These tables and charts show the highlights of BP's achievements in 2003. They reflect more than our financial performance.
Our strong profitability has allowed us to increase the dividend in dollar terms compared with 2002, and we are continuing to invest in the future. Environmental
and safety performance remains a key element. We continue to make significant financial commitments in the communities in which we operate.
BP presents pro forma results, adjusted for special items, in addition to its reported results, to enable shareholders better to assess our performance against
that of our competitors. The pro forma result is replacement cost profit before exceptional items, excluding acquisition amortization as defined in footnote a
to the reconciliation table (below). The pro forma result, adjusted for special items, has been derived from our UK GAAP accounting information but is not
in itself a recognized UK or US GAAP measure. References within BP Annual Review 2003 to 'operating result' and 'result' are to pro forma results, adjusted
for special items. References to 'fixed assets', 'capital employed', 'operating capital employed' and 'net debt plus equity' are to these measures on a pro
forma basis that excludes the fixed asset revaluation adjustment and goodwill consequent upon the Atlantic Richfield Company (ARCO) and Burmah Castrol acquisitions
in 2000. 'Return', 'return on average capital employed' and the 'net debt ratio' (net debt/net debt plus equity) refer to ratios calculated using these measures.
Reconciliation of reported profit/loss to pro forma result adjusted for special items
 |
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| $
million |
|
|
|
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|
| 2003 |
|
2002 |
|
|
|
|
|
| |
|
Reported |
|
Acquisition
amortizationa |
|
Special
itemsb |
|
Pro forma
result
adjusted for
special items |
|
Reported |
|
Acquisition
amortizationa |
|
Special
itemsb |
|
Pro
forma
result
adjusted for
special items |
|
|
|
|
|
| Exploration and Production |
|
13,937 |
|
1,566 |
|
474 |
|
15,977 |
|
9,206 |
|
1,780 |
|
1,019 |
|
12,005 |
|
| Gas, Power and Renewables |
|
472 |
|
– |
|
– |
|
472 |
|
354 |
|
– |
|
30 |
|
384 |
|
| Refining and Marketing |
|
2,340 |
|
826 |
|
523 |
|
3,689 |
|
872 |
|
794 |
|
415 |
|
2,081 |
|
| Petrochemicalsc |
|
568 |
|
– |
|
38 |
|
606 |
|
515 |
|
– |
|
250 |
|
765 |
|
Other business and corporate
|
|
(904 |
) |
– |
|
64 |
|
(840 |
) |
(701 |
) |
– |
|
186 |
|
(515 |
) |
|
|
|
|
| Replacement cost operating profit |
|
16,413 |
|
2,392 |
|
1,099 |
|
19,904 |
|
10,246 |
|
2,574 |
|
1,900 |
|
14,720 |
|
| Interest expense |
|
(851 |
) |
– |
|
– |
|
(851 |
) |
(1,279 |
) |
– |
|
15 |
|
(1,264 |
) |
| Taxation |
|
(5,849 |
) |
– |
|
(655 |
) |
(6,504 |
) |
(4,217 |
) |
– |
|
(456 |
) |
(4,673 |
) |
Minority shareholders' interest (MSI)
|
|
(170 |
) |
– |
|
– |
|
(170 |
) |
(52 |
) |
– |
|
(16 |
) |
(68 |
) |
|
|
|
|
| Replacement cost profit before exceptional
items |
|
9,543 |
|
2,392 |
|
444 |
|
12,379 |
|
4,698 |
|
2,574 |
|
1,443 |
|
8,715 |
|
Exceptional items, net of tax
|
|
708 |
|
|
|
|
|
|
|
1,043 |
|
|
|
|
|
|
|
|
|
|
|
| Replacement cost profit after exceptional
items |
|
10,251 |
|
|
|
|
|
|
|
5,741 |
|
|
|
|
|
|
|
Stock holding gains (losses), net
of MSI
|
|
16 |
|
|
|
|
|
|
|
1,104 |
|
|
|
|
|
|
|
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|
Historical cost profit
|
|
10,267 |
|
|
|
|
|
|
|
6,845 |
|
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| a |
Acquisition amortization refers to depreciation relating to the fixed asset revaluation adjustment and amortization of goodwill
consequent upon the ARCO and Burmah Castrol acquisitions. |
| b |
The special items refer to non-recurring charges and credits. |
| c |
To reflect BP's increased focus on chemicals products derived from oil and gas, the Chemicals segment has been renamed Petrochemicals. |
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