REG - GlaxoSmithKline PLC - Final Results <Origin Href="QuoteRef">GSK.L</Origin> - Part 4
08/02/2017 12:05
- Part 4: For the preceding part double click ID:nRSH3433Wc
daprodustat (1278863) (Prolyl hydroxylase inhibitor) Wound healing Ph I
daprodustat (1278863) (Prolyl hydroxylase inhibitor) Anaemia associated with chronic renal disease Ph III
1 Option-based alliance with Ionis Pharmaceuticals
2 Option-based alliance with Adaptimmune Ltd.
3 Option-based alliance with OncoMed Pharmaceuticals
4 Option-based alliance with Telethon and Ospedale San Raffaele
* The name Shingrix has not yet been approved for use by any regulatory authority
The full version of the GSK product development pipeline chart with all clinical assets in Phase I to Phase III can be found at: https://gsk.com/media/1017505/product-pipeline-march-2016.pdf
Definitions
Core resultsTotal reported results represent the Group's overall performance. However, these results can contain material unusual or non-operational items that may obscure the key trends and factors determining the Group's operational performance. As a result, GSK also reports core results. Core results exclude the following items from total results: amortisation and impairment of intangible assets (excluding computer software) and goodwill; major restructuring costs, including those costs following
material acquisitions; legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations, transaction-related accounting adjustments for significant acquisitions, and other items, including disposals of associates, products and businesses and other operating income other than royalty income, together with the tax effects of all of these items. These items are excluded from core results either because their impact can be significant and volatile or
because their exclusion improves comparabilities and consistency of reporting with the majority of our peer companies. Core results reporting is utilised as one of the bases for internal performance reporting alongside total results, cash flow generation and a number other metrics. Core results are presented and discussed in this Results Announcement as GSK believes that core results are more representative of the performance of the Group's operations and allow the key trends and factors driving that
performance to be more easily and clearly identified by shareholders. The definition of core results, as set out above, also aligns the Group's results more closely with the majority of our peer companies and how they report earnings. Reconciliations between total and core results, as set out on pages 12 and 57 to 60, including detailed breakdowns of the key non-core items, are provided to shareholders to ensure greater visibility and transparency as they assess the Group's performance. CER growthIn order
to illustrate underlying performance, it is the Group's practice to discuss its results in terms of constant exchange rate (CER) growth. This represents growth calculated as if the exchange rates used to determine the results of overseas companies in Sterling had remained unchanged from those used in the comparative period. All commentaries are presented in terms of CER growth, unless otherwise stated. Pro-forma growth ratesThe Novartis transaction completed on 2 March 2015 and so GSK's reported results
include the results of the former Novartis Vaccines and Consumer Healthcare businesses and exclude the results of the former GSK Oncology business, both from 2 March 2015. For the Vaccines and Consumer Healthcare segments, pro-forma growth rates are calculated comparing reported turnover and core operating profits for the year ended December 2016 with the turnover and operating profit for the year ended December 2015 adjusted to include the two months of sales of the former Novartis Vaccines and Consumer
Healthcare products, respectively. For the Pharmaceuticals segment, the turnover and operating profit for the year ended December 2015 is adjusted to exclude the two months of sales of the former GSK Oncology business for January and February 2015. Free cash flowFree cash flow is the net cash inflow from operating activities less capital expenditure, interest and dividends paid to non-controlling interests plus proceeds from the sale of property, plant and equipment and dividends received from joint
ventures, associated undertakings and equity investments. It is used by management for planning and reporting purposes and in discussions with and presentations to investment analysts and rating agencies. Free cash flow growth is calculated on a reported basis. A reconciliation of net cash inflow from operations to free cash flow is presented on page 54. Adjusted free cash flowAdjusted free cash flow excludes payments made to settle legal disputes. Such payments could fluctuate significantly between
reporting periods and removing them allows the trends in free cash flow to be more easily identified by shareholders. Free cash flow conversionFree cash flow conversion is free cash flow as a percentage of earnings excluding after-tax legal charges and legal settlements. Adjusted net cash inflow from operating activitiesAdjusted net cash inflow from operating activities excludes payments made to settle legal disputes. Such payments could fluctuate significantly between reporting periods and removing them
allows the trends in net cash inflow from operating activities to be more easily identified by shareholders. Working capital conversion cycleThe working capital conversion cycle is calculated as the number of days sales outstanding plus days inventory outstanding, less days purchases outstanding.
Brand names and partner acknowledgementsBrand names appearing in italics throughout this document are trademarks of GSK or associated companies or used under licence by the Group.
Outlook assumptions and cautionary statements
Assumptions related to 2017 guidance and 2016-2020 outlookIn outlining the expectations for 2017 and the five-year period 2016-2020, the Group has made certain assumptions about the healthcare sector, the different markets in which the Group operates and the delivery of revenues and financial benefits from its current portfolio, pipeline and restructuring programmes. For the Group specifically, over the period to 2020 GSK expects further declines in sales of Seretide/Advair. The introduction of a generic
alternative to Advair in the US has been factored into the Group's assessment of its future performance. The Group assumes no premature loss of exclusivity for other key products over the period. The Group's expectation of at least £6 billion of revenues per annum on a CER basis by 2020 from the New Pharmaceutical and Vaccine products listed on page 31 includes contributions from the current pipeline asset Shingrix. This target is now expected to be met up to two years earlier. The Group also expects
volume demand for its products to increase, particularly in Emerging Markets. The assumptions for the Group's revenue and earnings expectations assume no material interruptions to supply of the Group's products and no material mergers, acquisitions, disposals, litigation costs or share repurchases for the Company; and no change in the Group's shareholdings in ViiV Healthcare or Consumer Healthcare. They also assume no material changes in the macro-economic and healthcare environment. The Group's
expectations assume successful delivery of the Group's integration and restructuring plans over the period 2016-2020. Material costs for investment in new product launches and R&D have been factored into the expectations given. The expectations are given on a constant currency basis and assume no material change to the Group's effective tax rate or the tax regulatory environment in which it operates.
Assumptions and cautionary statement regarding forward-looking statementsThe Group's management believes that the assumptions outlined above are reasonable, and that the aspirational targets described in this report are achievable based on those assumptions. However, given the longer term nature of these expectations and targets, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange
fluctuations, macro-economic activity, changes in regulation, government actions or intellectual property protection, actions by our competitors, and other risks inherent to the industries in which we operate. This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or
current facts. They use words such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal
proceedings, and financial results. Other than in accordance with its legal or regulatory obligations (including under the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the
US Securities and Exchange Commission (SEC). All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number
of important factors, including those in this document, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D 'Risk factors' in the Group's Annual Report on Form 20-F for 2015 and those discussed in Part 2 of the Circular to Shareholders and Notice of General Meeting furnished to the SEC on Form 6-K on 24 November 2014. Any forward looking statements made by or on behalf
of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this report.
Cautionary statement regarding unaudited pro-forma financial informationThe unaudited pro-forma financial information in this release has been prepared to illustrate the effect of (i) the disposal of the Oncology business, (ii) the Consumer Healthcare Joint Venture (i.e. the acquisition of the Novartis OTC Business), and (iii) the acquisition of the Vaccines business (which excludes the Novartis influenza vaccines business) on the results of the Group as if they had taken place as at 1 January 2015. The
unaudited pro-forma financial information has been prepared for illustrative purposes only and, by its nature, addresses a hypothetical situation and, therefore, does not represent the Group's actual financial position or results. The unaudited pro-forma financial information does not purport to represent what the Group's financial position actually would have been if the disposal of the Oncology business, the Consumer Healthcare Joint Venture and the Vaccines acquisition had been completed on the dates
indicated; nor does it purport to represent the financial condition at any future date. In addition to the matters noted above, the unaudited pro-forma financial information does not reflect the effect of anticipated synergies and efficiencies associated with the Oncology disposal, the Consumer Healthcare Joint Venture and the Vaccines acquisition. The unaudited pro-forma financial information does not constitute financial statements within the meaning of Section 434 of the Companies Act 2006. The
unaudited pro-forma financial information in this release should be read in conjunction with the financial statements included in (i) the Group's Q4 2016 results announcement dated 8 February 2017 and furnished to the SEC on Form 6-K, (ii) the Group's Annual Report on Form 20-F for 2015 and (iii) the Circular to Shareholders and Notice of General Meeting furnished to the SEC on Form 6-K on 24 November 2014.
Contacts
GSK - one of the world's leading research-based pharmaceutical and healthcare companies - is committed to improving the quality of human life by enabling people to do more, feel better and live longer. For further information please visit www.gsk.com.
www.gsk.com
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GSK enquiries:
UK Media enquiries: David Mawdsley +44 (0) 20 8047 5502 (London)
Simon Steel +44 (0) 20 8047 5502 (London)
US Media enquiries: Sarah Alspach +1 215 715 1048 (Washington)
Sarah Spencer +1 215 751 3335 (Philadelphia)
Analyst/Investor enquiries: Sarah Elton-Farr +44 (0) 20 8047 5194 (London)
Gary Davies +44 (0) 20 8047 5503 (London)
James Dodwell +44 (0) 20 8047 2406 (London)
Sarah Webster +44 (0) 20 8047 0246 (London)
Tom Curry +1 215 751 5419 (Philadelphia)
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Registered in England & Wales:No. 3888792
Registered Office:980 Great West RoadBrentford, MiddlesexTW8 9GS
Financial information
Income statements
2016£m 2015£m Q4 2016£m Q4 2015£m
TURNOVER 27,889 23,923 7,586 6,286
Cost of sales (9,290) (8,853) (2,508) (2,541)
Gross profit 18,599 15,070 5,078 3,745
Selling, general and administration (9,366) (9,232) (2,711) (2,498)
Research and development (3,628) (3,560) (1,003) (1,054)
Royalty income 398 329 117 91
Other operating income/(expense) (3,405) 7,715 (886) (538)
OPERATING PROFIT/(LOSS) 2,598 10,322 595 (254)
Finance income 72 104 20 41
Finance expense (736) (757) (193) (199)
Profit on disposal of associates - 843 - 1
Share of after tax profits/(losses) of associates and joint ventures 5 14 1 (5)
PROFIT/(LOSS) BEFORE TAXATION 1,939 10,526 423 (416)
Taxation (877) (2,154) (106) (12)
Tax rate % 45.2% 20.5% 25.1% (2.9)%
PROFIT/(LOSS) AFTER TAXATION FOR THE PERIOD 1,062 8,372 317 (428)
Profit/(loss) attributable to non-controlling interests 150 (50) 60 (74)
Profit/(loss) attributable to shareholders 912 8,422 257 (354)
1,062 8,372 317 (428)
EARNINGS/(LOSS) PER SHARE 18.8p 174.3p 5.3p (7.3)p
Diluted earnings/(loss) per share 18.6p 172.3p 5.2p (7.3)p
Statement of comprehensive income
2016£m 2015£m
Profit for the year 1,062 8,372
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges 646 (618)
Fair value movements on available-for-sale investments 251 416
Reclassification of fair value movements on available-for-sale investments (245) (346)
Deferred tax on fair value movements on available-for-sale investments - (91)
Deferred tax reversed on reclassification of available-for-sale investments 51 36
Fair value movements on cash flow hedges 2 2
Deferred tax on fair value movements on cash flow hedges 2 -
Reclassification of cash flow hedges to income statement 1 2
Share of other comprehensive expense of associates and joint ventures - (77)
708 (676)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests 603 8
Re-measurement (losses)/gains on defined benefit plans (475) 261
Tax on re-measurement of defined benefit plans 126 (80)
254 189
Other comprehensive income/(expense) for the year 962 (487)
Total comprehensive income for the year 2,024 7,885
Total comprehensive income for the year attributable to:
Shareholders 1,271 7,927
Non-controlling interests 753 (42)
2,024 7,885
Statement of comprehensive income
Q4 2016£m Q4 2015£m
Profit/(loss) for the period 317 (428)
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges (347) (129)
Fair value movements on available-for-sale investments 8 341
Reclassification of fair value movements on available-for-sale investments 5 (6)
Deferred tax on fair value movements on available-for-sale investments (9) (18)
Deferred tax reversed on reclassification of available-for-sale investments 1 6
Fair value movements on cash flow hedges (10) 3
Deferred tax on fair value movements on cash flow hedges 2 -
Reclassification of cash flow hedges to income statement 12 (2)
(338) 195
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests 48 9
Re-measurement gains on defined benefit plans 744 649
Tax on re-measurement of defined benefit plans (129) (156)
663 502
Other comprehensive income for the period 325 697
Total comprehensive income for the period 642 269
Total comprehensive income for the period attributable to:
Shareholders 534 334
Non-controlling interests 108 (65)
642 269
Pharmaceuticals turnover - year ended 31 December 2016
Total US Europe International
£m GrowthCER% £m GrowthCER% £m GrowthCER% £m GrowthCER%
Respiratory 6,510 2 3,306 7 1,383 (10) 1,821 3
Anoro Ellipta 201 >100 139 >100 39 >100 23 >100
Arnuity Ellipta 15 >100 14 >100 - - 1 (100)
Avamys/Veramyst 277 8 25 (12) 74 2 178 15
Flixotide/Flovent 637 (8) 378 (11) 94 (8) 165 -
Incruse Ellipta 114 >100 86 >100 23 >100 5 >100
Nucala 102 >100 71 >100 23 >100 8 -
Relvar/Breo Ellipta 620 >100 344 >100 140 60 136 67
Seretide/Advair 3,485 (15) 1,829 (13) 835 (24) 821 (7)
Ventolin 785 15 421 23 127 1 237 12
Other 274 (1) (1) (100) 28 (3) 247 (2)
Cardiovascular, metabolicand urology (CVMU) 860 (11) 288 (18) 323 12 249 (23)
Avodart 635 (14) 70 (63) 317 13 248 (8)
Eperzan/Tanzeum 121 >100 118 >100 3 100 - -
Other 104 (42) 100 (17) 3 (60) 1 (98)
Immuno-inflammation 340 15 311 14 21 27 8 17
Benlysta 306 19 277 18 21 20 8 33
Other 34 (9) 34 (9) - - - -
Other pharmaceuticals 2,297 (14) 98 (69) 627 (13) 1,572 (4)
Dermatology 393 (12) 16 (63) 146 (2) 231 (9)
Augmentin 563 - - - 177 (5) 386 2
Other anti-bacterials 169 (15) 4 (50) 49 (14) 116 (13)
Rare diseases 423 - 49 (4) 137 2 237 (1)
Oncology 161 (38) (1) (100) - - 162 73
Other 588 (23) 30 (72) 118 2 440 (19)
Established products 2,541 (8) 702 (3) 513 (4) 1,326 (12)
Coreg 131 (5) 131 (5) - - - -
Hepsera 58 (17) - - - - 58 (16)
Imigran/Imitrex 177 3 85 8 62 4 30 (11)
Lamictal 614 5 313 5 106 1 195 9
Lovaza 43 (59) 43 (59) - - - -
Requip 116 8 13 >100 30 (7) 73 3
Serevent 96 (6) 49 - 35 (11) 12 (14)
Seroxat/Paxil 206 10 15 (100) 40 6 151 (8)
Valtrex 118 (37) 16 (30) 25 (4) 77 (45)
Zeffix 111 (24) 2 - 7 (14) 102 (25)
Other 871 (10) 35 (6) 208 (8) 628 (11)
HIV 3,556 37 2,132 46 1,017 29 407 21
Combivir 23 (38) 3 (75) 6 (35) 14 (16)
Epzicom/Kivexa 568 (27) 195 (32) 251 (25) 122 (21)
Lexiva/Telzir 51 (26) 29 (33) 8 (42) 14 4
Selzentry 125 (9) 65 (2) 41 (22) 19 4
Tivicay 953 45 635 46 228 40 90 47
Triumeq 1,735 >100 1,159 >100 434 >100 142 >100
Trizivir 16 (42) 5 (54) 10 (35) 1 (42)
Other 85 33 41 (4) 39 >100 5 (66)
Pharmaceuticals 16,104 3 6,837 10 3,884 - 5,383 (3)
Vaccines turnover - year ended 31 December 2016
Total US Europe International
£m GrowthCER% £m GrowthCER% £m GrowthCER% £m GrowthCER%
Rotarix 469 1 129 (17) 75 8 265 10
Synflorix 504 19 - - 68 59 436 15
Fluarix, FluLaval 414 38 315 42 32 26 67 31
Bexsero 390 >100 122 >100 236 >100 32 >100
Menveo 202 16 121 8 27 (31) 54 >100
Boostrix 470 18 238 1 139 43 93 39
Infanrix, Pediarix 769 (5) 338 12 335 (8) 96 (31)
Hepatitis 602 1 294 (4) 197 17 111 (8)
Priorix, Priorix Tetra, Varilrix 300 5 - - 152 - 148 9
Cervarix 81 (14) 1 (67) 33 (22) 47 (4)
Other 391 6 41 (27) 129 19 221 8
4,592 14 1,599 13 1,423 18 1,570 10
Pharmaceuticals turnover - three months ended 31 December 2016
Total US Europe International
£m GrowthCER% £m GrowthCER% £m GrowthCER% £m GrowthCER%
Respiratory 1,918 2 1,053 5 360 (7) 505 2
Anoro Ellipta 69 100 49 95 13 83 7 >100
Arnuity Ellipta 6 >100 5 >100 - - 1 >(100)
Avamys/Veramyst 70 6 7 (14) 18 - 45 13
Flixotide/Flovent 190 (4) 115 (8) 27 (4) 48 8
Incruse Ellipta 38 >100 28 >100 8 >100 2 >100
Nucala 44 >100 30 >100 9 >100 5 -
Relvar/Breo Ellipta 207 77 122 >100 42 52 43 27
Seretide/Advair 975 (20) 556 (21) 201 (24) 218 (11)
Ventolin 245 43 141 78 36 3 68 20
Other 74 - - - 6 (3) 68 (5)
Cardiovascular, metabolicand urology (CVMU) 234 12 74 48 84 20 76 (15)
Avodart 164 23 7 >(100) 82 27 75 -
Eperzan/Tanzeum 38 88 37 82 1 >(100) - -
Other 32 (41) 30 (13) 1 (100) 1 (93)
Immuno-inflammation 112 27 104 27 6 25 2 -
Benlysta 89 17 81 17 6 - 2 >100
Other 23 82 23 82 - - - -
Other pharmaceuticals 636 (12) 31 (43) 169 (13) 436 (8)
Dermatology 113 (6) 4 (69) 39 - 70 5
Augmentin 146 - - - 49 (4) 97 2
Other anti-bacterials 39 (32) 1 (50) 12 (23) 26 (34)
Rare diseases 117 1 14 20 36 - 67 (2)
Oncology & Emesis 38 >100 (1) >100 - - 39 >100
Other 183 (36) 13 (53) 33 (37) 137 (34)
Established products 653 (6) 184 - 136 (4) 333 (9)
Coreg 37 (6) 37 (6) - - - -
Hepsera 9 (30) - - - - 9 (22)
Imigran/Imitrex 49 10 23 44 16 (6) 10 (25)
Lamictal 167 7 87 4 27 (4) 53 18
Lovaza 8 (73) 8 (73) - - - -
Requip 31 (4) 2 - 8 (22) 21 7
Serevent 27 (8) 16 - 9 (22) 2 -
Seroxat/Paxil 53 19 1 (100) 10 11 42 -
Valtrex 31 (24) 4 (25) 6 (17) 21 (25)
Zeffix 20 (45) 1 >100 2 (50) 17 (48)
Other 221 (6) 5 >100 58 6 158 (10)
HIV 1,022 25 634 32 267 13 121 21
Combivir 6 (37) 1 (60) 1 (29) 4 (33)
Epzicom/Kivexa 114 (42) 35 (52) 48 (42) 31 (23)
Lexiva/Telzir 11 (23) 7 (34) 2 (46) 2 58
Selzentry 33 (7) 18 (6) 8 (32) 7 78
Tivicay 290 42 198 47 63 25 29 51
Triumeq 530 56 362 57 122 46 46 76
Trizivir 3 (50) 1 (57) 2 (41) - -
Other 35 >100 12 (7) 21 >100 2 (41)
Pharmaceuticals 4,575 4 2,080 12 1,022 (1) 1,473 (4)
Vaccines turnover - three months ended 31 December 2016
Total US Europe International
£m GrowthCER% £m GrowthCER% £m GrowthCER% £m GrowthCER%
Rotarix 106 (10) 32 (4) 22 19 52 (22)
Synflorix 122 (24) - - 33 >100 89 (42)
Fluarix, FluLaval 63 (25) 33 (31) 14 20 16 (36)
Bexsero 98 >100 22 >100 66 >100 10 >100
Menveo 50 72 19 (13) 5 (64) 26 >100
Boostrix 127 19 60 (6) 33 >100 34 16
Infanrix, Pediarix 219 15 107 64 81 (22) 31 50
Hepatitis 157 (1) 76 (7) 48 3 33 12
Priorix, Prioruix Tetra 83 (12) - - 36 (19) 47 (7)
Cervarix 23 18 - - 10 (20) 13 71
Other 89 (33) 5 (64) 22 (17) 62 (31)
1,137 - 354 5 370 11 413 (11)
Balance sheet
31 December 2016£m 31 December 2015£m
ASSETS
Non-current assets
Property, plant and equipment 10,808 9,668
Goodwill 5,965 5,162
Other intangible assets 18,776 16,672
Investments in associates and joint ventures 263 207
Other investments 985 1,255
Deferred tax assets 4,374 2,905
Other non-current assets 1,199 990
Total non-current assets 42,370 36,859
Current assets
Inventories 5,102 4,716
Current tax recoverable 226 180
Trade and other receivables 6,026 5,615
Derivative financial instruments 156 125
Liquid investments 89 75
Cash and cash equivalents 4,897 5,830
Assets held for sale 215 46
Total current assets 16,711 16,587
TOTAL ASSETS 59,081 53,446
LIABILITIES
Current liabilities
Short-term borrowings (4,129) (1,308)
Contingent consideration liability (561) (306)
Trade and other payables (11,964) (8,885)
Derivative financial instruments (194) (153)
Current tax payable (1,305) (1,421)
Short-term provisions (848) (1,344)
Total current liabilities (19,001) (13,417)
Non-current liabilities
Long-term borrowings (14,661) (15,324)
Deferred tax liabilities (1,934) (1,522)
Pensions and other post-employment benefits (4,090) (3,229)
Other provisions (652) (420)
Contingent consideration liability (5,335) (3,549)
Other non-current liabilities (8,445) (7,107)
Total non-current liabilities (35,117) (31,151)
TOTAL LIABILITIES (54,118) (44,568)
NET ASSETS 4,963 8,878
EQUITY
Share capital 1,342 1,340
Share premium account 2,954 2,831
Retained earnings (5,392) (1,397)
Other reserves 2,220 2,340
Shareholders' equity 1,124 5,114
Non-controlling interests 3,839 3,764
TOTAL EQUITY 4,963 8,878
Statement of changes in equity
Sharecapital£m Sharepremium£m Retainedearnings£m Otherreserves£m Share-holder'sequity£m Non-controllinginterests£m Totalequity£m
------------ ------------ ------------ ------------ ------------ ------------ ------------
At 1 January 2016 1,340 2,831 (1,397) 2,340 5,114 3,764 8,878
Profit for the year 912 912 150 1,062
Other comprehensive income for the year 284 75 359 603 962
------------ ------------ ------------ ------------ ------------
Total comprehensive income for the year 1,196 75 1,271 753 2,024
------------ ------------ ------------ ------------ ------------
Distributions to non-controlling interests (534) (534)
Dividends to shareholders (4,850) (4,850) (4,850)
Recognition of liabilities with non-controlling interests (2,013) (2,013) (159) (2,172)
De-recognition of liabilities with non-controlling interests 1,244 1,244 1,244
Changes in non-controlling interests 17 17 15 32
Shares issued 2 87 89 89
Shares acquired by ESOP Trusts 36 466 (576) (74) (74)
Write-down on shares held by ESOP Trusts (381) 381 -
Share-based incentive plans 319 319 319
Tax on share-based incentive plans 7 7 7
------------
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