University: University of National and World

Economy
Faculty: International Economy and Politics
Major: International Economic Relations
Subject: International Financial Management

Course Paper

Theme: Capital Structure

Ratios Analysis of - Royal Dutch
Shell Plc. 2009-2012

Student: Georgi Milenkov

Fac. Number: 106160
Major: Int. Economic Relations in English
Academic year 2013/2014

Contents
Introduction............................................................................................................ 3
Definition of Annual Reports and Capital Structure Reports...................................4
TOOLS OF FINANCIAL STATEMENT ANALYSIS.......................................................5
FINANCIAL STATEMENTS OF RDSA..........................................................................6
Ratio Analysis......................................................................................................... 8
Liquidity Ratios:................................................................................................... 8
Financial leverage ratios................................................................................... 16
Shareholders ratios.......................................................................................... 18
Credit Ratings....................................................................................................... 20
Company perspectives......................................................................................... 21
Conclusion............................................................................................................ 22
References:.......................................................................................................... 23

Introduction
Royal Dutch Shell plc, commonly known as Shell, is an AngloDutch
multinational oil and gas company incorporated in the United Kingdom and
headquartered in the Netherlands. Created by the merger of Royal Dutch
Petroleum and UK-based Shell Transport & Trading, it is the largest
company in the world in terms of revenue, and one of the six oil and gas
"supermajors". (BP plc, Chevron Corporation, ExxonMobil Corporation,
Royal Dutch Shell plc and Total SA,)
Royal Dutch Shell Plc engages in the oil and natural gas production. The
company

operates

through

the

following

segments:

Upstream,

Downstream, and Corporate.1 The Upstream segment explores for, and

extracts crude oil and natural gas, develops fields, produces oil and gas,
mines oil sands, extracts bitumen, liquifies gas by cooling (LNG), regasifies
LNG, converts gas to liquid products, and generates wind energy. The
Downstream segment includes oil refining into fuels and lubricants,
petrochemical production, bio-fuel development, trading, rental sales, the
management of carbon dioxide emissions, business-to-business sales, and
alternative energies businesses. The Corporate segment covers the nonoperating activities supporting Shell, which includes Shell's holdings and
treasury organization, its

headquarters

and central functions, and

insurance companies. The company was founded in February 1907 and is

headquartered in The Hague, Netherlands.
As of 2013 Shell is the largest company in the world according to the
Fortune 500 list. Royal Dutch Shell revenue was equal to 84% of the
Netherlands's $555.8 billion GDP at the time.2

1 Royal Dutch Shell Annual Report 2013, p.26

2 http://www.businessweek.com/articles/2013-04-04/shell-glencore-and-othermultinationals-dominate-their-home-economies
3

Definition of Annual Reports and Capital Structure

Reports
Government legislations require certain organizations like
limited companies, public utilities, and co-operative to maintain
proper account and draw financial statement. Public can
understand from the financial statement the extent to which a
company is discharging its social responsibilities. While issuing
shares bonds, financial statement become necessary as
prospective investors can judge whether to by the share or
bonds, from the information regarding the financial soundness,
gathered from the financial statement. Workers union may
study the financial statement and ascertain whether they can
enforce their demand. Whiten an organization also, financial
statement assist the management in taking various decisions.
Consumer, all over the world, are becoming increasingly aware
of their right and are using financial statement extensionally
today to find out the degree of exploitation by the industries.
Tax legislature makes it obligatory on the part of business
entities to draw fair and objective financial statement. The
financial statement serves as instruments to regulate equity
and debentures issued by companies.
The capital structure is defined as a mix of a company's long-term debt,
short-term debt, common equity and preferred equity. The capital
structure is how a firm finances its overall operations and growth by using
different sources of funds.
The capital structure of a company is an important element in the analysis
of its financial state. When the capital structure of a company is analyzed,
the balance sheet of that company is used in order to understand how it is
financed: what part of the used capital comes from shareholders and what
from other sources of financing. The balance sheet has three sections for
the liabilities: equity, long-term debt and current liabilities. These are the
4

three possible sources of financing for a company; therefore they

constitute the capital structure. In general, any other source of financing
besides the equity is considered to be debt. Debts, that are due in up to a
year are considered short-term or current liabilities; while all other debts
are viewed as long-term.

In order to take a more detailed look at a companys capital structure, it is

necessary to know exactly what constitutes it.
The equity part of the debt-equity relationship is the easiest to define. In a
company's capital structure, equity consists of a company's common and
preferred stock plus retained earnings, which are summed up in the
shareholders' equity account on a balance sheet.
A discussion of debt is less straightforward. Investment literature often
equates a company's debt with its liabilities. Among financial analysts,
there is no universal agreement as to what constitutes a debt liability. For
many analysts, the debt component in a company's capitalization is simply
a balance sheet's long-term debt. Usually the long-term debt comes in the
form of bond issues or long-term notes payable. However, others include
other types of debt in the considerations such as: short-term borrowings
(notes payable), the current portion of long-term debt, operating leases
and redeemable preferred stock. Short-term debt such as working capital
requirements is also considered to be part of the capital structure.
The most simple and well-known method is to use current liabilities and
long-term debt in order to constitute total debt and to compare it with the
equity of the company.

TOOLS OF FINANCIAL STATEMENT ANALYSIS

The analytical tools generally available to an analyst for this

purpose are:
1. Comparative financial and operating Statements
2. Common-size statement
3. Trend ration and trend analysis
4. Average Analysis
5. Change in working capital
6. Fund-flow and cost-flow analysis
7. Ratio analysis
5

Ratio Analysis : A tool used by individuals to conduct a

quantitative analysis of information in a company's financial
statements. Ratios are calculated from current year numbers
and are then compared to previous years, other companies, the
industry, or even the economy to judge the performance of the
company.

FINANCIAL STATEMENTS OF RDSA

Currency in
Millions of US Dollars

As of:

Dec 31
2009
Reclassifie
d

Dec 31
2010
Reclassifie
d

Dec 31
2011

Dec 31
2012

Assets
Cash And Equivalents

9,719.0

13,444.0

11,292.0

18,550.0

9,719.0

13,444.0

11,292.0

18,550.0

Accounts Receivable

29,872.0

37,436.0

48,307.0

40,210.0

Other Receivables

8,196.0

9,273.0

11,435.0

12,560.0

Inventory

27,410.0

29,348.0

28,976.0

30,781.0

Prepaid Expenses

3,010.0

3,723.0

3,373.0

3,442.0

Other Current Assets

18,250.0

19,670.0

16,394.0

9,191.0

TOTAL CURRENT ASSETS

96,457.0

112,894.
0

119,777.
0

114,734.
0

NET PROPERTY PLANT AND EQUIPMENT

131,619.
0

142,705.
0

152,081.
0

172,293.
0

Long-Term Investments

35,049.0

37,223.0

43,482.0

43,217.0

Goodwill

3,140.0

2,990.0

2,620.0

2,615.0

Other Intangibles

2,216.0

2,049.0

1,901.0

1,855.0

Other Long-Term Assets

17,334.0

19,338.0

20,664.0

21,566.0

TOTAL ASSETS

292,181.
0

322,560.
0

345,257
.0

360,325
.0

Accounts Payable

29,379.0

34,476.0

44,844.0

42,448.0

Accrued Expenses

16,805.0

17,155.0

16,012.0

16,265.0

Short-Term Borrowings

1,490.0

5,898.0

2,262.0

1,798.0

TOTAL CASH AND SHORT TERM INVESTMENTS

LIABILITIES & EQUITY

Current Portion Of Long-Term Debt/Capital Lease

2,681.0

4,053.0

4,450.0

6,035.0

Other Current Liabilities

29,049.0

32,886.0

27,940.0

21,770.0

84,789.0

100,552.
0

102,659.
0

96,979.0

Long-Term Debt

26,922.0

30,142.0

26,450.0

26,054.0

Capital Leases

3,940.0

4,239.0

4,013.0

3,867.0

Minority Interest

1,704.0

1,767.0

1,486.0

1,433.0

Other Liabilities, Total

38,395.0

37,847.0

41,132.0

43,498.0

154,046.
0

172,780.
0

174,254.
0

170,398.
0

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES
Common Stock

527.0

529.0

536.0

542.0

Additional Paid In Capital

154.0

154.0

154.0

154.0

Retained Earnings

127,633.0

140,179.0

162,987.
0

180,218.
0

Treasury Stock

-1,711.0

-2,789.0

-2,990.0

-2,287.0

Comprehensive Income And Other

9,828.0

9,940.0

8,830.0

9,867.0

TOTAL COMMON EQUITY

136,431.
0

148,013.
0

169,517.
0

188,494.
0

TOTAL EQUITY

138,135.
0

149,780.
0

171,003.
0

189,927.
0

345,257
.0

360,325
.0

TOTAL LIABILITIES AND EQUITY

Currency in
Millions of US Dollars

As of:

Revenues

292,181.
0

322,560.
0

Dec 31
2009
Reclassifie
d

Dec 31
2010
Reclassifie
d

278,188.0

368,056.0

TOTAL REVENUES

278,188.
0

Cost Of Goods Sold

228,376.0

GROSS PROFIT

368,056.
0
307,634.0

Dec 31
2011

Dec 31
2012

470,171.
0

467,153.
0

470,171.
0

467,153.
0

396,502.
0

396,005.
0

49,812.0

60,422.0

73,669.0

71,148.0

Selling General & Admin Expenses, Total

19,608.0

17,564.0

16,601.0

17,720.0

R&D Expenses

1,125.0

1,019.0

1,125.0

1,314.0

Depreciation & Amortization, Total

12,999.0

14,268.0

12,030.0

14,458.0

OTHER OPERATING EXPENSES, TOTAL

33,732.0

32,851.0

29,756.0

33,492.0

OPERATING INCOME

16,080.0

27,571.0

43,913.0

37,656.0

Interest Expense

-542.0

-996.0

-1,373.0

-1,757.0

Interest And Investment Income

654.0

552.0

1,039.0

1,013.0

Other Non-Operating Expenses, Total

5,506.0

6,268.0

8,794.0

9,306.0

Other Non-Operating Income (Expenses)

90.0

332.0

-6.0

164.0

Impairment Of Goodwill

--

--

-31.0

-39.0

Gain (Loss) On Sale Of Assets

781.0

3,276.0

4,485.0

4,228.0

Other Unusual Items, Total

-1,459.0

-1,327.0

-1,167.0

-118.0

35,344.0

55,660.0

50,289.0

EBT, INCLUDING UNUSUAL ITEMS

21,020.0

Income Tax Expense

8,302.0

14,870.0

24,475.0

23,449.0

Minority Interest In Earnings

-200.0

-347.0

-267.0

-248.0

Earnings From Continuing Operations

12,718.0

20,474.0

31,185.0

26,840.0

12,518.0

20,127.0

30,918.0

26,592.0

NET INCOME
NET INCOME TO COMMON INCLUDING EXTRA
ITEMS

12,518.0

20,127.0

30,918.
0

26,592.
0

NET INCOME TO COMMON EXCLUDING EXTRA

ITEMS

12,518.0

20,127.0

30,918.
0

26,592.
0

Ratio Analysis
Liquidity Ratios:

Net Working Capital = total c. asset-total c.

liabilities

2009
2010
2011
2012

total c. asset

Total c.
liabilities

Net Working
Capital

996457
112894
119777
114734

84789
100552
102659
96979

11668
12342
17118
17755

An increasing W.C. is a favorable sign. A large W.C. balance is

required when the entity has difficulty borrowing on short
notice.
8

N.W.C.
20000
15000
10000
5000
0
2009

2010

2011

2012

It clearly shows a regular increase in W.C in the year 2011 it

shows a steep increase in W.C giving investors especially short
term investor a positive indications to invest.

Current ratio =
C urrent assets

current assets
current lib

Current liab

Current ratio

2009

96475

84789

1.14

2010

112894

100552

1.12

2011

119777

102659

1.17

2012

114734

96979

1.18

Current Ratio
1.2
1.15
1.1
1.05
2009

2010

2011

2012

This graph figure clearly shows that the Dutch shall plc has debt
is c. ratio steady and at a desirable level form investor point of
view. Being 1.5the ideal c. ratio it is clear that shall PLC has a
healthy business being into business of oil and power.

Quick ratio:
C . assetsstock pre. exp .
c .lib .

2009
2010

cur rent assets

stock

pre. exp .

c .lib .

Quic
k
ratio:

96457
112894

27410
29348

3010
3723

84789
100552

0.78
0.79

10

2011

119777

28976

3373

102659

0.85

2012

114734

30781

3442

96979

0.83

Although the Q.R. in 2009 seems to be low comparatively to the

desirable 1:1 but considering the global market condition
prevailing after 2008 crisis and also the upward trend in graph
which shows an improvement Q.R.in the following year shell plc
seems to be a promising firm when it comes to short term
solvency.

The overall liquidity of the firm seems to be promising as

reflected by the high w.c balance which shows efficient use of C.
assets. Also the improving C.R. and Q.R. (after facing the 2008
global crisis) gives a promising prospects for the investors,
especially the short term investor.

Inventory turnover= COGS/avg. Inventory

COGS

2009
2010
2011

Avg.
Inventory

228376
307634
396502

27410
29348
28976
11

Inventory
Turnover
Ratio
8.33
10.48
13.68

2012

396005

30781

12.86

I.T.R.
15
10

I.T.R.

5
0
2009

2010

2011

2012

Here an inventory T. over ratio ranging from 8.33 to 13.68 is a

very high inventory turnover ratio which shows shell plc is doing
the purchasing, selling, storing of inventory very efficiently, also
the increasing I.T.R shows investment in inventory is reducing,
converting inventory into cash is very short timed, all these are
good sign of operations in inventory mgt.

Avg. age of inventory =365/I.T.R

12

Inventory
Turnover Ratio
2009
2010
2011
2012

8.33
10.48
13.68
12.86

Avg.
age
inventory

of

43.82
34.83
26.68
28.38

Avg. age of inventory

50
40

Avg. age of
inventory

30
20
10
0
2009

2010

2011

2012

Here the average age of inventory for 43 days to 28 days shows

a very good conversion of inventory into cash in such short
time. It reflects the companys inventory is well managed &it's
almost never over or under stock in terms of inventory for sale.

13

Account payable turnover ratio =

q
payable
rs

c o gs
q
avg . payable
rs

COGS

avg .

Inventory
Turnover
Ratio

2009

228376

29379

7.77

2010

307634

34476

8.92

2011

396502

44844

8.84

2012

396005

42448

9.33

Account payable turnover ratio

10
8
6
4
2
0
2009

2010

2011

2012

The measure shows investors how many times per period the company pays
its average payable amount. The fact that the ratio increases over the period
shows that the company needs less time to pay over the inputs, which can be
related to a increase in prices of outputs, decrease in input costs or a
combination of both.

14

Working capital turnover ratio

total sales
w . capital

W.C.T.R =
T otal sales

W orking

capital

Working
capital
turnover
ratio

2009

278188

11668

23.84

2010

368056

12392

29.8

2011

4,70,171

17,118

27.9

2012

467153

17755

26

W.C.T.R.
40
30

W.C.T.R.

20
10
0
2009

2010

2011

2012

Here we can clearly see that except for the year 2010 the
W.C.T.R. has been declining which is not a good sign for the
subjects of the company clearly show that after 2010 there is a
problem in optimum utilization of its working capital to support
a given level of sales. Although maintaining a W.C.T.R. of above
25 is a healthy sign because it is in a much better situation than
the counterparts of the industry.

15

Fixed asset turnover ratio

F.A.T.R =net
Sales

sales
F . assets

F . assets

FATR

2009

278188

1,95,724

1.42

2010

368056

209666

1.76

2011

470171

225480

2.09

2012

467153

245590

1.90

F.A.T.R
3
2
1
0
2009

F.A.T.R

2010

2011

2012

A stable and a higher fixed asset turnover ratio shows that the
company has been more effective using the fixed asset to
generate higher revenue. Here shells F.A.T.R has been more or
less around the ideal ratio of 1.5 and the period of 2010-12 has
shown an increase is optimum utilization of fixed asset and has
ideally generated more revenue.

16

Financial leverage ratios

Debt to asset Ratio = Total debt/Total asset

The debt ratio compares total liabilities to total assets. Obviously, more of the
former

means

less

equity

and,

therefore,

indicates

more

leveraged

position. The higher the debt ratio is, the higher the indebtedness of the
company. The debt ratio is one of the simplest and most practical ways to
analyze the indebtedness of the company and its capital structure. This
measurement, however, is too broad in scope and gives equal weight to
operational and debt liabilities. Therefore, in this case only the debt is taken into
consideration.

Debt

Assets

D/A

Industry
Average

2009

154046

292181

0.53

0.63

2010

172780

322560

0.54

0.58

2011

174254

345257

0.50

0.55

2012

170398

360325

0.47

0.56

This ratio is used to measure a company financial risk by

calculating company's total assets financed by debt. This ratio
becomes critical as it gives a clear a picture of company's
17

control over its total assets. A bigger total debt to asset ratio
reflects a higher amount of risk, ideally a ratio 0.5 to 0.75 is
considered excellent mix of financing the asset and in case of
shell it has constantly remained around 0.5 but in the year 2012
it has been recorded to be around 47% which indicates that
company is now more dependent on internal source of
financing.

Debt to equity Ratio =

total debt
total sharoholder ' equity

It is the most commonly used indicator for the connection between external and
internal financing. The debt-to-equity ratio compares total liabilities to total
shareholders' equity. It indicates what proportion of equity and debt the company
is using to finance its assets.

Here again, as in the case of debt-to-assets ratio, not total liabilities are used
(meaning all current liabilities and the long-term debt), but only total debt as a
sum of short- and long-term debt. This is done in order not to include operational
liabilities in the ratio. Unlike debt liabilities, there are no fixed payments of
principal or interest attached to the operational.

Debt

Equity

18

D/E

Industry
Average

2009

154046

149780

1.12

1.06

2010

172780

150680

1.15

1.06

2011

174254

171003

1.02

1.08

2012

170398

189927

0.89

1.09

The debt to equity ratio is the measure of companys capital

structure, ideally a debt equity ratio of 0.5 is considered to be
good but here shells ratio are way more than that and show
that company has been aggressive in financing in growth with
debt this can result in volatile earning as a result of the
additional interest expenses. However if the cost of this
financing becomes greater than the company generates and it
is not handled properly then it may lead to bankruptcy which
would to leave shareholders with nothing.
As you can see from the industry average ratio, the company remained
above the industry average, except for 2012 which shows a dramatic down
cline, this can also be related to the debt to assets ratio where we saw
again that the company was starting to rely more on internal financing.

Shareholders ratios

Earnings per share

Net Income

net income
avg . comm o n sha res

Avg . common Shares

EPS

2009

12518000000

5690000000

2.2

2010

20127000000

5439729730

3.7

2011

30918000000

6183600000

2012

26592000000

6183600000

4.3

19

EPS
6
EPS

4
2
0
2009

2010

2011

2012

The EPS show the portion of a company profit allocated to each

outstanding ordinary share of companys stock. The EPS of
shell have shown a very moderate ratios of 2.2 to 5. It shows an
increasing trend over the period and hence shows a good
prospect for the investors to invest in this company.

Price earning ratio =

marketprice per share s

EPS

Marketprice per shares

EPS

Price
Earnin
gs
Ratio

2009

70

2.2

31.82

2010

57.86

3.7

15.64

2011

72.86

14.57

2012

70.3

4.3

16.34

A companys P/e ratio greater than 25 is considered to be more

than excellent and ideally it should be anywhere around 15-25
20

and shell's P/E ratio in the year 2009 shows excellent

prospectus but after that it has fallen almost by half to 15.64
which shows a drastic change in the business operations or it
may be due to the exogenous factors such conflicts and the
uprisings in the OPEC nations especially Libya, Egypt and the
change of government in Iraq may have played an important
factor to change the sentiments of the market which would
have ultimately affected the operations of the firm.

Credit Ratings
The credit rating of the company may be used besides the previous ratios,
as a further way to evaluate the companys riskiness. Credit ratings are
formal risk evaluations by credit-rating agencies - Moody's, Standard &
Poor's of a company's ability to repay principal and interest on debt
obligations, principally bonds and commercial paper. Investors should be
glad to see high-quality rankings on the debt of companies they are
considering as investment opportunities and be wary of the reverse.
S&P

Moody's
Shortterm
rating

Longterm
rating

Outlo
ok

Short-term
rating

21

Long-term
rating

Outlook

Roya
l
Dutc
h
Shell

A-1+

AA

Stable

P-1

Aa1

Stable

The ratings on Royal Dutch Shell PLC (Shell) reflect Standard &
Poor's Ratings Services' assessments of the company's business
risk profile as "excellent" and its financial risk profile as
"minimal." As one of the world's three largest listed integrated
oil companies, Shell's "excellent" business profile is based on
the view of its large, globally diversified, and growing
exploration, production, and liquefied natural gas (LNG)
operations, as well as significant global downstream operations.
Weaknesses include Shell's exposure to highly volatile and
cyclical commodity sectors, especially oil refining, resulting in
volatile free cash flow; inherent challenges such as reserve
replacement and maintaining production; and significant
volatility in the company's pension schemes.
Shell's financial risk profile is "minimal," mostly due to the
company's conservative debt leverage policies compared with
peers. That said, total reported debt is unlikely to decline
significantly in our view.
Company perspectives

SWOT
Strength

1.Biggest name in the field of energy

2.Strong brand equity
22

3.High financial growth

4.Latest technology
5.Co-branding with Ferrari
6.Operations in over 90 countries having 44,000
stations
Weakness

1.Legal issues
2.Over statement of oil reserves controversy
3.Ambiguous corporate communications affected
marketing
4.Human Rights and environmental issues degraded
image

Opportunity

1.Acquisitions by buying out competition

2.Increasing demand for fuel
3. Involvement in the Iraqi oil development
infrastructure

Threats

1.Government regulations
2.High Competition
3.Environmental laws
4.Economic instability
5.Political instability in the Middle East

The company has a number of strengths. Firstly, Royal Dutch Shell Plc is a
leading company globally in the Oil and Gas industry with global presence
in many countries. Consequently, the company derives its strength in this
global image in the industry. Secondly, the company has recorded growing
financial performance since the 2008/2009 economic downturn. It
therefore has a strong capital base for competing in the competitive
industry. Thirdly, the company has established strong brands recognized
globally like Shell V-Power and the Shell FuelSave. Finally, the company
has strong exploration and technological capability as an internal strength
coupled with a diversified portfolio of products in the upstream and
downstream segments of the company (Shell Plc, 2012).
The size and scale of the global operations of company may be a
weakness due to the difficulties of the company to control quality and
standards of its products since the operational conditions of different
refinery sites differ. This also impacts negatively on the administrative
efficiency and effectiveness of the companys management. Exposure to
different regulatory regimes through the global presence of the company

23

presents difficulties in formulating uniform policies applicable to the global

operations of the company (Shell Plc, 2012).
There is increasing awareness and concern for environmental sanity where
reduced carbon emission is a necessary consideration for most oil-related
products. Consequently, there is increasing demand for liquefied natural
gas as a source of clean energy. This is likely to increase the companys
revenues from liquefied natural gas. There are also opportunities for the
company to expand to the emerging economies like China through joint
ventures, mergers and acquisitions like acquisition of Neste Oil Oyj in
Poland (Reuters, 2012b).
The economic slowdown in the US and European Union due to the debt
crises involving member countries presents a threat to the companys
profitability. Terrorism activities threaten the companys global functions
by increasing related business operational expenses. Increasing strict
environmental regulations is also a threat to the current and future
operations of the company which will require more efficient and
environment friendly exploration and manufacturing technologies.
Fluctuating interest rates and the war in the Middle East countries is also a
threat to the company due to its global operations.

Conclusion
From the study we can see that shell being the top rated company in the
fortune 500 exhibits the financial position accordingly. The above trend
and ratio analysis gives a clear picture of a sound organization be it in
terms of short term or long term solvency as the study shows that its
solvency is very much dependable and has remained consistent also the
activity ratio here shows that RDSA has a very effective policy on its
utilization of resources to generate a huge revenue through sales. The
company's leverage ratio shows that the shell is maintaining a steady rate
of dividend and hence giving the investors, who are looking for a short
term profit making investment, a leverage to depend on. Company's
shareholders ratio like EPs shows a promising picture as its EPS is way
higher than the industry standard but it has not been that constant and
shows a high volatility and hence giving a warning signs to those short
term investors who are expecting extraordinary gains out of their
investment.

24

References:
1.

Royal Dutch Shell Annual Report 2013

2.
http://www.businessweek.com/articles/2013-04-04/shell-glencoreand-other-multinationals-dominate-their-home-economies
3.

http://www.theguardian.com/business/royaldutchshell

4.

https://www.adr.com/DRDetails/Overview?cusip=780259206

5.
http://reports.shell.com/annualreport/2012/servicepages/downloads/files/e
ntire_shell_ar12.pdf
6.
http://money.cnn.com/magazines/fortune/global500/2013/full_list/?
iid=G500_sp_full

25