BP 2005 Annual Report Download - page 47
Download and view the complete annual report
Please find page 47 of the 2005 BP annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37 -
38 -
39 -
40 -
41 -
42 -
43 -
44 -
45 -
46 -
47 -
48 -
49 -
50 -
51 -
52 -
53 -
54 -
55 -
56 -
57 -
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
 |
 |
3 Acquisitions
ACQUISITIONS IN 2005
BP made a number of minor acquisitions in 2005 for a total consideration of $84 million. All these business combinations were accounted for using
the acquisition method of accounting. No significant fair value adjustments were made to the acquired assets and liabilities. Goodwill of $27 million
arose on these acquisitions. There was also additional goodwill on the Solvay acquisition of $59 million (see below).
ACQUISITIONS IN 2004 $ million
2004
Book
value on Fair value
acquisition adjustments Fair value
Property, plant and equipment 703 760 1,463
Intangible assets 15 – 15
Current assets (excluding cash) 721 – 721
Cash and cash equivalents 36 – 36
Trade and other payables (329) – (329)
Deferred tax liabilities – (185) (185)
Defined benefit pension plan deficits (3) – (3)
Net investment in equity-accounted entities transferred to full consolidation (547) (94) (641)
Net assets acquired 596 481 1,077
Goodwill 328
Consideration 1,405
On 2 November 2004, Solvay exercised its option to sell its interests in BP Solvay Polyethylene Europe and BP Solvay Polyethylene North America
to BP. Solvay held 50% of BP Solvay Polyethylene Europe and 51% of BP Solvay Polyethylene North America. On completion, the two entities,
which manufacture and market high-density polyethylene, became wholly owned subsidiaries of BP. The total consideration for the acquisition
was $1,391 million, subject to final closing adjustments. There were closing adjustments and selling costs in 2005 amounting to $59 million.
These created additional goodwill of $59 million, which was written off. See Note 13, Impairment of goodwill, for further information. Other minor
acquisitions were made for a total consideration of $14 million. All business combinations have been accounted for using the acquisition method of
accounting. The fair value of the property, plant and equipment has been estimated by determining the net present value of future cash flows. No
significant adjustments were made to the other assets and liabilities acquired. The assets and liabilities acquired as part of the 2004 acquisitions are
shown in aggregate in the table above.
ACQUISITIONS IN 2003
BP made a number of minor acquisitions in 2003 for a total consideration of $232 million. All these business combinations were accounted for
using the acquisition method of accounting. No significant fair value adjustments were made to the acquired assets and liabilities. Goodwill of
$5 million arose on these acquisitions.
BP Annual Report and Accounts 2005 45