REG-Royal Dutch Shell: 2nd Quarter and Half Year 2015 unaudited results <Origin Href="QuoteRef">RDSa.L</Origin> - Part 1
30/07/2015 07:04
ROYAL DUTCH SHELL PLC
2ND QUARTER AND HALF YEAR 2015 UNAUDITED RESULTS
* Royal Dutch Shell's second quarter 2015 earnings, on a current cost of
supplies (CCS) basis (see Note 2), were $3.4 billion compared with $5.1
billion for the same quarter a year ago.
* Second quarter 2015 CCS earnings excluding identified items (see page 4)
were $3.8 billion compared with $6.1 billion for the second quarter 2014, a
decrease of 37%.
* Compared with the second quarter 2014, CCS earnings excluding identified
items benefited from strong Downstream results reflecting steps taken by
the company to improve financial performance and higher realised refining
margins. In Upstream, earnings were impacted by the significant decline in
oil and gas prices and decreased production volumes, partly offset by lower
costs and depreciation.
* Basic CCS earnings per share excluding identified items decreased by 37%
versus the same quarter last year.
* Cash flow from operating activities for the second quarter 2015 was $6.1
billion, compared with $8.6 billion for the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the second quarter 2015 was $7.6 billion, compared with $11.0 billion
for the second quarter 2014.
* Total dividends distributed to Royal Dutch Shell plc shareholders in the
quarter were $3.0 billion, of which $0.7 billion were settled under the
Scrip Dividend Programme. No shares were bought back during the second
quarter.
* Gearing at the end of the second quarter 2015 was 12.7%.
* A second quarter 2015 dividend has been announced of $0.47 per ordinary
share and $0.94 per American Depositary Share ("ADS").
SUMMARY OF UNAUDITED RESULTS
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 %1 2015 2014 %
3,986 4,430 5,307 -25 Income attributable to Royal Dutch Shell 8,416 9,816 -14
plc shareholders
(625) 331 (160) Current cost of supplies (CCS) adjustment (294) (204)
for Downstream
3,361 4,761 5,147 -35 CCS earnings 8,122 9,612 -16
(474) 1,515 (979) Identified items2 1,041 (3,841)
3,835 3,246 6,126 -37 CCS earnings excluding identified items 7,081 13,453 -47
Of which:
1,037 675 4,722 Upstream 1,712 10,432
2,961 2,646 1,347 Downstream 5,607 2,922
(163) (75) 57 Corporate and Non-controlling interest (238) 99
6,050 7,106 8,641 -30 Cash flow from operating activities 13,156 22,625 -42
0.53 0.76 0.81 -35 Basic CCS earnings per share ($) 1.29 1.52 -15
1.06 1.52 1.62 Basic CCS earnings per ADS ($) 2.58 3.04
0.61 0.52 0.97 -37 Basic CCS earnings per share excl. 1.12 2.13 -47
identified items ($)
1.22 1.04 1.94 Basic CCS earnings per ADS excl. 2.24 4.26
identified items ($)
0.47 0.47 0.47 - Dividend per share ($) 0.94 0.94 -
0.94 0.94 0.94 Dividend per ADS ($) 1.88 1.88
1 Q2 on Q2 change
2 See page 4
SECOND QUARTER 2015 PORTFOLIO DEVELOPMENTS1
Upstream
During the quarter, the Malaysia LNG Dua Joint Venture Agreement ("JVA")
expired and Shell transferred its 15% shareholding to Petronas, in accordance
with the original JVA terms.
As part of its global exploration programme, Shell added new acreage positions
following successful bidding results in the United States, the United Kingdom
and Indonesia.
In July, the Browse Joint Venture agreed to enter the front end engineering and
design ("FEED") phase for the proposed non-operated Browse Floating Liquefied
Natural Gas (FLNG) development (Shell interest 27%), using Shell FLNG
technology. The proposed development is expected to deliver around 12 million
tonnes per annum of LNG.
In July, Shell announced the final investment decision ("FID") to advance the
Appomattox deep-water development (Shell interest 79%) in the United States.
The Appomattox platform will be Shell's seventh 4-column host in the Gulf of
Mexico. The Appomattox development will initially produce from the Appomattox
and Vicksburg fields, with average peak production estimated to reach
approximately 175 thousand barrels of oil equivalent per day (boe/d).
In July, Shell announced that it reached an agreement with Kinder Morgan, Inc.
for the sale of Shell's entire 49% equity interest in Elba Liquefaction
Company, LLC, the owner of the Elba Liquefaction Project, which is proposed to
be constructed and operated at the existing Elba Island LNG Terminal in the
United States.
Downstream
In France, Shell received a binding offer of euro 464 million ($529 million)
from DCC Energy for its Butagaz Liquefied Petroleum Gas business. The
transaction, subject to regulatory approvals following staff consultations, is
expected to complete in 2015.
In the United States, Shell Midstream Partners, L.P. announced the execution of
a purchase and sale agreement to acquire additional interests in Zydeco
Pipeline Company and Colonial Pipeline Company for $448 million from Shell
Pipeline Company. The acquisition will increase Shell Midstream Partners'
ownership interest in Zydeco from 43.0% to 62.5% and in Colonial from 1.612% to
3.0%.
Also in the United States, Shell Pipeline Company sold its 100% interest in the
Port Arthur Products Station and Shell Ex Facility, known as PAPS, to Colonial
Pipeline Company.
In July, Shell Midstream Partners, L.P. completed the acquisition of a 36%
equity interest in Poseidon Oil Pipeline Company for $350 million from Equilon
Enterprises LLC, a subsidiary of Shell Oil Products US.
1 See page 18 for first quarter 2015 portfolio developments.
KEY FEATURES OF THE SECOND QUARTER 2015
* Second quarter 2015 CCS earnings (see Note 2)were $3,361 million, 35% lower
than for the same quarter a year ago.
* Second quarter 2015 CCS earnings excluding identified items (see page 4)
were $3,835 million compared with $6,126 million for the second quarter
2014, a decrease of 37%. Second quarter 2015 CCS earnings excluding
identified items benefited from strong Downstream results reflecting steps
taken by the company to improve financial performance and higher realised
refining margins. In Upstream, earnings were impacted by the significant
decline in oil and gas prices and decreased production volumes, partly
offset by lower costs and depreciation.
* Basic CCS earnings per share decreased by 35% versus the same quarter a
year ago.
* Basic CCS earnings per share excluding identified items decreased by 37%
versus the same quarter a year ago.
* Cash flow from operating activitiesfor the second quarter 2015 was $6.1
billion, compared with $8.6 billion for the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the second quarter 2015 was $7.6 billion, compared with $11.0 billion
for the same quarter last year.
* Capital investment (see Note B) for the second quarter 2015 was $7.1
billion and divestment proceeds were $0.4 billion.
* Total dividends distributed to Royal Dutch Shell plc shareholders in the
second quarter 2015 were $3.0 billion, of which $0.7 billion were settled
by issuing some 23.4 million A shares under the Scrip Dividend Programme
for the first quarter 2015 dividend.
* Return on average capital employed on a reported income basis (see Note C)
was 6.3% at the end of the second quarter 2015 versus 7.9% at the end of
the second quarter 2014.
* Gearing (see Note D) was 12.7% at the end of the second quarter 2015 versus
13.4% at the end of the second quarter 2014.
* Oil and gas production for the second quarter 2015 was 2,731 thousand boe/
d, 11% lower than for the second quarter 2014. Excluding the impact of
divestments, curtailment and underground storage reinjection at NAM in the
Netherlands, PSC price effects, and security impacts in Nigeria, second
quarter 2015 production was 3% lower than for the same period last year.
* Equity sales of LNG of 5.46 million tonnes for the second quarter 2015 were
9% lower than for the same quarter a year ago.
* Oil products sales volumes for the second quarter 2015 were 1% higher than
for the second quarter 2014. Chemicals sales volumes for the second quarter
2015 decreased by 1% compared with the same quarter a year ago.
* Supplementary financial and operational disclosure for the second quarter
2015 is available at www.shell.com/investor .
SUMMARY OF IDENTIFIED ITEMS
Earnings for the second quarter 2015 reflected the following items, which in
aggregate amounted to a net charge of $474 million (compared with a net charge
of $979 million for the second quarter 2014), as summarised in the table below:
* Upstream earnings included a net charge of $263 million, reflecting a net
charge on fair value accounting of certain commodity derivatives and gas
contracts of $171 million, the negative impact of a statutory tax rate
change in Canada of $150 million, asset impairments, and redundancy and
restructuring charges. These items were partly offset by net divestment
gains of $168 million. Upstream earnings for the second quarter 2014
included a net charge of $902 million.
* Downstream earnings included a net charge of $215 million, reflecting asset
impairments of $276 million, the negative impact of a statutory tax rate
change in Canada, and redundancy and restructuring charges. These items
were partly offset by the net impact of fair value accounting of commodity
derivatives and gains on divestments. Downstream earnings for the second
quarter 2014 included a net charge of $76 million.
* Corporate results and Non-controlling interest included a net gain of $4
million. Earnings for the second quarter 2014 included a net charge of $1
million.
SUMMARY OF IDENTIFIED ITEMS
Quarters $ million Half year
Q2 2015 Q1 20151 Q2 2014 2015 2014
Segment earnings impact of identified
items:
(263) 1,864 (902) Upstream 1,601 (1,185)
(215) (132) (76) Downstream (347) (2,656)
4 (217) (1) Corporate and Non-controlling (213) -
interest
(474) 1,515 (979) Earnings impact 1,041 (3,841)
1 See page 18
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
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 %1 2015 2014 %
1,037 675 4,722 -78 Upstream earnings excluding identified 1,712 10,432 -84
items
774 2,539 3,820 -80 Upstream earnings 3,313 9,247 -64
2,092 4,129 8,919 -77 Upstream cash flow from operating 6,221 17,994 -65
activities
5,916 5,943 7,102 -17 Upstream capital investment 11,859 16,759 -29
1,432 1,542 1,499 -4 Liquids production available for sale 1,487 1,490 -
(thousand b/d)
7,534 9,421 9,153 -18 Natural gas production available for 8,473 9,687 -13
sale (million scf/d)
2,731 3,166 3,077 -11 Total production available for sale 2,948 3,160 -7
(thousand boe/d)
5.46 6.17 6.00 -9 Equity sales of LNG (million tonnes) 11.63 12.09 -4
1 Q2 on Q2 change
Second quarter Upstream earnings excluding identified items were $1,037 million
compared with $4,722 million a year ago. Identified items were a net charge of
$263 million, compared with a net charge of $902 million for the second quarter
2014 (see page 4).
Compared with the second quarter 2014, earnings excluding identified items were
impacted by the significant decline in oil and gas prices. Earnings were
further reduced as a result of lower oil and gas production volumes driven by
planned maintenance at Pearl GTL in Qatar, heavy oil in Canada, and deep-water
in the Gulf of Mexico, lower fiscal entitlement at Majnoon in Iraq, curtailment
and underground storage reinjection at NAM in the Netherlands, and divestments
in North America resources plays. Earnings benefited from lower costs,
decreased depreciation, and new liquids production volumes, mainly from
Cardamom and Mars B in the Gulf of Mexico.
Upstream Americas excluding identified items incurred a loss.
Global liquids realisations were 43% lower than for the second quarter 2014.
Global natural gas realisations were 31% lower than for the same quarter a year
ago, with a 53% decrease in the Americas and a 24% decrease outside the
Americas.
Second quarter 2015 production was 2,731 thousand boe/d compared with 3,077
thousand boe/d a year ago. Liquids production decreased by 4% and natural gas
production decreased by 18% compared with the second quarter 2014. Excluding
the impact of divestments, curtailment and underground storage reinjection at
NAM in the Netherlands, PSC price effects, and security impacts in Nigeria,
second quarter 2015 production was 3% lower than for the same period last year.
Compared with the second quarter 2014, production volumes were negatively
impacted by 131 thousand boe/d due to higher planned maintenance activities.
New field start-ups and the continuing ramp-up of fields, in particular Bonga
NW in Nigeria, Gumusut Kakap in Malaysia, and Cardamom and Mars B in the Gulf
of Mexico contributed some 126 thousand boe/d to production for the second
quarter 2015, which more than offset the impact of field declines.
Equity sales of LNG of 5.46 million tonnes decreased by 9% compared to the same
quarter a year ago, mainly reflecting the impact of an unplanned shutdown at
NWS in Australia, the Woodside divestment, and lower volumes for Malaysia LNG
Dua where the JVA expired.
Half year Upstream earnings excluding identified items were $1,712 million
compared with $10,432 million for the first half year 2014. Identified items
were a net gain of $1,601 million, compared with a net charge of $1,185 million
for the first half year 2014 (see page 4).
Compared with the first half year 2014, Upstream earnings excluding identified
items reflected significantly lower oil and gas prices, and lower contributions
from trading. Earnings benefited from lower costs and fewer well write-offs.
Compared with the first half year 2014, the weakening Australian dollar and
Brazilian real reduced earnings by some $583 million and $313 million
respectively. The impact of these items was some $518 million after tax,
compared with a favourable impact of some $378 million after tax in the first
half year 2014.
Global liquids realisations were 48% lower than for the first half year 2014.
Global natural gas realisations were 28% lower than for the same period a year
ago, with a 50% decrease in the Americas and a 25% decrease outside the
Americas.
Half year 2015 production was 2,948 thousand boe/d compared with 3,160 thousand
boe/d for the same period a year ago. Liquids production was in line with the
first half year 2014 and natural gas production decreased by 13%. Excluding the
impact of divestments, curtailment and underground storage reinjection at NAM
in the Netherlands, Abu Dhabi license expiry, PSC price effects, and security
impacts in Nigeria, first half year 2015 production was 1% lower than for the
same period last year.
Equity sales of LNG of 11.63 million tonnes were 4% lower than for the first
half year 2014, reflecting the impact of an unplanned shutdown at NWS in
Australia, the Woodside divestment, and lower volumes for Malaysia LNG Dua
where the JVA expired, partly offset by improved operating performance.
DOWNSTREAM
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 %1 2015 2014 %
2,961 2,646 1,347 +120 Downstream CCS earnings excluding 5,607 2,922 +92
identified items
2,746 2,514 1,271 +116 Downstream CCS earnings 5,260 266 +1,877
3,816 1,554 262 +1,356 Downstream cash flow from operating 5,370 3,407 +58
activities
1,085 849 1,402 -23 Downstream capital investment 1,934 2,386 -19
2,944 2,871 3,034 -3 Refinery processing intake (thousand b 2,908 3,000 -3
/d)
6,531 6,313 6,453 +1 Oil products sales volumes (thousand b 6,423 6,386 +1
/d)
4,326 4,192 4,387 -1 Chemicals sales volumes (thousand 8,518 8,672 -2
tonnes)
1 Q2 on Q2 change
Second quarter Downstream earnings excluding identified items were $2,961
million compared with $1,347 million for the second quarter 2014. Identified
items were a net charge of $215 million, compared with a net charge of $76
million for the second quarter 2014 (see page 4).
Compared with the second quarter 2014, Downstream earnings excluding identified
items benefited from lower costs, higher contributions from manufacturing
reflecting improved operating performance, and lower taxation. Chemicals
earnings benefited from improved intermediates market conditions which more
than offset lower base chemicals industry conditions as well as the impact of
unit shut-downs at the Moerdijk chemical site in the Netherlands.
Refinery intake volumes were 3% lower compared with the same quarter last year.
Excluding portfolio impacts, refinery intake volumes were in line with the
second quarter 2014. Refinery availability increased to 95% compared with 94%
in the second quarter 2014.
Oil products sales volumes increased by 1% compared with the same period a year
ago reflecting higher trading volumes partly offset by lower marketing volumes.
Chemicals sales volumes decreased by 1% 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 86% from 90% for the second quarter 2014, mainly
reflecting increased maintenance activities.
Half year Downstream earnings excluding identified items were $5,607 million
compared with $2,922 million for the first half year 2014. Identified items
were a net charge of $347 million, compared with a net charge of $2,656 million
for the first half year 2014 (see page 4).
Compared with the first half year 2014, Downstream earnings excluding
identified items benefited from higher contributions from manufacturing
reflecting higher realised refining margins and improved operating performance.
Earnings also benefited from lower costs, including the impact of favourable
exchange rate effects and divestments, and lower taxation. Earnings were
impacted by negative exchange rate effects in marketing, despite stronger
underlying performance. Chemicals earnings benefited from improved
intermediates market conditions which more than offset lower base chemicals
industry conditions as well as the impact of unit shut-downs at the Moerdijk
chemical site in the Netherlands.
Refinery intake volumes were 3% lower compared with the first half year 2014.
Excluding portfolio impacts, refinery intake volumes were 1% higher than in the
first half year 2014, mainly as a result of improved operating performance.
Refinery availability increased to 95% from 93% for the same period a year ago.
Oil products sales volumes increased by 1% compared with the same period a year
ago, mainly as a result of higher trading volumes partly offset by lower
marketing volumes.
Chemicals sales volumes decreased by 2% compared with the first half year 2014,
mainly as a result of reduced availability driven by downtime at the Moerdijk
chemical site in the Netherlands. Chemicals manufacturing plant availability
decreased to 85% from 93% for the first half year 2014, mainly reflecting
increased maintenance activities.
CORPORATE AND NON-CONTROLLING INTEREST
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 2015 2014
(163) (75) 57 Corporate and Non-controlling interest excl. (238) 99
identified items
Of which:
(69) 46 101 Corporate (23) 177
(94) (121) (44) Non-controlling interest (215) (78)
(159) (292) 56 Corporate and Non-controlling interest (451) 99
Second quarter Corporate results and Non-controlling interest excluding
identified items were a loss of $163 million, compared with a gain of $57
million for the same period last year. Identified items for the second quarter
2015 were a net gain of $4 million, whereas earnings for the second quarter
2014 included a net charge of $1 million (see page 4).
Compared with the second quarter 2014, Corporate results excluding identified
items were impacted by lower tax credits, adverse currency exchange rate
effects, and higher costs, partly offset by lower net interest expense.
Half year Corporate results and Non-controlling interest excluding identified
items were a loss of $238 million compared with a gain of $99 million for the
first half year 2014. Identified items for the first half year 2015 were a net
charge of $213 million, compared with nil impact for the first half year 2014
(see page 4).
Compared with the first half year 2014, Corporate results excluding identified
items were impacted by adverse currency exchange rate effects, partly offset by
lower net interest expense.
Compared with the first half year 2014, earnings benefited from the impact of
the weakening Brazilian real on deferred tax positions in Upstream by some $101
million. The impact of this on the first half 2015 earnings excluding
identified items was a gain of some $101 million after tax, compared with nil
impact in the first half 2014.
OPERATIONAL OUTLOOK FOR THE THIRD QUARTER 2015
Compared with the third quarter 2014, Upstream earnings are expected to be
impacted by some 104 thousand boe/d as a result of divestments, some 80
thousand boe/d associated with the impact of curtailment and underground
storage reinjection at NAM, and some 33 thousand boe/d driven by planned
maintenance in the third quarter 2015.
As a result of asset sales in Australia and Italy, refining capacity is
expected to decrease by 60 thousand barrels per day and marketing volumes are
expected to decrease by some 100 thousand barrels per day compared with the
third quarter 2014. Refinery availability is expected to decline in the third
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.
FORTHCOMING EVENTS
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 Half year
Q2 2015 Q1 2015 Q2 2014 %1 2015 2014 %
72,402 65,706 111,222 Revenue 138,108 220,880
1,136 1,405 1,716 Share of profit of joint ventures 2,541 3,786
and associates
412 1,735 2,336 Interest and other income 2,147 2,687
73,950 68,846 115,274 Total revenue and other income 142,796 227,353
52,441 47,425 85,296 Purchases 99,866 169,131
6,506 6,655 7,839 Production and manufacturing 13,161 15,018
expenses
3,076 2,894 3,755 Selling, distribution and 5,970 7,189
administrative expenses
252 253 274 Research and development 505 557
964 800 1,128 Exploration 1,764 2,055
4,673 4,604 7,354 Depreciation, depletion and 9,277 14,778
amortisation
466 376 505 Interest expense 842 957
5,572 5,839 9,123 -39 Income before taxation 11,411 17,668 -35
1,458 1,302 3,778 Taxation 2,760 7,781
4,114 4,537 5,345 -23 Income for the period 8,651 9,887 -13
128 107 38 Income attributable to 235 71
non-controlling interest
3,986 4,430 5,307 -25 Income attributable to Royal Dutch 8,416 9,816 -14
Shell plc shareholders
1 Q2 on Q2 change
EARNINGS PER SHARE
Quarters $ Half year
Q2 2015 Q1 2015 Q2 2014 2015 2014
0.63 0.70 0.84 Basic earnings per share 1.34 1.56
0.62 0.69 0.84 Diluted earnings per share 1.32 1.56
SHARES1
Quarters Millions Half year
Q2 2015 Q1 2015 Q2 2014 2015 2014
Weighted average number of shares as
the basis for:
6,304.6 6,292.2 6,323.0 Basic earnings per share 6,298.4 6,305.5
6,383.9 6,377.0 6,323.4 Diluted earnings per share 6,380.5 6,305.8
6,325.2 6,302.3 6,341.7 Shares outstanding at the end of the 6,325.2 6,341.7
period
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
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 2015 2014
4,114 4,537 5,345 Income for the period 8,651 9,887
Other comprehensive income net of tax:
Items that may be reclassified to income
in later periods:
1,668 (4,199) 591 - Currency translation differences (2,531) 40
(129) (135) (182) - Unrealised gains/(losses) on (264) (154)
securities
133 (9) (18) - Cash flow hedging gains/(losses) 124 1
(25) 7 5 - Share of other comprehensive income/ (18) (2)
(loss) of joint ventures and associates
1,647 (4,336) 396 Total (2,689) (115)
Items that are not reclassified to income
in later periods:
5,496 (1,316) (253) - Retirement benefits remeasurements 4,180 (799)
7,143 (5,652) 143 Other comprehensive income/(loss) for the 1,491 (914)
period
11,257 (1,115) 5,488 Comprehensive income/(loss) for the 10,142 8,973
period
161 63 48 Comprehensive income/(loss) attributable 224 77
to non-controlling interest
11,096 (1,178) 5,440 Comprehensive income/(loss) attributable 9,918 8,896
to Royal Dutch Shell plc shareholders
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEET
$ million
Jun 30, 2015 Mar 31, 2015 Dec 31, 2014
Assets
Non-current assets:
Intangible assets 6,779 6,852 7,076
Property, plant and equipment 192,633 189,263 192,472
Joint ventures and associates 32,284 31,643 31,558
Investments in securities 3,854 3,952 4,115
Deferred tax 7,969 8,439 8,131
Retirement benefits 3,892 1,912 1,682
Trade and other receivables 8,522 8,240 8,304
255,933 250,301 253,338
Current assets:
Inventories 22,485 19,968 19,701
Trade and other receivables 50,929 51,696 58,470
Cash and cash equivalents 26,981 19,867 21,607
100,395 91,531 99,778
Total assets 356,328 341,832 353,116
Liabilities
Non-current liabilities:
Debt 45,575 35,703 38,332
Trade and other payables 4,877 4,769 3,582
Deferred tax 11,676 10,240 12,052
Retirement benefits 12,642 17,642 16,318
Decommissioning and other provisions 25,055 25,154 23,834
99,825 93,508 94,118
Current liabilities:
Debt 7,366 8,137 7,208
Trade and other payables 56,424 55,761 64,864
Taxes payable 10,362 11,705 9,797
Retirement benefits 367 361 377
Decommissioning and other provisions 3,976 3,538 3,966
78,495 79,502 86,212
Total liabilities 178,320 173,010 180,330
Equity attributable to Royal Dutch Shell plc 176,787 167,960 171,966
shareholders
Non-controlling interest 1,221 862 820
Total equity 178,008 168,822 172,786
Total liabilities and equity 356,328 341,832 353,116
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
$ million Share Shares Other Retained Total Non-controlling Total
capital held in reserves earnings interest equity
trust
At January 1, 2015 540 (1,190) (14,365) 186,981 171,966 820 172,786
Comprehensive income - - 1,502 8,416 9,918 224 10,142
for the period
Capital contributions - - - (98) (98) 222 124
from, and other changes
in, non-controlling
interest
Dividends paid - - - (5,957) (5,957) (45) (6,002)
Scrip dividends1 2 - (2) 731 731 - 731
Repurchases of shares2 (1) - 1 1 1 - 1
Shares held in trust: - 634 - 39 673 - 673
net sales and dividends
received
Share-based - - (421) (26) (447) - (447)
compensation
At June 30, 2015 541 (556) (13,285) 190,087 176,787 1,221 178,008
At January 1, 2014 542 (1,932) (2,037) 183,474 180,047 1,101 181,148
Comprehensive income - - (920) 9,816 8,896 77 8,973
for the period
Capital contributions - - - 3 3 (7) (4)
from, and other changes
in, non-controlling
interest
Dividends paid - - - (5,862) (5,862) (73) (5,935)
Scrip dividends1 6 - (6) 2,399 2,399 - 2,399
Repurchases of shares2 (4) - 4 (1,028) (1,028) - (1,028)
Shares held in trust: - 809 - 56 865 - 865
net sales and dividends
received
Share-based - - (305) - (305) - (305)
compensation
At June 30, 2014 544 (1,123) (3,264) 188,858 185,015 1,098 186,113
1 Under the Scrip Dividend Programme some 23.4 million A shares, equivalent to
$0.7 billion, were issued during the first half year 2015 and some 64.6 million
A shares, equivalent to $2.4 billion, were issued during the first half year
2014.
2 Includes shares committed to repurchase and repurchases subject to settlement
at the end of the quarter.
Notes 1 to 6 are an integral part of these unaudited Condensed Consolidated
Interim Financial Statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Quarters $ million Half year
Q2 2015 Q1 2015 Q2 2014 2015 2014
Cash flow from operating activities
4,114 4,537 5,345 Income for the period 8,651 9,887
Adjustment for:
1,753 2,947 4,336 - Current taxation 4,700 8,736
395 303 468 - Interest expense (net) 698 846
4,673 4,604 7,355 - Depreciation, depletion and 9,277 14,779
amortisation
(247) (1,612) (2,203) - Net losses/(gains) on sale of (1,859) (2,162)
non-current assets and businesses
(1,588) (372) (2,335) - Decrease/(increase) in working (1,960) (1,460)
capital
(1,136) (1,405) (1,716) - Share of loss/(profit) of joint (2,541) (3,786)
ventures and associates
1,071 1,077 1,768 - Dividends received from joint 2,148 3,275
ventures and associates
(90) (1,503) (396) - Deferred taxation, retirement (1,593) (704)
benefits, decommissioning
and other provisions
255 94 399 - Other 349 928
9,200 8,670 13,021 Net cash from operating activities 17,870 30,339
(pre-tax)
(3,150) (1,564) (4,380) Taxation paid (4,714) (7,714)
6,050 7,106 8,641 Net cash from operating activities 13,156 22,625
- More to follow, for following part double click ID:nPRrU5759bRecent news on Shell
See all newsREG - Allianz Global Invs - Top 10 Holdings
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Transaction in Own Shares
AnnouncementREG-Shell announces commencement of a share buyback programme
Announcement