BP 2014 Annual Report Download - page 130

7. Taxation – continued
A summary of temporary differences, unused tax credits and unused tax losses for which deferred tax has not been recognized is shown in the table
below.
$ billion
At 31 December 2014 2013
Unused tax lossesa2.1 1.8
Unused tax credits 20.1 18.0
of which – arising in the UKb18.0 16.3
– arising in the USc2.0 1.7
Deductible temporary differencesd17.9 11.2
Taxable temporary differences associated with investments in subsidiaries and equity-accounted entitiese1.0 1.1
aSubstantially all the tax losses have no fixed expiry date.
bThe UK unused tax credits arise predominantly in overseas branches of UK entities based in jurisdictions with high tax rates. No deferred tax asset has been recognized on these tax credits as they are
unlikely to have value in the future; UK taxes on these overseas branches are largely mitigated by double tax relief on the overseas tax. These tax credits have no fixed expiry date.
cThe US unused tax credits expire 10 years after generation and will all expire in the period 2015-2023.
dDeductible temporary differences of $1.0 billion are expected to expire in the period 2015-2021, the remainder do not have an expiry date.
eAn amendment has been made to the comparative amount.
$ billion
Impact of previously unrecognized deferred tax or write-down of deferred tax assets on current year charge 2014 2013 2012
Current tax benefit relating to the utilization of previously unrecognized tax credits 0.2 0.2 0.4
Deferred tax benefit relating to the recognition of previously unrecognized tax credits –0.2 0.1
Deferred tax expense arising from the write-down of a previously recognized deferred tax asset 0.2 ––
8. Dividends
The quarterly dividend expected to be paid on 27 March 2015 in respect of the fourth quarter 2014 is 10.00 cents per ordinary share ($0.60 per
American Depositary Share (ADS)). The corresponding amount in sterling will be announced on 16 March 2015. A scrip dividend alternative is available,
allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.
Pence per share Cents per share $ million
2014 2013 2012 2014 2013 2012 2014 2013 2012
Dividends announced and paid in cash
Preference shares 222
Ordinary shares
March 5.7065 6.0013 5.0958 9.50 9.00 8.00 1,426 1,621 1,211
June 5.8071 5.8342 5.1498 9.75 9.00 8.00 1,572 1,399 1,448
September 5.9593 5.7630 5.0171 9.75 9.00 8.00 1,122 1,245 1,417
December 6.3769 5.8008 5.5890 10.00 9.50 9.00 1,728 1,174 1,216
23.8498 23.3993 20.8517 39.00 36.50 33.00 5,850 5,441 5,294
Dividend announced, payable in March 2015 10.00 1,817
The details of the scrip dividends issued are shown in the table below.
2014 2013 2012
Number of shares issued (thousand) 165,644 202,124 138,406
Value of shares issued ($ million) 1,318 1,470 982
The financial statements for the year ended 31 December 2014 do not reflect the dividend announced on 3 February 2015 and expected to be paid in
March 2015; this will be treated as an appropriation of profit in the year ended 31 December 2015.
9. Earnings per ordinary share
Cents per share
2014 2013 2012
Basic earnings per share 20.55 123.87 57.89
Diluted earnings per share 20.42 123.12 57.50
Basic earnings per ordinary share amounts are calculated by dividing the profit for the year attributable to ordinary shareholders by the weighted
average number of ordinary shares outstanding during the year. The average number of shares outstanding excludes certain shares that will be
issuable in the future under employee share-based payment plans and treasury shares, which includes shares held by the Employee Share Ownership
Plan trusts (ESOPs).
For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the dilutive effect of
shares that are potentially issuable in connection with employee share-based payment plans using the treasury stock method.
$ million
2014 2013 2012
Profit attributable to BP shareholders 3,780 23,451 11,017
Less: dividend requirements on preference shares 222
Profit for the year attributable to BP ordinary shareholders 3,778 23,449 11,015
126 BP Annual Report and Form 20-F 2014