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

Notes on financial statementshttp://www.bp.com/downloads/investments24. Investments in jointly controlled entitiesThe significant jointly controlled entities of the BP group at 31 December 2011 are shown in Note 45. Summarized financial information for the group’sshare of jointly controlled entities is shown below. Balance sheet information shown below excludes data relating to jointly controlled entities reclassifiedas assets held for sale as at the end of the period. Income statement information shown below includes data relating to jointly controlled entitiesreclassified as assets held for sale for the period up until their date of reclassification as held for sale.$ million2011 2010 a 2009Sales and other operating revenues 15,720 11,679 9,396Profit before interest and taxation 1,918 1,730 1,815Finance costs 134 122 155Profit before taxation 1,784 1,608 1,660Taxation 480 433 374Profit for the year 1,304 1,175 1,286Non-current assets 16,495 16,035Current assets 4,613 4,167Total assets 21,108 20,202Current liabilities 2,553 2,101Non-current liabilities 3,980 4,131Total liabilities 6,533 6,23214,575 13,970Group investment in jointly controlled entitiesGroup share of net assets (as above) 14,575 13,970Loans made by group companies to jointly controlled entities 943 95715,518 14,927a2010 information has been adjusted following the termination of the Pan American Energy LLC sale agreement. See Note 4 for further information.Transactions between the group and its jointly controlled entities are summarized below.$ millionSales to jointly controlled entities 2011 2010 2009ProductSalesAmountreceivable at31 December SalesAmountreceivable at31 December SalesAmountreceivable at31 DecemberLNG, crude oil and oil products, natural gas, employee services 5,095 1,616 3,804 1,352 2,182 1,328$ millionPurchases from jointly controlled entities 2011 2010 2009ProductPurchasesAmountpayable at31 December a PurchasesAmountpayable at31 December a PurchasesAmountpayable at31 December aLNG, crude oil and oil products, natural gas, refinery operating costs,plant processing fees 7,798 369 8,063 683 5,377 214aIn addition to the amounts shown above, there are amounts payable to jointly controlled entities of $2,256 million (2010 $2,583 million and 2009 $2,509 million) relating to BP’s contribution on theestablishment of the Sunrise Oil Sands joint venture.The terms of the outstanding balances receivable from jointly controlled entities are typically 30 to 45 days, except for a receivable from Ruhr Oel of$605 million (2010 $585 million), part of which is a reimbursement balance relating to pensions that will be received over several years. The balancesare unsecured and will be settled in cash. There are no significant provisions for doubtful debts relating to these balances and no significant expenserecognized in the income statement in respect of bad or doubtful debts. Dividends receivable are not included in the above balances.BP has commitments amounting to $4,155 million (2010 $3,389 million) in relation to contracts with jointly controlled entities for the purchase ofLNG, crude oil and oil products, refinery operating costs and storage and handling services. See Note 44 for further information on capital commitmentsrelating to BP’s investments in jointly controlled entities.Financial statementsBP Annual Report and Form 20-F 2011 215