GlaxoSmithKline PLC (GSK) | Equity Method Investments

Selected Financial Data

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GlaxoSmithKline PLC's selected financial data

USD $ in millions, translated from GBP £

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Share of after tax profits of associates and joint ventures
Associated undertakings

ROA (equity method investments only)¹	%	%	%	%	%

Source: Based on data from GlaxoSmithKline PLC Annual Reports

2011 Calculations

¹ ROA (equity method investments only) = 100 × Share of after tax profits of associates and joint ventures ÷ Associated undertakings
= 100 × ÷ = %

Item	Description	The company
Share of after tax profits of associates and joint ventures	This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. Such amount typically reflects adjustments similar to those made in preparing consolidated statements, including adjustments to eliminate intercompany gains and losses, and to amortize, if appropriate, any difference between cost and underlying equity in net assets of the investee at the date of investment.	GlaxoSmithKline PLC's share of after tax profits of associates and joint ventures increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Associated undertakings	This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment losses recognized.	GlaxoSmithKline PLC's associated undertakings increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
ROA (equity method investments only)	A profitability ratio calculated as share of after tax profits of associates and joint ventures divided by associated undertakings.	GlaxoSmithKline PLC's ROA of equity method investments improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Summarized Financial Information

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Summarized financial information for GlaxoSmithKline PLC's affiliates, subsidiaries, associates, and joint ventures

USD $ in millions, translated from GBP £

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Total assets
	Total liabilities
	Equity
	Total liabilities and equity
	Total turnover
	Total profit

Source: Based on data from GlaxoSmithKline PLC Annual Reports

Item	Description	The company
Equity	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets, liabilities, and results of operations of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may include total equity or capital (as applicable).	Equity of GlaxoSmithKline PLC's affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Total profit	This item represents the disclosure of summarized financial information for unconsolidated subsidiaries and 50 percent-or-less owned entities accounted for using the equity method of accounting. If investments in common stock of corporate joint ventures or other investments accounted for under the equity method are, in the aggregate, material in relation to the financial position or results of operations of an investor, it may be necessary to present summarized information as to assets of the investee, or group of investments for which combined disclosure is appropriate, either by individual financial statement caption or in groups, as appropriate. Such summarized financial information may, at a minimum, include net income or loss.	Total profit of GlaxoSmithKline PLC's affiliates, subsidiaries, associates, and joint ventures increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

Adjustments to Financial Data: Proportionate Consolidation

Recognition of GlaxoSmithKline PLC's proportionate share of affiliates, subsidiaries, associates, and joint ventures assets and liabilities instead of net equity.

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GlaxoSmithKline PLC, adjustments to financial data

USD $ in millions, translated from GBP £

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Weighted average percentage interest in affiliates	%	%	%	%	%
Adjustment to Total Assets
Total assets (as reported)
Less: Associated undertakings (adjustment)
Add: Total assets of affiliates (adjustment)
Total assets (adjusted)
Adjustment to Total Liabilities
Total liabilities (as reported)
Add: Total liabilities of affiliates (adjustment)
Total liabilities (adjusted)
Adjustment to Turnover
Turnover (as reported)
Add: Total turnover of affiliates (adjustment)
Turnover (adjusted)

Adjusted Ratios: Proportionate Consolidation (Summary)

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GlaxoSmithKline PLC, adjusted ratios

	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
Net Profit Margin
Reported net profit margin	%	%	%	%	%
Adjusted net profit margin	%	%	%	%	%
Total Asset Turnover
Reported total asset turnover
Adjusted total asset turnover
Financial Leverage
Reported financial leverage
Adjusted financial leverage
Return on Assets (ROA)
Reported ROA	%	%	%	%	%
Adjusted ROA	%	%	%	%	%

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	GlaxoSmithKline PLC's adjusted net profit margin deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	GlaxoSmithKline PLC's adjusted total asset turnover improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	GlaxoSmithKline PLC's adjusted financial leverage increased from 2009 to 2010 and from 2010 to 2011.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	GlaxoSmithKline PLC's adjusted ROA deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Adjusted Net Profit Margin

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Profit attributable to shareholders (USD $ in millions, translated from GBP £)
Turnover (USD $ in millions, translated from GBP £)

Net profit margin¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit attributable to shareholders (USD $ in millions, translated from GBP £)
Adjusted turnover (USD $ in millions, translated from GBP £)

Adjusted net profit margin²	%	%	%	%	%

2011 Calculations

¹ Net profit margin = 100 × Profit attributable to shareholders ÷ Turnover
= 100 × ÷ = %

² Adjusted net profit margin = 100 × Profit attributable to shareholders ÷ Adjusted turnover
= 100 × ÷ = %

Ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as net income divided by adjusted revenue.	GlaxoSmithKline PLC's adjusted net profit margin deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

Adjusted Total Asset Turnover

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Turnover (USD $ in millions, translated from GBP £)
	Total assets (USD $ in millions, translated from GBP £)

	Total asset turnover¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted turnover (USD $ in millions, translated from GBP £)
	Adjusted total assets (USD $ in millions, translated from GBP £)

	Adjusted total asset turnover²

2011 Calculations

¹ Total asset turnover = Turnover ÷ Total assets
= ÷ =

² Adjusted total asset turnover = Adjusted turnover ÷ Adjusted total assets
= ÷ =

Ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as adjusted total revenue divided by adjusted total assets.	GlaxoSmithKline PLC's adjusted total asset turnover improved from 2009 to 2010 but then deteriorated significantly from 2010 to 2011.

Adjusted Financial Leverage

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	As Reported
	Total assets (USD $ in millions, translated from GBP £)
	Shareholders’ equity (USD $ in millions, translated from GBP £)

	Financial leverage¹
	Adjusted: from Equity Method to Proportionate Consolidation
	Adjusted total assets (USD $ in millions, translated from GBP £)
	Shareholders’ equity (USD $ in millions, translated from GBP £)

	Adjusted financial leverage²

2011 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= ÷ =

² Adjusted financial leverage = Adjusted total assets ÷ Shareholders’ equity
= ÷ =

Ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	GlaxoSmithKline PLC's adjusted financial leverage increased from 2009 to 2010 and from 2010 to 2011.

Adjusted Return On Assets (ROA)

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	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
As Reported
Profit attributable to shareholders (USD $ in millions, translated from GBP £)
Total assets (USD $ in millions, translated from GBP £)

ROA¹	%	%	%	%	%
Adjusted: from Equity Method to Proportionate Consolidation
Profit attributable to shareholders (USD $ in millions, translated from GBP £)
Adjusted total assets (USD $ in millions, translated from GBP £)

Adjusted ROA²	%	%	%	%	%

¹ ROA = 100 × Profit attributable to shareholders ÷ Total assets
= 100 × ÷ = %

² Adjusted ROA = 100 × Profit attributable to shareholders ÷ Adjusted total assets
= 100 × ÷ = %

Ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	GlaxoSmithKline PLC's adjusted ROA deteriorated from 2009 to 2010 but then improved from 2010 to 2011 exceeding 2009 level.

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GlaxoSmithKline PLC (GSK) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

In order to obtain free access to...

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...the analysis of GlaxoSmithKline(data of only one company could be available for free)

GlaxoSmithKline PLC (GSK) | Analysis of Equity Method Investment

Selected Financial Data

Summarized Financial Information

Adjustments to Financial Data: Proportionate Consolidation

Adjusted Ratios: Proportionate Consolidation (Summary)

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return On Assets (ROA)

...the analysis of GlaxoSmithKline
(data of only one company could be available for free)