REG-Royal Dutch Shell: 3rd Quarter 2015 Unaudited Results <Origin Href="QuoteRef">RDSa.L</Origin> - Part 1
29/10/2015 07:00
ROYAL DUTCH SHELL PLC
3RD QUARTER 2015 UNAUDITED RESULTS
* Royal Dutch Shell's third quarter 2015 earnings, on a current cost of
supplies (CCS) basis (see Note 2), were a loss of $6.1 billion compared
with a gain of $5.3 billion for the same quarter a year ago.
* Third quarter 2015 CCS earnings included identified items of $7.9 billion.
* Third quarter 2015 CCS earnings excluding identified items (see page 5)
were $1.8 billion compared with $5.8 billion for the third quarter of 2014,
a decrease of 70%. Earnings were impacted by non-cash charges of some $1.0
billion related to adverse currency exchange rate effects on deferred tax
positions and financing items which were not included as identified items.
* Compared with the third quarter 2014, CCS earnings excluding identified
items included improved Downstream and lower Upstream results. In
Downstream, earnings benefited from steps taken by Shell to improve
financial performance and from higher realised refining margins. Upstream
earnings were negatively impacted by lower oil and gas prices, partly
offset by lower costs, increased production volumes and improved
operational performance.
* Basic CCS earnings per share excluding identified items decreased by 70%
versus the third quarter 2014.
* Cash flow from operating activities for the third quarter 2015 was $11.2
billion, compared with $12.8 billion for the same quarter last year.
Excluding working capital movements, cash flow from operating activities
for the third quarter 2015 was $5.3 billion, compared with $11.1 billion
for the third 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 third
quarter.
* Gearing at the end of the third quarter 2015 was 12.7%.
* A third 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 Nine months
Q3 2015 Q2 Q3 %1 2015 2014 %
2015 2014
(7,416) 3,986 4,463 -266 Income/(loss) attributable to Royal 1,000 14,279 -93
Dutch Shell plc shareholders
1,296 (625) 803 Current cost of supplies (CCS) 1,002 599
adjustment for Downstream
(6,120) 3,361 5,266 -216 CCS earnings 2,002 14,878 -87
(7,890) (474) (581) Identified items2 (6,849) (4,422)
1,770 3,835 5,847 -70 CCS earnings excluding identified 8,851 19,300 -54
items
Of which:
(425) 1,037 4,343 Upstream 1,287 14,775
2,617 2,961 1,793 Downstream 8,224 4,715
(422) (163) (289) Corporate and Non-controlling (660) (190)
interest
11,231 6,050 12,811 -12 Cash flow from operating activities 24,387 35,436 -31
(0.97) 0.53 0.83 -217 Basic CCS earnings per share ($) 0.32 2.36 -86
(1.94) 1.06 1.66 Basic CCS earnings per ADS ($) 0.64 4.72
0.28 0.61 0.92 -70 Basic CCS earnings per share excl. 1.40 3.06 -54
identified items ($)
0.56 1.22 1.84 Basic CCS earnings per ADS excl. 2.80 6.12
identified items ($)
0.47 0.47 0.47 - Dividend per share ($) 1.41 1.41 -
0.94 0.94 0.94 Dividend per ADS ($) 2.82 2.82
1 Q3 on Q3 change
2 See page 5
Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:
"Shell's integrated business and our performance drive are helping to mitigate
the impact of low oil prices on the bottom line, in what is a difficult
environment for the industry today.
We continue to improve the operational performance of our assets, and
production volumes are up. Costs are falling across the company and Shell's
performance drive is delivering at the bottom line.
Our financial framework is highly competitive, with balance sheet gearing at
12.7%, similar to year ago levels, despite a halving of oil prices. Both net
investments and dividends have been covered by operating cash flow over the
last year, when oil prices have averaged $60 per barrel.
While our cash flow and our operating performance in the quarter were strong,
the headline numbers we're reporting today include substantial charges. These
charges reflect both a lower oil and gas price outlook and the firm steps we
are taking to review and reduce Shell's longer-term option set.
We have halted exploration activities offshore Alaska, and stopped the
construction of the Carmon Creek in-situ oil project in Canada.
These are difficult, but impactful decisions. I am determined that Shell will
become a more focused and competitive company as a result.
The BG deal, which remains on track for completion in early 2016, is a
springboard to focus Shell into fewer and more profitable themes, especially
deep water and integrated gas."
THIRD QUARTER 2015 PORTFOLIO DEVELOPMENTS
Upstream
In Canada, Shell announced that it will not continue construction of the 80
thousand barrels of oil equivalent per day ("boe/d") Carmon Creek thermal
in-situ project (Shell interest 100%). Shell originally sanctioned the project
in October 2013 and announced in March 2015 that the project would be re-phased
to take advantage of the market downturn to optimise design and retender
certain contracts. After careful review of the potential design options,
updated costs, and the company's capital priorities, Shell's view is that this
project does not rank in its portfolio at this time. The project SEC Proved
Reserves estimated at 418 million barrels bitumen at end 2014 will be de-booked
and the project estimated recoverable petroleum resources will be classified as
Contingent Resources.
In Malaysia, Shell announced that with the expiry of the Malaysia LNG Dua
production-sharing contract ("PSC") on August 21, 2015, Shell has handed over
its operatorship and 50% interest to PETRONAS. In 2014, Shell share of gas
production from fields under the Malaysia LNG Dua PSC was 62 thousand boe/d.
In the United States, Shell completed the sale of its 49% equity interest in
Elba Liquefaction Company, LLC, owner of the Elba Liquefaction Project, to
Kinder Morgan, Inc. Once operational, Shell will retain 100% of the off-take
capacity of the project, which is proposed to be constructed and operated at
the existing Elba Island LNG terminal.
Offshore Alaska during the quarter, Shell drilled the Burger J well to target
depth as planned. The well is considered a dry-hole, with minor oil and gas
shows, and the result renders the Burger Prospect as uneconomic. This, combined
with the current economic and regulatory environment, has led Shell to cease
further exploration activity offshore Alaska for the foreseeable future.
Shell's leases in the Chukchi Sea do not expire until 2020 and in the Beaufort
Sea until 2017 and 2019. Recently, the US Government has denied our request for
a suspension of operations, which would have extended the expiration date of
these leases. We are considering our options in order to protect the remaining
value of our assets and leases.
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 boe/d.
In Shell's heartlands exploration programme there were successful appraisals of
the Kaikias oil discovery (Shell interest 100%) and the Powernap oil discovery
(Shell interest 50%) in the United States Gulf of Mexico.
Shell had continued success with near-field exploration discoveries in Brunei,
Malaysia, Oman and the United Kingdom.
In October, Shell Nigeria Exploration and Production Company Ltd announced the
first production from the Bonga Phase 3 project (Shell interest 55%). Bonga
Phase 3 is an expansion of the Bonga Main development, with peak production
expected to be some 50 thousand boe/d. The oil will be transported through
existing pipelines to the Bonga floating production, storage and offloading
facility, which has the capacity to produce more than 200 thousand barrels of
oil and 150 million standard cubic feet of gas per day.
Downstream
During the quarter in China, Shell announced that it has reached an agreement
to sell its 75% interest in Tongyi Lubricants to Huo's Group and The Carlyle
Group. The transaction has received regulatory approval and is expected to
complete in 2015.
In Japan, Shell reached an agreement with Idemitsu for the sale of 125,261,200
shares in Showa Shell Sekiyu KK, representing a 33.24% shareholding in the
company, for a total consideration of JPY 169 billion (approximately $1.4
billion). Shell will retain a 1.8% holding in the company and continues to
license its brand to Showa Shell for use in its retail business. The
transaction is expected to complete in 2016, subject to obtaining regulatory
approval.
In October, Shell completed the sale of its retail, commercial fuels, and
supply and distribution logistics businesses in Norway to ST1 Nordic Oy. The
Shell brand will continue to be highly visible in Norway through a retail brand
licence agreement, and Shell fuels and lubricants will continue to be sold at
the 404 retail sites which have transferred to ST1's ownership. In addition,
Shell has entered into a joint venture with ST1 to sell aviation fuel in
Norway.
KEY FEATURES OF THE THIRD QUARTER 2015
* Third quarter 2015 CCS earnings (see Note 2) were a loss of $6,120 million,
216% lower than for the same quarter a year ago.
* Third quarter 2015 CCS earnings excluding identified items (see page 5) were
$1,770 million compared with $5,847 million for the third quarter 2014, a
decrease of 70%. Earnings were impacted by non-cash charges of some $1.0
billion related to adverse currency exchange rate effects on deferred tax
positions and financing items which were not included as identified items.
* Third quarter 2015 CCS earnings excluding identified items included improved
Downstream and lower Upstream results. In Downstream, earnings benefited from
steps taken by Shell to improve financial performance and from higher realised
refining margins. Upstream earnings were negatively impacted by lower oil and
gas prices, partly offset by lower costs, increased production volumes and
improved operational performance.
* Basic CCS earnings per share decreased by 217% versus the same quarter a year
ago.
* Basic CCS earnings per share excluding identified items decreased by 70%
versus the same quarter a year ago.
* Cash flow from operating activities for the third quarter 2015 was $11.2
billion, compared with $12.8 billion for the same quarter last year. Excluding
working capital movements, cash flow from operating activities for the third
quarter 2015 was $5.3 billion, compared with $11.1 billion for the same quarter
last year.
* Capital investment (see Note B) for the third quarter 2015 was $7.1 billion
and divestment proceeds were $1.0 billion.
* Total dividends distributed to Royal Dutch Shell plc shareholders in the
third quarter 2015 were $3.0 billion, of which $0.7 billion were settled by
issuing some 23.9 million A shares under the Scrip Dividend Programme for the
second quarter 2015 dividend.
* Return on average capital employed on a reported income basis (see Note C)
was 1.0% at the end of the third quarter 2015 compared with 7.7% at the end of
the third quarter 2014.
* Gearing (see Note D) was 12.7% at the end of the third quarter 2015 versus
11.7% at the end of the third quarter 2014.
* Oil and gas production for the third quarter 2015 was 2,880 thousand boe/d,
an increase of 3% compared with the third quarter 2014. Excluding the impact of
divestments, curtailment and underground storage reinjection at NAM in the
Netherlands, a Malaysia PSC expiry, PSC price effects, and security impacts in
Nigeria, third quarter 2015 production was 9% higher than for the same period
last year.
* Equity sales of LNG of 5.31 million tonnes for the third quarter 2015 were 7%
lower than for the same quarter a year ago.
* Oil products sales volumes for the third quarter 2015 were 5% higher than for
the third quarter 2014. Chemicals sales volumes for the third quarter 2015 were
in line with the same quarter a year ago.
* Supplementary financial and operational disclosure for the third quarter 2015
is available at www.shell.com/investor.
SUMMARY OF IDENTIFIED ITEMS
Earnings for the third quarter 2015 reflected the following items, which in
aggregate amounted to a net charge of $7,890 million (compared with a net
charge of $581 million for the third quarter 2014), as summarised in the table
below:
* Upstream earnings included a net charge of $8,218 million, mainly related to
management decisions to halt longer-term projects and a downward revision to
the oil and gas price outlook. This net charge included $4,616 million related
to impairments, redundancy and restructuring, and other items such as contract
provisions and well write-offs associated with management's decision to cease
Alaska drilling activities for the foreseeable future and the Carmon Creek
project. Charges for Alaska were $2,584 million, which included $755 million
associated with well write-offs, and charges for Carmon Creek were $2,032
million. The net charge also reflected impairment charges of $3,689 million
triggered by the downward revision of the long-term oil and gas price outlook.
This includes $2,312 million related to North America shale gas properties.
Upstream earnings for the third quarter 2014 included a net charge of $394
million.
* Downstream earnings included a net charge of $136 million, primarily
reflecting a tax charge of $115 million relating to the transfer of assets to
Shell Midstream Partners, L.P., impairments of $103 million and redundancy and
restructuring costs of $25 million, partly offset by divestment gains of $66
million and the net impact of fair value accounting of commodity derivatives of
$41 million. Downstream earnings for the third quarter 2014 included a net
charge of $192 million.
* Corporate results and Non-controlling interest included a net gain of $464
million, mainly reflecting a gain on the divestment of an office building in
the United Kingdom. Earnings for the third quarter 2014 included a net gain of
$5 million.
SUMMARY OF IDENTIFIED ITEMS
Quarters $ million Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
Segment earnings impact of
identified items:
(8,218) (263) (394) Upstream (6,617) (1,579)
(136) (215) (192) Downstream (483) (2,848)
464 4 5 Corporate and Non-controlling 251 5
interest
(7,890) (474) (581) Earnings impact (6,849) (4,422)
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 A)
* Redundancy and restructuring
Further items may be identified in addition to the above.
EARNINGS BY BUSINESS SEGMENT
UPSTREAM
Quarters $ million Nine months
Q3 2015 Q2 2015 Q3 2014 %1 2015 2014 %
(425) 1,037 4,343 -110 Upstream earnings excluding 1,287 14,775 -91
identified items
(8,643) 774 3,949 -319 Upstream earnings (5,330) 13,196 -140
4,044 2,092 8,854 -54 Upstream cash flow from operating 10,265 26,848 -62
activities
5,848 5,916 7,023 -17 Upstream capital investment 17,707 23,782 -26
1,528 1,432 1,429 +7 Liquids production available for 1,501 1,469 +2
sale (thousand b/d)
7,837 7,534 7,892 -1 Natural gas production available for 8,258 9,082 -9
sale (million scf/d)
2,880 2,731 2,790 +3 Total production available for sale 2,925 3,035 -4
(thousand boe/d)
5.31 5.46 5.68 -7 Equity sales of LNG (million tonnes) 16.94 17.77 -5
1 Q3 on Q3 change
Third quarter Upstream earnings excluding identified items were a loss of $425
million compared with a gain of $4,343 million a year ago. Identified items
were a net charge of $8,218 million, compared with a net charge of $394 million
for the third quarter 2014 (see page 5).
Compared with the third quarter 2014, earnings excluding identified items were
impacted by the significant decline in oil and gas prices, increased taxation
and higher well write-offs. Earnings benefited from lower costs including
favourable exchange rate effects and divestments, and increased production
volumes primarily from new deep-water projects and improved operational
performance.
Compared with the third quarter 2014, the weakening of the Australian dollar
and Brazilian real reduced earnings by some $101 million and $133 million
respectively. The impact of these items in the third quarter 2015 was some $761
million after tax, compared with an impact of some $527 million after tax in
the same period a year ago.
Upstream Americas excluding identified items incurred a loss.
Global liquids realisations were 51% lower than for the third quarter 2014.
Global natural gas realisations were 18% lower than for the same quarter a year
ago, with a 41% decrease in the Americas and a 14% decrease outside the
Americas.
Third quarter 2015 production was 2,880 thousand boe/d compared with 2,790
thousand boe/d a year ago. Liquids production increased by 7% and natural gas
production decreased by 1% compared with the third quarter 2014. Excluding the
impact of divestments, curtailment and underground storage reinjection at NAM
in the Netherlands, a Malaysia PSC expiry, PSC price effects, and security
impacts in Nigeria, third quarter 2015 production was 9% higher than for the
same period last year. Underlying production was driven by increased liquids
production in the Americas, and improved operational performance, particularly
Pearl GTL and Malaysia.
New field start-ups and the continuing ramp-up of existing fields, in
particular Cardamom and Mars B in the Americas and Bonga NW in Nigeria,
contributed some 116 thousand boe/d to production for the third quarter 2015,
which more than offset the impact of field declines.
Equity LNG sales volumes of 5.31 million tonnes decreased by 7% compared with
the same quarter a year ago, mainly reflecting the expiry of the Malaysia LNG
Dua JVA.
DOWNSTREAM
Quarters $ million Nine months
Q3 2015 Q2 2015 Q3 2014 %1 2015 2014 %
2,617 2,961 1,793 +46 Downstream CCS earnings excluding 8,224 4,715 +74
identified items
2,481 2,746 1,601 +55 Downstream CCS earnings 7,741 1,867 +315
6,605 3,816 3,187 +107 Downstream cash flow from operating 11,975 6,594 +82
activities
1,211 1,085 1,426 -15 Downstream capital investment 3,145 3,812 -17
2,776 2,944 2,896 -4 Refinery processing intake (thousand 2,863 2,965 -3
b/d)
6,586 6,531 6,295 +5 Oil products sales volumes (thousand 6,478 6,355 +2
b/d)
4,452 4,326 4,441 - Chemicals sales volumes (thousand 12,970 13,113 -1
tonnes)
1 Q3 on Q3 change
Third quarter Downstream earnings excluding identified items were $2,617
million compared with $1,793 million for the third quarter 2014. Identified
items were a net charge of $136 million, compared with a net charge of $192
million for the third quarter 2014 (see page 5).
Compared with the third quarter 2014, Downstream earnings excluding identified
items benefited from higher realised refining margins, reflecting the industry
environment. Earnings also benefited from lower costs, including favourable
exchange rate effects overall and divestments, and lower taxation. This was
partly offset by the negative impact of exchange rate effects in marketing,
despite stronger underlying performance. Contributions from Chemicals increased
mainly as a result of improved intermediates industry conditions.
Refinery intake volumes were 4% lower compared with the same quarter last year.
Excluding portfolio impacts, refinery intake volumes were 3% lower compared
with the same period a year ago. Refinery availability was 89%, compared with
92% for the third quarter 2014.
Oil products sales volumes increased by 5% compared with the same period a year
ago, mainly reflecting higher trading volumes.
Chemicals sales volumes were in line with the same quarter last year. Chemicals
manufacturing plant availability decreased to 88% from 90% for the third
quarter 2014, reflecting downtime at the Moerdijk chemical site in the
Netherlands.
CORPORATE AND NON-CONTROLLING INTEREST
Quarters $ million Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
(422) (163) (289) Corporate and Non-controlling interest (660) (190)
excl. identified items
Of which:
(355) (69) (306) Corporate (378) (129)
(67) (94) 17 Non-controlling interest (282) (61)
42 (159) (284) Corporate and Non-controlling interest (409) (185)
Third quarter Corporate results and Non-controlling interest excluding
identified items were a loss of $422 million, compared with a loss of $289
million for the same period last year. Identified items for the third quarter
2015 were a net gain of $464 million, whereas earnings for the third quarter
2014 included a net gain of $5 million (see page 5).
Compared with the third quarter 2014, Corporate results excluding identified
items mainly reflected adverse currency exchange rate effects, which in the
third quarter were $362 million, and higher net interest expense, partly offset
by a higher tax credit.
Compared with the third quarter 2014, earnings benefited from the impact of the
weakening Brazilian real on deferred tax positions in Upstream by some $143
million. The impact of this on the third quarter 2015 earnings excluding
identified items was a gain of some $155 million after tax, compared with a $12
million gain in the same period a year ago.
OPERATIONAL OUTLOOK FOR THE FOURTH QUARTER 2015
Compared with the fourth quarter 2014, Upstream earnings are expected to be
impacted by some 50 thousand boe/d as a result of divestments, some 30 thousand
boe/d related to a Malaysia PSC expiry and some 40 thousand boe/d associated
with the impact of curtailment and underground storage reinjection at NAM. The
impact of maintenance is expected to be lower by some 25 thousand boe/d.
Refinery availability is expected to decline in the fourth quarter 2015 as a
result of higher turnaround activity and increased maintenance compared with
the same period a year ago. Chemicals manufacturing plant availability is
expected to increase in the fourth quarter 2015 as the Moerdijk chemical site
in the Netherlands continues to recover.
FORTHCOMING EVENTS
Fourth quarter 2015 results and fourth quarter 2015 dividend are scheduled to
be announced on February 4, 2016. First quarter 2016 results and first quarter
2016 dividend are scheduled to be announced on April 28, 2016. Second quarter
2016 results and second quarter 2016 dividend are scheduled to be announced on
July 28, 2016. Third quarter 2016 results and third quarter 2016 dividend are
scheduled to be announced on October 27, 2016.
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters $ million Nine months
Q3 2015 Q2 2015 Q3 2014 %1 2015 2014 %
68,706 72,402 107,851 Revenue 206,814 328,731
193 1,136 1,512 Share of profit of joint 2,734 5,298
ventures and associates
285 412 462 Interest and other income 2,432 3,149
69,184 73,950 109,825 Total revenue and other income 211,980 337,178
51,612 52,441 84,507 Purchases 151,478 253,638
7,419 6,506 7,555 Production and manufacturing 20,580 22,573
expenses
2,896 3,076 3,350 Selling, distribution and 8,866 10,539
administrative expenses
291 252 302 Research and development 796 859
3,406 964 846 Exploration 5,170 2,901
12,156 4,673 4,730 Depreciation, depletion and 21,433 19,508
amortisation
527 466 417 Interest expense 1,369 1,374
(9,123) 5,572 8,118 -212 Income/(loss) before taxation 2,288 25,786 -91
(1,730) 1,458 3,693 Taxation 1,030 11,474
(7,393) 4,114 4,425 -267 Income/(loss) for the period 1,258 14,312 -91
23 128 (38) Income attributable to 258 33
non-controlling interest
(7,416) 3,986 4,463 -266 Income/(loss) attributable to 1,000 14,279 -93
Royal Dutch Shell plc
shareholders
1 Q3 on Q3 change
EARNINGS PER SHARE
Quarters $ Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
(1.17) 0.63 0.70 Basic earnings per share 0.16 2.26
(1.16) 0.62 0.70 Diluted earnings per share 0.16 2.26
SHARES1
Quarters Millions Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
Weighted average number of shares
as the basis for:
6,327.7 6,304.6 6,333.8 Basic earnings per share 6,308.3 6,315.0
6,396.9 6,383.9 6,334.1 Diluted earnings per share 6,386.0 6,315.3
6,348.4 6,325.2 6,320.3 Shares outstanding at the end of 6,348.4 6,320.3
the period
1 Royal Dutch Shell plc ordinary shares of €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 Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
(7,393) 4,114 4,425 Income/(loss) for the period 1,258 14,312
Other comprehensive income net of
tax:
Items that may be reclassified to
income in later periods:
(3,341) 1,668 (2,963) * Currency translation differences (5,872) (2,923)
(324) (129) (83) * Unrealised gains/(losses) on (588) (237)
securities
139 133 (10) * Cash flow hedging gains/(losses) 263 (9)
19 (25) (68) * Share of other comprehensive 1 (70)
income/(loss) of joint ventures
and associates
(3,507) 1,647 (3,124) Total (6,196) (3,239)
Items that are not reclassified to
income in later periods:
(2,369) 5,496 (2,672) * Retirement benefits 1,811 (3,471)
remeasurements
(5,876) 7,143 (5,796) Other comprehensive income/(loss) for (4,385) (6,710)
the period
(13,269) 11,257 (1,371) Comprehensive income/(loss) for the (3,127) 7,602
period
(53) 161 (104) Comprehensive income/(loss) 171 (27)
attributable to non-controlling
interest
(13,216) 11,096 (1,267) Comprehensive income/(loss) (3,298) 7,629
attributable 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
Sep 30, 2015 Jun 30, 2015 Sep 30, 2014
Assets
Non-current assets:
Intangible assets 6,300 6,779 7,135
Property, plant and equipment 181,681 192,633 190,842
Joint ventures and associates 30,940 32,284 33,316
Investments in securities 3,573 3,854 4,592
Deferred tax 10,258 7,969 7,465
Retirement benefits 2,366 3,892 2,405
Trade and other receivables 8,331 8,522 8,255
243,449 255,933 254,010
Current assets:
Inventories 19,276 22,485 27,318
Trade and other receivables 49,130 50,929 59,056
Cash and cash equivalents 31,846 26,981 19,027
100,252 100,395 105,401
Total assets 343,701 356,328 359,411
Liabilities
Non-current liabilities:
Debt 50,438 45,575 37,065
Trade and other payables 4,510 4,877 3,735
Deferred tax 9,935 11,676 12,970
Retirement benefits 14,557 12,642 14,064
Decommissioning and other provisions 25,110 25,055 22,156
104,550 99,825 89,990
Current liabilities:
Debt 5,149 7,366 5,917
Trade and other payables 55,230 56,424 65,741
Taxes payable 10,378 10,362 13,181
Retirement benefits 359 367 364
Decommissioning and other provisions 5,553 3,976 3,226
76,669 78,495 88,429
Total liabilities 181,219 178,320 178,419
Equity attributable to Royal Dutch Shell 161,348 176,787 180,002
plc shareholders
Non-controlling interest 1,134 1,221 990
Total equity 162,482 178,008 180,992
Total liabilities and equity 343,701 356,328 359,411
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 reserves Retained Total Non-controlling Total
capital held in earnings interest equity
trust
At January 1, 2015 540 (1,190) (14,365) 186,981 171,966 820 172,786
Comprehensive income/ (4,298) 1,000 (3,298) 171 (3,127)
(loss) - -
for the period
Capital contributions (90) (90) 215 125
from, and other - - -
changes
in, non-controlling
interest
Dividends paid - - (8,987) (8,987) (72) (9,059)
-
Scrip dividends1 4 - (4) 1,399 1,399 - 1,399
Repurchases of (1) - 1 1 1 - 1
shares2
Shares held in trust: 624 50 674 674
net sales and - - -
dividends received
Share-based - - (289) (28) (317) - (317)
compensation
At September 30, 2015 543 (566) (18,955) 180,326 161,348 1,134 162,482
At January 1, 2014 542 (1,932) (2,037) 183,474 180,047 1,101 181,148
Comprehensive income/ - - (6,650) 14,279 7,629 (27) 7,602
(loss) for the period
Capital contributions - - - 3 3 (7) (4)
from, and other
changes
in, non-controlling
interest
Dividends paid - - - (8,856) (8,856) (77) (8,933)
Scrip dividends1 6 - (6) 2,399 2,399 - 2,399
Repurchases of (5) 5 (2,010) (2,010) - (2,010)
shares2 -
Shares held in trust: - 807 - 77 884 - 884
net sales and
dividends received
Share-based - - (122) 28 (94) - (94)
compensation
At September 30, 2014 543 (1,125) (8,810) 189,394 180,002 990 180,992
1 Under the Scrip Dividend Programme some 47.3 million A shares, equivalent to
$1.4 billion, were issued during the first nine months 2015 and some 64.6
million A shares, equivalent to $2.4 billion, were issued during the first nine
months 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 Nine months
Q3 2015 Q2 2015 Q3 2014 2015 2014
Cash flow from operating activities
(7,393) 4,114 4,425 Income/(loss) for the period 1,258 14,312
Adjustment for:
1,146 1,753 2,691 - Current taxation 5,846 11,427
426 395 377 - Interest expense (net) 1,124 1,223
12,156 4,673 4,729 - Depreciation, depletion and 21,433 19,508
amortisation
(493) (247) (78) - Net losses/(gains) on sale of (2,352) (2,240)
non-current assets and businesses
5,883 (1,588) 1,741 - Decrease/(increase) in working 3,923 281
capital
(193) (1,136) (1,512) - Share of loss/(profit) of joint (2,734) (5,298)
ventures and associates
1,039 1,071 2,096 - Dividends received from joint 3,187 5,371
ventures and associates
(2,407) (90) 689 - Deferred taxation, retirement (4,000) (15)
benefits, decommissioning
and other provisions
2,302 255 572 - Other 2,651 1,500
12,466 9,200 15,730 Net cash from operating activities 30,336 46,069
(pre-tax)
(1,235) (3,150) (2,919) Taxation paid (5,949) (10,633)
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