BP 2007 Annual Report Download - page 114

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4Disposalscontinued
Gas, Power and Renewables
There were no significant disposals in 2007. During 2006, we disposed of our shareholding in Enagas, the Spanish gas transport grid operator. In 2005,
the group sold its interest in the Interconnector pipeline and a power plant at Great Yarmouth in the UK.
Other businesses and corporate
There were no significant disposals in 2007. During 2006, the group disposed of miscellaneous non-core businesses and assets. 2005 includes the
proceeds from the sale of Innovene.
Summarized financial information for the sale of businesses is shown below.
$ million
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2007 2006 2005
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The disposals comprise the following
Non-current assets 753 143 6,452
Other current assets 587 169 4,779
Non-current liabilities (64) (10) (364)
Current liabilities (27) (70) (2,488)
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Total carrying amount of net assets disposed 1,249 232 8,379
Recycling of foreign exchange on disposal (147) –
Costs on disposal 22 –
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1,124 232 8,379
Profit (loss) on sale of businesses 1,384 167 18
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Total consideration 2,508 399 8,397
Consideration received (receivable)a10 (74) –
Closing adjustments associated with the sale of Innovene –(34) –
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Proceeds from the sale of businessesb2,518 291 8,397
aConsideration received from prior year disposals or not yet received from current year disposals.
bNet of cash and cash equivalents disposed of $115 million (2006 $2 million and 2005 $15 million).
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