BP 2012 Annual Report Download - page 294

2. Taxation
$ million
Tax charge included in the statement of total recognized gains and losses 2012 2011
Deferred tax
Origination and reversal of timing differences in the current year –(583)
This comprises:
Actuarial loss relating to pensions and other post-retirement benefits –(583)
Deferred tax
Net deferred tax liability (asset) ––
Analysis of movements during the year
At 1 January –410
Exchange adjustments –34
Charge for the year on ordinary activities –139
Credit for the year in the statement of total recognized gains and losses –(583)
At 31 December ––
At 31 December 2012, deferred tax assets of $97 million on pensions (2011 $559 million) and $82 million on other timing differences (2011 $91 million)
were not recognized as it is not considered more likely than not that suitable taxable profits will be available in the company from which the future
reversal of the underlying timing differences can be deducted. It is anticipated that the reversal of these timing differences will benefit other group
companies in the future.
3. Fixed assets – investments
$ million
Subsidiary
undertakings
Associated
undertakings
Shares Shares Loans Total
Cost
At 1 January 2012 126,434 2 2 126,438
Additions 7,060 – – 7,060
At 31 December 2012 133,494 2 2 133,498
Amounts provided
At 1 January 2012 74 – 2 76
At 31 December 2012 74 – 2 76
Cost
At 1 January 2011 122,723 2 2 122,727
Additions 3,719 – – 3,719
Disposals (8) – – (8)
At 31 December 2011 126,434 2 2 126,438
Amounts provided
At 1 January 2011 74 – 2 76
At 31 December 2011 74 – 2 76
Net book amount
At 31 December 2012 133,420 2 – 133,422
At 31 December 2011 126,360 2 – 126,362
The more important subsidiary undertakings of the company at 31 December 2012 and the percentage holding of ordinary share capital (to the nearest
whole number) are set out below. A complete list of investments in subsidiary undertakings, joint ventures and associated undertakings will be
attached to the company’s annual return made to the Registrar of Companies.
Subsidiary undertakings %
Country of
incorporation Principal activities
International
BP Corporate Holdings 100 England & Wales Investment holding
BP Global Investments 100 England & Wales Investment holding
BP International 100 England & Wales Integrated oil operations
BP Shipping 100 England & Wales Shipping
Burmah Castrol 100 Scotland Lubricants
South Africa
BP Southern Africa 75 South Africa Refining and marketing
US
BP Holdings North America 100 England & Wales Investment holding
The carrying value of BP International in the accounts of the company at 31 December 2012 was $62.63 billion (2011 $62.63 billion).
The parent company financial statements of BP p.l.c. on pages PC1–PC11 do not form part of BP’s Annual Report on Form 20-F as filed with the SEC.
PC5 Parent company financial statements of BP p.l.c.
BP Annual Report and Form 20-F 2012