BP 2008 Annual Report Download - page 142
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Financial statements
BP Annual Report and Accounts 2008
Notes on financial statements
27. Investment 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
2008 2007 2006
Sales and other operating revenues 11,709 9,855 8,792
Profit before interest and taxation 1,065 947 669
Finance costs 33 57 63
Profit before taxation 1,032 890 606
Taxation 234 193 164
Profit for the year 798 697 442
Non-current assets 4,292 5,012
Current assets 1,912 2,308
Total assets 6,204 7,320
Current liabilities 1,669 1,801
Non-current liabilities 1,852 2,423
Total liabilities 3,521 4,224
2,683 3,096
Group investment in associates
Group share of net assets (as above) 2,683 3,096
Loans made by group companies to associates 1,317 1,483
4,000 4,579
Transactions between the group and its associates are summarized below.
$ million
Sales to associates 2008 2007 2006
Amount Amount Amount
receivable at receivable at receivable at
Product Sales 31 December Sales 31 December Sales 31 December
LNG, crude oil and oil products, natural gas, employee services 3,248 219 697 60 747 66
$ million
Purchases from associates 2008 2007 2006
Amount Amount Amount
payable at payable at payable at
Product Purchases 31 December Purchases 31 December Purchases 31 December
Crude oil, natural gas, transportation tariff 4,635 295 2,905 574 2,568 236
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.
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