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| Name | Symbol | Market | Type |
|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.125 | -0.12% | 101.55 | 100.15 | 102.95 | 0 | 16:35:20 |
From Jan 2020 to Jan 2025
TIDMAG99
RNS Number : 9061G
GlaxoSmithKline Capital PLC
29 July 2021
Publication of GlaxoSmithKline Capital plc
Interim Management Report 2021
Today, 29 July 2021, 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 2021.
In compliance with Listing Rule 9.6.1 of the UK Financial Conduct Authority ("FCA"), copies of the Company's Interim Management Report, have been submitted to the UK Listing Authority's NSM submission portal via the Electronic Submission System (ESS). A copy can be viewed at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
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
29 July 2021
* https://www.gsk.com/en-gb/about-us/codes-and-standards/#tab-9343
Cautionary statement regarding forward-looking statements
Under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, GlaxoSmithKline plc (GSK) and the company 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 "Risk Factors" in GSK's Annual Report on Form 20-F for 2020 and any impacts of the COVID-19 pandemic.
APPIX A
GlaxoSmithKline Capital plc
(Registered number: 02258699)
Interim Management Report
for the half year ended 30 June 2021
Registered office address:
980 Great West Road
Brentford
Middlesex
TW8 9GS
GlaxoSmithKline Capital plc
(Registered number: 02258699)
Interim Management Report
for the half year ended 30 June 2021
Contents Pages 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 8-10
GlaxoSmithKline Capital plc
(Registered number: 02258699)
Results announcement and interim management report for the half year ended 30 June 2021
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 2021 of GBP6,685,000 (2020: GBP10,366,000), 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 2021 (2020:GBPnil).
At 30 June 2021, the Company had in issue GBP12,336,576,000 European Medium Term Notes and GBP4,851,788,000 US Medium Term Notes (31 December 2020: GBP12,664,804,000 and GBP5,474,398,622 respectively), which mature at dates between 2022 and 2045. All notes currently in issue pay interest on a fixed rate basis, with the exception of the EUR1.5 billion (GBP1.4 billion) 2021 European Medium Term Note, which is 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 2020 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 2020.
Impact of Brexit
The UK left the EU on 31 January 2020 and the Brexit transition period ended on 31 December 2020 with a Trade and Cooperation Agreement ('a deal') in place between the UK and EU. The Group's overriding priority in preparing for the UK's exit from the EU has been to maintain continuity of supply of our products to people in the UK and EU.
The Group's post-Brexit operating model has been implemented, and we continue to work closely with Governments in both the UK and EU, as well as our third parties, on the effective implementation of the deal and to ensure that our sector continues to thrive and deliver innovation for consumers in both the UK and EU.
Over the longer term, we continue to believe that Brexit will not have a material impact on our business.
Directors' responsibility statement
The Board of Directors approved this document on 23 July 2021.
The Directors confirm that to the best of their knowledge this unaudited condensed financial information for the six months ended 30 June 2021 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.
Risks associated with COVID-19
The potential impact of the coronavirus outbreak on the Company's and its subsidiaries' access to capital and ability to lend and all its principal risks have been assessed with mitigation plans put in place. The Company has accessed capital markets in 2020, and continues to monitor the situation closely, as this continues to be a dynamic and an uncertain situation, with the ultimate severity, duration and impact unknown at this point.
The Directors of the Company are:
Mr I Mackay
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
23 July 2021
Internet
This Announcement and other information about the GSK Group are available on the website at: http://www.gsk.com .
GlaxoSmithKline Capital plc
Income statement
for the half year ended 30 June 2021
Hot Features
Premium
Period ended 30 Period ended 30
June 2021 June 2020
Note GBP'000 GBP'000
----- ---------------- ----------------
Other operating
income / (expense) 2 (1,197) 1,626
----- ---------------- ----------------
Finance income 3 224,460 251,724
----- ---------------- ----------------
Finance expense 4 (215,009) (240,553)
----- ---------------- ----------------
Operating profit 8,254 12,797
----- ---------------- ----------------
Profit before taxation 8,254 12,797
----- ---------------- ----------------
Taxation on profit 5 (1,569) (2,431)
----- ---------------- ----------------
Profit for the
financial period 6,685 10,366
----- ---------------- ----------------
GlaxoSmithKline Capital plc
Statement of comprehensive income
for the half year ended 30 June 2021
Period ended 30 Period ended 30
June 2021 June 2020
GBP'000 GBP'000
---------------- ----------------
Profit for the
financial period 6,685 10,366
---------------- ----------------
Items that may
be subsequently
reclassified to
the income statement:
---------------- ----------------
Fair value movements
on cash flow hedges 0 (5,480)
---------------- ----------------
Reclassification
of cash flow hedges
to the income statement 1,851 1,879
---------------- ----------------
Deferred tax on
fair value movements
on cash flow hedges 46 1,078
---------------- ----------------
Other comprehensive
income for the
financial period 1,897 (2,523)
---------------- ----------------
Total comprehensive
income for the
financial period 8,582 7,843
---------------- ----------------
GlaxoSmithKline Capital plc
Balance sheet
as at 30 June 2021
30 June 2021 31 December 2020
Note GBP'000 GBP'000
Non-current assets
----- ------------- -----------------
Deferred tax assets 3,780 4,021
----- ------------- -----------------
Loans and receivables 6 12,955,837 15,776,159
----- ------------- -----------------
Total non-current
assets 12,959,617 15,780,180
----- ------------- -----------------
Current assets
----- ------------- -----------------
Loans and receivables 6 4,321,861 2,447,426
----- ------------- -----------------
Prepayments and
accrued income 7 108,086 145,580
----- ------------- -----------------
Cash and cash equivalents 4 4
----- ------------- -----------------
Total current assets 4,429,951 2,593,010
----- ------------- -----------------
Total assets 17,389,568 18,373,190
----- ------------- -----------------
Current liabilities
----- ------------- -----------------
Other payables 8 - -4,024
----- ------------- -----------------
Corporate tax -5,417 -4,134
----- ------------- -----------------
Accruals and deferred
income 10 -98,396 -137,021
----- ------------- -----------------
Short-term borrowings 9 -4,238,047 -2,350,809
----- ------------- -----------------
Total current liabilities -4,341,860 -2,495,988
----- ------------- -----------------
Net current assets 88,091 97,022
----- ------------- -----------------
Total assets less
current liabilities 13,047,708 15,877,202
----- ------------- -----------------
Non-current liabilities
----- ------------- -----------------
Long-term borrowings 9 -12,950,318 -15,788,394
----- ------------- -----------------
Total non-current
liabilities -12,950,318 -15,788,394
----- ------------- -----------------
Total liabilities -17,292,178 -18,284,382
----- ------------- -----------------
Net assets 97,390 88,808
----- ------------- -----------------
Equity
----- ------------- -----------------
Called up share
capital 13 100 100
----- ------------- -----------------
Other reserves -15,244 -17,141
----- ------------- -----------------
Retained earnings 112,534 105,849
----- ------------- -----------------
Total equity 97,390 88,808
----- ------------- -----------------
GlaxoSmithKline Capital plc
Statement of changes in equity
for the half year ended 30 June 2021
Called up share
capital Other reserves Retained earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000
---------------- --------------- ------------------ -------------
At 1 January
2020 100 (16,323) 88,226 72,003
---------------- --------------- ------------------ -------------
Profit for the
financial period - - 10,366 10,366
---------------- --------------- ------------------ -------------
Other comprehensive
income for the
financial period - (2,523) - (2,523)
---------------- --------------- ------------------ -------------
At 30 June 2020 100 (18,846) 98,592 79,846
---------------- --------------- ------------------ -------------
Called up share
capital Other reserves Retained earnings Total equity
---------------- --------------- ------------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000
---------------- --------------- ------------------ -------------
At 1 January
2021 100 (17,141) 105,849 88,808
---------------- --------------- ------------------ -------------
Profit for the
financial period - - 6,685 6,685
---------------- --------------- ------------------ -------------
Other comprehensive
income for the
financial period - 1,897 - 1,897
---------------- --------------- ------------------ -------------
At 30 June 2021 100 (15,244) 112,534 97,390
---------------- --------------- ------------------ -------------
GlaxoSmithKline Capital plc
Cash flow statement
for the half year ended 30 June 2021
Period ended Period ended
30 June 2021 30 June 2020
Note GBP'000 GBP'000
----- -------------- --------------
Cash flows from
operating activities
----- -------------- --------------
Operating profit 6,685 12,797
----- -------------- --------------
Adjustments reconciling
operating profit
to operating cash
flows 12 4,863 (166)
----- -------------- --------------
Net cash (outflow)
/ inflow from operating
activities 11,548 12,631
----- -------------- --------------
Cash flows from
financing activities
----- -------------- --------------
Proceeds from borrowings - 2,140,275
----- -------------- --------------
Repayment of borrowings (533,048) (674,483)
----- -------------- --------------
Loans provided
to Group undertakings - (2,134,797)
----- -------------- --------------
Loan repayments
received from Group
undertakings 531,715 674,483
----- -------------- --------------
(Increase) / decrease
in current accounts
with Group undertakings (10,215) (18,109)
----- -------------- --------------
Net cash inflow
/ (outflow) from
financing activities (11,548) (12,630)
----- -------------- --------------
Net movement in
cash in the period - 1
----- -------------- --------------
Cash at beginning
of period 4 4
----- -------------- --------------
Movement in cash - 1
----- -------------- --------------
Cash at end of
period 4 5
----- -------------- --------------
GlaxoSmithKline Capital plc
Notes to the financial statements for the half year ended 30 June 2021
1. Accounting presentation and policies
This unaudited Results Announcement containing condensed financial information for the six months ended 30 June 2021 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. The same accounting policies and methods of computation are followed in the interim nancial statements as compared with the most recent annual nancial statements.
2. Operating profit
Period ended 30 June Period ended 30 June
2021 2020
GBP'000 GBP'000
--------------------- ---------------------
The following items have
been credited / (charged)
in operating profit:
--------------------- ---------------------
Exchange gains on foreign
currency transactions (1,197) 1,626
--------------------- ---------------------
3. Finance income
Period ended 30 June Period ended 30 June
2021 2020
GBP'000 GBP'000
--------------------- ---------------------
Interest income arising
from loans with Group
undertakings 224,460 251,724
--------------------- ---------------------
4. Finance expense
Period ended 30 June Period ended 30 June
2021 2020
GBP'000 GBP'000
--------------------- ---------------------
Interest expense arising
on financial liabilities
at amortised cost (213,158) (238,674)
--------------------- ---------------------
Reclassification of cash
flow hedge from other
comprehensive income (1,851) (1,879)
--------------------- ---------------------
Total finance expense (215,009) (240,553)
--------------------- ---------------------
5. Taxation
Period ended 30 June Period ended 30 June
2021 2020
Income tax expense on GBP'000 GBP'000
ordinary activities
--------------------- ---------------------
Current tax:
--------------------- ---------------------
UK corporation tax at
19% (2020: 19%) (1,569) (2,431)
--------------------- ---------------------
Total current tax (1,569) (2,431)
--------------------- ---------------------
Period ended 30 June Period ended 30 June
2021 2020
Total tax (expense) / GBP'000 GBP'000
credit included in other
comprehensive income
--------------------- ---------------------
Deferred tax:
--------------------- ---------------------
Fair value movements
on cash flow hedges 46 1,078
--------------------- ---------------------
Total tax (expense) /
credit included in other
comprehensive income 46 1,078
--------------------- ---------------------
6. Trade and other receivables
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Amounts due within one
year
------------- -----------------
Amounts owed by Group
undertakings 4,321,861 2,447,426
------------- -----------------
4,321,861 2,447,426
------------- -----------------
Amounts due after more
than one year
------------- -----------------
Long term deposits 244 320
------------- -----------------
Amounts owed by Group
undertakings - loans 12,955,593 15,775,839
------------- -----------------
12,955,837 15,776,159
------------- -----------------
17,277,698 18,223,585
------------- -----------------
Amounts due within one year are deposits with Group undertakings of GBP97,699,618 (2019: GBP92,960,000) 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 GBP4,224,161,513 (2020: GBP2,714,625,000) which are unsecured with an interest rate between 0.045% and 3.2% per annum.
Amounts due after more than one year include the net proceeds of bond issuances that have been advanced as loans to Group undertakings, which are unsecured with fixed interest charged between 0.103% and 6.50% per annum and repayable at maturity dates between 2023 and 2045.
Amounts due after more than one year also include call accounts with Group undertakings of GBP81,724,873 (2020: GBP74,483,000) 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.
7. Prepayments and accrued income
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Amounts due within one
year 108,086 145,580
------------- -----------------
8. Trade and other payables
30 June 2021 31 December 2020
GBP'000 GBP'000
-------------- -----------------
Amounts falling due within
one year - (4,024)
-------------- -----------------
Amounts owed to Group
undertakings - (4,024)
-------------- -----------------
9. Borrowings
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Amounts falling due within
one year
------------- -----------------
Loans payable:
------------- -----------------
EUR European Medium Term
Notes (1,716,270) (1,801,490)
------------- -----------------
US$ Medium Term Notes (2,521,777) (549,319)
------------- -----------------
(4,238,047) (2,350,809)
------------- -----------------
Amounts falling due after
more than one year
------------- -----------------
Loans payable:
------------- -----------------
EUR European Medium Term
Notes (5,085,212) (5,330,086)
------------- -----------------
GBP European Medium Term
Notes (5,535,094) (5,533,228)
------------- -----------------
US$ Medium Term Notes (2,330,012) (4,925,080)
------------- -----------------
(12,950,318) (15,788,394)
------------- -----------------
Total borrowings (17,188,365) (18,139,203)
------------- -----------------
30 June 2021 31 December 2020
Maturity of borrowings GBP'000 GBP'000
------------- -----------------
In one year or less,
or on demand
------------- -----------------
LIBOR+0.35% US$ US Medium
Term Note 2021 - (549,319)
------------- -----------------
LIBOR+0.30% EUR European
Medium Term Note 2021 (1,287,335) (1,351,541)
------------- -----------------
0% EUR European Medium
Term Note 2021 (428,935) (449,949)
------------- -----------------
2.850% US$ US Medium (1,440,942) -
Term Note 2022
------------- -----------------
2.875% US$ US Medium (1,080,835) -
Term Note 2022
------------- -----------------
(4,238,047) (2,350,809)
------------- -----------------
In more than one year,
but not more than two
years
------------- -----------------
2.850% US$ US Medium
Term Note 2022 - (1,462,747)
------------- -----------------
2.875% US$ US Medium
Term Note 2022 - (1,097,314)
------------- -----------------
0.125% EUR European Medium (642,169) -
Term Note 2023
------------- -----------------
(642,169) (2,560,061)
------------- -----------------
In more than two years,
but not more than five
years
------------- -----------------
0% EUR European Medium
Term Note 2023 (428,815) (449,632)
------------- -----------------
0.125% EUR European Medium
Term Note 2023 - (673,048)
------------- -----------------
0.534% US$ US Medium
Term Note 2023 (899,955) (913,467)
------------- -----------------
1.375% EUR European Medium
Term Note 2024 (853,253) (894,036)
------------- -----------------
3.000% US$ US Medium
Term Note 2024 (717,565) (728,293)
------------- -----------------
4.000% EUR European Medium
Term Note 2025 (639,721) (670,363)
------------- -----------------
1.250% EUR European Medium (854,931) -
Term Note 2026
------------- -----------------
(4,394,240) (4,328,839)
------------- -----------------
In more than five years
------------- -----------------
1.000% EUR European Medium
Term Note 2026 (599,036) (627,997)
------------- -----------------
1.250% EUR European Medium
Term Note 2026 - (896,167)
------------- -----------------
3.375% GBP European Medium
Term Note 2027 (595,045) (594,710)
------------- -----------------
1.25% GBP European Medium
Term Note 2028 (742,111) (741,602)
------------- -----------------
1.375% EUR European Medium
Term Note 2029 (426,306) (446,859)
------------- -----------------
3.375% US$ US Medium
Term Note 2029 (712,493) (723,260)
------------- -----------------
1.750% EUR European Medium
Term Note 2030 (640,979) (671,985)
------------- -----------------
5.250% GBP European Medium
Term Note 2033 (983,840) (983,392)
------------- -----------------
1.625% GBP European Medium
Term Note 2035 (743,490) (743,284)
------------- -----------------
6.375% GBP European Medium
Term Note 2039 (694,621) (694,542)
------------- -----------------
5.250% GBP European Medium
Term Note 2042 (986,961) (986,794)
------------- -----------------
4.250% GBP European Medium
Term Note 2045 (789,027) (788,902)
------------- -----------------
(7,913,909) (8,899,494)
------------- -----------------
Total borrowings (17,188,365) (18,139,203)
------------- -----------------
10. Accruals and deferred income
30 June 2021 31 December 2020
GBP'000 GBP'000
------------- -----------------
Amounts falling due within
one year (98,396) (137,021)
------------- -----------------
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 2021 and 31 December 2020 are illustrated below
30 June 2021 31 December 2020
Carrying value Fair value Carrying value Fair value
--------------- ------------- --------------- -------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------- ------------- --------------- -------------
Cash and cash
equivalents 4 4 4 4
--------------- ------------- --------------- -------------
Loans and receivables:
--------------- ------------- --------------- -------------
Other receivables 108,086 108,086 145,580 145,580
--------------- ------------- --------------- -------------
Amounts owed
by Group undertakings 17,277,454 19,682,835 18,223,265 21,184,077
--------------- ------------- --------------- -------------
Total financial
assets 17,385,544 19,790,925 18,368,849 21,329,661
--------------- ------------- --------------- -------------
Financial liabilities
measured at
amortised cost:
--------------- ------------- --------------- -------------
GBP European
Medium Term
Notes (5,535,094) (7,425,663) (5,533,228) (8,044,821)
--------------- ------------- --------------- -------------
EUR European
Medium Term
Notes (6,801,482) (7,201,869) (7,131,576) (7,621,068)
--------------- ------------- --------------- -------------
US$ US Medium
Term Notes (4,851,789) (5,055,303) (5,474,399) (5,765,875)
--------------- ------------- --------------- -------------
(17,188,365) (19,682,835) (18,139,203) (21,431,764)
--------------- ------------- --------------- -------------
Other payables (98,396) (98,396) (141,045) (141,045)
--------------- ------------- --------------- -------------
Total financial
liabilities (17,286,761) (19,781,231) (18,280,248) (21,572,809)
--------------- ------------- --------------- -------------
Net financial
assets 98,783 9,694 88,601 (243,148)
--------------- ------------- --------------- -------------
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 GBP19,781,231,000 (31 December 2020: GBP21,572,809,000) 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 ended 30 June Period ended 30 June
2021 2020
GBP'000 GBP'000
--------------------- ---------------------
Operating profit 6,685 12,797
--------------------- ---------------------
Adjustments:
--------------------- ---------------------
Decrease/ (increase)
in other receivables 37,570 25,518
--------------------- ---------------------
(Decrease) / increase
in other payables (41,079) (29,800)
--------------------- ---------------------
Exchange adjustments 1,114 2,608
--------------------- ---------------------
Amortisation of bond
costs 5,407 5,109
--------------------- ---------------------
Fair value movements
on cash flow hedges - (5,480)
--------------------- ---------------------
Reclassification of cash
flow hedges to the income
statement 1,851 1,879
--------------------- ---------------------
4,863 (166)
--------------------- ---------------------
Net cash (outflow) /
inflow from operating
activities 11,548 12,631
--------------------- ---------------------
13. Called up share capital
30 June 2021 31 December 30 June 2021 31 December
2020 2020
Number of shares Number of shares GBP'000 GBP'000
----------------- ----------------- ------------- ------------
Authorised
----------------- ----------------- ------------- ------------
Ordinary shares
of GBP1 each
(31 December
2020: GBP1 each) 100,000 100,000 100 100
----------------- ----------------- ------------- ------------
Issued and fully
paid
----------------- ----------------- ------------- ------------
Ordinary shares
of GBP1 each
(31 December
2020: 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.
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END
IR KKLBLFDLFBBV
(END) Dow Jones Newswires
July 29, 2021 05:23 ET (09:23 GMT)
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