Oxford

Brookes University BSc (Hons.) in

Applied Accounting






The financial and business performance of Pfizer
from 1 January 2012 to 31 December 2014

Appendices

Pfizer and GlaxoSmithKline Financial Statements

Name: Anthony Ngoh Ndam

ACCA Registration: 1555486

Appendix 1: Pfizer Statements of Financial Position

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

2014 2013 2012

49,605 51,584 54,657
(9,577) (9,586) (9,821)
40,028 41,998 44,836
(14,097) (14,355) (15,171)
(8,393) (6,678) (7,482)
(4,039) (4,599) (5,109)
(250) (1,182) (1,810)
(1,009)
532 (4,022)
12,240 15,716 11,242
(3,120) (4,306) (2,221)
9,120 11,410
9,021

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.

6
(55)
(49)
9,071
32
9,039

308
10,354
10,662
22,072
69
22,003

794
4,783
5,577
14,598
28
14,570

Earnings per Share

Basic earnings per share
Diluted earnings per share
Source: Pfizer annual reports for years 2012, 2013 and 2014

1.44
1.42

3.23
3.19

1.96
1.94

Appendix 1: Pfizer Statements of Financial Position

Pfizer Inc.
Statements of Financial Position as at 31 December,

Figures in $ millions
Non-current assets
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
Source: Pfizer annual reports for years 2012, 2013 and 20

2014

2013

2012

11,762 13,213 15,921

42,069
43,661
44,569
17,518
14,149
9,814
35,166
45,146
51,184
1,544
1,565
0
3,513
3,233
5,697
111,572 120,967 127,185

5,663 6,076 6,610

8,669
10,675
13,058
32,779
22,318
23,270
4,498
6,170
9,380
3,343
10,081
3,182
2,750
3,567
0
0
5,944
5,317
57,702
64,831
60,817
169,274 185,798 188,002

15,305 32,973 40,109

63,311
54,240
46,210
(7,316)
(5,953)
(4,129)
71,300
81,260
82,190
321
418
431
71,621
81,678
82,621
31,541 31,036 34,926
7,885
7,782
6,355
2,379
3,491
3,344
24,981
21,193
18,861
4,353
6,581
6,886
4,883
4,851
6,100
76,022
74,934
76,472

5,141 6,424 4,016

3,440
2,921
3,678
1,711
1,733
1,796
531
979
1,009
1,784
1,875
2,120
9,024
13,812
15,066
0
1,442
1,224
21,631
29,186
28,909
169,274 185,798 188,002

Appendix 1: Pfizer Statements of Financial Position

Income Statements
For the Year Ending 31 December

Figures in millions

2014

Turnover

23,006 26,505 26,431

Cost of sales

(7,323) (8,585) (7,925)

Gross profit

15,683 17,920 18,506

Selling, general and administration expenses

(8,246) (8,480) (8,789)

Research and development

(3,450) (3,923) (3,979)

Royalty income

2013

2012

310

387

306

Other operating income

(700)

1,124

1,256

Operating profit

3,597

7,028

7,300

68

61

79

(727)

(767)

(808)

282

30

43

29

Profit before taxation

2,968

6,647

6,600

Taxation

(137) (1,019) (1,922)

Profit after taxation

2,831

5,628

4,678

75

192

179

2,756

5,436

4,499

Finance income
Finance expenses
Profit on disposal of interest in associates
Share of profit from associates and joint ventures

Profit attributable to non-controlling interest

Profit attributable to shareholders

Basic earnings per share (pence)

57.3

Diluted earnings per share (pence)

56.7
Source: GlaxoSmithKline annual reports for years 2012, 2013 and 2014

112.5
110.5

91.6
90.2

Appendix 1: Pfizer Statements of Financial Position

GlaxoSmithKline Inc.
Statements of Financial Position as at 31 December,
2014
2013
Figures in millions
Non-current assets
9,052 8,872
Property, plant and equipment
Goodwill
3,724 4,205
Other intangible assets
8,320 9,283
Investment in associates and joint ventures
340
323
Other investments
1,114 1,202
Deferred tax assets
2,688 2,084
Derivative financial instruments
0
1
Other non-current assets
735
889
Total non-current assets
25,973 26,859
Current assets
4,231 3,900
Inventories
Current tax recoverable
138
129
Trade and other receivables
4,600 5,442
Derivative financial instruments
146
155
Liquid investments
69
66
Cash and cash equivalents
4,338 5,534
Assets held for sale
1,156
1
Total current assets
14,678 15,227
Total Assets
40,651 42,086
Equity
1,339 1,336
Share capital
Share premium
2,759 2,595
Retained earnings
(2,074)
913
Other reserves
2,239 2,153
Shareholders' equity
4,263 6,997
Non-controlling interests
673
815
Total equity
4,936 7,812
Non-current liabilities
15,841 15,456
Long-term borrowings
Deferred tax liabilities
445
693
Pensions and other employment benefits
3,179 2,189
Other provisions
554
555
Other non-current liabilities
2,401 1,704
Total non-current liabilities
22,420 20,597
Current liabilities
2,943 2,789
Short-term borrowings
Trade and other payables
7,958 8,317
Derivative financial instruments
404
127
Current tax payable
945 1,452
Short-term provisions
1,045
992
Total current liabilities
13,295 13,677
Total equity and liabilities
40,651 42,086
Source: GlaxoSmithKline annual reports for years 2012, 2013 and 2014

2012
8,776
4,359
10,161
579
787
2,391
54
682
27,789
3,969
103
5,242
49
81
4,184
64
13,692
41,481
1,349
2,022
642
1,787
5,800
937
6,737
14,671
1,004
3,121
701
1,432
20,929
3,631
8,054
63
1,374
693
13,815
41,481