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6 Segmental analysis continued $ million
2004
Gas, Other Consolidation Consolidation
Exploration Refining Power businesses adjustment adjustment Total
and and and and and Total Innovene and continuing
By business Production Marketing Renewables corporate eliminations group operations eliminationsaoperations
SALES AND OTHER
OPERATING REVENUES
Segment revenues 34,700 176,350 26,110 17,994 (43,999) 211,155 (17,448) 6,169 199,876
Less: sales between businesses (24,756) (10,632) (2,442) (6,169) 43,999 – 6,169 (6,169) –
Third party sales 9,944 165,718 23,668 11,825 – 211,155 (11,279) – 199,876
RESULTS
Profit (loss) before interest and tax 18,087 6,544 954 (362) (191) 25,032 526 188 25,746
Finance costs and other finance expense ––––(797) (797) 17 – (780)
Profit (loss) before taxation 18,087 6,544 954 (362) (988) 24,235 543 188 24,966
Taxation ––––(6,973) (6,973) (53) (56) (7,082)
Profit (loss) for the year 18,087 6,544 954 (362) (7,961) 17,262 490 132 17,884
Includes
Equity-accounted income 1,985 259 6 18 – 2,268 12 – 2,280
ASSETS AND LIABILITIES
Segment assets 85,808 73,581 17,257 22,292 (4,467) 194,471
Tax receivable ––––159 159
Total assets 85,808 73,581 17,257 22,292 (4,308) 194,630
Includes
Equity-accounted investments 14,327 4,486 573 656 – 20,042
Segment liabilities (16,214) (28,903) (12,384) (18,886) 3,915 (72,472)
Current tax payable ––––(4,131) (4,131)
Finance debt ––––(23,091) (23,091)
Deferred tax liabilities ––––(16,701) (16,701)
Total liabilities (16,214) (28,903) (12,384) (18,886) (40,008) (116,395)
OTHER SEGMENT INFORMATION
Capital expenditure
Intangible assets 406 670 25 5 – 1,106
Property, plant and equipment 8,696 1,960 328 690 – 11,674
Other 1,906 189 171 1,605 – 3,871
To t al 11,008 2,819 524 2,300 – 16,651
Depreciation, depletion and amortization 5,583 2,540 210 679 – 9,012 (483) – 8,529
Impairment 404 195 – 891 – 1,490 (879) – 611
Losses on sale of businesses and
fixed assets 227 371 – 416 – 1,014 (235) – 779
Gains on sale of businesses and
fixed assets 162 104 56 1,365 – 1,687 (2) – 1,685
aIn the circumstances of discontinued operations, International Accounting Standards require that the profits earned by the discontinued operations, in this case the
Innovene operations, on sales to the continuing operations be eliminated on consolidation from the discontinued operations and attributed to the continuing operations
and vice versa. This adjustment has two offsetting elements: the net margin on crude refined by Innovene as substantially all crude for its refineries is supplied by BP
and most of the refined products manufactured are taken by BP; and the margin on sales of feedstock from BP’s US refineries to Innovene’s manufacturing plants. The
profits attributable to individual segments are not affected by this adjustment. Neither does this representation indicate the profits earned by continuing or Innovene
operations, as if they were standalone entities, for past periods or likely to be earned in future periods.
BP Annual Report and Accounts 2005 49