Additional segmental information and capital data

-1 Additional segmental information and capital data Shell Investors’ Handbook 2013-2017
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Additional segmental information

$ million

 

2017

2016

2015

2014

2013

Integrated Gas

 

 

 

 

 

Segment earnings

5,078

2,529

3,170

10,610

8,998

Including:

 

 

 

 

 

Exploration

141

494

1,290

1,439

1,457

Depreciation, depletion and amortisation

4,965

4,509

2,597

2,661

2,176

Share of profit of joint ventures and associates

1,714

1,116

1,471

4,324

4,270

Production and manufacturing expenses

5,120

5,786

3,102

3,538

3,314

Selling, distribution and administrative expenses

237

584

546

607

692

Cash flow from operating activities

6,467

9,132

7,728

12,689

12,273

Of which: Working capital movements

(2,149)

2,842

(444)

(2,324)

488

Capital employed

87,462

86,631

62,481

62,127

60,657

Upstream

 

 

 

 

 

Segment earnings

1,551

(3,674)

(8,833)

5,231

3,640

Including:

 

 

 

 

 

Exploration

1,804

1,614

4,429

2,785

3,821

Depreciation, depletion and amortisation

17,303

16,779

20,404

15,207

14,773

Share of profit of joint ventures and associates

623

222

491

1,178

1,850

Production and manufacturing expenses

12,119

13,396

14,914

16,555

15,157

Selling, distribution and administrative expenses

5

556

464

448

502

Cash flow from operating activities

16,337

7,662

5,453

19,150

17,841

Of which: Working capital movements

(482)

(2,833)

408

854

824

Capital employed

119,253

128,782

84,727

88,692

93,135

Downstream

 

 

 

 

 

Segment CCS earnings

8,258

6,588

10,243

3,411

3,869

Including:

 

 

 

 

 

Depreciation, depletion and amortisation

3,877

3,681

3,667

6,619

4,421

Share of profit of joint ventures and associates

1,956

2,244

2,215

1,693

1,525

Production and manufacturing expenses

9,519

9,208

9,994

9,845

9,807

Selling, distribution and administrative expenses

9,789

10,117

10,531

12,489

13,114

Cash flow from operating activities

12,429

3,556

14,076

11,292

7,903

Of which: Working capital movements

(325)

(6,272)

3,457

6,777

400

Capital employed

56,431

52,672

46,280

48,925

64,507

Corporate

 

 

 

 

 

Segment earnings

(2,416)

(1,751)

(425)

(156)

372

Including:

 

 

 

 

 

Net interest and investment income/(expense)

(2,413)

(1,824)

(995)

(913)

(832)

Foreign exchange (losses)/gains

(292)

3

(731)

(263)

(189)

Taxation and other

289

70

1,301

1,020

1,393

Cash flow from operating activities

417

265

2,553

1,913

2,423

Of which: Working capital movements

(202)

(26)

2,100

1,098

1,276

Capital employed

20,331

12,903

29,012

18,582

7,411

Royal Dutch Shell

 

 

 

 

 

CCS earnings

12,471

3,692

4,155

19,096

16,879

Non-controlling interest

(390)

(159)

(313)

(55)

(134)

CCS earnings attributable to shareholders

12,081

3,533

3,842

19,041

16,745

Cash flow from operating activities

35,650

20,615

29,810

45,044

40,440

Of which: Working capital movements

(3,158)

(6,289)

5,521

6,405

2,988

Capital employed

283,477

280,988

222,500

218,326

225,710
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Operating expenses

$ million

 

2017

2016

2015

Production and manufacturing expenses

26,652

28,434

28,095

Selling, distribution and administrative expenses

10,509

12,101

11,956

Research and development

922

1,014

1,093

Operating expenses

38,083

41,549

41,144

Less identified items:

 

 

 

Redundancy and restructuring charges

(565)

(1,870)

(430)

Provisions

38

(915)

(1,150)

BG acquisition costs

–

(422)

–

 

(527)

(3,207)

(1,580)

Underlying operating expenses

37,556

38,342

39,564

Operating expenses is a measure of Shell's total operating expenses performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses. Underlying operating expenses measures Shell's total operating expenses performance excluding identified items. Underlying operating expenses is a non- measure (see definition of identified items in the "Quarterly data per segment" section"Quarterly data per segment" section).

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Divestments

$ million

 

2017

2016

2015

2014

2013

[A]

Included within cash flow from investing activities in the “Consolidated Statement of Cash Flows”.

[B]

With effect from 2017, this is valued at the date of the related divestment, instead of when these shares are disposed of or the contingent consideration is realised. There is also no impact on divestments as a result of any revaluation. Comparative information, which only affects the Upstream segment in 2016, has been adjusted. In 2017, it mainly comprises $2,829 million for shares in Canadian Natural Resources Limited received as partial consideration in the oil sands divestment.

[C]

Included within "Change in non-controlling interest" in Cash flow from financing activities in the "Consolidated Statement of Cash Flows".

[D]

Includes proceeds of $2,635 million from the sale of shares in Woodside Petroleum Limited.

Proceeds from sale of property, plant and equipment and businesses [A]

8,808

2,072

4,720

9,873

1,212

Proceeds from sale of joint ventures and associates [A]

2,177

1,565

276

4,163

538

Share and contingent consideration [B]

3,046

275

–

–

–

Proceeds from sale of interests in entities while retaining control [C]

278

1,108

595

1,012

–

Other

3,031[D]

(36)

(51)

(29)

(12)

Total

17,340

4,984

5,540

15,019

1,738

Integrated Gas

3,077

352

269

4,819

567

Upstream

11,542

1,726

2,478

5,770

519

Downstream

2,703

2,889

2,282

4,410

643

Oil Products

1,892

2,880

2,279

4,360

586

Chemicals

811

9

3

50

57

Corporate

18

17

511

20

9

Divestments is a non-GAAP measure used to monitor the progress of Shell’s divestment programme. This measure comprises proceeds from sale of property, plant and equipment and businesses, joint ventures and associates, and other Integrated Gas, Upstream and Downstream investments, adjusted onto an accruals basis and for any share consideration received or contingent consideration initially recognised upon the related divestment, as well as proceeds from the sale of interests in entities while retaining control (for example, proceeds from sale of interests in Shell Midstream Partners, L.P.).

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Capital employed [A] (at December 31)

$ million

 

2017

2016

2015

2014

2013

[A]

Consists of total equity, current debt and non-current debt.

Integrated Gas

87,462

86,631

62,481

62,127

60,657

Upstream

119,253

128,782

84,727

88,692

93,135

Downstream

56,431

52,672

46,280

48,925

64,507

Oil Products

41,186

38,926

34,444

38,512

53,459

Chemicals

15,245

13,746

11,836

10,413

11,048

Corporate

20,331

12,903

29,012

18,582

7,411

Total

283,477

280,988

222,500

218,326

225,710
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Capital investment

$ million

 

2017

2016

2015

2014

2013

[A]

Represents the exploration expense presented in the Statement of Income, less exploration wells written off.

[B]

Includes finance leases and other adjustments related to timing differences between the recognition of assets and associated underlying cash flows.

Capital expenditure

 

 

 

 

 

Integrated Gas

3,515

3,994

4,580

6,054

10,517

Upstream

 

 

 

 

 

Europe

1,376

2,198

2,729

3,420

4,193

Asia

773

1,624

2,272

2,733

2,983

Oceania

–

–

–

–

1

Africa

625

1,142

2,441

2,452

2,473

North America

6,951

5,682

8,507

10,512

11,065

South America

1,664

2,064

457

847

3,230

Total Upstream

11,389

12,710

16,406

19,964

23,945

Downstream

 

 

 

 

 

Oil Products

3,472

3,322

3,231

3,718

4,110

Chemicals

2,354

1,987

1,757

1,802

1,193

Total Downstream

5,826

5,309

4,988

5,520

5,303

Corporate

115

103

157

138

210

Total capital expenditure

20,845

22,116

26,131

31,676

39,975

Capital investment related to the acquisition of BG Group plc

–

52,904

–

–

–

Exploration expense [A]

1,048

1,274

2,948

2,244

2,506

Leases and other adjustments [B]

1,518

2,253

(1,114)

1,993

2,022

New equity in joint ventures and associates

535

868

61

523

856

New loans to joint ventures and associates

60

462

835

903

682

Capital investment

24,006

79,877

28,861

37,339

46,041

Comprising:

 

 

 

 

 

Integrated Gas

3,827

26,214

5,178

9,124

11,822

Upstream

13,648

47,507

18,349

22,169

28,481

Downstream

6,416

6,057

5,119

5,910

5,528

Oil Products

3,952

3,595

3,352

4,091

4,334

Chemicals

2,464

2,462

1,767

1,819

1,194

Corporate

115

99

215

136

210

Total

24,006

79,877

28,861

37,339

46,041

Of which

 

 

 

 

 

Organic capital investment

22,177

26,913

28,403

34,082

37,930

Inorganic capital investment

1,829

52,964

458

3,257

8,111

Capital investment is a non-GAAP measure used to make decisions about allocating resources and assessing performance. It comprises capital expenditure, exploration expense excluding well write-offs, new investments in joint ventures and associates, new finance leases and investments in Integrated Gas, Upstream and Downstream securities, all of which are on an accruals basis. In 2016, it also included the capital investment related to the acquisition of BG Group plc. The reconciliation of capital investment to capital expenditure is provided above.

Organic capital investment includes capital expenditure and new finance leases of existing subsidiaries, investments in existing joint ventures and associates, and exploration expense (excluding well write-offs). Inorganic capital investment includes investments related to the acquisition of businesses, investments in new joint ventures and associates, and new acreage.

GAAP
generally accepted accounting principles
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