10th Feb 2005 12:30
GlaxoSmithKline PLC10 February 2005 GlaxoSmithKline plc IFRS Announcement Part 2 of 2 Balance sheet ------------- Explanation of IFRS balance sheet adjustments At 31st December 2003 At 31st March 2004 At 31st June 2004 At 31st September 2004 At 31st December 2004 Explanation of IFRS balance sheet adjustments (a) Dividend deferred The practice under UK GAAP is to account for dividends proposed relating to any given accounting period in that period. IFRS only recognises the liability for a dividend when it is declared, which is usually after the accounting period to which it relates. Accordingly, there is an adjustment to the balance sheet at 31st December 2003 as the liability for the fourth quarter dividend of £808 million is not recognised until the first quarter of 2004. Subsequent balance sheets contain a similar adjustment. (b) Share-based payments The present UK GAAP approach to share-based payments is to record any intrinsic loss on grant suffered by the company. This means that for share options granted at the market price there is no charge to the income statement. Where shares or options are granted at no cost to the employee (e.g. under long-term incentive plans) the income statement is charged with an amount equal to the market price on the date of the award, subject to meeting any performance targets, spread over the performance period (usually three years). IFRS 2, Share-based Payment, requires the fair value of the equity instruments issued to be charged to the income statement. The shares held in the ESOP Trusts are matched to share options and awards granted. Under both UK GAAP and IFRS shares held in the ESOP Trusts are recorded in equity and transfers are made between the carrying value of the shares and retained earnings to reflect the value of the expected proceeds receivable on the exercise of options by employees. However, there is a timing adjustment relating to this transfer arising from the different income statement treatments of the cost of the share options and awards. GlaxoSmithKline receives a tax credit, as appropriate, which relates to share options and awards when exercised, based on the gains the option or award holders make and dependent on the tax rules in the country in which the deduction is claimed. The deferred tax asset represents an estimate of future tax relief for this gain and is based on the potential gains available to the option or award holders at the balance sheet date. (c) Coreg capitalisation and amortisation The North American rights to Coreg were acquired at the time of the GW/SB merger as partial consideration for the required disposal of Kytril to Roche. Under UK GAAP this was accounted for as an exchange of assets with no value being attributed to Coreg on the balance sheet. IFRS, however, requires the acquired rights to Coreg to be added to intangible assets at their fair value on the date of acquisition of $400 million, and then amortised over their remaining useful life of eight years. (d) Other intangible assets amortisation Under UK GAAP, GlaxoSmithKline amortises intangible assets over their estimated expected useful lives from acquisition, which can be up to a maximum of 15 years. IFRS only permits amortisation to commence when the asset becomes available for use, with annual impairment testing required before this point. GlaxoSmithKline has determined that the point at which amortisation of product-related assets commences under IFRS will normally be regulatory approval. The majority of GlaxoSmithKline's intangible assets relates to the acquisition of rights to compounds in development and so has not reached the point at which amortisation commences. This has led to an increase in the carrying value of intangible assets at the balance sheet dates. (e) Goodwill amortisation reversal UK GAAP requires goodwill to be amortised over its estimated expected useful life, which GlaxoSmithKline has determined to be normally no longer than 20 years. Under IFRS, however, goodwill is considered to have an indefinite life and so is not amortised, but is subject to annual impairment testing. This adjustment therefore reverses the goodwill amortisation charged under UK GAAP since the transition date of 1st January 2003, including that recorded in the investments in associates line relating to the acquisition of the Group's interest in Quest Diagnostics, Inc. Under the business combinations exemption of IFRS 1, goodwill previously written off direct to reserves under UK GAAP is not recycled to the income statement on the disposal or part-disposal of the subsidiary or associate, as it would be under UK GAAP. (f) Pensions and other post employment benefits GlaxoSmithKline accounts under UK GAAP for pensions and other post-employment benefits (OPEBs) in accordance with SSAP 24, which spreads the costs of providing the benefits over the estimated average service lives of the employees. The additional FRS 17 disclosures give the pension fund surpluses and deficits and the liabilities for OPEBs based on the valuation methodologies required by that Standard. IAS 19 takes a similar valuation approach to FRS 17, and in accordance with the transitional provisions of IFRS 1 the surpluses and deficits have been recognised on the balance sheet at the transition date of 1st January 2003. In addition, following an amendment to IAS 19 issued by the IASB in December 2004, it is permitted to recognise any movements in the surpluses or deficits immediately in subsequent balance sheets, but outside the income statement, in a similar way to FRS 17. This means that, in most cases, the balance sheet reflects the full surplus or deficit positions of the funds. The effect of this change is to increase the pension and other post-employment benefit provisions at 31st December 2003, 31st March 2004 and 30th June 2004 by £435 million, £438 million and £704 million, respectively, from those presented on 29th October 2004. Consequential adjustments to the deferred tax assets and minority interests have also been made. (g) Other adjustments There are a number of other less significant adjustments and reclassifications, which include: • Computer software: All computer software is included within tangible fixed assets on the UK GAAP balance sheet, but under IFRS only computer software which is integral to another fixed asset, such as an operating system for a complex piece of machinery, is included in tangible fixed assets. All other computer software is required to be recorded as an intangible asset. • Deferred tax on intercompany profit in inventory: Under UK GAAP deferred tax on the provision for intercompany profit held in inventory is calculated at the supplying company's effective tax rate. IFRS, however, takes a balance sheet approach to the recognition of deferred tax which results in the tax rate of the company holding the inventory at the balance sheet date being applied to the provision. If the proportions of the Group's inventory held in specific locations c hange significantly from one balance sheet date to the next there could be a significant change in the value of the deferred tax asset, which is reflected through the tax charge for the year. • Deferred tax on acquired brands: On acquisition of a company, where there is a difference between the fair value of the brands and their tax cost in that company, a taxable temporary difference is created under IFRS which has resulted in a reduction in deferred tax. • Cash equivalents reclassification: On the IFRS balance sheet liquid investments with maturities of less than three months at acquisition are reclassified into cash and cash equivalents. • Provisions reclassification: With the exception of pensions and OPEB provisions, IFRS requires the elements of provisions which are expected to be paid within one year of the balance sheet date to be presented on the balance sheet within current liabilities as short term provisions. BALANCE SHEET At 31st December 2003 IFRS Adjustments UK GAAP (Note) IFRS £m £m £mASSETS ----------- ----------- -----------Non-current assetsProperty, plant and equipment 6,441 (285) 6,156Goodwill 143 12 155Other intangible assets 1,697 533 2,230Investments in associates and joint ventures 196 14 210Other investments 262 - 262Deferred tax assets 1,441 498 1,939Other non-current assets 522 9 531 ----------- ----------- -----------Total non-current assets 10,702 781 11,483 ----------- ----------- -----------Current assetsInventories 2,109 - 2,109Trade and other receivables 4,934 (439) 4,495Liquid investments 2,493 (1,024) 1,469Cash and cash equivalents 962 1,024 1,986 ----------- ----------- -----------Total current assets 10,498 (439) 10,059 ----------- ----------- -----------TOTAL ASSETS 21,200 342 21,542 ----------- ----------- -----------LIABILITIESCurrent liabilitiesShort-term borrowings (1,452) - (1,452)Trade and other payables (5,561) 844 (4,717)Current tax payable (1,458) - (1,458)Short-term provisions - (968) (968) ----------- ----------- -----------Total current liabilities (8,471) (124) (8,595) ----------- ----------- -----------Non-current liabilitiesLong-term borrowings (3,651) - (3,651)Deferred tax provision (618) 449 (169)Pensions and other post-employment benefits (807) (2,137) (2,944)Other provisions (1,617) 962 (655)Other non-current liabilities (232) - (232) ----------- ----------- -----------Total non-current liabilities (6,925) (726) (7,651) ----------- ----------- -----------TOTAL LIABILITIES (15,396) (850) (16,246) ----------- ----------- -----------NET ASSETS 5,804 (508) 5,296 ----------- ----------- ----------- EQUITYShare capital 1,487 - 1,487Share premium account 264 - 264Shares held by ESOP Trusts (2,729) 11 (2,718)Other reserves 1,925 - 1,925Retained earnings 4,112 (514) 3,598 ----------- ----------- ----------- 5,059 (503) 4,556Non equity minority interests 503 - 503Equity minority interests 242 (5) 237 ----------- ----------- ----------- 5,804 (508) 5,296 Note: The analysis of these adjustments is shown on the next page. Analysis of IFRS balance sheet adjustments At 31st December 2003 Coreg Other Share- capitalisation intangible Goodwill Pensions Dividend based and assets amortisation and IFRS deferred payments amortisation amortisation reversal OPEBs Other adjust- (a) (b) (c) (d) (e) (f) (g) ments £m £m £m £m £m £m £m £m --- --- --- --- --- --- -- --- ASSETSNon-current assetsProperty, Plant & - - - - - - (285) (285)EquipmentGoodwill - - - - 12 - - 12Other intangible assets - - 140 108 - - 285 533Investments in associates - - - 1 13 - - 14and joint venturesOther investments - - - - - - - -Deferred tax assets - 72 (45) (18) - 334 155 498Other non-current assets - - - - - 9 - 9 --- --- --- --- --- --- -- ---Total non-current assets - 72 95 91 25 343 155 781 --- --- --- --- --- --- -- --- Current assetsInventories - - - - - - - -Trade and other - - - - - (439) - (439)receivablesLiquid investments - - - - - - (1,024) (1,024)Cash and cash equivalents - - - - - - 1,024 1,024 --- --- --- --- --- --- -- ---Total current assets - - - - - (439) - (439) --- --- --- --- --- --- -- ---TOTAL ASSETS - 72 95 91 25 (96) 155 342 --- --- --- --- --- --- -- --- LIABILITIESCurrent liabilitiesShort-term borrowings - - - - - - - -Trade and other payables 808 - - - - 36 - 844Current tax payable - - - - - - - -Short-term provisions - - - - - - (968) (968) --- --- --- --- --- --- -- ---Total current liabilities 808 - - - - 36 (968) (124) Non-current liabilitiesLong-term borrowings - - - - - - - -Deferred tax provision - - - (19) - 453 15 449Pensions and other post- - - - - - (2,137) - (2,137) employment benefitsOther provisions - - - - - (6) 968 962Other non-current - - - - - - - -liabilities --- --- --- --- --- --- -- ---Total non-current - - - (19) - (1,690) 983 (726)liabilities --- --- --- --- --- --- -- ---TOTAL LIABILITIES 808 - - (19) - (1,654) 15 (850) --- --- --- --- --- --- -- --- TOTAL NET ASSETS 808 72 95 72 25 (1,750) 170 (508) --- --- --- --- --- --- -- --- EQUITYShare capital - - - - - - - -Share premium account - - - - - - - -Shares held by ESOP - 11 - - - - - 11TrustsOther reserves - - - - - - - -Retained earnings 808 61 95 72 25 (1,745) 170 (514) --- --- --- --- --- --- -- --- 808 72 95 72 25 (1,745) 170 (503) Non-equity minority - - - - - - - -interestsEquity minority interests - - - - - (5) - (5) --- --- --- --- --- --- -- ---TOTAL EQUITY 808 72 95 72 25 (1,750) 170 (508) --- --- --- --- --- --- -- --- BALANCE SHEET At 31st March 2004 IFRS Adjustments UK GAAP (Note) IFRS £m £m £mASSETS ---- ---- ----Non-current assetsProperty, plant and equipment 6,261 (275) 5,986Goodwill 133 14 147Other intangible assets 1,642 519 2,161Investments in associates and joint ventures 200 16 216Other investments 260 - 260Deferred tax assets 1,480 527 2,007Other non-current assets 281 9 290 ---- ---- ----Total non-current assets 10,257 810 11,067 ---- ---- ----Current assetsInventories 2,110 - 2,110Trade and other receivables 5,076 (430) 4,646Liquid investments 2,319 (859) 1,460Cash and cash equivalents 667 859 1,526 ---- ---- ----Total current assets 10,172 (430) 9,742 ---- ---- ----TOTAL ASSETS 20,429 380 20,809 ---- ---- ----LIABILITIESCurrent liabilitiesShort-term borrowings (1,394) - (1,394)Trade and other payables (5,395) 607 (4,788)Current tax payable (1,759) - (1,759)Short-term provisions - (759) (759) ---- ---- ----Total current liabilities (8,548) (152) (8,700) ---- ---- ----Non-current liabilitiesLong-term borrowings (3,595) - (3,595)Deferred tax provision (545) 444 (101)Pensions and other post-employment benefits (797) (2,140) (2,937)Other provisions (1,396) 755 (641)Other non-current liabilities (244) - (244) ---- ---- ----Total non-current liabilities (6,577) (941) (7,518) ---- ---- ----TOTAL LIABILITIES (15,125) (1,093) (16,218) ---- ---- ---NET ASSETS 5,304 (713) 4,591 ---- ---- ---- EQUITYShare capital 1,484 - 1,484Share premium account 273 - 273Shares held by ESOP Trusts (2,677) 9 (2,668)Other reserves 1,929 - 1,929Retained earnings 4,033 (716) 3,317 ---- ---- ---- 5,042 (707) 4,335Non equity minority interests 49 - 49Equity minority interests 213 (6) 207 ---- ---- ---- 5,304 (713) 4,591 ---- ---- ----Note: The analysis of these adjustments is shown on the next page. Analysis of IFRS balance sheet adjustments At 31st March 2004 Coreg Other Share- capitalisation intangible Goodwill Pensions Dividend based and assets amortisation and IFRS deferred payments amortisation amortisation reversal OPEBs Other adjust- (a) (b) (c) (d) (e) (f) (g) ments £m £m £m £m £m £m £m £m --- --- --- --- --- --- -- ---ASSETSNon-current assetsProperty, plant & - - - - - - (275) (275)equipmentGoodwill - - - - 14 - - 14Other Intangible assets - - 129 115 - - 275 519Investments in associates - - - 1 14 - 1 16and joint venturesOther investments - - - - - - - -Deferred tax assets - 79 (43) (21) - 345 167 527Other non-current assets - - - - - 9 - 9 --- --- --- --- --- --- -- ---Total non-current assets - 79 86 95 28 354 168 810 --- --- --- --- --- --- -- --- Current assetsInventories - - - - - - - -Trade and other - - - - - (430) - (430)receivablesLiquid investments - - - - - - (859) (859)Cash and cash equivalents - - - - - - 859 859 --- --- --- --- --- --- -- ---Total current assets - - - - - (430) - (430) --- --- --- --- --- --- -- ---TOTAL ASSETS - 79 86 95 28 (76) 168 380 --- --- --- --- --- --- -- --- LIABILITIESCurrent liabilitiesShort-term borrowings - - - - - - - -Trade and other payables 575 - - - - 32 - 607Current tax payable - - - - - - - -Short-term provisions - - - - - - (759) (759) --- --- --- --- --- --- -- ---Total current liabilities 575 - - - - 32 (759) (152) --- --- --- --- --- --- -- --- Non-current liabilitiesLong-term borrowings - - - - - - - -Deferred tax provision - - - (19) - 453 10 444Pensions and other post- - - - - - (2,140) - (2,140) employment benefitsOther provisions - - - - - (4) 759 755Other non-current - - - - - - - -liabilities --- --- --- --- --- --- -- ---Total non-current - - - (19) - (1,691) 769 (941)liabilities --- --- --- --- --- --- -- --- TOTAL LIABILITIES 575 - - (19) - (1,659) 10 (1,093) --- --- --- --- --- --- -- --- TOTAL NET ASSETS 575 79 86 76 28 (1,735) 178 (713) --- --- --- --- --- --- -- --- EQUITYShare capital - - - - - - - -Share premium account - - - - - - - -Shares held by ESOP - 9 - - - - - 9TrustsOther reserves - - - - - - - -Retained earnings 575 70 86 76 28 (1,729) 178 (716) --- --- --- --- --- --- -- --- 575 79 86 76 28 (1,729) 178 (707) Non-equity minority - - - - - - - -interestsEquity minority interests - - - - - (6) - (6) --- --- --- --- --- --- -- ---TOTAL EQUITY 575 79 86 76 28 (1,735) 178 (713) --- --- --- --- --- --- -- --- BALANCE SHEET At 30th June 2004 IFRS Adjustments UK GAAP (Note) IFRS £m £m £mASSETS ---- ---- ----Non-current assetsProperty, plant and equipment 6,350 (258) 6,092Goodwill 135 17 152Other intangible assets 1,662 510 2,172Investments in associates and joint ventures 208 19 227Other investments 309 - 309Deferred tax assets 1,520 633 2,153Other non-current assets 272 14 286 ---- ---- ----Total non-current assets 10,456 935 11,391 ---- ---- ----Current assetsInventories 2,133 - 2,133Trade and other receivables 5,107 (431) 4,676Liquid investments 2,946 (1,494) 1,452Cash and cash equivalents 1,035 1,494 2,529 ---- ---- ----Total current assets 11,221 (431) 10,790 ---- ---- ----TOTAL ASSETS 21,677 504 22,181 ---- ---- ----LIABILITIESCurrent liabilitiesShort-term borrowings (1,096) - (1,096)Trade and other payables (5,093) 601 (4,492)Current tax payable (1,807) - (1,807)Short-term provisions - (996) (996) ---- ---- ----Total current liabilities (7,996) (395) (8,391) ---- ---- ----Non-current liabilitiesLong-term borrowings (4,908) - (4,908)Deferred tax provision (550) 448 (102)Pensions and other post-employment benefits (808) (2,430) (3,238)Other provisions (1,450) 993 (457)Other non-current liabilities (265) - (265) ---- ---- ----Total non-current liabilities (7,981) (989) (8,970) ---- ---- ----TOTAL LIABILITIES (15,977) (1,384) (17,361) ---- ---- ----NET ASSETS 5,700 (880) 4,820 ---- ---- ---- EQUITYShare capital 1,483 - 1,483Share premium account 279 - 279Shares held by ESOP Trusts (2,657) 6 (2,651)Other reserves 1,930 - 1,930Retained earnings 4,441 (879) 3,562 ---- ---- ---- 5,476 (873) 4,603Equity minority interests 224 (7) 217 ---- ---- ---- 5,700 (880) 4,820 ---- ---- ---- Note: The analysis of these adjustments is shown on the next page. Analysis of IFRS balance sheet adjustments At 30th June 2004 Coreg Other Share- capitalisation intangible Goodwill Pensions Dividend based and assets amortisation and IFRS deferred payments amortisation amortisation reversal OPEBs Other adjust- (a) (b) (c) (d) (e) (f) (g) ments £m £m £m £m £m £m £m £m --- --- --- --- --- --- -- ---ASSETSNon-current assetsProperty, plant & - - - - - - (258) (258)equipmentGoodwill - - - - 17 - - 17Other intangible assets - - 124 128 - - 258 510Investments in associates - - - 1 18 - - 19and joint venturesOther investments - - - - - - - -Deferred tax assets - 84 (41) (25) - 449 166 633Other non-current assets - - - - - 14 - 14 --- --- --- --- --- --- -- ---Total non-current assets - 84 83 104 35 463 166 935 --- --- --- --- --- --- -- --- Current assetsInventories - - - - - - - -Trade and other - - - - - (431) - (431)receivablesLiquid investments - - - - - - (1,494) (1,494)Cash and cash equivalents - - - - - - 1,494 1,494 --- --- --- --- --- --- -- ---Total current assets - - - - - (431) - (431) --- --- --- --- --- --- -- --- TOTAL ASSETS - 84 83 104 35 32 166 504 --- --- --- --- --- --- -- --- Current liabilitiesShort-term borrowings - - - - - - - -Trade and other payables 573 - - - - 28 - 601Current tax payable - - - - - - - -Short-term provisions - - - - - - (996) (996) --- --- --- --- --- --- -- ---Total current liabilities 573 - - - - 28 (996) (395) --- --- --- --- --- --- -- --- Non-current liabilitiesLong-term borrowings - - - - - - - -Deferred tax provision - - - (19) - 453 14 448Pensions and other post- - - - - - (2,430) - (2,430) employment benefitsOther provisions - - - - - (3) 996 993Other non-current - - - - - - - -liabilities --- --- --- --- --- --- -- ---Total non-current - - - (19) - (1,980) 1,010 (989)liabilities --- --- --- --- --- --- -- ---TOTAL LIABILITIES 573 - - (19) - (1,952) 14 (1,384) --- --- --- --- --- --- -- --- TOTAL NET ASSETS 573 84 83 85 35 (1,920) 180 (880) --- --- --- --- --- --- -- --- EQUITYShare capital - - - - - - - -Share premium account - - - - - - - -Shares held by ESOP Trusts - 6 - - - - - 6Other reserves - - - - - - - -Retained earnings 573 78 83 85 35 (1,913) 180 (879) --- --- --- --- --- --- -- --- 573 84 83 85 35 (1,913) 180 (873) Equity minority interests - - - - - (7) - (7) --- --- --- --- --- --- -- ---TOTAL EQUITY 573 84 83 85 35 (1,920) 180 (880) --- --- --- --- --- --- -- --- BALANCE SHEET At 30th September 2004 IFRS Adjustments UK GAAP (Note) IFRS £m £m £mASSETS ---- ---- ----Non-current assetsProperty, plant and equipment 6,450 (256) 6,194Goodwill 136 21 157Other intangible assets 1,993 498 2,491Investments in associates and joint ventures 214 23 237Other investments 302 - 302Deferred tax assets 1,519 586 2,105Other non-current assets 259 14 273 ---- ---- ----Total non-current assets 10,873 886 11,759 ---- ---- ----Current assetsInventories 2,250 14 2,264Trade and other receivables 5,102 (448) 4,654Liquid investments 2,981 (1,488) 1,493Cash and cash equivalents 756 1,488 2,244 ---- ---- ----Total current assets 11,089 (434) 10,655 ---- ---- ----TOTAL ASSETS 21,962 452 22,414 ---- ---- ----LIABILITIESCurrent liabilitiesShort-term borrowings (1,157) - (1,157)Trade and other payables (4,759) 586 (4,173)Current tax payable (1,682) - (1,682)Short-term provisions - (1,025) (1,025) ---- ---- ----Total current liabilities (7,598) (439) (8,037) ---- ---- ----Non-current liabilitiesLong-term borrowings (4,971) - (4,971)Deferred tax provision (677) 525 (152)Pensions and other post-employment benefits (846) (2,479) (3,325)Other provisions (1,479) 1,027 (452)Other non-current liabilities (267) - (267) ---- ---- ----Total non-current liabilities (8,240) (927) (9,167) ---- ---- ----TOTAL LIABILITIES (15,838) (1,366) (17,204) ---- ---- ---NET ASSETS 6,124 (914) 5,210 ---- ---- ---- EQUITYShare capital 1,484 - 1,484Share premium account 288 - 288Shares held by ESOP Trusts (2,638) 8 (2,630)Other reserves 1,928 - 1,928Retained earnings 4,804 (917) 3,887 ---- ---- ---- 5,866 (909) 4,957Equity minority interests 258 (5) 253 ---- ---- ---- 6,124 (914) 5,210 ---- ---- ---- Note: The analysis of these adjustments is shown on the next page. Analysis of IFRS balance sheet adjustments At 30th September 2004 Coreg Other Share- capitalisation intangible Goodwill Pensions Dividend based and assets amortisation and Other IFRS deferred payments amortisation amortisation reversal OPEBs (g) adjust- (a) (b) (c) (d) (e) (f) £m ments £m £m £m £m £m £m £m --- --- --- --- --- --- -- ---ASSETSNon-current assetsProperty, plant & - - - - - - (256) (256)equipmentGoodwill - - - - 21 - - 21Other intangible assets - - 117 139 - - 242 498Investments in associates - - - - 23 - - 23and joint venturesOther investments - - - - - - - -Deferred tax assets - 88 (38) (29) - 472 93 586Other non-current assets - - - - - 14 - 14 --- --- --- --- --- --- -- ---Total non-current assets - 88 79 110 44 486 79 886 --- --- --- --- --- --- -- --- Current assetsInventories - - - - - - 14 14Trade and other - - - - - (448) - (448)receivablesLiquid investments - - - - - - (1,488) (1,488)Cash and cash equivalents - - - - - - 1,488 1,488 --- --- --- --- --- --- -- ---Total current assets - - - - - (448) 14 (434) --- --- --- --- --- --- -- --- TOTAL ASSETS - 88 79 110 44 38 93 452 --- --- --- --- --- --- -- --- Current liabilitiesShort-term borrowings - - - - - - - -Trade and other payables 571 - - - - 15 - 586Current tax payable - - - - - - - -Short-term provisions - - - - - - (1,025) (1,025) --- --- --- --- --- --- -- ---Total current liabilities 571 - - - - 15 (1,025) (439) --- --- --- --- --- --- -- --- Non-current liabilitiesLong-term borrowings - - - - - - - -Deferred tax provision - - - (19) - 453 91 525Pensions and other post- - - - - - (2,479) - (2,479) employment benefitsOther provisions - - - - - 2 1,025 1,027Other non-current - - - - - - - -liabilities --- --- --- --- --- --- -- ---Total non-current - - - (19) - (2,024) 1,116 (927)liabilities --- --- --- --- --- --- -- ---TOTAL LIABILITIES 571 - - (19) - (2,009) 91 (1,366) --- --- --- --- --- --- -- --- TOTAL NET ASSETS 571 88 79 91 44 (1,971) 184 (914) --- --- --- --- --- --- -- --- EQUITYRelated Shares:
Glaxosmithkline