1st Quarter Results-Part 2

BP Amoco PLC 9 May 2000 Part 2 BP Amoco p.l.c. and Subsidiaries Summarized Group Results First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Exploration and Production 3,203 2,585 750 Gas and Power 52 48 68 Refining and Marketing 674 293 346 Chemicals 259 139 206 Other businesses and corporate (227) (340) (124) ----------------------- Total replacement cost operating profit 3,961 2,725 1,246 Profit (loss) on sale of fixed assets and businesses and termination of operations (Note 3) (157) (279) 97 Restructuring costs (Note 3) - (256) (1,155) ----------------------- Replacement cost profit before interest and tax 3,804 2,190 188 Stock holding gains (losses)(Note 5) 532 506 7 ----------------------- Historical cost profit before interest and tax 4,336 2,696 195 Interest expense (Note 6) 296 329 304 ----------------------- Profit (loss) before taxation 4,040 2,367 (109) Taxation (Note 7) 887 613 56 ----------------------- Profit (loss) after taxation 3,153 1,754 (165) Minority shareholders' interest 68 53 11 ----------------------- Profit (loss) for the period 3,085 1,701 (176) ======================= Distribution to shareholders 1,133 972 970 ----------------------- Earnings per ordinary share - cents Basic 15.88 8.76 (0.91) Diluted 15.77 8.71 (0.91) ======================= Replacement Cost Results First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Historical cost profit (loss) for the period 3,085 1,701 (176) Stock holding (gains) losses (532) (506) (7) ----------------------- Replacement cost profit (loss) for the period 2,553 1,195 (183) Exceptional items, net of tax 124 489 860 ----------------------- Replacement cost profit before exceptional items 2,677 1,684 677 ======================= Earnings per ordinary share - cents On replacement cost profit before exceptional items 13.78 8.67 3.50 ======================= Summarized Group Balance Sheet 31 March 31 December 2000 1999 --------------------- $ million Fixed assets Intangible assets 3,320 3,344 Tangible assets 51,939 52,631 Investments 10,840 10,109 --------------------- 66,099 66,084 --------------------- Current assets Stocks 5,321 5,124 Debtors 17,950 16,802 Investments 274 220 Cash at bank and in hand 462 1,331 --------------------- 24,007 23,477 Creditors - amounts falling due within one year Finance debt 4,612 4,900 Other creditors 18,030 18,375 --------------------- Net current assets 1,365 202 --------------------- Total assets less current liabilities 67,464 66,286 Creditors - amounts falling due after more than one year Finance debt 9,745 9,644 Other creditors 2,057 2,245 Provisions for liabilities and charges 9,763 10,055 --------------------- Net assets 45,899 44,342 Minority shareholders' interest 1,126 1,061 --------------------- BP Amoco shareholders' interest 44,773 43,281 ===================== Movement in BP Amoco shareholders' interest: $ million At 31 December 1999 43,281 Profit for the period 3,085 Distribution to shareholders (1,133) Currency translation differences (495) Employee share schemes 35 ------ At 31 March 2000 44,773 ====== Summarized Group Cash Flow Statement First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Net cash inflow from operating activities (a) 2,764 4,443 829 ----------------------- Dividends from joint ventures 195 136 212 ----------------------- Dividends from associated undertakings 31 51 45 ----------------------- Servicing of finance and returns on investments Interest received 35 64 32 Interest paid (224) (259) (281) Dividends received 1 6 7 Dividends paid to minority shareholders (2) (6) (65) ----------------------- Net cash outflow from servicing of finance and returns on investments (190) (195) (307) ----------------------- Taxation UK corporation tax (200) (380) (72) Overseas tax (337) (239) 27 ----------------------- Tax paid (537) (619) (45) ----------------------- Capital expenditure Payments for fixed assets (1,421) (1,868) (1,515) Proceeds from the sale of fixed assets 406 291 87 ----------------------- Net cash outflow for capital expenditure and financial investment (1,015) (1,577) (1,428) ----------------------- Summarized Group Cash Flow Statement (continued) First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Acquisitions and disposals Investments in associated undertakings (197) (56) (88) Acquisitions (869) (53) - Net investment in joint ventures (2) (255) (200) Proceeds from the sale of businesses 25 1,004 92 ----------------------- Net cash (outflow) inflow for acquisitions and disposals (1,043) 640 (196) ----------------------- Equity dividends paid (971) (971) (263) ----------------------- Net cash (outflow) inflow (766) 1,908 (1,153) ======================= Financing (b) 77 1,086 (829) Management of liquid resources 20 13 (161) (Decrease) increase in cash (863) 809 (163) ----------------------- (766) 1,908 (1,153) ======================= Analysis of Cash Flow First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million (a) Reconciliation of historical cost profit before interest and tax to net cash inflow from operating activities Historical cost profit before interest and tax 4,336 2,696 195 Depreciation and amounts provided 1,195 1,372 1,244 Exploration expenditure written off 66 34 84 Share of profits of joint ventures and associated undertakings+ (453) (397) (356) Interest and other income (47) (51) (52) Loss (profit) on sale of fixed assets and businesses 171 277 (58) Charge for provisions 155 224 449 Utilization of provisions (204) (326) (95) Increase in stocks (255) (372) (1) Increase in debtors (1,140) (1,875) (1,014) (Decrease) increase in creditors (1,060) 2,861 433 ----------------------- Net cash inflow from operating activities 2,764 4,443 829 ======================= +Includes the following amounts of depreciation for the BP/Mobil European JV 77 81 78 ----------------------- (b) Financing Long-term borrowing (312) (189) (50) Repayments of long-term borrowing 93 314 793 Short-term borrowing (623) (299) (2,192) Repayments of short-term borrowing 950 1,287 721 ----------------------- 108 1,113 (728) Issue of ordinary share capital (31) (27) (101) ----------------------- Net cash outflow (inflow) from financing 77 1,086 (829) ======================= Capital Expenditure and Acquisitions First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million By business Exploration and Production UK 163 187 244 Rest of Europe 24 37 8 USA 381 793 362 Rest of World 295 371 320 ----------------------- 863 1,388 934 ----------------------- Gas and Power UK 2 - - Rest of Europe 1 3 - USA - 5 - Rest of World 4 5 - ----------------------- 7 13 - ----------------------- Refining and Marketing UK 889 49 34 Rest of Europe 44 177 80 USA 77 211 154 Rest of World 92 153 48 ----------------------- 1,102 590 316 ----------------------- Chemicals UK 152 151 60 Rest of Europe 33 55 61 USA 39 82 63 Rest of World 267 89 25 ----------------------- 491 377 209 ----------------------- Other businesses and corporate 53 58 25 ----------------------- 2,516 2,426 1,484 ======================= By geographical area UK 1,248 443 344 Rest of Europe 106 274 151 USA 497 1,091 595 Rest of World 665 618 394 ----------------------- 2,516 2,426 1,484 ======================= Includes the following amounts for the BP/Mobil European joint venture 55 219 107 ----------------------- US dollar/Sterling exchange rates First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= Average rates for the period 1.60 1.63 1.63 Period-end rates 1.59 1.62 1.61 ======================= Analysis of Replacement Cost Operating Profit First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million By business Exploration and Production UK 1,088 861 318 Rest of Europe 188 175 75 USA 1,191 922 192 Rest of World 736 627 165 ----------------------- 3,203 2,585 750 ----------------------- Gas and Power UK (5) 2 5 Rest of Europe 55 46 52 USA (1) (2) 4 Rest of World 3 2 7 ----------------------- 52 48 68 ----------------------- Refining and Marketing UK 33 51 (22) Rest of Europe 36 46 100 USA 424 114 113 Rest of World 181 82 155 ----------------------- 674 293 346 ----------------------- Chemicals UK (31) (76) 42 Rest of Europe 78 76 61 USA 168 127 107 Rest of World 44 12 (4) ----------------------- 259 139 206 ----------------------- Other businesses and corporate (227) (340) (124) ----------------------- 3,961 2,725 1,246 ======================= By geographical area UK 974 699 347 Rest of Europe 366 344 282 USA 1,652 960 288 Rest of World 969 722 329 ----------------------- 3,961 2,725 1,246 ======================= Includes the following amounts for joint ventures and associated undertakings 340 293 260 ----------------------- Notes 1. Turnover First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================== $ million By business Exploration and Production 6,504 5,630 3,470 Gas and Power 2,173 1,595 1,216 Refining and Marketing 20,778 22,041 10,167 Chemicals 2,781 2,724 2,123 Other businesses and corporate 41 84 30 ------------------------ 32,277 32,074 17,006 Less: Sales between businesses 4,566 4,124 2,364 ------------------------ Group excluding JVs 27,711 27,950 14,642 Sales of joint ventures 5,380 5,642 3,342 ------------------------ 33,091 33,592 17,984 ======================== By geographical area Group excluding JVs UK 10,350 10,892 4,795 Rest of Europe 1,874 1,754 1,190 USA 12,973 12,858 6,630 Rest of World 6,360 6,528 3,454 ------------------------ 31,557 32,032 16,069 Less: Sales between areas 3,846 4,082 1,427 ------------------------ 27,711 27,950 14,642 ------------------------ Sales of joint ventures UK 1,360 1,250 747 Rest of Europe 5,007 5,169 2,989 USA - 68 24 Rest of World 121 93 60 ------------------------ 6,488 6,580 3,820 Less: Sales between areas 1,108 938 478 ------------------------ 5,380 5,642 3,342 ======================== Notes 2. Operating profits are after charging: First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Exploration expense UK 8 15 13 Rest of Europe 4 - 24 USA 35 57 20 Rest of World 84 39 115 ----------------------- 131 111 172 ======================= Production taxes (i) UK petroleum revenue tax 190 83 33 Overseas production taxes 308 285 109 ----------------------- 498 368 142 ======================= (i) Production taxes are charged against Exploration and Production's operating profit and are not included in the charge for taxation in Note 7. 3. Analysis of exceptional items Exploration and Production 38 (105) (9) Gas and Power - 14 - Refining and Marketing 19 (54) 44 Chemicals (210) (126) 62 Other businesses and corporate (4) (8) - ----------------------- (Loss) profit on sale of fixed assets and businesses and termination of operations (157) (279) 97 Restructuring costs - (256) (1,155) ----------------------- Exceptional items before taxation+ (157) (535) (1,058) Taxation credit 33 46 198 ----------------------- Exceptional items after taxation (124) (489) (860) ======================= +Includes the following amounts for joint ventures and associated undertakings 14 (37) 39 ----------------------- 4. Replacement cost profit Replacement cost profits reflect the current cost of supplies. The replacement cost profit for the period is arrived at by excluding from the historical cost profit stock holding gains and losses. Notes 5. Stock holding gains (losses) First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Exploration and Production 1 12 (11) Gas and Power 5 - - Refining and Mareting 463 455 45 Chemicals 63 39 (27) ----------------------- 532 506 7 ======================= Includes the following amounts for joint ventures and associated undertakings 99 141 57 ----------------------- 6. Interest expense Group interest payable 231 264 236 Capitalized (15) (10) (15) ----------------------- 216 254 221 Joint ventures 14 26 16 Associated undertakings 30 35 37 Unwinding of discount on provisions 36 34 30 Change in discount rate for provisions - (20) - ----------------------- 296 329 304 ======================= 7. Charge for taxation UK 317 250 88 Overseas 570 363 (32) ----------------------- 887 613 56 ======================= Includes the following amounts for joint ventures and associated undertakings 52 29 24 ----------------------- Notes 8. Analysis of changes in net debt First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Opening balance Finance debt 14,544 15,671 13,755 Less: Cash 1,331 536 405 Current asset investments 220 347 470 ----------------------- Opening net debt 12,993 14,788 12,880 ----------------------- Closing balance Finance debt 14,357 14,544 14,510 Less: Cash 462 1,331 270 Current asset investments 274 220 305 ----------------------- Closing net debt 13,621 12,993 13,935 ----------------------- (Increase) decrease in net debt (628) 1,795 (1,055) ======================= Movement in cash/bank overdrafts (863) 809 (163) Increase(decrease) in current asset investments 20 (60) (161) Net cash outflow(inflow) from financing (excluding share capital) 108 1,113 (728) Other movements 56 (29) - ----------------------- Movement in net debt before exchange effects (679) 1,833 (1,052) Exchange adjustments 51 (38) (3) ----------------------- (Increase) decrease in net debt (628) 1,795 (1,055) ======================= Notes 9. Consolidated statement of cash flows presented on a US GAAP format First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Operating activities Profit after taxation 3,153 1,754 (165) Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and amounts provided 1,195 1,372 1,244 Exploration expenditure written off 66 34 84 Share of profit loss of joint ventures and associates less dividends received (227) (210) (99) Loss (profit) on sale of businesses and fixed assets 171 277 (58) Working capital movement (see analysis below) (2,028) 1,007 (875) Other (55) (623) 435 ----------------------- Net cash provided by operating activities 2,275 3,611 566 ----------------------- Investing activities Capital expenditures (1,418) (1,882) (1,284) Acquisitions, net of cash acquired (869) (53) - Investment in associated undertakings (197) (56) (88) Net investment in joint ventures (2) (255) (200) Proceeds from disposal of assets 431 1,295 179 ----------------------- Net cash used in investing activities (2,055) (951) (1,393) ----------------------- Notes 9. Consolidated statement of cash flows presented on a US GAAP format (continued) First Fourth First Quarter Quarter Quarter 2000 1999 1999 ======================= $ million Financing activities Proceeds from shares issued 31 27 101 Proceeds from long-term financing 312 189 50 Repayments of long-term financing (93) (314) (793) Net (decrease) increase in short-term debt (327) (988) 1,471 Dividends paid - BP Amoco shareholders (971) (971) (263) - Minority shareholders (2) (6) (65) ----------------------- Net cash (used in) provided by financing activities (1,050) (2,063) 501 ----------------------- Currency translation differences relating to cash and cash equivalents (4) 57 25 ----------------------- (Decrease) increase in cash and cash equivalents (834) 654 (301) ----------------------- Cash and cash equivalents at beginning of period 1,455 801 794 ----------------------- Cash and cash equivalents at end of period 621 1,455 493 ----------------------- Analysis of working capital movement Increase in stocks (255) (372) (1) Increase in debtors (1,180) (1,785) (683) (Decrease) increase in creditors (593) 3,164 (191) ----------------------- Total working capital movement (2,028) 1,007 (875) ======================= Notes 10. Ordinary shares Shares in issue at 31 March 2000 = 19,493.3 million. Average number of shares in issue during January-March 2000 = 19,426.5 million (excluding shares held by the Employee Share Ownership Plans). Each BP Amoco ADS represents six BP Amoco Ordinary Shares. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 1999 statutory accounts have been delivered to the UK Registrar of Companies; the report of the auditors on those accounts was unqualified. Contacts London New York Frankfurt Press Office Roddy Kennedy Ian Fowler +44 (0)20 7496 4624 +1 212 451 8008 Investor David Peattie Terry LaMore Karl Weckel Relations +44 (0)20 7496 4717 +1 212 451 8034 +49 (0)69 71 37 9990 http://www.bpamoco.com/investors

Companies

BP (BP.)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today