BP 2005 Annual Report Download - page 52

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50 Making energy more
Notes on financial statements continued
6 Segmental analysis continued $ million
2003
Gas, Other Consolidation Consolidation
Exploration Refining Power businesses adjustment adjustment Total
and and and and and Total Innovene and continuing
By business Production Marketing Renewables corporate eliminations group operations eliminationsaoperations
SALES AND OTHER
OPERATING REVENUES
Segment revenues 30,621 147,813 22,984 13,978 (36,993) 178,403 (13,463) 4,501 169,441
Less: sales between businesses (22,885) (7,644) (1,963) (4,501) 36,993 – 4,501 (4,501) –
Third party sales 7,736 140,169 21,021 9,477 – 178,403 (8,962) – 169,441
RESULTS
Profit (loss) before interest and tax 15,084 3,235 578 (108) (61) 18,728 (145) 193 18,776
Finance costs and other finance expense – – – – (1,060) (1,060) 15 – (1,045)
Profit (loss) before taxation 15,084 3,235 578 (108) (1,121) 17,668 (130) 193 17,731
Taxation – – – – (5,050) (5,050) 54 (54) (5,050)
Profit (loss) for the year 15,084 3,235 578 (108) (6,171) 12,618 (76) 139 12,681
Includes
Equity-accounted income 949 241 (5) 14 – 1,199 15 – 1,214
ASSETS AND LIABILITIES
Segment assets 79,446 73,397 10,859 11,002 (2,305) 172,399
Tax receivable ––––92 92
Total assets 79,446 73,397 10,859 11,002 (2,213) 172,491
Includes
Equity-accounted investments 12,897 3,764 362 754 – 17,777
Segment liabilities (15,723) (32,999) (6,584) (7,048) 1,944 (60,410)
Current tax payable ––––(3,441) (3,441)
Finance debt ––––(22,325) (22,325)
Deferred tax liabilities ––––(16,051) (16,051)
Total liabilities (15,723) (32,999) (6,584) (7,048) (39,873) (102,227)
OTHER SEGMENT INFORMATION
Capital expenditure
Intangible assets 566 131 18 – – 715
Property, plant and equipment 8,390 2,750 243 266 – 11,649
Other 6,236 138 178 707 – 7,259
To t al 15,192 3,019 439 973 – 19,623
Depreciation, depletion and amortization 5,539 2,198 160 708 – 8,605 (529) – 8,076
Impairment 1,013–––– 1,013 – – 1,013
Losses on sale of businesses and
fixed assets 403 318 17 50 – 788 – – 788
Gains on sale of businesses and
fixed assets 1,591 104 11 189 – 1,895 – – 1,895
aIn the circumstances of discontinued operations, International Accounting Standards require that the profits earned by the discontinued operations, in this case the
Innovene operations, on sales to the continuing operations be eliminated on consolidation from the discontinued operations and attributed to the continuing operations
and vice versa. This adjustment has two offsetting elements: the net margin on crude refined by Innovene as substantially all crude for its refineries is supplied by BP
and most of the refined products manufactured are taken by BP; and the margin on sales of feedstock from BP’s US refineries to Innovene’s manufacturing plants. The
profits attributable to individual segments are not affected by this adjustment. Neither does this representation indicate the profits earned by continuing or Innovene
operations, as if they were standalone entities, for past periods or likely to be earned in future periods.