Oxford Brookes University BSc (Hons.

)
in Applied Accounting

The financial and business performance of Pfizer

from 1 January 2011 to 31 December 2013

Appendices

Name:
ACCA Registration No.

Appendix 1: Pfizer Income Statements

Pfizer Inc.
Income Statements for the years ending 31 December,
Figures in $ millions except earnings
per share
Revenue
Cost of sales
Gross profit
Selling, and administration expenses
Research and development
Amortisation of intangible assets
Restructuring and certain acquisition costs
Other (income)/deductions
Profit from continuing operations
before taxes
Taxation
Profit from continuing operations after
taxes
Discontinued operations (net of tax):
Profit from discontinued operations
Gain on disposal of discontinued operations
Discontinued operations
Total profit for the year
Profit allocated to non-controlling interests
Profit attributable to Pfizer Inc.
Earnings per Share
Basic earnings per share
Diluted earnings per share

2013
51,58
4
(9,586
)
41,99
8
(14,35
5)
(6,678
)
(4,599
)
(1,182
)
532
15,71
6
(4,306
)
11,41
0

2012
54,65
7
(9,821
)
44,83
6
(15,17
1)
(7,482
)
(5,109
)
(1,810
)
(4,022
)
11,24
2
(2,221
)

2011
61,03
5
(12,50
0)
48,53
5
(17,58
1)
(8,681
)
(5,465
)
(2,841
)
(2,486
)
11,48
1
(3,621
)

9,021

7,860

794

885

308
10,35
4
10,66
2
22,07
2
69
22,00
3

4,783

1,304

5,577
14,59
8
28
14,57
0

2,189
10,04
9
40
10,00
9

3.23
3.19

1.96
1.94

1.28
1.27

Pfizer Inc.
Statements of Financial Position as at 31 December,
Figures in $ millions
2013
2012
Non-current assets

2011

Appendix 1: Pfizer Income Statements

Property, plant and equipment
Goodwill
Long-term investments
Intangible assets
Deferred tax assets
Other non-current assets
Total non-current assets
Current assets
Inventories
Trade receivables
Short-term investments
Deferred tax assets
Cash and cash equivalents
Other current assets
Assets held for sale
Total current assets
Total assets
Equity
Share capital
Retained earnings
Accumulated other comprehensive losses
Shareholders equity
Non-controlling interests
Total equity
Non-current liabilities
Long-term borrowings
Pensions and benefits obligations
Post-retirement benefit obligations
Deferred tax liabilities
Other taxes payable
Other non-current liabilities
Total non-current liabilities
Current liabilities
Short-term borrowings
Trade payables
Dividends payable
Income tax payable
Accrued wages and other related items
Other current liabilities
Liabilities of discontinued operations
Total current liabilities
Total equity and liabilities

12,397 13,213 15,921

42,519 43,661 44,569
16,406 14,149
9,814
39,385 45,146 51,184
1,554
1,565
3,596
3,233
5,697
115,85 120,96 127,18
7
7
5
6,166
6,076
6,610
9,357 10,675 13,058
30,225 22,318 23,270
4,624
6,170
9,380
2,183 10,081
3,182
3,613
3,567
76
5,944
5,317
56,244 64,831 60,817
172,10 185,79 188,00
1
8
2
9,846 32,973 40,109
69,732 54,240 46,210
(3,271) (5,953) (4,129)
76,307 81,260 82,190
313
418
431
76,620 81,678 82,621
30,462 31,036 34,926
4,635
7,782
6,355
2,668
3,491
3,344
25,590 21,193 18,861
3,993
6,581
6,886
4,767
4,851
6,100
72,115 74,934 76,472
6,027
6,424
4,016
3,234
2,921
3,678
1,663
1,733
1,796
678
979
1,009
1,792
1,875
2,120
9,951 13,812 15,066
21
1,442
1,224
23,366 29,186 28,909
172,10 185,79 188,00
1
8
2

Appendix 3: GlaxoSmithKline Income Statements

Income Statements
For the Year Ending 31 December
Figures in millions
Turnover
Cost of sales
Gross profit
Selling, general and administration expenses
Research and development
Royalty income
Other operating income
Operating profit
Finance income
Finance expenses
Profit on disposal of interest in associates
Share of profit from associates and joint
ventures
Profit before taxation
Taxation
Profit after taxation
Profit attributable to non-controlling interest
Profit attributable to shareholders

Basic earnings per share (pence)

Diluted earnings per share (pence)

2013 2012 2011

26,5
26,4 27,38
05
31
7
(8,58 (7,92 (7,67
5)
5)
3)
17,9 18,5 19,7
20
06
14
(8,48 (8,78 (8,54
0)
9)
7)
(3,92 (3,97 (4,02
3)
9)
0)
387
1,12
4
7,02
8

306
1,25
6
7,30
0

278
7,73
4

61

79

90

(767)

(808)

(799)

282

585

43
6,64
7
(1,01
9)
5,62
8

29
6,60
0
(1,92
2)
4,67
8

15
7,62
5
(2,22
0)
5,40
5

192
5,43
6
112.
5
110.
5

309

179
197
4,49
9 5,208

91.6 103.6
90.2 102.1

Appendix 4: GlaxoSmithKline Statements of Financial Position

GlaxoSmithKline Inc.
Statements of Financial Position as at 31 December,
Figures in millions
2013 2012 2011
Non-current assets
Property, plant and equipment
8,872 8,776 8,748
Goodwill
4,205 4,359 3,754
10,16
Other intangible assets
9,283
1 7,802
Investment in associates and joint ventures
323
579
560
Other investments
1,202
787
590
Deferred tax assets
2,084 2,391 2,849
Derivative financial instruments
1
54
85
Other non-current assets
889
682
525
26,8 27,7
24,9
Total non-current assets
59
89
13
Current assets
Inventories
3,900 3,969 3,873
Current tax recoverable
129
103
85
Trade and other receivables
5,442 5,242 5,576
Derivative financial instruments
155
49
70
Liquid investments
66
81
184
Cash and cash equivalents
5,534 4,184 5,714
Assets held for sale
1
64
665
15,2 13,6
16,1
Total current assets
27
92
67
42,0 41,4
41,0
Total Assets
86
81
80
Equity
Share capital
1,336 1,349 1,387
Share premium
2,595 2,022 1,673
Retained earnings
913
642 3,370
Other reserves
2,153 1,787 1,602
Shareholders' equity
6,997 5,800 8,032
Non-controlling interests
815
937
795
7,81 6,73
8,82
Total equity
2
7
7
Non-current liabilities
15,45 14,67 12,20
Long-term borrowings
6
1
3
Deferred tax liabilities
693 1,004
822
Pensions and other employment benefits
2,189 3,121 3,091
Other provisions
552
699
499
Derivative financial instruments
3
2
2
Other non-current liabilities
1,704 1,432
626
20,5 20,9
17,2
Total non-current liabilities
97
29
43
Current liabilities
Short-term borrowings
2,789 3,631 2,698
Trade and other payables
8,317 8,054 7,359

Appendix 4: GlaxoSmithKline Statements of Financial Position

Derivative financial instruments
127
63
Current tax payable
1,452 1,374
Short-term provisions
992
693
13,6 13,8
Total current liabilities
77
15
42,0 41,4
Total equity and liabilities
86
81
Categor
y

Ratio
Gross Profit
Margin (%)

PROFITABILITY

Net Profit Margin

(%)

Asset Turnover
(Times)

Return On Capital
Employed (%)

Formula
Gross Profit
Sales

175
1,643
3,135
15,0
10
41,0
80

GlaxoSmithKline
2013
2012
2
17,920
18,506
19
26,505
26,431
27
68%

70%

5,628
26,505

4,678
26,431

5
27

21%

18%

Sales

26,505

26,431

27

Total Assets

42,086

41,481

41

0.6

0.6

Net Profit

5,628

4,678

Capital Employed

28,409

27,666

26

20%

17%

Net Profit
Sales

LIQUIDITY

Source: Ratios calculated using figures obtained from Pfizer and

GlaxoSmithKline financial statements
Categor
Ratio
Formula
y
GlaxoSmithKline
2013
2012
2
Current Ratio
Current Assets
15,227
13,692
1
(Times)
Current Liabilities
13,677
13,815
1

Quick Ratio (Times)

Inventory Days

Current Assets Inventory

Current Liabilities

Inventory X 365

1.1

1.0

11,327

9,723

13,677

13,815

0.8
3,900

0.7
3,969

Appendix 4: GlaxoSmithKline Statements of Financial Position

Outstanding (Days)
Cost of Sales
8,585

Receivable Days
Outstanding (Days)

Payable Days
Outstanding (Days)

7,925

166

183

5,442

5,242

26,505

26,431

75

72

Trade Payables X 365

8,317

8,054

Cost of Sales

8,585

7,925

Trade Receivables X
365
Sales

RISK

354
371
Source: Ratios calculated using figures obtained from Pfizer and
GlaxoSmithKline financial statements
Categor
Ratio
Formula
y
GlaxoSmithK
Debt-to-equity (%)
Total Debt
18,245
18,302
Total Equity
7,812
6,737

Interest Cover
(Times)

Dividend Cover
(Times)

INVESTORS

Dividend Per Share

Earnings Per Share

234%

272%

7,028

7,300

767

808

9.2

9.0

7,028

7,300

3,680

3,814

1.9
3,680
4,831

1.9
3,814
4,912

76p

78p

5,436

4,499

4,831

4,912

112.5 p

91.6 p

Profit Before Interest and

Tax
Interest Expense

Profit Before Interest and

Tax
Dividends Paid

Dividends Paid
Outstanding Number of
Ordinary Shares

Profit Attributable to
Ordinary Shareholders
Outstanding Number of
Ordinary Shares

Source: Ratios calculated using figures obtained from Pfizer and

GlaxoSmithKline financial statements