BP 2007 Annual Report Download - page 137

BP ANNUAL REPORT AND ACCOUNTS 2007 135
27 Investments in associates
The significant associates of the group are shown in Note 46. Summarized financial information for the group’s share of associates is set out below.
$ million
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2007 2006 2005
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Sales and other operating revenues 9,855 8,792 6,879
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Profit before interest and taxation 947 669 665
Finance costs and other finance expense 57 63 57
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Profit before taxation 890 606 608
Taxation 193 164 143
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Profit for the year 697 442 465
Innovene operations –– (5)
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Continuing operations 697 442 460
Non-current assets 5,012 6,573
Current assets 2,308 2,294
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Total assets 7,320 8,867
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Current liabilities 1,801 2,029
Non-current liabilities 2,423 2,600
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Total liabilities 4,224 4,629
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Net assets 3,096 4,238
Group investment in associates
Group share of net assets (as above) 3,096 4,238
Loans made by group companies to associates 1,483 1,737
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4,579 5,975
Transactions between the significant associates and the group are summarized below.
Sales to associates $ million
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2007 2006 2005
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Amount Amount Amount
receivable at receivable at receivable at
Product Sales 31 December Sales 31 December Sales 31 December
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Atlantic LNG Company of Trinidad and Tobago LNG 611 58 635 62 579 –
The Baku-Tbilisi-Ceyhan Pipeline Co. Crude oil/
employee services 86 2 112 4 99 3
Purchases from associates $ million
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2007 2006 2005
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Amount Amount Amount
payable at payable at payable at
Product Purchases 31 December Purchases 31 December Purchases 31 December
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Abu Dhabi Marine Areas Crude oil 547 303 866 91 1,355 164
Abu Dhabi Petroleum Co. Crude oil 1,964 229 1,547 145 2,260 214
The Baku-Tbilisi-Ceyhan Pipeline Co. Transportation
tariff 394 42 155 – – –
The terms of the outstanding balances receivable from associates are typically 30 to 45 days. 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.