BP 2014 Annual Report Download - page 103

Group cash flow statement
For the year ended 31 December $ million
Note 2014 2013 2012
Operating activities
Profit before taxation 4,950 30,221 18,131
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off 6 3,029 2,710 745
Depreciation, depletion and amortization 4 15,163 13,510 12,687
Impairment and (gain) loss on sale of businesses and fixed assets 3 8,070 (11,154) (422)
Earnings from joint ventures and associates (3,372) (3,189) (3,935)
Dividends received from joint ventures and associates 1,911 1,391 1,763
Interest receivable (276) (314) (379)
Interest received 81 173 175
Finance costs 5 1,148 1,068 1,072
Interest paid (937) (1,084) (1,166)
Net finance expense relating to pensions and other post-retirement benefits 22 314 480 566
Share-based payments 379 297 156
Net operating charge for pensions and other post-retirement benefits, less contributions and
benefit payments for unfunded plans 22 (963) (920) (858)
Net charge for provisions, less payments 1,119 1,061 5,338
(Increase) decrease in inventories 10,169 (1,193) (1,720)
(Increase) decrease in other current and non-current assets 3,566 (2,718) 2,933
Increase (decrease) in other current and non-current liabilities (6,810) (2,932) (8,125)
Income taxes paid (4,787) (6,307) (6,482)
Net cash provided by operating activities 32,754 21,100 20,479
Investing activities
Capital expenditure (22,546) (24,520) (23,222)
Acquisitions, net of cash acquired (131) (67) (116)
Investment in joint ventures (179) (451) (1,526)
Investment in associates (336) (4,994) (54)
Proceeds from disposals of fixed assets 3 1,820 18,115 9,992
Proceeds from disposals of businesses, net of cash disposed 3 1,671 3,884 1,606
Proceeds from loan repayments 127 178 245
Net cash used in investing activities (19,574) (7,855) (13,075)
Financing activities
Net issue (repurchase) of shares (4,589) (5,358) 122
Proceeds from long-term financing 12,394 8,814 11,087
Repayments of long-term financing (6,282) (5,959) (7,177)
Net increase (decrease) in short-term debt (693) (2,019) (666)
Net increase (decrease) in non-controlling interests 932 –
Dividends paid
BP shareholders 8 (5,850) (5,441) (5,294)
Non-controlling interests (255) (469) (82)
Net cash used in financing activities (5,266) (10,400) (2,010)
Currency translation differences relating to cash and cash equivalents (671) 40 64
Increase in cash and cash equivalents 7,243 2,885 5,458
Cash and cash equivalents at beginning of year 22,520 19,635 14,177
Cash and cash equivalents at end of year 29,763 22,520 19,635
Financial statements
BP Annual Report and Form 20-F 2014 99