BP 2008 Annual Report Download - page 149
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BP Annual Report and Accounts 2008
Notes on financial statements
29. Other investments
$ million
2008 2007
Listed 592 1,617
Unlisted 263 213
855 1,830
Other investments comprise equity investments that have no fixed maturity date or coupon rate. These investments are classified as available-for-sale
financial assets and as such are recorded at fair value with the gain or loss arising as a result of changes in fair value recorded directly in equity.
Accumulated fair value changes are recycled to the income statement on disposal, or when the investment is impaired.
The fair value of listed investments has been determined by reference to quoted market bid prices. Unlisted investments are stated at cost less
accumulated impairment losses.
The most significant investment is the group’s stake in Rosneft which had a fair value of $483 million at 31 December 2008 (2007 $1,285
million). During 2008, an impairment loss of $517 million was recognized relating to the Rosneft investment (see Note 11), $29 million relating to other
listed investments and $17 million relating to unlisted investments (2007 $80 million relating to unlisted investments).
30. Inventories
$ million
2008 2007
Crude oil 4,396 8,157
Natural gas 107 160
Refined petroleum and petrochemical products 9,318 14,723
13,821 23,040
Supplies 1,588 1,517
15,409 24,557
Trading inventories 1,412 1,997
16,821 26,554
Cost of inventories expensed in the income statement 266,982 200,766
The inventory valuation at 31 December 2008 is stated net of a provision of $1,412 million (2007 $117 million) to write inventories down to their net
realizable value. The net movement in the provision during the year was a charge of $1,295 million (2007 $86 million credit).
31. Trade and other receivables
$ million
2008 2007
Current Non-current Current Non-current
Financial assets
Trade receivables 22,869 – 33,012 –
Amounts receivable from jointly controlled entities 1,035 – 888 –
Amounts receivable from associates 219 – 380 –
Other receivables 4,656 710 3,462 968
28,779 710 37,742 968
Non-financial assets
Other receivables 482 – 278 –
29,261 710 38,020 968
Trade and other receivables are predominantly non-interest bearing.
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