BP PLC
Deferred tax assets 7,744 4,560
Defined benefit pension plan surpluses 7,957 7,053
194,672 213,135
Current assets
Loans 458 339
Inventories 16,873 20,880
Trade and other receivables 17,948 24,442
Derivative financial instruments 2,992 4,153
Prepayments 1,269 857
Current tax receivable 672 1,282
Other investments 333 169
Cash and cash equivalents 31,111 22,472
71,656 74,594
Assets classified as held for sale (Note 2) 1,326 7,465
72,982 82,059
Total assets 267,654 295,194
Current liabilities
Trade and other payables 36,014 46,829
Derivative financial instruments 2,998 3,261
Accruals 4,650 5,066
Lease liabilities 1,933 2,067
Finance debt 9,359 10,487
Current tax payable 1,038 2,039
Provisions 3,761 2,453
59,753 72,202
Liabilities directly associated with assets classified as held for sale (Note 2) 46 1,393
59,799 73,595
Non-current liabilities
Other payables 12,112 12,626
Derivative financial instruments 5,404 5,537
Accruals 852 996
Lease liabilities 7,329 7,655
Finance debt 63,305 57,237
Deferred tax liabilities 6,831 9,750
Provisions 17,200 18,498
Defined benefit pension plan and other post-retirement benefit plan deficits 9,254 8,592
122,287 120,891
Total liabilities 182,086 194,486
Net assets 85,568 100,708
Equity
BP shareholders' equity 71,250 98,412
Non-controlling interests 14,318 2,296
Total equity 85,568 100,708 Top of page 16
Condensed group cash flow statement
Fourth Third Fourth
quarter quarter quarter Year Year
USD million 2020 2020 2019 2020 2019
Operating activities
Profit (loss) before taxation 1,090 150 249 (24,888) 8,154
Adjustments to reconcile profit (loss) before taxation to net
cash provided by operating activities
Depreciation, depletion and amortization and exploration
expenditure written off 3,580 3,517 4,589 24,809 18,411
Impairment and (gain) loss on sale of businesses and fixed (1,589) 267 3,609 11,507 7,882
assets
Earnings from equity-accounted entities, less dividends (538) 1,018 (75) 1,845 (1,295)
received
Net charge for interest and other finance expense, less net
interest paid 22 60 250 236 657
Share-based payments 179 199 167 723 730
Net operating charge for pensions and other post-retirement
benefits, less contributions and benefit payments for unfunded
plans (182) (46) (43) (282) (238)
Net charge for provisions, less payments 866 293 270 735 (176)
Movements in inventories and other current and non-current
assets and liabilities (715) 556 (306) (85) (2,918)
Income taxes paid (444) (810) (1,107) (2,438) (5,437)
Net cash provided by operating activities 2,269 5,204 7,603 12,162 25,770
Investing activities
Expenditure on property, plant and equipment, intangible and
other assets (2,922) (2,577) (3,936) (12,306) (15,418)
Acquisitions, net of cash acquired (17) (10) (33) (44) (3,562)
Investment in joint ventures (529) (12) (57) (567) (137)
Investment in associates (23) (1,037) (83) (1,138) (304)
Total cash capital expenditure (3,491) (3,636) (4,109) (14,055) (19,421)
Proceeds from disposal of fixed assets 439 32 24 491 500
Proceeds from disposal of businesses, net of cash disposed 3,564 84 792 4,989 1,701
Proceeds from loan repayments 61 50 64 717 246
Net cash used in investing activities 573 (3,470) (3,229) (7,858) (16,974)
Financing activities
Net issue (repurchase) of shares (Note 9) - - (1,171) (776) (1,511)
Lease liability payments (631) (578) (566) (2,442) (2,372)
Proceeds from long-term financing 2,619 2,587 1,879 14,736 8,597
Repayments of long-term financing (3,191) (4,307) (360) (12,179) (7,118)
Net increase (decrease) in short-term debt (906) (2,630) 62 (1,234) 180
Issue of perpetual hybrid bonds - - - 11,861 -
Payments on perpetual hybrid bonds (62) (27) - (89) -
Payments relating to transactions involving non-controlling - - - (8) -
interests (other)
Receipts relating to transactions involving non-controlling 173 483 566 665 566
interests (other)
Dividends paid - BP shareholders (1,059) (1,060) (2,076) (6,340) (6,946)
- non-controlling interests (75) (58) (47) (238) (213)
Net cash provided by (used in) financing activities (3,132) (5,590) (1,713) 3,956 (8,817)
Currency translation differences relating to cash and cash 336 268 119 379 25
equivalents
Increase (decrease) in cash and cash equivalents 46 (3,588) 2,780 8,639 4
Cash and cash equivalents at beginning of period 31,065 34,653 19,692 22,472 22,468
Cash and cash equivalents at end of period[(a)] 31,111 31,065 22,472 31,111 22,472 (a) Third quarter 2020 includes USD316 million of cash and cash equivalents classified as assets held for sale in the group balance sheet.
Top of page 17
Notes
Note 1. Basis of preparation
The results for the interim periods are unaudited and, in the opinion of management, include all adjustments necessary for a fair presentation of the results for each period. All such adjustments are of a normal recurring nature. This report should be read in conjunction with the consolidated financial statements and related notes for the year ended 31 December 2019 included in BP Annual Report and Form 20-F 2019.
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