BP 2008 Annual Report Download - page 133
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BP Annual Report and Accounts 2008
Notes on financial statements
13. Distribution and administration expenses
$ million
2008 2007 2006
Distribution 14,075 14,028 13,174
Administration 1,337 1,343 1,273
15,412 15,371 14,447
14. Currency exchange gains and losses
$ million
2008 2007 2006
Currency exchange (gains) losses (credited) charged to income relating to embedded
derivatives measured at fair value through profit or loss (496) 12 179
Other currency exchange (gains) losses (credited) charged to income 156 (201) 43
(340) (189) 222
15. Research and development
$ million
2008 2007 2006
Expenditure on research and development 595 566 395
16. Operating leases
The table below shows the expense for the year in respect of operating leases. Where an operating lease is entered into solely by the group as the
operator of a jointly controlled asset, the total cost is included in this analysis, irrespective of any amounts that have been or will be reimbursed by joint
venture partners. Where BP is not the operator of a jointly controlled asset, and has not co-signed the lease, operating lease costs and future minimum
lease payments are excluded from the information given below. However, where BP has co-signed the lease, BP’s share of the lease costs and future
minimum lease payments are included.
$ million
2008 2007 2006
Minimum lease payments 4,870 4,152 3,647
Contingent rentals 134 105 13
Sub-lease rentals (201) (191) (131)
4,803 4,066 3,529
The future minimum lease payments at 31 December, before deducting related rental income from operating sub-leases of $557 million (2007
$618 million), are shown in the table below. This does not include future contingent rentals. Where the lease rentals are dependent on a variable factor,
the future minimum lease payments are based on the factor as at inception of the lease.
$ million
Future minimum lease payments 2008 2007
Payable within
1 year 4,135 3,780
2 to 5 years 9,140 7,660
Thereafter 5,520 5,498
18,795 16,938
Of which, future minimum operating lease commitments relating to drilling rigs are $7,730 million (2007 $5,688 million).
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