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ROYAL DUTCH SHELL PLC 1ST QUARTER 2021 UNAUDITED RESULTS SUMMARY OF UNAUDITED RESULTS Quarters Q1 2021 Q4 2020 $ million Reference Q1 2020 % ¹ 5,660 4,345 3,234 393 8,294 6,287 ( 4,014 ) ( 24 ) +241 ( 4,478 ) 2,756 +197 2,860 +724 14,851 +32 Income / ( loss ) attributable to shareholders CCS earnings attributable to shareholders Adjusted Earnings² Cash flow from operating activities ( 590 ) ( 5,406 ) ( 2,718 ) 7,704 882 12,133 3,974 5,503 4,970 9,436 9,652 8,618 -2 8,724 8,544 8,600 +2 ( 4.7 ) % ( 6.8 ) % 4.6 % 3.0 % 2.9 % 6.1 % 71,252 75,386 74,413 29.9 % 32.2 % 28.9 % Cash flow from investing activities Free cash flow Cash capital expenditure Operating expenses Underlying operating expenses ROACE ( Net income basis ) ROACE ( CCS basis excluding identified items ) Net debt Gearing 3,489 3,371 3,719 +4 Total production available for sale ( thousand boe / d ) 0.73 ( 0.52 ) 0.42 0.05 0.1735 0.1665 0.00 0.37 +740 0.16 +4 +240 Basic earnings per share ( $ ) Adjusted Earnings per share ( $ ) Dividend per share ( $ ) 1 . Q1 on Q4 change . Note 2 A GCFF DDE Ꭰ Е E B 2. Adjusted Earnings is defined as income / ( loss ) attributable to shareholders plus cost of supplies adjustment ( see Note 2 ) and excluding identified items ( see Reference A ) . First quarter 2021 income attributable to Royal Dutch Shell plc shareholders was $ 5.7 billion , which included net gains on sale of assets of $ 1.4 billion and gains of $ 0.4 billion due to the fair value accounting of commodity derivatives , partly offset by redundancy and restructuring charges of $ 0.5 billion , mainly related to the restructuring plan named Reshape . Adjusted Earnings for the quarter were $ 3.2 billion . Cost of supplies adjustment attributable to Royal Dutch Shell plc shareholders for the first quarter 2021 was negative $ 1.3 billion . The Texas winter storm had an impact on our operations and had an aggregate adverse impact of around $ 0.2 billion on Adjusted Earnings . Cash flow from operating activities for the first quarter 2021 was $ 8.3 billion , which included negative working capital movements of $ 4.4 billion . Cash flow from investing activities for the quarter was an outflow of $ 0.6 billion , driven mainly by capital expenditure and partly offset by proceeds from sale of property , plant and equipment and businesses . Compared with the fourth quarter 2020 , current quarter Adjusted Earnings reflected higher realised oil and LNG prices , chemicals and refining margins , Oil Products trading contributions and lower depreciation . Compared with the first quarter 2020 , current quarter Adjusted Earnings reflected higher realised oil prices and chemicals margins partly offset by lower realised refining and marketing margins . At the end of the first quarter 2021 , net debt was $ 71.3 billion , compared with $ 75.4 billion at the end of the fourth quarter 2020 , mainly driven by free cash flow generation in the quarter . Gearing was 29.9 % at the end of the first quarter 2021 , compared with 32.2 % at the end of the fourth quarter 2020 , mainly driven by net debt reduction , earnings and remeasurements of pensions . Dividends declared to Royal Dutch Shell plc shareholders for the quarter amount to $ 0.1735 per share , an increase of around 4 % from the last quarter . With effect from the first quarter 2021 , business performance analysis of the current quarter compared with the previous quarter is introduced , which will replace , starting from the second quarter 2021 , business performance