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Royal Dutch Shell Plc - ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS

Royal Dutch Shell plc

ROYAL DUTCH SHELL PLC 3RD QUARTER 2019 UNAUDITED RESULTS

 
SUMMARY OF UNAUDITED RESULTS
Quarters $ million   Nine months
Q3 20191 Q2 20191 Q3 2018 %2   Reference 20191 2018 %
5,879 2,998 5,839 +1 Income/(loss) attributable to shareholders   14,878 17,762 -16
6,081 3,025 5,570 +9 CCS earnings attributable to shareholders Note 2 14,399 16,499 -13
1,313 (437) (54)   Of which: Identified items A 868 783  
4,767 3,462 5,624 -15 CCS earnings attributable to shareholders excluding identified items   13,530 15,716 -14
149 130 169   Add: CCS earnings attributable to non-controlling interest   410 411  
4,917 3,592 5,793 -15 CCS earnings excluding identified items   13,940 16,127 -14
        Of which:        
2,674 1,726 2,292   Integrated Gas   6,968 7,036  
907 1,335 1,886   Upstream   3,967 4,894  
2,153 1,338 2,010   Downstream   5,313 5,436  
(817) (806) (395)   Corporate   (2,307) (1,239)  
12,252 11,031 12,092 +1 Cash flow from operating activities   31,913 31,064 +3
(2,130) (4,166) (4,082)   Cash flow from investing activities   (10,918) (8,347)  
10,122 6,865 8,010   Free cash flow H 20,995 22,717  
0.73 0.37 0.70 +4 Basic earnings per share ($)   1.84 2.14 -14
0.76 0.37 0.67 +13 Basic CCS earnings per share ($) B 1.78 1.99 -11
0.59 0.43 0.68 -13 Basic CCS earnings per share excl. identified items ($)   1.67 1.89 -12
0.47 0.47 0.47 - Dividend per share ($)   1.41 1.41 -
  1. IFRS 16 Leases (IFRS 16) was adopted with effect from January 1, 2019. See Note 8 “Adoption of IFRS 16 Leases”.
  2. Q3 on Q3 change.

Compared with the third quarter 2018, CCS earnings attributable to shareholders excluding identified items were $4.8 billion, reflecting lower realised oil, LNG and gas prices, as well as weaker realised refining and chemicals margins. This was partly offset by significantly stronger contributions from LNG and oil products trading and optimisation as well as higher realised margins in retail and global commercial.

Compared with the third quarter 2018, cash flow from operating activities excluding working capital movements was $12.1 billion, reflecting lower earnings, higher pension contributions and lower dividends received.

Total dividends distributed to shareholders in the quarter were $3.8 billion. Today, Shell launches the next tranche of the share buyback programme, with a maximum aggregate consideration of $2.75 billion in the period up to and including January 27, 2020. Since the launch of the programme, Shell has bought back $12 billion in shares for cancellation.

Royal Dutch Shell Chief Executive Officer Ben van Beurden commented:“This quarter we continued to deliver strong cash flow and earnings, despite sustained lower oil and gas prices, and chemicals margins. Our earnings reflect the resilience of our market-facing businesses and their ability to capitalise on market conditions, including very strong trading and optimisation results this quarter.

Our intention to buy back $25 billion in shares and reduce net debt remains unchanged. The prevailing weak macroeconomic conditions and challenging outlook inevitably create uncertainty about the pace of reducing gearing to 25% and completing the share buyback programme within the 2020 timeframe.”