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BP » Topics » Note 8 - Interest expense

This excerpt taken from the BP 20-F filed Jun 13, 2006.

Note 8 — Interest expense

 
   Years ended December 31,
 
   2004
  2003
  2002
 
   ($ million)
Bank loans and overdrafts   34   38   134
Other loans (a)   573   628   852
Capital leases   37   34   40
   
 
 
    644   700   1,026
Capitalized at 3% (2003 3% and 2002 4%) (b)   208   190   100
   
 
 
Group   436   510   926
Joint ventures   158   89   58
Associated undertakings   48   45   83
   
 
 
Total charged against profit   642   644   1,067
   
 
 
(a)
Interest expense for 2003 includes a charge of $31 million (2002 $15 million) relating to early redemption of debt.

(b)
Tax relief on capitalized interest is $73 million (2003 $68 million and 2002 $36 million).

F - 22

    Note 9 — Other finance expense         

 
   Years ended December 31,
 
 
   2004
  2003
  2002
 
 
   ($ million)
 
Interest on pension and other postretirement benefit plan liabilities   2,012   1,840   1,671  
Expected return on pension and other postretirement benefit plan assets   (1,983 ) (1,500 ) (1,810 )
   
 
 
 
Interest net of expected return on plan assets   29   340   (139 )
Unwinding of discount on provisions   196   173   170  
Unwinding of discount on deferred consideration for acquisition of investment in TNK-BP   91   34   —  
Change in discount rate for provisions (a)   41   —   42  
   
 
 
 
Total charged against profit   357   547   73  
   
 
 
 
(a)
Revaluation of environmental and other provisions at a lower discount rate.
This excerpt taken from the BP 20-F filed Jun 30, 2005.

Note 8 — Interest expense

 
   Years ended December 31,
 
   2004
  2003
  2002
 
   ($ million)
Bank loans and overdrafts   34   38   134
Other loans (a)   573   628   852
Capital leases   37   34   40
   
 
 
    644   700   1,026
Capitalized at 3% (2003 3% and 2002 4%) (b)   208   190   100
   
 
 
Group   436   510   926
Joint ventures   158   89   58
Associated undertakings   48   45   83
   
 
 
Total charged against profit   642   644   1,067
   
 
 
(a)
Interest expense for 2003 includes a charge of $31 million (2002 $15 million) relating to early redemption of debt.

(b)
Tax relief on capitalized interest is $73 million (2003 $68 million and 2002 $36 million).

F - 22

    Note 9 — Other finance expense         

 
   Years ended December 31,
 
 
   2004
  2003
  2002
 
 
   ($ million)
 
Interest on pension and other postretirement benefit plan liabilities   2,012   1,840   1,671  
Expected return on pension and other postretirement benefit plan assets   (1,983 ) (1,500 ) (1,810 )
   
 
 
 
Interest net of expected return on plan assets   29   340   (139 )
Unwinding of discount on provisions   196   173   170  
Unwinding of discount on deferred consideration for acquisition of investment in TNK-BP   91   34   —  
Change in discount rate for provisions (a)   41   —   42  
   
 
 
 
Total charged against profit   357   547   73  
   
 
 
 
(a)
Revaluation of environmental and other provisions at a lower discount rate.

EXCERPTS ON THIS PAGE:

20-F
Jun 13, 2006
20-F
Jun 30, 2005

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