The effective rate of tax on Non GAAP income in Q1 2013 was 19% (Q1 2012: 20%), and on a US GAAP basis the effective rate of tax was 46% (Q1 2012: 17%).
The effective rate of tax in Q1 2013 on a Non GAAP basis is lower than the same period in 2012 due primarily to the recognition of the 2012 US R&D credit in the first quarter of 2013, partially offset by adverse changes in profit mix. The US R&D credit was recognized in Q1 2013 following the enactment of legislation on January 2, 2013, approving the extension of the regular R&D credit retrospectively.
The effective rate of tax in Q1 2013 on a GAAP basis is higher than the same period in 2012 primarily due to the impact of the impairment of RM goodwill which is non-deductible for tax purposes, an increase in unrecognised tax losses and adverse changes in profit mix but partially offset by the recognition of the 2012 US R&D credit in the first quarter of 2013.
Page Unaudited US GAAP Consolidated Balance Sheets 13 Unaudited US GAAP Consolidated Statements of Income 14 Unaudited US GAAP Consolidated Statements of Cash Flows 15 Selected Notes to the Unaudited US GAAP Financial Statements (1) Earnings per share 16 (2) Analysis of revenues 17 Non GAAP reconciliation 18
Unaudited US GAAP financial position as of March 31, 2013
Consolidated Balance Sheets
March 31, December 31, 2013 2012 $M $M ASSETS Current assets: Cash and cash equivalents 1,450.7 1,482.2 Restricted cash 19.3 17.1 Accounts receivable, net 884.4 824.2 Inventories 471.4 436.9 Deferred tax asset 224.3 229.9 Prepaid expenses and other current assets 283.2 221.8 Total current assets 3,333.3 3,212.1 Non-current assets: Investments 39.3
|SOURCE Shire plc|
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