SHELL PLC
Compared with the first quarter 2020, Chemicals Adjusted Earnings
reflected higher realised margins in base chemicals and intermediates
from a stronger price environment.
Chemicals manufacturing plant utilisation was 79% compared with 84% in
the first quarter 2020, mainly due to the Texas winter storm.
CORPORATE
Quarters $ million
Q1 2021 Q4 2020 Q1 2020
(531) (954) (453) Segment earnings
134 (118) 535 Of which: Identified items (Reference A)
(666) (836) (989) Adjusted Earnings
478 102 559 Cash flow from operating activities
(30) (17) (239) Cash flow from operating activities excluding working
capital movements (Reference H)
----------- --------- --------- -----------------------------------------------------------
First quarter segment earnings were an expense of $531 million. This
included a gain of $134 million from the deferred tax impact of the
weakening Brazilian real on financing positions, which is part of
identified items (see Reference A). Adjusted earnings for the quarter
were an expense of $666 million.
Compared with the fourth quarter 2020, Adjusted Earnings reflected a
favourable movement in tax credits partly offset by adverse currency
exchange rate effects.
Compared with the first quarter 2020, Adjusted Earnings reflected
favourable currency exchange rate effects and lower net interest
expense.
OUTLOOK FOR THE SECOND QUARTER 2021
As a result of the COVID-19 pandemic, there continues to be significant
uncertainty in the macroeconomic conditions with an expected negative
impact on demand for oil, gas and related products. The second quarter
2021 outlook provides ranges for operational and financial metrics based
on current expectations, but these are subject to change in the light of
evolving market conditions. Due to demand or regulatory requirements
and/or constraints in infrastructure, Shell may need
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UNAUDITED RESULTS
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to take measures to curtail or reduce oil and/or gas production, LNG
liquefaction as well as utilisation of refining and chemicals plants and
similarly sales volumes could be impacted. Such measures will likely
have a variety of impacts on our operational and financial metrics.
Integrated Gas production is expected to be approximately 880 - 940
thousand boe/d. LNG liquefaction volumes are expected to be
approximately 7.6 - 8.2 million tonnes.
Upstream production is expected to be approximately 2,150 - 2,350
thousand boe/d, reflecting lower seasonal gas demand and divestment
impacts.
Refinery utilisation is expected to be approximately 73% - 81%.
Oil Products sales volumes are expected to be approximately 4,000 -
5,000 thousand b/d.
Chemicals manufacturing plant utilisation is expected to be
approximately 76% - 84%.
Chemicals sales volumes are expected to be approximately 3,500 - 3,800
thousand tonnes.
Corporate Adjusted Earnings are expected to be a net expense of
approximately $600 - $700 million in the second quarter 2021 and a net
expense of approximately $2,400 - $2,800 million for the full year 2021.
This excludes the impact of currency exchange rate effects.
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ROYAL DUTCH SHELL PLC 1ST QUARTER 2021
UNAUDITED RESULTS
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UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME
Quarters $ million
Q1 2021 Q4 2020 Q1 2020
55,665 43,989 60,029 Revenue(1)
995 629 854 Share of profit of joint ventures and associates
2,455 411 76 Interest and other income(2)
59,115 45,028 60,959 Total revenue and other income
34,369 28,511 43,213 Purchases
6,808 6,701 5,982 Production and manufacturing expenses
2,462 2,751 2,393 Selling, distribution and administrative expenses
166 199 243 Research and development
285 508 294 Exploration
5,896 9,573 7,093 Depreciation, depletion and amortisation(2)
892 908 1,118 Interest expense
50,878 49,152 60,336 Total expenditure
8,237 (4,124) 623 Income/(loss) before taxation
2,453 (168) 646 Taxation charge/(credit)
5,784 (3,956) (23) Income/(loss) for the period(1)
124 58 1 Income/(loss) attributable to non-controlling interest
Income/(loss) attributable to Royal Dutch Shell plc
5,660 (4,014) (24) shareholders
0.73 (0.52) 0.00 Basic earnings per share ($)(3)
0.72 (0.52) 0.00 Diluted earnings per share ($)(3)
----------------------- --------- --------- -------------------------------------------------------
1. See Note 2 "Segment information".
2. See Note 7 "Other notes to the Condensed Consolidated Interim
Financial Statements".
3. See Note 3 "Earnings per share".
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Quarters $ million
Q1 2021 Q4 2020 Q1 2020
5,784 (3,956) (23) Income/(loss) for the period
Other comprehensive income/(loss) net of tax:
Items that may be reclassified to income in later
periods:
(852) 2,280 (3,935) -- Currency translation differences
(14) 3 (28) -- Debt instruments remeasurements
132 54 (152) -- Cash flow hedging gains/(losses)
171 (170) -- -- Net investment hedging gains/(losses)
(34) 3 101 -- Deferred cost of hedging
-- Share of other comprehensive income/(loss) of joint
(56) 39 (60) ventures and associates
(652) 2,208 (4,074) Total
Items that are not reclassified to income in later
periods:
4,628 1,045 1,756 -- Retirement benefits remeasurements
40 88 (137) -- Equity instruments remeasurements
-- Share of other comprehensive income/(loss) of joint
(25) 6 48 ventures and associates
4,643 1,140 1,667 Total
3,991 3,347 (2,407) Other comprehensive income/(loss) for the period
9,775 (609) (2,430) Comprehensive income/(loss) for the period
121 134 (123) Comprehensive income/(loss) attributable to non-controlling
interest
9,653 (743) (2,307) Comprehensive income/(loss) attributable to Royal
Dutch Shell plc shareholders
---------------------- --------- --------- ---------------------------------------------------------------
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ROYAL DUTCH SHELL PLC 1ST QUARTER 2021
UNAUDITED RESULTS
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CONDENSED CONSOLIDATED BALANCE SHEET
$ million
March 31, 2021 December 31, 2020
Assets
Non-current assets
Intangible assets 22,872 22,822
Property, plant and equipment 208,298 210,847
Joint ventures and associates 22,537 22,451
Investments in securities 3,341 3,222
Deferred tax 13,871 16,311
Retirement benefits(1) 5,845 2,474
Trade and other receivables 7,396 7,641
Derivative financial
instruments(2) 1,681 2,805
285,841 288,573
Current assets
Inventories 22,680 19,457
Trade and other receivables 40,142 33,625
Derivative financial
instruments(2) 5,752 5,783
Cash and cash equivalents 30,985 31,830
99,559 90,695
Total assets 385,400 379,268
Liabilities
Non-current liabilities
Debt 87,828 91,115
Trade and other payables 2,670 2,304
Derivative financial (MORE TO FOLLOW) Dow Jones Newswires
04-29-21 0215ET
