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Consolidated Statement of Cash Flows

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CONSOLIDATED STATEMENT OF CASH FLOWS [A]

$ million

 

2008

2007

2006

2005

2004

[A]

This statement reflects cash flows arising from the activities of Shell companies as measured in their own currencies, translated into dollars at quarterly average rates of exchange. Accordingly, cash flows recorded exclude both the currency translation differences which arise as a result of translating the assets and liabilities of non-dollar Shell companies to dollars at year-end rates of exchange (except for those arising on cash and cash equivalents) and non-cash investing and financing activities.

[B]

In March 2007, Shell acquired the minority interests in Shell Canada for a cash consideration of $7.1 billion. This was reflected as a decrease in minority interest and in retained earnings of $1,639 million and $5,445 million respectively. In April 2007, Shell sold half of its interest in Sakhalin II, reducing its interest from 55% to 27.5%, for a sales price of $4.1 billion. As a result of this transaction, Sakhalin II has been accounted for as an associated company rather than as a subsidiary with effect from April 2007. The main impact on the Consolidated Balance Sheet was a decrease of $15.7 billion in property, plant and equipment and $6.7 billion in minority interest, and an increase in investments: equity accounted investments of $3.7 billion.

Cash flow from operating activities:

 

 

 

 

 

Income for the period

26,476

31,926

26,311

26,261

19,257

Adjustment for:

 

 

 

 

 

Current taxation

24,452

20,076

17,338

19,435

13,081

Interest (income)/expense

1,039

550

716

632

803

Depreciation, depletion and amortisation

13,656

13,180

12,615

11,981

12,845

(Gains)/losses on sale of assets

(4,071)

(3,349)

(571)

(1,313)

(3,087)

Decrease/(increase) in net working capital

7,935

(6,206)

(4,052)

(5,664)

(4,062)

Share of profit of
equity-accounted investments

(7,446)

(8,234)

(6,671)

(7,123)

(5,015)

Dividends received from
equity-accounted investments

9,325

6,955

5,488

6,709

4,190

Deferred taxation and other provisions

(1,030)

(773)

1,833

(1,515)

(1,007)

Other

(549)

(801)

(266)

(47)

292

Net cash from operating activities
(pre-tax)

69,787

53,324

52,741

49,356

37,297

Taxation paid

(25,869)

(18,863)

(21,045)

(19,243)

(10,760)

Net cash from operating activities

43,918

34,461

31,696

30,113

26,537

Cash flow from investing activities:

 

 

 

 

 

Capital expenditure

(35,065)

(24,576)

(22,922)

(15,904)

(13,566)

Investments in equity-accounted investments

(1,885)

(1,852)

(851)

(705)

(1,058)

Proceeds from sale of assets

4,737

8,566[B]

1,611

2,310

5,142

Proceeds from sale of
equity-accounted investments

2,062

1,012

282

4,313

1,316

Proceeds from sale of/
(additions to) financial assets

224

1,055

22

362

1,739

Interest received

1,012

1,225

997

863

463

Net cash used in investing activities

(28,915)

(14,570)

(20,861)

(8,761)

(5,964)

Cash flow from financing activities:

 

 

 

 

 

Net increase/(decrease) in debt with maturity period within three months

4,161

(455)

75

(956)

8

Other debt:

 

 

 

 

 

New borrowings

3,555

4,565

4,263

2,130

2,121

Repayments

(2,890)

(2,796)

(2,232)

(2,656)

(6,380)

Interest paid

(1,371)

(1,235)

(1,296)

(1,124)

(962)

Change in minority interest

40

(6,757)[B]

1,434

1,143

812

Dividends paid to:

 

 

 

 

 

Royal Dutch Shell plc shareholders

(9,516)

(9,001)

(8,142)

(10,556)

(7,391)

Minority interest

(325)

(203)

(289)

(293)

(264)

Net issue/(repurchase) of shares

(3,573)

(4,387)

(8,047)

(4,988)

(777)

Payments to former
Royal Dutch plc shareholders

–

–

–

(1,651)

–

Treasury shares: net sales/
(purchases) and dividends received

525

876

493

378

(759)

Net cash used in financing activities

(9,394)

(19,393)

(13,741)

(18,573)

(13,592)

Currency translation differences
relating to cash and cash equivalents

(77)

156

178

(250)

113

Increase/(decrease) in cash
and cash equivalents

5,532

654

(2,728)

2,529

7,094

Cash and cash equivalents at January 1

9,656

9,002

11,730

9,201

2,107

Cash and cash equivalents at December 31

15,188

9,656

9,002

11,730

9,201

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