$IMO
IMPERIAL OIL LTD

2018 Q3 Form 10-Q Financial Statement

#000119312518320700 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q3
Revenue $9.697B $9.516B $7.153B
YoY Change 35.57% 35.85% 7.27%
Cost Of Revenue $7.579B $8.183B $5.589B
YoY Change 35.61% 32.69% 9.2%
Gross Profit $2.118B $1.333B $1.564B
YoY Change 35.42% 59.07% 0.9%
Gross Profit Margin 21.84% 14.01% 21.86%
Selling, General & Admin $656.0M $685.0M $657.0M
YoY Change -0.15% 10.13% -7.33%
% of Gross Profit 30.97% 51.39% 42.01%
Research & Development $4.000M $1.000M $7.000M
YoY Change -42.86% -56.25%
% of Gross Profit 0.19% 0.08% 0.45%
Depreciation & Amortization $410.0M $358.0M $391.0M
YoY Change 4.86% 1.7% -1.76%
% of Gross Profit 19.36% 26.86% 25.0%
Operating Expenses $1.097B $1.070B $1.055B
YoY Change 3.98% 9.86% -6.06%
Operating Profit $1.021B $263.0M $509.0M
YoY Change 100.59% -293.38% 19.2%
Interest Expense $30.00M $26.00M -$17.00M
YoY Change -276.47% -252.94% -19.05%
% of Operating Profit 2.94% 9.89% -3.34%
Other Income/Expense, Net $0.00 $0.00 -$1.000M
YoY Change -100.0% -150.0%
Pretax Income $1.026B $264.0M $496.0M
YoY Change 106.85% -311.2% -58.04%
Income Tax $277.0M $68.00M $125.0M
% Of Pretax Income 27.0% 25.76% 25.2%
Net Earnings $749.0M $196.0M $371.0M
YoY Change 101.89% -354.55% -63.01%
Net Earnings / Revenue 7.72% 2.06% 5.19%
Basic Earnings Per Share $0.94 $0.24 $0.44
Diluted Earnings Per Share $0.94 $0.24 $0.44
COMMON SHARES
Basic Shares Outstanding 797.6M shares 816.1M shares 841.8M shares
Diluted Shares Outstanding 800.5M shares 818.8M shares 844.9M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.148B $873.0M $833.0M
YoY Change 37.82% 40.13% 235.89%
Cash & Equivalents $1.148B $873.0M $833.0M
Short-Term Investments
Other Short-Term Assets $464.0M $456.0M $441.0M
YoY Change 5.22% -6.94% -19.38%
Inventory $1.392B $1.221B $989.0M
Prepaid Expenses
Receivables $2.729B $2.625B $1.896B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.733B $5.175B $4.159B
YoY Change 37.85% 37.78% 20.97%
LONG-TERM ASSETS
Property, Plant & Equipment $34.21B $34.24B $35.60B
YoY Change -3.9% -4.47% -3.12%
Goodwill $186.0M $186.0M $186.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $837.0M $860.0M $931.0M
YoY Change -10.1% -5.18% -23.94%
Other Assets $857.0M $925.0M $498.0M
YoY Change 72.09% 125.61% 730.0%
Total Long-Term Assets $36.09B $36.22B $37.21B
YoY Change -3.02% -3.04% -3.74%
TOTAL ASSETS
Total Short-Term Assets $5.733B $5.175B $4.159B
Total Long-Term Assets $36.09B $36.22B $37.21B
Total Assets $41.82B $41.39B $41.37B
YoY Change 1.09% 0.69% -1.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.565B $3.923B $3.041B
YoY Change 50.12% 32.44% 4.93%
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 $202.0M $202.0M
YoY Change 0.0% -0.49% -25.46%
Total Short-Term Liabilities $4.778B $4.214B $3.302B
YoY Change 44.7% 31.48% -8.81%
LONG-TERM LIABILITIES
Long-Term Debt $4.447B $4.447B $4.447B
YoY Change 0.0% 0.0% -31.02%
Other Long-Term Liabilities $3.334B $3.943B $3.698B
YoY Change -9.84% 7.21% 7.38%
Total Long-Term Liabilities $7.781B $8.390B $8.145B
YoY Change -4.47% 3.26% -17.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.778B $4.214B $3.302B
Total Long-Term Liabilities $7.781B $8.390B $8.145B
Total Liabilities $17.84B $17.63B $16.35B
YoY Change 9.12% 9.44% -9.73%
SHAREHOLDERS EQUITY
Retained Earnings $24.25B $24.05B $25.22B
YoY Change -3.87% -4.66% 4.94%
Common Stock $1.465B $1.483B $1.547B
YoY Change -5.3% -4.94% -1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.98B $23.77B $25.02B
YoY Change
Total Liabilities & Shareholders Equity $41.82B $41.39B $41.37B
YoY Change 1.09% 0.69% -1.72%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q3
OPERATING ACTIVITIES
Net Income $749.0M $196.0M $371.0M
YoY Change 101.89% -354.55% -63.01%
Depreciation, Depletion And Amortization $410.0M $358.0M $391.0M
YoY Change 4.86% 1.7% -1.76%
Cash From Operating Activities $1.207B $859.0M $837.0M
YoY Change 44.21% 74.59% 8.42%
INVESTING ACTIVITIES
Capital Expenditures -$327.0M -$357.0M -$241.0M
YoY Change 35.68% 11.56% 27.51%
Acquisitions
YoY Change
Other Investing Activities -$25.00M -$22.00M $7.000M
YoY Change -457.14% -156.41% -99.41%
Cash From Investing Activities -$352.0M -$379.0M -$234.0M
YoY Change 50.43% 34.88% -123.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $418.0M $893.0M $250.0M
YoY Change 67.2% 603.15%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -580.0M -1.032B -393.0M
YoY Change 47.58% 296.92% -77.2%
NET CHANGE
Cash From Operating Activities 1.207B 859.0M 837.0M
Cash From Investing Activities -352.0M -379.0M -234.0M
Cash From Financing Activities -580.0M -1.032B -393.0M
Net Change In Cash 275.0M -552.0M 210.0M
YoY Change 30.95% 1026.53% 296.23%
FREE CASH FLOW
Cash From Operating Activities $1.207B $859.0M $837.0M
Capital Expenditures -$327.0M -$357.0M -$241.0M
Free Cash Flow $1.534B $1.216B $1.078B
YoY Change 42.3% 49.75% 12.17%

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<div> <table style="FONT-SIZE: 13pt; FONT-FAMILY: ARIAL; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="break-inside: avoid"> <td valign="top" width="3%" align="left"> <b>13.&#xA0;&#xA0;</b></td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 13pt; FONT-FAMILY: ARIAL; MARGIN-TOP: 0pt" align="left"><b>Recently issued accounting standards</b></p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: ARIAL; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-variant-ligatures: normal; font-variant-caps: normal"> Effective January&#xA0;1, 2019, Imperial will adopt the Financial Accounting Standards Board&#x2019;s standard,&#xA0;<i>Leases (Topic 842)</i>, as amended. The standard requires all leases with an initial term greater than one year to be recorded on the balance sheet as a right of use asset and a lease liability. Imperial expects to use the transition method that applies the new lease standard at January&#xA0;1, 2019 and recognizes any cumulative effect adjustment to the opening balance of the 2019 retained earnings. The company acquired lease accounting software to facilitate implementation, and is currently 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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