$IMO
IMPERIAL OIL LTD

2018 Q2 Form 10-Q Financial Statement

#000119312518236082 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2017 Q1
Revenue $9.516B $7.005B $6.998B
YoY Change 35.85% 12.3% 34.63%
Cost Of Revenue $8.183B $6.167B $5.708B
YoY Change 32.69% 15.25% 34.09%
Gross Profit $1.333B $838.0M $1.290B
YoY Change 59.07% -5.52% 37.09%
Gross Profit Margin 14.01% 11.96% 18.43%
Selling, General & Admin $685.0M $622.0M $600.0M
YoY Change 10.13% 132.96% 122.22%
% of Gross Profit 51.39% 74.22% 46.51%
Research & Development $1.000M $0.00 $22.00M
YoY Change -100.0% 29.41%
% of Gross Profit 0.08% 0.0% 1.71%
Depreciation & Amortization $358.0M $352.0M $392.0M
YoY Change 1.7% -13.51% -7.55%
% of Gross Profit 26.86% 42.0% 30.39%
Operating Expenses $1.070B $974.0M $1.014B
YoY Change 9.86% 264.79% 275.56%
Operating Profit $263.0M -$136.0M $276.0M
YoY Change -293.38% -121.94% -58.87%
Interest Expense $26.00M -$17.00M -$10.00M
YoY Change -252.94% -10.53% -44.44%
% of Operating Profit 9.89% -3.62%
Other Income/Expense, Net $0.00 $0.00 -$4.000M
YoY Change -100.0% -233.33%
Pretax Income $264.0M -$125.0M $420.0M
YoY Change -311.2% -50.4% -381.88%
Income Tax $68.00M -$48.00M $87.00M
% Of Pretax Income 25.76% 20.71%
Net Earnings $196.0M -$77.00M $333.0M
YoY Change -354.55% -57.46% -429.7%
Net Earnings / Revenue 2.06% -1.1% 4.76%
Basic Earnings Per Share $0.24 -$0.09 $0.39
Diluted Earnings Per Share $0.24 -$0.09 $0.39
COMMON SHARES
Basic Shares Outstanding 816.1M shares 847.0M shares 847.6M shares
Diluted Shares Outstanding 818.8M shares 849.9M shares 850.3M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $873.0M $623.0M $672.0M
YoY Change 40.13% 219.49% 333.55%
Cash & Equivalents $873.0M $623.0M $672.0M
Short-Term Investments
Other Short-Term Assets $456.0M $490.0M $457.0M
YoY Change -6.94% -44.94% -44.67%
Inventory $1.221B $1.044B $1.032B
Prepaid Expenses
Receivables $2.625B $1.599B $1.745B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.175B $3.756B $3.906B
YoY Change 37.78% -5.65% 5.77%
LONG-TERM ASSETS
Property, Plant & Equipment $34.24B $35.85B $36.06B
YoY Change -4.47% -3.03% -2.75%
Goodwill $186.0M $186.0M $186.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $860.0M $907.0M $1.014B
YoY Change -5.18% -30.71% -28.59%
Other Assets $925.0M $410.0M $241.0M
YoY Change 125.61% -48.88% -70.06%
Total Long-Term Assets $36.22B $37.35B $37.50B
YoY Change -3.04% -4.87% -5.03%
TOTAL ASSETS
Total Short-Term Assets $5.175B $3.756B $3.906B
Total Long-Term Assets $36.22B $37.35B $37.50B
Total Assets $41.39B $41.11B $41.41B
YoY Change 0.69% -4.95% -4.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.923B $2.962B $2.983B
YoY Change 32.44% -6.83% 5.33%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $202.0M $203.0M $202.0M
YoY Change -0.49% -89.1% -89.04%
Total Short-Term Liabilities $4.214B $3.205B $3.209B
YoY Change 31.48% -41.79% -37.3%
LONG-TERM LIABILITIES
Long-Term Debt $4.447B $4.447B $4.447B
YoY Change 0.0% -31.02% -31.02%
Other Long-Term Liabilities $3.943B $3.678B $3.620B
YoY Change 7.21% 6.45% 4.17%
Total Long-Term Liabilities $8.390B $8.125B $8.067B
YoY Change 3.26% -17.95% -18.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.214B $3.205B $3.209B
Total Long-Term Liabilities $8.390B $8.125B $8.067B
Total Liabilities $17.63B $16.11B $16.11B
YoY Change 9.44% -20.16% -18.82%
SHAREHOLDERS EQUITY
Retained Earnings $24.05B $25.22B $25.56B
YoY Change -4.66% 8.91% 8.91%
Common Stock $1.483B $1.560B $1.566B
YoY Change -4.94% -0.38% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.77B $25.00B $25.30B
YoY Change
Total Liabilities & Shareholders Equity $41.39B $41.11B $41.41B
YoY Change 0.69% -4.95% -4.11%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $196.0M -$77.00M $333.0M
YoY Change -354.55% -57.46% -429.7%
Depreciation, Depletion And Amortization $358.0M $352.0M $392.0M
YoY Change 1.7% -13.51% -7.55%
Cash From Operating Activities $859.0M $492.0M $354.0M
YoY Change 74.59% 11.06% 622.45%
INVESTING ACTIVITIES
Capital Expenditures -$357.0M -$320.0M -$122.0M
YoY Change 11.56% 2.24% -68.8%
Acquisitions
YoY Change
Other Investing Activities -$22.00M $39.00M $183.0M
YoY Change -156.41% 143.75% 454.55%
Cash From Investing Activities -$379.0M -$281.0M $61.00M
YoY Change 34.88% -5.39% -117.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $893.0M $127.0M
YoY Change 603.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.032B -260.0M -134.0M
YoY Change 296.92% 145.28% -151.34%
NET CHANGE
Cash From Operating Activities 859.0M 492.0M 354.0M
Cash From Investing Activities -379.0M -281.0M 61.00M
Cash From Financing Activities -1.032B -260.0M -134.0M
Net Change In Cash -552.0M -49.00M 281.0M
YoY Change 1026.53% -222.5% -685.42%
FREE CASH FLOW
Cash From Operating Activities $859.0M $492.0M $354.0M
Capital Expenditures -$357.0M -$320.0M -$122.0M
Free Cash Flow $1.216B $812.0M $476.0M
YoY Change 49.75% 7.41% 8.18%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> <b>13. Recently issued accounting standards</b></p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"> Effective January&#xA0;1, 2019, Imperial will adopt the Financial Accounting Standards Board&#x2019;s standard, <i>Leases (Topic 842)</i>, as amended. The standard requires all leases with an initial term greater than one year be recorded on the balance sheet as a right of use asset and a lease liability. The company acquired lease accounting software to facilitate implementation, and is currently installing, configuring and testing the software. Based on leases outstanding at the end of 2017, the company estimates the operating lease right of use asset and lease liability would have been in the range of $200&#xA0;million to $250&#xA0;million at that time. The effect on Imperial&#x2019;s consolidated balance sheet as a result of implementing the standard on January&#xA0;1, 2019 could differ considerably depending on operating leases commenced in 2018 as well as interest rates and other factors such as the expiry or renewal of leases during the year.</p> </div>
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