By: | /s/ Anthony Clarke | ||||
Name: Anthony Clarke | |||||
Title: Deputy Company Secretary |
Contact – Investor Relations | |||||
International: | +31 (0)70 377 4540 | ||||
North America: | +1 832 337 2034 | ||||
Contact – Media | |||||
International: | +44 (0) 207 934 5550 | ||||
USA: | +1 832 337 4355 |
ROYAL DUTCH SHELL PLC
3rd QUARTER 2021 UNAUDITED RESULTS
|
|||||
Quarters | $ million | Nine months | |||||||||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | %¹ | Reference | 2021 | 2020 | % | ||||||||||||||||||||||||||||
(447) | 3,428 | 489 | -113 | Income/(loss) attributable to shareholders | 8,640 | (17,666) | +149 | ||||||||||||||||||||||||||||
(988) | 2,634 | 177 | -138 | CCS earnings attributable to shareholders | Note 2 | 5,992 | (15,443) | +139 | |||||||||||||||||||||||||||
4,130 | 5,534 | 955 | -25 | Adjusted Earnings² | A | 12,898 | 4,453 | +190 | |||||||||||||||||||||||||||
13,460 | 13,623 | 7,998 | Adjusted EBITDA (CCS basis) | A | 38,656 | 28,159 | |||||||||||||||||||||||||||||
16,025 | 12,617 | 10,403 | +27 | Cash flow from operating activities | 36,935 | 27,818 | +33 | ||||||||||||||||||||||||||||
(3,804) | (2,946) | (2,833) | Cash flow from investing activities | (7,339) | (7,871) | ||||||||||||||||||||||||||||||
12,221 | 9,671 | 7,571 | Free cash flow | G | 29,596 | 19,947 | |||||||||||||||||||||||||||||
4,840 | 4,383 | 3,737 | Cash capital expenditure | C | 13,197 | 12,324 | |||||||||||||||||||||||||||||
8,359 | 8,470 | 8,095 | -1 | Operating expenses | F | 26,264 | 25,137 | +4 | |||||||||||||||||||||||||||
8,696 | 8,505 | 7,854 | +2 | Underlying operating expenses | F | 25,924 | 23,958 | +8 | |||||||||||||||||||||||||||
2.9% | 3.2% | (4.9)% | ROACE (Net income basis) | D | 2.9% | (4.9)% | |||||||||||||||||||||||||||||
6.1% | 4.9% | 3.9% | ROACE on an Adjusted Earnings plus Non-controlling interest (NCI) basis | D | 6.1% | 3.9% | |||||||||||||||||||||||||||||
57,492 | 65,735 | 73,463 | Net debt | E | 57,492 | 73,463 | |||||||||||||||||||||||||||||
25.6% | 27.7% | 31.4% | Gearing | E | 25.6% | 31.4% | |||||||||||||||||||||||||||||
3,068 | 3,254 | 3,081 | -6 | Total production available for sale (thousand boe/d) | 3,269 | 3,392 | -4 | ||||||||||||||||||||||||||||
(0.06) | 0.44 | 0.06 | -114 | Basic earnings per share ($) | 1.11 | (2.27) | +149 | ||||||||||||||||||||||||||||
0.53 | 0.71 | 0.12 | -25 | Adjusted Earnings per share ($) | B | 1.66 | 0.57 | +191 | |||||||||||||||||||||||||||
0.24 | 0.24 | 0.1665 | — | Dividend per share ($) | 0.6535 | 0.4865 | +34 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | %¹ | Reference | 2021 | 2020 | % | |||||||||||||||||||||||||||||||
(3,247) | 422 | (151) | -869 |
Segment earnings
|
(297) | (6,298) | +95 | |||||||||||||||||||||||||||||||
(4,927) | (1,187) | (920) | Of which: Identified items | A | (5,002) | (9,572) | ||||||||||||||||||||||||||||||||
1,680 | 1,609 | 768 | +4 | Adjusted Earnings | A | 4,705 | 3,274 | +44 | ||||||||||||||||||||||||||||||
3,768 | 3,364 | 2,349 | Adjusted EBITDA (CCS basis) | A | 10,339 | 8,999 | ||||||||||||||||||||||||||||||||
5,674 | 3,761 | 2,323 | +51 | Cash flow from operating activities | 11,926 | 8,972 | +33 | |||||||||||||||||||||||||||||||
7,871 | 4,350 | 2,396 | +81 | Cash flow from operating activities excluding working capital movements | H | 15,874 | 8,619 | +84 | ||||||||||||||||||||||||||||||
1,272 | 880 | 1,020 | Cash capital expenditure | C | 3,167 | 2,638 | ||||||||||||||||||||||||||||||||
166 | 162 | 143 | +2 | Liquids production available for sale (thousand b/d) | 166 | 152 | +9 | |||||||||||||||||||||||||||||||
4,476 | 4,502 | 4,067 | -1 | Natural gas production available for sale (million scf/d) | 4,532 | 4,343 | +4 | |||||||||||||||||||||||||||||||
938 | 938 | 844 | 0 | Total production available for sale (thousand boe/d) | 947 | 901 | +5 | |||||||||||||||||||||||||||||||
7.39 | 7.49 | 7.80 | -1 | LNG liquefaction volumes (million tonnes) | 23.04 | 25.03 | -8 | |||||||||||||||||||||||||||||||
15.18 | 15.92 | 17.63 | -5 | LNG sales volumes (million tonnes) | 47.48 | 54.73 | -13 |
Quarters | $ million | Nine months | |||||||||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | %¹ | Reference | 2021 | 2020 | % | ||||||||||||||||||||||||||||
1,274 | 2,415 | (1,110) | -47 |
Segment earnings
|
4,786 | (8,694) | +155 | ||||||||||||||||||||||||||||
(412) | (53) | (226) | Of which: Identified items | A | (332) | (6,590) | |||||||||||||||||||||||||||||
1,686 | 2,469 | (884) | -32 | Adjusted Earnings | A | 5,118 | (2,104) | +343 | |||||||||||||||||||||||||||
6,766 | 6,714 | 2,911 | Adjusted EBITDA (CCS basis) | A | 18,866 | 9,421 | |||||||||||||||||||||||||||||
5,777 | 5,056 | 2,101 | +14 | Cash flow from operating activities | 14,940 | 8,026 | +86 | ||||||||||||||||||||||||||||
5,889 | 5,444 | 2,629 | +8 | Cash flow from operating activities excluding working capital movements | H | 16,035 | 6,894 | +133 | |||||||||||||||||||||||||||
1,502 | 1,696 | 1,245 |
Cash capital expenditure
|
C | 4,732 | 5,642 | |||||||||||||||||||||||||||||
1,497 | 1,558 | 1,520 | -4 | Liquids production available for sale (thousand b/d) | 1,544 | 1,619 | -5 | ||||||||||||||||||||||||||||
3,387 | 4,082 | 3,960 | -17 | Natural gas production available for sale (million scf/d) | 4,192 | 4,768 | -12 | ||||||||||||||||||||||||||||
2,081 | 2,262 | 2,203 | -8 | Total production available for sale (thousand boe/d) | 2,267 | 2,441 | -7 |
Quarters | $ million | Nine months | |||||||||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 |
%¹
|
Reference | 2021 | 2020 | % | ||||||||||||||||||||||||||||
1,362 | 33 | 2,092 | +4065 |
Segment earnings²
|
2,044 | 1,281 | +60 | ||||||||||||||||||||||||||||
150 | (1,267) | 411 | Of which: Identified items | A | (1,344) | (4,174) | |||||||||||||||||||||||||||||
1,212 | 1,299 | 1,680 | -7 |
Adjusted Earnings²
|
A | 3,389 | 5,454 | -38 | |||||||||||||||||||||||||||
Of which: | |||||||||||||||||||||||||||||||||||
(3) | 112 | 55 | -102 | Refining & Trading³ | 5 | 1,713 | -100 | ||||||||||||||||||||||||||||
1,215 | 1,187 | 1,626 | +2 | Marketing³ | 3,384 | 3,742 | -10 | ||||||||||||||||||||||||||||
2,360 | 2,608 | 2,520 | Adjusted EBITDA (CCS basis) | A | 7,080 | 9,134 | |||||||||||||||||||||||||||||
Of which: | |||||||||||||||||||||||||||||||||||
415 | 676 | 228 | Refining & Trading³ | 1,558 | 3,425 | ||||||||||||||||||||||||||||||
1,945 | 1,932 | 2,293 | Marketing³ | 5,522 | 5,710 | ||||||||||||||||||||||||||||||
3,757 | 2,213 | 5,131 | +70 | Cash flow from operating activities | 6,863 | 9,647 | -29 | ||||||||||||||||||||||||||||
3,262 | 3,365 | 3,476 | -3 | Cash flow from operating activities excluding working capital movements | H | 9,939 | 6,259 | +59 | |||||||||||||||||||||||||||
976 | 882 | 832 | Cash capital expenditure | C | 2,527 | 2,019 | |||||||||||||||||||||||||||||
1,629 | 1,833 | 1,972 | -11 | Refinery processing intake (thousand b/d) | 1,737 | 2,104 | -17 | ||||||||||||||||||||||||||||
4,665 | 4,552 | 4,740 | +3 | Oil Products sales volumes (thousand b/d) | 4,462 | 4,686 | -5 |
Quarters | $ million | Nine months | |||||||||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | %¹ | Reference | 2021 | 2020 | % | ||||||||||||||||||||||||||||
357 | 462 | 131 | -23 |
Segment earnings²
|
1,509 | 441 | +242 | ||||||||||||||||||||||||||||
(38) | (208) | (96) | Of which: Identified items | A | (286) | (140) | |||||||||||||||||||||||||||||
395 | 670 | 227 | -41 | Adjusted Earnings² | A | 1,795 | 581 | +209 | |||||||||||||||||||||||||||
715 | 1,036 | 466 | Adjusted EBITDA (CCS basis) | A | 2,792 | 1,439 | |||||||||||||||||||||||||||||
840 | 1,133 | 335 | -26 | Cash flow from operating activities | 2,297 | 891 | +158 | ||||||||||||||||||||||||||||
684 | 1,225 | 488 | -44 | Cash flow from operating activities excluding working capital movements | H | 2,953 | 981 | +201 | |||||||||||||||||||||||||||
1,053 | 895 | 595 | Cash capital expenditure | C | 2,678 | 1,810 | |||||||||||||||||||||||||||||
3,549 | 3,609 | 3,823 | -2 | Chemicals sales volumes (thousand tonnes) | 10,741 | 11,318 | -5 |
Quarters | $ million | Nine months | |||||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | Reference | 2021 | 2020 | ||||||||||||||||||||||||
(623) | (592) | (739) |
Segment earnings
|
(1,747) | (1,998) | ||||||||||||||||||||||||
109 | (193) | 52 | Of which: Identified items | A | 50 | 578 | |||||||||||||||||||||||
(732) | (399) | (792) | Adjusted Earnings | A | (1,797) | (2,576) | |||||||||||||||||||||||
(147) | (101) | (247) | Adjusted EBITDA (CCS basis) | A | (421) | (834) | |||||||||||||||||||||||
(22) | 454 | 514 | Cash flow from operating activities | 909 | 282 | ||||||||||||||||||||||||
(233) | (208) | (33) | Cash flow from operating activities excluding working capital movements | H | (471) | 118 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
60,044 | 60,515 | 44,021 |
Revenue¹
|
176,224 | 136,554 | |||||||||||||||||||||
1,014 | 1,114 | 461 | Share of profit of joint ventures and associates | 3,122 | 1,154 | |||||||||||||||||||||
497 | 134 | 234 | Interest and other income² | 3,087 | 458 | |||||||||||||||||||||
61,555 | 61,764 | 44,717 | Total revenue and other income | 182,434 | 138,167 | |||||||||||||||||||||
44,260 | 39,717 | 27,276 | Purchases | 118,346 | 88,582 | |||||||||||||||||||||
5,322 | 5,162 | 5,496 | Production and manufacturing expenses | 17,292 | 17,299 | |||||||||||||||||||||
2,892 | 3,107 | 2,366 | Selling, distribution and administrative expenses | 8,461 | 7,130 | |||||||||||||||||||||
145 | 201 | 233 | Research and development | 511 | 708 | |||||||||||||||||||||
526 | 332 | 222 | Exploration | 1,143 | 1,239 | |||||||||||||||||||||
6,358 | 8,223 | 7,689 |
Depreciation, depletion and amortisation²
|
20,477 | 42,871 | |||||||||||||||||||||
859 | 893 | 992 | Interest expense | 2,643 | 3,181 | |||||||||||||||||||||
60,362 | 57,634 | 44,275 | Total expenditure | 168,874 | 161,009 | |||||||||||||||||||||
1,193 | 4,130 | 442 | Income/(loss) before taxation | 13,560 | (22,842) | |||||||||||||||||||||
1,510 | 571 | (104) | Taxation charge/(credit) | 4,535 | (5,265) | |||||||||||||||||||||
(317) | 3,559 | 546 |
Income/(loss) for the period¹
|
9,025 | (17,578) | |||||||||||||||||||||
130 | 131 | 57 | Income/(loss) attributable to non-controlling interest | 385 | 88 | |||||||||||||||||||||
(447) | 3,428 | 489 | Income/(loss) attributable to Royal Dutch Shell plc shareholders | 8,640 | (17,666) | |||||||||||||||||||||
(0.06) | 0.44 | 0.06 |
Basic earnings per share ($)³
|
1.11 | (2.27) | |||||||||||||||||||||
(0.06) | 0.44 | 0.06 |
Diluted earnings per share ($)³
|
1.10 | (2.27) |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
(317) | 3,559 | 546 | Income/(loss) for the period | 9,025 | (17,578) | |||||||||||||||||||||
Other comprehensive income/(loss) net of tax: | ||||||||||||||||||||||||||
Items that may be reclassified to income in later periods: | ||||||||||||||||||||||||||
(943) | 575 | 1,246 | – Currency translation differences | (1,219) | (1,101) | |||||||||||||||||||||
(1) | (2) | 5 | – Debt instruments remeasurements | (17) | 20 | |||||||||||||||||||||
102 | (84) | 75 |
– Cash flow hedging gains/(losses)
|
150 | (214) | |||||||||||||||||||||
89 | (51) | (153) |
– Net investment hedging gains/(losses)
|
209 | (253) | |||||||||||||||||||||
16 | (20) | (59) | – Deferred cost of hedging | (38) | 97 | |||||||||||||||||||||
(104) | (7) | (51) | – Share of other comprehensive income/(loss) of joint ventures and associates | (167) | (80) | |||||||||||||||||||||
(841) | 410 | 1,063 | Total | (1,083) | (1,530) | |||||||||||||||||||||
Items that are not reclassified to income in later periods: | ||||||||||||||||||||||||||
291 | 1,675 | (580) | – Retirement benefits remeasurements | 6,594 | (3,747) | |||||||||||||||||||||
(25) | 10 | 36 | – Equity instruments remeasurements | 25 | (24) | |||||||||||||||||||||
41 | (42) | 45 | – Share of other comprehensive income/(loss) of joint ventures and associates | (26) | 112 | |||||||||||||||||||||
307 | 1,643 | (499) | Total | 6,592 | (3,659) | |||||||||||||||||||||
(534) | 2,053 | 564 | Other comprehensive income/(loss) for the period | 5,510 | (5,189) | |||||||||||||||||||||
(851) | 5,612 | 1,111 | Comprehensive income/(loss) for the period | 14,535 | (22,767) | |||||||||||||||||||||
85 | 145 | 82 | Comprehensive income/(loss) attributable to non-controlling interest | 351 | 2 | |||||||||||||||||||||
(937) | 5,467 | 1,029 | Comprehensive income/(loss) attributable to Royal Dutch Shell plc shareholders | 14,184 | (22,768) |
$ million | ||||||||||||||
September 30, 2021 |
December 31, 2020 4
|
|||||||||||||
Assets | ||||||||||||||
Non-current assets | ||||||||||||||
Intangible assets | 22,344 | 22,710 | ||||||||||||
Property, plant and equipment | 196,261 | 209,700 | ||||||||||||
Joint ventures and associates | 23,724 | 22,451 | ||||||||||||
Investments in securities | 3,662 | 3,222 | ||||||||||||
Deferred tax
|
14,542 | 16,311 | ||||||||||||
Retirement benefits1
|
8,009 | 2,474 | ||||||||||||
Trade and other receivables | 7,605 | 7,641 | ||||||||||||
Derivative financial instruments²
|
1,052 | 2,805 | ||||||||||||
277,199 | 287,315 | |||||||||||||
Current assets | ||||||||||||||
Inventories | 24,596 | 19,457 | ||||||||||||
Trade and other receivables | 46,366 | 33,625 | ||||||||||||
Derivative financial instruments²
|
14,613 | 5,783 | ||||||||||||
Cash and cash equivalents | 38,073 | 31,830 | ||||||||||||
123,648 | 90,695 | |||||||||||||
Assets classified as held for sale1
|
7,922 | 1,258 | ||||||||||||
131,570 | 91,953 | |||||||||||||
Total assets | 408,769 | 379,268 | ||||||||||||
Liabilities | ||||||||||||||
Non-current liabilities | ||||||||||||||
Debt | 84,705 | 91,115 | ||||||||||||
Trade and other payables | 2,224 | 2,304 | ||||||||||||
Derivative financial instruments²
|
571 | 420 | ||||||||||||
Deferred tax
|
12,159 | 10,463 | ||||||||||||
Retirement benefits1,3
|
11,835 | 15,605 | ||||||||||||
Decommissioning and other provisions | 26,361 | 27,116 | ||||||||||||
137,856 | 147,023 | |||||||||||||
Current liabilities | ||||||||||||||
Debt | 10,686 | 16,899 | ||||||||||||
Trade and other payables³ | 59,722 | 44,572 | ||||||||||||
Derivative financial instruments²
|
26,118 | 5,308 | ||||||||||||
Income taxes payable³ | 2,809 | 3,111 | ||||||||||||
Decommissioning and other provisions | 3,139 | 3,622 | ||||||||||||
102,473 | 73,512 | |||||||||||||
Liabilities directly associated with assets classified as held for sale1
|
1,758 | 196 | ||||||||||||
104,230 | 73,708 | |||||||||||||
Total liabilities | 242,086 | 220,731 | ||||||||||||
Equity attributable to Royal Dutch Shell plc shareholders | 163,390 | 155,310 | ||||||||||||
Non-controlling interest | 3,293 | 3,227 | ||||||||||||
Total equity | 166,683 | 158,537 | ||||||||||||
Total liabilities and equity | 408,769 | 379,268 |
Equity attributable to Royal Dutch Shell plc shareholders | |||||||||||||||||||||||||||||||||||||||||||||||
$ million | Share capital¹ | Shares held in trust | Other reserves² | Retained earnings | Total | Non-controlling interest | Total equity | ||||||||||||||||||||||||||||||||||||||||
At January 1, 2021 | 651 | (709) | 12,752 | 142,616 | 155,310 | 3,227 | 158,537 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss) for the period | — | — | 5,544 | 8,640 | 14,184 | 351 | 14,535 | ||||||||||||||||||||||||||||||||||||||||
Transfer from other comprehensive income | — | — | (14) | 14 | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Dividends³ | — | — | — | (4,475) | (4,475) | (305) | (4,780) | ||||||||||||||||||||||||||||||||||||||||
Repurchases of shares4
|
(4) | — | 4 | (2,003) | (2,003) | — | (2,003) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 350 | (68) | 93 | 375 | — | 375 | ||||||||||||||||||||||||||||||||||||||||
Other changes in non-controlling interest | — | — | — | (1) | (1) | 20 | 19 | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2021 | 647 | (359) | 18,218 | 144,884 | 163,390 | 3,293 | 166,683 | ||||||||||||||||||||||||||||||||||||||||
At January 1, 2020 | 657 | (1,063) | 14,451 | 172,431 | 186,476 | 3,987 | 190,463 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income/(loss) for the period | — | — | (5,102) | (17,666) | (22,768) | 2 | (22,767) | ||||||||||||||||||||||||||||||||||||||||
Transfer from other comprehensive income | — | — | 185 | (185) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Dividends3
|
— | — | — | (5,956) | (5,956) | (242) | (6,198) | ||||||||||||||||||||||||||||||||||||||||
Repurchases of shares | (6) | — | 6 | (1,214) | (1,214) | — | (1,214) | ||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | 539 | (237) | (230) | 73 | — | 73 | ||||||||||||||||||||||||||||||||||||||||
Other changes in non-controlling interest | — | — | — | 557 | 557 | (573) | (16) | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2020 | 651 | (523) | 9,303 | 147,737 | 157,168 | 3,173 | 160,341 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
1,193 | 4,130 | 442 |
Income before taxation for the period
|
13,560 | (22,842) | |||||||||||||||||||||
Adjustment for: | ||||||||||||||||||||||||||
723 | 797 | 814 | – Interest expense (net) | 2,277 | 2,600 | |||||||||||||||||||||
6,358 | 8,223 | 7,689 | – Depreciation, depletion and amortisation | 20,477 | 42,871 | |||||||||||||||||||||
323 | 108 | 14 | – Exploration well write-offs | 567 | 615 | |||||||||||||||||||||
(298) | 55 | (103) | – Net (gains)/losses on sale and revaluation of non-current assets and businesses | (2,316) | (124) | |||||||||||||||||||||
(1,014) | (1,114) | (461) | – Share of (profit)/loss of joint ventures and associates | (3,122) | (1,154) | |||||||||||||||||||||
956 | 782 | 468 | – Dividends received from joint ventures and associates | 2,318 | 1,609 | |||||||||||||||||||||
(538) | (2,495) | 405 | – (Increase)/decrease in inventories | (6,459) | 6,286 | |||||||||||||||||||||
(2,859) | (4,080) | (540) | – (Increase)/decrease in current receivables | (13,768) | 9,733 | |||||||||||||||||||||
1,950 | 5,016 | 1,583 | – Increase/(decrease) in current payables | 12,831 | (11,073) | |||||||||||||||||||||
10,116 | 2,173 | 233 | – Derivative financial instruments | 12,474 | 899 | |||||||||||||||||||||
(113) | 47 | 152 |
– Retirement benefits
|
43 | 355 | |||||||||||||||||||||
(206) | (124) | 43 |
– Decommissioning and other provisions
|
(252) | 333 | |||||||||||||||||||||
894 | 561 | 265 |
– Other
|
2,038 | 363 | |||||||||||||||||||||
(1,459) | (1,465) | (601) | Tax paid | (3,733) | (2,653) | |||||||||||||||||||||
16,025 | 12,617 | 10,403 | Cash flow from operating activities | 36,935 | 27,818 | |||||||||||||||||||||
(4,648) | (4,232) | (3,679) | Capital expenditure | (12,764) | (11,379) | |||||||||||||||||||||
(151) | (115) | (34) | Investments in joint ventures and associates | (335) | (754) | |||||||||||||||||||||
(41) | (36) | (23) |
Investments in equity securities
|
(98) | (190) | |||||||||||||||||||||
1,122 | 1,162 | 571 | Proceeds from sale of property, plant and equipment and businesses | 5,390 | 2,395 | |||||||||||||||||||||
168 | 4 | 159 |
Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans1
|
447 | 1,129 | |||||||||||||||||||||
6 | 108 | 139 |
Proceeds from sale of equity securities
|
145 | 274 | |||||||||||||||||||||
93 | 110 | 112 | Interest received | 302 | 422 | |||||||||||||||||||||
929 | 799 | 588 |
Other investing cash inflows
|
2,440 | 2,617 | |||||||||||||||||||||
(1,283) | (746) | (665) |
Other investing cash outflows
|
(2,866) | (2,384) | |||||||||||||||||||||
(3,804) | (2,946) | (2,833) | Cash flow from investing activities | (7,339) | (7,871) | |||||||||||||||||||||
(33) | (34) | (176) |
Net increase/(decrease) in debt with maturity period within three months
|
46 | 236 | |||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||
23 | 57 | 4,745 |
– New borrowings
|
189 | 20,986 | |||||||||||||||||||||
(4,077) | (3,901) | (2,688) | – Repayments | (13,684) | (12,523) | |||||||||||||||||||||
(788) | (1,162) | (831) | Interest paid | (2,756) | (2,952) | |||||||||||||||||||||
(268) | (57) | 419 |
Derivative financial instruments
|
(774) | 662 | |||||||||||||||||||||
4 | — | — | Change in non-controlling interest | 19 | (40) | |||||||||||||||||||||
Cash dividends paid to: | ||||||||||||||||||||||||||
(1,812) | (1,310) | (1,236) |
– Royal Dutch Shell plc shareholders2
|
(4,414) | (6,117) | |||||||||||||||||||||
(40) | (140) | (65) | – Non-controlling interest | (305) | (242) | |||||||||||||||||||||
(971) | — | — | Repurchases of shares | (1,187) | (1,702) | |||||||||||||||||||||
34 | (2) | 1 | Shares held in trust: net sales/(purchases) and dividends received | (32) | (198) | |||||||||||||||||||||
(7,930) | (6,550) | 169 | Cash flow from financing activities | (22,900) | (1,892) | |||||||||||||||||||||
(322) | (2) | 36 | Effects of exchange rate changes on cash and cash equivalents | (453) | (395) | |||||||||||||||||||||
3,969 | 3,119 | 7,775 | Increase/(decrease) in cash and cash equivalents | 6,244 | 17,659 | |||||||||||||||||||||
34,104 | 30,985 | 27,939 | Cash and cash equivalents at beginning of period | 31,830 | 18,055 | |||||||||||||||||||||
38,073 | 34,104 | 35,714 | Cash and cash equivalents at end of period | 38,073 | 35,714 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
Third-party revenue | ||||||||||||||||||||||||||
6,994 | 9,247 | 7,684 | Integrated Gas | 27,499 | 25,277 | |||||||||||||||||||||
2,368 | 2,242 | 1,670 | Upstream | 6,551 | 5,191 | |||||||||||||||||||||
46,281 | 44,570 | 31,823 | Oil Products | 129,233 | 97,716 | |||||||||||||||||||||
4,390 | 4,444 | 2,831 | Chemicals | 12,904 | 8,335 | |||||||||||||||||||||
11 | 12 | 13 | Corporate | 36 | 35 | |||||||||||||||||||||
60,044 | 60,515 | 44,021 | Total third-party revenue¹ | 176,224 | 136,554 | |||||||||||||||||||||
Inter-segment revenue
|
||||||||||||||||||||||||||
1,887 | 1,794 | 864 | Integrated Gas | 5,032 | 2,313 | |||||||||||||||||||||
9,191 | 8,924 | 5,111 | Upstream | 25,370 | 15,704 | |||||||||||||||||||||
3,094 | 3,017 | 1,547 | Oil Products | 8,567 | 4,480 | |||||||||||||||||||||
1,663 | 1,633 | 715 | Chemicals | 4,483 | 2,065 | |||||||||||||||||||||
— | — | — | Corporate | — | — | |||||||||||||||||||||
CCS earnings | ||||||||||||||||||||||||||
(3,247) | 422 | (151) | Integrated Gas | (297) | (6,298) | |||||||||||||||||||||
1,274 | 2,415 | (1,110) | Upstream | 4,786 | (8,694) | |||||||||||||||||||||
1,362 | 33 | 2,092 | Oil Products | 2,044 | 1,281 | |||||||||||||||||||||
357 | 462 | 131 | Chemicals | 1,509 | 441 | |||||||||||||||||||||
(623) | (592) | (739) | Corporate | (1,747) | (1,998) | |||||||||||||||||||||
(876) | 2,741 | 222 | Total CCS earnings | 6,295 | (15,268) |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
(447) | 3,428 | 489 | Income/(loss) attributable to Royal Dutch Shell plc shareholders | 8,640 | (17,666) | |||||||||||||||||||||
130 | 131 | 57 | Income/(loss) attributable to non-controlling interest | 385 | 88 | |||||||||||||||||||||
(317) | 3,559 | 546 | Income/(loss) for the period | 9,025 | (17,578) | |||||||||||||||||||||
Current cost of supplies adjustment: | ||||||||||||||||||||||||||
(666) | (994) | (395) | Purchases | (3,291) | 2,947 | |||||||||||||||||||||
142 | 208 | 100 | Taxation | 703 | (719) | |||||||||||||||||||||
(35) | (33) | (29) | Share of profit/(loss) of joint ventures and associates | (143) | 82 | |||||||||||||||||||||
(559) | (818) | (324) |
Current cost of supplies adjustment
|
(2,730) | 2,310 | |||||||||||||||||||||
of which: | ||||||||||||||||||||||||||
(541) | (793) | (312) | Attributable to Royal Dutch Shell plc shareholders | (2,648) | 2,222 | |||||||||||||||||||||
(18) | (25) | (12) | Attributable to non-controlling interest | (82) | 88 | |||||||||||||||||||||
(876) | 2,741 | 222 | CCS earnings | 6,295 | (15,268) | |||||||||||||||||||||
of which: | ||||||||||||||||||||||||||
(988) | 2,634 | 177 | CCS earnings attributable to Royal Dutch Shell plc shareholders | 5,992 | (15,443) | |||||||||||||||||||||
112 | 106 | 45 | CCS earnings attributable to non-controlling interest | 303 | 176 |
Quarters | Nine months | |||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
(447) | 3,428 | 489 | Income/(loss) attributable to Royal Dutch Shell plc shareholders ($ million) | 8,640 | (17,666) | |||||||||||||||||||||
Weighted average number of shares used as the basis for determining: | ||||||||||||||||||||||||||
7,773.3 | 7,790.1 | 7,788.7 | Basic earnings per share (million) | 7,781.8 | 7,799.4 | |||||||||||||||||||||
7,773.3 | 7,835.9 | 7,823.6 | Diluted earnings per share (million) | 7,827.9 | 7,799.4 |
Number of shares | Nominal value ($ million) | |||||||||||||||||||||||||||||||
A | B | A | B | Total | ||||||||||||||||||||||||||||
At January 1, 2021 | 4,101,239,499 | 3,706,183,836 | 345 | 306 | 651 | |||||||||||||||||||||||||||
Repurchases of shares | — | (48,493,633) | — | (4) | (4) | |||||||||||||||||||||||||||
At September 30, 2021 | 4,101,239,499 | 3,657,690,203 | 345 | 302 | 647 | |||||||||||||||||||||||||||
At January 1, 2020 | 4,151,787,517 | 3,729,407,107 | 349 | 308 | 657 | |||||||||||||||||||||||||||
Repurchases of shares | (50,548,018) | (23,223,271) | (4) | (2) | (6) | |||||||||||||||||||||||||||
At September 30, 2020 | 4,101,239,499 | 3,706,183,836 | 345 | 306 | 651 |
$ million | Merger reserve | Share premium reserve | Capital redemption reserve | Share plan reserve | Accumulated other comprehensive income | Total | |||||||||||||||||||||||||||||
At January 1, 2021 | 37,298 | 154 | 129 | 906 | (25,735) | 12,752 | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Royal Dutch Shell plc shareholders | — | — | — | — | 5,544 | 5,544 | |||||||||||||||||||||||||||||
Transfer from other comprehensive income | — | — | — | — | (14) | (14) | |||||||||||||||||||||||||||||
Repurchases of shares | — | — | 4 | — | — | 4 | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | (68) | — | (68) | |||||||||||||||||||||||||||||
At September 30, 2021 | 37,298 | 154 | 133 | 838 | (20,206) | 18,218 | |||||||||||||||||||||||||||||
At January 1, 2020 | 37,298 | 154 | 123 | 1,049 | (24,173) | 14,451 | |||||||||||||||||||||||||||||
Other comprehensive income/(loss) attributable to Royal Dutch Shell plc shareholders | — | — | — | — | (5,102) | (5,102) | |||||||||||||||||||||||||||||
Transfer from other comprehensive income | — | — | — | — | 185 | 185 | |||||||||||||||||||||||||||||
Repurchases of shares | — | — | 6 | — | — | 6 | |||||||||||||||||||||||||||||
Share-based compensation | — | — | — | (237) | — | (237) | |||||||||||||||||||||||||||||
At September 30, 2020 | 37,298 | 154 | 129 | 812 | (29,091) | 9,303 |
$ million | September 30, 2021 | December 31, 2020 | |||||||||
Carrying amount | 67,422 | 79,594 | |||||||||
Fair value¹ | 74,397 | 88,294 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
497 | 134 | 234 | Interest and other income | 3,087 | 458 | |||||||||||||||||||||
of which: | ||||||||||||||||||||||||||
136 | 95 | 154 | Interest income | 366 | 511 | |||||||||||||||||||||
9 | 34 | 3 | Dividend income (from investments in equity securities) | 44 | 19 | |||||||||||||||||||||
298 | (55) | 103 | Net gains on sales and revaluation of non-current assets and businesses | 2,316 | 124 | |||||||||||||||||||||
(42) | 4 | (150) | Net foreign exchange gains/(losses) on financing activities | 48 | (355) | |||||||||||||||||||||
96 | 56 | 123 | Other | 313 | 159 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
6,358 | 8,223 | 7,689 |
Depreciation, depletion and amortisation
|
20,477 | 42,871 |
$ million | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Assets classified as held for sale | 7,922 | 1,258 | ||||||||||||
Liabilities directly associated with assets classified as held for sale | 1,758 | 196 |
$ million | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Non-current assets | ||||||||||||||
Retirement benefits
|
8,009 | 2,474 | ||||||||||||
Non-current liabilities | ||||||||||||||
Retirement benefits¹
|
11,835 | 15,605 | ||||||||||||
Deficit | 3,826 | 13,131 |
$ million | ||||||||||||||
September 30, 2021 | December 31, 2020 | |||||||||||||
Income taxes payable | 2,809 | 3,111 |
Quarters | $ million | Nine months | |||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | |||||||||||||
(447) | 3,428 | 489 | Income/(loss) attributable to Royal Dutch Shell plc shareholders | 8,640 | (17,666) | ||||||||||||
(541) | (793) | (312) | Add: Current cost of supplies adjustment attributable to Royal Dutch Shell plc shareholders (Note 2) | (2,648) | 2,222 | ||||||||||||
(5,118) | (2,899) | (778) | Less: Identified items attributable to Royal Dutch Shell plc shareholders | (6,906) | (19,897) | ||||||||||||
4,130 | 5,534 | 955 | Adjusted Earnings | 12,898 | 4,453 | ||||||||||||
Of which: | |||||||||||||||||
1,680 | 1,609 | 768 | Integrated Gas | 4,705 | 3,274 | ||||||||||||
1,686 | 2,469 | (884) | Upstream | 5,118 | (2,104) | ||||||||||||
1,212 | 1,299 | 1,680 | Oil Products | 3,389 | 5,454 | ||||||||||||
(3) | 112 | 55 | Refining and Trading | 5 | 1,713 | ||||||||||||
1,215 | 1,187 | 1,626 | Marketing | 3,384 | 3,742 | ||||||||||||
395 | 670 | 227 | Chemicals | 1,795 | 581 | ||||||||||||
(732) | (399) | (792) | Corporate | (1,797) | (2,576) | ||||||||||||
(112) | (115) | (45) | Less: Non-controlling interest | (312) | (176) |
Quarters | $ million | Nine months | |||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | |||||||||||||
4,130 | 5,534 | 955 | Adjusted Earnings | 12,898 | 4,453 | ||||||||||||
112 | 115 | 45 | Add: Non-controlling interest | 312 | 176 | ||||||||||||
2,168 | 1,178 | 72 | Add: Taxation charge/(credit) excluding tax impact of identified items | 4,896 | 1,520 | ||||||||||||
6,005 | 5,890 | 6,074 | Add: Depreciation, depletion and amortisation excluding impairments | 17,707 | 18,726 | ||||||||||||
323 | 108 | 14 | Add: Exploration well write-offs | 567 | 615 | ||||||||||||
859 | 893 | 992 | Add: Interest expense excluding identified items | 2,643 | 3,180 | ||||||||||||
136 | 95 | 154 | Less: Interest income | 366 | 511 | ||||||||||||
13,460 | 13,623 | 7,998 |
Adjusted EBITDA (CCS basis)1
|
38,656 | 28,159 | ||||||||||||
Of which: | |||||||||||||||||
3,768 | 3,364 | 2,349 | Integrated Gas | 10,339 | 8,999 | ||||||||||||
6,766 | 6,714 | 2,911 | Upstream | 18,866 | 9,421 | ||||||||||||
2,360 | 2,608 | 2,520 | Oil Products | 7,080 | 9,134 | ||||||||||||
415 | 676 | 228 | Refining and Trading | 1,558 | 3,425 | ||||||||||||
1,945 | 1,932 | 2,293 | Marketing | 5,522 | 5,710 | ||||||||||||
715 | 1,036 | 466 | Chemicals | 2,792 | 1,439 | ||||||||||||
(147) | (101) | (247) | Corporate | (421) | (834) | ||||||||||||
(559) | (818) | (324) | Less: Current cost of supplies adjustment (Note 2) | (2,730) | 2,310 | ||||||||||||
142 | 208 | 100 | Add: Current cost of supplies adjustment to taxation charge/(credit) (Note 2) | 703 | (719) | ||||||||||||
14,160 | 14,647 | 8,423 |
Adjusted EBITDA (FIFO basis)1
|
42,090 | 25,130 | ||||||||||||
Of which: | |||||||||||||||||
3,768 | 3,364 | 2,349 | Integrated Gas | 10,339 | 8,999 | ||||||||||||
6,766 | 6,714 | 2,911 | Upstream | 18,866 | 9,421 | ||||||||||||
2,965 | 3,553 | 2,863 | Oil Products | 10,104 | 6,478 | ||||||||||||
892 | 1,370 | 578 | Refining and Trading | 3,977 | 1,017 | ||||||||||||
2,073 | 2,182 | 2,286 | Marketing | 6,126 | 5,463 | ||||||||||||
810 | 1,117 | 548 | Chemicals | 3,201 | 1,066 | ||||||||||||
(147) | (101) | (247) | Corporate | (421) | (834) |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
Identified items before tax | ||||||||||||||||||||||||||
316 | (55) | 103 | Divestment gains/(losses) | 2,334 | 154 | |||||||||||||||||||||
(352) | (2,333) | (1,636) | Impairments | (2,770) | (24,718) | |||||||||||||||||||||
321 | 68 | 25 | Redundancy and restructuring | (358) | (511) | |||||||||||||||||||||
(107) | — | (133) | Provisions for onerous contracts | (107) | (133) | |||||||||||||||||||||
(6,110) | (1,373) | 721 | Fair value accounting of commodity derivatives and certain gas contracts | (7,095) | (195) | |||||||||||||||||||||
15 | (29) | (134) |
Other
|
17 | (561) | |||||||||||||||||||||
(5,917) | (3,722) | (1,055) | Total identified items before tax | (7,978) | (25,963) | |||||||||||||||||||||
799 | 815 | 276 | Total tax impact of identified items | 1,064 | 6,066 | |||||||||||||||||||||
Identified items after tax | ||||||||||||||||||||||||||
301 | (83) | 46 | Divestment gains/(losses) | 1,629 | 24 | |||||||||||||||||||||
(275) | (1,787) | (1,143) | Impairments | (2,155) | (18,521) | |||||||||||||||||||||
204 | 45 | 4 | Redundancy and restructuring | (237) | (378) | |||||||||||||||||||||
(82) | — | (126) | Provisions for onerous contracts | (82) | (126) | |||||||||||||||||||||
(5,164) | (1,181) | 532 | Fair value accounting of commodity derivatives and certain gas contracts | (5,980) | (171) | |||||||||||||||||||||
(121) | 121 | 13 | Impact of exchange rate movements on tax balances | (110) | (397) | |||||||||||||||||||||
19 | (23) | (104) |
Other
|
21 | (328) | |||||||||||||||||||||
(5,118) | (2,908) | (778) | Impact on CCS earnings | (6,914) | (19,897) | |||||||||||||||||||||
Of which:
|
||||||||||||||||||||||||||
(4,927) | (1,187) | (920) | Integrated Gas | (5,002) | (9,572) | |||||||||||||||||||||
(412) | (53) | (226) | Upstream | (332) | (6,590) | |||||||||||||||||||||
150 | (1,267) | 411 | Oil Products | (1,344) | (4,174) | |||||||||||||||||||||
(38) | (208) | (96) | Chemicals | (286) | (140) | |||||||||||||||||||||
109 | (193) | 52 | Corporate | 50 | 578 | |||||||||||||||||||||
(5,118) | (2,899) | (778) | Impact on CCS earnings attributable to shareholders | (6,906) | (19,897) | |||||||||||||||||||||
— | (8) | — | Impact on CCS earnings attributable to non-controlling interest | (8) | — |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
4,648 | 4,232 | 3,679 | Capital expenditure | 12,764 | 11,379 | |||||||||||||||||||||
151 | 115 | 34 | Investments in joint ventures and associates | 335 | 754 | |||||||||||||||||||||
41 | 36 | 23 | Investments in equity securities | 98 | 190 | |||||||||||||||||||||
4,840 | 4,383 | 3,737 | Cash capital expenditure | 13,197 | 12,324 | |||||||||||||||||||||
Of which: | ||||||||||||||||||||||||||
1,272 | 880 | 1,020 | Integrated Gas | 3,167 | 2,638 | |||||||||||||||||||||
1,502 | 1,696 | 1,245 | Upstream | 4,732 | 5,642 | |||||||||||||||||||||
976 | 882 | 832 | Oil Products | 2,527 | 2,019 | |||||||||||||||||||||
1,053 | 895 | 595 |
Chemicals
|
2,678 | 1,810 | |||||||||||||||||||||
36 | 30 | 45 | Corporate | 94 | 215 |
$ million | Quarters | |||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | ||||||||||||||||||
Income - current and previous three quarters | 5,069 | 5,933 | (16,489) | |||||||||||||||||
Interest expense after tax - current and previous three quarters | 2,636 | 2,668 | 2,933 | |||||||||||||||||
Income before interest expense - current and previous three quarters | 7,705 | 8,601 | (13,556) | |||||||||||||||||
Capital employed – opening | 269,397 | 265,435 | 281,505 | |||||||||||||||||
Capital employed – closing | 262,074 | 271,319 | 269,397 | |||||||||||||||||
Capital employed – average | 265,735 | 268,377 | 275,451 | |||||||||||||||||
ROACE on a Net income basis | 2.9% | 3.2 | % | (4.9) | % |
$ million | Quarters | |||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | ||||||||||||||||||
Adjusted Earnings - current and previous three quarters (Reference A) | 13,290 | 10,115 | 7,384 | |||||||||||||||||
Add: Income/(loss) attributable to NCI - current and previous three quarters | 443 | 371 | 212 | |||||||||||||||||
Add: Current cost of supplies adjustment attributable to NCI - current and previous three quarters | (96) | (90) | 89 | |||||||||||||||||
Less: Identified items attributable to NCI (Reference A) - current and previous three quarters | (18) | (18) | — | |||||||||||||||||
Adjusted Earnings plus NCI excluding identified items - current and previous three quarters | 13,656 | 10,414 | 7,685 | |||||||||||||||||
Add: Interest expense after tax - current and previous three quarters | 2,636 | 2,668 | 2,933 | |||||||||||||||||
Adjusted Earnings plus NCI excluding identified items before interest expense - current and previous three quarters | 16,292 | 13,081 | 10,618 | |||||||||||||||||
Capital employed - average | 265,735 | 268,377 | 275,451 | |||||||||||||||||
ROACE on an Adjusted Earnings plus NCI basis | 6.1 | % | 4.9 | % | 3.9 | % |
$ million | Quarters | |||||||||||||||||||
September 30, 2021 | June 30, 2021 | September 30, 2020 | ||||||||||||||||||
Current debt | 10,686 | 13,042 | 17,811 | |||||||||||||||||
Non-current debt | 84,705 | 87,034 | 91,245 | |||||||||||||||||
Total debt | 95,390 | 100,076 | 109,056 | |||||||||||||||||
Of which lease liabilities | 27,969 | 28,340 | 28,930 | |||||||||||||||||
Add: Debt-related derivative financial instruments: net liability/(asset) | (231) | (912) | (564) | |||||||||||||||||
Add: Collateral on debt-related derivatives: net liability/(asset) | 407 | 675 | 686 | |||||||||||||||||
Less: Cash and cash equivalents | (38,073) | (34,104) | (35,714) | |||||||||||||||||
Net debt | 57,492 | 65,735 | 73,463 | |||||||||||||||||
Add: Total equity | 166,683 | 171,243 | 160,341 | |||||||||||||||||
Total capital | 224,175 | 236,978 | 233,804 | |||||||||||||||||
Gearing | 25.6 | % | 27.7 | % | 31.4 | % |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
5,322 | 5,162 | 5,496 | Production and manufacturing expenses | 17,292 | 17,299 | |||||||||||||||||||||
2,892 | 3,107 | 2,366 | Selling, distribution and administrative expenses | 8,461 | 7,130 | |||||||||||||||||||||
145 | 201 | 233 | Research and development | 511 | 708 | |||||||||||||||||||||
8,359 | 8,470 | 8,095 | Operating expenses | 26,264 | 25,137 | |||||||||||||||||||||
Of which identified items: | ||||||||||||||||||||||||||
322 | 68 | 25 | Redundancy and restructuring (charges)/reversal | (357) | (501) | |||||||||||||||||||||
15 | (31) | (267) | (Provisions)/reversal | (16) | (678) | |||||||||||||||||||||
— | (2) | — | Other | 33 | — | |||||||||||||||||||||
337 | 35 | (242) | (340) | (1,179) | ||||||||||||||||||||||
8,696 | 8,505 | 7,854 | Underlying operating expenses | 25,924 | 23,958 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
16,025 | 12,617 | 10,403 | Cash flow from operating activities | 36,935 | 27,818 | |||||||||||||||||||||
(3,804) | (2,946) | (2,833) | Cash flow from investing activities | (7,339) | (7,871) | |||||||||||||||||||||
12,221 | 9,671 | 7,571 | Free cash flow | 29,596 | 19,947 | |||||||||||||||||||||
1,297 | 1,274 | 869 | Less: Divestment proceeds (Reference I) | 5,983 | 3,798 | |||||||||||||||||||||
— | 24 | — | Add: Tax paid on divestments (reported under "Other investing cash outflows") | 24 | — | |||||||||||||||||||||
181 | 2 | 12 |
Add: Cash outflows related to inorganic capital expenditure1
|
272 | 614 | |||||||||||||||||||||
11,105 | 8,424 | 6,713 |
Organic free cash flow2
|
23,910 | 16,763 |
Quarters | $ million | Nine months | ||||||||||||||||||||||||
Q3 2021 | Q2 2021 | Q3 2020 | 2021 | 2020 | ||||||||||||||||||||||
16,025 | 12,617 | 10,403 | Cash flow from operating activities | 36,935 | 27,818 | |||||||||||||||||||||
(538) | (2,495) | 405 | (Increase)/decrease in inventories | (6,459) | 6,286 | |||||||||||||||||||||
(2,859) | (4,080) | (540) | (Increase)/decrease in current receivables | (13,768) | 9,733 | |||||||||||||||||||||
1,950 | 5,016 | 1,583 | Increase/(decrease) in current payables | 12,831 | (11,073) | |||||||||||||||||||||
(1,447) | (1,559) | 1,448 | (Increase)/decrease in working capital | (7,396) | 4,947 | |||||||||||||||||||||
17,472 | 14,176 | 8,955 | Cash flow from operating activities excluding working capital movements | 44,331 | 22,871 | |||||||||||||||||||||
Of which: | ||||||||||||||||||||||||||
7,871 | 4,350 | 2,396 | Integrated Gas | 15,874 | 8,619 | |||||||||||||||||||||
5,889 | 5,444 | 2,629 | Upstream | 16,035 | 6,894 | |||||||||||||||||||||
3,262 | 3,365 | 3,476 | Oil Products | 9,939 | 6,259 | |||||||||||||||||||||
684 | 1,225 | 488 | Chemicals | 2,953 | 981 | |||||||||||||||||||||
(233) | (208) | (33) | Corporate | (471) | 118 |
CAPITALISATION AND INDEBTEDNESS | $ million | ||||
September 30, 2021 | |||||
Equity attributable to Royal Dutch Shell plc shareholders | 163,390 | ||||
Current debt | 10,686 | ||||
Non-current debt | 84,705 | ||||
Total debt[A] | 95,390 | ||||
Total capitalisation | 258,780 |