2017 - (1,612,119)
5.625% EUR European Medium Term Note
2017 (1,096,128) (1,067,597)
----------------------------------------- ------------------------------------------- ----------------------
(1,096,128) (2,679,716)
----------------------------------------- ------------------------------------------- ----------------------
In more than two years, but not more
than five years
0.6250% EUR European Medium Term Note
2019 (1,311,026) (1,276,450)
2.85% US$ US Medium Term Note 2022 (1,529,764) -
----------------------------------------- ------------------------------------------- ----------------------
(2,840,790) (1,276,450)
----------------------------------------- ------------------------------------------- ----------------------
In more than five years
2.85% US$ US Medium Term Note 2022 - (1,602,842)
1.375% EUR European Medium Term Note
2024 (867,799) (844,930)
4.00% EUR European Medium Term Note
2025 (652,530) (635,468)
3.375% GBP European Medium Term Note
2027 (593,067) (592,734)
5.25% GBP European Medium Term Note
2033 (986,051) (985,626)
6.375% GBP European Medium Term Note
2039 (695,220) (695,110)
5.25% GBP European Medium Term Note
2042 (988,367) (988,133)
4.25% GBP European Medium Term Note
2045 (789,004) (788,810)
----------------------------------------- ------------------------------------------- ----------------------
(5,572,038) (7,133,653)
----------------------------------------- ------------------------------------------- ----------------------
Total borrowings (9,508,956) (11,089,819)
----------------------------------------- ------------------------------------------- ----------------------
10 Accruals and deferred income
30 June 2017 31 December
2016
GBP'000 GBP'000
------------------------------------- ------------------------------------------- --------------
Amounts falling due within one year (108,434) (106,431)
------------------------------------- ------------------------------------------- --------------
Accruals relates to interest payable on borrowings (see Note
9).
11 Fair value of financial assets and liabilities
The fair values of the financial assets and liabilities are
included at the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The following methods and assumptions were used to estimate the
fair values:
-- Cash and cash equivalents - approximates to the carrying
amount;
-- Borrowings (European and US Medium Term Notes) - based on
quoted market prices (a level 1 fair value measurement);
-- Intercompany loans - approximates to the fair value of
borrowings (European and US Medium Term Notes);
-- Intercompany current accounts - approximates to the carrying
amount; and
-- Receivables and payables - approximates to the carrying
amount.
The carrying amounts and the fair values of the Company's
financial assets and liabilities at 30 June 2017 and 31 December
2016 are illustrated below.
30 June 2017 31 December 2016
Carrying value Carrying value Fair
Fair value value
-------------------------------------
GBP'000 GBP'000 GBP'000 GBP'000
------------------------------------- ------------------------------ --------------- ------------------------------
Cash and cash equivalents 2 2 2 2
Loans and receivables: Other
receivables 116,664 116,664 110,223 110,223
Amounts owed by Group undertakings
- current accounts 99,558 99,558 106,342 106,342
Amounts owed by Group undertakings 9,439,258 11,388,004 11,014,478 13,045,298
------------------------------------- ------------------------------ --------------- ------------------------------
Total financial assets 9,655,482 11,604,228 11,231,045 13,261,865
------------------------------------- ------------------------------ --------------- ------------------------------
Financial liabilities measured
at amortised cost:
GBP European Medium Term Notes (4,051,709) (5,640,387) (4,050,413) (5,762,307)
EUR European Medium Term Notes (3,927,483) (4,174,371) (3,824,445) (4,147,107)
US$ US Medium Term Notes (1,529,764) (1,573,246) (3,214,961) (3,242,226)
------------------------------------- ------------------------------ --------------- ------------------------------
(9,508,956) (11,388,004) (11,089,819) (13,151,640)
Other payables (108,434) (108,434) (108,633) (108,633)
------------------------------------- ------------------------------ --------------- ------------------------------
Total financial liabilities (9,617,390) (11,496,438) (11,198,452) (13,260,273)
------------------------------------- ------------------------------ --------------- ------------------------------
Net financial assets and
liabilities 38,092 107,790 32,593 1,592
------------------------------------- ------------------------------ --------------- ------------------------------
The Company has no financial assets or liabilities measured at
fair value through profit or loss.
Financial liabilities measured at amortised cost for which the
fair value of GBP11,388,004,000 (31 December 2016:
GBP13,151,640,000) is disclosed in the table above are categorised
as Level 1, where quoted prices in active markets are used.
Similarly, amounts owed by Group undertakings, which include the
net proceeds of bond issuances advanced as loans, also approximate
to the fair value of these financial liabilities. All other assets
and liabilities approximate to the carrying amount.
12 Adjustments reconciling operating profit
to operating cash flows
Period ended Period ended
30 June 2017 30 June
GBP'000 2016
GBP'000
--------------------------------------------- ----------------------------------- ---------------------
Operating profit 5,022 7,112
Increase in other receivables (6,441) (12,590)
(Decrease) / increase in other payables (199) 7,335
Exchange adjustments 511 (1,527)
Amortisation of bond costs 5,340 5,546
Reclassification of cash flow hedges to
the income statement 477 477
------------------------------------------------- ----------------------------------- ---------------------
(312) (759)
------------------------------------------------- ----------------------------------- ---------------------
Net cash inflow from operating activities 4,710 6,353
------------------------------------------------- ----------------------------------- ---------------------
13 Called up share capital
30 June 2017 31 December 30 June 31 December
Number of 2016 2017 2016
Number of
shares shares GBP'000 GBP'000
Authorised
Ordinary Shares of GBP1 each
(31 December 2016: GBP1 each) 100,000 100,000 100 100
-------------------------------- ------------------- --------------------- ------------------ ------------
Issued and fully paid
Ordinary Shares of GBP1 each
(31 December 2016: GBP1 each) 100,000 100,000 100 100
-------------------------------- ------------------- --------------------- ------------------ ------------
14 Related party transactions
As a wholly owned subsidiary of the ultimate parent company,
GlaxoSmithKline plc, advantage has been taken of the exemption
afforded by FRS
101 "Reduced Disclosure Framework" not to disclose any related
party transactions within the Group. There are no other related
party transactions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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