BP 2012 Annual Report Download - page 220

24. Investments in jointly controlled entities
The significant jointly controlled entities of the BP group at 31 December 2012 are shown in Note 45. Summarized financial information for the group’s
share of jointly controlled entities is shown below. Balance sheet information shown below excludes data relating to jointly controlled entities
reclassified as assets held for sale as at the end of the period. Income statement information shown below includes data relating to jointly controlled
entities reclassified as assets held for sale during the period up until their date of reclassification as held for sale.
$ million
2012 2011 2010
Sales and other operating revenues 16,237 15,720 11,679
Profit before interest and taxation 1,331 1,918 1,730
Finance costs 129 134 122
Profit before taxation 1,202 1,784 1,608
Taxation 458 480 433
Profit for the year 744 1,304 1,175
Non-current assets 17,945 16,495
Current assets 4,374 4,613
Total assets 22,319 21,108
Current liabilities 3,014 2,553
Non-current liabilities 4,410 3,980
Total liabilities 7,424 6,533
14,895 14,575
Group investment in jointly controlled entities
Group share of net assets (as above) 14,895 14,575
Loans made by group companies to jointly controlled entities 829 943
15,724 15,518
Transactions between the group and its jointly controlled entities are summarized below.
$ million
Sales to jointly controlled entities 2012 2011 2010
Product Sales
Amount
receivable at
31 December Sales
Amount
receivable at
31 December Sales
Amount
receivable at
31 December
LNG, crude oil and oil products, natural gas, employee services 6,423 1,713 5,095 1,616 3,804 1,352
$ million
Purchases from jointly controlled entities 2012 2011 2010
Product Purchases
Amount
payable at
31 DecemberaPurchases
Amount
payable at
31 DecemberaPurchases
Amount
payable at
31 Decembera
LNG, crude oil and oil products, natural gas, refinery operating
costs, plant processing fees 7,641 516 7,798 369 8,063 683
aIn addition to the amounts shown above, there are amounts payable to jointly controlled entities of $1,222 million (2011 $2,256 million and 2010 $2,583 million) relating to BP’s contribution on the
establishment of the Sunrise Oil Sands joint venture.
The terms of the outstanding balances receivable from jointly controlled entities are typically 30 to 45 days, except for a receivable from Ruhr Oel of
$757 million (2011 $605 million), part of which is a reimbursement balance relating to pensions that will be received over several years. The balances are
unsecured and will be settled in cash. There are no significant provisions for doubtful debts relating to these balances and no significant expense
recognized in the income statement in respect of bad or doubtful debts. Dividends receivable are not included in the above balances.
BP has commitments amounting to $4,391 million (2011 $4,155 million) in relation to contracts with jointly controlled entities for the purchase of LNG,
crude oil and oil products, refinery operating costs and storage and handling services. See Note 44 for further information on capital commitments
relating to BP’s investments in jointly controlled entities.
218 Financial statements
BP Annual Report and Form 20-F 2012