BP 2013 Annual Report Download - page 129

Group cash flow statement
For the year ended 31 December $ million
Note 2013 2012a2011a
Operating activities
Profit before taxationb30,221 18,131 38,228
Adjustments to reconcile profit before taxation to net cash provided by operating activities
Exploration expenditure written off 10 2,710 745 1,024
Depreciation, depletion and amortization 7 13,510 12,687 11,357
Impairment and (gain) loss on sale of businesses and fixed assets 5 (11,154) (422) (2,074)
Earnings from joint ventures and associates (3,189) (3,935) (5,683)
Dividends received from joint ventures and associates 1,391 1,763 5,040
Interest receivable (314) (379) (284)
Interest received 173 175 210
Finance costs 8 1,068 1,072 1,187
Interest paid (1,084) (1,166) (1,125)
Net finance expense relating to pensions and other post-retirement benefits 30 480 566 400
Share-based payments 297 156 (88)
Net operating charge for pensions and other post-retirement benefits, less contributions and
benefit payments for unfunded plans 30 (920) (858) (1,003)
Net charge for provisions, less payments 1,061 5,338 2,988
(Increase) decrease in inventories (1,193) (1,720) (4,079)
(Increase) decrease in other current and non-current assets (2,718) 2,933 (9,860)
Increase (decrease) in other current and non-current liabilities (2,932) (8,125) (5,957)
Income taxes paid (6,307) (6,482) (8,063)
Net cash provided by operating activities 21,100 20,479 22,218
Investing activities
Capital expenditure (24,520) (23,222) (17,978)
Acquisitions, net of cash acquired 3 (67) (116) (10,909)
Investment in joint ventures (451) (1,526) (855)
Investment in associates (4,994) (54) (55)
Proceeds from disposals of fixed assets 5 18,115 9,992 3,504
Proceeds from disposals of businesses, net of cash disposedc53,884 1,606 (663)
Proceeds from loan repayments 178 245 203
Net cash used in investing activities (7,855) (13,075) (26,753)
Financing activities
Net issue (repurchase) of shares (5,358) 122 74
Proceeds from long-term financing 8,814 11,087 11,600
Repayments of long-term financing (5,959) (7,177) (9,102)
Net increase (decrease) in short-term debt (2,019) (666) 2,222
Net increase (decrease) in non-controlling interests 32 ––
Dividends paid
BP shareholders 12 (5,441) (5,294) (4,072)
Non-controlling interests (469) (82) (245)
Net cash provided by (used in) financing activities (10,400) (2,010) 477
Currency translation differences relating to cash and cash equivalents 40 64 (493)
Increase (decrease) in cash and cash equivalents 2,885 5,458 (4,551)
Cash and cash equivalents at beginning of year 19,635 14,177 18,728
Cash and cash equivalents at end of year 22,520 19,635 14,177
aSee Note 1 for information on the restatement of comparative amounts as a result of the adoption of IFRS 11 ‘Joint Arrangements’ and the amended IAS 19 ‘Employee Benefits’.
b2012 included $709 million of dividends received from TNK-BP. See Note 6 for further information.
c2011 included the repayment of a deposit received in advance of $3,530 million following the termination of an agreement in respect of the expected sale of our interest in Pan American Energy LLC.
Financial statements
BP Annual Report and Form 20-F 2013 125