Financial statements information
Consolidated statement of income |
$ million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Revenue |
233,591 |
264,960 |
421,105 |
451,235 |
467,153 |
Share of profit of joint ventures and associates |
3,545 |
3,527 |
6,116 |
7,275 |
8,948 |
Interest and other income |
2,897 |
3,669 |
4,123 |
1,089 |
5,599 |
Total revenue and other income |
240,033 |
272,156 |
431,344 |
459,599 |
481,700 |
Purchases |
162,574 |
194,644 |
327,278 |
353,199 |
369,725 |
Production and manufacturing expenses |
28,434 |
28,095 |
30,038 |
28,386 |
26,215 |
Selling, distribution and administrative expenses |
12,101 |
11,956 |
13,965 |
14,675 |
14,465 |
Research and development |
1,014 |
1,093 |
1,222 |
1,318 |
1,307 |
Exploration |
2,108 |
5,719 |
4,224 |
5,278 |
3,104 |
Depreciation, depletion and amortisation |
24,993 |
26,714 |
24,499 |
21,509 |
14,615 |
Interest expense |
3,203 |
1,888 |
1,804 |
1,642 |
1,757 |
Total expenditure |
234,427 |
270,109 |
403,030 |
426,007 |
431,188 |
Income before taxation |
5,606 |
2,047 |
28,314 |
33,592 |
50,512 |
Taxation charge/(credit) |
829 |
(153) |
13,584 |
17,066 |
23,552 |
Income for the period |
4,777 |
2,200 |
14,730 |
16,526 |
26,960 |
Income/(loss) attributable to non-controlling interest |
202 |
261 |
(144) |
155 |
248 |
Income attributable to Royal Dutch Shell plc shareholders |
4,575 |
1,939 |
14,874 |
16,371 |
26,712 |
Reconciliation of CCS earnings to income for the period |
$ million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Earnings on a current cost of supplies basis (CCS earnings) |
3,692 |
4,155 |
19,096 |
16,879 |
27,423 |
Attributable to non-controlling interest |
(159) |
(313) |
(55) |
(134) |
(259) |
Earnings on a current cost of supplies basis attributable to Royal Dutch Shell plc shareholders |
3,533 |
3,842 |
19,041 |
16,745 |
27,164 |
Current cost of supplies adjustment |
1,085 |
(1,955) |
(4,366) |
(353) |
(463) |
Non-controlling interest |
(43) |
52 |
199 |
(21) |
11 |
Income attributable to Royal Dutch Shell plc shareholders |
4,575 |
1,939 |
14,874 |
16,371 |
26,712 |
Non-controlling interest |
202 |
261 |
(144) |
155 |
248 |
Income for the period |
4,777 |
2,200 |
14,730 |
16,526 |
26,960 |
CCS earnings is a non-GAAP measure which excludes the effect of changes in the oil price on inventory carrying amounts, after making allowance for the tax effect. On this basis, the purchase price of volumes sold during the period is based on the current cost of supplies (CCS) during the same period, rather than on the historic cost calculated on a first-in, first-out (FIFO) basis. Therefore, when oil prices are decreasing, CCS earnings are likely to be higher than earnings calculated on a FIFO basis, and when prices are increasing, CCS earnings are likely to be lower than earnings calculated on a FIFO basis. Earnings by segment are also presented on a CCS basis. CCS earnings is the earnings measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance. The current cost of supplies adjustment does not impact cash flow from operating activities in the Consolidated Statement of Cash Flows. The reconciliation of CCS earnings to net income is provided above.
Earnings per share [A] |
$ |
||||||
|---|---|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
||
|
|||||||
Basic earnings per share |
0.58 |
0.31 |
2.36 |
2.60 |
4.27 |
||
Diluted earnings per share |
0.58 |
0.30 |
2.36 |
2.60 |
4.26 |
||
Shares |
Million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Basic weighted average number of A and B shares |
7,833.7 |
6,320.3 |
6,311.5 |
6,291.1 |
6,261.2 |
Diluted weighted average number of A and B shares |
7,891.7 |
6,393.8 |
6,311.6 |
6,293.4 |
6,267.8 |
Shares outstanding at the end of the period |
8,145.3 |
6,397.5 |
6,295.0 |
6,295.4 |
6,305.9 |
Taxation (credit)/charge |
$ million unless specified |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Current tax |
2,731 |
7,058 |
13,757 |
18,582 |
22,722 |
Deferred tax |
(1,902) |
(7,211) |
(173) |
(1,516) |
830 |
Total taxation charge/(credit) |
829 |
(153) |
13,584 |
17,066 |
23,552 |
As a % of income before taxation |
15 |
(7) |
48 |
51 |
47 |
Consolidated balance sheet (at December 31) |
$ million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Assets |
|
|
|
|
|
Non-current assets |
|
|
|
|
|
Intangible assets |
23,967 |
6,283 |
7,076 |
4,394 |
4,470 |
Property, plant and equipment |
236,098 |
182,838 |
192,472 |
191,897 |
172,293 |
Joint ventures and associates |
33,255 |
30,150 |
31,558 |
34,613 |
38,350 |
Investments in securities |
5,952 |
3,416 |
4,115 |
4,715 |
4,867 |
Deferred tax |
14,425 |
11,033 |
8,131 |
5,785 |
4,288 |
Retirement benefits |
1,456 |
4,362 |
1,682 |
3,574 |
2,301 |
Trade and other receivables |
9,553 |
8,717 |
8,304 |
9,191 |
8,991 |
|
324,706 |
246,799 |
253,338 |
254,169 |
235,560 |
Current assets |
|
|
|
|
|
Inventories |
21,775 |
15,822 |
19,701 |
30,009 |
30,781 |
Trade and other receivables |
45,664 |
45,784 |
58,470 |
63,638 |
65,403 |
Cash and cash equivalents |
19,130 |
31,752 |
21,607 |
9,696 |
18,550 |
|
86,569 |
93,358 |
99,778 |
103,343 |
114,734 |
Total assets |
411,275 |
340,157 |
353,116 |
357,512 |
350,294 |
Liabilities |
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
Debt |
82,992 |
52,849 |
38,332 |
36,218 |
29,921 |
Trade and other payables |
6,925 |
4,528 |
3,582 |
4,065 |
4,175 |
Deferred tax |
15,274 |
8,976 |
12,052 |
11,943 |
10,312 |
Retirement benefits |
14,130 |
12,587 |
16,318 |
11,182 |
15,290 |
Decommissioning and other provisions |
29,618 |
26,148 |
23,834 |
19,698 |
17,435 |
|
148,939 |
105,088 |
94,118 |
83,106 |
77,133 |
Current liabilities |
|
|
|
|
|
Debt |
9,484 |
5,530 |
7,208 |
8,344 |
7,833 |
Trade and other payables |
53,417 |
52,770 |
64,864 |
70,112 |
72,839 |
Taxes payable |
6,685 |
8,233 |
9,797 |
11,173 |
12,684 |
Retirement benefits |
455 |
350 |
377 |
382 |
402 |
Decommissioning and other provisions |
3,784 |
4,065 |
3,966 |
3,247 |
3,221 |
|
73,825 |
70,948 |
86,212 |
93,258 |
96,979 |
Total liabilities |
222,764 |
176,036 |
180,330 |
176,364 |
174,112 |
Equity |
|
|
|
|
|
Share capital |
683 |
546 |
540 |
542 |
542 |
Shares held in trust |
(901) |
(584) |
(1,190) |
(1,932) |
(2,287) |
Other reserves |
11,298 |
(17,186) |
(14,365) |
(2,037) |
(3,752) |
Retained earnings |
175,566 |
180,100 |
186,981 |
183,474 |
180,246 |
Equity attributable to Royal Dutch Shell plc shareholders |
186,646 |
162,876 |
171,966 |
180,047 |
174,749 |
Non-controlling interest |
1,865 |
1,245 |
820 |
1,101 |
1,433 |
Total equity |
188,511 |
164,121 |
172,786 |
181,148 |
176,182 |
Total liabilities and equity |
411,275 |
340,157 |
353,116 |
357,512 |
350,294 |
Consolidated statement of cash flows |
$ million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Income for the period |
4,777 |
2,200 |
14,730 |
16,526 |
26,960 |
Adjustment for: |
|
|
|
|
|
Current tax |
2,731 |
7,058 |
13,757 |
18,582 |
22,722 |
Interest expense (net) |
2,752 |
1,529 |
1,598 |
1,448 |
1,543 |
Depreciation, depletion and amortisation |
24,993 |
26,714 |
24,499 |
21,509 |
14,615 |
Net gains on sale of non-current assets and businesses |
(2,141) |
(3,460) |
(3,212) |
(382) |
(4,228) |
Decrease/(increase) in working capital |
(6,289) |
5,521 |
6,405 |
2,988 |
3,391 |
(Increase)/decrease in inventories |
(5,658) |
2,827 |
7,958 |
608 |
(1,746) |
Decrease/(increase) in accounts receivable |
2,038 |
9,852 |
(1,541) |
5,648 |
14,145 |
Decrease in accounts payable |
(2,669) |
(7,158) |
(12) |
(3,268) |
(9,008) |
Share of profit of joint ventures and associates |
(3,545) |
(3,527) |
(6,116) |
(7,275) |
(8,948) |
Dividends received from joint ventures and associates |
3,820 |
4,627 |
6,902 |
7,117 |
10,573 |
Deferred tax, retirement benefits, decommissioning and other provisions |
(823) |
(5,827) |
(1,720) |
(2,701) |
341 |
Other |
(1,226) |
2,648 |
2,500 |
2,937 |
201 |
Tax paid |
(4,434) |
(7,673) |
(14,299) |
(20,309) |
(21,030) |
Cash flow from operating activities |
20,615 |
29,810 |
45,044 |
40,440 |
46,140 |
Capital expenditure |
(22,116) |
(26,131) |
(31,676) |
(39,975) |
(33,184) |
Acquisition of BG Group plc, net of cash and cash equivalents acquired |
(11,421) |
– |
– |
– |
– |
Investments in joint ventures and associates |
(1,330) |
(896) |
(1,426) |
(1,538) |
(3,028) |
Proceeds from sale of property, plant and equipment and businesses |
2,072 |
4,720 |
9,873 |
1,212 |
6,346 |
Proceeds from sale of joint ventures and associates |
1,565 |
276 |
4,163 |
538 |
698 |
Interest received |
470 |
288 |
174 |
175 |
193 |
Other |
(203) |
(664) |
(765) |
(558) |
522 |
Cash flow from investing activities |
(30,963) |
(22,407) |
(19,657) |
(40,146) |
(28,453) |
Net (decrease)/increase in debt with maturity period within three months |
(360) |
(586) |
(3,332) |
3,126 |
(165) |
Other debt: |
|
|
|
|
|
New borrowings |
18,144 |
21,500 |
7,778 |
9,146 |
5,108 |
Repayments |
(6,710) |
(6,023) |
(4,089) |
(6,877) |
(4,960) |
Interest paid |
(2,938) |
(1,742) |
(1,480) |
(1,307) |
(1,428) |
Change in non-controlling interest |
1,110 |
598 |
989 |
(51) |
23 |
Cash dividends paid to: |
|
|
|
|
|
Royal Dutch Shell plc shareholders |
(9,677) |
(9,370) |
(9,444) |
(7,198) |
(7,390) |
Non-controlling interest |
(180) |
(117) |
(116) |
(252) |
(292) |
Repurchases of shares |
– |
(409) |
(3,328) |
(5,000) |
(1,492) |
Shares held in trust: net (purchases)/sales and dividends received |
(160) |
(39) |
232 |
(565) |
(34) |
Cash flow from financing activities |
(771) |
3,812 |
(12,790) |
(8,978) |
(10,630) |
Currency translation differences relating to cash and cash equivalents |
(1,503) |
(1,070) |
(686) |
(170) |
201 |
(Decrease)/increase in cash and cash equivalents |
(12,622) |
10,145 |
11,911 |
(8,854) |
7,258 |
Cash and cash equivalents at January 1 |
31,752 |
21,607 |
9,696 |
18,550 |
11,292 |
Cash and cash equivalents at December 31 |
19,130 |
31,752 |
21,607 |
9,696 |
18,550 |
Free cash flow |
$ million |
||||
|---|---|---|---|---|---|
|
2016 |
2015 |
2014 |
2013 |
2012 |
Cash flow from operating activities |
20,615 |
29,810 |
45,044 |
40,440 |
46,140 |
Cash flow from investing activities |
(30,963) |
(22,407) |
(19,657) |
(40,146) |
(28,453) |
Free cash flow |
(10,348) |
7,403 |
25,387 |
294 |
17,687 |
Free cash flow is a non-GAAP measure used to evaluate cash available for financing activities, including dividend payments, after investment in maintaining and growing our business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.
