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GLAXOSMITHKLINE

(GSK GB0009252882 GBX)

Value 1,409.000

Change Today -12.50

Updated17/05 16:35

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PROFILE

Registered Number	3888792
Registered Address	980 Great West Road Brentford Middlesex UK TW8 9GS
Phone Number	+44 (0) 208 0475000
Fax Number
Website	http://www.gsk.com
Activities	Develops manufactures and distributes vaccines and other pharmaceutical products
Country of Register	GB
Currency	GBX
Short Name	GLAXOSMITHKLINE
First Day Traded	24/11/2003
Industrial Sector	Pharmaceuticals
Number of shares	5.05b

Key People

Christopher Gent	Chairman
Andrew Witty	Chief Executive Officer
Simon Dingemans	Financial Director
Tom Swaan	Non Executive Director
Roy Anderson	Non Executive Director
Stacey Cartwright	Non Executive Director
Moncef Slaoui	Director
Crispin Davis	Non Executive Director
James Murdoch	Non Executive Director
Julian Heslop	Financial Director
Robert Wilson	Non Executive Director

Major Shareholders

BlackRock Investment Management (UK) Ltd.	5.96%
Legal & General Investment Management Ltd.	3.44%

Director Deals

Director	Date	Buy/Sell	Quantity	Price
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Income Statements £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Sales/Revenue	22,716	24,352	28,368	28,392	27,387
Cost of Goods Sold (COGS) incl. D&A	5,400	6,053	7,498	7,716	7,779
COGS excluding D&A	4,378	4,822	5,936	6,037	6,356
Depreciation & Amortization Expense	1,022	1,231	1,562	1,679	1,423
Depreciation	796	920	1,130	1,146	893
Amortization of Intangibles	226	311	432	533	530
Amortization of Deferred Charges	0	0	0	0	0
Gross Income	17,316	18,299	20,870	20,676	19,608
Selling, General & Administrative Expense	9,860	10,581	12,748	15,635	11,553
Research & Development	3,166	3,410	3,818	3,673	3,574
Other Selling, General & Administrative	6,694	7,171	8,930	11,962	7,979
Other Operating Expense	0	0	0	0	0
Non Operating Income/Expense	555	586	1,384	473	1,231
Non-Operating Interest Income	254	321	72	78	85
Equity in Affiliates (Pretax)	0	0	0	0	0
EBIT	0	0	0	0	0
Unusual Expense	429	1,185	961	1,749	970
EBIT after Unusual Expense	0	0	0	0	0
Interest Expense	434	829	790	767	718
Gross Interest Expense	434	829	790	767	718
Interest Capitalized	0	0	0	0	0
Pretax Income	7,402	6,611	7,827	3,076	7,683
Income Tax	2,142	1,947	2,222	1,304	2,240
Income Tax - Current Domestic	452	289	417	-74	483
Income Tax - Current Foreign	1,962	1,589	1,997	1,496	1,603
Income Tax - Deferred Domestic	-272	69	-192	-118	154
Income Tax - Deferred Foreign	0	0	0	0	0
Income Tax Credits	0	0	0	0	0
Minority Interest Expense	96	110	138	219	197
Equity in Affiliates	50	48	64	81	15
Other After Tax Income (Expense)	0	0	0	0	0
Net Income	5,214	4,602	5,531	1,634	5,261
Extraordinaries & Discontinued Operations	0	0	0	0	0
Extra Items & Gain/Loss Sale Of Assets	0	0	0	0	0
Cumulative Effect - Accounting Chg	0	0	0	0	0
Discontinued Operations	0	0	0	0	0
Net Income After Extraordinaries	5,214	4,602	5,531	1,634	5,261
Preferred Dividends	0	0	0	0	0
Net Income available to Common	5,214	4,602	5,531	1,634	5,261
Operational EPS	99.05	103.93	121.45	55.74	116.49
EPS (basic)	94.40	88.60	109.10	32.10	104.60
EPS (diluted)	93.66	88.06	108.28	31.86	103.18
EBITDA	8,478	8,949	9,684	6,720	9,478
EBIT	0	0	0	0	0
+Depreciation & Amortization Expense	1,022	1,231	1,562	1,679	1,423

Balance Sheet £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Cash & Short Term Investments	5,007	6,870	6,942	6,334	5,968
Cash Only	3,379	5,623	6,545	6,057	841
Short-Term Investments	1,628	1,247	397	277	5,127
Total Accounts Receivable	5,314	6,046	6,248	5,591	5,320
Accounts Receivables, Net	4,657	5,347	5,518	4,769	4,441
Accounts Receivables, Gross	4,755	5,476	5,634	4,919	4,593
Bad Debt/Doubtful Accounts	-98	-129	-116	-150	-152
Other Receivables	657	699	730	822	879
Inventories	3,062	4,056	4,064	3,837	3,873
Finished Goods	1,186	1,634	1,474	1,620	1,591
Work in Progress	771	1,295	1,437	751	1,168
Raw Materials	1,105	1,127	1,153	1,466	1,114
Progress Payments & Other	0	0	0	0	0
Other Current Assets	243	297	316	274	1,006
Prepaid Expenses	1	1	1	2	2
Miscellaneous Current Assets	242	296	315	272	1,004
Total Current Assets	13,626	17,269	17,570	16,036	16,167
Net Property, Plant & Equipment	7,821	9,678	9,374	9,045	8,748
Property, Plant & Equipment - Gross	15,087	18,987	18,757	18,831	18,766
Buildings	4,210	5,460	5,441	5,536	5,792
Land & Improvements	0	0	0	0	0
Machinery & Equipment	8,317	10,609	10,389	10,446	10,308
Construction in Progress	1,956	2,322	2,240	2,172	2,026
Leases	604	596	687	677	640
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Accumulated Depreciation	7,266	9,309	9,383	9,786	10,018
Buildings	1,458	1,952	1,979	2,109	2,212
Land & Improvements	0	0	0	0	0
Machinery & Equipment	5,448	7,006	7,038	7,343	7,406
Construction in Progress	81	44	61	0	0
Leases	0	0	0	0	0
Computer Software and Equipment	0	0	0	0	0
Leased Property	0	0	0	0	0
Transportation Equipment	0	0	0	0	0
Other Property, Plant & Equipment	0	0	0	0	0
Total Investments and Advances	847	1,137	1,417	1,889	1,235
LT Investment - Affiliate Companies	329	552	895	1,081	560
Other Long-Term Investments	518	585	522	808	675
Long-Term Note Receivable	432	540	560	533	505
Intangible Assets	5,826	7,970	11,544	12,138	11,556
Net Goodwill	1,370	2,101	3,361	3,606	3,754
Net Other Intangibles	4,456	5,869	8,183	8,532	7,802
Other Assets	255	39	23	23	20
Deferred Charges	255	39	23	23	20
Tangible Other Assets	0	0	0	0	0
Total Assets	31,003	39,393	42,862	42,230	41,080
ST Debt & Curr. Portion LT Debt	3,504	956	1,471	291	2,698
Short Term Debt	2,225	426	803	259	0
Current Portion of Long Term Debt	1,279	530	668	32	2,698
Accounts Payable	931	1,153	1,855	2,141	2,568
Income Tax Payable	826	780	1,451	1,047	1,643
Other Current Liabilities	5,084	7,128	7,341	9,315	8,101
Dividends Payable	0	0	0	0	0
Accrued Payroll	0	0	0	931	974
Miscellaneous Current Liabilities	5,084	7,128	7,341	8,384	7,127
Total Current Liabilities	10,345	10,017	12,118	12,794	15,010
Long-Term Debt	7,067	15,231	14,786	14,809	12,203
Long-Term Debt excl. Capitalized Leases	6,984	15,143	14,696	14,738	12,142
Non-Convertible Debt	6,984	15,143	14,696	14,738	12,142
Convertible Debt	0	0	0	0	0
Capitalized Lease Obligations	83	88	90	71	61
Provision for Risks & Charges	2,418	4,684	3,966	3,576	3,590
Deferred Taxes	-1,309	-2,046	-1,729	-1,859	-2,027
Deferred Taxes - Credit	887	714	645	707	822
Deferred Taxes - Debit	-2,196	-2,760	-2,374	-2,566	-2,849
Accumulated Minority Interest	307	387	737	858	795
Other Liabilities	376	429	605	599	628
Deferred Tax Liability-Untaxed Reserves	0	0	0	0	0
Other Liabilities (excl. Deferred Income)	308	333	481	496	500
Deferred Income	68	96	124	103	128
Total Liabilities	21,093	31,075	32,120	32,485	32,253
Non-Equity Reserves	0	0	0	0	0
Preferred Stock (Carrying Value)	0	0	0	0	0
Redeemable Preferred Stock	0	0	0	0	0
Non-Redeemable Preferred Stock	0	0	0	0	0
Preferred Stock issues for ESOP	0	0	0	0	0
ESOP Guarantees - Preferred Stock	0	0	0	0	0
Common Equity (total)	9,603	7,931	10,005	8,887	8,032
Common Stock Par/Carry Value	1,503	1,415	1,416	1,418	1,387
Additional Paid-In Capital/Capital Surplus	1,266	1,326	1,368	1,428	1,673
Retained Earnings	8,036	6,471	8,170	6,628	3,370
ESOP Debt Guarantee	-1,617	-1,445	-1,138	-845	-492
Cumulative Translation Adjustment/Unrealized For. Exch. Gain	-7	-3	-6	-4	-6
Unrealized Gain/Loss Marketable Securities	0	0	22	89	70
Revaluation Reserves	0	0	0	0	0
Other Appropriated Reserves	85	175	173	173	2,030
Unappropriated Reserves	337	-8	0	0	0
Treasury Stock	0	0	0	0	0
Total Shareholders' Equity	9,603	7,931	10,005	8,887	8,032
Liabilities & Shareholders' Equity	31,003	39,393	42,862	42,230	41,080

Cash Flow £1K

	AR 2007	AR 2008	AR 2009	AR 2010	AR 2011
Fiscal Year End	31/12/2007	31/12/2008	31/12/2009	31/12/2010	31/12/2011
Duration (months)	12	12	12	12	12
Accounting Format	IFRS	IFRS	IFRS	IFRS	IFRS
Net Income before Extraordinaries	5,310	4,712	5,669	1,853	5,458
Depreciation, Depletion & Amortization	1,022	1,231	1,562	1,679	1,423
Depreciation and Depletion	796	920	1,130	1,146	893
Amortization of Intangible Assets	226	311	432	533	530
Deferred Taxes & Investment Tax Credit	0	0	0	0	0
Deferred Taxes	0	0	0	0	0
Investment Tax Credit	0	0	0	0	0
Other Funds	556	387	88	1,491	-1,688
Funds from Operations	6,888	6,330	7,319	5,023	5,193
Extraordinaries	0	0	0	0	0
Changes in Working Capital	-846	477	-151	1,124	410
Receivables	-79	541	-607	911	123
Inventories	-457	-411	-132	238	-157
Accounts Payable	-187	-201	499	154	442
Income Taxes Payable	0	0	0	0	0
Other Accruals	0	0	0	0	0
Other Assets/Liabilities	-123	548	89	-179	2
Net Operating Cash Flow	6,042	6,807	7,168	6,147	5,603
Capital Expenditures	2,143	2,069	1,873	1,635	1,328
Capital Expenditures (Fixed Assets)	1,516	1,437	1,418	1,014	923
Capital Expenditures (Other Assets)	627	632	455	621	405
Net Assets from Acquisitions	-1,027	-454	-2,792	-354	-264
Sale of Fixed Assets & Businesses	35	20	48	92	100
Purchase/Sale of Investments	-142	-54	141	-222	1,021
Purchase of Investments	-187	-96	-183	-340	-111
Sale/Maturity of Investments	45	42	324	118	1,132
Other Uses	0	0	0	0	0
Other Sources	9	171	356	126	237
Net Investing Cash Flow	-3,268	-2,386	-4,120	-1,993	-234
Cash Dividends Paid - Total	-2,793	-2,929	-3,003	-3,205	-3,406
Common Dividends	-2,793	-2,929	-3,003	-3,205	-3,406
Preferred Dividends	0	0	0	0	0
Change in Capital Stock	-3,244	-3,654	-1	63	-1,932
Repurchase of Common & Preferred Stk.	-3,777	-3,725	-57	-16	-2,227
Sale of Common & Preferred Stock	533	71	56	79	295
Proceeds from Stock Options	417	62	43	62	295
Other Proceeds from Sale of Stock	116	9	13	17	0
Issuance/Reduction of Debt, Net	4,745	3,314	1,208	-1,335	-1
Change in Current Debt	1,508	-2,161	-102	-1,290	37
Change in Long-Term Debt	3,237	5,475	1,310	-45	-38
Issuance of Long-Term Debt	3,483	5,523	1,358	0	0
Reduction in Long-Term Debt	-246	-48	-48	-45	-38
Other Funds	-156	-11	-198	-319	-124
Other Uses	-156	-79	-198	-319	-234
Other Sources	0	68	0	0	110
Net Financing Cash Flow	-1,448	-3,280	-1,994	-4,796	-5,463
Exchange Rate Effect	48	1,103	-158	81	-108
Miscellaneous Funds	0	0	0	0	0
Net Change in Cash	1,374	2,244	896	-561	-202
Free Cash Flow	1,733	2,441	2,747	1,928	1,274

Analysis Data

	2007	2008	2009	2010	2011
Fiscal Year End	2007-12-31	2008-12-31	2009-12-31	2010-12-31	2011-12-31
Valuation
Market Capitalisation	70,452.34	66,628.59	68,494.38	64,433.68	74,296.70
Price/Earnings	13.55	14.50	12.09	38.63	14.07
Price/Sales	3.11	2.74	2.36	2.22	2.70
Price/Book Value	7.34	8.40	6.85	7.25	9.25
Price/Cash Flow	11.78	9.86	9.40	10.34	13.39
Enterprise Value/EBIT	10.34	9.95	9.54	14.52	10.52
Enterprise Value/EBITDA	9.09	8.59	8.00	10.89	8.94
Enterprise Value/Sales	3.39	3.16	2.73	2.58	3.09
Total Debt/Enterprise Value	0.14	0.21	0.21	0.21	0.18
Total Debt/EBITDA	1.25	1.81	1.68	2.25	1.57
EPS (basic)	94.40	88.60	109.10	32.10	104.60
EPS (diluted) as stated	93.66	88.06	108.28	31.86	103.18
Profitability
Gross Margin (%)	76.23	75.14	73.57	72.82	71.60
Operating Margin (%)	32.82	31.69	28.63	17.76	29.41
Pretax Margin (%)	32.58	27.15	27.59	10.83	28.05
Net Margin (%)	22.95	18.90	19.50	5.76	19.21
Return on Assets (%)	18.44	13.07	13.45	3.84	12.63
Return on Equity (%)	54.92	52.49	61.67	17.30	62.19
Return on Avg. Total Capital (%)	29.75	20.78	21.96	6.50	22.43
Return on Avg. Invested Capital (%)	33.83	23.11	23.07	6.74	23.95
Efficiency
Revenue/Employee	0.22	0.25	0.28	0.29	0.28
Receivables Turnover	4.29	4.29	4.61	4.80	5.02
Days of Sales Outstanding (DSO) (%)	85.10	85.13	79.09	76.10	72.71
Inventory Turnover	1.96	1.70	1.85	1.95	2.02
Days of Inventory on Hand (DIO)	185.85	214.61	197.64	186.88	180.88
Total Asset Turnover	0.80	0.69	0.69	0.67	0.66
Working Capital Turnover	6.92	3.36	5.20	8.76	23.67
Liquidity
Current Ratio	1.32	1.72	1.45	1.25	1.08
Quick Ratio	1.02	1.32	1.11	0.95	0.82
Capital Structure
Debt-to-Total Equity (%)	110.08	204.10	162.49	169.91	185.52
Debt-to-Total Capital (%)	52.40	67.12	61.90	62.95	64.98
Debt-to-Total Assets (%)	34.10	41.09	37.93	35.76	36.27
Interest Coverage	17.18	9.31	10.28	6.57	11.22

Market data

Name	Latest	Var
FTSE 100	5,338.38(c)	-1.24%
FTSE 250	10,592.94(c)	-0.77%
DOW INDUSTRIALS	12,442.57	-1.24%
HONG KONG HANG SENG INDIC	19,200.93	+0.00%
Nikkei 225	8,876.59(c)	+0.00%

Name	Latest	Var
RANDGOLD RES.	4,855.00(c)	+4.63%
ICAP	342.00(c)	+1.63%
NATIONAL GRID	675.00(c)	+1.43%
ANTOFAGASTA	1,026.00(c)	+1.38%
CENTRICA	311.90(c)	+1.10%

Name	Latest	Var
INTL. CONS. AIR GRP	143.50(c)	-6.02%
AVIVA	267.70(c)	-4.70%
GKN	184.30(c)	-4.21%
HARGREAVES LANS	480.70(c)	-4.15%
MAN GROUP	78.55(c)	-4.09%

Buys

Name	Latest	Var
AVIVA	267.70(c)	-4.70%
LAMPRELL	128.50(c)	+1.18%
RED EMPEROR RES	18.00(c)	-41.46%
LLOYDS GRP.	27.65(c)	-3.56%
RANGE RES.	7.25(c)	-16.47%

Sells

Name	Latest	Var
RED EMPEROR RES	18.00(c)	-41.46%
RANGE RES.	7.25(c)	-16.47%
BP	396.65(c)	-0.75%
AVIVA	267.70(c)	-4.70%
VODAFONE GRP.	165.90(c)	-1.19%

Selftrade is a trading name and Selftrade® a registered trademark of Talos Securities Limited, which is authorised and regulated by the Financial Services Authority (FSA Register number 208271) and is a member of the London Stock Exchange and PLUS Markets. Talos Securities Ltd is incorporated in England and Wales (Registration No. 4196325, Registered Address: Boatman's House, 2 Selsdon Way, London E14 9LA). VAT No. 629 2807 22.

Data: include Bondscape, Dow Jones, Factset, FTSE, Morningstar. Conditions may apply.

GLAXOSMITHKLINE

PROFILE

Key People

Major Shareholders

Director Deals

Income Statements £1K

Balance Sheet £1K

Cash Flow £1K

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