BP 2010 Annual Report Download - page 186

Notesonnancialstatements
 $million
   2010a   2009 2008
       TNK-BP Other Total TNK-BP Other Total
Salesandotheroperatingrevenues  22,323 10,031 32,354 17,377 8,301 25,678 11,709
Protbeforeinterestandtaxation  3,866 1,215 5,081 3,178 811 3,989 1,065
Financecosts  128 22 150 220 19 239 33
Protbeforetaxation  3,738 1,193 4,931 2,958 792 3,750 1,032
Taxation   913 228 1,141 871 125 996 234
Minorityinterest  208 – 208 139 – 139 –
Protfortheyear  2,617 965 3,582  1,948 667 2,615 798
Non-currentassets  14,686 4,024 18,710 13,437 4,573 18,010
Currentassets  4,500 1,989 6,489 4,205 1,887 6,092
Totalassets  19,186 6,013 25,199  17,642 6,460 24,102
Currentliabilities  3,284 1,888 5,172 3,122 1,640 4,762
Non-currentliabilities  5,283 1,914 7,197 4,797 2,277 7,074
Totalliabilities  8,567 3,802 12,369 7,919 3,917 11,836
Minorityinterest  624 – 624 582 – 582
     9,995 2,211 12,206 9,141 2,543 11,684
Groupinvestmentinassociates
 Groupshareofnetassets(asabove)  9,995 2,211 12,206  9,141 2,543 11,684
 Loansmadebygroupcompaniestoassociates  – 1,129 1,129  – 1,279 1,279
     9,995 3,340 13,335 9,141 3,822 12,963

a   Balancesheetinformationshownaboveexcludesdatarelatingtoassociatesreclassiedasheldforsaleasat31December2010.Incomestatementinformationshownaboveincludesdatarelatingto
associatesreclassiedasassetsheldforsaleduring2010fortheperiodfrom1January2010upuntilthedateofreclassicationasheldforsale.
OurinvestmentinTNK-BPwasreclassiedfromajointlycontrolledentitytoanassociatewitheffectfrom9January2009.SeeNote25forfurther
information.
Transactionsbetweenthegroupanditsassociatesaresummarizedbelow.
 $million
Salestoassociates   2010  2009  2008
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  3,561 330 2,801 320 3,248 219

Purchasesfromassociates   2010  2009  2008
Amount Amount  Amount
payable at payableat  payableat
Product Purchases 31 December Purchases 31December Purchases 31December
Crudeoilandoilproducts,naturalgas,transportationtariff   4,889 633 5,110 614 4,635 295

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signicantprovisionsfordoubtfuldebtsrelatingtothesebalancesandnosignicantexpenserecognizedintheincomestatementinrespectofbad
ordoubtfuldebts.
Theamountsreceivableandpayableat31December2010,asshowninthetableabove,exclude$299million(2009$376million)duefromanddue
toanintermediateassociatewhichprovidesfundingforourassociateTheBaku-Tbilisi-CeyhanPipelineCompany.Thesebalancesareexpectedtobesettled
incashthroughouttheperiodto2015.
Dividendsreceivableat31December2010of$39million(2009$19million)arealsoexcludedfromthetableabove.
On18October2010,BPannouncedthatithadreachedagreementtosellassetsinVietnam,togetherwithitsupstreambusinessesandassociated
interestsinVenezuela,toTNK-BPwhichisanassociateandthereforearelatedpartyofthegroup.Thistransactionispartofthegroup’sdisposal
programmeandistheresultofnormalcommercialnegotiations.SeeNote4forfurtherinformation.Asat31December2010,adepositof$972millionhad
beenreceivedfromTNK-BPinadvanceofcompletionofthistransactionandisreportedwithinnancedebtonthegroupbalancesheet.Thisdisposal
depositisnotreectedintheamountpayableinthetableabove.SeeNote35forfurtherinformation.
26.Investmentsinassociates
ThesignicantassociatesofthegroupareshowninNote46.Theprincipalassociatein2010and2009isTNK-BP.Summarizednancial
informationforthegroup’sshareofassociatesissetoutbelow.
184BPAnnualReportandForm20-F2010