40. Non-controlling interests
The Group has two subgroups that have material non-controlling interests, ViiV Healthcare Limited and its subsidiaries and GSK Consumer Healthcare Holdings Limited and its subsidiaries. Summarised financial information in respect of the ViiV Healthcare group and GSK Consumer Healthcare Joint Venture is set out below:
ViiV Healthcare
| 2017 £m |
2016 £m |
2015 £m |
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Turnover |
4,269 | 3,527 | 2,330 | |||||||||
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Profit/(loss) after taxation |
825 | (1,249 | ) | (1,426 | ) | |||||||
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Other comprehensive income |
20 | 36 | 7 | |||||||||
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Total comprehensive income/(expense) |
845 | (1,213 | ) | (1,419 | ) | |||||||
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| 2017 £m |
2016 £m |
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Non-current assets |
2,736 | 3,064 | ||||||
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Current assets |
2,533 | 2,357 | ||||||
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Total assets |
5,269 | 5,421 | ||||||
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Current liabilities |
(2,409 | ) | (1,977 | ) | ||||
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Non-current liabilities |
(8,011 | ) | (7,983 | ) | ||||
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Total liabilities |
(10,420 | ) | (9,960 | ) | ||||
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Net liabilities |
(5,151 | ) | (4,539 | ) | ||||
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| 2017 £m |
2016 £m |
2015 £m |
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Net cash inflow from operating activities |
2,132 | 1,750 | 1,097 | |||||||||
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Net cash outflow from investing activities |
(207 | ) | (326 | ) | (63 | ) | ||||||
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Net cash outflow from financing activities |
(1,820 | ) | (1,023 | ) | (814 | ) | ||||||
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Increase in cash and bank overdrafts in the year |
105 | 401 | 220 | |||||||||
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The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of £825 million (2016 – loss after taxation of £1,249 million; 2015 – loss after taxation of £1,426 million) is stated after charging preferential dividends payable to GSK, Shionogi and Pfizer and after a charge of £909 million (2016 – £2,186 million; 2015 – £1,874 million) for remeasurement of the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. This consideration is expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK’s Consolidated statement of comprehensive income, Consolidated statement of changes in equity and Consolidated balance sheet:
| 2017 £m |
2016 £m |
2015 £m |
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Total comprehensive income/(expense) for the year attributable to non-controlling interests |
187 | (83 | ) | (143 | ) | |||||||
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Dividends paid to non-controlling interests |
316 | 152 | 163 | |||||||||
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Non-controlling interests in the Consolidated balance sheet |
(476 | ) | (353 | ) | ||||||||
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Consumer Healthcare Joint Venture
| 2017 £m |
2016 £m |
2015 £m |
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Turnover |
7,003 | 6,530 | 4,627 | |||||||||
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Profit/(loss) after taxation |
1,211 | 660 | (39 | ) | ||||||||
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Other comprehensive income |
(387 | ) | 1,640 | 72 | ||||||||
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Total comprehensive income |
824 | 2,300 | 33 | |||||||||
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| 2017 £m |
2016 £m |
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Non-current assets |
12,771 | 13,315 | ||||||
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Current assets |
3,282 | 3,996 | ||||||
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Total assets |
16,053 | 17,311 | ||||||
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Current liabilities |
(2,675 | ) | (3,060 | ) | ||||
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Non-current liabilities |
(1,537 | ) | (2,062 | ) | ||||
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Total liabilities |
(4,212 | ) | (5,122 | ) | ||||
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Net assets |
11,841 | 12,189 | ||||||
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| 2017 £m |
2016 £m |
2015 £m |
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Net cash inflow from operating activities |
883 | 1,496 | 277 | |||||||||
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Net cash inflow/(outflow) from investing activities |
270 | (537 | ) | (691 | ) | |||||||
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Net cash outflow from financing activities |
(1,194 | ) | (980 | ) | (42 | ) | ||||||
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Decrease in cash and bank overdrafts in the year |
(41 | ) | (21 | ) | (456 | ) | ||||||
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The above financial information relates to the Consumer Healthcare Joint Venture on a stand-alone basis, before the impact of Group-related adjustments but after major restructuring charges.
The following amounts attributable to the Consumer Healthcare Joint Venture are included in GSK’s Consolidated statement of comprehensive income, Consolidated statement of changes in equity and Consolidated balance sheet:
| 2017 | 2016 | 2015 | ||||||||||
| £m | £m | £m | ||||||||||
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Total comprehensive income for the year attributable to non-controlling interests |
296 | 730 | 14 | |||||||||
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Dividends paid to non-controlling interests |
420 | 346 | — | |||||||||
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Non-controlling interests in the Consolidated balance sheet |
3,631 | 3,755 | ||||||||||
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