27th Apr 2016 13:40
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| 1Q16 | 1Q15 | Changevs 1Q15
| ||||
| Adjusted net income1 | ||||||
| - in billions of dollars (B$) | 1.6 | 2.6 | -37% | |||
| - in dollars per share | 0.68 | 1.13 | -40% | |||
| Operating cash flowbefore working capital changes1 (B$) | 3.7 | 4.6 | -20% | |||
| Net income2 of 1.6 B$ in 1Q16 | ||||||
| Net-debt-to-equity ratio of 30.2% at March 31, 2016 | ||||||
| Hydrocarbon production of 2,479 kboe/d in the first quarter 2016 | ||||||
| 1Q16 interim dividend of 0.61 €/share payable in October 20163 | ||||||
Total’s Board of Directors met on April 26, 2016, to review the Group’s first quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“Despite a 37% fall in the Brent price to 34 $/b since the first quarter 2015, the Group’s adjusted net income was $1.6 billion. Operating cash flow before working capital changes was $3.7 billion, a decrease limited to 20% due to the resilience of our integrated model.The Upstream portfolio benefited from the lowest technical costs among the majors. In line with the objectives announced in February, the segment is growing strongly with a 4% production increase driven by the ramp-up of nine projects brought on stream in 2015 and the start-up of Laggan-Tormore and Vega Pleyade this quarter.The Downstream achieved a solid result in line with our annual objectives. Refining & Chemicals improved its results compared to 2015 despite the decrease in refining margins to 35 $/t, thanks to a record high utilization rate of 94% and favorable petrochemicals margins.All teams continue to pursue their cost reduction efforts. The organic investment of $4.6 billion during the first quarter is in line with the objective of limiting Capex to less than $19 billion in 2016. Operating costs are decreasing as planned with the objective of achieving $900 million in savings during the year.Finally, the Group completed this quarter the sale of $900 million of assets including the FUKA gas pipeline network in the North Sea and announced the sale of a 20% interest in Kharyaga in Russia.As a result, Total is maintaining the strength of its balance sheet with a gearing of 30% at the end of March.”
Key figures4
| In millions of dollars, except effective tax rate,earnings per share and number of shares
| 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Sales | 32,841 | 37,749 | 42,313 | -22% | ||||
| Adjusted operating income from business segments* | 1,770 | 2,093 | 3,311 | -47% | ||||
| Adjusted net operating income from business segments | 1,878 | 2,285 | 2,780 | -32% | ||||
| Upstream | 498 | 748 | 1,359 | -63% | ||||
| Refining & Chemicals | 1,128 | 1,007 | 1,100 | +3% | ||||
| Marketing & Services | 252 | 530 | 321 | -21% | ||||
| Contribution of equity affiliates to adjusted net income | 499 | 610 | 634 | -21% | ||||
| Group effective tax rate5* | 22.9% | 20.0% | 38.5% | |||||
| Adjusted net income | 1,636 | 2,075 | 2,602 | -37% | ||||
| Adjusted fully-diluted earnings per share (dollars) | 0.68 | 0.88 | 1.13 | -40% | ||||
| Adjusted fully-diluted earnings per share (euros)** | 0.62 | 0.80 | 1.00 | -38% | ||||
| Fully-diluted weighted-average shares (millions) | 2,350 | 2,329 | 2,285 | +3% | ||||
| Net income (Group share) | 1,606 | (1,626) | 2,663 | -40% | ||||
| Investments6 | 4,908 | 6,594 | 8,809 | -44% | ||||
| Divestments | 985 | 2,297 | 2,984 | -67% | ||||
| Net investments7 | 3,923 | 4,289 | 5,825 | -33% | ||||
| Organic investments8 | 4,615 | 6,365 | 6,069 | -24% | ||||
| Operating cash flowbefore working capital changes9 | 3,708 | 4,365 | 4,635 | -20% | ||||
| Cash flow from operations | 1,881 | 4,838 | 4,387 | -57% |
* 1Q15 data as republished in 2Q15 following the reclassification in the statement of income of certain taxes related to the participation in the ADCO concession.** Average €-$ exchange rate: 1.1020 in the first quarter 2016.
Highlights since the beginning of the first quarter 201610
Started production from Laggan-Tormore in the United Kingdom with production capacity of 90 thousand barrels of oil equivalent per day (kboe/d) Started production from Vega Pleyade in Argentina with production capacity of 70 kboe/d Signed long-term LNG sale and purchase agreements of around 1.5 million tons per year with Pertamina in Indonesia and ENN in China Finalized the sale of the FUKA gas pipeline network in the North Sea and announced the sale of a 20% interest and transfer of operatorship of the Kharyaga field in Russia to Zarubezhneft Acquired the main network of service stations in the Dominican Republic and finalized the sale of the marketing and distribution activities in Turkey Announced a new proposed organizational structure to become the responsible energy majorAnalysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 1Q16 | 4Q15 | 1Q15 | 1Q16vs1Q15
| |||||
| Brent ($/b) | 33.9 | 43.8 | 53.9 | -37% | ||||
| Average liquids price ($/b) | 31.0 | 38.1 | 49.5 | -37% | ||||
| Average gas price ($/Mbtu) | 3.46 | 4.45 | 5.38 | -36% | ||||
| Average hydrocarbon price ($/boe) | 26.4 | 33.1 | 41.8 | -37% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| Hydrocarbon production | 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Combined production (kboe/d) | 2,479 | 2,352 | 2,395 | +4% | ||||
| Liquids (kb/d) | 1,286 | 1,251 | 1,240 | +4% | ||||
| Gas (Mcf/d) | 6,441 | 5,993 | 6,312 | +2% |
Hydrocarbon production was 2,479 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2016, an increase of 4% compared to the first quarter 2015, due to the following:
+4% due to new project start ups and ramp ups, notably Termokarstovoye, Laggan-Tormore, Surmont, Lianzi, Gladstone LNG and Moho Phase 1b; -3% due to shutdowns in Yemen and the security situation in Nigeria; and +3% due to the price effect, a lower level of maintenance and good field performance, partially offset by natural decline.Compared to the fourth quarter 2015, production increased by more than 5%.
> Results
| In millions of dollars, except effective tax rate | 1Q16 | 4Q15 | 1Q15 | 1Q16vs1Q15
| ||||
| Adjusted operating income* | 142 | 405 | 1,531 | -91% | ||||
| Effective tax rate** | -7.0% | 55.1% | 48.6% | |||||
| Adjusted net operating income* | 498 | 748 | 1,359 | -63% | ||||
| including income from equity affiliates | 269 | 415 | 503 | -47% | ||||
| Investments | 4,237 | 5,293 | 8,151 | -48% | ||||
| Divestments | 915 | 1,402 | 1,162 | -21% | ||||
| Organic investments | 4,146 | 5,108 | 5,511 | -25% | ||||
| Operating cash flowbefore working capital changes | 1,831 | 2,514 | 2,919 | -37% | ||||
| Cash flow from operations | 2,113 | 2,624 | 3,525 | -40% |
* 1Q15 data as republished in 2Q15 following the reclassification in the statement of income of certain taxes related to the participation in the ADCO concession. Detail of adjustment items shown in the business segment information annex to financial statements.** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
The average hydrocarbon price was 26.4 $/b in the first quarter 2016, a decrease of 37% compared to the first quarter 2015, in line with the drop in the Brent price. In this context, the Upstream operating cash flow before working capital changes was 1,831 M$, also a 37% decrease.
Benefiting from the lowest technical costs among the majors, Upstream generated an adjusted net operating income of 498 M$ in the first quarter 2016. The 4% increase in production, reduced operating costs and lower exploration expense partially compensated the negative impact of the oil price environment.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| |||||
| Total refinery throughput (kb/d) | 2,105 | 2,012 | 2,013 | +5% | ||||
| France | 756 | 682 | 737 | +3% | ||||
| Rest of Europe | 844 | 831 | 795 | +6% | ||||
| Rest of world | 505 | 499 | 481 | +5% | ||||
| Utlization rates** | ||||||||
| Based on crude only | 91% | 87% | 86% | |||||
| Based on crude and other feedstock | 94% | 88% | 88% |
* Includes share of TotalErg, as well as refineries in South Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.** Based on distillation capacity at the beginning of the year.
The utilization rate of 94% in the first quarter 2016 was a significant achievement and refinery throughput increased by 5% compared to the first quarter 2015. The segment benefited from fewer units being shut down and continues to take advantage of the improved availability of its sites.
> Results
| In millions of dollarsexcept the ERMI
| 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| European refining margin indicator - ERMI ($/t) | 35.1 | 38.1 | 47.1 | -25% | ||||
| Adjusted operating income* | 1,297 | 997 | 1,335 | -3% | ||||
| Adjusted net operating income* | 1,128 | 1,007 | 1,100 | +3% | ||||
| including Specialty Chemicals** | 116 | 117 | 116 | - | ||||
| Investments | 259 | 586 | 434 | -40% | ||||
| Divestments | 29 | 836 | 1,766 | -98% | ||||
| Organic investments | 232 | 494 | 410 | -43% | ||||
| Operating cash flowbefore working capital changes | 1,319 | 1,042 | 1,380 | -4% | ||||
| Cash flow from operations | (421) | 2,127 | 314 | na |
* Detail of adjustment items shown in the business segment information annex to financial statements.** Hutchinson and Atotech, Bostik until February 2015.
The environment in the first quarter 2016 remained globally favorable in the Refining & Chemicals segment. Underpinned by gasoline demand, the European refining margin indicator (ERMI) was in line with Total’s 2016 planning assumption of 35 $/t, a decrease of 25% compared to the first quarter 2015. Petrochemical margins remained high due to strong demand for polymers and lower feedstock prices.
Despite the decline in refining margins, adjusted net operating income from the Refining & Chemicals segment was 1,128 M$ in the first quarter 2016 due in particular to higher throughput and excellent operational performance.
Marketing & Services
> Petroleum product sales
| Sales in kb/d* | 1Q16 | 4Q15 | 1Q15** | 1Q16vs 1Q15
| ||||
| Total Marketing & Services sales | 1,757 | 1,797 | 1,824 | -4% | ||||
| Europe | 1,062 | 1,065 | 1,106 | -4% | ||||
| Rest of world | 695 | 732 | 718 | -3% |
* Excludes trading and bulk refining sales, includes share of TotalErg.** 1Q15 volumes restated.
Petroleum product sales decreased by 4% in the first quarter 2016 compared to the first quarter 2015, mainly due to the sale of Totalgaz and the French Antilles refinery, which represented 2% of product sales in the second quarter 2015, as well as lower heating fuel sales in Europe.
> Results
| In millions of dollars | 1Q16 | 4Q15 | 1Q15 | 1Q16vs1Q15
| ||||
| Sales | 15,433 | 18,326 | 19,620 | -21% | ||||
| Adjusted operating income* | 331 | 691 | 445 | -26% | ||||
| Adjusted net operating income* | 252 | 530 | 321 | -21% | ||||
| including New Energies | (37) | 277 | (42) | na | ||||
| Investments | 390 | 689 | 215 | +81% | ||||
| Divestments | 37 | 56 | 52 | -29% | ||||
| Organic investments | 220 | 736 | 143 | +54% | ||||
| Operating cash flow before working capital changes | 362 | 598 | 418 | -13% | ||||
| Cash flow from operations | 240 | 289 | 644 | -63% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Marketing & Services segment was 252 M$, impacted by the items mentioned above, with portfolio changes accounting for -40 M$.
Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was 1,878 M$ in the first quarter 2016, a decrease of 32% compared to the first quarter 2015, mainly due to unfavorable economic conditions in the Upstream. Adjusted net operating income in the Downstream was 1,380 M$, stable compared to the first quarter 2015 due to good operational performance, which offset lower refining margins and the impact of divestments in the Marketing & Services segment.
The effective tax rate11 for the business segments was 24.3% in the first quarter 2016 compared to 37.3% in the first quarter 2015, mainly due to the lower tax rate in the Upstream, related to the lower oil price.
> Net income (Group share)
Adjusted net income was 1,636 M$ in the first quarter 2016 compared to 2,602 M$ in the first quarter 2015, a decrease of 37%.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value12.
Adjustment items13 had a negative impact on net income (Group share) of 30 M$ in the first quarter 2016. This includes a negative 183 M$ inventory effect and a positive 150 M$ mainly relating to the gain on the sale of the FUKA gas pipeline network in the North Sea.
The number of fully-diluted shares was 2,351 million on March 31, 2016, compared to 2,286 million on March 31, 2015.
> Divestments – acquisitions
Asset sales were 885 M$ in the first quarter 2016, essentially comprised of the sale of the FUKA gas pipeline network in the North Sea.
Acquisitions were 193 M$, mainly comprised of the acquisition of a service station network in the Dominican Republic.
> Cash flow
In the first quarter 2016, the Group’s net cash flow14 was negative 215 M$ compared to negative 1,190 M$ in the first quarter 2015, despite the drop in the Brent price from 54 $/b to 34 $/b. Operating cash flow before working capital changes was 3,708 M$, a decrease of 20% compared to the first quarter 2015. Net investments were 3,923 M$, a decrease of 33% compared to the first quarter 2015.
> Return on equity
Return on equity from April 1, 2015 to March 31, 2016 was 10.2%15.
Summary and outlook
The results of the first quarter 2016 encourage Total to pursue its strategy to maximize the generation of cash flow by taking full advantage of its asset portfolio and market opportunities. With its operational excellence and integrated model, the Group is implementing an ambitious program to lower costs and investments and to start up projects that deliver production growth.
In the Upstream, production in the second quarter will continue to benefit from the recent start ups but will be impacted by normal levels of seasonal maintenance. Production is expected to increase by 4% in 2016, with the start-up of Angola LNG and Incahuasi expected by mid-year and Kashagan by year-end.
Refining and petrochemical margins remained strong at the beginning of the second quarter and Downstream is on track to achieve its objective of generating around 7 B$ of cash flow in 2016. Partial maintenance is planned at Antwerp and Lindsey as part of their modernization projects, as well as on the coker at Port Arthur.
Total is continuing its efforts to reduce its cash breakeven, and is targeting a level of organic investments of less than 19 B$ in 2016.
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To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 14:00 (London time) please log on to total.com or call +44 (0)203 427 1913 in Europe or +1 646 254 3365 in the United States (code: 1642494). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code: 1642494).
Operating information by segment
Upstream*
| Combined liquids and gasproduction by region (kboe/d)
| 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Europe and Central Asia | 788 | 681 | 653 | +21% | ||||
| Africa | 630 | 638 | 647 | -3% | ||||
| Middle East and North Africa | 531 | 503 | 580 | -8% | ||||
| Americas | 258 | 255 | 254 | +2% | ||||
| Asia Pacific | 271 | 275 | 261 | +4% | ||||
| Total production | 2,479 | 2,352 | 2,395 | +4% | ||||
| including equity affiliates | 620 | 544 | 573 | +8% | ||||
| Liquids production by region (kb/d) | 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Europe and Central Asia | 251 | 227 | 203 | +23% | ||||
| Africa | 518 | 526 | 528 | -2% | ||||
| Middle East and North Africa | 380 | 361 | 380 | - | ||||
| Americas | 104 | 100 | 91 | +14% | ||||
| Asia Pacific | 33 | 37 | 37 | -9% | ||||
| Total production | 1,286 | 1,251 | 1,240 | +4% | ||||
| including equity affiliates | 240 | 220 | 207 | +16% | ||||
| Gas production by region (Mcf/d) | 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Europe and Central Asia | 2,814 | 2,435 | 2,424 | +16% | ||||
| Africa | 564 | 545 | 589 | -4% | ||||
| Middle East and North Africa | 837 | 780 | 1,097 | -24% | ||||
| Americas | 860 | 869 | 904 | -5% | ||||
| Asia Pacific | 1,366 | 1,364 | 1,298 | +5% | ||||
| Total production | 6,441 | 5,993 | 6,312 | +2% | ||||
| including equity affiliates | 2,039 | 1,739 | 1,963 | +4% | ||||
| Liquefied natural gas | 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| LNG sales** (Mt) | 2.64 | 2.48 | 2.82 | -6% |
* The regional reporting has been changed to reflect the Company’s internal organization. Historical data is available at total.com.** Sales, Group share, excluding trading; 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2015 SEC coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| Petroleum product sales by region (kb/d)* | 1Q16 | 4Q15 | 1Q15** | 1Q16vs 1Q15
| ||||
| Europe | 2,288 | 2,298 | 2,059 | +11% | ||||
| Africa | 501 | 547 | 670 | -25% | ||||
| Americas | 531 | 489 | 581 | -9% | ||||
| Rest of world | 771 | 620 | 657 | +17% | ||||
| Total consolidated sales | 4,091 | 3,954 | 3,967 | +3% | ||||
| Including bulk sales | 699 | 688 | 628 | +11% | ||||
| Including trading | 1,635 | 1,469 | 1,515 | +8% |
* Includes share of TotalErg.** 1Q15 volumes restated.
Adjustment items
> Adjustments to operating income
| In millions of dollars | 1Q16 | 4Q15 | 1Q15 | |||
| Special items affecting operating income | (464) | (5,677) | (1,377) | |||
| Restructuring charges | (11) | (48) | - | |||
| Impairments | - | (4,933) | (1,046) | |||
| Other | (453) | (696) | (331) | |||
| Pre-tax inventory effect: FIFO vs. replacement cost | (282) | (464) | 228 | |||
| Effect of changes in fair value | 3 | - | 4 | |||
| Total adjustments affecting operating income | (743) | (6,141) | (1,145) |
> Adjustment to net income (Group share)
| In millions of dollars | 1Q16 | 4Q15 | 1Q15 | |||
| Special items affecting net income (Group share) | 150 | (3,386) | (95) | |||
| Gain (loss) on asset sales | 358 | 579 | 1,002 | |||
| Restructuring charges | (2) | (29) | (31) | |||
| Impairments | - | (3,443) | (1,109) | |||
| Other | (206) | (493) | 43 | |||
| After-tax inventory effect: FIFO vs. replacement cost | (183) | (315) | 154 | |||
| Effect of changes in fair value | 3 | - | 2 | |||
| Total adjustments affecting net income | (30) | (3,701) | 61 |
2016 Sensitivities*
| Scenario | Change | Estimated impacton adjustednet operatingincome
| Estimatedimpact oncash flow | |||||
| Dollar | 1.0 $/€ | +0.1 $ per € | -0.15 B$ | -0.1 B$ | ||||
| Brent | 50 $/b | -10 $/b | -2 B$ | -2 B$ | ||||
| European refining margin indicator (ERMI) | 35 $/t | -10 $/t | -0.5 B$ | -0.6 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2016. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is attributable 85% to Refining & Chemicals.
Investments - Divestments
| In millions of dollars | 1Q16 | 4Q15 | 1Q15 | 1Q16vs 1Q15
| ||||
| Organic investments | 4,615 | 6,365 | 6,069 | -24% | ||||
| capitalized exploration | 228 | 232 | 399 | -43% | ||||
| increase in non-current loans | 572 | 553 | 793 | -28% | ||||
| repayment of non-current loans | (100) | (196) | (245) | -59% | ||||
| Acquisitions | 193 | 33 | 2,495 | -92% | ||||
| Asset sales | 885 | 2,101 | 2,739 | -68% | ||||
| Other transactions with non-controlling interests | - | 8 | - | na | ||||
| Net investments | 3,923 | 4,289 | 5,825 | -33% |
Net-debt-to-equity ratio
| In millions of dollars | 3/31/2016 | 12/31/2015 | 3/31/2015 | |||
| Current borrowings | 10,858 | 12,488 | 13,604 | |||
| Net current financial assets | (3,231) | (6,019) | (2,262) | |||
| Net financial assets classified as held for sale | 83 | 141 | (27) | |||
| Non-current financial debt | 43,138 | 44,464 | 41,827 | |||
| Hedging instruments of non-current debt | (1,236) | (1,219) | (1,275) | |||
| Cash and cash equivalents | (20,570) | (23,269) | (25,051) | |||
| Net debt | 29,042 | 26,586 | 26,816 | |||
| Shareholders’ equity - Group share | 96,443 | 92,494 | 95,096 | |||
| Estimated dividend payable | (3,250) | (1,545) | (2,988) | |||
| Non-controlling interests | 2,960 | 2,915 | 3,024 | |||
| Adjusted shareholders' equity | 96,153 | 93,864 | 95,132 | |||
| Net-debt-to-equity ratio | 30.2% | 28.3% | 28.2% |
Return on equity
| In millions of dollars | April 1, 2015 toMarch 31, 2016 | January 1, 2015 toDecember 31, 2015 | ||||
| Adjusted net income | 9,742 | 10,698 | ||||
| Average adjusted shareholders' equity | 95,643 | 92,854 | ||||
| Return on equity (ROE) | 10.2% | 11.5% | ||||
Return on average capital employed
> Twelve months ended March 31, 2016
| In millions of dollars | Upstream | Refining &Chemicals | Marketing& Services | Group | ||||||
| Adjusted net operating income | 3,913 | 4,917 | 1,630 | 10,460 | ||||||
| Capital employed at 3/31/2015* | 103,167 | 12,534 | 7,928 | 123,218 | ||||||
| Capital employed at 3/31/2016* | 106,517 | 12,505 | 8,800 | 127,754 | ||||||
| ROACE | 3.7% | 39.3% | 19.5% | 8.3% | ||||||
> Full-year 2015
| In millions of dollars | Upstream | Refining &Chemicals | Marketing& Services | Group | ||||||
| Adjusted net operating income | 4,774 | 4,889 | 1,699 | 11,400 | ||||||
| Capital employed at 12/31/2014* | 100,497 | 13,451 | 8,825 | 120,526 | ||||||
| Capital employed at 12/31/2015* | 105,580 | 10,407 | 8,415 | 121,143 | ||||||
| ROACE | 4.6% | 41.0% | 19.7% | 9.4% | ||||||
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the first quarter 2016 from the consolidated financial statements of TOTAL S.A. as of March 31, 2016. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special itemsDue to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.(ii) Inventory valuation effectThe adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.(iii) Effect of changes in fair valueThe effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definitions on page 2.2 Group share.3 The ex-dividend date will be September 27, 2016, and the payment date will be set for October 14, 2016.4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 9.5 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).6 Including acquisitions and increases in non-current loans.7 Net investments = gross investments - divestments - repayment of non-current loans - other operations with non-controlling interests.8 Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.9 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 12.10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.11 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).12 Details shown on page 12.13 Details shown on page 9 and in the annex to the accounts.14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).15 Details shown on page 11.
Total financial statements
First quarter 2016 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) (a) | 1st quarter2016
| 4th quarter2015
| 1st quarter2015
| |||
| Sales | 32,841 | 37,749 | 42,313 | |||
| Excise taxes | (5,319) | (5,457) | (5,350) | |||
| Revenues from sales | 27,522 | 32,292 | 36,963 | |||
| Purchases, net of inventory variation | (17,639) | (21,874) | (24,204) | |||
| Other operating expenses | (6,136) | (6,248) | (6,272) | |||
| Exploration costs | (194) | (727) | (637) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,680) | (7,672) | (3,872) | |||
| Other income | 500 | 833 | 1,621 | |||
| Other expense | (70) | (298) | (442) | |||
| Financial interest on debt | (274) | (241) | (262) | |||
| Financial income from marketable securities & cash equivalents | 10 | 25 | 31 | |||
| Cost of net debt | (264) | (216) | (231) | |||
| Other financial income | 191 | 300 | 142 | |||
| Other financial expense | (155) | (171) | (166) | |||
| Equity in net income (loss) of affiliates | 498 | 600 | 590 | |||
| Income taxes | 48 | 1,381 | (984) | |||
| Consolidated net income | 1,621 | (1,800) | 2,508 | |||
| Group share | 1,606 | (1,626) | 2,663 | |||
| Non-controlling interests | 15 | (174) | (155) | |||
| Earnings per share ($) | 0.67 | (0.72) | 1.16 | |||
| Fully-diluted earnings per share ($) | 0.67 | (0.71) | 1.16 |
(a) Except for per share amounts.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
|
| ||||||
| (M$) | 1st quarter2016
| 4th quarter2015
| 1st quarter2015
| |||
| Consolidated net income | 1,621 | (1,800) | 2,508 | |||
| Other comprehensive income | ||||||
| Actuarial gains and losses | (81) | 358 | (95) | |||
| Tax effect | 32 | (140) | (36) | |||
| Currency translation adjustment generated by the parent company | 3,641 | (2,171) | (8,192) | |||
| Items not potentially reclassifiable to profit and loss | 3,592 | (1,953) | (8,323) | |||
| Currency translation adjustment | (1,944) | 604 | 3,748 | |||
| Available for sale financial assets | (10) | 16 | 8 | |||
| Cash flow hedge | 98 | 4 | (130) | |||
| Share of other comprehensive income of equity affiliates, net amount | (1) | (95) | 1,042 | |||
| Other | 3 | - | 3 | |||
| Tax effect | (24) | (7) | 37 | |||
| Items potentially reclassifiable to profit and loss | (1,878) | 522 | 4,708 | |||
| Total other comprehensive income (net amount) | 1,714 | (1,431) | (3,615) | |||
| Comprehensive income | 3,335 | (3,231) | (1,107) | |||
| Group share | 3,308 | (3,033) | (916) | |||
| Non-controlling interests | 27 | (198) | (191) |
| CONSOLIDATED BALANCE SHEET | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | March 31,2016(unaudited)
| December 31,2015(unaudited)
| March 31,2015(unaudited)
| |||
| ASSETS | ||||||
| Non-current assets | ||||||
| Intangible assets, net | 14,512 | 14,549 | 16,236 | |||
| Property, plant and equipment, net | 111,636 | 109,518 | 105,806 | |||
| Equity affiliates : investments and loans | 20,411 | 19,384 | 19,552 | |||
| Other investments | 1,413 | 1,241 | 1,325 | |||
| Hedging instruments of non-current financial debt | 1,236 | 1,219 | 1,275 | |||
| Deferred income taxes | 3,955 | 3,982 | 3,435 | |||
| Other non-current assets | 4,329 | 4,355 | 4,093 | |||
| Total non-current assets | 157,492 | 154,248 | 151,722 | |||
| Current assets | ||||||
| Inventories, net | 13,887 | 13,116 | 15,393 | |||
| Accounts receivable, net | 12,220 | 10,629 | 15,458 | |||
| Other current assets | 15,827 | 15,843 | 14,576 | |||
| Current financial assets | 3,439 | 6,190 | 2,464 | |||
| Cash and cash equivalents | 20,570 | 23,269 | 25,051 | |||
| Assets classified as held for sale | 724 | 1,189 | 3,257 | |||
| Total current assets | 66,667 | 70,236 | 76,199 | |||
| Total assets | 224,159 | 224,484 | 227,921 |
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Shareholders' equity | ||||||
| Common shares | 7,709 | 7,670 | 7,519 | |||
| Paid-in surplus and retained earnings | 103,766 | 101,528 | 102,755 | |||
| Currency translation adjustment | (10,447) | (12,119) | (10,830) | |||
| Treasury shares | (4,585) | (4,585) | (4,348) | |||
| Total shareholders' equity - Group share | 96,443 | 92,494 | 95,096 | |||
| Non-controlling interests | 2,960 | 2,915 | 3,024 | |||
| Total shareholders' equity | 99,403 | 95,409 | 98,120 | |||
| Non-current liabilities | ||||||
| Deferred income taxes | 11,766 | 12,360 | 13,557 | |||
| Employee benefits | 3,984 | 3,774 | 4,483 | |||
| Provisions and other non-current liabilities | 17,607 | 17,502 | 17,050 | |||
| Non-current financial debt | 43,138 | 44,464 | 41,827 | |||
| Total non-current liabilities | 76,495 | 78,100 | 76,917 | |||
| Current liabilities | ||||||
| Accounts payable | 20,887 | 20,928 | 22,043 | |||
| Other creditors and accrued liabilities | 15,938 | 16,884 | 15,750 | |||
| Current borrowings | 10,858 | 12,488 | 13,604 | |||
| Other current financial liabilities | 208 | 171 | 202 | |||
| Liabilities directly associated with the assets classified as held for sale | 370 | 504 | 1,285 | |||
| Total current liabilities | 48,261 | 50,975 | 52,884 | |||
| Total liabilities & shareholders' equity | 224,159 | 224,484 | 227,921 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 1st quarter2016
| 4th quarter2015
| 1st quarter2015
| |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 1,621 | (1,800) | 2,508 | |||
| Depreciation, depletion, amortization and impairment | 2,735 | 8,278 | 4,424 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (268) | (1,862) | (446) | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (367) | (665) | (1,357) | |||
| Undistributed affiliates' equity earnings | (236) | 39 | (68) | |||
| (Increase) decrease in working capital | (1,545) | 937 | (476) | |||
| Other changes, net | (59) | (89) | (198) | |||
| Cash flow from operating activities | 1,881 | 4,838 | 4,387 |
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (4,146) | (5,919) | (7,956) | |||
| Acquisitions of subsidiaries, net of cash acquired | (133) | (42) | (7) | |||
| Investments in equity affiliates and other securities | (57) | (80) | (53) | |||
| Increase in non-current loans | (572) | (553) | (793) | |||
| Total expenditures | (4,908) | (6,594) | (8,809) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 792 | 1,437 | 959 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | 58 | 1,758 | |||
| Proceeds from disposals of non-current investments | 93 | 606 | 22 | |||
| Repayment of non-current loans | 100 | 196 | 245 | |||
| Total divestments | 985 | 2,297 | 2,984 | |||
| Cash flow used in investing activities | (3,923) | (4,297) | (5,825) |
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | - | 31 | 12 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (954) | (592) | (1,566) | |||
| - Non-controlling interests | (3) | (3) | (2) | |||
| Issuance of perpetual subordinated notes | - | - | 5,616 | |||
| Payments on perpetual subordinated notes | (133) | - | - | |||
| Other transactions with non-controlling interests | - | 8 | - | |||
| Net issuance (repayment) of non-current debt | 154 | 2,039 | 136 | |||
| Increase (decrease) in current borrowings | (3,027) | (531) | 423 | |||
| Increase (decrease) in current financial assets and liabilities | 2,746 | (3,320) | (1,022) | |||
| Cash flow used in financing activities | (1,217) | (2,368) | 3,597 | |||
| Net increase (decrease) in cash and cash equivalents | (3,259) | (1,827) | 2,159 | |||
| Effect of exchange rates | 560 | (762) | (2,289) | |||
| Cash and cash equivalents at the beginning of the period | 23,269 | 25,858 | 25,181 | |||
| Cash and cash equivalents at the end of the period | 20,570 | 23,269 | 25,051 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Common shares issued | Paid-insurplus andretainedearnings | Currencytranslationadjustment | Treasury shares | Shareholders'equity - Group share
| Non-controllinginterests
|
| Totalshareholders'equity | |||||||||||
| (M$) | Number | Amount | Number | Amount | ||||||||||||||
| As of January 1, 2015 | 2,385,267,525 | 7,518 | 94,646 | (7,480) | (109,361,413) | (4,354) | 90,330 | 3,201 | 93,531 | |||||||||
| Net income of the first quarter 2015 | - | - | 2,663 | - | - | - | 2,663 | (155) | 2,508 | |||||||||
| Other comprehensive Income | - | - | (229) | (3,350) | - | - | (3,579) | (36) | (3,615) | |||||||||
| Comprehensive Income | - | - | 2,434 | (3,350) | - | - | (916) | (191) | (1,107) | |||||||||
| Dividend | - | - | - | - | - | - | - | (2) | (2) | |||||||||
| Issuance of common shares | 288,256 | 1 | 11 | - | - | - | 12 | - | 12 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 102,560 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 50 | - | - | - | 50 | - | 50 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (16) | - | - | - | (16) | - | (16) | |||||||||
| Other operations with non-controlling interests | - | - | (15) | - | - | - | (15) | 15 | - | |||||||||
| Other items | - | - | 35 | - | - | - | 35 | 1 | 36 | |||||||||
| As of March 31, 2015 | 2,385,555,781 | 7,519 | 102,755 | (10,830) | (109,258,853) | (4,348) | 95,096 | 3,024 | 98,120 | |||||||||
| Net income from April 1 to December 31, 2015 | - | - | 2,424 | - | - | - | 2,424 | (146) | 2,278 | |||||||||
| Other comprehensive Income | - | - | 414 | (1,289) | - | - | (875) | (45) | (920) | |||||||||
| Comprehensive Income | - | - | 2,838 | (1,289) | - | - | 1,549 | (191) | 1,358 | |||||||||
| Dividend | - | - | (6,303) | - | - | - | (6,303) | (98) | (6,401) | |||||||||
| Issuance of common shares | 54,502,102 | 151 | 2,148 | - | - | - | 2,299 | - | 2,299 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,711,935) | (237) | (237) | - | (237) | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 3,030 | - | - | - | - | |||||||||
| Share-based payments | - | - | 51 | - | - | - | 51 | - | 51 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (98) | - | - | - | (98) | - | (98) | |||||||||
| Other operations with non-controlling interests | - | - | 38 | - | - | - | 38 | 49 | 87 | |||||||||
| Other items | - | - | 99 | - | - | - | 99 | 131 | 230 | |||||||||
| As of December 31, 2015 | 2,440,057,883 | 7,670 | 101,528 | (12,119) | (113,967,758) | (4,585) | 92,494 | 2,915 | 95,409 | |||||||||
| Net income of the first quarter 2016 | - | - | 1,606 | - | - | - | 1,606 | 15 | 1,621 | |||||||||
| Other comprehensive Income | - | - | 30 | 1,672 | - | - | 1,702 | 12 | 1,714 | |||||||||
| Comprehensive Income | - | - | 1,636 | 1,672 | - | - | 3,308 | 27 | 3,335 | |||||||||
| Dividend | - | - | - | - | - | - | - | (3) | (3) | |||||||||
| Issuance of common shares | 13,972,093 | 39 | 573 | - | - | - | 612 | - | 612 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 1,230 | - | - | - | - | |||||||||
| Share-based payments | - | - | 25 | - | - | - | 25 | - | 25 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (33) | - | - | - | (33) | - | (33) | |||||||||
| Other operations with non-controlling interests | - | - | (11) | - | - | - | (11) | 11 | - | |||||||||
| Other items | - | - | 48 | - | - | - | 48 | 10 | 58 | |||||||||
| As of March 31, 2016 | 2,454,029,976 | 7,709 | 103,766 | (10,447) | (113,966,528) | (4,585) | 96,443 | 2,960 | 99,403 | |||||||||
(1) Treasury shares related to the restricted stock grants.
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 1st quarter 2016(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,466 | 13,938 | 15,433 | 4 | - | 32,841 | ||||||
| Intersegment sales | 3,262 | 4,148 | 132 | 70 | (7,612) | - | ||||||
| Excise taxes | - | (961) | (4,358) | - | - | (5,319) | ||||||
| Revenues from sales | 6,728 | 17,125 | 11,207 | 74 | (7,612) | 27,522 | ||||||
| Operating expenses | (4,798) | (15,782) | (10,781) | (220) | 7,612 | (23,969) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,247) | (253) | (172) | (8) | - | (2,680) | ||||||
| Operating income | (317) | 1,090 | 254 | (154) | - | 873 | ||||||
| Equity in net income (loss) of affiliates and other items | 670 | 177 | 14 | 103 | - | 964 | ||||||
| Tax on net operating income | 313 | (276) | (80) | 37 | - | (6) | ||||||
| Net operating income | 666 | 991 | 188 | (14) | - | 1,831 | ||||||
| Net cost of net debt | (210) | |||||||||||
| Non-controlling interests | (15) | |||||||||||
| Net income | 1,606 |
| 1st quarter 2016 (adjustments) (a)(M$)
| Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total |
| Non-Group sales | (126) | - | - | - | - | (126) |
| Intersegment sales | - | - | - | - | - | - |
| Excise taxes | - | - | - | - | - | - |
| Revenues from sales | (126) | - | - | - | - | (126) |
| Operating expenses | (333) | (207) | (77) | - | - | (617) |
| Depreciation, depletion and impairment of tangible assets and mineral interests | - | - | - | - | - | - |
| Operating income (b) | (459) | (207) | (77) | - | - | (743) |
| Equity in net income (loss) of affiliates and other items | 329 | - | (17) | - | - | 312 |
| Tax on net operating income | 298 | 70 | 30 | - | - | 398 |
| Net operating income (b) | 168 | (137) | (64) | - | - | (33) |
| Net cost of net debt | (6) | |||||
| Non-controlling interests | 9 | |||||
| Net income | (30) |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
| ||||
| On operating income | - | (205) | (77) | - | ||||
| On net operating income | - | (133) | (50) | - |
| 1st quarter 2016 (adjusted)(M$) (a)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,592 | 13,938 | 15,433 | 4 | - | 32,967 | ||||||
| Intersegment sales | 3,262 | 4,148 | 132 | 70 | (7,612) | - | ||||||
| Excise taxes | - | (961) | (4,358) | - | - | (5,319) | ||||||
| Revenues from sales | 6,854 | 17,125 | 11,207 | 74 | (7,612) | 27,648 | ||||||
| Operating expenses | (4,465) | (15,575) | (10,704) | (220) | 7,612 | (23,352) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,247) | (253) | (172) | (8) | - | (2,680) | ||||||
| Adjusted operating income | 142 | 1,297 | 331 | (154) | - | 1,616 | ||||||
| Equity in net income (loss) of affiliates and other items | 341 | 177 | 31 | 103 | - | 652 | ||||||
| Tax on net operating income | 15 | (346) | (110) | 37 | - | (404) | ||||||
| Adjusted net operating income | 498 | 1,128 | 252 | (14) | - | 1,864 | ||||||
| Net cost of net debt | (204) | |||||||||||
| Non-controlling interests | (24) | |||||||||||
| Adjusted net income | 1,636 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.68 |
(a) Except for earnings per share.
| 1st quarter 2016(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 4,237 | 259 | 390 | 22 | - | 4,908 | ||||||
| Total divestments | 915 | 29 | 37 | 4 | - | 985 | ||||||
| Cash flow from operating activities | 2,113 | (421) | 240 | (51) | - | 1,881 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 4th quarter 2015(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,457 | 15,969 | 18,326 | (3) | - | 37,749 | ||||||
| Intersegment sales | 4,342 | 5,532 | 215 | 59 | (10,148) | - | ||||||
| Excise taxes | - | (1,073) | (4,384) | - | - | (5,457) | ||||||
| Revenues from sales | 7,799 | 20,428 | 14,157 | 56 | (10,148) | 32,292 | ||||||
| Operating expenses | (5,716) | (19,606) | (13,445) | (230) | 10,148 | (28,849) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,189) | (293) | (183) | (7) | - | (7,672) | ||||||
| Operating income | (5,106) | 529 | 529 | (181) | - | (4,229) | ||||||
| Equity in net income (loss) of affiliates and other items | 571 | 759 | (97) | 31 | - | 1,264 | ||||||
| Tax on net operating income | 1,328 | (74) | (135) | 218 | - | 1,337 | ||||||
| Net operating income | (3,207) | 1,214 | 297 | 68 | - | (1,628) | ||||||
| Net cost of net debt | (172) | |||||||||||
| Non-controlling interests | 174 | |||||||||||
| Net income | (1,626) |
| 4th quarter 2015 (adjustments) (a)(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (205) | - | - | - | - | (205) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (205) | - | - | - | - | (205) | ||||||
| Operating expenses | (413) | (429) | (161) | - | - | (1,003) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,893) | (39) | (1) | - | - | (4,933) | ||||||
| Operating income (b) | (5,511) | (468) | (162) | - | - | (6,141) | ||||||
| Equity in net income (loss) of affiliates and other items | (58) | 596 | (116) | (19) | - | 403 | ||||||
| Tax on net operating income | 1,614 | 79 | 45 | 7 | - | 1,745 | ||||||
| Net operating income (b) | (3,955) | 207 | (233) | (12) | - | (3,993) | ||||||
| Net cost of net debt | (11) | |||||||||||
| Non-controlling interests | 303 | |||||||||||
| Net income | (3,701) |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
| ||||
| On operating income | - | (359) | (105) | - | ||||
| On net operating income | - | (247) | (68) | - |
| 4th quarter 2015 (adjusted)(M$) (a)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,662 | 15,969 | 18,326 | (3) | - | 37,954 | ||||||
| Intersegment sales | 4,342 | 5,532 | 215 | 59 | (10,148) | - | ||||||
| Excise taxes | - | (1,073) | (4,384) | - | - | (5,457) | ||||||
| Revenues from sales | 8,004 | 20,428 | 14,157 | 56 | (10,148) | 32,497 | ||||||
| Operating expenses | (5,303) | (19,177) | (13,284) | (230) | 10,148 | (27,846) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,296) | (254) | (182) | (7) | - | (2,739) | ||||||
| Adjusted operating income | 405 | 997 | 691 | (181) | - | 1,912 | ||||||
| Equity in net income (loss) of affiliates and other items | 629 | 163 | 19 | 50 | - | 861 | ||||||
| Tax on net operating income | (286) | (153) | (180) | 211 | - | (408) | ||||||
| Adjusted net operating income | 748 | 1,007 | 530 | 80 | - | 2,365 | ||||||
| Net cost of net debt | (161) | |||||||||||
| Non-controlling interests | (129) | |||||||||||
| Adjusted net income | 2,075 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.88 |
(a) Except for earnings per share.
| 4th quarter 2015(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,293 | 586 | 689 | 26 | - | 6,594 | ||||||
| Total divestments | 1,402 | 836 | 56 | 3 | - | 2,297 | ||||||
| Cash flow from operating activities | 2,624 | 2,127 | 289 | (202) | - | 4,838 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 1st quarter 2015(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,225 | 17,464 | 19,620 | 4 | - | 42,313 | ||||||
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | - | (933) | (4,417) | - | - | (5,350) | ||||||
| Revenues from sales | 9,609 | 23,498 | 15,475 | 56 | (11,675) | 36,963 | ||||||
| Operating expenses | (5,969) | (21,717) | (14,863) | (239) | 11,675 | (31,113) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,441) | (252) | (174) | (5) | - | (3,872) | ||||||
| Operating income | 199 | 1,529 | 438 | (188) | - | 1,978 | ||||||
| Equity in net income (loss) of affiliates and other items | 769 | 762 | (80) | 294 | - | 1,745 | ||||||
| Tax on net operating income | (368) | (446) | (131) | (82) | - | (1,027) | ||||||
| Net operating income | 600 | 1,845 | 227 | 24 | - | 2,696 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | 155 | |||||||||||
| Net income | 2,663 |
| 1st quarter 2015 (adjustments) (a)(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (146) | - | - | - | - | (146) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (146) | - | - | - | - | (146) | ||||||
| Operating expenses | (140) | 194 | (7) | - | - | 47 | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,046) | - | - | - | - | (1,046) | ||||||
| Operating income (b) | (1,332) | 194 | (7) | - | - | (1,145) | ||||||
| Equity in net income (loss) of affiliates and other items | 136 | 661 | (89) | - | - | 708 | ||||||
| Tax on net operating income | 437 | (110) | 2 | - | - | 329 | ||||||
| Net operating income (b) | (759) | 745 | (94) | - | - | (108) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | 169 | |||||||||||
| Net income | 61 |
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
| ||||
| On operating income | - | 235 | (7) | - | ||||
| On net operating income | - | 150 | (5) | - |
| 1st quarter 2015 (adjusted)(M$) (a)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,371 | 17,464 | 19,620 | 4 | - | 42,459 | ||||||
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | - | (933) | (4,417) | - | - | (5,350) | ||||||
| Revenues from sales | 9,755 | 23,498 | 15,475 | 56 | (11,675) | 37,109 | ||||||
| Operating expenses | (5,829) | (21,911) | (14,856) | (239) | 11,675 | (31,160) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,395) | (252) | (174) | (5) | - | (2,826) | ||||||
| Adjusted operating income | 1,531 | 1,335 | 445 | (188) | - | 3,123 | ||||||
| Equity in net income (loss) of affiliates and other items | 633 | 101 | 9 | 294 | - | 1,037 | ||||||
| Tax on net operating income | (805) | (336) | (133) | (82) | - | (1,356) | ||||||
| Adjusted net operating income | 1,359 | 1,100 | 321 | 24 | - | 2,804 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | (14) | |||||||||||
| Adjusted net income | 2,602 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.13 |
(a) Except for earnings per share.
| 1st quarter 2015(M$)
| Upstream | Refining &Chemicals | Marketing &Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 8,151 | 434 | 215 | 9 | - | 8,809 | ||||||
| Total divestments | 1,162 | 1,766 | 52 | 4 | - | 2,984 | ||||||
| Cash flow from operating activities | 3,525 | 314 | 644 | (96) | - | 4,387 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 1st quarter 2016(M$)
| Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 32,967 | (126) | 32,841 | |||
| Excise taxes | (5,319) | - | (5,319) | |||
| Revenues from sales | 27,648 | (126) | 27,522 | |||
| Purchases, net of inventory variation | (17,357) | (282) | (17,639) | |||
| Other operating expenses | (5,801) | (335) | (6,136) | |||
| Exploration costs | (194) | - | (194) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,680) | - | (2,680) | |||
| Other income | 171 | 329 | 500 | |||
| Other expense | (54) | (16) | (70) | |||
| Financial interest on debt | (268) | (6) | (274) | |||
| Financial income from marketable securities & cash equivalents | 10 | - | 10 | |||
| Cost of net debt | (258) | (6) | (264) | |||
| Other financial income | 191 | - | 191 | |||
| Other financial expense | (155) | - | (155) | |||
| Equity in net income (loss) of affiliates | 499 | (1) | 498 | |||
| Income taxes | (350) | 398 | 48 | |||
| Consolidated net income | 1,660 | (39) | 1,621 | |||
| Group share | 1,636 | (30) | 1,606 | |||
| Non-controlling interests | 24 | (9) | 15 | |||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
| 1st quarter 2015(M$)
| Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 42,459 | (146) | 42,313 | |||
| Excise taxes | (5,350) | - | (5,350) | |||
| Revenues from sales | 37,109 | (146) | 36,963 | |||
| Purchases, net of inventory variation | (24,432) | 228 | (24,204) | |||
| Other operating expenses | (6,176) | (96) | (6,272) | |||
| Exploration costs | (552) | (85) | (637) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,826) | (1,046) | (3,872) | |||
| Other income | 526 | 1,095 | 1,621 | |||
| Other expense | (99) | (343) | (442) | |||
| Financial interest on debt | (262) | - | (262) | |||
| Financial income from marketable securities & cash equivalents | 31 | - | 31 | |||
| Cost of net debt | (231) | - | (231) | |||
| Other financial income | 142 | - | 142 | |||
| Other financial expense | (166) | - | (166) | |||
| Equity in net income (loss) of affiliates | 634 | (44) | 590 | |||
| Income taxes | (1,313) | 329 | (984) | |||
| Consolidated net income | 2,616 | (108) | 2,508 | |||
| Group share | 2,602 | 61 | 2,663 | |||
| Non-controlling interests | 14 | (169) | (155) |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
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