3rd Quarter Results Part 2

BP PLC 29 October 2002 BP p.l.c. and Subsidiaries Summarized Group Results Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============== $ million $ million 2,627 2,458 1,572 Exploration and Production 5,958 10,720 125 114 57 Gas, Power and Renewables 282 386 990 603 237 Refining and Marketing 908 3,194 105 203 132 Chemicals 411 195 (117) (128) (241) Other businesses and corporate (494) (348) ----------------------- -------------- Total replacement cost 3,730 3,250 1,757 operating profit 7,065 14,147 Profit (loss) on sale of fixed assets and businesses or 184 376 1,794 termination of operations (Note 4) 2,061 573 ----------------------- -------------- Replacement cost profit before 3,914 3,626 3,551 interest and tax 9,126 14,720 (405) 525 305 Stock holding gains (losses)(Note 6) 1,303 (603) ----------------------- -------------- Historical cost profit before 3,509 4,151 3,856 interest and tax 10,429 14,117 369 314 300 Interest expense (Note 7) 947 1,256 ----------------------- -------------- 3,140 3,837 3,556 Profit before taxation 9,482 12,861 1,540 1,751 713 Taxation (Note 8) 3,217 5,664 ----------------------- -------------- 1,600 2,086 2,843 Profit after taxation 6,265 7,197 12 46 8 Minority shareholders' interest 94 38 ----------------------- -------------- 1,588 2,040 2,835 Profit for the period 6,171 7,159 ----------------------- -------------- 1,232 1,347 1,340 Distribution to shareholders 3,977 3,646 ======================= ============== Earnings per ordinary share - cents 7.08 9.10 12.65 Basic 27.53 31.88 7.03 9.05 12.59 Diluted 27.39 31.68 ======================= ============== Replacement Cost Results Historical cost profit 1,588 2,040 2,835 for the period 6,171 7,159 Stock holding (gains) losses 405 (531) (305) net of MSI (1,278) 603 ----------------------- -------------- Replacement cost profit 1,993 1,509 2,530 for the period 4,893 7,762 (57) (216) (1,769) Exceptional items, net of tax (1,915) (177) ----------------------- -------------- Replacement cost profit before 1,936 1,293 761 exceptional items 2,978 7,585 ----------------------- -------------- Earnings per ordinary share - cents On replacement cost profit before 8.63 5.77 3.39 exceptional items 13.28 33.78 ======================= ============= Summarized Group Balance Sheet 30 September 31 December 2002 2001 -------------------------- $ million Fixed assets Intangible assets 15,902 16,489 Tangible assets 85,521 77,410 Investments 11,646 11,963 --------------------- 113,069 105,862 --------------------- Current assets Stocks 9,917 7,631 Debtors 31,781 26,669 Investments 285 450 Cash at bank and in hand 1,005 1,358 --------------------- 42,988 36,108 Creditors - amounts falling due within one year Finance debt 10,582 9,090 Other creditors 34,870 28,524 --------------------- Net current liabilities (2,464) (1,506) --------------------- Total assets less current liabilities 110,605 104,356 Creditors - amounts falling due after more than one year Finance debt 11,694 12,327 Other creditors 3,261 3,086 Provisions for liabilities and charges Deferred taxation 13,391 11,702 Other provisions 13,056 11,482 --------------------- Net assets 69,203 65,759 Minority shareholders' interest 556 598 --------------------- BP shareholders' interest 68,647 65,161 ===================== Movement in BP shareholders' interest: $ million At 31 December 2001 74,367 Prior year adjustment - change in accounting policy (see Note 1) (9,206) ------ As restated 65,161 Profit for the period 6,171 Distribution to shareholders (3,977) Currency translation differences 1,864 Employee share schemes 178 Share buyback (750) ------ At 30 September 2002 68,647 ====== Summarized Group Cash Flow Statement Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============ $ million $ million Net cash inflow from 5,046 5,133 4,376 operating activities (a) 13,145 16,862 ----------------------- --------------- 26 16 30 Dividends from joint ventures 129 92 ----------------------- --------------- Dividends from 155 154 96 associated undertakings 303 424 ----------------------- --------------- Servicing of finance and returns on investments 23 57 63 Interest received 168 173 (308) (342) (218) Interest paid (869) (1,053) 59 58 4 Dividends received 64 97 Dividends paid to (11) (3) (13) minority shareholders (29) (16) ----------------------- --------------- Net cash outflow from servicing of (237) (230) (164) finance and returns on investments (666) (799) ----------------------- --------------- Taxation (231) (167) (206) UK corporation tax (560) (604) (486) (760) (455) Overseas tax (1,473) (2,634) ----------------------- --------------- (717) (927) (661) Tax paid (2,033) (3,238) ----------------------- --------------- Capital expenditure and financial investment (2,933) (2,793) (2,980) Payments for fixed assets (8,572) (8,526) Proceeds from the sale 824 939 488 of fixed assets 1,744 1,750 ----------------------- --------------- Net cash outflow for capital expenditure and (2,109) (1,854) (2,492) financial investment (6,828) (6,776) ----------------------- ------------- Acquisitions and disposals Investments in associated (139) (488) (125) undertakings (756) (407) Proceeds from sale of - - 2,338 investment in Ruhrgas 2,338 - (48) (139) (2,607) Acquisitions, net of cash acquired (4,296) (608) (144) (68) (23) Net investment in joint ventures (137) (277) Proceeds from the sale 307 1,584 55 of businesses 1,670 307 ----------------------- --------------- Net cash (outflow) inflow for (24) 889 (362) acquisitions and disposals (1,181) (985) ----------------------- --------------- (1,235) (1,290) (1,346) Equity dividends paid (3,924) (3,595) ----------------------- --------------- 905 1,891 (523) Net cash (outflow) inflow (1,055) 1,985 ======================= =============== 630 2,017 (219) Financing (b) (485) 1,827 (44) 33 (32) Management of liquid resources (164) (146) 319 (159) (272) Increase (decrease) in cash (406) 304 ----------------------- --------------- 905 1,891 (523) (1,055) 1,985 ======================= =============== Analysis of Cash Flow Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============== $ million $ million (a) Reconciliation of historical cost profit before interest and tax to net cash inflow from operating activities Historical cost profit before 3,509 4,151 3,856 interest and tax 10,429 14,117 2,104 2,227 3,506 Depreciation and amounts provided 7,886 6,401 Exploration expenditure 23 147 55 written off 261 153 Share of profits of joint ventures (278) (288) (172) and associated undertakings (716) (891) (116) (118) (62) Interest and other income (243) (346) (Profit) loss on sale of fixed (184) (374) (1,796) assets and businesses (2,061) (573) 115 325 332 Charge for provisions 826 821 (263) (373) (392) Utilization of provisions (1,003) (898) 135 (807) (155) (Increase) decrease in stocks (1,458) 122 2,216 (1,614) (379) (Increase) decrease in debtors (2,403) 748 (2,215) 1,857 (417) Increase (decrease) in creditors 1,627 (2,792) ----------------------- --------------- Net cash inflow from 5,046 5,133 4,376 operating activities 13,145 16,862 ======================= =============== (b) Financing (7) (752) (558) Long-term borrowing (3,056) (1,029) 988 663 567 Repayments of long-term borrowing 1,464 2,168 (743) (753) (1,627) Short-term borrowing (5,879) (3,493) Repayments of short-term 40 2,891 704 borrowing 6,414 3,167 ----------------------- --------------- 278 2,049 (914) (1,057) 813 (48) (32) (55) Issue of ordinary share capital (178) (168) Repurchase of ordinary 400 - 750 share capital 750 1,182 ----------------------- --------------- Net cash (inflow) 630 2,017 (219) outflow from financing (485) 1,827 ======================= =============== Capital Expenditure and Acquisitions Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 326 247 270 UK 778 783 79 57 61 Rest of Europe 189 230 1,123 1,077 980 USA 3,224 3,293 891 1,192 929 Rest of World(a) 2,935 2,402 ----------------------- -------------- 2,419 2,573 2,240 7,126 6,708 ----------------------- -------------- Gas, Power and Renewables 37 5 7 UK 28 51 23 87 29 Rest of Europe(b) 120 49 15 32 52 USA 100 72 12 8 19 Rest of World 37 19 ----------------------- -------------- 87 132 107 285 191 ----------------------- -------------- Refining and Marketing 89 100 56 UK 232 267 10 2,556 198 Rest of Europe(c) 5,486 171 281 260 298 USA 861 688 62 49 53 Rest of World 128 173 ----------------------- -------------- 442 2,965 605 6,707 1,299 ----------------------- -------------- Chemicals 50 17 30 UK 55 179 69 60 58 Rest of Europe(d) 163 623 119 55 49 USA 146 293 112 38 43 Rest of World 174 237 ----------------------- -------------- 350 170 180 538 1,332 ----------------------- -------------- 65 267 48 Other businesses and corporate(e) 367 166 ----------------------- -------------- 3,363 6,107 3,180 15,023 9,696 ======================= ============== By geographical area 541 400 394 UK 1,203 1,383 181 2,953 353 Rest of Europe 6,158 1,078 1,564 1,467 1,389 USA 4,387 4,402 1,077 1,287 1,044 Rest of World 3,275 2,833 ----------------------- -------------- 3,363 6,107 3,180 15,023 9,696 ======================= ============== Capital Expenditure and Acquisitions (continued) (a) 2Q and nine months 2002 included the acquisition of an additional interest in Sidanco. (b) 2Q and nine months 2002 included the acquisition of a 5% stake in Enagas. (c) 2Q and nine months 2002 included the acquisition of 49% and 100% of Veba respectively. (d) Nine months 2001 included the acquisition of Bayer's 50% interest in Erdolchemie. (e) 2Q and nine months 2002 included the acquisition of the minority interest in Veba's upstream oil and gas assets. US dollar/Sterling exchange rates 1.44 1.46 1.55 Average rate for the period 1.48 1.44 1.48 1.52 1.55 Period-end rate 1.55 1.48 ======================= ============= Analysis of Replacement Cost Operating Profit Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 729 649 185 UK 1,561 2,853 188 172 213 Rest of Europe 537 604 836 771 661 USA 1,754 4,147 874 866 513 Rest of World 2,106 3,116 ----------------------- -------------- 2,627 2,458 1,572 5,958 10,720 ----------------------- -------------- Gas, Power and Renewables 34 1 (66) UK (63) 81 27 35 17 Rest of Europe 99 125 82 13 28 USA 16 193 (18) 65 78 Rest of World 230 (13) ----------------------- ------------- 125 114 57 282 386 ----------------------- ------------- Refining and Marketing (51) (61) (158) UK (343) (278) 222 249 236 Rest of Europe 624 535 683 279 55 USA 255 2,539 136 136 104 Rest of World 372 398 ----------------------- ------------- 990 603 237 908 3,194 ----------------------- ------------- Chemicals (58) (10) 6 UK (35) (141) 87 64 161 Rest of Europe 272 186 59 84 54 USA 161 71 17 65 (89) Rest of World 13 79 ----------------------- ------------- 105 203 132 411 195 ----------------------- ------------- (117) (128) (241) Other businesses and corporate (494) (348) ----------------------- -------------- 3,730 3,250 1,757 7,065 14,147 ======================= ============== By geographical area 552 504 (131) UK 903 2,293 512 526 620 Rest of Europe 1,532 1,426 1,555 1,103 672 USA 1,933 6,725 1,111 1,117 596 Rest of World 2,697 3,703 ----------------------- -------------- 3,730 3,250 1,757 7,065 14,147 ======================= ============== Included above 125 89 104 Share of profits of joint ventures 263 352 Share of profits of 155 196 71 associated undertakings 455 541 ----------------------- -------------- 280 285 175 718 893 ======================= ============== Notes 1. Restatement of comparative information Comparative information for 2001 has been restated to reflect the changes described below. (a) Transfer of solar, renewables and alternative fuels activities With effect from 1 January 2002, the solar, renewables and alternative fuels activities have been transferred from Other businesses and corporate to Gas and Power. To reflect this transfer Gas and Power has been renamed Gas, Power and Renewables from the same date. (b) New accounting standard for deferred tax With effect from 1 January 2002 BP has adopted Financial Reporting Standard No.19 'Deferred Tax' (FRS 19). This standard generally requires that deferred tax should be provided on a full liability basis rather than on a restricted liability basis as required by Statement of Standard Accounting Practice No.15 'Accounting for Deferred Tax'. The adoption of FRS 19 has been treated as a change in accounting policy. Under FRS 19 deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax in the future. In particular: o Provision is made for tax on gains arising from the disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the replacement assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold. o Provision is made for deferred tax that would arise on remittance of the retained earnings of overseas subsidiaries, joint ventures and associated undertakings only to the extent that, at the balance sheet date, dividends have been accrued as receivable. Deferred tax assets are recognised only to the extent that it is considered more likely than not that there will be suitable taxable profits from which the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date. As a consequence of adopting FRS 19 acquisitions have been restated as if the new standard applied at that time. This leads to the creation of higher deferred tax liabilities and greater amounts of goodwill on those acquisitions. Notes Balance sheet at 31 December 2001 Restated Reported ================= $ million Fixed assets Intangible assets 16,489 15,593 Tangible assets 77,410 77,410 Investments 11,963 12,047 ----------------- 105,862 105,050 ----------------- Current assets 36,108 36,108 Creditors - amounts falling due within one year 37,614 37,614 ----------------- Net current liabilities (1,506) (1,506) ----------------- Total assets less current liabilities 104,356 103,544 Creditors - amounts falling due after more than one year 15,413 15,413 Provisions for liabilities and charges Deferred taxation 11,702 1,655 Other provisions 11,482 11,482 ----------------- Net assets 65,759 74,994 Minority shareholders' interest 598 627 ----------------- BP shareholders' interest 65,161 74,367 ================= Notes Income statements Restated Reported ---------------- ---------------- Third Nine Third Nine Quarter Months Quarter Months 2001 2001 2001 2001 =================================== $ million Exploration and Production 2,627 10,720 2,641 10,762 Gas, Power and Renewables 125 386 130 415 Refining and Marketing 990 3,194 1,003 3,233 Chemicals 105 195 105 195 Other businesses and corporate (117) (348) (122) (377) ----------------------------------- Total replacement cost operating profit 3,730 14,147 3,757 14,228 Profit (loss) on sale of fixed assets and businesses or termination of operations 184 573 184 573 ----------------------------------- Replacement cost profit before interest and tax 3,914 14,720 3,941 14,801 Stock holding gains (losses) (405) (603) (405) (603) ----------------------------------- Historical cost profit before interest and tax 3,509 14,117 3,536 14,198 Interest expense 369 1,256 369 1,256 ----------------------------------- Profit before taxation 3,140 12,861 3,167 12,942 Taxation 1,540 5,664 1,212 4,480 ----------------------------------- Profit after taxation 1,600 7,197 1,955 8,462 Minority shareholders' interest 12 38 15 47 ----------------------------------- Profit for the period 1,588 7,159 1,940 8,415 =================================== Distribution to shareholders 1,232 3,646 1,232 3,646 ----------------------------------- Earnings per ordinary share - cents Basic 7.08 31.88 8.66 37.48 Diluted 7.03 31.68 8.59 37.24 =================================== Notes 2. Turnover(a) Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============== $ million $ million By business 6,335 6,539 6,220 Exploration and Production 18,397 22,893 9,307 8,235 9,313 Gas, Power and Renewables 25,316 31,920 30,925 31,870 35,634 Refining and Marketing 92,393 93,705 3,272 3,584 3,720 Chemicals 9,946 9,034 Other businesses 138 136 108 and corporate 379 403 ----------------------- --------------- 49,977 50,364 54,995 146,431 157,955 Less: sales between 6,397 6,709 5,941 businesses 17,432 20,554 ----------------------- --------------- 43,580 43,655 49,054 Group excluding JVs 128,999 137,401 306 404 504 Sales of joint ventures 1,187 874 ----------------------- --------------- 43,886 44,059 49,558 130,186 138,275 ======================= =============== By geographical area Group excluding JVs 12,272 12,509 12,160 UK 35,664 36,186 9,026 12,219 13,460 Rest of Europe 34,798 28,044 21,375 19,663 22,880 USA 57,808 68,657 8,006 8,035 8,537 Rest of World 23,556 26,626 ----------------------- --------------- 50,679 52,426 57,037 151,826 159,513 Less: sales between 7,099 8,771 7,983 areas 22,827 22,112 ----------------------- --------------- 43,580 43,655 49,054 128,999 137,401 ======================= ============== (a) Contracts for the sale and purchase of crude oil, refined products, natural gas and power, which are held for trading purposes and marked-to-market, that require delivery of the underlying commodity are reported on a gross basis. Notes 3. Operating profits are after charging: Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Exploration expense 1 4 16 UK 26 5 10 13 5 Rest of Europe 41 15 41 133 53 USA 228 174 34 72 45 Rest of World 170 142 ----------------------- -------------- 86 222 119 465 336 ======================= ============== Production taxes (a) 80 90 92 UK petroleum revenue tax 245 453 257 225 258 Overseas production taxes 667 900 ----------------------- -------------- 337 315 350 912 1,353 ======================= ============== (a) Production taxes are charged against Exploration and Production's operating profit and are not included in the charge for taxation in Note 8. 4. Analysis of exceptional items 3 427 (25) Exploration and Production 407 280 - (1) 1,585 Gas, Power and Renewables 1,584 (1) 247 31 262 Refining and Marketing 248 453 (81) (85) 11 Chemicals (134) (167) 15 4 (39) Other businesses and corporate (44) 8 ----------------------- -------------- Profit (loss) on sale of fixed assets and businesses or 184 376 1,794 termination of operations 2,061 573 (127) (160) (25) Taxation charge (146) (396) ----------------------- -------------- Exceptional items 57 216 1,769 after taxation 1,915 177 ======================= ============== 5. 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 6. Stock holding gains (losses) Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million (1) (1) 3 Exploration and Production 5 (1) (17) 4 2 Gas, Power and Renewables 10 (61) (301) 444 311 Refining and Marketing 1,250 (445) (86) 78 (11) Chemicals 38 (96) ---------------------- -------------- (405) 525 305 1,303 (603) - (6) - Minority shareholders' interest 25 - ---------------------- -------------- (405) 531 305 1,278 (603) ====================== ============== 7. Interest expense 292 261 250 Group interest payable(a) 778 1,022 (19) (25) (27) Capitalized (67) (74) ----------------------- -------------- 273 236 223 711 948 16 15 15 Joint ventures 44 49 33 21 19 Associated undertakings 64 109 Unwinding of discount 47 42 43 on provisions 128 150 ----------------------- -------------- 369 314 300 947 1,256 ======================= ============== (a) Includes charges relating to the early redemption 2 - - of debt - 62 ----------------------- -------------- 8. Charge for taxation 1,206 1,040 463 Current 2,036 4,581 334 711 250 Deferred(a) 1,181 1,083 ----------------------- -------------- 1,540 1,751 713 3,217 5,664 ======================= ============== 244 646 235 UK(a) 1,070 766 1,296 1,105 478 Overseas 2,147 4,898 ----------------------- -------------- 1,540 1,751 713 3,217 5,664 ======================= ============== (a) Includes the adjustment to the North Sea deferred tax balance for the supplementary - 355 - UK corporation tax of 10% 355 - ----------------------- -------------- Notes 9. Analysis of changes in net debt Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= =============== $ million $ million Opening balance 20,498 24,531 21,409 Finance debt 21,417 21,190 1,103 1,379 1,284 Less: Cash 1,358 1,170 563 286 285 Current asset investments 450 661 ----------------------- --------------- 18,832 22,866 19,840 Opening net debt 19,609 19,359 ----------------------- --------------- Closing balance 20,474 21,409 22,276 Finance debt 22,276 20,474 1,438 1,284 1,005 Less: Cash 1,005 1,438 519 285 285 Current asset investments 285 519 ----------------------- --------------- 18,517 19,840 20,986 Closing net debt 20,986 18,517 ----------------------- --------------- (Increase) decrease 315 3,026 (1,146) in net debt (1,377) 842 ======================= =============== Movement in cash/ 319 (159) (272) bank overdrafts (406) 304 (Decrease) increase in (43) 33 (32) current asset investments (164) (145) Net cash (inflow) outflow from financing(excluding 278 2,049 (914) share capital) (1,057) 813 Partnership interests - 1,135 - exchanged for BP loan notes 1,135 - (102) 19 13 Other movements 57 (20) - - - Debt acquired (999) (47) ----------------------- -------------- Movement in net debt before 452 3,077 (1,205) exchange effects (1,434) 905 (137) (51) 59 Exchange adjustments 57 (63) ----------------------- -------------- (Increase) decrease 315 3,026 (1,146) in net debt (1,377) 842 ======================= ============== Notes 10. Consolidated statement of cash flows presented on a US GAAP format Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Operating activities 1,600 2,086 2,843 Profit after taxation 6,265 7,197 Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and 2,104 2,227 3,506 amounts provided 7,886 6,401 Exploration expenditure 23 147 55 written off 261 153 Share of (profit) loss of joint ventures and associates 17 (23) 51 less dividends received 11 (8) (Profit) loss on sale of businesses and (184) (374) (1,796) fixed assets (2,061) (573) Working capital movement 561 (652) (1,002) (see analysis below) (2,323) (768) 334 711 250 Deferred taxation 1,181 1,083 (151) 52 (191) Other (247) (53) ----------------------- --------------- Net cash provided by 4,304 4,174 3,716 operating activities 10,973 13,432 ----------------------- --------------- Investing activities (2,952) (2,818) (3,007) Capital expenditures (8,639) (8,600) Acquisitions, net of (48) (139) (2,607) cash acquired (4,296) (608) Investment in (139) (488) (125) associated undertakings (756) (407) Net investment in (144) (68) (23) joint ventures (137) (277) Proceeds from 1,131 2,523 2,881 disposal of assets 5,752 2,057 ----------------------- -------------- Net cash used in (2,152) (990) (2,881) investing activities (8,076) (7,835) ----------------------- -------------- Notes 10. Consolidated statement of cash flows presented on a US GAAP format (continued) Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Financing activities Net proceeds from shares (352) 32 (695) issued (repurchased) (572) (1,014) Proceeds from 7 752 558 long-term financing 3,056 1,029 Repayments of (988) (663) (567) long-term financing (1,464) (2,168) Net (decrease) increase 703 (2,138) 923 in short-term debt (535) 326 Dividends paid (1,235) (1,290) (1,346) - BP shareholders (3,924) (3,595) (11) (3) (13) - Minority shareholders (29) (16) ----------------------- ------------- Net cash used in (1,876) (3,310) (1,140) financing activities (3,468) (5,438) ----------------------- -------------- Currency translation differences relating to 15 30 26 cash and cash equivalents 53 (33) ----------------------- -------------- (Decrease) increase in 291 (96) (279) cash and cash equivalents (518) 126 Cash and cash equivalents 1,666 1,665 1,569 at beginning of period 1,808 1,831 ----------------------- -------------- Cash and cash equivalents 1,957 1,569 1,290 at end of period 1,290 1,957 ----------------------- -------------- Analysis of working capital movement (Increase) decrease 135 (807) (155) in stocks (1,458) 122 (Increase) decrease 2,249 (1,691) (345) in debtors (2,479) 703 Increase (decrease) (1,823) 1,846 (502) in creditors 1,614 (1,593) ----------------------- -------------- Total working 561 (652)(1,002) capital movement (2,323) (768) ======================= ============== Notes 11. Ordinary shares Third Second Third Quarter Quarter Quarter Nine Months 2001 2002 2002 2002 2001 ================================== ================ Shares in issue at period end 22,442,480 22,463,182 22,374,747 (thousand)(a) 22,374,747 22,442,480 Average number of shares outstanding 22,425,374 22,426,830 22,408,297 (thousand)(b) 22,412,655 22,449,041 ------------------------------ (a) Each BP ADS represents six BP Ordinary Shares. (b) Excludes shares held by the Employee Share Ownership Plans. 12. Statutory accounts The financial information shown in this publication is unaudited and does not constitute statutory accounts. The 2001 group 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 Roddy Kennedy Ian Fowler Office +44 (0)20 7496 4624 +1 212 451 8008 Investor Fergus McLeod 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 This information is provided by RNS The company news service from the London Stock Exchange

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