BP 2007 Annual Report Download - page 117

BP ANNUAL REPORT AND ACCOUNTS 2007 115
5 Segmental analysis continued
$ million
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2005
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Gas, Other Consolidation Consolidation
Exploration Refining Power businesses adjustment adjustment Total
and and and and and Total Innovene and continuing
By business a
Production Marketing Renewables corporate eliminations group operations eliminations operations
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Sales and other operating revenues
Segment sales and other operating revenues 47,210 213,326 25,696 21,295 (55,359) 252,168 (20,627) 8,251 239,792
Less: sales between businesses (32,606) (11,407) (3,095) (8,251) 55,359 – 8,251 (8,251) –
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Third party sales 14,604 201,919 22,601 13,044 – 252,168 (12,376) – 239,792
Equity-accounted earnings 3,232 249 62 (14) – 3,529 14 – 3,543
Interest and other revenues 290 151 15 233 – 689 (76) – 613
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Total revenues 18,126 202,319 22,678 13,263 – 256,386 (12,438) – 243,948
Segment results
Profit (loss) before interest and tax 25,502 6,926 1,172 (569) (208) 32,823 (668) 527 32,682
Finance costs and other finance income/expense – – – – (758) (758) (3) – (761)
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Profit (loss) before taxation 25,502 6,926 1,172 (569) (966) 32,065 (671) 527 31,921
Taxation ––––(9,433)(9,433)133(173)(9,4
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Profit (loss) for the year 25,502 6,926 1,172 (569) (10,399) 22,632 (538) 354 22,448
Other segment information
Depreciation, depletion and amortization 6,033 2,382 235 533 – 9,183 (412) – 8,771
Impairment losses 266 93 – 59 – 418 (59) – 359
Loss on remeasurement to fair value less
costs to sell and on disposal of Innovene
operations – – – 591 – 591 (591) – –
Losses on sale of businesses and fixed
assets 39 64 – 6 – 109 – – 109
Gains on sale of businesses and fixed assets 1,198 241 55 47 – 1,541 (3) – 1,538
aIn the circumstances of discontinued operations, IFRS requires that the profits earned by the discontinued operations, in this case the Innovene operations, on sales to the
continuing operations be eliminated on consolidation from the discontinued operations and attributed to the continuing operations and vice versa. This adjustment has two
offsetting elements: the net margin on crude refined by Innovene as substantially all crude for its refineries was supplied by BP and most of the refined products
manufactured were taken by BP; and the margin on sales of feedstock from BP’s US refineries to Innovene’s manufacturing plants. The profits attributable to individual
segments are not affected by this adjustment. This representation does not indicate the profits earned by continuing or Innovene operations, as if they were standalone
entities, for past periods or likely to be earned in future periods.
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