1st Quarter Results-Part 2

BP PLC 8 May 2001 PART 2 BP p.l.c. and Subsidiaries Summarized Group Results First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Exploration and Production 4,680 4,238 3,203 Gas and Power 112 183 142 Refining and Marketing 753 792 584 Chemicals 81 (82) 259 Other businesses and corporate (127) (368) (227) ----------------------- Total replacement cost operating profit 5,499 4,763 3,961 Profit (loss) on sale of fixed assets and businesses and termination of operations (Note 3) 218 78 (157) ----------------------- Replacement cost profit before interest and tax 5,717 4,841 3,804 Stock holding gains (losses)(Note 5) (238) (561) 532 ----------------------- Historical cost profit before interest and tax 5,479 4,280 4,336 Interest expense (Note 6) 446 611 296 ----------------------- Profit before taxation 5,033 3,669 4,040 Taxation (Note 7) 1,718 1,242 887 ----------------------- Profit after taxation 3,315 2,427 3,153 Minority shareholders' interest 11 17 68 ----------------------- Profit for the period 3,304 2,410 3,085 ======================= Distribution to shareholders 1,178 1,178 1,133 ----------------------- Earnings per ordinary share - cents Basic 14.70 10.53 15.88 Diluted 14.61 10.47 15.77 ======================= Replacement Cost Results Historical cost profit for the period 3,304 2,410 3,085 Stock holding (gains) losses 238 561 (532) ----------------------- Replacement cost profit for the period 3,542 2,971 2,553 Exceptional items, net of tax (105) (172) 124 ----------------------- Replacement cost profit before exceptional items 3,437 2,799 2,677 ----------------------- Earnings per ordinary share - cents On replacement cost profit before exceptional items 15.29 12.40 13.78 ======================= Summarized Group Balance Sheet 31 March 31 December 2001 2000 ===================== $ million Fixed assets Intangible assets 16,415 16,893 Tangible assets 74,175 75,173 Investments 11,469 11,753 --------------------- 102,059 103,819 --------------------- Current assets Business held for resale 654 636 Stocks 8,659 9,234 Debtors 29,377 28,418 Investments 959 661 Cash at bank and in hand 1,188 1,170 --------------------- 40,837 40,119 Creditors - amounts falling due within one year Finance debt 4,106 6,418 Other creditors 31,533 30,729 --------------------- Net current assets 5,198 2,972 --------------------- Total assets less current liabilities 107,257 106,791 Creditors - amounts falling due after more than one year Finance debt 14,682 14,772 Other creditors 5,550 5,223 Provisions for liabilities and charges 12,318 12,795 --------------------- Net assets 74,707 74,001 Minority shareholders' interest 602 585 --------------------- BP shareholders' interest 74,105 73,416 ===================== Movement in BP shareholders' interest: $ million At 31 December 2000 73,416 Profit for the period 3,304 Distribution to shareholders (1,178) Currency translation differences (994) Employee share schemes 56 Share buyback (499) ------ At 31 March 2001 74,105 ====== Summarized Group Cash Flow Statement First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Net cash inflow from operating activities (a) 6,740 5,779 2,764 ----------------------- Dividends from joint ventures 12 - 195 ----------------------- Dividends from associated undertakings 110 120 31 ----------------------- Servicing of finance and returns on investments Interest received 91 100 35 Interest paid (361) (471) (224) Dividends received 8 30 1 Dividends paid to minority shareholders - (4) (2) ----------------------- Net cash outflow from servicing of finance and returns on investments (262) (345) (190) ----------------------- Taxation UK corporation tax (204) (428) (200) Overseas tax 65 (1,571) (337) ----------------------- Tax paid (139) (1,999) (537) ----------------------- Capital expenditure Payments for fixed assets (2,577) (3,689) (1,421) Proceeds from the sale of fixed assets 694 917 406 ----------------------- Net cash outflow for capital expenditure and financial investment (1,883) (2,772) (1,015) ----------------------- Acquisitions and disposals Investments in associated undertakings (120) (88) (197) Acquisitions - (1,561) (869) Net investment in joint ventures (61) - (2) Proceeds from the sale of businesses - 402 25 ----------------------- Net cash outflow for acquisitions and disposals (181) (1,247) (1,043) ----------------------- Equity dividends paid (1,181) (1,183) (971) ----------------------- Net cash inflow (outflow) 3,216 (1,647) (766) ======================= Financing (b) 2,866 (1,059) 77 Management of liquid resources 302 (158) 20 Increase (decrease) in cash 48 (430) (863) ----------------------- 3,216 (1,647) (766) ======================= Analysis of Cash Flow First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ 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 5,479 4,280 4,336 Depreciation and amounts provided 2,140 2,228 1,195 Exploration expenditure written off 108 73 66 Share of profits of joint ventures and associated undertakings (331) (350) (453) Interest and other income (103) (79) (47) (Profit) loss on sale of fixed assets and businesses (218) (78) 171 Charge for provisions 165 33 155 Utilization of provisions (306) (426) (204) Decrease (increase) in stocks 358 (185) (255) Increase in debtors (1,069) (1,952) (1,140) Increase (decrease) in creditors 517 2,235 (1,060) ----------------------- Net cash inflow from operating activities 6,740 5,779 2,764 ======================= (b) Financing Long-term borrowing (517) (96) (312) Repayments of long-term borrowing 146 1,359 93 Short-term borrowing (161) (3,072) (623) Repayments of short-term borrowing 2,955 148 950 ----------------------- 2,423 (1,661) 108 Issue of ordinary share capital (56) (16) (31) Repurchase of ordinary share capital 499 618 - ----------------------- Net cash outflow (inflow) from financing 2,866 (1,059) 77 ======================= Capital Expenditure and Acquisitions First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million By business Exploration and Production UK 168 362 163 Rest of Europe 65 85 24 USA 927 897 381 Rest of World 706 781 295 ----------------------- 1,866 2,125 863 ----------------------- Gas and Power UK(a) 8 86 2 Rest of Europe 9 13 1 USA 8 5 1 Rest of World - 23 9 ----------------------- 25 127 13 ----------------------- Refining and Marketing UK(b) 111 393 889 Rest of Europe 47 328 44 USA(c) 180 652 76 Rest of World 32 227 87 ----------------------- 370 1,600 1,096 ----------------------- Chemicals UK 66 210 152 Rest of Europe 16 17 33 USA 78 166 39 Rest of World(d) 56 119 267 ----------------------- 216 512 491 ----------------------- Other businesses and corporate(e) 60 596 53 ----------------------- 2,537 4,960 2,516 ======================= By geographical area UK 394 1,144 1,248 Rest of Europe 139 443 106 USA 1,210 1,796 497 Rest of World 794 1,577 665 ----------------------- 2,537 4,960 2,516 ======================= (a) 4Q 2000 includes $62 million for the second instalment on two LNG ships. (b) 4Q 2000 includes $175 million for the acquisition of the minority interest in Castrol India. 1Q 2000 includes $869 million for the purchase of some 19.5% of Burmah Castrol's issued share capital. (c) 4Q 2000 includes $110 million for the Olympic pipeline and $70 million for Exxon's aviation lubricants business. (d) 1Q 2000 includes $210 million for the subvention of Singapore Aromatics Company bank loans. (e) 4Q 2000 includes $416 million for the investment in Sinopec. Analysis of Replacement Cost Operating Profit First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million By business Exploration and Production UK 1,154 1,082 1,088 Rest of Europe 226 232 188 USA 2,125 1,678 1,191 Rest of World 1,175 1,246 736 ----------------------- 4,680 4,238 3,203 ----------------------- Gas and Power UK 12 1 (5) Rest of Europe 62 54 55 USA 35 29 14 Rest of World 3 99 78 ----------------------- 112 183 142 ----------------------- Refining and Marketing UK (111) (71) 33 Rest of Europe 136 354 36 USA 607 388 409 Rest of World 121 121 106 ----------------------- 753 792 584 ----------------------- Chemicals UK (50) 10 (31) Rest of Europe 80 15 78 USA 13 56 168 Rest of World 38 (163) 44 ----------------------- 81 (82) 259 ----------------------- Other businesses and corporate (127) (368) (227) ----------------------- 5,499 4,763 3,961 ======================= By geographical area UK 927 834 974 Rest of Europe 485 608 366 USA 2,712 2,026 1,652 Rest of World 1,375 1,295 969 ----------------------- 5,499 4,763 3,961 ======================= US dollar/Sterling exchange rates Average rate for the period 1.46 1.45 1.60 Period-end rate 1.44 1.49 1.59 ======================= Notes 1. Turnover First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================== $ million By business Exploration and Production 9,117 8,965 6,504 Gas and Power 12,080 8,553 3,255 Refining and Marketing 28,523 32,708 19,696 Chemicals 2,689 2,754 2,781 Other businesses and corporate 169 51 41 ------------------------ 52,578 53,031 32,277 Less: Sales between businesses 7,166 8,469 4,566 ------------------------ Group excluding JVs 45,412 44,562 27,711 Sales of joint ventures 288 284 5,380 ------------------------ 45,700 44,846 33,091 ======================== By geographical area Group excluding JVs UK 11,940 12,982 10,350 Rest of Europe 8,975 8,417 1,874 USA 22,491 20,823 12,973 Rest of World 9,691 9,406 6,360 ------------------------ 53,097 51,628 31,557 Less: Sales between areas 7,685 7,066 3,846 ------------------------ 45,412 44,562 27,711 ------------------------ Sales of joint ventures UK - - 1,360 Rest of Europe - - 5,007 USA 87 87 - Rest of World 201 197 121 ------------------------ 288 284 6,488 Less: Sales between areas - - 1,108 ------------------------ 288 284 5,380 ======================== Notes 2. Operating profits are after charging: First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Exploration expense UK 4 13 8 Rest of Europe 2 10 4 USA 93 72 35 Rest of World 70 62 84 ----------------------- 169 157 131 ======================= Production taxes (i) UK petroleum revenue tax 238 162 190 Overseas production taxes 345 402 308 ----------------------- 583 564 498 ======================= (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 (42) (96) 38 Gas and Power (1) 2 - Refining and Marketing 265 (87) 19 Chemicals (6) 28 (210) Other businesses and corporate 2 231 (4) ----------------------- Profit (loss) on sale of fixed assets and businesses and termination of operations 218 78 (157) Taxation (charge) credit (113) 94 33 ----------------------- Exceptional items after taxation 105 172 (124) ======================= 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 2001 2000 2000 ======================= $ million Exploration and Production 9 (1) 1 Gas and Power (11) (11) 5 Refining and Marketing (243) (520) 463 Chemicals 7 (29) 63 ----------------------- (238) (561) 532 ======================= 6. Interest expense Group interest payable(a) 367 532 231 Capitalized (34) (42) (15) ----------------------- 333 490 216 Joint ventures 20 19 14 Associated undertakings 40 42 30 Unwinding of discount on provisions 53 60 36 ----------------------- 446 611 296 ======================= (a) Interest expense for the first quarter of 2001 and fourth quarter of 2000 includes charges of $10 million and $111 million respectively relating to the early redemption of debt. 7. Charge for taxation UK 272 334 317 Overseas 1,446 908 570 ----------------------- 1,718 1,242 887 ======================= Notes 8. Analysis of changes in net debt First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Opening balance Finance debt 21,190 19,688 14,544 Less: Cash 1,170 1,607 1,331 Current asset investments 661 862 220 ----------------------- Opening net debt 19,359 17,219 12,993 ----------------------- Closing balance Finance debt 18,788 21,190 14,357 Less: Cash 1,188 1,170 462 Current asset investments 959 661 274 ----------------------- Closing net debt 16,641 19,359 13,621 ----------------------- Decrease (increase) in net debt 2,718 (2,140) (628) ======================= Movement in cash/bank overdrafts 48 (430) (863) Increase(decrease) in current asset investments 302 (158) 20 Net cash outflow (inflow) from financing (excluding share capital) 2,423 (1,661) 108 Other movements 31 (24) 56 ----------------------- Movement in net debt before exchange effects 2,804 (2,273) (679) Exchange adjustments (86) 133 51 ----------------------- Decrease (increase) in net debt 2,718 (2,140) (628) ======================= Notes 9. Consolidated statement of cash flows presented on a US GAAP format First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Operating activities Profit after taxation 3,315 2,427 3,153 Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and amounts provided 2,140 2,228 1,195 Exploration expenditure written off 108 73 66 Share of profit of joint ventures and associates less dividends received (63) (78) (131) (Profit) loss on sale of businesses and fixed assets (218) (78) 171 Working capital movement (see analysis below) 1,354 (578) (1,968) Other (141) (393) (110) ----------------------- Net cash provided by operating activities 6,495 3,601 2,376 ----------------------- Investing activities Capital expenditures (2,611) (3,731) (1,436) Acquisitions, net of cash acquired - (1,561) (869) Investment in associated undertakings (120) (88) (197) Net investment in joint ventures (61) - (2) Proceeds from disposal of assets 694 1,319 431 ----------------------- Net cash used in investing activities (2,098) (4,061) (2,073) ----------------------- Notes 9. Consolidated statement of cash flows presented on a US GAAP format (continued) First Fourth First Quarter Quarter Quarter 2001 2000 2000 ======================= $ million Financing activities Proceeds from shares issued (repurchased) (443) (602) 31 Proceeds from long-term financing 517 96 312 Repayments of long-term financing (146) (1,359) (93) Net (decrease) increase in short-term debt (2,794) 2,924 (327) Dividends paid - BP shareholders (1,181) (1,183) (971) - Minority shareholders - (4) (2) ----------------------- Net cash used in financing activities (4,047) (128) (1,050) ----------------------- Currency translation differences relating to cash and cash equivalents (34) (50) 28 ----------------------- Increase (decrease) in cash and cash equivalents 316 (638) (719) ----------------------- Cash and cash equivalents at beginning of period 1,831 2,469 1,455 ----------------------- Cash and cash equivalents at end of period 2,147 1,831 736 ----------------------- Analysis of working capital movement Decrease (increase) in stocks 358 (185) (255) Increase in debtors (1,044) (1,904) (1,097) Increase (decrease) in creditors 2,040 1,511 (616) ----------------------- Total working capital movement 1,354 (578) (1,968) ======================= Notes 10. Ordinary shares Shares in issue at 31 March 2001 = 22,484.2 million. Average number of shares in issue during January-March 2001 = 22,474.2 million (excluding shares held by the Employee Share Ownership Plans). Each BP ADS represents six BP ordinary shares. 11. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 2000 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 Greg Coleman Terry LaMore Karl Weckel Relations +44 (0)20 7496 4717 +1 212 451 8034 +49 (0)69 71 37 9990 http://www.bp.com/investors

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