BP 2005 Annual Report Download - page 63
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20 Finance costs $ million
2005 2004 2003
Bank loans and overdrafts 44 34 38
Other loans 828 573 600
Finance leases 38 37 34
Interest payable 910 644 672
Capitalized at 4.25% (2004 3% and 2003 3%)a(351) (204) (190)
Early redemption of borrowings and finance leases 57 – 31
Continuing operations 616 440 513
aTax relief on capitalized interest is $123 million (2004 $73 million and 2003 $68 million).
21 Other finance expense $ million
2005 2004 2003
Interest on pension and other post-retirement benefit plan liabilities 2,022 2,012 1,840
Expected return on pension and other post-retirement benefit plan assets (2,138) (1,983) (1,500)
Interest net of expected return on plan assets (116) 29 340
Unwinding of discount on provisions 201 196 173
Unwinding of discount on deferred consideration for acquisition of investment in TNK-BP 57 91 34
Change in discount rate for provisionsa– 41 –
142 357 547
Innovene operations 3 (17) (15)
Continuing operations 145 340 532
aRevaluation of environmental and litigation and other provisions at a different discount rate.
22 Taxation $ million
TAX ON PROFIT 2005 2004 2003
Current tax
Charge for the year 10,511 7,217 5,061
Adjustment in respect of prior years (977) (308) (392)
9,534 6,909 4,669
Innovene operations (910) (48) 54
Continuing operations 8,624 6,861 4,723
Deferred tax
Origination and reversal of temporary differences in the current year 349 138 448
Adjustment in respect of prior years (450) (74) (67)
(101) 64 381
Innovene operations 950 157 (54)
Continuing operations 849 221 327
Tax on profit from continuing operations 9,473 7,082 5,050
Tax on profit from continuing operations may be analysed as follows:
Current tax charge
UK 880 1,839 1,142
Overseas 7,744 5,022 3,581
8,624 6,861 4,723
Deferred tax charge
UK (489) (218) 289
Overseas 1,338 439 38
849 221 327
To t al
UK 391 1,621 1,431
Overseas 9,082 5,461 3,619
9,473 7,082 5,050
BP Annual Report and Accounts 2005 61