Tullow Oil plc Annual Report 2011 - The Group

Five year financial summary2011$m*Restated2010$m*Restated2009$m2008$m*Restated2007$mGroup income statementSales revenue 2,304.2 1,089.8 915.9 1,310.6 1,279.5Cost of sales (930.8) (584.1) (608.0) (687.3) (708.0)Gross profit 1,373.4 505.7 307.9 623.3 571.5Administrative expenses (122.8) (89.6) (77.6) (79.2) (63.3)Profit/(loss) on disposal of subsidiaries – – 16.0 395.6 (1.2)Profit on disposal of oil and gas assets – 0.5 4.9 57.8 –Profit on disposal of other assets 2.0 – – – –Exploration costs written off (120.6) (154.7) (82.7) (419.0) (128.5)Operating profit 1,132.0 261.9 168.5 578.5 378.5Profit/(loss) on hedging instruments 27.2 (27.7) (59.8) 66.6 (58.7)Finance revenue 36.6 15.1 2.1 7.3 6.2Finance costs (122.9) (70.1) (60.8) (87.5) (97.4)Profit from continuing activities before taxation 1,072.9 179.2 50.0 564.9 228.6Taxation (383.9) (89.7) (1.9) (135.7) (123.3)Profit for the year from continuing activities 689.0 89.5 48.1 429.2 105.3Earnings per shareBasic – ¢ 72.5 8.1 5.4 58.8 14.2Diluted – ¢ 72.0 8.0 5.3 58.1 13.9Dividends paid 114.2 79.2 75.3 80.9 78.9Group balance sheetNon-current assets 9,461.7 7,077.0 4,372.8 3,524.0 3,689.8Net current (liabilities)/assets (360.2) (150.2) 139.9 (215.4) (134.8)Total assets less current liabilities 9,101.5 6,926.8 4,512.7 3,308.6 3,555.0Long-term liabilities (4,335.5) (3,023.4) (2,064.2) (1,414.7) (2,131.7)Net assets 4,766.0 3,903.4 2,448.5 1,893.9 1,423.3Called up equity share capital 146.2 143.5 130.1 119.7 117.4Share premium 551.8 251.5 242.3 231.1 178.0Other reserves 551.1 574.2 614.5 607.8 541.9Retained earnings 3,441.3 2,873.6 1,419.5 898.6 555.0Equity attributable to equity holders of the parent 4,690.4 3,842.8 2,406.4 1,857.2 1,392.3Non-controlling interest 75.6 60.6 42.1 36.7 31.0Total equity 4,766.0 3,903.4 2,448.5 1,893.9 1,423.3* The 2007 comparatives have been restated due to an asset held for sale being reclassified during 2008. The 2009 and 2010 comparatives have been restated due to achange in the inventory accounting policy.168Tullow Oil plc 2011 Annual Report and Accounts