BP 2012 Annual Report Download - page 222

25. Investments in associates continued
On 22 November 2012, BP, Rosneft and Rosneftegaz (the state-owned parent company of Rosneft) signed definitive and binding agreements for the
sale of BP’s 50% interest in TNK-BP to Rosneft and for BP’s investment in Rosneft. BP and Rosneft announced heads of terms for this transaction on
22 October 2012, after which our investment was classified as an asset held for sale and therefore equity accounting ceased. See Note 4 for further
information. Summarized financial information for the group’s share of TNK-BP for the full year 2012 and at 31 December 2012 is set out below.
$ million
2012
Sales and other operating revenues 30,226
Profit before interest and taxation 5,441
Profit for the year 3,726
Non-current assets 18,243
Current assets 5,459
Total assets 23,702
Current liabilities 3,778
Non-current liabilities 6,465
Total liabilities 10,243
Minority interest 1,071
12,388
26. Financial instruments and financial risk factors
The accounting classification of each category of financial instruments, and their carrying amounts, are set out below.
$ million
At 31 December 2012
Note
Loans and
receivables
Available-for-
sale financial
assets
At fair value
through profit
or loss
Derivative
hedging
instruments
Financial
liabilities
measured at
amortized cost
Total carrying
amount
Financial assets
Other investments – equity shares 27 – 1,431 – – – 1,431
– other 27 – 1,005 585 – – 1,590
Loans 942 – – – – 942
Trade and other receivables 29 34,814 – – – – 34,814
Derivative financial instruments 33 – – 5,342 3,459 – 8,801
Cash and cash equivalents 30 15,043 4,505 – – – 19,548
Financial liabilities
Trade and other payables 32 – – – – (44,706) (44,706)
Derivative financial instruments 33 – – (5,093) (288) – (5,381)
Accruals – – – – (7,258) (7,258)
Finance debt 34 – – – – (48,165) (48,165)
50,799 6,941 834 3,171 (100,129) (38,384)
$ million
At 31 December 2011
Note
Loans and
receivables
Available-for-
sale financial
assets
At fair value
through profit
or loss
Derivative
hedging
instruments
Financial
liabilities
measured at
amortized cost
Total carrying
amount
Financial assets
Other investments – equity shares 27 – 1,128 – – – 1,128
– other 27 – 1,277 516 – – 1,793
Loans 1,128 – – – – 1,128
Trade and other receivables 29 36,879 – – – – 36,879
Derivative financial instruments 33 – – 7,188 1,707 – 8,895
Cash and cash equivalents 30 9,750 4,317 – – – 14,067
Financial liabilities
Trade and other payables 32 – – – – (50,651) (50,651)
Derivative financial instruments 33 – – (6,436) (557) – (6,993)
Accruals – – – – (6,321) (6,321)
Finance debt 34 – – – – (44,183) (44,183)
47,757 6,722 1,268 1,150 (101,155) (44,258)
The fair value of finance debt is shown in Note 34. For all other financial instruments, the carrying amount is either the fair value, or approximates thefair
value.
220 Financial statements
BP Annual Report and Form 20-F 2012