Royal Dutch Petroleum Company the “Shell” Transport N.V
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Royal Dutch Summ CVR 18/2/04 19:47 Page 1 Statement of General Business Principles Royal Dutch Petroleum Company The “Shell” Transport N.V. Koninklijke Nederlandsche Petroleum Maatschappij and Trading Company, p.l.c. Fundamental principles that govern how Annual Report and Accounts 2003 Royal Dutch Petroleum Company Annual Report and Accounts 2003 each Shell company conducts its affairs. Available at www.shell.com/sgbp Tell Shell N.V. Koninklijke Nederlandsche Petroleum Maatschappij Tell us what you think about Shell, our performance, our reports or the issues we face. Join the global debate – we The Shell Report 2003 Summary Annual Report and Accounts 2003 Meeting the energy challenge – our progress in contributing to sustainable development value your views. Visit www.shell.com/tellshell or e-mail us at [email protected] Annual Report and Accounts 2003 The Shell Report 2003 The Annual Reports and Accounts of Royal Dutch Meeting the energy challenge – our progress Contact any of the addresses below Petroleum Company and The “Shell” Transport in contributing to sustainable development. for copies of publications: and Trading Company, p.l.c. Available at www.shell.com/shellreport Shell International B.V. Available at www.shell.com/annualreport FSK Division, PO Box 162 2501 AN The Hague The Netherlands Tel: +31 (0)70 377 4540 Royal Dutch Petroleum Company The “Shell” Transport Fax: +31 (0)70 377 3115 N.V. Koninklijke Nederlandsche Petroleum Maatschappij and Trading Company, p.l.c. Summary Annual Report and Accounts 2003 Summary Annual Report and Accounts 2003 Shell International Limited PXXC (Publications) Shell Centre, London, SE1 7NA United Kingdom Tel: +44 (0)20 7934 5293 Financial and Operational Fax: +44 (0)20 7934 5555 Information 1999-2003 Royal Dutch/Shell Group of Companies Shell Oil Company 1270 Avenue of the Americas Suite 2320, New York Summary Annual Report and Accounts 2003 Financial and Operational NY 10020, USA Summary versions of the Annual Reports and Accounts Information 1999–2003 Tel: +1 212 218 3113 of Royal Dutch Petroleum Company and The “Shell” Five years’ financial and operational information Fax: +1 212 218 3114 Transport and Trading Company, p.l.c. about the Group, including maps of exploration and production activities. More information about the Available at www.shell.com/annualreport Royal Dutch/Shell Group Available at www.shell.com/faoi is available at www.shell.com RD_Summ_INSCVR_Magenta 14/5/04 10:50 Page ifc1 Shareholder information Guide to contents Financial calendar Contact addresses Financial year ends December 31, 2003 Investor Relations Hague Register Announcements Enquiries from shareholders may be Royal Dutch shareholders listed in the Full-year results for 2003 February 5, 2004 addressed to: Hague Register who have enquiries First quarter results for 2004 April 29, 2004 about share ownership, changes of Second quarter results for 2004 July 29, 2004* The Hague address or payment of dividends Third quarter results for 2004 October 28, 2004* Shell International B.V. may contact: Dividends – Hague Register and Bearer shares Group Investor Relations 2003 Second interim PO Box 162 N.V. Algemeen Nederlands Announced March 18, 2004 2501 AN The Hague Trustkantoor ANT Record date April 23, 2004 The Netherlands PO Box 11063 Report structure Ex-dividend date April 26, 2004 Tel: +31 (0)70 377 4540 1001 GB Amsterdam Royal Dutch Petroleum Company owns 60% of Royal Dutch Petroleum Company Payment date May 6, 2004 Fax: +31 (0)70 377 3115 The Netherlands the Royal Dutch/Shell Group. Throughout this report, e-mail: [email protected] Tel: +31 (0)20 522 2510 coloured page markers are used to identify sections 1 Financial highlights 2004 Interim Fax: +31 (0)20 522 2500 that relate to these entities: 2 Message to shareholders London e-mail: [email protected] Announced July 29, 2004* Royal Dutch Petroleum Company Shell International Limited Record date July 29, 2004* Group Investor Relations New York Register Royal Dutch/Shell Group Ex-dividend date July 30, 2004* Shell Centre Royal Dutch shareholders listed in Royal Dutch/Shell Group Payment date September 15, 2004* This Summary Report is an abridged version London SE1 7NA the New York Register who have of the Annual Report and Accounts 2003 4 What we do Dividends – New York Register United Kingdom enquiries about share ownership, of Royal Dutch Petroleum Company. For further 5 Structure of the Royal Dutch/Shell Group 2003 Second interim Tel: +44 (0)20 7934 3856 changes of address or payment of information consult the full Annual Report and Fax: +44 (0)20 7934 3702 dividends may contact: 6 The Boards of the Parent Companies Announced March 18, 2004 Accounts 2003 (www.shell.com/annualreport). Ex-dividend date April 26, 2004 e-mail: [email protected] To obtain a free copy please see the back cover 8 Strategic direction Record date April 28, 2004 Stock Transfer and Paying Agent for contact addresses. Payment date May 12, 2004 New York JPMorgan Service Center 10 Business highlights Shell Oil Company PO Box 43013 15 Summary Operational and Financial Review 2004 Interim 1270 Avenue of the Americas Providence, RI 02940-3013 16 Report of the Independent Auditors Suite 2320 USA Announced July 29, 2004* New York, NY 10020 Tel: 800 556 8639 (USA only) 16 Summary Financial Statements and Supplementary information Ex-dividend date July 30, 2004* USA +1 781 575 4328 Record date August 3, 2004* Tel: +1 212 218 3113 (international) Payment date September 15, 2004* Fax: +1 212 218 3114 Fax: +1 781 575 4082 Royal Dutch Petroleum Company General Meeting of Shareholders June 28, 2004 e-mail: [email protected] Website: www.adr.com/shareholders 22 Summary Report of the Supervisory Board and the Board of Management * The dates shown are provisional and subject to final confirmation. For access to investor relations 23 Summary Remuneration Report information, visit the website at 25 Summary Annual Accounts www.shell.com/investor 26 Notes to the Summary Annual Accounts See addresses on the 27 Report of the Independent Auditors back cover for requests for publications, including 28 Shareholder information copies of the original Dutch Annual Report. Royal Dutch Petroleum Company N.V. Koninklijke Nederlandsche Petroleum Maatschappij Founded on June 16, 1890 Carel van Bylandtlaan 30 2596 HR The Hague The companies in which Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c. directly or indirectly own investments The Netherlands are separate and distinct entities. But in this report the collective expressions Tel: +31 (0)70 377 9111 “Shell”, “Group” and “Royal Dutch/Shell Group of Companies” are sometimes used for convenience in contexts where reference is made to the Designed and produced by Corporate Edge using Ringmaster®. Cover photography by companies of the Royal Dutch/Shell Group in general. Likewise the words Nick Veasey. Printed by Butler and Tanner who are accredited with the ISO 14001 “we”, “us” and “our” are used in some places to refer to companies of the Environmental Management System. Royal Dutch/Shell Group in general, and in others to those who work in those companies. Those expressions are also used where no useful purpose The paper for this report contains 75% de-inked post-consumer waste. The remaining 25% is served by identifying a particular company or companies. is from chlorine-free pulp sourced from sustainably managed forests. The manufacturers of the paper are accredited with the ISO 9002 Quality Assurance and ISO 14001 Environmental Management Systems. Ringmaster® is the registered trademark of Automatrix plc. The shell pictured on the cover of this report is Conus from the Shell International collection at the Natural History Museum in London. RD_Summ_Magenta_01_03 22/5/04 16:47 Page 1 Financial highlights Royal Dutch Petroleum Company Royal Dutch/Shell Group of Companies (Netherlands GAAP) (US GAAP) Net incomea Dividends Year-end share price Net income Net assets € per share € per share € (Euronext) $ million $ million b 3.32 3.20 1.72 1.76 56.90 12,496 72,848 2.97 1.66 10,350 60,444 41.95 41.80 9,722 56,244 01 02 03 01 02 03 01 02 03 01 02 03 01 02 03 Net incomea Dividends Year-end share price $ per share $ per share $ (New York Stock Exchange) 3.56 2.06b 52.39 49.02 1.80 2.97 2.81 44.02 1.50 01 02 03 01 02 03 01 02 03 Information prior to 2003 has been restated for comparative purposes. Information prior to 2003 for the Group has been restated where applicable to take account of the Reserves Restatement, a change in accounting policy for certain inventories, and a change For information about the data contained in the charts relating to Royal Dutch, consult the in treatment of exploration costs and gas contracts. Shareholder information section on page 28. a Basic earnings per share. b The 2003 figures include the second interim dividend made payable in May 2004. Together with the interim dividend of €0.74 ($0.85) already made payable in 2003 this will constitute the total dividend for 2003, subject to finalisation by the General Meeting of Shareholders to be held on June 28, 2004. See the Summary Report of the Supervisory Board and the Board of Management on page 22 for details. Throughout this report, a billion = 1,000 million. GAAP = generally accepted accounting principles. Royal Dutch Petroleum Company 1 RD_Summ_Magenta_01_03 22/5/04 16:48 Page 2 Message to shareholders All shareholders will know of the exceptional circumstances that have delayed the publication of this report. The Group’s performance in 2003 will clearly be seen in the context of the restatement of reserves (a reduction of 4.47 billion barrels or some 23% from the previously reported end-2002 figures), and the subsequent related management changes of early 2004.