TIDMAG99
RNS Number : 7948H
GlaxoSmithKline Capital PLC
31 July 2023
Publication of GlaxoSmithKline Capital plc
Interim Management Report 2023
Today, 31 July 2023, GlaxoSmithKline Capital plc (the "Company")
published on the GSK Group ("GSK") website, www.gsk.com *, its
Interim Management Report in respect of the period ended 30 June
2023.
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
31 July 2023
*
https://www.gsk.com/en-gb/company/codes-standards-and-reports/#gsk-capital-plc-annual-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 in the Company's
Annual Report on Form 20-F for 2022, GSK's Q2 Results for 2023 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 2023
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 2023
Contents Pages
Interim report 1-2
Income statement 3
Statement of comprehensive income 4
Balance sheet 5
Statement of changes in equity 6
Cash flow statement 7
Notes to the financial statements 8-13
GlaxoSmithKline Capital plc
(Registered number: 02258699)
Results announcement and interim management report for the half
year ended 30 June 2023
Performance
GlaxoSmithKline Capital plc (the "Company") is a member of the
GSK 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 2023
of GBP5,408,000 (2022: GBP7,653,000), 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 2023 (2022: GBPnil).
At 30 June 2023, the Company had in issue GBP8,277,153,000
European Medium Term Notes and GBP2,560,633,000 US Medium Term
Notes (31 December 2022: GBP9,230,890,000 and GBP2,688,409,000
respectively), which mature at dates between 2023 and 2045. All
notes currently in issue pay interest on a fixed rate basis.
In May 2023, the Company repaid a EUR 750 million 0.125% EUR
Medium Term Note.
In addition, the Company further repurchased the following bond
holdings on 13th February 2023:
-- GBP75,783,000 of the GBP 1 billion 5.250% European Medium
Term Note 2033
-- GBP68,700,000 of the GBP 700 million 6.375% European Medium
Term Note 2039
Principal risks and uncertainties
The Directors of GSK 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 2022
annual report which does not form part of this report.
Directors' responsibility statement
The Board of Directors approved this document on 27 July
2023.
The Directors confirm that, to the best of their knowledge, this
unaudited condensed financial information for the six months ended
30 June 2023 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:
Mrs J Brown
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
27 July 2023
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 2023
Period ended Period ended
30 June 2023 30 June 2022
Note GBP'000 GBP'000
------------------------------------ -----
Other operating income / (expense) 2 (1,234) 1,810
Finance income 3 174,189 221,731
Finance expense 4 (165,886) (214,093)
------------------------------------ ----- -------------- --------------
Operating profit 7,069 9,448
------------------------------------ ----- -------------- --------------
Profit before taxation 7,069 9,448
Taxation on profit 5 (1,661) (1,795)
-----
Profit for the financial period 5,408 7,653
------------------------------------ ----- -------------- --------------
GlaxoSmithKline Capital plc
Statement of comprehensive income
for the half year ended 30 June 2023
Period ended Period ended
30 June 2023 30 June 2022
GBP'000 GBP'000
Profit for the financial period 5,408 7,653
Items that may be subsequently reclassified
to the income statement:
Fair value movements on cash flow hedges - -
Reclassification of cash flow hedges to the
income statement 1,209 1,769
Deferred tax on fair value movements on cash
flow hedges (302) (336)
---------------------------------------------- -------------- --------------
Other comprehensive income for the financial
period 907 1,433
Total comprehensive income for the financial
period 6,315 9,086
---------------------------------------------- -------------- --------------
GlaxoSmithKline Capital plc
Balance sheet
as at 30 June 2023
31 December
30 June 2023 2022
Note GBP'000 GBP'000
--------------------------------------- ----- ------------- -------------
Non-current assets
Deferred tax assets 2,665 2,968
Loans and receivables 6 8,666,051 9,794,173
Total non-current assets 8,668,716 9,797,141
--------------------------------------- ----- ------------- -------------
Current assets
Loans and receivables 6 2,290,864 2,236,637
Prepayments and accrued income 7 74,885 113,755
Cash and cash equivalents 1 1
--------------------------------------- ----- ------------- -------------
Total current assets 2,365,750 2,350,393
--------------------------------------- ----- ------------- -------------
Total assets 11,034,466 12,147,534
--------------------------------------- ----- ------------- -------------
Current liabilities
Corporation tax (3,884) (2,223)
Accruals and deferred income 9 (66,833) (106,364)
Short-term borrowings 8 (2,206,444) (2,145,952)
--------------------------------------- ----- ------------- -------------
Total current liabilities (2,277,161) (2,254,539)
--------------------------------------- ----- ------------- -------------
Net current assets 88,589 95,854
--------------------------------------- ----- ------------- -------------
Total assets less current liabilities 8,757,305 9,892,995
--------------------------------------- ----- ------------- -------------
Non-current liabilities
Long-term borrowings 8 (8,631,342) (9,773,347)
Total non-current liabilities (8,631,342) (9,773,347)
--------------------------------------- ----- ------------- -------------
Total liabilities (10,908,503) (12,027,886)
--------------------------------------- ----- ------------- -------------
Net assets 125,963 119,648
--------------------------------------- ----- ------------- -------------
Equity
Called up share capital 12 100 100
Other reserves (7,995) (8,902)
Retained earnings 133,858 128,450
--------------------------------------- ----- ------------- -------------
Total equity 125,963 119,648
--------------------------------------- ----- ------------- -------------
GlaxoSmithKline Capital plc
Statement of changes in equity
for the half year ended 30 June 2023
Called
up share Retained
capital Other reserves earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ---------- --------------- ---------- -------------
At 1 January 2022 100 (13,090) 118,976 105,986
Profit for the financial period - - 7,653 7,653
Other comprehensive income for
the financial period - 1,433 - 1,433
--------------------------------- ---------- --------------- ---------- -------------
At 30 June 2022 100 (11,657) 126,629 115,072
--------------------------------- ---------- --------------- ---------- -------------
Called
up share Retained
capital Other reserves earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000
--------------------------------- ---------- --------------- ---------- -------------
At 1 January 2023 100 (8,902) 128,450 119,648
Profit for the financial period - - 5,408 5,408
Other comprehensive income for
the financial period - 907 - 907
--------------------------------- ---------- --------------- ---------- -------------
At 30 June 2023 100 (7,995) 133,858 125,963
--------------------------------- ---------- --------------- ---------- -------------
GlaxoSmithKline Capital plc
Cash flow statement
for the half year ended 30 June 2023
Period
Period ended ended
30 June 30 June
2023 2022
Note GBP'000 GBP'000
-------------------------------------------------- ----- ------------- ------------
Cash flows from operating activities
Operating profit 7,069 9,448
Adjustments reconciling operating profit
to operating cash flows 11 8,563 3,458
Taxation paid - -
Net cash inflow from operating activities 15,632 12,906
-------------------------------------------------- ----- ------------- ------------
Cash flows from financing activities
Proceeds from borrowings - -
Repayment of borrowings (796,983) (2,813,895)
Loans provided to Group undertakings - -
Loan repayments received from Group undertakings 792,087 2,795,017
(Increase) / decrease in current accounts
with Group undertakings (10,736) 5,969
-------------------------------------------------- ----- ------------- ------------
Net cash outflow from financing activities (15,632) (12,909)
-------------------------------------------------- ----- ------------- ------------
Net movement in cash in the period - (3)
-------------------------------------------------- ----- ------------- ------------
Cash at beginning of period 1 4
Movement in cash - -
-------------------------------------------------- ----- ------------- ------------
Cash at end of period 1 1
-------------------------------------------------- ----- ------------- ------------
GlaxoSmithKline Capital plc
Notes to the financial statements for the half year ended 30
June 2023
1. Accounting presentation and policies
This unaudited Results Announcement containing condensed
financial information for the six months ended 30 June 2023 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 Period ended
30 June 2023 30 June 2022
GBP'000 GBP'000
---------------------------------------------------- -------------- --------------
The following items have been credited / (charged)
in operating profit:
Exchange gains/(losses) on foreign
currency transactions (1,234) 1,810
----------------------------------------------------- -------------- --------------
3. Finance income
Period ended Period ended
30 June 2023 30 June 2022
GBP'000 GBP'000
----------------------------------------------- -------------- --------------
Interest income arising from loans with Group
undertakings 174,189 221,731
------------------------------------------------ -------------- --------------
4. Finance expense
Period ended Period ended
30 June 2023 30 June 2022
GBP'000 GBP'000
------------------------------------------------ -------------- --------------
Interest expense arising on financial
liabilities at amortised cost (164,677) (212,324)
Reclassification of cash flow hedge from other
comprehensive income (1,209) (1,769)
Total finance expense (165,886) (214,093)
-------------------------------------------------- -------------- --------------
5. Taxation
Period ended Period ended
30 June 2023 30 June 2022
Income tax expense on ordinary activities GBP'000 GBP'000
------------------------------------------- -------------- --------------
Current tax:
UK corporation tax at 23.5% (2022:
19%) (1,661) (1,795)
-------------------------------------------- -------------- --------------
Total current tax (1,661) (1,795)
-------------------------------------------- -------------- --------------
Period ended Period ended
30 June 2023 30 June 2022
Total tax (expense) / credit included in other GBP'000 GBP'000
comprehensive income
-------------------------------------------------- -------------- --------------
Deferred tax:
Fair value movements on cash
flow hedges (302) (336)
-------------------------------------------------- -------------- --------------
Total tax (expense) / credit included in other
comprehensive income (302) (336)
-------------------------------------------------- -------------- --------------
6. Trade and other receivables
31 December
30 June 2023 2022
GBP'000 GBP'000
------------- ------------
Amounts due within one year
Amounts owed by Group undertakings 2,290,864 2,236,637
2,290,864 2,236,637
------------------------------------- ------------- ------------
Amounts due after more than
one year
Long term deposits 81 120
Amounts owed by Group undertakings
- loans 8,665,970 9,794,053
8,666,051 9,794,173
------------------------------------- ------------- ------------
10,956,915 12,030,810
------------------------------------- ------------- ------------
Amounts due within one year are deposits with Group undertakings
of GBP96,224,896 (2022: GBP94,201,000) which are unsecured,
repayable within one year and earn a market rate of interest (based
on benchmark risk-free rate applicable to each currency minus
0.025%) 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 GBP2,194,639,477 (2022: GBP2,142,436,000) which are
unsecured with an interest rate charged between 0.10% and
3.40%.
Amounts due after more than one year include the net proceeds of
bond issuances that have been advanced as loans to Group
undertakings of GBP8,558,514,649 (2022: GBP9,691,844,000), which
are unsecured with fixed interest charged between 1.17% and 6.50%
per annum and repayable at maturity dates between 2024 and
2045.
Amounts due after more than one year also include a call account
with GlaxoSmithKline Finance plc of GBP107,455,726 (2022:
GBP102,209,000) which is unsecured, repayable on demand and earns a
market rate of interest (based on benchmark risk-free rate
applicable to each currency minus 0.05%) which is consistent with
the Group's policy. The call account balance is classified as a
non-current asset as the amounts are not expected to be settled
within the year.
7. Prepayments and accrued income
31 December
30 June 2023 2022
GBP'000 GBP'000
----------------------------- ------------- ------------
Amounts due within one year 74,885 113,755
----------------------------- ------------- ------------
Accrued income relates to interest on amounts owed by Group
undertakings (see Note 6).
8. Borrowings
31 December
30 June 2023 2022
GBP'000 GBP'000
------------------------------------- ------------- -------------
Amounts falling due within one year
Loans payable:
EUR European Medium Term Notes (429,033) (1,108,313)
US$ Medium Term Notes (1,777,411) (1,037,639)
--------------------------------------
(2,206,444) (2,145,952)
------------------------------------- ------------- -------------
Amounts falling due after more than
one year
Loans payable:
EUR European Medium Term Notes (4,022,960) (4,155,995)
GBP European Medium Term Notes (3,825,160) (3,966,581)
US$ Medium Term Notes (783,222) (1,650,771)
-------------------------------------- ------------- -------------
(8,631,342) (9,773,347)
------------------------------------- ------------- -------------
Total borrowings (10,837,786) (11,919,299)
-------------------------------------- ------------- -------------
31 December
30 June 2023 2022
Maturity of borrowings GBP'000 GBP'000
------------------------------------------- ------------- -------------
In one year or less, or on demand
0% EUR European Medium Term Note
2023 (429,033) (443,407)
0.125% EUR European Medium Term
Note 2023 - (664,906)
0.534% US$ US Medium Term Note
2023 (988,091) (1,037,639)
3.000% US$ US Medium Term Note (789,320) -
2024
(2,206,444) (2,145,952)
------------------------------------------- ------------- -------------
In more than one year, but not more than
two years
1.375% EUR European Medium Term
Note 2024 (856,195) (884,229)
3.000% US$ US Medium Term Note
2024 - (828,516)
4.000% EUR European Medium Term (641,722) -
Note 2025
(1,497,917) (1,712,745)
------------------------------------------- ------------- -------------
In more than two years, but not more than
five years
4.000% EUR European Medium Term
Note 2025 - (662,778)
1.000% EUR European Medium Term
Note 2026 (599,807) (619,781)
1.250% EUR European Medium Term
Note 2026 (856,412) (884,833)
3.375% GBP European Medium Term
Note 2027 (305,941) (305,753)
(1,762,160) (2,473,145)
------------------------------------------- ------------- -------------
In more than five years
1.25% GBP European Medium Term
Note 2028 (744,197) (743,675)
1.375% EUR European Medium Term
Note 2029 (427,083) (441,246)
3.375% US$ US Medium Term Note
2029 (783,222) (822,254)
1.750% EUR European Medium Term
Note 2030 (641,741) (663,127)
5.250% GBP European Medium Term
Note 2033 (565,994) (640,375)
1.625% GBP European Medium Term
Note 2035 (744,338) (744,125)
6.375% GBP European Medium Term
Note 2039 (626,761) (694,879)
5.250% GBP European Medium Term
Note 2042 (471,968) (471,877)
4.250% GBP European Medium Term
Note 2045 (365,961) (365,899)
(5,371,265) (5,587,457)
Total borrowings (10,837,786) (11,919,299)
-------------------------------------------- ------------- -------------
9. Accruals and deferred income
31 December
30 June 2023 2022
GBP'000 GBP'000
-------------------------------- ------------- ------------
Amounts falling due within one
year (66,833) (106,364)
--------------------------------- ------------- ------------
Accruals relates to interest payable on borrowings (see Note
9).
10. 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 2023 and 31 December
2022 are illustrated below.
30 June 2023 31 December 2022
Carrying Carrying
value Fair value value Fair value
GBP'000 GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------------------ ------------- -------------
Cash and cash equivalents 1 1 1 1
Loans and receivables:
Other receivables 74,885 74,885 113,755 113,755
Amounts owed by Group undertakings 10,956,834 10,172,992 12,030,690 11,306,796
Total financial assets 11,031,720 10,247,878 12,144,446 11,420,552
-------------------------------------- ------------- ------------------------ ------------- -------------
Financial liabilities measured
at amortised cost:
GBP European Medium Term Notes (3,825,160) (3,435,825) (3,966,581) (3,759,798)
EUR European Medium Term Notes (4,451,993) (4,210,454) (5,264,308) (5,010,694)
US$ US Medium Term Notes (2,560,633) (2,484,545) (2,688,410) (2,584,635)
-------------------------------------- ------------- ------------------------ ------------- -------------
(10,837,786) (10,130,824) (11,919,299) (11,355,127)
Other payables (66,833) (66,833) (106,364) (106,364)
Total financial liabilities (10,904,619) (10,197,657) (12,025,663) (11,461,491)
-------------------------------------- ------------- ------------------------ ------------- -------------
Net financial assets 127,101 50,221 118,783 (40,939)
-------------------------------------- ------------- ------------------------ ------------- -------------
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 GBP10,130,824,000 (31 December 2022:
GBP11,355,127,000) 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 approximate to the carrying amount.
11. Adjustments reconciling operating profit to operating cash
flows
Period ended Period ended 30
30 June 2023 June 2022
GBP'000 GBP'000
-------------------------------------------- ------------------- ----------------
Operating profit 7,069 9,448
Adjustments:
Decrease/ (increase) in other
receivables 38,909 43,164
(Decrease) / increase in other
payables (39,531) (48,215)
Exchange adjustments 1,148 (573)
Amortisation of bond costs 6,828 7,313
Reclassification of cash flow hedges to
the income statement 1,209 1,769
8,563 3,458
-------------------------------------------- ------------------- ----------------
Net cash (outflow) / inflow from operating
activities 15,632 12,906
--------------------------------------------- ------------------- ----------------
12. Called up share capital
30 June 31 December 30 June 31 December
2023 2022 2023 2022
Number Number of
of shares shares GBP'000 GBP'000
-------- ------------
Authorised
Ordinary shares of GBP1 each
(31 December 2022: GBP1 each) 100,000 100,000 100 100
--------------------------------- ------------ -------- ------------
Issued and fully paid
Ordinary shares of GBP1 each
(31 December 2022: GBP1 each) 100,000 100,000 100 100
--------------------------------- ----------- ------------ -------- ------------
13. Related party transactions
As a wholly owned subsidiary of the ultimate parent company, GSK
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
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