| SUMMARY OF UNAUDITED RESULTS | |||||||||||||||||
| Quarters | $ million | ||||||||||||||||
| Q1 2021 | Q4 2020 | Q1 2020 | %¹ | Reference | |||||||||||||
| 5,660 | (4,014) | (24) | +241 | Income/(loss) attributable to shareholders | |||||||||||||
| 4,345 | (4,478) | 2,756 | +197 | CCS earnings attributable to shareholders | Note 2 | ||||||||||||
| 3,234 | 393 | 2,860 | +724 | Adjusted Earnings² | A | ||||||||||||
| 8,294 | 6,287 | 14,851 | +32 | Cash flow from operating activities | |||||||||||||
| (590) | (5,406) | (2,718) | Cash flow from investing activities | ||||||||||||||
| 7,704 | 882 | 12,133 | Free cash flow | G | |||||||||||||
| 3,974 | 5,503 | 4,970 | Cash capital expenditure | C | |||||||||||||
| 9,436 | 9,652 | 8,618 | -2 | Operating expenses | F | ||||||||||||
| 8,724 | 8,544 | 8,600 | +2 | Underlying operating expenses | F | ||||||||||||
| (4.7)% | (6.8)% | 4.6% | ROACE (Net income basis) | D | |||||||||||||
| 3.0% | 2.9% | 6.1% | ROACE (CCS basis excluding identified items) | D | |||||||||||||
| 71,252 | 75,386 | 74,413 | Net debt | E | |||||||||||||
| 29.9% | 32.2% | 28.9% | Gearing | E | |||||||||||||
| 3,489 | 3,371 | 3,719 | +4 | Total production available for sale (thousand boe/d) | |||||||||||||
| 0.73 | (0.52) | 0.00 | +240 | Basic earnings per share ($) | |||||||||||||
| 0.42 | 0.05 | 0.37 | +740 | Adjusted Earnings per share ($) | B | ||||||||||||
| 0.1735 | 0.1665 | 0.16 | +4 | Dividend per share ($) | |||||||||||||
1. Q1 on Q4 change.
2. Adjusted Earnings is defined as income/(loss) attributable to shareholders plus cost of supplies adjustment (see Note 2) and excluding identified items (see Reference A).
First quarter 2021 income attributable to Royal Dutch Shell plc shareholders was $5.7 billion, which included net gains on sale of assets of $1.4 billion and gains of $0.4 billion due to the fair value accounting of commodity derivatives, partly offset by redundancy and restructuring charges of $0.5 billion, mainly related to the restructuring plan named Reshape.
Adjusted Earnings for the quarter were $3.2 billion. Cost of supplies adjustment attributable to Royal Dutch Shell plc shareholders for the first quarter 2021 was negative $1.3 billion. The Texas winter storm had an impact on our operations and had an aggregate adverse impact of around $0.2 billion on Adjusted Earnings.
Cash flow from operating activities for the first quarter 2021 was $8.3 billion, which included negative working capital movements of $4.4 billion. Cash flow from investing activities for the quarter was an outflow of $0.6 billion, driven mainly by capital expenditure and partly offset by proceeds from sale of property, plant and equipment and businesses.
Compared with the fourth quarter 2020, current quarter Adjusted Earnings reflected higher realised oil and LNG prices, chemicals and refining margins, Oil Products trading contributions and lower depreciation.
Compared with the first quarter 2020, current quarter Adjusted Earnings reflected higher realised oil prices and chemicals margins partly offset by lower realised refining and marketing margins.
At the end of the first quarter 2021, net debt was $71.3 billion, compared with $75.4 billion at the end of the fourth quarter 2020, mainly driven by free cash flow generation in the quarter. Gearing was 29.9% at the end of the first quarter 2021, compared with 32.2% at the end of the fourth quarter 2020, mainly driven by net debt reduction, earnings and remeasurements of pensions.
Dividends declared to Royal Dutch Shell plc shareholders for the quarter amount to $0.1735 per share, an increase of around 4% from the last quarter.