2011 Annual Report PDF - Tullow Oil plc

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Note 18. Trade and other payables
Current liabilities
Trade payables 85.8 68.3 132.2
Other payables 469.1 229.1 53.1
Accruals 541.2 657.8 321.8
PAYE and social security – – 28.4
VAT and other similar taxes 22.5 37.3 17.2
Current portion of finance lease (note 21) – 15.7 4.4
2011
$m
2010
$m
2009
$m
FINANCIAL STATEMENTS
1,118.6 1,008.2 557.1
The other payables balance primarily contains payables in relation to operated licences (shown gross in the Group consolidated
financial statements).
Non-current liabilities
Other payables 2.4 27.3 27.4
Non-current portion of finance lease (note 21) – 326.7 4.4
2011
$m
2010
$m
2009
$m
2.4 354.0 31.8
– After one year but within five years – 115.4 31.8
– After five years 2.4 238.6 –
Trade and other payables are non-interest bearing except for finance leases (note 21).
Note 19. Financial liabilities
2.4 354.0 31.8
Current
Short-term borrowings 217.8 309.8 –
Non-current
Term loans repayable
– After one year but within two years 728.8 192.5 989.0
– After two years but within five years 2,129.3 1,697.5 325.6
2011
$m
2010
$m
2009
$m
2,858.1 1,890.0 1,314.6
Group bank loans are stated net of unamortised arrangement fees of $85.3 million (2010: $81.3 million, 2009: $81.6 million).
Short-term borrowings, term loans and guarantees are secured by fixed and floating charges over the oil and gas assets
(note 12) of the Group.
Capital management
The Group defines capital as the total equity of the Group. Capital is managed in order to provide returns for shareholders
and benefits to stakeholders and to safeguard the Group’s ability to continue as a going concern. Tullow is not subject to any
externally-imposed capital requirements.
To maintain or adjust the capital structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt,
engage in active portfolio management, adjust the dividend payment to shareholders, or other such restructuring activities
as appropriate.
No significant changes were made in the objectives, policies or processes during the year ended 31 December 2011.
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