BP 2008 Annual Report Download - page 120
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BP Annual Report and Accounts 2008
Notes on financial statements
5. Disposals continued
Other businesses and corporate
In 2008, the group disposed of miscellaneous non-core assets.
There were no significant disposals in 2007. During 2006, the group disposed of miscellaneous non-core businesses and assets.
Summarized financial information for the sale of businesses is shown below.
$ million
2008 2007 2006
The disposals comprise the following
Non-current assets 759 753 143
Current assets 485 587 169
Non-current liabilities – (64) (10)
Current liabilities (134) (27) (70)
Total carrying amount of net assets disposed 1,110 1,249 232
Recycling of foreign exchange on disposal – (147) –
Costs on disposal 7 22 –
1,117 1,124 232
Profit (loss) on sale of businessesa 1,721 1,384 167
Total consideration 2,838 2,508 399
Fair value of interest received in a jointly controlled entity (2,838) – –
Consideration received (receivable)b 11 10 (74)
Closing adjustments associated with the sale of Innovene – – (34)
Proceeds from the sale of businessesc 11 2,518 291
aOf which $929 million gain has not been recognized in the income statement in 2008 as it represents an unrealized gain on the transfer of the Toledo refinery into a jointly controlled entity.
bConsideration received from prior year disposals or not yet received from current year disposals.
cNet of cash and cash equivalents disposed of nil (2007 $115 million and 2006 $2 million).
Financial statements
119