$IMO
IMPERIAL OIL LTD

2017 Q3 Form 10-Q Financial Statement

#000119312517329218 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3 2016 Q2
Revenue $7.153B $6.668B $6.238B
YoY Change 7.27% -7.04% -14.7%
Cost Of Revenue $5.589B $5.118B $5.351B
YoY Change 9.2% -5.29% -5.96%
Gross Profit $1.564B $1.550B $887.0M
YoY Change 0.9% -12.38% -45.35%
Gross Profit Margin 21.86% 23.25% 14.22%
Selling, General & Admin $657.0M $709.0M $267.0M
YoY Change -7.33% 165.54% -1.84%
% of Gross Profit 42.01% 45.74% 30.1%
Research & Development $7.000M $16.00M $42.00M
YoY Change -56.25% -15.79% 162.5%
% of Gross Profit 0.45% 1.03% 4.74%
Depreciation & Amortization $391.0M $398.0M $407.0M
YoY Change -1.76% -0.5% 21.49%
% of Gross Profit 25.0% 25.68% 45.89%
Operating Expenses $1.055B $1.123B $267.0M
YoY Change -6.06% 320.6% -1.84%
Operating Profit $509.0M $427.0M $620.0M
YoY Change 19.2% -71.57% -54.11%
Interest Expense -$17.00M -$21.00M -$19.00M
YoY Change -19.05% 110.0% -480.0%
% of Operating Profit -3.34% -4.92% -3.06%
Other Income/Expense, Net -$1.000M $2.000M $1.000M
YoY Change -150.0% -200.0%
Pretax Income $496.0M $1.182B -$252.0M
YoY Change -58.04% 85.56% -142.28%
Income Tax $125.0M $179.0M -$71.00M
% Of Pretax Income 25.2% 15.14%
Net Earnings $371.0M $1.003B -$181.0M
YoY Change -63.01% 109.39% -250.83%
Net Earnings / Revenue 5.19% 15.04% -2.9%
Basic Earnings Per Share $0.44 $1.18 -$0.21
Diluted Earnings Per Share $0.44 $1.18 -$0.21
COMMON SHARES
Basic Shares Outstanding 841.8M shares 847.6M shares 847.6M shares
Diluted Shares Outstanding 844.9M shares 850.8M shares 850.6M shares

Balance Sheet

Concept 2017 Q3 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $833.0M $248.0M $195.0M
YoY Change 235.89% -32.24% 596.43%
Cash & Equivalents $833.0M $248.0M $195.0M
Short-Term Investments
Other Short-Term Assets $441.0M $547.0M $890.0M
YoY Change -19.38% -33.45% -5.52%
Inventory $989.0M $941.0M $919.0M
Prepaid Expenses
Receivables $1.896B $1.702B $1.977B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.159B $3.438B $3.981B
YoY Change 20.97% -16.41% -4.62%
LONG-TERM ASSETS
Property, Plant & Equipment $35.60B $36.74B $36.97B
YoY Change -3.12% -2.19% 0.34%
Goodwill $186.0M $186.0M $186.0M
YoY Change 0.0% -16.96% -16.96%
Intangibles
YoY Change
Long-Term Investments $931.0M $1.224B $1.309B
YoY Change -23.94% -17.52% -14.39%
Other Assets $498.0M $60.00M $802.0M
YoY Change 730.0% -9.09% 1133.85%
Total Long-Term Assets $37.21B $38.66B $39.26B
YoY Change -3.74% -1.74% 1.56%
TOTAL ASSETS
Total Short-Term Assets $4.159B $3.438B $3.981B
Total Long-Term Assets $37.21B $38.66B $39.26B
Total Assets $41.37B $42.09B $43.24B
YoY Change -1.72% -3.13% 0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.041B $2.898B $3.179B
YoY Change 4.93% -14.59% -11.84%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $202.0M $271.0M $1.862B
YoY Change -25.46%
Total Short-Term Liabilities $3.302B $3.621B $5.506B
YoY Change -8.81% -37.24% -7.43%
LONG-TERM LIABILITIES
Long-Term Debt $4.447B $6.447B $6.447B
YoY Change -31.02% 10.17% 10.17%
Other Long-Term Liabilities $3.698B $3.444B $3.455B
YoY Change 7.38% -11.69% -13.04%
Total Long-Term Liabilities $8.145B $9.891B $9.902B
YoY Change -17.65% 1.43% 0.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.302B $3.621B $5.506B
Total Long-Term Liabilities $8.145B $9.891B $9.902B
Total Liabilities $16.35B $18.11B $20.17B
YoY Change -9.73% -10.74% 0.48%
SHAREHOLDERS EQUITY
Retained Earnings $25.22B $24.04B $23.16B
YoY Change 4.94% 1.4% -0.79%
Common Stock $1.547B $1.566B $1.566B
YoY Change -1.21% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.02B $23.98B $23.07B
YoY Change
Total Liabilities & Shareholders Equity $41.37B $42.09B $43.24B
YoY Change -1.72% -3.13% 0.96%

Cashflow Statement

Concept 2017 Q3 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $371.0M $1.003B -$181.0M
YoY Change -63.01% 109.39% -250.83%
Depreciation, Depletion And Amortization $391.0M $398.0M $407.0M
YoY Change -1.76% -0.5% 21.49%
Cash From Operating Activities $837.0M $772.0M $443.0M
YoY Change 8.42% -30.07% 17.51%
INVESTING ACTIVITIES
Capital Expenditures -$241.0M -$189.0M -$313.0M
YoY Change 27.51% -70.79% -59.51%
Acquisitions
YoY Change
Other Investing Activities $7.000M $1.194B $16.00M
YoY Change -99.41% 4164.29% -67.35%
Cash From Investing Activities -$234.0M $1.005B -$297.0M
YoY Change -123.28% -262.36% -58.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $250.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -393.0M -1.724B -106.0M
YoY Change -77.2% 1072.79% -133.65%
NET CHANGE
Cash From Operating Activities 837.0M 772.0M 443.0M
Cash From Investing Activities -234.0M 1.005B -297.0M
Cash From Financing Activities -393.0M -1.724B -106.0M
Net Change In Cash 210.0M 53.00M 40.00M
YoY Change 296.23% -84.32% -225.0%
FREE CASH FLOW
Cash From Operating Activities $837.0M $772.0M $443.0M
Capital Expenditures -$241.0M -$189.0M -$313.0M
Free Cash Flow $1.078B $961.0M $756.0M
YoY Change 12.17% -45.12% -34.26%

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<div> <table style="FONT-SIZE: 13pt; FONT-FAMILY: ARIAL; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left"><b>11.</b></td> <td valign="top" align="left"><b>Recently issued accounting standards</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 12pt"> In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard, <i>Revenue from Contracts with Customers</i>. The standard establishes a single revenue recognition model for all contracts with customers, eliminates industry specific requirements and expands disclosure requirements. The standard is required to be adopted beginning January&#xA0;1, 2018. The company expects to adopt the standard using the modified retrospective method, under which prior years&#x2019; results are not restated, but supplemental information on the impact of the new standard will be included in the 2018 results. The impact from the standard is not expected to have a material effect on the company&#x2019;s financial statements.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 12pt"> In February 2016, the FASB issued a new standard<i>, Leases</i>. The standard requires all leases with an initial term greater than one year be recorded on the balance sheet as a lease asset and lease liability. The standard is required to be adopted beginning January&#xA0;1, 2019. Imperial is evaluating the standard and its effect on the company&#x2019;s financial statements and plans to adopt it in 2019.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; MARGIN-TOP: 0pt"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 0pt"> In March 2017, the FASB issued an Accounting Standards Update <font style="WHITE-SPACE: nowrap">2017-07,</font> Compensation &#x2013; Retirement Benefits (Topic 715): <i>Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost</i>. The update requires that the service cost component of net benefit costs be reported in the same line in the income statement as other compensation costs and that the other components of net benefit costs be presented separately from the service cost component. Additionally, only the service cost component of net benefit costs will be eligible for capitalization. Imperial will adopt the update beginning January&#xA0;1, 2018. As a result of Imperial&#x2019;s adoption of the update, the company expects to add a new line <font style="WHITE-SPACE: nowrap">Non-service</font> pension and other postretirement benefit expense to its consolidated statement of income.&#xA0;This line would reflect the other components of net benefit costs as described in the Accounting Standards Update and would include amounts that were previously included in Production and manufacturing expenses, and Selling and general expenses.&#xA0;As of January&#xA0;1, 2018, these costs will no longer be considered for capitalization. The impact from this change on the company&#x2019;s net income is not expected to be material. Furthermore, as part of the adoption of the update, the company expects it will include all of these costs in its Corporate and Other expenses.</p> </div>
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