Projects & Technology

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The delivery of Shells strategic objectives depends on its capability to build large and complex
projects reliably and safely, on time and on budget. The Projects & Technology (P&T) organisation
has that capability. It executes projects and provides a range of technical services in both Upstream
and Downstream. It also drives the research and innovation to create the technology that will be
needed in the future. Furthermore, it provides functional leadership in contracting and procurement
as well as in safety. In total, more than 8,000 people work in P&T, of whom roughly 600 have PhDs.

Consolidated Balance Sheet

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CONSOLIDATED BALANCE SHEET (AT DECEMBER 31)
2011

2010

2009

2008

$ MILLION
2007

[A] In March 2007, Shell acquired the non-controlling interests in Shell Canada for a cash consideration of $7.1 billion.
This was reflected as a decrease in non-controlling 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 2 for $4.1 billion reducing its
interest from 55% to 27.5%. As a result of this transaction, Sakhalin 2 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 non-controlling interest, and an
increase in equity-accounted investments of $3.7 billion.

Assets
Non-current assets
Intangible assets
Property, plant and equipment
Upstream
Downstream
Corporate
Equity-accounted investments
Investments in securities
Deferred tax
Pre-paid pension costs
Trade and other receivables
Current assets
Inventories
Accounts receivable
Cash and cash equivalents
Total assets
Liabilities
Non-current liabilities
Debt
Trade and other payables
Deferred tax
Retirement benefit obligations
Decommissioning and other
provisions

4,521
152,081
119,789
31,467
825
37,990
5,492
4,732
11,408
9,256
225,480

5,039
142,705
109,677
32,205
823
33,414
3,809
5,361
10,368
8,970
209,666

5,356
131,619
97,208
33,513
898
31,175
3,874
4,533
10,009
9,158
195,724

5,021
112,038
80,302
30,876
860
28,327
4,065
3,418
6,198
6,764
165,831

5,366
101,521[A]
68,493
31,945
1,083
29,153[A]
3,461
3,253
5,559
5,760
154,073

28,976
79,509
11,292
119,777
345,257

29,348
70,102
13,444
112,894
322,560

27,410
59,328
9,719
96,457
292,181

19,342
82,040
15,188
116,570
282,401

31,503
74,238
9,656
115,397
269,470

30,463
4,921
14,649
5,931

34,381
4,250
13,388
5,924

30,862
4,586
13,838
5,923

13,772
3,677
12,518
5,469

12,363
3,893
13,039
6,165

15,631

14,285

14,048

12,570

13,658

CONSOLIDATED BALANCE SHEET (AT DECEMBER 31)

Current liabilities
Debt
Trade and other payables
Taxes payable
Retirement benefit obligations
Decommissioning and other
provisions
Total liabilities
Equity
Share capital
Shares held in trust
Other reserves
Retained earnings
Equity attributable to
Royal Dutch Shell plc
shareholders
Non-controlling interest
Total equity
Total liabilities and equity

2011

2010

2009

2008

$ MILLION
2007

71,595

72,228

69,257

48,006

49,118

6,712
81,846
10,606
387

9,951
76,550
10,306
377

4,171
67,161
9,189
461

9,497
85,091
8,107
383

5,736
75,697
9,733
426

3,108
102,659
174,254

3,368
100,552
172,780

3,807
84,789
154,046

2,451
105,529
153,535

2,792
94,384
143,502

536
(2,990)
8,984
162,987

529
(2,789)
10,094
140,179

527
(1,711)
9,982
127,633

527
(1,867)
3,178
125,447

536
(2,392)
14,148
111,668[A]

169,517
1,486
171,003
345,257

148,013
1,767
149,780
322,560

136,431
1,704
138,135
292,181

127,285
1,581
128,866
282,401

123,960
2,008[A]
125,968
269,470

Financial ratios
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FINANCIAL RATIOS
2011 2010 2009 2008 2007
Return on average capital employed
Income for the period adjusted for interest expense,
less tax for the period, as % of the average
capital employed
Return on sales
Income attributable to Royal Dutch Shell plc
shareholders plus non-controlling interest as %
of sales proceeds (including sales taxes, etc.)
Return on equity
Income attributable to Royal Dutch Shell plc
shareholders as % of average net assets (i.e. equity
attributable to Royal Dutch Shell plc shareholders and non-controlling
interest)
Current ratio
Current assets : current liabilities
Long-term debt ratio
Non-current debt as % of capital employed
less current debt
Total debt ratio
Non-current debt plus current debt
as % of capital employed
Gearing ratio at December 31
Net debt as % of total capital

15.9 11.5

5.6

4.6

19.3 14.0
1.2

1.1

8.0 18.3 23.7

3.5

4.8

7.3

9.4 20.6 26.0

1.1

1.1

1.2

15.1 18.7 18.3

9.7

8.9

17.9 22.8 20.2 15.3 12.6

13.1 17.1 15.5

5.9

6.3

Earnings per share

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EARNINGS PER SHARE
Basic earnings per share
Diluted earnings per share

$
2007

2011

2010

2009

2008

4.98
4.97

3.28
3.28

2.04
2.04

4.27 5.00
4.26 4.99

EARNINGS PER SHARE

2011

2010

2009

2008

$
2007

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SHARES
Basic weighted average number
of Class A and B shares
Diluted weighted average number
of Class A and B shares
Shares outstanding at the end
of the period

2011

2010

2009

2008

MILLION
2007

6,212.5

6,132.6

6,124.9

6,159.1

6,263.8

6,221.7

6,139.3

6,128.9

6,171.5

6,283.8

6,220.1

6,154.2

6,122.3

6,121.7

6,210.4