REG-Royal Dutch Shell: 1st Quarter 2015 Unaudited Results <Origin Href="QuoteRef">RDSa.L</Origin> - Part 1
30/04/2015 07:10
ROYAL DUTCH SHELL PLC
1ST QUARTER 2015 UNAUDITED RESULTS
* Royal Dutch Shell's first quarter 2015 earnings, on a current cost of
supplies (CCS) basis (see Note 2), were $4.8 billion compared with $4.5
billion for the first quarter 2014.
* First quarter 2015 CCS earnings excluding identified items (see page 4)
were $3.2 billion compared with $7.3 billion for the first quarter 2014, a
decrease of 56%.
* Compared with the first quarter 2014, CCS earnings excluding identified
items benefited from improved Downstream results reflecting steps taken by
the company to improve financial performance, higher realised refining
margins, lower costs, and increased trading contributions. In Upstream,
earnings were impacted by the significant decline in oil and gas prices and
lower trading contributions. Weaker exchange rates resulted in a hurt to
deferred tax positions of some $700 million compared with the first quarter
2014, which were not included as identified items. This was partly offset
by lower costs and new high-margin liquids production volumes from new
deep-water projects and improved operational performance.
* Basic CCS earnings per share excluding identified items for the first
quarter 2015 decreased by 56% versus the same quarter a year ago.
* Cash flow from operating activities for the first quarter 2015 was $7.1
billion. Excluding working capital movements, cash flow from operating
activities for the first quarter 2015 was $7.5 billion.
* Cash dividends paid to Royal Dutch Shell plc shareholders in the first
quarter 2015 were $2.9 billion. During the first quarter some 12.7 million
shares were bought back for cancellation for a consideration of $0.4
billion.
* Gearing at the end of the first quarter 2015 was 12.4%.
* A first quarter 2015 dividend has been announced of $0.47 per ordinary
share and $0.94 per American Depositary Share ("ADS").
SUMMARY OF UNAUDITED RESULTS
$ million Quarters
Q1 2015 Q4 2014 Q1 2014 %1
Income attributable to Royal Dutch Shell plc
shareholders 4,430 595 4,509 -2
Current cost of supplies (CCS) adjustment
for Downstream 331 3,568 (44)
CCS earnings 4,761 4,163 4,465 +7
Identified items2 1,515 901 (2,862)
CCS earnings excluding identified items 3,246 3,262 7,327 -56
Of which:
Upstream 675 1,730 5,710
Downstream 2,646 1,550 1,575
Corporate and Non-controlling interest (75) (18) 42
Cash flow from operating activities 7,106 9,608 13,984 -49
Basic CCS earnings per share ($) 0.76 0.66 0.71 +7
Basic CCS earnings per ADS ($) 1.52 1.32 1.42
Basic CCS earnings per share excl.
identified items ($) 0.52 0.52 1.17 -56
Basic CCS earnings per ADS excl. identified
items ($) 1.04 1.04 2.34
Dividend per share ($) 0.47 0.47 0.47 -
Dividend per ADS ($) 0.94 0.94 0.94
1 Q1 on Q1 change
2 See page 4
Royal Dutch Shell Chief Executive Officer Ben van Beurden:
"Our results reflect the strength of our integrated business activities,
against a backdrop of lower oil prices. Meanwhile, in what is clearly a
difficult industry environment, we continue to take steps to further improve
competitive performance by redoubling our efforts to drive a sharper focus on
the bottom line in Shell.
Part of this sharper focus is the sale of non-strategic assets. Asset sales
total over $2 billion so far this year, as we successfully reduced our onshore
footprint in Nigeria.
In parallel we continue to reduce our operating costs and capital spending; and
by deferring and reshaping new projects, we can achieve further efficiencies
and savings in the global supply chain.
Looking ahead, the proposed combination with BG, which we announced in April,
would create a stronger company for both sets of shareholders.
The combination with BG would accelerate Shell's growth strategy in deep water
and LNG, and create a springboard for further optimisation of our asset base,
particularly when evaluating the longer-term portfolio."
FIRST QUARTER 2015 PORTFOLIO DEVELOPMENTS
Upstream
In April, the Boards of Royal Dutch Shell plc and BG Group plc announced that
they have reached agreement on the terms of a recommended cash and share offer
to be made by Royal Dutch Shell plc for the entire issued and to be issued
share capital of BG Group plc.
In Shell's heartlands exploration programme there were two non-operated gas
discoveries offshore Australia, Blake (Shell interest 50%) and Isosceles (Shell
interest 25%), during the quarter. In Brazil, hydrocarbons were discovered at
the non-operated Libra C-1 well (Shell interest 20%).
Shell had continued success with near-field exploration discoveries in New
Zealand and Oman.
As part of its global exploration programme, Shell added new acreage positions
following successful bidding results in Algeria, Australia, Italy, Myanmar and
Norway.
In Nigeria, the Shell Petroleum Development Company of Nigeria Limited
("SPDC"), a subsidiary of Shell, completed the divestment of its 30% interest
in oil mining lease ("OML") 18 and related facilities in the Eastern Niger
Delta for a consideration of some $0.7 billion.
Also in Nigeria, SPDC completed the divestment of its 30% interest in OML 29
and the Nembe Creek Trunk Line and related facilities in the Eastern Niger
Delta for a consideration of some $1.7 billion.
Downstream
In Canada, Shell has taken final investment decision ("FID") on the Scotford
HCU debottleneck project (Shell interest 100%) which is expected to increase
hydrocracking capacity by 20%.
In Denmark, Shell announced that it has reached an agreement with Couche-Tard
for the sale of its marketing operations including retail, commercial fleet,
commercial fuels, aviation and connected trading and supply products
businesses. The sale is subject to regulatory approvals and is expected to
complete in 2015.
In Qatar, Shell announced that as a result of high capital costs, Shell and its
partner, Qatar Petroleum, will not proceed with the proposed Al Karaana
petrochemicals project and will stop further work on it.
In April, Shell announced that it has accepted offers for the sale of 185
service stations across the United Kingdom to independent dealers and has
exchanged contracts for 158 of these service stations with two dealer groups.
All 185 service stations will retain the Shell brand and sell Shell's fuels.
KEY FEATURES OF THE FIRST QUARTER 2015
* First quarter 2015 CCS earnings (see Note 2) were $4,761 million, 7% higher
than for the same quarter a year ago.
* First quarter 2015 CCS earnings excluding identified items (see page 4)
were $3,246 million compared with $7,327 million for the first quarter
2014, a decrease of 56%. First quarter 2015 CCS earnings excluding
identified items benefited from improved Downstream results reflecting
steps taken by the company to improve financial performance, higher
realised refining margins, lower costs, and increased trading
contributions. In Upstream, earnings were impacted by the significant
decline in oil and gas prices and lower trading contributions. Weaker
exchange rates resulted in a hurt to deferred tax positions of some $700
million compared with the first quarter 2014, which were not included as
identified items. This was partly offset by lower costs and new high-margin
liquids production volumes from new deep-water projects and improved
operational performance.
* Basic CCS earnings per share increased by 7%
versus the same quarter a year ago.
* Basic CCS earnings per share excluding identified items decreased by 56%
compared with the first quarter 2014.
* Cash flow from operating activities for the first quarter 2015 was $7.1
billion, compared with $14.0 billion in the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the first quarter 2015 was $7.5 billion, compared with $13.1 billion in
the same quarter last year.
* Capital investment (see Note B) for the first quarter 2015 was $6.8 billion
and divestment proceeds were $2.2 billion.
* Shell continues to curtail capital investment, retaining attractive options
for the medium term, whilst balancing affordability, growth and returns.
Organic capital investment for 2015 is expected to be $33 billion or less,
a reduction of some $2 billion from earlier guidance for 2015, and from
2014 levels. This reflects the dynamic nature of investment decisions in
growth projects.
* Cash dividends paid to Royal Dutch Shell plc shareholders in the first
quarter 2015 were $2.9 billion.
* Under our share buyback programme some 12.7 million A shares were bought
back for cancellation during the first quarter 2015 for a consideration of
some $0.4 billion.
* Return on average capital employed on a reported income basis (see Note C)
was 7.1% at the end of the first quarter 2015, versus 6.1% at the end of
the first quarter 2014.
* Gearing (see Note D) was 12.4% at the end of the first quarter 2015, versus
15.6% at the end of the first quarter 2014.
* Oil and gas production for the first quarter 2015 was 3,166 thousand boe/d,
a decrease of 2% compared with the first quarter 2014. Excluding the impact
of divestments, Abu Dhabi license expiry, PSC price effects, and security
impacts in Nigeria, first quarter 2015 production was 1% higher than for
the same period last year.
* Equity sales of LNG of 6.17 million tonnes for the first quarter 2015 were
1% higher than in the same quarter a year ago.
* Oil products sales volumes were in line with the first quarter 2014.
Chemicals sales volumes for the first quarter 2015 decreased by 2% compared
with the same quarter a year ago.
* Supplementary financial and operational disclosure for the first quarter
2015 is available at www.shell.com/investor.
SUMMARY OF IDENTIFIED ITEMS
Earnings for the first quarter 2015 reflected the following items, which in
aggregate amounted to a net gain of $1,515 million (compared with a net charge
of $2,862 million in the first quarter 2014), as summarised in the table below:
* Upstream earnings included a net gain of $1,864 million, mainly reflecting
a gain of $1,415 million related to divestments and a credit of some $600
million reflecting a statutory tax rate reduction in the United Kingdom.
These items were partly offset by asset impairments of $159 million.
Earnings for the first quarter 2014 included a net charge of $283 million.
* Downstream earnings included a net charge of $132 million, including the
net impact of fair value accounting of commodity derivatives of $56
million. Earnings for the first quarter 2014 included a net charge of
$2,580 million.
* Corporate and Non-controlling interest earnings included a net charge of
$217 million mainly reflecting a tax charge related to prior years.
Earnings for the first quarter 2014 included a net gain of $1 million.
SUMMARY OF IDENTIFIED ITEMS
$ million Quarters
Q1 2015 Q4 2014 Q1 2014
Segment earnings impact of identified items:
Upstream 1,864 915 (283)
Downstream (132) (6) (2,580)
Corporate and Non-controlling interest (217) (8) 1
Earnings impact 1,515 901 (2,862)
These identified items are shown to provide additional insight into segment
earnings and income attributable to shareholders. They include the full impact
on Shell's CCS earnings of the following items:
* Divestment gains and losses
* Impairments
* Fair value accounting of certain commodity derivatives and gas contracts
(see Note A)
* Redundancy and restructuring
Further items may be identified in addition to the above.
EARNINGS BY BUSINESS SEGMENT
UPSTREAM
$ million Quarters
Q1 2015 Q4 2014 Q1 2014 %1
Upstream earnings excluding identified items 675 1,730 5,710 -88
Upstream earnings 2,539 2,645 5,427 -53
Upstream cash flow from operating activities 4,129 4,991 9,075 -55
Upstream capital investment 5,943 7,511 9,657 -38
Liquids production available for sale
(thousand b/d) 1,542 1,526 1,481 +4
Natural gas production available for sale
(million scf/d) 9,421 9,782 10,227 -8
Total production available for sale (thousand
boe/d) 3,166 3,213 3,245 -2
Equity sales of LNG (million tonnes) 6.17 6.20 6.09 +1
1 Q1 on Q1 change
First quarter Upstream earnings excluding identified items were $675 million
compared with $5,710 million a year ago. Identified items were a net gain of
$1,864 million, compared with a net charge of $283 million for the first
quarter 2014 (see page 4).
Compared with the first quarter 2014, Upstream earnings excluding identified
items were impacted by the significant decline in oil and gas prices and lower
contributions from trading. Earnings benefited from new high-margin liquids
production volumes from new deep-water projects and improved operational
performance, despite the impact of planned maintenance at Pearl GTL. Compared
with the first quarter 2014, earnings also benefited from lower costs.
Compared with the first quarter 2014, the weakening Australian dollar and
Brazilian real reduced earnings by some $530 million and $310 million
respectively. The impact of these items on the first quarter 2015 earnings
excluding identified items was some $620 million after tax, compared with a
favourable impact of some $220 million after tax in the first quarter 2014.
Upstream Americas excluding identified items incurred a loss.
Global liquids realisations were 52% lower than for the first quarter 2014.
Global natural gas realisations were 27% lower than for the same quarter a year
ago, with a 46% decrease in the Americas and a 26% decrease outside the
Americas.
First quarter 2015 production was 3,166 thousand boe/d compared with 3,245
thousand boe/d a year ago. Liquids production increased by 4% and natural gas
production decreased by 8% compared with the first quarter 2014. Excluding the
impact of divestments, Abu Dhabi license expiry, PSC price effects, and
security impacts in Nigeria, first quarter 2015 production was 1% higher than
for the same period last year.
New field start-ups and the continuing ramp-up of existing fields, in
particular Bonga NW in Nigeria, Gumusut Kakap in Malaysia, and Mars B and
Cardamom in the Gulf of Mexico, contributed some 137 thousand boe/d to
production for the first quarter 2015, which more than offset the impact of
field decline.
Equity sales of LNG of 6.17 million tonnes were 1% higher than in the same
quarter a year ago, reflecting better operational performance, partly offset by
the impact of the Woodside divestment.
DOWNSTREAM
$ million Quarters
Q1 2015 Q4 2014 Q1 2014 %1
Downstream CCS earnings excluding identified
items 2,646 1,550 1,575 +68
Downstream CCS earnings 2,514 1,544 (1,005) 0
Downstream cash flow from operating
activities 1,554 4,698 3,145 -51
Downstream capital investment 849 2,098 984 -14
Refinery processing intake (thousand b/d) 2,871 2,718 2,965 -3
Oil products sales volumes (thousand b/d) 6,313 6,392 6,319 0
Chemicals sales volumes (thousand tonnes) 4,192 3,895 4,285 -2
1 Q1 on Q1 change
First quarter Downstream earnings excluding identified items were $2,646
million compared with $1,575 million for the first quarter 2014. Identified
items were a net charge of $132 million, compared with a net charge of $2,580
million for the first quarter 2014 (see page 4).
Compared with the first quarter 2014, Downstream earnings excluding identified
items benefited from higher realised refining margins in all regions reflecting
the industry environment and improved operating performance. Earnings also
benefited from lower costs, including favourable exchange rate effects and
divestments, and increased trading contributions. This was partly offset by the
negative impact of exchange rate effects in marketing, despite stronger
underlying performance. Chemicals earnings benefited from improved
intermediates industry conditions which were more than offset by the impact of
unit shut-downs at the Moerdijk chemical site in the Netherlands and weaker
base chemicals industry conditions.
Refinery intake volumes were 3% lower compared with the same quarter last year.
Excluding portfolio impacts, refinery intake volumes were 1% higher than in the
same period a year ago. Refinery availability was 95% compared with 91% for the
first quarter 2014.
Oil products sales volumes were in line with the same period a year ago.
Chemicals sales volumes decreased by 2% compared with the same quarter last
year, mainly as a result of reduced availability driven by downtime at the
Moerdijk chemical site in the Netherlands. Chemicals manufacturing plant
availability decreased to 84% from 95% for the first quarter 2014, mainly
reflecting increased maintenance activities.
CORPORATE AND NON-CONTROLLING INTEREST
$ million Quarters
Q1 2015 Q4 2014 Q1 2014
Corporate and Non-controlling interest excluding
identified items (75) (18) 42
Of which:
Corporate 46 (24) 76
Non-controlling interest (121) 6 (34)
Corporate and Non-controlling interest (292) (26) 43
First quarter Corporate results and Non-controlling interest excluding
identified items were a loss of $75 million, compared with a gain of $42
million in the same period last year. Identified items for the first quarter of
2015 were a net charge of $217 million, compared with a net gain of $1 million
for the first quarter of 2014 (see page 4).
Compared with the first quarter of 2014, Corporate results excluding identified
items reflected currency exchange losses, partly offset by lower net interest
expense.
Compared with the first quarter 2014, earnings benefited from the impact of the
weakening Brazilian real on deferred tax positions in Upstream by some $130
million. The impact of this on the first quarter 2015 earnings excluding
identified items was a gain of some $130 million after tax, compared with nil
impact in the first quarter 2014.
OPERATIONAL OUTLOOK FOR THE SECOND QUARTER 2015
Compared with the second quarter 2014, earnings are expected to be impacted by
some 160 thousand boe/d as a result of divestments, and approximately 100
thousand boe/d associated with the impact of curtailment and underground
storage reinjection at NAM in the second quarter 2015. The expected planned
maintenance impact for the second quarter 2015 is some 140 thousand boe/d
mainly from Pearl GTL in Qatar, Deepwater Gulf of Mexico, and heavy oil in
Canada, compared with the second quarter 2014.
As a result of asset sales in Australia and Italy, refining capacity is
expected to reduce by 120 thousand barrels per day and marketing volumes by
some 230 thousand barrels per day compared with the second quarter 2014.
Refinery availability is expected to decline in the second quarter 2015 as a
result of increased planned maintenance compared to the same period a year ago.
Unit shut-downs at the Moerdijk chemical site in the Netherlands are expected
to continue to impact Chemicals manufacturing plant availability.
There are expected divestment tax payments of up to $1 billion in the second
quarter 2015 impacting CFFO.
FORTHCOMING EVENTS
The Annual General Meeting will be held on May 19, 2015.
Second quarter 2015 results and second quarter 2015 dividend are scheduled to
be announced on July 30, 2015. Third quarter 2015 results and third quarter
2015 dividend are scheduled to be announced on October 29, 2015.
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
$ million Quarters
Q1 2015 Q4 2014 Q1 2014 %1
Revenue 65,706 92,374 109,658
Share of profit/(loss) of joint ventures and
associates 1,405 818 2,070
Interest and other income 1,735 974 351
Total revenue and other income 68,846 94,166 112,079
Purchases 47,425 73,640 83,835
Production and manufacturing expenses 6,655 7,465 7,179
Selling, distribution and administrative
expenses 2,894 3,426 3,434
Research and development 253 363 283
Exploration 800 1,323 927
Depreciation, depletion and amortisation 4,604 4,991 7,424
Interest expense 376 430 452
Income before taxation 5,839 2,528 8,545 -32
Taxation 1,302 2,110 4,003
Income for the period 4,537 418 4,542 0
Income/(loss) attributable to non-controlling
interest 107 (177) 33
Income attributable to Royal Dutch Shell plc
shareholders 4,430 595 4,509 -2
1 Q1 on Q1 change
EARNINGS PER SHARE
$ Quarters
Q1 2015 Q4 2014 Q1 2014
Basic earnings per share 0.70 0.09 0.72
Diluted earnings per share 0.69 0.09 0.72
SHARES1
Millions Quarters
Q1 2015 Q4 2014 Q1 2014
Weighted average number of shares as
the basis for:
Basic earnings per share 6,292.2 6,301.0 6,287.8
Diluted earnings per share 6,377.0 6,301.1 6,288.9
Shares outstanding at the end of the
period 6,302.3 6,295.0 6,321.8
1 Royal Dutch Shell plc ordinary shares of euro 0.07 each
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
$ million Quarters
Q1 2015 Q4 2014 Q1 2014
Income for the period 4,537 418 4,542
Other comprehensive income net of tax:
Items that may be reclassified to income in later
periods:
- Currency translation differences (4,199) (2,398) (551)
- Unrealised gains/(losses) on securities (135) (560) 28
- Cash flow hedging gains/(losses) (9) 537 19
- Share of other comprehensive income/(loss) of joint
ventures and associates 7 (86) (7)
Total (4,336) (2,507) (511)
Items that are not reclassified to income in
later periods:
- Retirement benefits remeasurements (1,316) (3,011) (546)
Other comprehensive income/(loss) for the period (5,652) (5,518) (1,057)
Comprehensive income/(loss) for the period (1,115) (5,100) 3,485
Comprehensive income/(loss) attributable to
non-controlling interest 63 (163) 29
Comprehensive income/(loss) attributable to Royal
Dutch Shell plc shareholders (1,178) (4,937) 3,456
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
Mar 31, 2015 Dec 31, 2014 Mar 31, 2014
Assets
Non-current assets:
Intangible assets 6,852 7,076 7,482
Property, plant and equipment 189,263 192,472 194,608
Joint ventures and associates 31,643 31,558 35,909
Investments in securities 3,952 4,115 4,761
Deferred tax 8,439 8,131 6,177
Retirement benefits 1,912 1,682 3,197
Trade and other receivables 8,240 8,304 10,036
250,301 253,338 262,170
Current assets:
Inventories 19,968 19,701 28,829
Trade and other receivables 51,696 58,470 63,670
Cash and cash equivalents 19,867 21,607 11,924
91,531 99,778 104,423
Total assets 341,832 353,116 366,593
Liabilities
Non-current liabilities:
Debt 35,703 38,332 41,236
Trade and other payables 4,769 3,582 4,281
Deferred tax 10,240 12,052 11,882
Retirement benefits 17,642 16,318 11,385
Decommissioning and other
provisions 25,154 23,834 22,298
93,508 94,118 91,082
Current liabilities:
Debt 8,137 7,208 4,493
Trade and other payables 55,761 64,864 70,738
Taxes payable 11,705 9,797 13,488
Retirement benefits 361 377 387
Decommissioning and other
provisions 3,538 3,966 3,275
79,502 86,212 92,381
Total liabilities 173,010 180,330 183,463
Equity attributable to Royal Dutch
Shell plc shareholders 167,960 171,966 182,028
Non-controlling interest 862 820 1,102
Total equity 168,822 172,786 183,130
Total liabilities and equity 341,832 353,116 366,593
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity attributable to Royal Dutch Shell
plc shareholders
Shares
Share held in Other Retained Non-controlling Total
$ million capital trust reserves earnings Total interest equity
At January 1, 2015 540 (1,190) (14,365) 186,981 171,966 820 172,786
Comprehensive
income for the
period - - (5,608) 4,430 (1,178) 63 (1,115)
Capital
contributions
from, and other
changes in,
non-controlling
interest - - - (1) (1) (4) (5)
Dividends paid - - - (2,932) (2,932) (18) (2,950)
Scrip dividends - - - - - - -
Repurchases of
shares1 (1) - 1 1 1 - 2
Shares held in
trust: net sales
and dividends
received - 650 - 24 674 - 674
Share-based
compensation - - (549) (21) (570) - (570)
At March 31, 2015 539 (540) (20,521) 188,482 167,960 862 168,822
At January 1, 2014 542 (1,932) (2,037) 183,474 180,047 1,101 181,148
Comprehensive
income for the
period - - (1,053) 4,509 3,456 29 3,485
Capital
contributions
from, and other
changes in,
non-controlling
interest - - - (4) (4) - (4)
Dividends paid - - - (2,849) (2,849) (28) (2,877)
Scrip dividends2 4 - (4) 1,350 1,350 - 1,350
Repurchases of
shares1 (3) - 3 (249) (249) - (249)
Shares held in
trust: net sales
and dividends
received - 746 - 32 778 - 778
Share-based
compensation - - (497) (4) (501) - (501)
At March 31, 2014 543 (1,186) (3,588) 186,259 182,028 1,102 183,130
1 Includes shares committed to repurchase and repurchases subject to settlement
at the end of the quarter.
2 Under the Scrip Dividend Programme some 38.0 million A shares, equivalent to
$1.3 billion, were issued during the first quarter 2014.
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
$ million Quarters
Q1 2015 Q4 2014 Q1 2014
Cash flow from operating activities
Income for the period 4,537 418 4,542
Adjustment for:
- Current taxation 2,947 2,330 4,400
- Interest expense (net) 303 375 378
- Depreciation, depletion and amortisation 4,604 4,991 7,424
- Net losses/(gains) on sale of non-current
assets and businesses (1,612) (972) 41
- Decrease/(increase) in working capital (372) 6,124 875
- Share of loss/(profit) of joint ventures
and associates (1,405) (818) (2,070)
- Dividends received from joint ventures and
associates 1,077 1,531 1,507
- Deferred taxation, retirement benefits,
decommissioning and other provisions (1,503) (1,705) (308)
- Other 94 1,000 529
Net cash from operating activities (pre-tax) 8,670 13,274 17,318
Taxation paid (1,564) (3,666) (3,334)
Net cash from operating activities 7,106 9,608 13,984
Cash flow from investing activities
Capital expenditure1 (6,215) (8,831) (7,156)
Investments in joint ventures and associates (409) 107 (889)
Proceeds from sale of property, plant and
equipment and businesses 2,203 2,245 306
Proceeds from sale of joint ventures and
associates 4 279 56
Interest received 56 56 58
Other1 (79) (536) (89)
Net cash used in investing activities (4,440) (6,680) (7,714)
Cash flow from financing activities
Net increase/(decrease) in debt with
maturity period within three months (255) (173) (1,297)
Other debt: New borrowings 752 4,001 3,195
Repayments (630) (571) (2,933)
Interest paid (409) (310) (368)
Change in non-controlling interest2 (5) 1,002 0
Cash dividends paid to:
- Royal Dutch Shell plc shareholders (2,932) (2,987) (1,499)
- Non-controlling interest (18) (39) (28)
Repurchases of shares (409) (971) (1,241)
Shares held in trust: net sales/(purchases)
and dividends received (40) (29) 123
Net cash used in financing activities (3,946) (77) (4,048)
Currency translation differences relating to
cash and cash equivalents (460) (271) 6
Increase/(decrease) in cash and cash
equivalents (1,740) 2,580 2,228
Cash and cash equivalents at beginning of
period 21,607 19,027 9,696
Cash and cash equivalents at end of period 19,867 21,607 11,924
1 Reflects a minor change to definition with effect from 2015 which has no
overall impact on net cash used in investing activities. Comparative data has
been reclassified accordingly.
2 Q4 2014 mainly relates to the public offering of limited partner units in
Shell Midstream Partners, L.P.
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
1. Basis of preparation
These unaudited Condensed Consolidated Interim Financial Statements ("Interim
Statements") of Royal Dutch Shell plc and its subsidiaries (collectively
referred to as Shell) have been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the European Union and as issued by the
International Accounting Standards Board and on the basis of the same
accounting principles as, and should be read in conjunction with, the Annual
Report and Form 20-F for the year ended December 31, 2014 (pages 111 to 116) as
filed with the
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