$SLB
SCHLUMBERGER LIMITED/NV

2015 Q2 Form 10-Q Financial Statement

#000156459015005555 Filed on July 22, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $9.010B $12.05B
YoY Change -25.25% 7.8%
Cost Of Revenue $7.136B $9.261B
YoY Change -22.95% 6.3%
Gross Profit $1.874B $2.793B
YoY Change -32.9% 13.08%
Gross Profit Margin 20.8% 23.17%
Selling, General & Admin $121.0M $123.0M
YoY Change -1.63% 23.0%
% of Gross Profit 6.46% 4.4%
Research & Development $279.0M $309.0M
YoY Change -9.71% 5.46%
% of Gross Profit 14.89% 11.06%
Depreciation & Amortization $819.0M $800.0M
YoY Change 2.38% 3.09%
% of Gross Profit 43.7% 28.64%
Operating Expenses $279.0M $432.0M
YoY Change -35.42% 47.44%
Operating Profit $1.708B $2.361B
YoY Change -27.66% 8.45%
Interest Expense $17.00M -$34.00M
YoY Change -150.0% -134.69%
% of Operating Profit 1.0% -1.44%
Other Income/Expense, Net
YoY Change
Pretax Income $115.0M $2.327B
YoY Change -95.06% -12.94%
Income Tax $302.0M $506.0M
% Of Pretax Income 262.61% 21.74%
Net Earnings $1.124B $1.595B
YoY Change -29.53% -23.87%
Net Earnings / Revenue 12.48% 13.23%
Basic Earnings Per Share
Diluted Earnings Per Share $878.8K $1.213M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.741B $6.699B
YoY Change 15.55% 13.06%
Cash & Equivalents $3.541B $2.267B
Short-Term Investments $4.200B $4.432B
Other Short-Term Assets $1.269B $1.459B
YoY Change -13.02% 8.23%
Inventory $4.581B $4.770B
Prepaid Expenses
Receivables $9.569B $12.25B
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.86B $25.41B
YoY Change -10.05% 6.79%
LONG-TERM ASSETS
Property, Plant & Equipment $14.85B $15.74B
YoY Change -5.69% 6.79%
Goodwill $15.53B $15.22B
YoY Change 2.0% 5.64%
Intangibles $4.738B
YoY Change 1.39%
Long-Term Investments $3.831B $3.822B
YoY Change 0.24% 4.65%
Other Assets $2.250B $2.422B
YoY Change -7.1% 80.21%
Total Long-Term Assets $41.89B $42.67B
YoY Change -1.83% 8.16%
TOTAL ASSETS
Total Short-Term Assets $22.86B $25.41B
Total Long-Term Assets $41.89B $42.67B
Total Assets $64.75B $68.09B
YoY Change -4.9% 7.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.417B $8.676B
YoY Change -14.51% 11.02%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.139B $668.0M
YoY Change 220.21% -13.81%
Long-Term Debt Due $2.092B $837.0M
YoY Change 149.94% -59.82%
Total Short-Term Liabilities $13.77B $12.25B
YoY Change 12.43% -1.63%
LONG-TERM LIABILITIES
Long-Term Debt $9.110B $11.74B
YoY Change -22.4% 29.04%
Other Long-Term Liabilities $1.003B $1.038B
YoY Change -3.37% -11.28%
Total Long-Term Liabilities $10.11B $1.038B
YoY Change 874.28% -11.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.77B $12.25B
Total Long-Term Liabilities $10.11B $1.038B
Total Liabilities $26.57B $27.38B
YoY Change -2.98% 4.51%
SHAREHOLDERS EQUITY
Retained Earnings $42.16B $40.11B
YoY Change 5.1% 13.28%
Common Stock $12.59B $12.34B
YoY Change 2.01% 2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost) $12.67B $9.514B
YoY Change 33.18% 44.04%
Treasury Stock Shares
Shareholders Equity $37.97B $40.54B
YoY Change
Total Liabilities & Shareholders Equity $64.75B $68.09B
YoY Change -4.9% 7.64%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $1.124B $1.595B
YoY Change -29.53% -23.87%
Depreciation, Depletion And Amortization $819.0M $800.0M
YoY Change 2.38% 3.09%
Cash From Operating Activities $2.081B $2.382B
YoY Change -12.64% -9.88%
INVESTING ACTIVITIES
Capital Expenditures -$587.0M -$922.0M
YoY Change -36.33% 1.77%
Acquisitions
YoY Change
Other Investing Activities $508.0M -$1.686B
YoY Change -130.13% 42.76%
Cash From Investing Activities -$79.00M -$2.608B
YoY Change -96.97% 24.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -586.0M -1.265B
YoY Change -53.68% 1290.11%
NET CHANGE
Cash From Operating Activities 2.081B 2.382B
Cash From Investing Activities -79.00M -2.608B
Cash From Financing Activities -586.0M -1.265B
Net Change In Cash 1.416B -1.491B
YoY Change -194.97% -420.65%
FREE CASH FLOW
Cash From Operating Activities $2.081B $2.382B
Capital Expenditures -$587.0M -$922.0M
Free Cash Flow $2.668B $3.304B
YoY Change -19.25% -6.9%

Facts In Submission

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<div> <p style="margin:0pt; text-align:justify; page-break-after:avoid"> <font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">12.&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; text-decoration:underline">Contingencies</font><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold"> </font> </p> <p style="margin:6pt 0pt 0pt; text-align:justify"> <font style="font-family:'Times New Roman'; font-size:10pt">During 2015</font><font style="font-family:'Times New Roman'; font-size:10pt">, Schlumberger resolved a previously disclosed investigation by the U.S. Department of Justice into past violations of US sanctions regarding its historical operations in Iran and Sudan that o</font><font style="font-family:'Times New Roman'; font-size:10pt">ccurred between 2004 and 2010.&#160; </font><font style="font-family:'Times New Roman'; font-size:10pt">A non-US subsidiary of Schlumberger </font><font style="font-family:'Times New Roman'; font-size:10pt">pleaded</font><font style="font-family:'Times New Roman'; font-size:10pt"> guilty to one criminal count of conspiracy to violate the International Emergency Economic Powers Act.&#160; Under the terms of the plea agreement, Schlumberger </font><font style="font-family:'Times New Roman'; font-size:10pt">paid</font><font style="font-family:'Times New Roman'; font-size:10pt"> a total amount of approximately </font><font style="font-family:'Times New Roman'; font-size:10pt">$233</font><font style="font-family:'Times New Roman'; font-size:10pt"> million in fines, penalties and assessments </font><font style="font-family:'Times New Roman'; font-size:10pt">during the second quarter of 2015, </font><font style="font-family:'Times New Roman'; font-size:10pt">which ha</font><font style="font-family:'Times New Roman'; font-size:10pt">d</font><font style="font-family:'Times New Roman'; font-size:10pt"> been previously accrued</font><font style="font-family:'Times New Roman'; font-size:10pt">.</font><font style="font-family:'Times New Roman'; font-size:10pt">&#160; This payment is reflected within </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Cash flow</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">s</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic"> used in discontinued operations </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">&#8211;</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic"> operating </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">activities </font><font style="font-family:'Times New Roman'; font-size:10pt">in Schlumberger&#8217;s </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Consolid</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">ated Statement of Cash Flows</font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">.</font> </p> <p style="margin:12pt 0pt 0pt; text-align:justify"> <font style="font-family:'Times New Roman'; font-size:10pt">Schlumberger and its subsidiaries are party to various other legal proceedings from time to time.&#160; A liability is accrued when a loss is both probable and can be reasonably estimated. Management believes that the probability of a material loss with respect to these other legal proceedings is remote.&#160; However, litigation is inherently uncertain and it is not possible to predict the ultimate disposition of any of these proceedings.&#160;&#160; </font> </p> </div>
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These changes result in a reduction in the US dollar reported amount of local currency denominated revenues, expenses and, consequently, income before taxes and net income in Venezuela. For example, if Schlumberger had applied an exchange rate of 192 Venezuelan Bolivares to the US dollar throughout 2014, it would have reduced Schlumberger earnings by approximately $0.09 per share.
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