$ million | euro million | £ million | ||||||||||||||||||||||||||||||||||
2008 | 2007 | % | 2008 | 2007 | % | 2008 | 2007 | % | ||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||||||||||
81,073 | 106,703 | -24 | Fourth quarter |
61,615 | 73,710 | -16 | 51,635 | 52,146 | -1 | |||||||||||||||||||||||||||
458,361 | 355,782 | Full year |
313,336 | 260,041 | 249,898 | 177,784 | ||||||||||||||||||||||||||||||
Income attributable to shareholders |
||||||||||||||||||||||||||||||||||||
(2,810 | ) | 8,467 | -133 | Fourth quarter |
(2,136 | ) | 5,849 | -137 | (1,790 | ) | 4,138 | -143 | ||||||||||||||||||||||||
26,277 | 31,331 | Full year |
17,963 | 22,900 | 14,326 | 15,656 | ||||||||||||||||||||||||||||||
CCS Earnings |
||||||||||||||||||||||||||||||||||||
4,785 | 6,684 | -28 | Fourth quarter |
3,637 | 4,617 | -21 | 3,048 | 3,266 | -7 | |||||||||||||||||||||||||||
31,366 | 27,564 | Full year |
21,442 | 20,147 | 17,101 | 13,774 | ||||||||||||||||||||||||||||||
Total Equity |
||||||||||||||||||||||||||||||||||||
128,866 | 125,968 | +2 | Fourth quarter |
91,456 | 85,633 | +7 | 89,149 | 63,097 | +41 | |||||||||||||||||||||||||||
Capital Investment |
||||||||||||||||||||||||||||||||||||
9,154 | 8,524 | +7 | Fourth quarter |
6,957 | 5,888 | +18 | 5,830 | 4,166 | +40 | |||||||||||||||||||||||||||
38,444 | 27,072 | Full year |
26,280 | 19,787 | 20,960 | 13,528 |
Q4 | Q3 | Q4 | ||||||||||
Per ordinary share | 2008 | 2008 | 2007 | |||||||||
Royal Dutch Shell plc |
$(0.44) | 1.37 | 1.36 | |||||||||
euro (0.35) | 0.91 | 0.94 | ||||||||||
pence(29.23) | 72.67 | 66.47 |
1. | The exchange rates used in the quarterly translation are the average rates, except in the case of total equity where the end rate is used. The exchange rates used in the full year translation are the yearly average rates, except in the case of total equity where the end rate is used: |
euro/$ | £/$ | |||||||||||||||
2008 | 2007 | 2008 | 2007 | |||||||||||||
Fourth quarter average rate |
0.7600 | 0.6908 | 0.6369 | 0.4887 | ||||||||||||
Fourth quarter end rate |
0.7097 | 0.6798 | 0.6918 | 0.5009 | ||||||||||||
Yearly average rate |
0.6836 | 0.7309 | 0.5452 | 0.4997 |
2. | CCS earnings is earnings on an estimated current cost of supplies basis. | |
3. | Capital investment is capital expenditure, exploration expenses excluding the cost of carrying and retaining unproven properties and the costs of unsuccessful exploratory drilling, new investments in equity accounted investments and certain other investments. | |
4. | Earnings per share calculations are explained in the notes to the Quarterly Results Announcement. | |
5. | Previous periods are adjusted for discontinued operations. |
By: | Michiel Brandjes /s/ | |||
Name: | Michiel Brandjes | |||
Title: | Company Secretary | |||
| Royal Dutch Shells fourth quarter 2008 earnings, on a current cost of supplies (CCS) basis, were $4.8 billion compared to $6.7 billion a year ago. Basic CCS earnings per share decreased by 27% versus the same quarter a year ago. | |
| Full year 2008 CCS earnings were $31.4 billion compared to $27.6 billion for the full year 2007. Basic CCS earnings per share for the full year 2008 increased by 16% when compared to 2007. | |
| Cash flow from operating activities for the fourth quarter 2008 was $10.3 billion. Net capital investment for the quarter was $6.8 billion. Total cash returned to shareholders, in the form of dividends and share repurchases, was $2.7 billion. | |
| A fourth quarter 2008 dividend has been announced of $0.40 per share, an increase of 11% over the US dollar dividend for the same period in 2007. | |
| The first quarter 2009 dividend is expected to be declared at $0.42 per share, an increase of 5% compared to the first quarter 2008 US dollar dividend. |
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
(2,810 | ) | 8,448 | 8,467 | | Income attributable to shareholders |
26,277 | 31,331 | -16 | ||||||||||||||||||||
(7,595 | ) | (2,455 | ) | 1,783 | Less: Estimated CCS adjustment for Oil Products and Chemicals (see Note 2) |
(5,089 | ) | 3,767 | ||||||||||||||||||||
4,785 | 10,903 | 6,684 | -28 | CCS earnings |
31,366 | 27,564 | +14 | |||||||||||||||||||||
(0.44 | ) | 1.37 | 1.36 | | Basic earnings per share ($) |
4.27 | 5.00 | -15 | ||||||||||||||||||||
(1.22 | ) | (0.40 | ) | 0.29 | Less: Estimated CCS adjustment per share ($) |
(0.82 | ) | 0.60 | ||||||||||||||||||||
0.78 | 1.77 | 1.07 | -27 | Basic CCS earnings per share ($) |
5.09 | 4.40 | +16 | |||||||||||||||||||||
0.40 | 0.40 | 0.36 | +11 | Dividend per ordinary share ($) |
1.60 | 1.44 | +11 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 2
| Fourth quarter 2008 CCS earnings were $4,785 million, 28% lower than in the same quarter a year ago. Full year 2008 CCS earnings were $31,366 million, 14% higher than in 2007. | |
| Fourth quarter 2008 reported results were a loss of $2,810 million compared to earnings of $8,467 million in the same quarter a year ago, reflecting the impact of downstream net realised inventory effects as a consequence of applying the first-in, first-out (FIFO) inventory accounting method, under IFRS accounting rules. Full year 2008 reported income was $26,277 million, 16% lower than in 2007. | |
To facilitate a better understanding of the underlying business performance, the financial results are also analysed on an estimated current cost of supplies (CCS) basis as applied for the Downstream segments (see Note 2). | ||
| Basic CCS earnings per share decreased by 27% versus the same quarter a year ago. Full year 2008 basic CCS earnings per share increased 16% when compared to 2007. | |
| Total cash returned to shareholders in the form of dividends and share repurchases in the fourth quarter 2008 was $2.7 billion, bringing the total for the full year 2008 to $13.1 billion. | |
| Cash flow from operating activities was $10.3 billion compared to $5.3 billion for the same quarter last year. Full year 2008 cash flow from operating activities was $43.9 billion compared to $34.5 billion in 2007. | |
| Capital investment for the fourth quarter 2008 was $9.2 billion. Net capital investment (capital investment, less divestment proceeds) for the fourth quarter 2008 was $6.8 billion, bringing the total for the full year 2008 to some $32 billion, lower than previously planned, as divestment proceeds for the year exceeded prior expectations. Net capital investment for 2009 is expected to be in the range of $31 to $32 billion, balancing Shells commitments to projects under construction and growth, with the more challenging economic landscape in 2009. | |
| Return on average capital employed (ROACE), on a reported income basis (see Note 3), was 18.3%. | |
| Gearing was 7.5% at the end of the fourth quarter 2008 versus 7.9% at the end of the fourth quarter 2007. Gearing including certain off-balance sheet obligations was 23.1% at the end of the fourth quarter 2008 versus 16.6% at the end of the fourth quarter 2007 (see Note 5). | |
| Oil and gas production, including oil sands production, for the fourth quarter 2008 was 3,415 thousand barrels of oil equivalent per day (boe/d), essentially unchanged compared to the same quarter last year (3,436 thousand boe/d). New field start-ups and increased production from existing producing facilities offset natural field declines and the residual impact to production resulting from hurricane-related shut-ins in the USA during the third quarter 2008. Production in the fourth quarter 2008 excluding the impact of divestments, production sharing contracts (PSC) pricing effects, OPEC quota restrictions and hurricanes increased by 2% compared to the same quarter last year. | |
Full year 2008 oil and gas production, including oil sands production, was 3,248 thousand boe/d, compared to 3,315 thousand boe/d in 2007. Production for the full year 2008 excluding the impact of divestments, production sharing contracts (PSC) pricing effects, OPEC quota restrictions and hurricanes was in line with 2007. | ||
| Liquefied Natural Gas (LNG) sales volumes of 3.36 million tonnes were 1% higher than in the same quarter a year ago. Full year 2008 LNG sales were 13.05 million tonnes compared to 13.18 million tonnes in 2007. | |
| Oil Products refinery availability was 90%, compared to 94% in the fourth quarter 2007 (91% for the full year 2008 which is at the same level as in 2007). Chemicals manufacturing plant availability was 93%, unchanged from the fourth quarter 2007 (94% for the full year 2008 versus 93% in 2007). Oil Sands upgrader availability was 87%, 8% higher than in the same quarter last year (93% for the full year 2008 versus 89% in 2007). |
Royal Dutch Shell plc 3
| Oil Products marketing sales volumes in the fourth quarter 2008 decreased by 6% compared to the same quarter last year. Volumes were impacted by weaker global demand and, excluding the impact of divestments, decreased by 3%. Volumes for the full year 2008 decreased by 2% versus 2007 levels and were unchanged when excluding the impact of divestments. Chemical product sales volumes in the fourth quarter 2008 were impacted by weaker global demand and decreased by 20% compared to the fourth quarter 2007. Volumes for the full year 2008 decreased by 10% versus 2007 levels. |
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
3,710 | 5,501 | 4,867 | Exploration & Production |
20,235 | 14,686 | |||||||||||||||||||||||
981 | 2,774 | 631 | Gas & Power |
5,328 | 2,781 | |||||||||||||||||||||||
(30 | ) | 371 | 82 | Oil Sands |
941 | 582 | ||||||||||||||||||||||
582 | 2,304 | 876 | Oil Products (CCS basis) |
5,155 | 6,951 | |||||||||||||||||||||||
(19 | ) | 116 | 348 | Chemicals (CCS basis) |
156 | 1,682 | ||||||||||||||||||||||
(373 | ) | (43 | ) | (4 | ) | Corporate |
(69 | ) | 1,387 | |||||||||||||||||||
(66 | ) | (120 | ) | (116 | ) | Minority interest |
(380 | ) | (505 | ) | ||||||||||||||||||
4,785 | 10,903 | 6,684 | -28 | CCS earnings |
31,366 | 27,564 | +14 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 4
| Exploration & Production earnings included a net gain of $1,303 million, reflecting gains from divestments of $1,104 million and a gain of $261 million related to the mark-to-market valuation of certain UK gas contracts, which were partly offset by impairment charges of $62 million. Earnings for the fourth quarter 2007 included a net gain of $715 million. | |
| Gas & Power earnings included a charge of $55 million, reflecting an impairment of $44 million and a charge of $11 million related to the mark-to-market valuation of certain gas contracts. Earnings for the fourth quarter 2007 included a charge of $7 million. | |
| Oil Sands earnings for the fourth quarter 2007 included a gain of $94 million. | |
| Oil Products earnings included a net charge of $233 million, reflecting impairment charges of $312 million, which were partly offset by a divestment gain of $79 million. Earnings for the fourth quarter 2007 included a net gain of $177 million. | |
| Chemicals earnings included impairment charges of $22 million. Earnings for the fourth quarter 2007 included a net charge of $46 million. | |
| Corporate earnings included a charge of $96 million related to a provision on receivables. Earnings for the fourth quarter 2007 included a gain of $30 million. |
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
Segment earnings impact of identified items: |
||||||||||||||||||||
1,303 | 575 | 715 | Exploration & Production |
1,910 | 1,102 | |||||||||||||||
(55 | ) | 1,368 | (7 | ) | Gas & Power |
1,302 | 275 | |||||||||||||
| 25 | 94 | Oil Sands |
25 | 94 | |||||||||||||||
(233 | ) | 77 | 177 | Oil Products (CCS basis) |
25 | 327 | ||||||||||||||
(22 | ) | 18 | (46 | ) | Chemicals (CCS basis) |
(210 | ) | (28 | ) | |||||||||||
(96 | ) | | 30 | Corporate |
(96 | ) | 489 | |||||||||||||
| | | Minority interest |
| | |||||||||||||||
897 | 2,063 | 963 | CCS earnings impact |
2,956 | 2,259 |
Royal Dutch Shell plc 5
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
3,710 | 5,501 | 4,867 | -24 | Segment earnings |
20,235 | 14,686 | +38 | |||||||||||||||||||||
1,693 | 1,612 | 1,798 | -6 | Crude oil production (thousand b/d) |
1,693 | 1,818 | -7 | |||||||||||||||||||||
9,531 | 7,207 | 9,185 | +4 | Natural gas production available for sale (million scf/d) |
8,569 | 8,214 | +4 | |||||||||||||||||||||
3,336 | 2,854 | 3,381 | -1 | Barrels of oil equivalent (thousand boe/d) 2 |
3,170 | 3,234 | -2 |
1 | Q4 on Q4 change | |
2 | Excludes oil sands bitumen production |
Royal Dutch Shell plc 6
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
981 | 2,774 | 631 | +55 | Segment earnings |
5,328 | 2,781 | +92 | |||||||||||||||||||||
3.36 | 3.10 | 3.34 | +1 | LNG sales volumes (million tonnes) |
13.05 | 13.18 | -1 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 7
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
(30 | ) | 371 | 82 | | Segment earnings |
941 | 582 | +62 | ||||||||||||||||||||
79 | 77 | 55 | +44 | Bitumen production (thousand b/d) |
78 | 81 | -3 | |||||||||||||||||||||
112 | 97 | 97 | +15 | Sales volumes (thousand b/d) |
114 | 125 | -9 | |||||||||||||||||||||
87 | 96 | 79 | Upgrader availability (%) |
93 | 89 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 8
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
(6,416 | ) | (44 | ) | 2,556 | Segment earnings |
446 | 10,439 | |||||||||||||||||||||
(6,998 | ) | (2,348 | ) | 1,680 | Less: Estimated CCS adjustment (see Note 2) |
(4,709 | ) | 3,488 | ||||||||||||||||||||
582 | 2,304 | 876 | -34 | Segment CCS earnings |
5,155 | 6,951 | -26 | |||||||||||||||||||||
3,125 | 3,273 | 3,812 | -18 | Refinery intake (thousand b/d) |
3,388 | 3,779 | -10 | |||||||||||||||||||||
6,400 | 6,403 | 6,842 | -6 | Total Oil Products sales (thousand b/d) |
6,568 | 6,625 | -1 | |||||||||||||||||||||
90 | 88 | 94 | Refinery availability (%) |
91 | 91 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 9
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
(831 | ) | (79 | ) | 501 | Segment earnings |
(405 | ) | 2,051 | ||||||||||||||||||||
(812 | ) | (195 | ) | 153 | Less: Estimated CCS adjustment (see Note 2) |
(561 | ) | 369 | ||||||||||||||||||||
(19 | ) | 116 | 348 | | Segment CCS earnings |
156 | 1,682 | -91 | ||||||||||||||||||||
4,483 | 4,989 | 5,633 | -20 | Sales volumes (thousand tonnes) |
20,327 | 22,555 | -10 | |||||||||||||||||||||
93 | 86 | 93 | Manufacturing plant availability (%) |
94 | 93 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 10
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
(373 | ) | (43 | ) | (4 | ) | Segment earnings |
(69 | ) | 1,387 |
Quarters | Full Year | |||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
$/bbl | Realised oil prices Exploration & Production (period average) | $/bbl | ||||||||||||||||||
58.40 | 110.08 | 82.11 | World outside USA |
92.39 | 68.24 | |||||||||||||||
52.32 | 119.25 | 88.92 | USA |
95.01 | 66.49 | |||||||||||||||
57.60 | 111.18 | 82.96 | Global |
92.75 | 67.99 | |||||||||||||||
$/bbl | Realised oil prices Oil Sands (period average) | $/bbl | ||||||||||||||||||
47.26 | 113.90 | 71.45 | Canada |
88.98 | 61.97 | |||||||||||||||
$/thousand scf | Realised gas prices (period average) | $/thousand scf | ||||||||||||||||||
10.58 | 8.89 | 8.15 | Europe |
9.46 | 7.24 | |||||||||||||||
6.89 | 5.91 | 5.64 | World outside USA (including Europe) |
6.25 | 4.61 | |||||||||||||||
6.37 | 10.82 | 7.45 | USA |
9.61 | 7.23 | |||||||||||||||
6.80 | 6.77 | 6.00 | Global |
6.85 | 5.14 | |||||||||||||||
Oil and gas marker industry prices (period average) |
||||||||||||||||||||
55.48 | 115.15 | 88.35 | Brent ($/bbl) |
97.14 | 72.45 | |||||||||||||||
59.13 | 118.07 | 90.47 | WTI ($/bbl) |
99.72 | 72.16 | |||||||||||||||
52.83 | 117.88 | 89.00 | Edmonton Par ($/bbl) |
98.45 | 72.13 | |||||||||||||||
6.38 | 9.11 | 6.93 | Henry Hub ($/MMBtu) |
8.85 | 6.94 | |||||||||||||||
57.03 | 61.75 | 46.86 | UK National Balancing Point (pence/therm) |
58.06 | 30.01 | |||||||||||||||
88.11 | 129.15 | 82.80 | Japanese Crude Cocktail JCC ($/bbl)1 |
106.71 | 72.83 |
Quarters | Full Year | |||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
$/bbl | Refining marker industry gross margins (period average) | $/bbl | ||||||||||||||||||
8.60 | 8.25 | 10.60 | ANS US West Coast coking margin |
9.40 | 15.95 | |||||||||||||||
4.10 | 12.30 | 9.65 | WTS US Gulf Coast coking margin |
8.95 | 16.30 | |||||||||||||||
5.55 | 6.00 | 4.35 | Rotterdam Brent complex |
5.25 | 4.45 | |||||||||||||||
4.45 | 1.85 | 1.95 | Singapore 80/20 Arab light/Tapis complex |
3.00 | 2.80 | |||||||||||||||
$/tonne | Cracker industry margins (period average) | $/tonne | ||||||||||||||||||
547.00 | 460.00 | 334.00 | US ethane |
445.00 | 334.00 | |||||||||||||||
1,357.00 | 648.00 | 279.00 | Western Europe naphtha |
675.00 | 424.00 | |||||||||||||||
(30.00 | ) | 65.00 | (17.00 | ) | North East Asia naphtha |
17.00 | 216.00 |
1 | JCC prices for the fourth quarter and full year 2008 are based on available market data up to the end of October 2008. Prices for these periods will be updated when full market data are available. | |
2 | The refining and cracker industry margins shown above do not represent actual Shell realised margins for the periods. These are estimated industry margins based on available market information at the end of the quarter. |
Royal Dutch Shell plc 12
Quarters | Full Year | |||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
thousand b/d | Crude oil production | thousand b/d | ||||||||||||||||||||||||||
361 | 335 | 395 | Europe |
375 | 423 | |||||||||||||||||||||||
293 | 305 | 352 | Africa |
309 | 332 | |||||||||||||||||||||||
218 | 200 | 227 | Asia Pacific |
206 | 227 | |||||||||||||||||||||||
480 | 459 | 438 | Middle East, Russia, CIS |
450 | 433 | |||||||||||||||||||||||
264 | 231 | 310 | USA |
272 | 324 | |||||||||||||||||||||||
77 | 82 | 76 | Other Western Hemisphere |
81 | 79 | |||||||||||||||||||||||
1,693 | 1,612 | 1,798 | -6 | Total crude oil production excluding oil sands |
1,693 | 1,818 | -7 | |||||||||||||||||||||
79 | 77 | 55 | Bitumen production oil sands |
78 | 81 | |||||||||||||||||||||||
1,772 | 1,689 | 1,853 | -4 | Total crude oil production including oil sands |
1,771 | 1,899 | -7 | |||||||||||||||||||||
million scf/d2 | Natural gas production available for sale | million scf/d2 | ||||||||||||||||||||||||||
4,450 | 2,446 | 4,569 | Europe |
3,679 | 3,350 | |||||||||||||||||||||||
448 | 591 | 594 | Africa |
552 | 584 | |||||||||||||||||||||||
2,718 | 2,508 | 2,166 | Asia Pacific |
2,544 | 2,405 | |||||||||||||||||||||||
257 | 229 | 239 | Middle East, Russia, CIS |
237 | 250 | |||||||||||||||||||||||
1,071 | 942 | 1,138 | USA |
1,053 | 1,130 | |||||||||||||||||||||||
587 | 491 | 479 | Other Western Hemisphere |
504 | 495 | |||||||||||||||||||||||
9,531 | 7,207 | 9,185 | +4 | 8,569 | 8,214 | +4 | ||||||||||||||||||||||
thousand boe/d3 | Total production in barrels of oil equivalent | thousand boe/d3 | ||||||||||||||||||||||||||
1,128 | 757 | 1,183 | Europe |
1,009 | 1,001 | |||||||||||||||||||||||
370 | 407 | 454 | Africa |
404 | 433 | |||||||||||||||||||||||
687 | 631 | 600 | Asia Pacific |
645 | 641 | |||||||||||||||||||||||
524 | 499 | 479 | Middle East, Russia, CIS |
491 | 476 | |||||||||||||||||||||||
449 | 393 | 506 | USA |
453 | 519 | |||||||||||||||||||||||
178 | 167 | 159 | Other Western Hemisphere |
168 | 164 | |||||||||||||||||||||||
3,336 | 2,854 | 3,381 | -1 | Total production excluding oil sands |
3,170 | 3,234 | -2 | |||||||||||||||||||||
79 | 77 | 55 | Bitumen production oil sands |
78 | 81 | |||||||||||||||||||||||
3,415 | 2,931 | 3,436 | -1 | Total production including oil sands |
3,248 | 3,315 | -2 |
1 | Q4 on Q4 change. | |
2 | scf/d = standard cubic feet per day; 1 standard cubic foot = 0.0283 cubic metre. | |
3 | Natural gas converted to oil equivalent at 5.8 million scf/d = thousand boe/d. |
Royal Dutch Shell plc 13
Quarters | Full Year | |||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
thousand b/d | Refinery processing intake | thousand b/d | ||||||||||||||||||||||||||
1,227 | 1,462 | 1,803 | Europe |
1,481 | 1,731 | |||||||||||||||||||||||
746 | 674 | 821 | Other Eastern Hemisphere |
729 | 811 | |||||||||||||||||||||||
808 | 777 | 869 | USA |
826 | 879 | |||||||||||||||||||||||
344 | 360 | 319 | Other Western Hemisphere |
352 | 358 | |||||||||||||||||||||||
3,125 | 3,273 | 3,812 | -18 | 3,388 | 3,779 | -10 | ||||||||||||||||||||||
Oil sales |
||||||||||||||||||||||||||||
2,025 | 2,028 | 2,051 | Gasolines |
2,051 | 2,178 | |||||||||||||||||||||||
728 | 810 | 802 | Kerosenes |
792 | 756 | |||||||||||||||||||||||
2,225 | 2,231 | 2,429 | Gas/diesel oils |
2,254 | 2,295 | |||||||||||||||||||||||
732 | 623 | 769 | Fuel oil |
742 | 704 | |||||||||||||||||||||||
690 | 711 | 791 | Other products |
729 | 692 | |||||||||||||||||||||||
6,400 | 6,403 | 6,842 | -6 | Total oil products * |
6,568 | 6,625 | -1 | |||||||||||||||||||||
*Comprising: |
||||||||||||||||||||||||||||
1,791 | 1,795 | 1,983 | Europe |
1,831 | 1,886 | |||||||||||||||||||||||
1,245 | 1,262 | 1,369 | Other Eastern Hemisphere |
1,257 | 1,283 | |||||||||||||||||||||||
1,409 | 1,366 | 1,485 | USA |
1,402 | 1,487 | |||||||||||||||||||||||
698 | 718 | 678 | Other Western Hemisphere |
719 | 672 | |||||||||||||||||||||||
1,257 | 1,262 | 1,327 | Export sales |
1,359 | 1,297 | |||||||||||||||||||||||
thousand tonnes | Chemical sales volumes by main product category 2** | thousand tonnes | ||||||||||||||||||||||||||
2,584 | 2,809 | 3,164 | Base chemicals |
11,573 | 12,968 | |||||||||||||||||||||||
1,897 | 2,178 | 2,467 | First line derivatives |
8,746 | 9,577 | |||||||||||||||||||||||
2 | 2 | 2 | Other |
8 | 10 | |||||||||||||||||||||||
4,483 | 4,989 | 5,633 | -20 | 20,327 | 22,555 | -10 | ||||||||||||||||||||||
**Comprising: |
||||||||||||||||||||||||||||
1,882 | 2,112 | 2,190 | Europe |
8,472 | 8,908 | |||||||||||||||||||||||
1,179 | 1,223 | 1,457 | Other Eastern Hemisphere |
4,924 | 5,466 | |||||||||||||||||||||||
1,306 | 1,512 | 1,802 | USA |
6,362 | 7,469 | |||||||||||||||||||||||
116 | 142 | 184 | Other Western Hemisphere |
569 | 712 |
1 | Q4 on Q4 change. | |
2 | Excluding volumes sold by equity-accounted investments, chemical feedstock trading and by-products. |
14
Royal Dutch Shell plc 15
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
81,073 | 131,567 | 106,703 | Revenue2 |
458,361 | 355,782 | |||||||||||||||||||||||
76,349 | 113,249 | 90,603 | Cost of sales |
395,639 | 296,697 | |||||||||||||||||||||||
4,724 | 18,318 | 16,100 | -71 | Gross profit |
62,722 | 59,085 | +6 | |||||||||||||||||||||
4,476 | 4,139 | 4,880 | Selling, distribution and administrative expenses |
17,028 | 16,621 | |||||||||||||||||||||||
778 | 538 | 382 | Exploration |
2,049 | 1,712 | |||||||||||||||||||||||
350 | 2,000 | 2,376 | Share of profit of equity-accounted investments |
7,446 | 8,234 | |||||||||||||||||||||||
290 | 174 | (174 | ) | Net finance costs and other (income)/expense |
271 | (1,590 | ) | |||||||||||||||||||||
(470 | ) | 15,467 | 13,388 | | Income before taxation |
50,820 | 50,576 | | ||||||||||||||||||||
2,489 | 6,987 | 4,755 | Taxation |
24,344 | 18,650 | |||||||||||||||||||||||
(2,959 | ) | 8,480 | 8,633 | | Income for the period |
26,476 | 31,926 | -17 | ||||||||||||||||||||
(149 | ) | 32 | 166 | Income attributable to minority interest |
199 | 595 | ||||||||||||||||||||||
(2,810 | ) | 8,448 | 8,467 | | Income attributable to shareholders of Royal Dutch Shell plc |
26,277 | 31,331 | -16 |
1 | Q4 on Q4 change. | |
2 | Revenue is stated after deducting sales taxes, excise duties and similar levies of $20,413 million in Q4 2008, $25,323 million in Q3 2008, $25,462 million in Q2 2008, $22,920 million in Q1 2008, $21,552 million in Q4 2007, $20,830 million in Q3 2007, $18,993 million in Q2 2007 and $17,305 million in Q1 2007. |
Quarters | Full Year | |||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
(0.44 | ) | 1.37 | 1.36 | Earnings per share ($) |
4.27 | 5.00 | ||||||||||||||
0.78 | 1.77 | 1.07 | CCS earnings per share ($) |
5.09 | 4.40 |
Quarters | Full Year | |||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
(0.44 | ) | 1.37 | 1.36 | Earnings per share ($) |
4.26 | 4.99 | ||||||||||||||
0.78 | 1.77 | 1.07 | CCS earnings per share ($) |
5.08 | 4.39 |
Royal Dutch Shell plc 16
Quarters | $ million | Full Year | ||||||||||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | %1 | 2008 | 2007 | % | ||||||||||||||||||||||
Exploration & Production: |
||||||||||||||||||||||||||||
3,477 | 3,885 | 3,763 | -8 | - World outside USA |
14,854 | 10,954 | +36 | |||||||||||||||||||||
233 | 1,616 | 1,104 | -79 | - USA |
5,381 | 3,732 | +44 | |||||||||||||||||||||
3,710 | 5,501 | 4,867 | -24 | 20,235 | 14,686 | +38 | ||||||||||||||||||||||
Gas & Power: |
||||||||||||||||||||||||||||
956 | 2,437 | 639 | +50 | - World outside USA |
5,114 | 2,315 | +121 | |||||||||||||||||||||
25 | 337 | (8 | ) | | - USA |
214 | 466 | -54 | ||||||||||||||||||||
981 | 2,774 | 631 | +55 | 5,328 | 2,781 | +92 | ||||||||||||||||||||||
(30 | ) | 371 | 82 | | Oil Sands |
941 | 582 | +62 | ||||||||||||||||||||
Oil Products (CCS basis): |
||||||||||||||||||||||||||||
1,375 | 2,307 | 789 | +74 | - World outside USA |
5,425 | 5,090 | +7 | |||||||||||||||||||||
(793 | ) | (3 | ) | 87 | | - USA |
(270 | ) | 1,861 | | ||||||||||||||||||
582 | 2,304 | 876 | -34 | 5,155 | 6,951 | -26 | ||||||||||||||||||||||
Chemicals (CCS basis): |
||||||||||||||||||||||||||||
115 | 253 | 370 | -69 | - World outside USA |
784 | 1,661 | -53 | |||||||||||||||||||||
(134 | ) | (137 | ) | (22 | ) | | - USA |
(628 | ) | 21 | | |||||||||||||||||
(19 | ) | 116 | 348 | | 156 | 1,682 | -91 | |||||||||||||||||||||
5,224 | 11,066 | 6,804 | -23 | Total operating segments |
31,815 | 26,682 | +19 | |||||||||||||||||||||
Corporate: |
||||||||||||||||||||||||||||
(41 | ) | 178 | 12 | - Interest and investment income/(expense) |
328 | 875 | ||||||||||||||||||||||
(351 | ) | (264 | ) | 82 | - Currency exchange gains/(losses) |
(650 | ) | 205 | ||||||||||||||||||||
19 | 43 | (98 | ) | - Other including taxation |
253 | 307 | ||||||||||||||||||||||
(373 | ) | (43 | ) | (4 | ) | (69 | ) | 1,387 | ||||||||||||||||||||
(66 | ) | (120 | ) | (116 | ) | Minority interest |
(380 | ) | (505 | ) | ||||||||||||||||||
4,785 | 10,903 | 6,684 | -28 | CCS earnings |
31,366 | 27,564 | +14 | |||||||||||||||||||||
(7,595 | ) | (2,455 | ) | 1,783 | Estimated CCS adjustment for Oil Products and Chemicals |
(5,089 | ) | 3,767 | ||||||||||||||||||||
(2,810 | ) | 8,448 | 8,467 | | Income attributable to shareholders of Royal Dutch Shell plc |
26,277 | 31,331 | -16 |
1 | Q4 on Q4 change |
Royal Dutch Shell plc 17
$ million | ||||||||||||
Dec 31, 2008 | Sept 30, 2008 | Dec 31, 2007 | ||||||||||
Assets |
||||||||||||
Non-current assets: |
||||||||||||
Intangible assets |
5,021 | 5,541 | 5,366 | |||||||||
Property, plant and equipment |
112,038 | 114,193 | 101,521 | |||||||||
Investments: |
||||||||||||
- equity-accounted investments |
28,327 | 31,630 | 29,153 | |||||||||
- financial assets |
4,065 | 2,952 | 3,461 | |||||||||
Deferred tax |
3,418 | 3,978 | 3,253 | |||||||||
Pre-paid pension costs |
6,198 | 6,205 | 5,559 | |||||||||
Other |
6,764 | 6,219 | 5,760 | |||||||||
165,831 | 170,718 | 154,073 | ||||||||||
Current assets: |
||||||||||||
Inventories |
19,342 | 33,442 | 31,503 | |||||||||
Accounts receivable |
82,040 | 90,100 | 74,238 | |||||||||
Cash and cash equivalents |
15,188 | 7,821 | 9,656 | |||||||||
116,570 | 131,363 | 115,397 | ||||||||||
Total assets |
282,401 | 302,081 | 269,470 | |||||||||
Liabilities |
||||||||||||
Non-current liabilities: |
||||||||||||
Debt |
13,772 | 10,742 | 12,363 | |||||||||
Deferred tax |
12,518 | 14,688 | 13,039 | |||||||||
Retirement benefit obligations |
5,469 | 5,961 | 6,165 | |||||||||
Other provisions |
12,570 | 13,499 | 13,658 | |||||||||
Other |
3,677 | 4,088 | 3,893 | |||||||||
48,006 | 48,978 | 49,118 | ||||||||||
Current liabilities: |
||||||||||||
Debt |
9,497 | 5,984 | 5,736 | |||||||||
Accounts payable and accrued liabilities |
85,091 | 88,387 | 75,697 | |||||||||
Taxes payable |
8,107 | 15,632 | 9,733 | |||||||||
Retirement benefit obligations |
383 | 369 | 426 | |||||||||
Other provisions |
2,451 | 2,356 | 2,792 | |||||||||
105,529 | 112,728 | 94,384 | ||||||||||
Total liabilities |
153,535 | 161,706 | 143,502 | |||||||||
Equity attributable to shareholders of Royal
Dutch Shell plc |
127,285 | 138,469 | 123,960 | |||||||||
Minority interest |
1,581 | 1,906 | 2,008 | |||||||||
Total equity |
128,866 | 140,375 | 125,968 | |||||||||
Total liabilities and equity |
282,401 | 302,081 | 269,470 |
Royal Dutch Shell plc 18
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
Cash flow from operating activities: |
||||||||||||||||||||
(2,959 | ) | 8,480 | 8,633 | Income for the period |
26,476 | 31,926 | ||||||||||||||
Adjustment for: |
||||||||||||||||||||
2,411 | 6,935 | 5,551 | - Current taxation |
24,452 | 20,076 | |||||||||||||||
414 | 178 | 96 | - Interest (income)/expense |
1,039 | 550 | |||||||||||||||
3,684 | 3,387 | 3,840 | - Depreciation, depletion and amortisation |
13,656 | 13,180 | |||||||||||||||
(1,234 | ) | (1,799 | ) | (1,799 | ) | - (Profit)/loss on sale of assets |
(4,071 | ) | (3,349 | ) | ||||||||||
14,687 | 2,215 | (3,375 | ) | - Decrease/(increase) in net working capital |
7,935 | (6,206 | ) | |||||||||||||
(350 | ) | (2,000 | ) | (2,376 | ) | - Share of profit of equity-accounted investments |
(7,446 | ) | (8,234 | ) | ||||||||||
2,522 | 2,604 | 2,282 | - Dividends received from equity-accounted investments |
9,325 | 6,955 | |||||||||||||||
(1,105 | ) | (95 | ) | (726 | ) | - Deferred taxation and other provisions |
(1,030 | ) | (773 | ) | ||||||||||
(35 | ) | (618 | ) | (24 | ) | - Other |
(549 | ) | (801 | ) | ||||||||||
18,035 | 19,287 | 12,102 | Cash flow from operating activities (pre-tax) |
69,787 | 53,324 | |||||||||||||||
(7,748 | ) | (6,686 | ) | (6,809 | ) | Taxation paid |
(25,869 | ) | (18,863 | ) | ||||||||||
10,287 | 12,601 | 5,293 | Cash flow from operating activities |
43,918 | 34,461 | |||||||||||||||
Cash flow from investing activities: |
||||||||||||||||||||
(7,892 | ) | (12,392 | ) | (8,013 | ) | Capital expenditure |
(35,065 | ) | (24,576 | ) | ||||||||||
(193 | ) | (555 | ) | (519 | ) | Investments in equity-accounted investments |
(1,885 | ) | (1,852 | ) | ||||||||||
1,179 | 1,087 | 1,742 | Proceeds from sale of assets |
4,737 | 8,566 | |||||||||||||||
569 | 1,160 | 561 | Proceeds from sale of equity-accounted investments |
2,062 | 1,012 | |||||||||||||||
(36 | ) | (25 | ) | (120 | ) | Proceeds from sale of /(additions to) financial assets |
224 | 1,055 | ||||||||||||
191 | 267 | 353 | Interest received |
1,012 | 1,225 | |||||||||||||||
(6,182 | ) | (10,458 | ) | (5,996 | ) | Cash flow from investing activities |
(28,915 | ) | (14,570 | ) | ||||||||||
Cash flow from financing activities: |
||||||||||||||||||||
3,970 | 215 | 317 | Net increase/(decrease) in debt with maturity period within three months |
4,161 | (455 | ) | ||||||||||||||
3,001 | 238 | 195 | Other debt: New borrowings |
3,555 | 4,565 | |||||||||||||||
(581 | ) | (166 | ) | (182 | ) | Repayments |
(2,890 | ) | (2,796 | ) | ||||||||||
(409 | ) | (295 | ) | (312 | ) | Interest paid |
(1,371 | ) | (1,235 | ) | ||||||||||
31 | (18 | ) | (52 | ) | Change in minority interest |
40 | (6,757 | ) | ||||||||||||
(302 | ) | (848 | ) | (1,538 | ) | Repurchases of shares |
(3,573 | ) | (4,387 | ) | ||||||||||
Dividends paid to: |
||||||||||||||||||||
(2,408 | ) | (2,290 | ) | (2,318 | ) | - Shareholders of Royal Dutch Shell plc |
(9,516 | ) | (9,001 | ) | ||||||||||
(54 | ) | (105 | ) | (17 | ) | - Minority interest |
(325 | ) | (203 | ) | ||||||||||
Treasury shares: |
||||||||||||||||||||
47 | 36 | 124 | - Net sales/(purchases) and dividends received |
525 | 876 | |||||||||||||||
3,295 | (3,233 | ) | (3,783 | ) | Cash flow from financing activities |
(9,394 | ) | (19,393 | ) | |||||||||||
(33 | ) | (79 | ) | 50 | Currency translation differences relating to cash and cash equivalents |
(77 | ) | 156 | ||||||||||||
7,367 | (1,169 | ) | (4,436 | ) | Increase/(decrease) in cash and cash equivalents |
5,532 | 654 | |||||||||||||
7,821 | 8,990 | 14,092 | Cash and cash equivalents at beginning of period |
9,656 | 9,002 | |||||||||||||||
15,188 | 7,821 | 9,656 | Cash and cash equivalents at end of period |
15,188 | 9,656 |
Royal Dutch Shell plc 19
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
Capital expenditure: |
||||||||||||||||||||
Exploration & Production: |
||||||||||||||||||||
3,510 | 8,083 | 2,704 | - World outside USA |
16,833 | 10,320 | |||||||||||||||
965 | 688 | 1,321 | - USA |
5,099 | 3,403 | |||||||||||||||
4,475 | 8,771 | 4,025 | 21,932 | 13,723 | ||||||||||||||||
Gas & Power: |
||||||||||||||||||||
1,033 | 1,030 | 862 | - World outside USA |
3,892 | 2,936 | |||||||||||||||
2 | 4 | 11 | - USA |
10 | 15 | |||||||||||||||
1,035 | 1,034 | 873 | 3,902 | 2,951 | ||||||||||||||||
817 | 835 | 649 | Oil Sands |
3,124 | 1,931 | |||||||||||||||
Oil Products: |
||||||||||||||||||||
1,252 | 879 | 1,257 | - World outside USA |
3,449 | 3,141 | |||||||||||||||
158 | 92 | 123 | - USA |
379 | 530 | |||||||||||||||
1,410 | 971 | 1,380 | 3,828 | 3,671 | ||||||||||||||||
Chemicals: |
||||||||||||||||||||
567 | 558 | 419 | - World outside USA |
1,898 | 1,068 | |||||||||||||||
70 | 49 | 103 | - USA |
187 | 347 | |||||||||||||||
637 | 607 | 522 | 2,085 | 1,415 | ||||||||||||||||
98 | 23 | 193 | Corporate |
241 | 414 | |||||||||||||||
8,472 | 12,241 | 7,642 | Total capital expenditure |
35,112 | 24,105 | |||||||||||||||
Exploration expense |
||||||||||||||||||||
336 | 260 | 193 | - World outside USA |
949 | 646 | |||||||||||||||
153 | 179 | 170 | - USA |
498 | 469 | |||||||||||||||
489 | 439 | 363 | 1,447 | 1,115 | ||||||||||||||||
New equity in equity-accounted investments |
||||||||||||||||||||
135 | 361 | 237 | - World outside USA |
1,208 | 1,407 | |||||||||||||||
19 | 21 | 40 | - USA |
86 | 65 | |||||||||||||||
154 | 382 | 277 | 1,294 | 1,472 | ||||||||||||||||
39 | 173 | 242 | New loans to equity-accounted investments |
591 | 380 | |||||||||||||||
9,154 | 13,235 | 8,524 | Total capital investment* |
38,444 | 27,072 | |||||||||||||||
*Comprising: |
||||||||||||||||||||
5,040 | 9,618 | 4,630 | - Exploration & Production |
24,718 | 15,919 | |||||||||||||||
1,096 | 1,169 | 1,091 | - Gas & Power |
4,346 | 3,532 | |||||||||||||||
817 | 835 | 649 | - Oil Sands |
3,124 | 1,931 | |||||||||||||||
1,464 | 983 | 1,438 | - Oil Products |
3,917 | 3,856 | |||||||||||||||
639 | 607 | 523 | - Chemicals |
2,097 | 1,419 | |||||||||||||||
98 | 23 | 193 | - Corporate |
242 | 415 | |||||||||||||||
9,154 | 13,235 | 8,524 | 38,444 | 27,072 |
Royal Dutch Shell plc 20
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
Exploration & Production |
||||||||||||||||||||
3,710 | 5,501 | 4,867 | Segment earnings |
20,235 | 14,686 | |||||||||||||||
Including: |
||||||||||||||||||||
778 | 538 | 382 | - Exploration |
2,049 | 1,712 | |||||||||||||||
2,368 | 2,168 | 2,848 | - Depreciation, depletion & amortisation |
8,929 | 9,338 | |||||||||||||||
1,297 | 1,358 | 1,278 | - Share of profit of equity-accounted investments |
4,970 | 3,583 | |||||||||||||||
3,105 | 9,556 | 5,135 | Cash flow from operations |
31,649 | 24,348 | |||||||||||||||
397 | 1,444 | 830 | Less: Net working capital movements2 |
2,390 | 1,238 | |||||||||||||||
2,708 | 8,112 | 4,305 | Cash flow from operations excluding net working capital movements |
29,259 | 23,110 | |||||||||||||||
55,274 | 53,276 | 47,682 | Capital employed |
55,274 | 47,682 | |||||||||||||||
Gas & Power |
||||||||||||||||||||
981 | 2,774 | 631 | Segment earnings |
5,328 | 2,781 | |||||||||||||||
Including: |
||||||||||||||||||||
80 | 151 | 85 | - Depreciation, depletion & amortisation |
397 | 315 | |||||||||||||||
550 | 787 | 533 | - Share of profit of equity-accounted investments |
2,541 | 1,852 | |||||||||||||||
1,120 | 2,259 | 295 | Cash flow from operations |
5,445 | 1,408 | |||||||||||||||
(1 | ) | 718 | (379 | ) | Less: Net working capital movements2 |
774 | (514 | ) | ||||||||||||
1,121 | 1,541 | 674 | Cash flow from operations excluding net working capital movements |
4,671 | 1,922 | |||||||||||||||
22,497 | 21,094 | 19,383 | Capital employed |
22,497 | 19,383 | |||||||||||||||
Oil Sands |
||||||||||||||||||||
(30 | ) | 371 | 82 | Segment earnings |
941 | 582 | ||||||||||||||
Including: |
||||||||||||||||||||
40 | 44 | 42 | - Depreciation, depletion & amortisation |
173 | 166 | |||||||||||||||
(37 | ) | 684 | 208 | Cash flow from operations |
1,590 | 1,520 | ||||||||||||||
(34 | ) | 130 | 145 | Less: Net working capital movements2 |
60 | 720 | ||||||||||||||
(3 | ) | 554 | 63 | Cash flow from operations excluding net working capital movements |
1,530 | 800 | ||||||||||||||
6,200 | 6,249 | 4,603 | Capital employed |
6,200 | 4,603 |
1 | Corporate segment information has not been included in the table shown. Please refer to the Earnings by business segment section for additional information. The above data does not consider minority interest impacts on the segments. | |
2 | Excluding working capital movements related to taxation. |
Royal Dutch Shell plc 21
Quarters | $ million | Full Year | ||||||||||||||||||
Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | ||||||||||||||||
Oil Products |
||||||||||||||||||||
582 | 2,304 | 876 | Segment CCS earnings |
5,155 | 6,951 | |||||||||||||||
Including: |
||||||||||||||||||||
855 | 614 | 607 | - Depreciation, depletion & amortisation |
2,686 | 2,440 | |||||||||||||||
(239 | ) | 129 | 328 | - Share of profit of equity-accounted investments |
598 | 1,723 | ||||||||||||||
6,521 | 2,068 | (1,605 | ) | Cash flow from operations |
6,803 | 3,682 | ||||||||||||||
13,783 | 1,537 | (3,929 | ) | Less: Net working capital movements2 |
5,446 | (6,834 | ) | |||||||||||||
(7,262 | ) | 531 | 2,324 | Cash flow from operations excluding net working capital movements |
1,357 | 10,516 | ||||||||||||||
44,171 | 58,520 | 54,515 | Capital employed |
44,171 | 54,515 | |||||||||||||||
Chemicals |
||||||||||||||||||||
(19 | ) | 116 | 348 | Segment CCS earnings |
156 | 1,682 | ||||||||||||||
Including: |
||||||||||||||||||||
155 | 215 | 207 | - Depreciation, depletion & amortisation |
888 | 666 | |||||||||||||||
(99 | ) | 96 | 165 | - Share of profit of equity-accounted investments |
247 | 694 | ||||||||||||||
890 | 164 | 688 | Cash flow from operations |
1,801 | 1,873 | |||||||||||||||
1,439 | 207 | (123 | ) | Less: Net working capital movements2 |
1,421 | (796 | ) | |||||||||||||
(549 | ) | (43 | ) | 811 | Cash flow from operations excluding net working capital movements |
380 | 2,669 | |||||||||||||
9,904 | 11,206 | 10,571 | Capital employed |
9,904 | 10,571 |
1 | Corporate segment information has not been included in the table shown. Please refer to the Earnings by business segment section for additional information. The above data does not consider minority interest impacts on the segments. | |
2 | Excluding working capital movements related to taxation. |
22
Royal Dutch Shell plc 22
$ million | Q4 2008 | Q4 2007 | ||||||
Income (four quarters) |
26,476 | 31,926 | ||||||
Interest expense after tax |
615 | 699 | ||||||
ROACE numerator |
27,091 | 32,625 | ||||||
Capital employed opening |
144,067 | 130,718 | ||||||
Capital employed closing |
152,135 | 144,067 | ||||||
Capital employed average |
148,101 | 137,393 | ||||||
ROACE |
18.3 | % | 23.7 | % |
Royal Dutch Shell plc 23
$ million | Dec 31, 2008 | Dec 31, 2007 | ||||||
Non-current debt |
13,772 | 12,363 | ||||||
Current debt |
9,497 | 5,736 | ||||||
Total debt |
23,269 | 18,099 | ||||||
Add: Net present value of operating lease obligations |
16,445 | 14,387 | ||||||
Underfunded retirement benefit obligations (after tax) |
11,834 | | ||||||
Less: Cash and cash equivalents in excess of operational requirements |
12,888 | 7,356 | ||||||
Adjusted debt |
38,660 | 25,130 | ||||||
Total equity |
128,866 | 125,968 | ||||||
Total capital |
167,526 | 151,098 | ||||||
Gearing ratio (adjusted debt as a percentage of total capital) |
23.1 | % | 16.6 | % |
Ordinary | ||||||||||||||||||||||||||||
share | Treasury | Other | Retained | Minority | Total | |||||||||||||||||||||||
$ million | capital | shares | reserves | earnings | Total | interest | equity | |||||||||||||||||||||
At December 31, 2007 |
536 | (2,392 | ) | 14,148 | 111,668 | 123,960 | 2,008 | 125,968 | ||||||||||||||||||||
Income for the period |
| | | 26,277 | 26,277 | 199 | 26,476 | |||||||||||||||||||||
Income/(expense)
recognised directly in
equity |
| | (11,049 | ) | | (11,049 | ) | (341 | ) | (11,390 | ) | |||||||||||||||||
Capital contributions/
(repayments) from/to
minority shareholders
and other changes in
minority interest |
| | | 58 | 58 | 40 | 98 | |||||||||||||||||||||
Dividends paid |
| | | (9,516 | ) | (9,516 | ) | (325 | ) | (9,841 | ) | |||||||||||||||||
Treasury shares: net
sales/(purchases) and
dividends received |
| 525 | | | 525 | | 525 | |||||||||||||||||||||
Repurchases of shares |
(9 | ) | | 9 | (3,082 | ) | (3,082 | ) | | (3,082 | ) | |||||||||||||||||
Share-based compensation |
| | 70 | 42 | 112 | | 112 | |||||||||||||||||||||
At December 31, 2008 |
527 | (1,867 | ) | 3,178 | 125,447 | 127,285 | 1,581 | 128,866 |
Royal Dutch Shell plc 24
Ordinary | ||||||||||||||||||||||||||||
share | Treasury | Other | Retained | Minority | Total | |||||||||||||||||||||||
$ million | capital | shares | reserves | earnings | Total | interest | equity | |||||||||||||||||||||
At December 31, 2006 |
545 | (3,316 | ) | 8,820 | 99,677 | 105,726 | 9,219 | 114,945 | ||||||||||||||||||||
Income for the period |
| | | 31,331 | 31,331 | 595 | 31,926 | |||||||||||||||||||||
Income/(expense)
recognised directly in
equity |
| | 4,933 | | 4,933 | 27 | 4,960 | |||||||||||||||||||||
Capital contributions/
(repayments) from/to
minority shareholders |
| | | | | 748 | 748 | |||||||||||||||||||||
Acquisition of Shell Canada |
| | | (5,445 | ) | (5,445 | ) | (1,639 | ) | (7,084 | ) | |||||||||||||||||
Sakhalin partial divestment |
| | | | | (6,711 | ) | (6,711 | ) | |||||||||||||||||||
Other changes in minority
interest |
| | | (28 | ) | (28 | ) | (28 | ) | (56 | ) | |||||||||||||||||
Dividends paid |
| | | (9,001 | ) | (9,001 | ) | (203 | ) | (9,204 | ) | |||||||||||||||||
Treasury shares: net
sales/(purchases) and
dividends received |
| 924 | | | 924 | | 924 | |||||||||||||||||||||
Repurchases of shares |
(9 | ) | | 9 | (4,866 | ) | (4,866 | ) | | (4,866 | ) | |||||||||||||||||
Share-based compensation |
| | 386 | | 386 | | 386 | |||||||||||||||||||||
At December 31, 2007 |
536 | (2,392 | ) | 14,148 | 111,668 | 123,960 | 2,008 | 125,968 |
Full Year | Full Year | |||||||||||||||||||
Millions | Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | |||||||||||||||
Royal Dutch Shell ordinary shares of 0.07 each |
6,123.8 | 6,147.3 | 6,225.3 | 6,159.1 | 6,263.8 |
Full Year | Full Year | |||||||||||||||||||
Millions | Q4 2008 | Q3 2008 | Q4 2007 | 2008 | 2007 | |||||||||||||||
Royal Dutch Shell ordinary shares of 0.07 each |
6,127.5 | 6,159.8 | 6,248.8 | 6,171.5 | 6,283.8 |
Millions | Q4 2008 | Q3 2008 | Q4 2007 | |||||||||
Royal Dutch Shell ordinary shares of 0.07 each |
6,121.7 | 6,133.4 | 6,210.4 |
Royal Dutch Shell plc 25
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