BP 2013 Annual Report Download - page 236

6. Pensions – continued
$ million
2013 2012
Reconciliation of plan surplus (deficit) to balance sheet
Surplus (deficit) at 31 December 1,020 (1,913)
Deferred tax (41) –
979 (1,913)
Represented by
Asset recognized on balance sheet 1,238 –
Liability recognized on balance sheet (259) (1,913)
979 (1,913)
The aggregate level of employer contributions into the BP Pension Fund in 2014 is expected to be $485 million.
$ million
2013 2012 2011 2010 2009
History of surplus (deficit) and of experience gains and losses
Benefit obligation at 31 December 30,496 29,259 25,675 20,742 19,882
Fair value of plan assets at 31 December 31,516 27,346 23,587 22,612 20,953
Surplus (deficit) 1,020 (1,913) (2,088) 1,870 1,071
Experience gains and losses on plan liabilities
Amount ($ million) 41 (116) (84) 12 (146)
Percentage of benefit obligation 0% 0% 0% 0% (1%)
Actual return less expected return on pension plan assets
Amount ($ million) 2,007 989 (1,976) 1,479 1,634
Percentage of plan assets 6% 4% (8%) 7% 8%
Actuarial gain (loss) recognized in statement of total recognized gains and losses
Amount ($ million) 2,108 (573) (4,770) 457 (585)
Percentage of benefit obligation 7% 2% (19%) 2% (3%)
Cumulative amount recognized in statement of total recognized gains and losses (4,470) (6,578) (6,005) (1,235) (1,692)
7. Called-up share capital
The allotted, called-up and fully paid share capital at 31 December was as follows:
2013 2012
Issued
Shares
(thousand) $ million
Shares
(thousand) $ million
8% cumulative first preference shares of £1 eacha7,233 12 7,233 12
9% cumulative second preference shares of £1 eacha5,473 9 5,473 9
21 21
Ordinary shares of 25 cents each
At 1 January 20,959,159 5,240 20,813,410 5,203
Issue of new shares for the scrip dividend programme 202,124 51 138,406 35
Issue of new shares for employee share-based payment plansb18,203 5 7,343 2
Repurchase of ordinary share capitalc(752,854) (188) ––
31 December 20,426,632 5,108 20,959,159 5,240
5,129 5,261
aThe nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference
shares.
bConsideration received relating to the issue of new shares for employee share plans amounted to $116 million (2012 $47 million).
cPurchased for a total consideration of $5,493 million, including transaction costs of $30 million. All shares purchased were for cancellation. The repurchased shares represented 3.6% of ordinary share
capital.
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for
every £5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on
other resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference
shares plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference
shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value.
During 2013 the company repurchased 753 million ordinary shares at a cost of $5,463 million as part of the share repurchase programme announced
on 22 March 2013. The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of the year-end commitment
to repurchase shares subsequent to the end of the year, for which an amount of $1,430 million has been accrued at 31 December 2013 (2012 nil).
The parent company financial statements of BP p.l.c. on pages 224-234 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
232 BP Annual Report and Form 20-F 2013