BP 2006 Annual Report Download - page 141

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BP Annual Report and Accounts 2006 139
33 Trade and other receivables
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Current Non-current Current Non-current
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Trade 32,656 – 33,565 –
Jointly controlled entities 635 – 1,345 –
Associates 267 – 186 –
Other 5,134 862 5,806 770
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
38,692 862 40,902 770
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Currency of denomination Currency of denomination
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
US dollar Sterling Euro
Other
currencies Total US dollar Sterling Euro
Other
currencies Total
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Functional currency
US dollar – 1,217 123 5,286 6,626 – 1,111 354 6,045 7,510
Sterling 376 – 1,652 39 2,067 404 – 453 15 872
Euro 692 7 – 1 700 1,496 1 – 948 2,445
Other currencies 248 1 1 – 250 45811–460
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1,316 1,225 1,776 5,326 9,643 2,358 1,113 808 7,008 11,287
Trade and other receivables of the group at 31 December have the maturities shown below.
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Within one year 38,692 40,902
1 to 2 years 187 129
2 to 3 years 86 82
3 to 4 years 82 56
4 to 5 years 76 51
Over 5 years 431 452
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
39,554 41,672
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
The movement in the valuation allowance for trade receivables is set out below.
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
At 1 January 374 526
Exchange adjustments 32 (30)
Charge for the year 158 67
Utilization (143) (189)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
At 31 December 421 374
The carrying amounts of Trade and other receivables approximate their fair value. Trade and other receivables are predominantly non-interest bearing.
34 Cash and cash equivalents
$ million
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2006 2005
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Cash at bank and in hand 2,052 1,594
Cash equivalents
Listed 29 73
Unlisted 509 1,293
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Carrying amount at 31 December 2,590 2,960
Cash equivalents are classified as available-for-sale financial assets and as such are recorded at fair value. Cash and cash equivalents at 31 December
2006 includes $773 million which is restricted. This relates principally to amounts on deposit to cover trading positions on trading exchanges.