BP Annual Report and Form 20-F 2011 - Company Reporting

Consolidated financial statements of the BP grouphttp://www.bp.com/downloads/cashflowGroup cash flow statementFor the year ended 31 December$ millionNote 2011 2010 2009Operating activitiesProfit (loss) before taxation 38,834 (4,825) 25,124Adjustments to reconcile profit (loss) before taxation to net cash provided byoperating activitiesExploration expenditure written off 15 1,024 375 593Depreciation, depletion and amortization 9 11,135 11,164 12,106Impairment and (gain) loss on sale of businesses and fixed assets 5 (2,072) (4,694) 160Earnings from jointly controlled entities and associates (6,220) (4,757) (3,901)Dividends received from jointly controlled entities and associates 5,381 3,277 3,003Interest receivable (198) (277) (258)Interest received 216 205 203Finance costs 17 1,246 1,170 1,110Interest paid (1,110) (912) (909)Net finance expense (income) relating to pensions and other post-retirement benefits 37 (263) (47) 192Share-based payments (88) 197 450Net operating charge for pensions and other post-retirement benefits, lesscontributions and benefit payments for unfunded plans (1,004) (959) (887)Net charge for provisions, less payments 2,976 19,217 650(Increase) decrease in inventories (3,988) (3,895) (5,363)(Increase) decrease in other current and non-current assets (9,913) (15,620) 7,595Increase (decrease) in other current and non-current liabilities (5,767) 20,607 (5,828)Income taxes paid (8,035) (6,610) (6,324)Net cash provided by operating activities 22,154 13,616 27,716Investing activitiesCapital expenditure (17,845) (18,421) (20,650)Acquisitions, net of cash acquired (10,909) (2,468) 1Investment in jointly controlled entities (857) (461) (578)Investment in associates (55) (65) (164)Proceeds from disposals of fixed assets 5 3,500 7,492 1,715Proceeds from disposals of businesses, net of cash disposed a 5 (768) 9,462 966Proceeds from loan repayments 301 501 530Other – – 47Net cash used in investing activities (26,633) (3,960) (18,133)Financing activitiesNet issue of shares 74 169 207Proceeds from long-term financing 11,600 11,934 11,567Repayments of long-term financing (9,102) (4,702) (6,021)Net increase (decrease) in short-term debt 2,227 (3,619) (4,405)Dividends paidBP shareholders (4,072) (2,627) (10,483)Minority interest (245) (315) (416)Net cash provided by (used in) financing activities 482 840 (9,551)Currency translation differences relating to cash and cash equivalents (492) (279) 110Increase (decrease) in cash and cash equivalents (4,489) 10,217 142Cash and cash equivalents at beginning of year 18,556 8,339 8,197Cash and cash equivalents at end of year 14,067 18,556 8,339a2010 included a deposit received in advance of $3,530 million in respect of the expected sale of our interest in Pan American Energy LLC; 2011 includes the repayment of the same amount followingthe termination of the sale agreement as described in Note 4.Financial statementsBP Annual Report and Form 20-F 2011 181