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Name | Symbol | Market | Type |
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Glaxosmsc 5.25% | LSE:AG99 | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 106.175 | 105.00 | 107.35 | 0 | 01:00:00 |
TIDMAG99
RNS Number : 6316G
GlaxoSmithKline Capital PLC
24 July 2019
Publication of GlaxoSmithKline Capital plc
Interim Management Report 2019
Today, 24 July 2019, 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 2019.
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
24 July 2019
* https://www.gsk.com/en-gb/about-us/policies-codes-and-standards/other-reports
Cautionary statement regarding forward-looking statements
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. Such factors include, but are not limited to, those described under Item 3.D Principal risks and uncertainties in the company's Annual Report on Form 20-F for 2018.
APPIX A
GlaxoSmithKline Capital plc (Registered number: 2258699) Interim Management Report for the half year ended 30 June 2019 Registered office address: 980 Great West Road Brentford Middlesex TW8 9GS 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 8-12 Results announcement and interim management report for the half year ended 30 June 2019 Performance GlaxoSmithKline Capital plc (the "Company") is a member of the GlaxoSmithKline Group (the "Group"). The principal activities of the Company during the financial year were the issuance of notes under the Group's European 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 2019 of GBP7,229,000 (2018: GBP16,814,000), 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 2019 (2018: GBPnil). At 30 June 2019, the Company had in issue GBP11,321,857,000 European Medium Term Notes and GBP5,877,518,000 US Medium Term Notes (31 December 2018: GBP11,357,479,000 and GBP3,137,587,000, respectively), which mature at dates between 2019 and 2045. All notes currently in issue pay interest on a fixed rate basis, with the exception of the EUR750 million (GBP672 million) 2020 European Medium Term Note and $750 million (GBP591 million) 2021 US Medium Term Note which are on a floating 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 2018 Annual Report which does not form part of this report. Details of the Company's financial risk management is also disclosed in the Company's Annual Report for the year ended 31 December 2018. Directors' responsibility statement The Board of Directors approved this document on 22 July 2019. The Directors confirm that to the best of their knowledge this unaudited condensed financial information for the six months ended 30 June 2019 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. Approach to Brexit In preparing for the UK's exit from the EU (Brexit), the Directors of the Group have taken a risk-based approach to maintain continuity of supply of our medicines, vaccines and consumer healthcare products to the people in the UK and EU at the 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 approach to Brexit would not be appropriate for an understanding of the impact of Brexit to the position of the Company's business. The Group's approach to Brexit, which include those of the Company, are discussed in the Group's 2018 annual report which does not form part of this report. The Directors of the Company are: Mr S Dingemans (resigned on 1 May 2019) Mr I Mackay (appointed on 1 May 2019) 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 22 July 2019 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 2019 Period ended Period ended 30 June 30 June 2019 2018 Note GBP'000 GBP'000 -------------------------------------- ----- ------------- ------------- Other operating income/(expense) (465) 214 Finance income 3 226,897 172,296 Finance expense 4 (217,507) (151,712) ====================================== ===== ============= ============= Operating profit 2 8,925 20,798 ====================================== ===== ============= ============= Profit before taxation 8,925 20,798 ====================================== ===== ============= ============= Tax on profit 5 (1,696) (3,984) ====================================== ===== ============= ============= Profit for the financial period 7,229 16,814 -------------------------------------- ----- ------------- ------------- Statement of comprehensive income for the half year ended 30 June 2019 Period Period ended ended 30 June 30 June 2019 2018 GBP'000 GBP'000 Profit for the financial period 7,229 16,814 Items that may be subsequently reclassified to the income statement: Fair value movements on cash flow hedges (12,159) 1,288 Reclassification of cash flow hedges to the income statement 1,368 731 Deferred tax on cash flow hedges 1,834 (124) ================================================= ========= ======== Other comprehensive income for the financial period (8,957) 1,895 ================================================= ========= ======== Total comprehensive income for the financial period (1,728) 18,709 ------------------------------------------------- --------- -------- Statement of financial position As at 30 June 2019 31 December 30 June 2019 2018 Note GBP'000 GBP'000 --------------------------------------- ----- ------------- ------------- Non-current assets Deferred tax assets 3,738 1,904 Loans and receivables 6 15,107,976 13,087,653 --------------------------------------- ----- ------------- ------------- Total non-current assets 15,111,714 13,089,557 --------------------------------------- ----- ------------- ------------- Current assets Loans and receivables 6 2,139,171 1,471,451 Prepayments and accrued income 7 130,458 131,225 Cash and cash equivalents 4,155 - --------------------------------------- ----- ------------- ------------- Total current assets 2,273,784 1,602,676 --------------------------------------- ----- ------------- -------------
Total assets 17,383,664 14,692,233 --------------------------------------- Current liabilities Other payables 8 (7,448) (7,792) Accruals and deferred income 10 (115,957) (124,929) Short-term borrowings (2,016,271) (1,349,459) --------------------------------------- ----- ------------- ------------- Total current liabilities (2,139,676) (1,482,180) --------------------------------------- ----- ------------- ------------- Net current assets 134,108 120,496 --------------------------------------- ----- ------------- ------------- Total assets less current liabilities 15,243,988 13,210,053 --------------------------------------- ----- ------------- ------------- Non-current liabilities Long-term borrowings 9 (15,183,104) (13,145,607) --------------------------------------- ----- ------------- ------------- Total non-current liabilities (15,183,104) (13,145,607) --------------------------------------- ----- ------------- ------------- Total liabilities (17,322,780) (14,627,787) Net assets 62,718 64,446 --------------------------------------- ----- ------------- ------------- Equity Called up share capital 13 100 100 Other reserves (18,254) (9,297) Retained earnings 80,872 73,643 ----- Total equity 62,718 64,446 --------------------------------------- ----- ------------- ------------- Statement of changes in equity for the half year ended 30 June 2019 Called up share Other Retained capital reserves earnings Total equity GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- At 1 January 2018 100 (11,588) 49,123 37,635 Profit for the financial period - - 16,814 16,814 Other comprehensive income for the financial period - 1,895 - 1,895 --------------------------------- --------- ---------- ---------- ------------- At 30 June 2018 100 (9,693) 65,937 56,344 --------------------------------- --------- ---------- ---------- ------------- Called up share Other Retained capital reserves earnings Total equity GBP'000 GBP'000 GBP'000 GBP'000 --------------------------------- At 1 January 2019 100 (9,297) 73,643 64,446 Profit for the financial period - - 7,229 7,229 Other comprehensive income for the financial period - (8,957) - (8,957) --------------------------------- --------- ---------- ---------- ------------- At 30 June 2019 100 (18,254) 80,872 62,718 --------------------------------- --------- ---------- ---------- ------------- Cash flow statement for the half year ended 30 June 2019 Period ended Period ended 30 June 2019 30 June 2018 Note GBP'000 GBP'000 ------------------------------------------ ----- ------------- ------------- Cash flows from operating activities Operating profit 8,925 20,798 Adjustments reconciling operating profit to operating cash flows 12 (13,983) (20,852) ------------------------------------------ ----- ------------- ------------- Net cash (outflow)/inflow from operating activities (5,058) (54) ------------------------------------------ ----- ------------- ------------- Cash flows from financing activities Proceeds from borrowings 2,630,777 3,650,522 Repayment of borrowings - - Loans provided to Group undertakings (2,618,537) (3,648,326) Loan repayments received from Group - - undertakings (Increase)/decrease in current accounts with Group undertakings (3,027) (2,142) ------------------------------------------ ----- ------------- ------------- Net cash inflow/(outflow) from financing activities 9,213 54 ------------------------------------------ ----- ------------- ------------- Net movement in cash in the period 4,155 - ------------------------------------------ ----- ------------- ------------- Cash at beginning of period - 1 Movement in cash 4,155 - ------------------------------------------ ----- ------------- ------------- Cash at end of period 4,155 1 ------------------------------------------ ----- ------------- ------------- Notes to the financial statements for the half year ended 30 June 2019 1 Accounting presentation and policies This unaudited Results Announcement containing condensed financial information for the six months ended 30 June 2019 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 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------------- ---- ----------------- -------------- The following items have been (charged) / credited in operating profit: Exchange gains/(losses) on foreign currency transactions (465) 214 --------------------------------------------------------------------- ---- ---- ----------------- -------------- 3 Finance income Period ended Period ended 30 June 30 June 2019 2018 GBP'000 GBP'000 --------------- ------------------- ------------------------- ---- ---- ----------------- -------------- Interest income arising from loans with Group undertakings 226,897 172,296 4 Finance expense Period ended Period ended 30 June 30 June 2019 2018 GBP'000 GBP'000 --------------- ------------------- ------------------------- ---- ---- ----------------- -------------- Interest expense arising on financial liabilities at amortised cost (216,139) (150,981) Reclassification of cash flow hedge from other comprehensive income (1,368) (731) --------------------------------------------------------------------------------- ----------------- -------------- Total finance expense (217,507) (151,712) --------------------------------------------------------------------- ---- ---- ----------------- -------------- 5 Taxation Period ended Period ended 30 June
30 June 2019 2018 Income tax expense on ordinary activities GBP'000 GBP'000 --------------------------------------------------------------------------- ----------------- -------------- Current tax: UK corporation tax at 19% (2018: 19%) (1,696) (3,984) Total current tax (1,696) (3,984) --------------------------------------------------------------------- ---- ---- ----------------- -------------- Period ended Period ended 30 June 30 June 2019 2018 Total tax (expense) / credit included in other comprehensive income GBP'000 GBP'000 =========================================================================== ================= ============== Deferred tax: Fair value movements on cash flow hedges 1,834 (124) ===================================================================== ==== ==== ================= ============== Total tax (expense) / credit included in other comprehensive income 1,834 (124) --------------------------------------------------------------------- ---- ---- ----------------- -------------- 6 Loans and receivables 31 December 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------------------- ----------------- -------------- Amounts due within one year Amounts owed by Group undertakings 2,139,171 1,471,451 --------------------------------------------------------------------------- ---- ----------------- -------------- 2,139,171 1,471,451 --------------------------------------------------------------------- ---- ---- ----------------- -------------- Amounts due after more than one year Amounts owed by Group undertakings 15,107,976 13,087,653 15,107,976 13,087,653 --------------------------------------------------------------------- ---- ---- ----------------- -------------- 17,247,147 14,559,104 Amounts due within one year are call accounts with Group undertakings of GBP51,360,000 (2018: GBP51,647,000) which are unsecured, repayable on demand and earn a market rate of interest (based on 1 week LIBOR minus 0.125%) that is consistent with the Group's policy, and includes deposits with Group undertakings of GBP81,749,000 (2018: GBP78,574,000) which are unsecured, repayable on demand and earn a market rate of interest (based on LIBOR minus 0.125%) that is consistent with the Group's policy. Amounts due within one year also include the net proceeds of bond issuances that have been advanced as loans to Group undertakings of GBP2,006,062,000 (2018: GBP1,341,230,000) which are unsecured with a fixed interest rate of 1.05% and a floating interest rate of EURIBOR+ 20bps per annum. 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 fixed interest charged between 0.21% and 6.50% per annum and floating interest charged at LIBOR plus 56bps and repayable at maturity dates between 2020 and 2045. 7 Prepayments and accrued income 31 December 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------------------- ----------------- -------------- Amounts due within one year 130,458 131,225 --------------------------------------------------------------------- ---- ---- ----------------- -------------- Accrued income relates to interest on amounts owed by Group undertakings (see Note 6). 8 Other payables 31 December 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------------------- ----------------- -------------- Amounts falling due within one year Amounts owed to Group undertakings - (2,040) Corporation tax (7,448) (5,752) --------------------------------------------------------------------------- ---- ----------------- -------------- (7,448) (7,792) --------------------------------------------------------------------- ---- ---- ----------------- -------------- The corporation tax creditor contains amounts which will be paid to fellow Group companies under Group relief. 9 Borrowings 31 December 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------------------- ----------------- -------------- Amounts falling due within one year Loans payable: EUR European Medium Term Notes (2,016,271) (1,349,459) --------------------------------------------------------------------- ---- ---- ----------------- -------------- (2,016,271) (1,349,459) --------------------------------------------------------------------- ---- ---- ----------------- -------------- Amounts falling due after more than one year Loans payable: EUR European Medium Term Notes (5,260,810) (5,964,309) GBP European Medium Term Notes (4,044,776) (4,043,711) US$ Medium Term Notes (5,877,518) (3,137,587) --------------------------------------------------------------------------- ---- ----------------- -------------- (15,183,104) (13,145,607) --------------------------------------------------------------------- ---- ---- ----------------- -------------- Total borrowings (17,199,375) (14,495,066) --------------------------------------------------------------------- ---- ---- ----------------- -------------- 31 December 30 June 2019 2018 Maturity of borrowings GBP'000 GBP'000 --------------------------------------------------------------- ---- ---- ----------------- -------------- In more than one year, but not more than two years 0.625% EUR European Medium Term Note 2019 - (1,349,459) LIBOR + 20bps EUR European Medium Term Note 2020 - (677,246) 0.000% EUR European Medium Term Note 2020 (1,074,095) (1,079,415) LIBOR + 35bps US$ US Medium Term Note 2021 (589,998) -
3.125% US$ Medium Term Note 2021 (981,576) - --------------------------------------------------------------- ---- ---- ----------------- -------------- (2,645,669) (3,106,120) --------------------------------------------------------------------- ---- ---- ----------------- -------------- In more than two years, but not more than five years LIBOR + 35bps US$ US Medium Term Note 2021 - (589,385) 3.125% US$ Medium Term Note 2021 - (980,151) 2.85% US$ Medium Term Note 2022 (1,570,005) (1,568,052) 2.875% US$ Medium Term Note 2022 (1,178,283) - 3.000% US$ US Medium Term Note 2024 (781,340) - --------------------------------------------------------------- ---- ---- ----------------- -------------- (3,529,628) (3,137,588) --------------------------------------------------------------------- ---- ---- ----------------- -------------- In more than five years 1.375% EUR European Medium Term Note 2024 (888,797) (892,962) 4.000% EUR European Medium Term Note 2025 (666,688) (669,903) 1.000% EUR European Medium Term Note 2026 (625,295) (628,546) 1.250% EUR European Medium Term Note 2026 (892,021) (896,568) 3.375% GBP European Medium Term Note 2027 (593,669) (593,351) 3.375% US$ US Medium Term Note 2029 (776,316) - 1.375% EUR European Medium Term Note 2029 (444,766) (447,022) 1.750% EUR European Medium Term Note 2030 (669,148) (672,647) 5.250% GBP European Medium Term Note 2033 (982,114) (981,711) 6.375% GBP European Medium Term Note 2039 (694,060) (693,984) 5.250% GBP European Medium Term Note 2042 (986,369) (986,216) 4.250% GBP European Medium Term Note 2045 (788,564) (788,448) --------------------------------------------------------------------- ---- ---- ----------------- -------------- (9,007,807) (8,251,358) --------------------------------------------------------------------- ---- ---- ----------------- -------------- Total borrowings due after one year (15,183,104) (14,495,066) --------------------------------------------------------------------- ---- ---- ----------------- -------------- 10 Accruals and deferred income 31 December 30 June 2019 2018 GBP'000 GBP'000 --------------------------------------------------------------- ---- ---- ----------------- -------------- Amounts falling due within one year (115,957) (124,929) --------------------------------------------------------------------- ---- ---- ----------------- -------------- 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); 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 2019 and 31 December 2018 are illustrated below. 30 June 2019 31 December 2018 Carrying Carrying value Fair value value Fair value GBP'000 GBP'000 GBP'000 GBP'000 --------------- ------------------- ----- ------------- -------------------- ------------- ------------- Cash and cash equivalents 4,155 4,155 - - Loans and receivables: Other receivables 130,458 130,458 131,225 131,225 Amounts owed by Group undertakings 17,247,147 19,467,188 14,559,104 16,387,153 Total financial assets 17,381,760 19,601,801 14,690,329 16,518,378 ------------------------------------------- ------------- -------------------- ------------- ------------- Financial liabilities measured at amortised cost: GBP European Medium Term Notes (4,044,776) (5,697,927) (4,043,711) (4,088,154) EUR European Medium Term Notes (7,277,081) (7,724,089) (7,313,768) (8,627,556) US$ US Medium Term Notes (5,877,518) (6,045,172) (3,137,587) (3,671,443) ------------------------------------ ----------- ------------- -------------------- ------------- ------------- (17,199,375) (19,467,188) (14,495,066) (16,387,153) Other payables (115,957) (115,957) (126,969) (126,969) Total financial liabilities (17,315,332) (19,583,145) (14,622,035) (16,514,122) ------------------------------------ ----------- ------------- -------------------- ------------- ------------- Net financial assets 66,428 18,656 68,294 4,256 ------------------------------------------- ------------- -------------------- ------------- ------------- 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 GBP19,467,188,000 (31 December 2018: GBP16,387,153,000) as 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 are approximate to the carrying amount. 12 Adjustments reconciling operating profit to operating cash flows Period Period ended ended 30 June 30 June 2019 2018 GBP'000 GBP'000 ------------------------------------------- ------------- -------------------- ------------- ------------- Operating profit 8,925 20,798 Adjustments: Decrease/(increase) in other receivables 767 3,317 (Decrease)/increase in other payables (11,012) (13,836) Exchange adjustments 307 (3,565) Amortisation of bond costs 6,746 (8,787)
Fair value movements on cash flow hedges (12,159) 1,288 Reclassification of cash flow hedges to the income statement 1,368 731 ---------------------------------------------------------------- -------------------- ------------- ------------- - (13,983) (20,852) ---------------------------------------------------------------- -------------------- ------------- ------------- Net cash (outflow)/inflow from operating activities (5,058) (54) -------------------------------------------------------------------------------------- ------------- ------------- 13 Called up share capital 31 December 30 June 31 December 30 June 2019 2018 2019 2018 Number Number of of shares shares GBP'000 GBP'000 --------------- ------------------- ----- ------------- -------------------- ------------- ------------- Authorised Ordinary Shares of GBP1 each (31 December 2018: GBP1 each) 100,000 100,000 100 100 ------------------------------------------- ------------- -------------------- ------------- ------------- Issued and fully paid Ordinary Shares of GBP1 each (31 December 2018: 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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