REG-Royal Dutch Shell: 3rd Quarter 2014 Unaudited Results <Origin Href="QuoteRef">RDSa.L</Origin> - Part 1
24/11/2014 14:50
ROYAL DUTCH SHELL PLC
3RD QUARTER 2014 UNAUDITED RESULTS
* Royal Dutch Shell's third quarter 2014 earnings, on a current cost of
supplies (CCS) basis (see Note 2), were $5.3 billion compared with $4.2
billion for the same quarter a year ago.
* Third quarter 2014 CCS earnings excluding identified items (see page 5)
were $5.8 billion compared with $4.5 billion for the third quarter 2013, an
increase of 31%.
* Compared with the third quarter 2013, CCS earnings excluding identified
items benefited from improved Downstream and Upstream results. In
Downstream, earnings benefited from increased contributions from refining
including improved operating performance, and trading. In Upstream,
earnings increased due to the impact of new, higher-margin production,
lower exploration expenses, and higher earnings from Integrated Gas,
despite the effect of lower oil prices and volumes overall. The increase of
a deferred tax liability as a result of the weakening Australian dollar
reduced earnings by some $400 million compared with the third quarter 2013.
* Basic CCS earnings per share excluding identified items increased by 30%
versus the third quarter 2013.
* Cash flow from operating activities for the third quarter 2014 was $12.8
billion, compared with $10.4 billion for the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the third quarter 2014 was $11.1 billion, compared with $9.9 billion
for the third quarter 2013.
* Capital investment for the third quarter 2014 was $8.5 billion. Net capital
investment (see Note 2) for the third quarter was $4.8 billion, compared
with $9.4 billion for the same period a year ago.
* Total cash dividends paid to shareholders in the third quarter 2014 were
$3.0 billion. During the third quarter some 18.5 million shares were bought
back for cancellation for a consideration of $0.8 billion.
* Gearing at the end of the third quarter 2014 was 11.7%.
* A third quarter 2014 dividend has been announced of $0.47 per ordinary
share and $0.94 per American Depositary Share ("ADS"), an increase of 4%
compared with the third quarter 2013.
SUMMARY OF UNAUDITED RESULTS
Quarters $ million Nine months
Q3 Q2 Q3
2014 2014 2013 %1 2014 2013 %
Income attributable to Royal
4,463 5,307 4,677 -5 Dutch Shell plc shareholders 14,279 14,590 -2
Current cost of supplies (CCS)
803 (160) (429) adjustment for Downstream 599 3
5,266 5,147 4,248 +24 CCS earnings 14,878 14,593 +2
(581) (979) (209) Identified items2 (4,422) (1,984)
CCS earnings excluding identified
5,847 6,126 4,457 +31 items 19,300 16,577 +16
Of which:
4,343 4,722 3,466 Upstream 14,775 12,640
1,793 1,347 892 Downstream 4,715 3,908
Corporate and Non-controlling
(289) 57 99 interest (190) 29
Cash flow from operating
12,811 8,641 10,409 +23 activities 35,436 34,412 +3
0.83 0.81 0.68 +22 Basic CCS earnings per share ($) 2.36 2.32 +2
1.66 1.62 1.36 Basic CCS earnings per ADS ($) 4.72 4.64
Basic CCS earnings per share
0.92 0.97 0.71 +30 excl. identified items ($) 3.06 2.63 +16
Basic CCS earnings per ADS excl.
1.84 1.94 1.42 identified items ($) 6.12 5.26
0.47 0.47 0.45 +4 Dividend per share ($) 1.41 1.35 +4
0.94 0.94 0.90 Dividend per ADS ($) 2.82 2.70
1 Q3 on Q3 change
2 See page 5
Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:
"Shell is proud to deliver high-quality fuels, lubricants and petrochemicals,
for transportation, power generation and manufacturing industries. With over
90,000 employees in more than 70 countries around the world, Shell is dedicated
to delivering low-cost, safe and reliable energy for our customers.
The recent decline in oil prices is part of the volatility in our industry. It
underlines the importance of our drive to get a tighter grip on performance
management, keep a tight hold on costs and spending, and improve the balance
between growth and returns.
Our results today show that we are delivering on the three priorities I set out
at the start of 2014 - better financial performance, enhanced capital
efficiency and continued strong project delivery.
We have moderated our spending on growth and accelerated disposals of our
non-strategic portfolio as part of a drive to improve capital efficiency.
Proceeds from asset sales so far this year total $11.6 billion, with further
disposals ongoing.
Our plans to exit from Pinedale and Haynesville mark the completion of the
major sales programme in our North America resources plays portfolio. We are
now focusing on creating value from this slimmed-down position. Restructuring
in Oil Products continues, with the completion of the divestment of Shell's
Australia positions in the quarter.
Our new investments are delivering benefits to the bottom line. We have brought
four new deep-water fields on-stream this year. We are also adding new
potential to the portfolio through exploration and appraisal successes.
Shell's strategy is founded on creating value for the long term.
Our dividend per share for the third quarter of 2014 is up 4% from year-ago
levels. With $8.9 billion of dividends declared and $2.4 billion of shares
repurchased in the first three quarters of this year, we are on track for a
programme of over $30 billion of dividend distributions and buybacks for 2014
and 2015 combined. All of this underlines the company's recent improved
performance and potential for the future."
THIRD QUARTER 2014 PORTFOLIO DEVELOPMENTS
Upstream
In Nigeria, Shell announced first production from the Shell-operated Bonga
North West deep-water development (Shell interest 55%). Oil from the Bonga
North West subsea facilities is transported by a new undersea pipeline to the
existing Bonga floating production, storage and offloading ("FPSO") export
facility. The Bonga FPSO has been upgraded to handle the additional oil flow
from Bonga North West which, at peak production, is expected to contribute 40
thousand barrels of oil equivalent per day ("boe/d").
In the United States, Shell announced the second major 2014 start-up in the
deep-water Gulf of Mexico with the Cardamom development first oil (Shell
interest 100%). Oil from the Cardamom subsea development is piped through
Shell's Auger platform and is planned to ramp up to 50 thousand boe/d at peak
production.
In October, Shell announced first production from the Shell-operated
Gumusut-Kakap deep-water development (Shell interest 33%) in Malaysia. The
production system is expected to reach a peak oil production of around 135
thousand boe/d. With oil production now underway, work on the gas injection
facilities is continuing with an expected start-up during 2015.
In October, Shell announced the final investment decision ("FID") on the Bonga
Main phase 3 project (Shell interest 55%) offshore Nigeria. The development is
expected to contribute some 40 thousand boe/d at peak production through the
existing Bonga FPSO export facility.
In October, Shell commenced front end engineering and design ("FEED") on the
Vito deep-water development project (Shell interest 51%) in the Gulf of Mexico,
United States. The development, which is expected to deliver peak production of
100 thousand boe/d after coming on-stream, will be a 120 thousand boe/d
capacity floating production system ("FPS") with flexibility for up to four
subsea tiebacks.
In October, Shell announced a frontier exploration discovery offshore Gabon,
West Africa (Shell interest 75%). The Leopard-1 well encountered a substantial
gas column with around 200 metres net gas pay in a pre-salt reservoir. Shell
and its partners are planning to undertake an appraisal programme to further
determine the resource volumes.
During the quarter, in Shell's heartlands exploration programme Shell made a
gas discovery at the Shell-operated deep-water Marjoram-1 well (Shell interest
85%) in Malaysia. Shell also announced two oil discoveries in the Gulf of
Mexico with the successful Rydberg exploration well (Shell interest 57%) in the
Norphlet play, and with the Kaikias well (Shell interest 100%) in the Mars
basin.
Shell had continued success with near-field exploration discoveries in a number
of countries, including the successful Dhulaima drilling campaign in North
Oman.
As part of its global exploration programme, Shell added new acreage positions
following successful bidding results in the United States and Colombia.
In resources plays in the United States, Shell announced two gas discoveries in
the Utica formation in Tioga County, Pennsylvania with the Neal and Gee
exploration wells.
Shell continued to divest non-strategic Upstream positions during the third
quarter 2014, with divestment proceeds totalling some $1.6 billion.
In Canada, Shell completed the divestment of its 100% interest in the Orion
Steam Assisted Gravity Drainage ("SAGD") project to Osum Oil Sands Corp. for a
consideration of $0.3 billion.
Shell also completed the sale of its interest in a portion of its dry gas Deep
Basin assets in Canada to Mapan Energy Ltd. for a consideration of some $0.1
billion.
In the United States, Shell completed the divestment of its entire interest in
the Pinedale dry gas asset in Wyoming to Ultra Petroleum Corp. As part of the
transaction, Shell received cash consideration of $0.8 billion including
closing adjustments and gained an additional 155 thousand net acres in the
Marcellus and Utica Shale areas in Pennsylvania. Shell now holds a 100%
interest in the Tioga Area of Mutual Interest where two new gas discoveries
were announced during the quarter.
Also in the United States, Shell completed the sale of its interest in 207
thousand net acres in the Slippery Rock acreage in western Pennsylvania to Rex
Energy for a consideration of $0.1 billion.
Shell also agreed to sell its entire interest in the Haynesville dry gas asset
in Louisiana, United States to Vine Oil & Gas LP and its partner Blackstone
Group L.P. for a consideration of $1.2 billion, subject to closing. The
transaction is effective from July 2014.
Shell agreed to sell its non-operated 20% interest in the BM-ES-23 concession
in the Espirito Santos basin offshore Brazil to PTT Exploration and Production
Public Company Ltd. The transaction, which is effective from January 2014, is
expected to close later in the year.
Downstream
Shell (40%), together with Hyundai Oilbank (60%), announced through its joint
venture, Hyundai and Shell Base Oil Company Ltd, first production from the
venture's Base Oil Manufacturing Plant ("BOMP") in South Korea. The plant has
the capacity to produce some 13 thousand barrels per day of API Group II base
oils.
On October 28, 2014 Shell Midstream Partners, L.P., a limited partnership
formed by Shell in the United States earlier this year, announced the pricing
of its initial public offering of 40,000,000 common units representing limited
partner interests at $23.00 per common unit. The common units began trading on
the New York Stock Exchange on October 29, 2014 under the ticker symbol "SHLX".
The underwriters of the offering have a 30-day option to purchase up to an
additional 6,000,000 common units from Shell Midstream Partners. The offering
is expected to close on or around November 3, 2014, subject to customary
closing conditions.
Downstream divestment proceeds totalled some $2 billion for the third quarter
2014 and included proceeds from the sale of Shell's Downstream businesses
(excluding Aviation) in Australia to Vitol.
KEY FEATURES OF THE THIRD QUARTER 2014
* Third quarter 2014 CCS earnings (see Note 2) were $5,266 million, 24%
higher than for the same quarter a year ago.
* Third quarter 2014 CCS earnings excluding identified items (see page 5)
were $5,847 million compared with $4,457 million for the third quarter
2013, an increase of 31%.
* Compared with the third quarter 2013, CCS earnings excluding identified
items benefited from improved Downstream and Upstream results. In
Downstream, earnings benefited from increased contributions from refining
including improved operating performance, and trading. In Upstream,
earnings increased due to the impact of new, higher-margin production,
lower exploration expenses, and higher earnings from Integrated Gas,
despite the effect of lower oil prices and volumes overall. The increase of
a deferred tax liability as a result of the weakening Australian dollar
reduced earnings by some $400 million compared with the third quarter 2013.
* Basic CCS earnings per share increased by 22% versus the same quarter a
year ago.
* Basic CCS earnings per share excluding identified items increased by 30%
versus the same quarter a year ago.
* Cash flow from operating activities for the third quarter 2014 was $12.8
billion, compared with $10.4 billion for the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the third quarter 2014 was $11.1 billion, compared with $9.9 billion
for the third quarter 2013.
* Net capital investment (see Note 2) for the third quarter 2014 was $4.8
billion. Capital investment for the third quarter 2014 was $8.5 billion and
divestment proceeds were $3.6 billion.
* Total cash dividends paid to shareholders in the third quarter 2014 were
$3.0 billion.
* Under our share buyback programme some 18.5 million shares were bought back
for cancellation during the third quarter 2014 for a consideration of $0.8
billion.
* Return on average capital employed on a reported income basis (see Note 7)
was 7.7% at the end of the third quarter 2014 compared with 10.4% at the
end of the third quarter 2013.
* Gearing was 11.7% at the end of the third quarter 2014 versus 11.2% at the
end of the third quarter 2013.
* Oil and gas production for the third quarter 2014 was 2,790 thousand boe/d,
a decrease of 5% compared with the third quarter 2013. Excluding the impact
of divestments, Abu Dhabi license expiry, PSC price effects, and security
impacts in Nigeria, third quarter 2014 production volumes were 2% higher
than for the same period last year.
* Equity sales of LNG of 5.68 million tonnes for the third quarter 2014 were
16% higher than for the same quarter a year ago.
* Oil products sales volumes for the third quarter 2014 were 2% lower than
for the third quarter 2013. Chemicals sales volumes for the third quarter
2014 decreased by 4% compared with the same quarter a year ago.
* Supplementary financial and operational disclosure for the third quarter
2014 is available at www.shell.com/investor.
SUMMARY OF IDENTIFIED ITEMS
Earnings for the third quarter 2014 reflected the following items, which in
aggregate amounted to a net charge of $581 million (compared with a net charge
of $209 million for the third quarter 2013), as summarised in the table below:
* Upstream earnings included a net charge of $394 million, mainly reflecting
a deferred tax liability of $349 million related to an associate company
and impairments of $176 million. These were partly offset by net divestment
gains of $112 million. Upstream earnings for the third quarter 2013
included a net charge of $176 million.
* Downstream earnings included a net charge of $192 million, primarily
reflecting losses related to divestments of $92 million and impairments of
$75 million. Downstream earnings for the third quarter 2013 included a net
gain of $14 million.
* Corporate results and Non-controlling interest included a net gain of $5
million. Earnings for the third quarter 2013 included a net charge of $47
million.
SUMMARY OF IDENTIFIED ITEMS
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
Segment earnings impact of
identified items:
(394) (902) (176) Upstream (1,579) (1,848)
(192) (76) 14 Downstream (2,848) (511)
Corporate and Non-controlling
5 (1) (47) interest 5 375
(581) (979) (209) Earnings impact (4,422) (1,984)
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 commodity derivatives and certain gas contracts
(see Note 6)
* Redundancy and restructuring
Further items may be identified in addition to the above.
EARNINGS BY BUSINESS SEGMENT
UPSTREAM
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 %1 2014 2013 %
Upstream earnings excluding
4,343 4,722 3,466 +25 identified items 14,775 12,640 +17
3,949 3,820 3,290 +20 Upstream earnings 13,196 10,792 +22
Upstream cash flow from
8,854 8,919 6,709 +32 operating activities 26,848 24,557 +9
5,447 562 8,148 -33 Upstream net capital investment 15,349 25,067 -39
Liquids production available for
1,429 1,499 1,485 -4 sale (thousand b/d) 1,469 1,541 -5
Natural gas production available
7,892 9,153 8,383 -6 for sale (million scf/d) 9,082 9,511 -5
Total production available for
2,790 3,077 2,931 -5 sale (thousand boe/d) 3,035 3,181 -5
Equity sales of LNG (million
5.68 6.00 4.88 +16 tonnes) 17.77 14.71 +21
1 Q3 on Q3 change
Third quarter Upstream earnings excluding identified items were $4,343 million
compared with $3,466 million a year ago. Identified items were a net charge of
$394 million, compared with a net charge of $176 million for the third quarter
2013 (see page 5).
Compared with the third quarter 2013, earnings excluding identified items
benefited from new, high-margin production despite the effect of lower oil
prices and volumes overall. Earnings also reflected lower exploration expenses,
primarily driven by fewer well write-offs and increased dividends from an LNG
venture including the phasing of a dividend from the second quarter 2014. These
items were partly offset by higher depreciation. The increase of a deferred tax
liability as a result of the weakening Australian dollar reduced earnings by
some $400 million.
Global liquids realisations were 8% lower than for the third quarter 2013.
Global natural gas realisations were 7% lower than for the same quarter a year
ago, with a 17% increase in the Americas and an 11% decrease outside the
Americas.
Third quarter 2014 production was 2,790 thousand boe/d compared with 2,931
thousand boe/d a year ago. Liquids production decreased by 4% and natural gas
production decreased by 6% compared with the third quarter 2013. Excluding the
impact of divestments, Abu Dhabi license expiry, PSC price effects, and
security impacts in Nigeria, third quarter 2014 production was 2% higher than
for the same period last year. Underlying production was driven by increased
high-margin liquids production in the Americas, including the impact of
substantially lower downtime, partly offset by higher downtime elsewhere.
New field start-ups and the continuing ramp-up of existing fields, in
particular Majnoon in Iraq, Mars B and BC-10 in the Americas, contributed some
139 thousand boe/d to production for the third quarter 2014, which more than
offset the impact of field declines.
Equity LNG sales volumes of 5.68 million tonnes increased by 16% compared with
the same quarter a year ago, mainly reflecting the contribution from the
acquisition of Repsol's LNG business.
DOWNSTREAM
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 %1 2014 2013 %
Downstream CCS earnings
1,793 1,347 892 +101 excluding identified items 4,715 3,908 +21
1,601 1,271 906 +77 Downstream CCS earnings 1,867 3,397 -45
Downstream cash flow from
3,187 262 2,969 +7 operating activities 6,594 7,095 -7
Downstream net capital
(615) 543 1,166 - investment 704 3,314 -79
Refinery processing intake
2,896 3,034 2,947 -2 (thousand b/d) 2,965 2,917 +2
Oil products sales volumes
6,295 6,453 6,398 -2 (thousand b/d) 6,355 6,206 +2
Chemicals sales volumes
4,441 4,387 4,620 -4 (thousand tonnes) 13,113 12,974 +1
1 Q3 on Q3 change
Third quarter Downstream earnings excluding identified items were $1,793
million compared with $892 million for the third quarter 2013. Identified items
were a net charge of $192 million, compared with a net gain of $14 million for
the third quarter 2013 (see page 5).
Compared with the third quarter 2013, Downstream earnings excluding identified
items benefited from higher realised refining margins, reflecting the industry
environment and improved operating performance. Earnings also benefited from
lower operating expenses, mainly resulting from divestments, as well as
increased trading contributions. Contributions from Chemicals decreased mainly
as a result of weaker intermediates industry conditions, and a prior-period
adjustment, partly offset by improved base chemicals industry conditions.
Refinery intake volumes were 2% lower compared with the same quarter last year.
Excluding portfolio impacts, refinery intake volumes were in line with the same
period a year ago. Refinery availability was 94%, compared with 93% for the
third quarter 2013.
Oil products sales volumes decreased by 2% compared with the same period a year
ago. Excluding portfolio impacts, oil products sales volumes were in line with
the same period a year ago.
Chemicals sales volumes decreased by 4% compared with the same quarter last
year, mainly as a result of lower trading activity. Chemicals manufacturing
plant availability decreased to 90% from 96% for the third quarter 2013,
reflecting higher unplanned downtime, primarily due to an incident in June at
the Moerdijk chemical site in the Netherlands. The impact of a separate
incident in October at Moerdijk is currently being assessed; however, most
units will be out for the remainder of 2014 and impact on some units is
expected to extend into 2015.
CORPORATE AND NON-CONTROLLING INTEREST
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
Corporate and Non-controlling interest
(289) 57 99 excl. identified items (190) 29
Of which:
(306) 101 135 Corporate (129) 146
17 (44) (36) Non-controlling interest (61) (117)
(284) 56 52 Corporate and Non-controlling interest (185) 404
Third quarter Corporate results and Non-controlling interest excluding
identified items were a charge of $289 million, compared with a gain of $99
million for the same period last year. Identified items for the third quarter
2014 were a net gain of $5 million, whereas earnings for the third quarter 2013
included a net charge of $47 million (see page 5).
Compared with the third quarter 2013, Corporate results excluding identified
items mainly reflected adverse currency exchange rate effects and lower tax
credits.
FORTHCOMING EVENTS
Fourth quarter 2014 results and fourth quarter 2014 dividend are scheduled to
be announced on January 29, 2015. First quarter 2015 results and first quarter
2015 dividend are scheduled to be announced on April 30, 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
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 %1 2014 2013 %
107,851 111,222 116,513 Revenue 328,731 341,992
Share of profit of joint
1,512 1,716 1,515 ventures and associates 5,298 5,251
462 2,336 230 Interest and other income 3,149 877
Total revenue and other
109,825 115,274 118,258 income 337,178 348,120
84,507 85,296 91,842 Purchases 253,638 267,346
Production and manufacturing
7,555 7,839 7,416 expenses 22,573 20,874
Selling, distribution and
3,350 3,755 3,566 administrative expenses 10,539 10,814
302 274 291 Research and development 859 890
846 1,128 1,636 Exploration 2,901 3,512
Depreciation, depletion and
4,730 7,354 4,153 amortisation 19,508 15,880
417 505 392 Interest expense 1,374 1,172
8,118 9,123 8,962 -9 Income before taxation 25,786 27,632 -7
3,693 3,778 4,225 Taxation 11,474 12,928
4,425 5,345 4,737 -7 Income for the period 14,312 14,704 -3
Income attributable to
(38) 38 60 non-controlling interest 33 114
Income attributable to Royal
4,463 5,307 4,677 -5 Dutch Shell plc shareholders 14,279 14,590 -2
1 Q3 on Q3 change
EARNINGS PER SHARE
Quarters $ Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
0.70 0.84 0.75 Basic earnings per share 2.26 2.32
0.70 0.84 0.75 Diluted earnings per share 2.26 2.32
SHARES1
Quarters Millions Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
Weighted average number of
shares as the basis for:
6,333.8 6,323.0 6,269.7 Basic earnings per share 6,315.0 6,297.3
6,334.1 6,323.4 6,272.5 Diluted earnings per share 6,315.3 6,300.3
Shares outstanding at the end of
6,320.3 6,341.7 6,282.2 the period 6,320.3 6,282.2
1 Royal Dutch Shell plc ordinary shares of euro 0.07 each
Notes 1 to 5 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
4,425 5,345 4,737 Income for the period 14,312 14,704
Other comprehensive income net of
tax:
Items that may be reclassified to
income in later periods:
(2,963) 591 1,064 - Currency translation differences (2,923) (1,612)
(83) (182) (154) - Unrealised losses on securities (237) (194)
(10) (18) 25 - Cash flow hedging (losses)/gains (9) 180
- Share of other comprehensive (loss)
/income of joint ventures and
(68) 5 (39) associates (70) (124)
(3,124) 396 896 Total (3,239) (1,750)
Items that are not reclassified
to income in later periods:
(2,672) (253) (557) - Retirement benefits remeasurements(3,471) 1,463
(2,672) (253) (557) Total (3,471) 1,463
Other comprehensive (loss)/income
(5,796) 143 339 for the period (6,710) (287)
(1,371) 5,488 5,076 Comprehensive income for the period 7,602 14,417
Comprehensive (loss)/income
attributable to non-controlling
(104) 48 34 interest (27) 37
Comprehensive income attributable
to Royal Dutch Shell plc
(1,267) 5,440 5,042 shareholders 7,629 14,380
Notes 1 to 5 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
Sep 30, 2014 Jun 30, 2014 Sep 30, 2013
Assets
Non-current assets:
Intangible assets 7,135 7,423 4,348
Property, plant and equipment 190,842 193,069 186,541
Joint ventures and associates 33,316 34,455 34,010
Investments in securities 4,592 4,647 4,703
Deferred tax 7,465 6,557 5,514
Retirement benefits 2,405 3,439 3,205
Trade and other receivables 8,255 9,121 9,633
254,010 258,711 247,954
Current assets:
Inventories 27,318 31,361 29,820
Trade and other receivables 59,056 65,225 62,561
Cash and cash equivalents 19,027 15,419 14,278
105,401 112,005 106,659
Total assets 359,411 370,716 354,613
Liabilities
Non-current liabilities:
Debt 37,065 38,901 31,972
Trade and other payables 3,735 4,167 4,198
Deferred tax 12,970 11,950 11,678
Retirement benefits 14,064 11,967 13,738
Decommissioning and other provisions 22,156 22,714 18,839
89,990 89,699 80,425
Current liabilities:
Debt 5,917 5,221 5,106
Trade and other payables 65,741 72,495 71,988
Taxes payable 13,181 13,542 13,110
Retirement benefits 364 389 383
Decommissioning and other provisions 3,226 3,257 3,195
88,429 94,904 93,782
Total liabilities 178,419 184,603 174,207
Equity attributable to Royal Dutch Shell
plc shareholders 180,002 185,015 179,147
Non-controlling interest 990 1,098 1,259
Total equity 180,992 186,113 180,406
Total liabilities and equity 359,411 370,716 354,613
Notes 1 to 5 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, 2014 542 (1,932) (2,037) 183,474 180,047 1,101 181,148
Comprehensive
income for the
period - - (6,650) 14,279 7,629 (27) 7,602
Capital
contributions from,
and other changes
in, non-controlling
interest - - - 3 3 (7) (4)
Dividends paid - - - (8,856) (8,856) (77) (8,933)
Scrip dividends1 6 - (6) 2,399 2,399 - 2,399
Repurchases of
shares2 (5) - 5 (2,010) (2,010) - (2,010)
Shares held in
trust: net sales/
(purchases) and
dividends received - 807 - 77 884 - 884
Share-based
compensation - - (122) 28 (94) - (94)
At September 30,
2014 543 (1,125) (8,810) 189,394 180,002 990 180,992
At January 1, 2013 542 (2,287) (3,752) 180,246 174,749 1,433 176,182
Comprehensive
income for the
period - - (210) 14,590 14,380 37 14,417
Capital
contributions from,
and other changes
in, non-controlling
interest - - - - - 5 5
Dividends paid - - - (8,481) (8,481) (216) (8,697)
Scrip dividends1 8 - (8) 2,893 2,893 - 2,893
Repurchases of
shares2 (10) - 10 (4,226) (4,226) - (4,226)
Shares held in
trust: net sales/
(purchases) and
dividends received - 322 - 92 414 - 414
Share-based
compensation - - (256) (326) (582) - (582)
At September 30,
2013 540 (1,965) (4,216) 184,788 179,147 1,259 180,406
1 Under the Scrip Dividend Programme some 64.6 million A shares, equivalent to
$2.4 billion, were issued during the first nine months 2014 and some 88.3
million A shares, equivalent to $2.9 billion, were issued during the first nine
months 2013. On May 22, 2014, Shell announced the cancellation of its Scrip
Dividend Programme with effect from the second quarter 2014 interim dividend
onwards.
2 Includes shares committed to repurchase and repurchases subject to settlement
at the end of the quarter
Notes 1 to 5 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million Nine months
Q3 2014 Q2 2014 Q3 2013 2014 2013
Cash flow from operating
activities
4,425 5,345 4,737 Income for the period 14,312 14,704
Adjustment for:
2,691 4,336 4,965 - Current taxation 11,427 13,905
377 468 354 - Interest expense (net) 1,223 1,012
- Depreciation, depletion and
4,729 7,355 4,153 amortisation 19,508 15,880
(78) (2,203) (38) - Net gains on sale of assets (2,240) (295)
- Decrease/(increase) in working
1,741 (2,335) 551 capital 281 4,670
- Share of profit of joint
(1,512) (1,716) (1,515) ventures and associates (5,298) (5,251)
- Dividends received from joint
2,096 1,768 1,307 ventures and associates 5,371 5,252
- Deferred taxation, retirement
benefits, decommissioning
689 (396) (907) and other provisions (15) (1,763)
572 399 788 - Other
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