BP 2010 Annual Report Download - page 185


Notesonnancialstatements
Financial statements
ThesignicantjointlycontrolledentitiesoftheBPgroupat31December2010areshowninNote46.Summarizednancialinformationforthegroup’s
shareofjointlycontrolledentitiesisshownbelow.
 $million
   2010a 2009   2008
           TNK-BP Other Total
Salesandotheroperatingrevenues    11,679  9,396 25,936 10,796 36,732
Protbeforeinterestandtaxation    1,730 1,815 3,588 1,343 4,931
Financecosts    122 155 275 185 460
Protbeforetaxation    1,608 1,660 3,313 1,158 4,471
Taxation     433  374 882 397 1,279
Minorityinterest    – – 169 – 169
Protfortheyear    1,175  1,286 2,262 761 3,023
Non-currentassets    12,054  15,857
Currentassets    3,595  4,124
Totalassets    15,649 19,981
Currentliabilities    1,615  2,276
Non-currentliabilities    2,701 3,768
Totalliabilities    4,316 6,044
       11,333  13,937
Groupinvestmentinjointlycontrolledentities
 Groupshareofnetassets(asabove)    11,333  13,937
 Loansmadebygroupcompaniestojointlycontrolledentities   953 1,359
       12,286 15,296
 
aBalancesheetinformationshownaboveexcludesdatarelatingtojointlycontrolledentitiesreclassiedasassetsheldforsaleasat31December2010.Incomestatementinformationshownaboveincludes
datarelatingtojointlycontrolledentitiesreclassiedasassetsheldforsaleduring2010fortheperiodfrom1January2010upuntiltheirdateofreclassicationasheldforsale.
OurinvestmentinTNK-BPwasreclassiedfromajointlycontrolledentitytoanassociatewitheffectfrom9January2009,thedatethatBPnalizedarevised
shareholderagreementwithitsRussianpartnersinTNK-BP,AlfaAccess-Renova(AAR).Theformerlyevenly-balancedmainboardstructurewasreplacedby
onewithfourrepresentativeseachfromBPandAAR,plusthreeindependentdirectors.Thechangeinaccountingclassicationfromajointlycontrolled
entitytoanassociatereectedtheabilityoftheindependentdirectorsofTNK-BPtodecideoncertainmattersintheeventofdisagreementbetweenthe
shareholderrepresentativesontheboard.Thegroup’sinvestmentcontinuestobeaccountedforusingtheequitymethod.
Transactionsbetweenthegroupanditsjointlycontrolledentitiesaresummarizedbelow.
 $million
Salestojointlycontrolledentities   2010  2009  2008
Amount Amount  Amount
receivable at receivableat  receivableat
Product Sales 31 December Sales 31December Sales 31December
LNG,crudeoilandoilproducts,naturalgas,employeeservices  3,804 1,352 2,182 1,328 2,971 1,036
 $million
Purchasesfromjointlycontrolledentities   2010  2009  2008
Amount Amount  Amount
payable at payableat  payableat
Product Purchases 31 Decembera Purchases 31Decembera Purchases 31Decembera
LNG,crudeoilandoilproducts,naturalgas,
 reneryoperatingcosts,plantprocessingfees   8,063 683 5,377 214 9,115 182

aAmountspayabletojointlycontrolledentitiesshownaboveexclude$2,583million(2009$2,509millionand2008$2,365million)relatingtoBP’scontributionontheestablishmentoftheSunriseOilSands
jointventure.
Thetermsoftheoutstandingbalancesreceivablefromjointlycontrolledentitiesaretypically30to45days,exceptforareceivablefromRuhrOelof
$585million(2009$419million),whichwillbepaidoverseveralyearsasitrelatespartlytopensionpayments.Thebalancesareunsecuredandwillbe
settledincash.Therearenosignicantprovisionsfordoubtfuldebtsrelatingtothesebalancesandnosignicantexpenserecognizedintheincome
statementinrespectofbadordoubtfuldebts.Dividendsreceivablearenotincludedintheabovebalances.
25.Investmentsinjointlycontrolledentities
BPAnnualReportandForm20-F2010 183