Final Results - Part 2

BP PLC 11 February 2003 BP p.l.c. and Subsidiaries Summarized Group Results Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============== $ million $ million 1,641 1,572 3,248 Exploration and Production 9,206 12,361 102 57 72 Gas, Power and Renewables 354 488 379 237 (36) Refining and Marketing 872 3,573 (67) 132 104 Chemicals 515 128 (175) (241) (207) Other businesses and corporate (701) (523) ----------------------- -------------- Total replacement cost 1,880 1,757 3,181 operating profit 10,246 16,027 Profit (loss) on sale of fixed assets and businesses or (38) 1,794 (893) termination of operations (Note 4) 1,168 535 ----------------------- -------------- Replacement cost profit before 1,842 3,551 2,288 interest and tax 11,414 16,562 (1,297) 305 (174) Stock holding gains (losses)(Note 6) 1,129 (1,900) ----------------------- -------------- Historical cost profit before 545 3,856 2,114 interest and tax 12,543 14,662 414 300 332 Interest expense (Note 7) 1,279 1,670 ----------------------- -------------- 131 3,556 1,782 Profit before taxation 11,264 12,992 711 713 1,125 Taxation (Note 8) 4,342 6,375 ----------------------- -------------- (580) 2,843 657 Profit (loss) after taxation 6,922 6,617 23 3 6 Minority shareholders' interest 77 61 ----------------------- -------------- (603) 2,840 651 Profit (loss) for the period 6,845 6,556 1,289 1,340 1,398 Distribution to shareholders 5,375 4,935 ----------------------- -------------- Retained profit (deficit) (1,892) 1,500 (747) for the period 1,470 1,621 ======================= ============== Earnings per ordinary share - cents (2.67) 12.67 2.92 Basic 30.55 29.21 (2.64) 12.61 2.92 Diluted 30.41 29.04 ======================= ============== Replacement Cost Results Historical cost profit (loss) (603) 2,840 651 for the period 6,845 6,556 Stock holding (gains) losses 1,297 (305) 174 net of MSI (1,104) 1,900 ----------------------- -------------- Replacement cost profit 694 2,535 825 for the period 5,741 8,456 12 (1,769) 872 Exceptional items, net of tax (1,043) (165) ----------------------- -------------- Replacement cost profit before 706 766 1,697 exceptional items 4,698 8,291 ----------------------- -------------- Earnings per ordinary share - cents On replacement cost profit before 3.17 3.42 7.58 exceptional items 20.97 36.95 ======================= ============= Summarized Group Balance Sheet 31 December 31 December 2002 2001 -------------------------- $ million Fixed assets Intangible assets 15,566 16,489 Tangible assets 87,682 77,410 Investments 10,811 11,963 --------------------- 114,059 105,862 --------------------- Current assets Stocks 10,181 7,631 Debtors 33,150 26,669 Investments 215 450 Cash at bank and in hand 1,520 1,358 --------------------- 45,066 36,108 Creditors - amounts falling due within one year Finance debt 10,086 9,090 Other creditors 36,215 28,524 --------------------- Net current liabilities (1,235) (1,506) --------------------- Total assets less current liabilities 112,824 104,356 Creditors - amounts falling due after more than one year Finance debt 11,922 12,327 Other creditors 3,455 3,086 Provisions for liabilities and charges Deferred taxation 13,514 11,702 Other provisions 13,886 11,482 --------------------- Net assets 70,047 65,759 Minority shareholders' interest - equity 638 598 --------------------- BP shareholders' interest 69,409 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 year 6,845 Distribution to shareholders (5,375) Currency translation differences 3,333 Issue of ordinary share capital for employee share schemes 195 Repurchase of ordinary share capital (750) ------ At 31 December 2002 69,409 ====== Summarized Group Cash Flow Statement Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============ $ million $ million Net cash inflow from 5,547 4,376 6,197 operating activities (a) 19,342 22,409 ----------------------- --------------- 12 30 69 Dividends from joint ventures 198 104 ----------------------- --------------- Dividends from 104 96 65 associated undertakings 368 528 ----------------------- --------------- Servicing of finance and returns on investments 83 63 63 Interest received 231 256 (229) (218) (335) Interest paid (1,204) (1,282) 35 4 38 Dividends received 102 132 Dividends paid to (38) (13) (11) minority shareholders (40) (54) ----------------------- --------------- Net cash outflow from servicing of (149) (164) (245) finance and returns on investments (911) (948) ----------------------- --------------- Taxation (454) (206) (419) UK corporation tax (979) (1,058) (968) (455) (642) Overseas tax (2,115) (3,602) ----------------------- --------------- (1,422) (661) (1,061) Tax paid (3,094) (4,660) ----------------------- --------------- Capital expenditure and financial investment (3,688) (2,980) (3,544) Payments for fixed assets (12,116) (12,214) Proceeds from the sale 615 488 726 of fixed assets 2,470 2,365 ----------------------- --------------- Net cash outflow for capital expenditure and (3,073) (2,492) (2,818) financial investment (9,646) (9,849) ----------------------- ------------- Acquisitions and disposals Investments in associated (179) (125) (215) undertakings (971) (586) Proceeds from sale of - 2,338 - investment in Ruhrgas 2,338 - (602) (2,607) (28) Acquisitions, net of cash acquired (4,324) (1,210) (220) (23) (217) Net investment in joint ventures (354) (497) Proceeds from the sale 231 55 304 of businesses 1,974 538 ----------------------- --------------- Net cash outflow for (770) (362) (156) acquisitions and disposals (1,337) (1,755) ----------------------- --------------- (1,232) (1,346) (1,340) Equity dividends paid (5,264) (4,827) ----------------------- --------------- (983) (523) 711 Net cash (outflow) inflow (344) 1,002 ======================= =============== (855) (219) 304 Financing (b) (181) 972 (65) (32) (56) Management of liquid resources (220) (211) (63) (272) 463 Increase (decrease) in cash 57 241 ----------------------- --------------- (983) (523) 711 (344) 1,002 ======================= =============== Analysis of Cash Flow Fourth Third Fourth Quarter Quarter Quarter Year 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 545 3,856 2,114 interest and tax 12,543 14,662 2,457 3,506 2,515 Depreciation and amounts provided 10,401 8,858 Exploration expenditure 85 55 124 written off 385 238 Share of profits of joint ventures (303) (172) (250) and associated undertakings (966) (1,194) (132) (62) (115) Interest and other income (358) (478) (Profit) loss on sale of fixed 36 (1,796) 895 assets and businesses (1,166) (537) 187 332 451 Charge for provisions 1,277 1,008 (221) (392) (424) Utilization of provisions (1,427) (1,119) 1,368 (155) (63) (Increase) decrease in stocks (1,521) 1,490 1,241 (379) (269) (Increase) decrease in debtors (2,672) 1,989 284 (417) 1,219 Increase (decrease) in creditors 2,846 (2,508) ----------------------- --------------- Net cash inflow from 5,547 4,376 6,197 operating activities 19,342 22,409 ======================= =============== (b) Financing (267) (558) (651) Long-term borrowing (3,707) (1,296) 434 567 905 Repayments of long-term borrowing 2,369 2,602 (2,764) (1,627) (3,970) Short-term borrowing (9,849) (6,257) Repayments of short-term 1,656 704 4,037 borrowing 10,451 4,823 ----------------------- --------------- (941) (914) 321 (736) (128) (13) (55) (17) Issue of ordinary share capital (195) (181) Repurchase of ordinary 99 750 - share capital 750 1,281 ----------------------- --------------- Net cash (inflow) (855) (219) 304 outflow from financing (181) 972 ======================= =============== Capital Expenditure and Acquisitions Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 312 270 177 UK 955 1,095 99 61 73 Rest of Europe 262 329 862 980 1,079 USA 4,303 4,155 880 929 1,244 Rest of World(a) 4,179 3,282 ----------------------- -------------- 2,153 2,240 2,573 9,699 8,861 ----------------------- -------------- Gas, Power and Renewables 51 7 - UK 28 102 107 29 41 Rest of Europe(b) 161 156 83 52 60 USA 160 155 60 19 22 Rest of World 59 79 ----------------------- -------------- 301 107 123 408 492 ----------------------- -------------- Refining and Marketing 127 56 163 UK 395 394 209 198 273 Rest of Europe(c) 5,759 380 623 298 430 USA 1,291 1,311 157 53 180 Rest of World 308 330 ----------------------- -------------- 1,116 605 1,046 7,753 2,415 ----------------------- -------------- Chemicals 26 30 57 UK 112 205 294 58 10 Rest of Europe(d) 173 917 167 49 116 USA 262 460 107 43 102 Rest of World 276 344 ----------------------- -------------- 594 180 285 823 1,926 ----------------------- -------------- 264 48 61 Other businesses and corporate(e) 428 430 ----------------------- -------------- 4,428 3,180 4,088 19,111 14,124 ======================= ============== By geographical area 745 394 434 UK 1,637 2,128 709 353 398 Rest of Europe 6,556 1,787 1,758 1,389 1,708 USA 6,095 6,160 1,216 1,044 1,548 Rest of World 4,823 4,049 ----------------------- -------------- 4,428 3,180 4,088 19,111 14,124 ======================= ============== (a) Year 2002 included the acquisition of an additional interest in Sidanco. (b) Year 2002 included the acquisition of a 5% stake in Enagas. (c) Year 2002 included the acquisition of 100% of Veba. (d) 4Q 2001 included the formation of the joint venture with Solvay. Year 2001 also included the acquisition of Bayer's 50% interest in Erdolchemie. (e) Year 2002 included the acquisition of the minority interest in Veba's upstream oil and gas assets. US dollar/Sterling exchange rates 1.44 1.55 1.57 Average rate for the period 1.50 1.44 1.45 1.55 1.60 Period-end rate 1.60 1.45 ======================= ============= Analysis of Replacement Cost Operating Profit Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million By business Exploration and Production 571 185 965 UK 2,526 3,424 144 213 177 Rest of Europe 714 748 426 661 1,081 USA 2,835 4,573 500 513 1,025 Rest of World 3,131 3,616 ----------------------- -------------- 1,641 1,572 3,248 9,206 12,361 ----------------------- -------------- Gas, Power and Renewables (29) (66) (31) UK (94) 52 64 17 1 Rest of Europe 100 189 36 28 9 USA 25 229 31 78 93 Rest of World 323 18 ----------------------- ------------- 102 57 72 354 488 ----------------------- ------------- Refining and Marketing (197) (158) (155) UK (498) (475) 227 236 (53) Rest of Europe 571 762 46 55 80 USA 335 2,585 303 104 92 Rest of World 464 701 ----------------------- ------------- 379 237 (36) 872 3,573 ----------------------- ------------- Chemicals (75) 6 (47) UK (82) (216) (1) 161 65 Rest of Europe 337 185 (9) 54 37 USA 198 62 18 (89) 49 Rest of World 62 97 ----------------------- ------------- (67) 132 104 515 128 ----------------------- ------------- (175) (241) (207) Other businesses and corporate (701) (523) ----------------------- -------------- 1,880 1,757 3,181 10,246 16,027 ======================= ============== By geographical area 375 (131) 793 UK 1,696 2,668 388 620 171 Rest of Europe 1,703 1,814 216 672 957 USA 2,890 6,941 901 596 1,260 Rest of World 3,957 4,604 ----------------------- -------------- 1,880 1,757 3,181 10,246 16,027 ======================= ============== Included above 91 104 83 Share of profits of joint ventures 346 443 Share of profits of 219 71 161 associated undertakings 616 760 ----------------------- -------------- 310 175 244 962 1,203 ======================= ============== 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 ---------------- ---------------- Fourth Fourth Quarter Year Quarter Year 2001 2001 2001 2001 =================================== $ million Exploration and Production 1,641 12,361 1,655 12,417 Gas, Power and Renewables 102 488 106 521 Refining and Marketing 379 3,573 392 3,625 Chemicals (67) 128 (67) 128 Other businesses and corporate (175) (523) (179) (556) ----------------------------------- Total replacement cost operating profit 1,880 16,027 1,907 16,135 Profit (loss) on sale of fixed assets and businesses or termination of operations (38) 535 (38) 535 ----------------------------------- Replacement cost profit before interest and tax 1,842 16,562 1,869 16,670 Stock holding gains (losses) (1,297) (1,900) (1,297) (1,900) ----------------------------------- Historical cost profit before interest and tax 545 14,662 572 14,770 Interest expense 414 1,670 414 1,670 ----------------------------------- Profit before taxation 131 12,992 158 13,100 Taxation 711 6,375 537 5,017 ----------------------------------- Profit (loss) after taxation (580) 6,617 (379) 8,083 Minority shareholders' interest 23 61 26 73 ----------------------------------- Profit (loss) for the period (603) 6,556 (405) 8,010 Distribution to shareholders 1,289 4,935 1,289 4,935 ----------------------------------- Retained profit (deficit) for the period (1,892) 1,621 (1,694) 3,075 =================================== Earnings (loss) per ordinary share - cents Basic (2.67) 29.21 (1.78) 35.70 Diluted (2.64) 29.04 (1.76) 35.48 =================================== Notes 2. Turnover Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============== $ million $ million By business 5,336 6,220 7,356 Exploration and Production 25,753 28,229 7,522 9,313 12,041 Gas, Power and Renewables 37,357 39,442 26,528 35,634 33,443 Refining and Marketing 125,836 120,233 2,481 3,720 3,118 Chemicals 13,064 11,515 Other businesses 146 108 131 and corporate 510 549 ----------------------- --------------- 42,013 54,995 56,089 202,520 199,968 Less: sales between 5,196 5,941 6,367 businesses 23,799 25,750 ----------------------- --------------- 36,817 49,054 49,722 Group excluding JVs 178,721 174,218 297 369 413 Sales of joint ventures 1,465 1,171 ----------------------- --------------- 37,114 49,423 50,135 180,186 175,389 ======================= =============== By geographical area Group excluding JVs 11,432 12,160 13,084 UK 48,748 47,618 8,657 13,460 11,720 Rest of Europe 46,518 36,701 16,039 22,880 22,573 USA 80,381 84,696 7,285 8,537 10,845 Rest of World 34,401 33,911 ----------------------- --------------- 43,413 57,037 58,222 210,048 202,926 Less: sales between 6,596 7,983 8,500 areas 31,327 28,708 ----------------------- --------------- 36,817 49,054 49,722 178,721 174,218 ======================= =============== Notes 3. Operating profits are after charging: Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Exploration expense 9 16 1 UK 27 14 7 5 6 Rest of Europe 47 22 82 53 30 USA 258 256 46 45 142 Rest of World 312 188 ----------------------- -------------- 144 119 179 644 480 ======================= ============== Production taxes (a) 147 92 64 UK petroleum revenue tax 309 600 189 258 298 Overseas production taxes 965 1,089 ----------------------- -------------- 336 350 362 1,274 1,689 ======================= ============== (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 (85) (25) (1,133) Exploration and Production (726) 195 1 1,585 (33) Gas, Power and Renewables 1,551 - 18 262 365 Refining and Marketing 613 471 (130) 11 (122) Chemicals (256) (297) 158 (39) 30 Other businesses and corporate (14) 166 ----------------------- -------------- Profit (loss) on sale of fixed assets and businesses or (38) 1,794 (893) termination of operations 1,168 535 26 (25) 21 Taxation (credit) charge (125) (370) ----------------------- -------------- Exceptional items (12) 1,769 (872) after taxation 1,043 165 ======================= ============== 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) Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million (5) 3 (2) Exploration and Production 3 (6) (20) 2 41 Gas, Power and Renewables 51 (81) (1,138) 311 (201) Refining and Marketing 1,049 (1,583) (134) (11) (12) Chemicals 26 (230) ---------------------- -------------- (1,297) 305 (174) 1,129 (1,900) - - - Minority shareholders' interest 25 - ---------------------- -------------- (1,297) 305 (174) 1,104 (1,900) ====================== ============== 7. Interest expense 286 250 248 Group interest payable(a) 1,026 1,308 (7) (27) (33) Capitalized (100) (81) ----------------------- -------------- 279 223 215 926 1,227 21 15 14 Joint ventures 58 70 26 19 19 Associated undertakings 83 135 Unwinding of discount 46 43 42 on provisions 170 196 Change in discount rate 42 - 42 for provisions 42 42 ----------------------- -------------- 414 300 332 1,279 1,670 ======================= ============== (a) Includes charges relating to the early redemption - - 15 of debt 15 62 ----------------------- -------------- 8. Charge for taxation 550 463 1,112 Current 3,148 5,131 161 250 13 Deferred(a) 1,194 1,244 ----------------------- -------------- 711 713 1,125 4,342 6,375 ======================= ============== 174 235 366 UK(a) 1,436 940 537 478 759 Overseas 2,906 5,435 ----------------------- -------------- 711 713 1,125 4,342 6,375 ======================= ============== (a) Includes the adjustment to the North Sea deferred tax balance for the supplementary - - - UK corporation tax of 10% 355 - ----------------------- -------------- Notes 9. Analysis of changes in net debt Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= =============== $ million $ million Opening balance 20,474 21,409 22,276 Finance debt 21,417 21,190 1,438 1,284 1,005 Less: Cash 1,358 1,170 519 285 285 Current asset investments 450 661 ----------------------- --------------- 18,517 19,840 20,986 Opening net debt 19,609 19,359 ----------------------- --------------- Closing balance 21,417 22,276 22,008 Finance debt 22,008 21,417 1,358 1,005 1,520 Less: Cash 1,520 1,358 450 285 215 Current asset investments 215 450 ----------------------- --------------- 19,609 20,986 20,273 Closing net debt 20,273 19,609 ----------------------- --------------- (Increase) decrease (1,092) (1,146) 713 in net debt (664) (250) ======================= =============== Movement in cash/ (63) (272) 463 bank overdrafts 57 241 Decrease in current (66) (32) (56) asset investments (220) (211) Net cash (inflow) outflow from financing(excluding (941) (914) 321 share capital) (736) (128) Partnership interests - - - exchanged for BP loan notes 1,135 - (16) 13 19 Other movements 76 (36) (8) - (3) Debt acquired (1,002) (55) ----------------------- -------------- Movement in net debt before (1,094) (1,205) 744 exchange effects (690) (189) 2 59 (31) Exchange adjustments 26 (61) ----------------------- -------------- (Increase) decrease (1,092) (1,146) 713 in net debt (664) (250) ======================= ============== Notes 10. Consolidated statement of cash flows presented on a US GAAP format Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Operating activities (580) 2,843 657 Profit after taxation 6,922 6,617 Adjustments to reconcile profits after tax to net cash provided by operating activities Depreciation and 2,457 3,506 2,515 amounts provided 10,401 8,858 Exploration expenditure 85 55 124 written off 385 238 Share of (profit) loss of joint ventures and associates (52) 51 (8) less dividends received 3 (60) (Profit) loss on sale of businesses and 36 (1,796) 895 fixed assets (1,166) (537) Working capital movement 2,087 (1,002) 907 (see analysis below) (1,416) 1,319 161 250 13 Deferred taxation 1,194 1,244 (58) (191) (33) Other (280) (111) ----------------------- --------------- Net cash provided by 4,136 3,716 5,070 operating activities 16,043 17,568 ----------------------- --------------- Investing activities (3,695) (3,007) (3,577) Capital expenditures (12,216) (12,295) Acquisitions, net of (602) (2,607) (28) cash acquired (4,324) (1,210) Investment in (179) (125) (215) associated undertakings (971) (586) Net investment in (220) (23) (217) joint ventures (354) (497) Proceeds from 846 2,881 1,030 disposal of assets 6,782 2,903 ----------------------- -------------- Net cash used in (3,850) (2,881) (3,007) investing activities (11,083) (11,685) ----------------------- -------------- Notes 10. Consolidated statement of cash flows presented on a US GAAP format (continued) Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ======================= ============= $ million $ million Financing activities Net proceeds from shares (86) (695) 17 issued (repurchased) (555) (1,100) Proceeds from 267 558 651 long-term financing 3,707 1,296 Repayments of (434) (567) (905) long-term financing (2,369) (2,602) Net (decrease) increase 1,108 923 (67) in short-term debt (602) 1,434 Dividends paid (1,232) (1,346) (1,340) - BP shareholders (5,264) (4,827) (38) (13) (11) - Minority shareholders (40) (54) ----------------------- ------------- Net cash used in (415) (1,140) (1,655) financing activities (5,123) (5,853) ----------------------- -------------- Currency translation differences relating to (20) 26 37 cash and cash equivalents 90 (53) ----------------------- -------------- (Decrease) increase in (149) (279) 445 cash and cash equivalents (73) (23) Cash and cash equivalents 1,957 1,569 1,290 at beginning of period 1,808 1,831 ----------------------- -------------- Cash and cash equivalents 1,808 1,290 1,735 at end of period 1,735 1,808 ----------------------- -------------- Analysis of working capital movement (Increase) decrease 1,368 (155) (63) in stocks (1,521) 1,490 (Increase) decrease 1,202 (345) (271) in debtors (2,750) 1,905 Increase (decrease) (483) (502) 1,241 in creditors 2,855 (2,076) ----------------------- -------------- Total working 2,087 (1,002) 907 capital movement (1,416) 1,319 ======================= ============== Notes 11. Ordinary shares Fourth Third Fourth Quarter Quarter Quarter Year 2001 2002 2002 2002 2001 ================================== ================ (shares thousand) (Shares thousand) Shares in issue at period 22,432,077 22,374,747 22,378,651 end (a) 22,378,651 22,432,077 Average number of shares outstanding 22,396,315 22,408,297 22,351,122 (b) 22,397,126 22,435,737 ---------------------------------- ---------------------- (a) Each BP ADS represents six BP Ordinary Shares. (b) Excludes shares held by the Employee Share Ownership Plans. 12. Statutory accounts The above financial information for the year 2002 does not constitute statutory accounts. It is an extract from the 2002 Annual Accounts (except Note 10), approved by a duly appointed and authorized committee of the Board of Directors at today's Results Committee, but not yet delivered to the UK Registrar of Companies; the report of the auditors on those accounts was unqualified. In preparing the financial statements for the current year, the group has adopted Financial Reporting Standard No. 19 'Deferred Tax' (FRS 19). The adoption of FRS 19 has resulted in a change in accounting policy for deferred tax. Prior year figures have been restated - see Note 1 for further details. Quarterly results are unuadited. 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 Thorsten Sabrautzky Relations +44 (0)20 7496 4717 +1 212 451 8034 +49 (0)69 71 379 9912 http://www.bp.com/investors This information is provided by RNS The company news service from the London Stock Exchange

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