BP 2012 Annual Report Download - page 187

Group cash flow statement
For the year ended 31 December $ million
Note 2012 2011 2010
Operating activities
Profit (loss) before taxationa18,809 38,834 (4,825)
Adjustments to reconcile profit (loss) before taxation to net cash provided by operating activities
Exploration expenditure written off 15 745 1,024 375
Depreciation, depletion and amortization 9 12,481 11,135 11,164
Impairment and (gain) loss on sale of businesses and fixed assets 5 (421) (2,072) (4,694)
Earnings from jointly controlled entities and associates (4,419) (6,220) (4,757)
Dividends received from jointly controlled entities and associates 2,210 5,381 3,277
Interest receivable (295) (198) (277)
Interest received 181 216 205
Finance costs 17 1,125 1,246 1,170
Interest paid (1,154) (1,110) (912)
Net finance expense (income) relating to pensions and other post-retirement benefits 37 (201) (263) (47)
Share-based payments 156 (88) 197
Net operating charge for pensions and other post-retirement benefits, less contributions and
benefit payments for unfunded plans (857) (1,004) (959)
Net charge for provisions, less payments 5,340 2,976 19,217
(Increase) decrease in inventories (1,797) (3,988) (3,895)
(Increase) decrease in other current and non-current assets 2,968 (9,913) (15,620)
Increase (decrease) in other current and non-current liabilities (8,022) (5,767) 20,607
Income taxes paid (6,452) (8,035) (6,610)
Net cash provided by operating activities 20,397 22,154 13,616
Investing activities
Capital expenditure (23,078) (17,845) (18,421)
Acquisitions, net of cash acquired (116) (10,909) (2,468)
Investment in jointly controlled entities (1,530) (857) (461)
Investment in associates (54) (55) (65)
Proceeds from disposals of fixed assets 5 9,991 3,500 7,492
Proceeds from disposals of businesses, net of cash disposedb51,455 (768) 9,462
Proceeds from loan repayments 370 301 501
Net cash used in investing activities (12,962) (26,633) (3,960)
Financing activities
Net issue of shares 122 74 169
Proceeds from long-term financing 11,087 11,600 11,934
Repayments of long-term financing (7,177) (9,102) (4,702)
Net increase (decrease) in short-term debt (674) 2,227 (3,619)
Dividends paid
BP shareholders (5,294) (4,072) (2,627)
Minority interest (82) (245) (315)
Net cash provided by (used in) financing activities (2,018) 482 840
Currency translation differences relating to cash and cash equivalents 64 (492) (279)
Increase (decrease) in cash and cash equivalents 5,481 (4,489) 10,217
Cash and cash equivalents at beginning of year 14,067 18,556 8,339
Cash and cash equivalents at end of year 19,548 14,067 18,556
a2012 includes $709 million of dividends received from TNK-BP. See Note 4 for further information.
b2010 included a deposit received in advance of $3,530 million in respect of the expected sale of our interest in Pan American Energy LLC; 2011 included the repayment of the same amount following
the termination of the sale agreement.
Financial statements 185
BP Annual Report and Form 20-F 2012
Financial statements