OREANDA-NEWS. Royal Dutch Shell plc announced its unaudited results for the fourth quarter and full year 2014 on 29 January 2015. Subsequent to making that announcement, a stock valuation error in its Downstream operations was discovered. The value of inventories in the condensed consolidated balance sheet, reported as USD 19,981 million, should be corrected to USD 19,701 million.

The fourth quarter and full year 2014 results of Royal Dutch Shell plc have been revised to take account of this stock valuation error. The impact is shown below.

Royal Dutch Shell's fourth quarter and full year 2014 earnings, on a current cost of supplies (CCS) basis are unchanged. These earnings were USD 4.2 billion and USD 19.0 billion respectively.

Fourth quarter and full year 2014 CCS earnings excluding identified items are unchanged. These earnings were USD 3.3 billion and USD 22.6 billion respectively.

The CCS adjustment for Downstream increased from USD 3,390 million to USD 3,568 million in the fourth quarter 2014 and from USD 3,989 million to USD 4,167 million for the full year 2014.

As a consequence, fourth quarter 2014 Income attributable to Royal Dutch Shell plc shareholders reduced from USD 773 million to USD 595 million. Full year 2014 Income attributable to Royal Dutch Shell plc shareholders reduced from USD 15,052 million to USD 14,874 million.

The impact on end 2014 return on average capital employed on a reported income basis (7.1%) and gearing (12.2%) is immaterial.

Fourth quarter and full year 2014 Basic CCS earnings per share and per ADS are unchanged.

Basic earnings per share and diluted earnings per share both reduced from USD 0.12 per share to USD 0.09 per share in the fourth quarter 2014 and from USD 2.38 per share to USD 2.36 per share for the full year 2014.