$IMO
IMPERIAL OIL LTD

2019 Q1 Form 10-Q Financial Statement

#000119312519134727 Filed on May 02, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018 Q1
Revenue $7.965B $7.851B $7.900B
YoY Change 0.82% -2.45% 12.89%
Cost Of Revenue $6.490B $5.689B $6.211B
YoY Change 4.49% -10.82% 8.81%
Gross Profit $1.475B $2.162B $1.689B
YoY Change -12.67% 29.54% 30.93%
Gross Profit Margin 18.52% 27.54% 21.38%
Selling, General & Admin $607.0M $643.0M $591.0M
YoY Change 2.71% -6.4% -1.5%
% of Gross Profit 41.15% 29.74% 34.99%
Research & Development $33.00M $6.000M $8.000M
YoY Change 312.5% -96.1% -63.64%
% of Gross Profit 2.24% 0.28% 0.47%
Depreciation & Amortization $390.0M $410.0M $377.0M
YoY Change 3.45% -60.46% -3.83%
% of Gross Profit 26.44% 18.96% 22.32%
Operating Expenses $1.066B $1.086B $1.003B
YoY Change 6.28% -42.17% -1.08%
Operating Profit $409.0M $1.076B $686.0M
YoY Change -40.38% -614.83% 148.55%
Interest Expense $28.00M $4.000M $23.00M
YoY Change 21.74% -42.86% -330.0%
% of Operating Profit 6.85% 0.37% 3.35%
Other Income/Expense, Net $0.00 -$3.000M $0.00
YoY Change -62.5% -100.0%
Pretax Income $398.0M $1.086B $697.0M
YoY Change -42.9% -619.62% 65.95%
Income Tax $105.0M $233.0M $181.0M
% Of Pretax Income 26.38% 21.45% 25.97%
Net Earnings $293.0M $853.0M $516.0M
YoY Change -43.22% -722.63% 54.95%
Net Earnings / Revenue 3.68% 10.86% 6.53%
Basic Earnings Per Share $0.38 $0.62
Diluted Earnings Per Share $0.38 $1.080M $0.62
COMMON SHARES
Basic Shares Outstanding 777.5M 829.0M
Diluted Shares Outstanding 779.8M 831.5M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.011B $988.0M $1.425B
YoY Change -29.05% -17.32% 112.05%
Cash & Equivalents $1.011B $988.0M $1.425B
Short-Term Investments
Other Short-Term Assets $568.0M $541.0M $455.0M
YoY Change 24.84% 27.29% -0.44%
Inventory $1.251B $1.297B $1.262B
Prepaid Expenses
Receivables $3.233B $2.529B $2.285B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.063B $5.355B $5.427B
YoY Change 11.72% -0.96% 38.94%
LONG-TERM ASSETS
Property, Plant & Equipment $34.24B $34.23B $34.35B
YoY Change -0.31% -0.72% -4.74%
Goodwill $186.0M $186.0M $186.0M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $854.0M $857.0M $850.0M
YoY Change 0.47% -0.92% -16.17%
Other Assets $1.150B $833.0M $765.0M
YoY Change 50.33% 24.33% 217.43%
Total Long-Term Assets $36.43B $36.10B $36.15B
YoY Change 0.78% -0.26% -3.6%
TOTAL ASSETS
Total Short-Term Assets $6.063B $5.355B $5.427B
Total Long-Term Assets $36.43B $36.10B $36.15B
Total Assets $42.50B $41.46B $41.58B
YoY Change 2.21% -0.35% 0.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.545B $3.688B $3.461B
YoY Change 31.32% 7.21% 16.02%
Accrued Expenses $123.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $75.00M $0.00 $0.00
YoY Change
Long-Term Debt Due $172.0M $202.0M $202.0M
YoY Change -14.85% 0.0% 0.0%
Total Short-Term Liabilities $4.952B $3.955B $3.736B
YoY Change 32.55% -4.38% 16.42%
LONG-TERM LIABILITIES
Long-Term Debt $4.447B $4.447B $4.447B
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $3.108B $2.943B $3.851B
YoY Change -19.29% -22.14% 6.38%
Total Long-Term Liabilities $7.555B $7.390B $8.298B
YoY Change -8.95% -10.17% 2.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.952B $3.955B $3.736B
Total Long-Term Liabilities $7.555B $7.390B $8.298B
Total Liabilities $18.18B $16.97B $17.00B
YoY Change 6.95% -1.16% 5.53%
SHAREHOLDERS EQUITY
Retained Earnings $24.36B $24.56B $24.86B
YoY Change -2.0% -0.62% -2.73%
Common Stock $1.427B $1.446B $1.523B
YoY Change -6.3% -5.86% -2.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.32B $24.49B $24.58B
YoY Change
Total Liabilities & Shareholders Equity $42.50B $41.46B $41.58B
YoY Change 2.21% -0.35% 0.41%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018 Q1
OPERATING ACTIVITIES
Net Income $293.0M $853.0M $516.0M
YoY Change -43.22% -722.63% 54.95%
Depreciation, Depletion And Amortization $390.0M $410.0M $377.0M
YoY Change 3.45% -60.46% -3.83%
Cash From Operating Activities $1.003B $871.0M $985.0M
YoY Change 1.83% -19.35% 178.25%
INVESTING ACTIVITIES
Capital Expenditures -$431.0M -$436.0M -$371.0M
YoY Change 16.17% 40.65% 204.1%
Acquisitions
YoY Change
Other Investing Activities -$32.00M -$27.00M $6.000M
YoY Change -633.33% 58.82% -96.72%
Cash From Investing Activities -$463.0M -$463.0M -$365.0M
YoY Change 26.85% 41.59% -698.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $361.0M $250.0M
YoY Change 44.4%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -517.0M -568.0M -390.0M
YoY Change 32.56% 45.27% 191.04%
NET CHANGE
Cash From Operating Activities 1.003B 871.0M 985.0M
Cash From Investing Activities -463.0M -463.0M -365.0M
Cash From Financing Activities -517.0M -568.0M -390.0M
Net Change In Cash 23.00M -160.0M 230.0M
YoY Change -90.0% -144.2% -18.15%
FREE CASH FLOW
Cash From Operating Activities $1.003B $871.0M $985.0M
Capital Expenditures -$431.0M -$436.0M -$371.0M
Free Cash Flow $1.434B $1.307B $1.356B
YoY Change 5.75% -5.97% 184.87%

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<div><table style="border: none;border-collapse: collapse;margin-bottom: .001pt;width: 100%;"><tr><td style="border-width: initial; border-style: none; border-color: initial; padding: 0pt 0px; vertical-align: top; width: 0.25in;"><div style="font-family: arial, sans-serif; font-size: 13pt; line-height: normal;"><div style="font-family: arial, sans-serif; font-size: 13pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">14.&#160;&#160;</div></div></div></td><td style="border-bottom: none;border-left: none;border-right: none;border-top: none;padding-bottom: 0pt;padding-left: 0;padding-right: 0;padding-top: 0pt;vertical-align: top;"><div style="font-family: arial, sans-serif; font-size: 13pt; margin-bottom: 0px; margin-top: 0px; line-height: normal;"><div style="font-family: arial, sans-serif; font-size: 13pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Recently issued accounting standards </div></div></div></td></tr></table><div style="clear: both; max-height: 0px;"></div><div style="clear: both; max-height: 0px;"></div></div><div style="font-family: 'arial', 'sans-serif';font-size: 10pt;margin-bottom: 0;margin-top: 12pt;"><div style="font-family: arial, sans-serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Effective January&#160;1, 2020, Imperial will adopt the Financial Accounting Standards Board&#8217;s update, </div><div style="font-family: arial, sans-serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">Financial Instruments - Credit Losses (Topic 326)</div></div><div style="font-family: arial, sans-serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">, as amended. The standard requires a valuation allowance for credit losses be recognized for certain financial assets that reflects the current expected credit loss over the asset&#8217;s contractual life. The valuation allowance considers the risk of loss, even if remote and considers past events, current conditions and expectations of the future. Imperial is evaluating the standard and its effect on the company&#8217;s financial statements. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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