Royal Dutch Shell plc Investors' Handbook 2007-2011 - Consolidated Statement of Cash Flows

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CONSOLIDATED STATEMENT OF CASH FLOWS

$ MILLION

2011

2010

2009

2008

2007

[A]

In March 2007, Shell acquired the non-controlling interests in Shell Canada for a cash consideration of $7.1 billion. This was reflected as a decrease in noncontrolling interest and in retained earnings of $1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin-2 for $4.1 billion, reducing its interest from 55% to 27.5% . As a result of this transaction, Sakhalin-2 has been accounted for as an associated company rather than as a subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet was a decrease of $15.7 billion in property, plant and equipment and $6.7 billion in non-controlling interest, and an increase in equity accounted investments of $3.7 billion.

Cash flow from operating activities

Income for the period

31,185

20,474

12,718

26,476

31,926

Adjustment for

Current taxation

23,009

16,384

9,297

24,452

20,076

Interest expense (net)

1,164

842

1,247

1,039

550

Depreciation, depletion and amortisation

13,228

15,595

14,458

13,656

13,180

Net gains on sale of assets

(4,485)

(3,276)

(781)

(4,071)

(3,349)

(Increase)/decrease in net working capital

(6,471)

(5,929)

(2,331)

7,935

(6,206)

Share of profit of
equity-accounted investments

(8,737)

(5,953)

(4,976)

(7,446)

(8,234)

Dividends received from
equity-accounted investments

9,681

6,519

4,903

9,325

6,955

Deferred taxation and
decommissioning and other provisions

1,768

(1,934)

(1,925)

(1,030)

(773)

Other

(949)

(10)

(1,879)

(549)

(801)

Net cash from operating activities (pre-tax)

59,393

42,712

30,731

69,787

53,324

Taxation paid

(22,622)

(15,362)

(9,243)

(25,869)

(18,863)

Cash flow from operating activities

36,771

27,350

21,488

43,918

34,461

Cash flow from investing activities

Capital expenditure

(26,301)

(26,940)

(26,516)

(35,065)

(24,576)

Investments in
equity-accounted investments

(1,886)

(2,050)

(2,955)

(1,885)

(1,852)

Proceeds from sale of assets

6,990

3,325

1,325

4,737

8,566^[A]

Proceeds from sale of
equity-accounted investments

468

3,591

1,633

2,062

1,012

Proceeds from sale/(purchases)
of securities (net)

(34)

(105)

224

1,055

Interest received

196

136

384

1,012

1,225

Net cash used in investing activities

(20,443)

(21,972)

(26,234)

(28,915)

(14,570)

Cash flow from financing activities

Net (decrease)/increase in debt
with maturity period within three months

(3,724)

4,647

(6,507)

4,161

(455)

Other debt

New borrowings

1,249

7,849

19,742

3,555

4,565

Repayments

(4,649)

(3,240)

(2,534)

(2,890)

(2,796)

Interest paid

(1,665)

(1,312)

(902)

(1,371)

(1,235)

Change in non-controlling interest

381

(6,757)^[A]

Cash dividends paid to:

Royal Dutch Shell plc shareholders

(6,877)

(9,584)

(10,526)

(9,516)

(9,001)

Non-controlling interest

(438)

(395)

(191)

(325)

(203)

Repurchases of shares

(1,106)

–

(3,573)

(4,387)

Shares held in trust: net (purchases)/
sales and dividends received

(929)

187

525

876

Net cash used in financing activities

(18,131)

(1,467)

(829)

(9,394)

(19,393)

Currency translation differences
relating to cash and cash equivalents

(349)

(186)

106

(77)

156

(Decrease)/increase in cash
and cash equivalents

(2,152)

3,725

(5,469)

5,532

654

Cash and cash equivalents at January 1

13,444

9,719

15,188

9,656

9,002

Cash and cash equivalents at December 31

11,292

13,444

9,719

15,188

9,656

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Consolidated Statement of Cash Flows

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