GlaxoSmithKline has announced that it will be making a number of changes to the format and content of its financial reports from Q1, 2017.
A summary of the changes are as follows:
– Core results will be renamed Adjusted results and will include ‘ordinary course’ legal charges
– GSK will continue to present Total results before Adjusted results and provide a reconciliation between the two.
– Charges and expenses arising from Significant legal matters will be aggregated into this reconciliation and reported in a new column, ‘Divestments, Significant legal charges and other items’.
– Adjusted results will now exclude the following items and their tax effects:
— Amortisation and impairment of intangible assets (excluding computer software) and goodwill;
— Major restructuring costs, including those costs following material acquisitions;
— Transaction-related accounting adjustments for significant acquisitions;
— Significant legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations, and
— Other items, including disposals of associates, products and businesses, and other operating income other than royalty income.
At 2:11pm: (LON:GSK) GlaxoSmithKline PLC share price was +8.75p at 1646.75p
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