Total Financial Statements

15th Apr 2014 14:11

Total Financial Statements

Consolidated accounts in US Dollars, IFRS

2011, 2012 and 2013 annual and 2013 quarters

Total (Paris:FP) (LSE:TTA) (NYSE:TOT) :

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

For the year ended December 31, (M$) (a)		2013		2012		2011
Sales		251,725		257,037		257,084
Excise taxes		(23,756)		(22,821)		(25,254)
Revenues from sales		227,969		234,216		231,830
Purchases, net of inventory variation		(160,849)		(162,908)		(158,533)
Other operating expenses		(28,764)		(29,273)		(27,549)
Exploration costs		(2,169)		(1,857)		(1,418)
Depreciation, depletion and amortization of tangible assets and mineral interests		(11,994)		(12,237)		(10,448)
Other income		2,290		1,897		2,975
Other expense		(2,800)		(1,178)		(1,738)
Financial interest on debt		(889)		(863)		(992)
Financial income from marketable securities & cash equivalents		85		128		380
Cost of net debt		(804)		(735)		(612)
Other financial income		696		717		848
Other financial expense		(702)		(641)		(597)
Equity in net income (loss) of affiliates		3,415		2,582		2,680
Income taxes		(14,767)		(16,747)		(19,614)
Consolidated net income		11,521		13,836		17,824
Group share		11,228		13,648		17,400
Non-controlling interests		293		188		424
Earnings per share ($)		4.96		6.05		7.74
Fully-diluted earnings per share ($)		4.94		6.02		7.71
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

For the year ended December 31, (M$)		2013		2012		2011
Consolidated net income		11,521		13,836		17,824
Other comprehensive income
Actuarial gains and losses		682		(1,171)		(742)
Tax effect		(287)		465		266
Currency translation adjustment generated by the mother company		3,129		1,324		(2,347)
Items not potentially reclassifiable to profit and loss		3,524		618		(2,823)
Currency translation adjustment		(1,925)		(397)		993
Available for sale financial assets		33		(435)		469
Cash flow hedge		156		83		(117)
Share of other comprehensive income of equity affiliates, net amount		(805)		249		(203)
Other		(12)		(18)		(10)
Tax effect		(62)		82		(77)
Items potentially reclassifiable to profit and loss		(2,615)		(436)		1,055
Total other comprehensive income (net amount)		909		182		(1,768)
Comprehensive income		12,430		14,018		16,056
- Group share		12,193		13,848		15,682
- Non-controlling interests		237		170		374

CONSOLIDATED BALANCE SHEET

TOTAL

(unaudited)

As of December 31, (M$)		2013		2012		2011
ASSETS
Non-current assets
Intangible assets, net		18,395		16,965		16,062
Property, plant and equipment, net		104,480		91,477		83,400
Equity affiliates : investments and loans		20,417		18,153		16,814
Other investments		1,666		1,571		4,755
Hedging instruments of non-current financial debt		1,418		2,145		2,557
Deferred income taxes		3,838		2,982		2,653
Other non-current assets		4,406		3,513		3,179
Total non-current assets		154,620		136,806		129,420
Current assets
Inventories, net		22,097		22,954		23,447
Accounts receivable, net		23,422		25,339		25,941
Other current assets		14,892		13,307		13,932
Current financial assets		739		2,061		906
Cash and cash equivalents		20,200		20,409		18,147
Assets classified as held for sale		3,253		5,010		-
Total current assets		84,603		89,080		82,373
Total assets		239,223		225,886		211,793
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,493		7,454		7,447
Paid-in surplus and retained earnings		98,254		92,485		86,461
Currency translation adjustment		(1,203)		(1,696)		(2,884)
Treasury shares		(4,303)		(4,274)		(4,357)
Total shareholders' equity - Group Share		100,241		93,969		86,667
Non-controlling interests		3,138		1,689		1,749
Total shareholders' equity		103,379		95,658		88,416
Non-current liabilities
Deferred income taxes		17,850		16,006		15,340
Employee benefits		4,235		4,939		4,380
Provisions and other non-current liabilities		17,517		15,285		14,114
Non-current financial debt		34,574		29,392		29,186
Total non-current liabilities		74,176		65,622		63,020
Current liabilities
Accounts payable		30,282		28,563		28,577
Other creditors and accrued liabilities		18,948		19,316		19,045
Current borrowings		11,193		14,535		12,519
Other current financial liabilities		381		232		216
Liabilities directly associated with the assets classified as held for sale		864		1,960		-
Total current liabilities		61,668		64,606		60,357
Total liabilities and shareholders' equity		239,223		225,886		211,793

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

For the year ended December 31, (M$)		2013		2012		2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		11,521		13,836		17,824
Depreciation, depletion and amortization		13,358		13,466		12,010
Non-current liabilities, valuation allowances and deferred taxes		1,567		1,889		2,272
Impact of coverage of pension benefit plans		-		(465)		-
(Gains) losses on disposals of assets		(80)		(1,715)		(2,479)
Undistributed affiliates' equity earnings		(775)		272		(149)
(Increase) decrease in working capital		2,525		1,392		(2,421)
Other changes, net		397		183		136
Cash flow from operating activities		28,513		28,858		27,193
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(29,748)		(25,574)		(24,986)
Acquisitions of subsidiaries, net of cash acquired		(21)		(245)		(1,189)
Investments in equity affiliates and other securities		(1,756)		(1,152)		(6,299)
Increase in non-current loans		(2,906)		(2,504)		(1,687)
Total expenditures		(34,431)		(29,475)		(34,161)
Proceeds from disposals of intangible assets and property, plant and equipment		1,766		1,822		2,003
Proceeds from disposals of subsidiaries, net of cash sold		2,654		452		800
Proceeds from disposals of non-current investments		330		3,618		7,922
Repayment of non-current loans		1,649		1,651		1,215
Total divestments		6,399		7,543		11,940
Cash flow used in investing activities		(28,032)		(21,932)		(22,221)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		485		41		670
- Treasury shares		(238)		(88)		-
Dividends paid:
- Parent company shareholders		(7,128)		(6,660)		(7,155)
- Non-controlling interests		(156)		(133)		(239)
Other transactions with non-controlling interests		2,153		-		(798)
Net issuance (repayment) of non-current debt		11,102		6,780		5,664
Increase (decrease) in current borrowings		(9,037)		(3,540)		(5,387)
Increase (decrease) in current financial assets and liabilities		1,298		(1,217)		1,247
Cash flow used in financing activities		(1,521)		(4,817)		(5,998)
Net increase (decrease) in cash and cash equivalents		(1,040)		2,109		(1,026)
Effect of exchange rates		831		153		(187)
Cash and cash equivalents at the beginning of the period		20,409		18,147		19,360
Cash and cash equivalents at the end of the period		20,200		20,409		18,147

Consolidated statement of changes in shareholders’ equity

TOTAL

(unaudited)

		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - Group Share		Non-controlling interests		Total shareholders' equity
(M$)		Number		Amount						Number		Amount
As of January 1, 2011		2,349,640,931		7,398		78,165		(1,291)		(112,487,679)		(4,524)		79,748		1,144		80,892
Net income 2011		-		-		17,400		-		-		-		17,400		424		17,824
Other comprehensive income		-		-		(153)		(1,565)		-		-		(1,718)		(50)		(1,768)
Comprehensive Income		-		-		17,247		(1,565)		-		-		15,682		374		16,056
Dividend		-		-		(8,988)		-		-		-		(8,988)		(239)		(9,227)
Issuance of common shares		14,126,382		49		621		-		-		-		670		-		670
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares(a)		-		-		(167)		-		2,933,506		167		-		-		-
Share-based payments		-		-		224		-		-		-		224		-		224
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(609)		(28)		-		-		(637)		(161)		(798)
Other items		-		-		(32)		-		-		-		(32)		631		599
As of December 31, 2011		2,363,767,313		7,447		86,461		(2,884)		(109,554,173)		(4,357)		86,667		1,749		88,416
Net income 2012		-		-		13,648		-		-		-		13,648		188		13,836
Other comprehensive income		-		-		(987)		1,187		-		-		200		(18)		182
Comprehensive Income		-		-		12,661		1,187		-		-		13,848		170		14,018
Dividend		-		-		(6,728)		-		-		-		(6,728)		(133)		(6,861)
Issuance of common shares		2,165,833		7		34		-		-		-		41		-		41
Purchase of treasury shares		-		-		-		-		(1,800,000)		(88)		(88)		-		(88)
Sale of treasury shares(a)		-		-		(171)		-		2,962,534		171		-		-		-
Share-based payments		-		-		188		-		-		-		188		-		188
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		20		1		-		-		21		(21)		-
Other items		-		-		20		-		-		-		20		(76)		(56)
As of December 31, 2012		2,365,933,146		7,454		92,485		(1,696)		(108,391,639)		(4,274)		93,969		1,689		95,658
Net income 2013		-		-		11,228		-		-		-		11,228		293		11,521
Other comprehensive income		-		-		473		492		-		-		965		(56)		909
Comprehensive Income		-		-		11,701		492		-		-		12,193		237		12,430
Dividend		-		-		(7,116)		-		-		-		(7,116)		(156)		(7,272)
Issuance of common shares		11,745,014		39		446		-		-		-		485		-		485
Purchase of treasury shares		-		-		-		-		(4,414,200)		(238)		(238)		-		(238)
Sale of treasury shares(a)		-		-		(209)		-		3,591,391		209		-		-		-
Share-based payments		-		-		189		-		-		-		189		-		189
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		749		1		-		-		750		1,355		2,105
Other items		-		-		9		-		-		-		9		13		22
As of December 31, 2013		2,377,678,160		7,493		98,254		(1,203)		(109,214,448)		(4,303)		100,241		3,138		103,379

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

For the year ended December 31, 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		26,367		114,483		110,873		2		-		251,725
Intersegment sales		37,650		52,275		2,159		177		(92,261)		-
Excise taxes		-		(4,814)		(18,942)		-		-		(23,756)
Revenues from sales		64,017		161,944		94,090		179		(92,261)		227,969
Operating expenses		(31,875)		(160,031)		(91,343)		(794)		92,261		(191,782)
Depreciation, depletion and amortization of tangible assets and mineral interests		(9,484)		(1,736)		(733)		(41)		-		(11,994)
Operating income		22,658		177		2,014		(656)		-		24,193
Equity in net income (loss) of affiliates and other items		2,688		181		55		(25)		-		2,899
Tax on net operating income		(13,706)		(612)		(560)		(29)		-		(14,907)
Net operating income		11,640		(254)		1,509		(710)		-		12,185
Net cost of net debt												(664)
Non-controlling interests												(293)
Net income												11,228
For the year ended December 31, 2013 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		(74)		-		-		-		-		(74)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(74)		-		-		-		-		(74)
Operating expenses		(113)		(1,405)		(134)		-		-		(1,652)
Depreciation, depletion and amortization of tangible assets and mineral interests		(855)		(184)		(4)		-		-		(1,043)
Operating income (b)		(1,042)		(1,589)		(138)		-		-		(2,769)
Equity in net income (loss) of affiliates and other items		(305)		(268)		4		(34)		-		(603)
Tax on net operating income		537		(254)		89		(45)		-		327
Net operating income (b)		(810)		(2,111)		(45)		(79)		-		(3,045)
Net cost of net debt												-
Non-controlling interests												(19)
Net income												(3,064)
(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		-		(978)		(87)		-
On net operating income		-		(656)		(63)		-
		-		-		-		-
For the year ended December 31, 2013 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		26,441		114,483		110,873		2		-		251,799
Intersegment sales		37,650		52,275		2,159		177		(92,261)		-
Excise taxes		-		(4,814)		(18,942)		-		-		(23,756)
Revenues from sales		64,091		161,944		94,090		179		(92,261)		228,043
Operating expenses		(31,762)		(158,626)		(91,209)		(794)		92,261		(190,130)
Depreciation, depletion and amortization of tangible assets and mineral interests		(8,629)		(1,552)		(729)		(41)		-		(10,951)
Adjusted operating income		23,700		1,766		2,152		(656)		-		26,962
Equity in net income (loss) of affiliates and other items		2,993		449		51		9		-		3,502
Tax on net operating income		(14,243)		(358)		(649)		16		-		(15,234)
Adjusted net operating income		12,450		1,857		1,554		(631)		-		15,230
Net cost of net debt												(664)
Non-controlling interests												(274)
Adjusted net income												14,292
Adjusted fully-diluted earnings per share ($)												6.29
(a) Except for earnings per share.
For the year ended December 31, 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		29,750		2,708		1,814		159		-		34,431
Total divestments		5,786		365		186		62		-		6,399
Cash flow from operating activities		21,857		4,260		2,557		(161)		-		28,513
Balance sheet as of December 31, 2013
Property, plant and equipment, intangible assets, net		103,667		12,407		6,441		360		-		122,875
Investments & loans in equity affiliates		15,862		3,542		1,013		-		-		20,417
Other non-current assets		5,691		1,427		2,014		778		-		9,910
Working capital		(327)		10,458		3,779		(2,729)		-		11,181
Provisions and other non-current liabilities		(31,574)		(4,437)		(2,303)		(1,288)		-		(39,602)
Assets and liabilities classified as held for sale		2,210		-		-		-		-		2,210
Capital Employed (balance sheet)		95,529		23,397		10,944		(2,879)		-		126,991
Less inventory valuation effect		-		(3,645)		(893)		(2)		-		(4,540)
Capital Employed (Business segment information)		95,529		19,752		10,051		(2,881)		-		122,451
ROACE as a percentage (1)		14%		9%		16%		-		-		13%
(1) ROACE (Return on Average Capital Employed): Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

For the year ended December 31, 2012 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		28,449		117,067		111,281		240		-		257,037
Intersegment sales		40,498		57,134		970		256		(98,858)		-
Excise taxes		-		(4,616)		(18,205)		-		-		(22,821)
Revenues from sales		68,947		169,585		94,046		496		(98,858)		234,216
Operating expenses		(33,361)		(166,379)		(91,907)		(1,249)		98,858		(194,038)
Depreciation, depletion and amortization of tangible assets and mineral interests		(9,555)		(1,856)		(780)		(46)		-		(12,237)
Operating income		26,031		1,350		1,359		(799)		-		27,941
Equity in net income (loss) of affiliates and other items		3,005		271		(252)		353		-		3,377
Tax on net operating income		(15,879)		(337)		(488)		(163)		-		(16,867)
Net operating income		13,157		1,284		619		(609)		-		14,451
Net cost of net debt												(615)
Non-controlling interests												(188)
Net income												13,648
For the year ended December 31, 2012 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		(12)		-		-		-		-		(12)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(12)		-		-		-		-		(12)
Operating expenses		(752)		(257)		(294)		(115)		-		(1,418)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,538)		(266)		(87)		-		-		(1,891)
Operating income (b)		(2,302)		(523)		(381)		(115)		-		(3,321)
Equity in net income (loss) of affiliates and other items		326		(51)		(154)		188		-		309
Tax on net operating income		817		90		85		(139)		-		853
Net operating income (b)		(1,159)		(484)		(450)		(66)		-		(2,159)
Net cost of net debt												-
Non-controlling interests												35
Net income												(2,124)
(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		-		(230)		(71)		-
On net operating income		-		(149)		(50)		-
		-		-		-		-
For the year ended December 31, 2012 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		28,461		117,067		111,281		240		-		257,049
Intersegment sales		40,498		57,134		970		256		(98,858)		-
Excise taxes		-		(4,616)		(18,205)		-		-		(22,821)
Revenues from sales		68,959		169,585		94,046		496		(98,858)		234,228
Operating expenses		(32,609)		(166,122)		(91,613)		(1,134)		98,858		(192,620)
Depreciation, depletion and amortization of tangible assets and mineral interests		(8,017)		(1,590)		(693)		(46)		-		(10,346)
Adjusted operating income		28,333		1,873		1,740		(684)		-		31,262
Equity in net income (loss) of affiliates and other items		2,679		322		(98)		165		-		3,068
Tax on net operating income		(16,696)		(427)		(573)		(24)		-		(17,720)
Adjusted net operating income		14,316		1,768		1,069		(543)		-		16,610
Net cost of net debt												(615)
Non-controlling interests												(223)
Adjusted net income												15,772
Adjusted fully-diluted earnings per share ($)												6.96
(a) Except for earnings per share.
For the year ended December 31, 2012 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		25,200		2,502		1,671		102		-		29,475
Total divestments		3,595		392		196		3,360		-		7,543
Cash flow from operating activities		24,354		2,726		1,456		322		-		28,858
Balance sheet as of December 31, 2012
Property, plant and equipment, intangible assets, net		90,128		12,167		5,848		299		-		108,442
Investments & loans in equity affiliates		14,622		2,600		931		-		-		18,153
Other non-current assets		4,255		1,565		1,694		552		-		8,066
Working capital		(436)		12,742		3,752		(2,337)		-		13,721
Provisions and other non-current liabilities		(28,356)		(4,020)		(2,146)		(1,708)		-		(36,230)
Assets and liabilities classified as held for sale		4,047		-		-		-		-		4,047
Capital Employed (balance sheet)		84,260		25,054		10,079		(3,194)		-		116,199
Less inventory valuation effect		-		(4,271)		(847)		(1)		-		(5,119)
Capital Employed (Business segment information)		84,260		20,783		9,232		(3,195)		-		111,080
ROACE as a percentage		18%		9%		12%		-		-		15%

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

For the year ended December 31, 2011 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		30,916		107,384		118,769		15		-		257,084
Intersegment sales		38,002		61,632		1,121		256		(101,011)		-
Excise taxes		-		(3,288)		(21,966)		-		-		(25,254)
Revenues from sales		68,918		165,728		97,924		271		(101,011)		231,830
Operating expenses		(30,421)		(161,980)		(95,187)		(923)		101,011		(187,500)
Depreciation, depletion and amortization of tangible assets and mineral interests		(7,014)		(2,695)		(690)		(49)		-		(10,448)
Operating income		31,483		1,053		2,047		(701)		-		33,882
Equity in net income (loss) of affiliates and other items		3,100		1,023		(421)		466		-		4,168
Tax on net operating income		(18,897)		(192)		(614)		(57)		-		(19,760)
Net operating income		15,686		1,884		1,012		(292)		-		18,290
Net cost of net debt												(466)
Non-controlling interests												(424)
Net income												17,400
For the year ended December 31, 2011 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		62		-		-		-		-		62
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		62		-		-		-		-		62
Operating expenses		-		1,188		376		-		-		1,564
Depreciation, depletion and amortization of tangible assets and mineral interests		(104)		(983)		-		-		-		(1,087)
Operating income (b)		(42)		205		376		-		-		539
Equity in net income (loss) of affiliates and other items		990		591		(402)		125		-		1,304
Tax on net operating income		(60)		(85)		(109)		(111)		-		(365)
Net operating income (b)		888		711		(135)		14		-		1,478
Net cost of net debt												-
Non-controlling interests												(26)
Net income												1,452
(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		-		1,292		399		-
On net operating income		-		931		278		-
		-		-		-		-
For the year ended December 31, 2011 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		30,854		107,384		118,769		15		-		257,022
Intersegment sales		38,002		61,632		1,121		256		(101,011)		-
Excise taxes		-		(3,288)		(21,966)		-		-		(25,254)
Revenues from sales		68,856		165,728		97,924		271		(101,011)		231,768
Operating expenses		(30,421)		(163,168)		(95,563)		(923)		101,011		(189,064)
Depreciation, depletion and amortization of tangible assets and mineral interests		(6,910)		(1,712)		(690)		(49)		-		(9,361)
Adjusted operating income		31,525		848		1,671		(701)		-		33,343
Equity in net income (loss) of affiliates and other items		2,110		432		(19)		341		-		2,864
Tax on net operating income		(18,837)		(107)		(505)		54		-		(19,395)
Adjusted net operating income		14,798		1,173		1,147		(306)		-		16,812
Net cost of net debt												(466)
Non-controlling interests												(398)
Adjusted net income												15,948
Adjusted fully-diluted earnings per share ($)												7.07
(a) Except for earnings per share.
For the year ended December 31, 2011 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		28,761		2,659		2,553		188		-		34,161
Total divestments		3,607		3,492		2,721		2,120		-		11,940
Cash flow from operating activities		23,724		2,987		753		(271)		-		27,193
Balance sheet as of December 31, 2011
Property, plant and equipment, intangible assets, net		81,839		11,693		5,613		317		-		99,462
Investments & loans in equity affiliates		13,691		2,145		978		-		-		16,814
Other non-current assets		3,162		1,914		1,523		3,988		-		10,587
Working capital		904		12,788		3,784		(1,778)		-		15,698
Provisions and other non-current liabilities		(25,961)		(4,166)		(2,153)		(1,554)		-		(33,834)
Assets and liabilities classified as held for sale		-		-		-		-		-		-
Capital Employed (balance sheet)		73,635		24,374		9,745		973		-		108,727
Less inventory valuation effect		-		(4,357)		(863)		17		-		(5,203)
Capital Employed (Business segment information)		73,635		20,017		8,882		990		-		103,524
ROACE as a percentage		22%		5%		14%		-		-		17%

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

For the year ended December 31, 2013 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		251,799		(74)		251,725
Excise taxes		(23,756)		-		(23,756)
Revenues from sales		228,043		(74)		227,969
Purchases, net of inventory variation		(159,784)		(1,065)		(160,849)
Other operating expenses		(28,177)		(587)		(28,764)
Exploration costs		(2,169)		-		(2,169)
Depreciation, depletion and amortization of tangible assets and mineral interests		(10,951)		(1,043)		(11,994)
Other income		647		1,643		2,290
Other expense		(574)		(2,226)		(2,800)
Financial interest on debt		(889)		-		(889)
Financial income from marketable securities & cash equivalents		85		-		85
Cost of net debt		(804)		-		(804)
Other financial income		696		-		696
Other financial expense		(702)		-		(702)
Equity in net income (loss) of affiliates		3,435		(20)		3,415
Income taxes		(15,094)		327		(14,767)
Consolidated net income		14,566		(3,045)		11,521
Group share		14,292		(3,064)		11,228
Non-controlling interests		274		19		293
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
For the year ended December 31, 2012 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		257,049		(12)		257,037
Excise taxes		(22,821)		-		(22,821)
Revenues from sales		234,228		(12)		234,216
Purchases, net of inventory variation		(162,607)		(301)		(162,908)
Other operating expenses		(28,156)		(1,117)		(29,273)
Exploration costs		(1,857)		-		(1,857)
Depreciation, depletion and amortization of tangible assets and mineral interests		(10,346)		(1,891)		(12,237)
Other income		876		1,021		1,897
Other expense		(579)		(599)		(1,178)
Financial interest on debt		(863)		-		(863)
Financial income from marketable securities & cash equivalents		128		-		128
Cost of net debt		(735)		-		(735)
Other financial income		717		-		717
Other financial expense		(641)		-		(641)
Equity in net income (loss) of affiliates		2,695		(113)		2,582
Income taxes		(17,600)		853		(16,747)
Consolidated net income		15,995		(2,159)		13,836
Group share		15,772		(2,124)		13,648
Non-controlling interests		223		(35)		188
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

For the year ended December 31, 2011 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		257,022		62		257,084
Excise taxes		(25,254)		-		(25,254)
Revenues from sales		231,768		62		231,830
Purchases, net of inventory variation		(160,224)		1,691		(158,533)
Other operating expenses		(27,422)		(127)		(27,549)
Exploration costs		(1,418)		-		(1,418)
Depreciation, depletion and amortization of tangible assets and mineral interests		(9,361)		(1,087)		(10,448)
Other income		599		2,376		2,975
Other expense		(748)		(990)		(1,738)
Financial interest on debt		(992)		-		(992)
Financial income from marketable securities & cash equivalents		380		-		380
Cost of net debt		(612)		-		(612)
Other financial income		848		-		848
Other financial expense		(597)		-		(597)
Equity in net income (loss) of affiliates		2,762		(82)		2,680
Income taxes		(19,249)		(365)		(19,614)
Consolidated net income		16,346		1,478		17,824
Group share		15,948		1,452		17,400
Non-controlling interests		398		26		424
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Return on Equity

TOTAL

(unaudited)

For the year ended December 31, (M$)		2013		2012		2011
Adjusted net income - Group share		14,292		15,772		15,948
Adjusted non-controlling interests		274		223		398
Adjusted consolidated net income		14,566		15,995		16,346
Shareholders' equity - Group share		100,241		93,969		86,667
Distribution of the income based on existing shares at the closing date		(1,908)		(1,757)		(1,668)
Non-controlling interests		3,138		1,689		1,749
Adjusted shareholders' equity(a)		101,471		93,901		86,748
ROE		15%		18%		20%
(a) Adjusted shareholders' equity as of December 31, 2010 amounted to $ 77,492 million.

Net-debt-to-equity ratio

TOTAL

(unaudited)

As of December 31, (M$)		2013		2012		2011
(Assets) / Liabilities
Current borrowings		11,193		14,535		12,519
Other current financial liabilities		381		232		216
Current financial assets		(739)		(2,061)		(906)
Net financial assets and liabilities held for sale or exchange		(179)		997		-
Non-current financial debt		34,574		29,392		29,186
Hedging instruments on non-current financial debt		(1,418)		(2,145)		(2,557)
Cash and cash equivalents		(20,200)		(20,409)		(18,147)
Net financial debt		23,612		20,541		20,311
Shareholders' equity - Group share		100,241		93,969		86,667
Distribution of the income based on existing shares at the closing date		(1,908)		(1,757)		(1,668)
Non-controlling interests		3,138		1,689		1,749
Adjusted shareholders' equity		101,471		93,901		86,748
Net-debt-to-equity ratio		23.3%		21.9%		23.4%

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)

(M$) (a)		1st quarter 2013		2nd quarter 2013		3rd quarter 2013		4th quarter 2013		Year 2013
Sales		63,561		61,345		61,844		64,975		251,725
Excise taxes		(5,541)		(5,839)		(6,168)		(6,208)		(23,756)
Revenues from sales		58,020		55,506		55,676		58,767		227,969
Purchases, net of inventory variation		(40,319)		(39,631)		(38,907)		(41,992)		(160,849)
Other operating expenses		(7,194)		(7,288)		(6,662)		(7,620)		(28,764)
Exploration costs		(406)		(354)		(751)		(658)		(2,169)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,853)		(2,534)		(3,673)		(2,934)		(11,994)
Other income		42		462		1,498		288		2,290
Other expense		(2,021)		(120)		(213)		(446)		(2,800)
Financial interest on debt		(223)		(238)		(211)		(217)		(889)
Financial income from marketable securities & cash equivalents		28		18		13		26		85
Cost of net debt		(195)		(220)		(198)		(191)		(804)
Other financial income		136		206		182		172		696
Other financial expense		(169)		(179)		(203)		(151)		(702)
Equity in net income (loss) of affiliates		949		794		828		844		3,415
Income taxes		(3,975)		(3,229)		(3,811)		(3,752)		(14,767)
Consolidated net income		2,015		3,413		3,766		2,327		11,521
Group share		1,948		3,364		3,682		2,234		11,228
Non-controlling interests		67		49		84		93		293
Earnings per share ($)		0.86		1.49		1.62		0.98		4.96
Fully-diluted earnings per share ($)		0.86		1.48		1.62		0.98		4.94
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)

(M$)		1st quarter 2013		2nd quarter 2013		3rd quarter 2013		4th quarter 2013		Year 2013
Consolidated net income		2,015		3,413		3,766		2,327		11,521
Other comprehensive income
Actuarial gains and losses		223		(248)		44		663		682
Tax effect		(87)		95		(11)		(284)		(287)
Currency translation adjustment generated by the mother company		(2,212)		1,613		2,244		1,484		3,129
Items not potentially reclassifiable to profit and loss		(2,076)		1,460		2,277		1,863		3,524
Currency translation adjustment		597		(988)		(766)		(768)		(1,925)
Available for sale financial assets		(5)		8		5		25		33
Cash flow hedge		15		80		38		23		156
Share of other comprehensive income of equity affiliates, net amount		47		(541)		(113)		(198)		(805)
Other		(11)		(1)		(3)		3		(12)
Tax effect		(3)		(32)		(15)		(12)		(62)
Items potentially reclassifiable to profit and loss		640		(1,474)		(854)		(927)		(2,615)
Total other comprehensive income (net amount)		(1,436)		(14)		1,423		936		909
Comprehensive income		579		3,399		5,189		3,263		12,430
- Group share		540		3,368		5,109		3,176		12,193
- Non-controlling interests		39		31		80		87		237

CONSOLIDATED BALANCE SHEET

TOTAL

(unaudited)

(M$)		March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
ASSETS
Non-current assets
Intangible assets, net		17,354		17,424		17,007		18,395
Property, plant and equipment, net		90,505		93,387		97,134		104,480
Equity affiliates : investments and loans		19,385		19,037		19,750		20,417
Other investments		1,566		1,583		1,777		1,666
Hedging instruments of non-current financial debt		1,885		1,708		1,840		1,418
Deferred income taxes		3,297		3,704		3,691		3,838
Other non-current assets		3,643		3,813		3,930		4,406
Total non-current assets		137,635		140,656		145,129		154,620
Current assets
Inventories, net		21,890		20,196		21,469		22,097
Accounts receivable, net		28,164		25,587		24,883		23,422
Other current assets		13,956		14,850		15,185		14,892
Current financial assets		799		668		457		739
Cash and cash equivalents		17,178		15,118		20,111		20,200
Assets classified as held for sale		5,833		5,104		3,112		3,253
Total current assets		87,820		81,523		85,217		84,603
Total assets		225,455		222,179		230,346		239,223
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,454		7,490		7,491		7,493
Paid-in surplus and retained earnings		94,559		94,637		96,442		98,254
Currency translation adjustment		(3,215)		(3,063)		(1,695)		(1,203)
Treasury shares		(4,274)		(4,274)		(4,300)		(4,303)
Total shareholders' equity - Group Share		94,524		94,790		97,938		100,241
Non-controlling interests		2,286		2,225		2,328		3,138
Total shareholders' equity		96,810		97,015		100,266		103,379
Non-current liabilities
Deferred income taxes		16,480		16,736		17,442		17,850
Employee benefits		4,486		4,751		4,799		4,235
Provisions and other non-current liabilities		14,795		14,464		14,786		17,517
Non-current financial debt		29,294		29,557		33,937		34,574
Total non-current liabilities		65,055		65,508		70,964		74,176
Current liabilities
Accounts payable		27,927		26,380		27,811		30,282
Other creditors and accrued liabilities		19,581		18,162		19,299		18,948
Current borrowings		13,751		13,119		11,086		11,193
Other current financial liabilities		114		59		57		381
Liabilities directly associated with the assets classified as held for sale		2,217		1,936		863		864
Total current liabilities		63,590		59,656		59,116		61,668
Total liabilities and shareholders' equity		225,455		222,179		230,346		239,223

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)

(M$)		1st quarter 2013		2nd quarter 2013		3rd quarter 2013		4th quarter 2013		Year 2013
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,015		3,413		3,766		2,327		11,521
Depreciation, depletion and amortization		3,046		2,759		4,190		3,363		13,358
Non-current liabilities, valuation allowances and deferred taxes		59		(108)		791		825		1,567
Impact of coverage of pension benefit plans		-		-		-		-		-
(Gains) losses on disposals of assets		1,873		(363)		(1,397)		(193)		(80)
Undistributed affiliates' equity earnings		(466)		94		(301)		(102)		(775)
(Increase) decrease in working capital		(1,726)		(1,025)		2,009		3,267		2,525
Other changes, net		112		68		126		91		397
Cash flow from operating activities		4,913		4,838		9,184		9,578		28,513
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(6,489)		(6,836)		(6,801)		(9,622)		(29,748)
Acquisitions of subsidiaries, net of cash acquired		(21)		-		-		-		(21)
Investments in equity affiliates and other securities		(770)		(256)		(268)		(462)		(1,756)
Increase in non-current loans		(624)		(367)		(682)		(1,233)		(2,906)
Total expenditures		(7,904)		(7,459)		(7,751)		(11,317)		(34,431)
Proceeds from disposals of intangible assets and property, plant and equipment		554		1,106		56		50		1,766
Proceeds from disposals of subsidiaries, net of cash sold		-		264		2,369		21		2,654
Proceeds from disposals of non-current investments		-		23		23		284		330
Repayment of non-current loans		259		357		449		584		1,649
Total divestments		813		1,750		2,897		939		6,399
Cash flow used in investing activities		(7,091)		(5,709)		(4,854)		(10,378)		(28,032)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		-		432		24		29		485
- Treasury shares		-		-		(236)		(2)		(238)
Dividends paid:
- Parent company shareholders		(1,760)		(1,772)		(1,775)		(1,821)		(7,128)
- Non-controlling interests		(2)		(92)		(13)		(49)		(156)
Other transactions with non-controlling interests		471		(7)		50		1,639		2,153
Net issuance (repayment) of non-current debt		3,765		734		4,466		2,137		11,102
Increase (decrease) in current borrowings		(4,268)		(894)		(2,457)		(1,418)		(9,037)
Increase (decrease) in current financial assets and liabilities		1,178		6		66		48		1,298
Cash flow used in financing activities		(616)		(1,593)		125		563		(1,521)
Net increase (decrease) in cash and cash equivalents		(2,794)		(2,464)		4,455		(237)		(1,040)
Effect of exchange rates		(437)		404		538		326		831
Cash and cash equivalents at the beginning of the period		20,409		17,178		15,118		20,111		20,409
Cash and cash equivalents at the end of the period		17,178		15,118		20,111		20,200		20,200

Consolidated statement of changes in shareholders’ equity

TOTAL

(unaudited)

		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - Group Share		Non-controlling interests		Total shareholders' equity
(M$)		Number		Amount						Number		Amount
As of January 1, 2013		2,365,933,146		7,454		92,485		(1,696)		(108,391,639)		(4,274)		93,969		1,689		95,658
Net income 1st quarter 2013		-		-		1,948		-		-		-		1,948		67		2,015
Other comprehensive income		-		-		111		(1,519)		-		-		(1,408)		(28)		(1,436)
Comprehensive Income		-		-		2,059		(1,519)		-		-		540		39		579
Dividend		-		-		-		-		-		-		-		(2)		(2)
Issuance of common shares		480		-		-		-		-		-		-		-		-
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares(a)		-		-		-		-		220		-		-		-		-
Share-based payments		-		-		55		-		-		-		55		-		55
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(87)		-		-		-		(87)		558		471
Other items		-		-		47		-		-		-		47		2		49
As of March 31, 2013		2,365,933,626		7,454		94,559		(3,215)		(108,391,419)		(4,274)		94,524		2,286		96,810
Net income 2nd quarter 2013		-		-		3,364		-		-		-		3,364		49		3,413
Other comprehensive income		-		-		(148)		152		-		-		4		(18)		(14)
Comprehensive Income		-		-		3,216		152		-		-		3,368		31		3,399
Dividend		-		-		(3,526)		-		-		-		(3,526)		(92)		(3,618)
Issuance of common shares		10,802,365		36		396		-		-		-		432		-		432
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares(a)		-		-		-		-		760		-		-		-		-
Share-based payments		-		-		42		-		-		-		42		-		42
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(5)		-		-		-		(5)		(2)		(7)
Other items		-		-		(45)		-		-		-		(45)		2		(43)
As of June 30, 2013		2,376,735,991		7,490		94,637		(3,063)		(108,390,659)		(4,274)		94,790		2,225		97,015
Net income 3rd quarter 2013		-		-		3,682		-		-		-		3,682		84		3,766
Other comprehensive income		-		-		60		1,367		-		-		1,427		(4)		1,423
Comprehensive Income		-		-		3,742		1,367		-		-		5,109		80		5,189
Dividend		-		-		(1,774)		-		-		-		(1,774)		(13)		(1,787)
Issuance of common shares		460,188		1		23		-		-		-		24		-		24
Purchase of treasury shares		-		-		-		-		(4,414,200)		(236)		(236)		-		(236)
Sale of treasury shares(a)		-		-		(210)		-		3,589,661		210		-		-		-
Share-based payments		-		-		51		-		-		-		51		-		51
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		(28)		1		-		-		(27)		31		4
Other items		-		-		1		-		-		-		1		5		6
As of September 30, 2013		2,377,196,179		7,491		96,442		(1,695)		(109,215,198)		(4,300)		97,938		2,328		100,266
Net income 4th quarter 2013		-		-		2,234		-		-		-		2,234		93		2,327
Other comprehensive income		-		-		450		492		-		-		942		(6)		936
Comprehensive Income		-		-		2,684		492		-		-		3,176		87		3,263
Dividend		-		-		(1,816)		-		-		-		(1,816)		(49)		(1,865)
Issuance of common shares		481,981		2		27		-		-		-		29		-		29
Purchase of treasury shares		-		-		-		-		-		(2)		(2)		-		(2)
Sale of treasury shares(a)		-		-		1		-		750		(1)		-		-		-
Share-based payments		-		-		41		-		-		-		41		-		41
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		869		-		-		-		869		768		1,637
Other items		-		-		6		-		-		-		6		4		10
As of December 31, 2013		2,377,678,160		7,493		98,254		(1,203)		(109,214,448)		(4,303)		100,241		3,138		103,379
As of January 1, 2013		2,365,933,146		7,454		92,485		(1,696)		(108,391,639)		(4,274)		93,969		1,689		95,658
Net income 2013		-		-		11,228		-		-		-		11,228		293		11,521
Other comprehensive income		-		-		473		492		-		-		965		(56)		909
Comprehensive Income		-		-		11,701		492		-		-		12,193		237		12,430
Dividend		-		-		(7,116)		-		-		-		(7,116)		(156)		(7,272)
Issuance of common shares		11,745,014		39		446		-		-		-		485		-		485
Purchase of treasury shares		-		-		-		-		(4,414,200)		(238)		(238)		-		(238)
Sale of treasury shares(a)		-		-		(209)		-		3,591,391		209		-		-		-
Share-based payments		-		-		189		-		-		-		189		-		189
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		749		1		-		-		750		1,355		2,105
Other items		-		-		9		-		-		-		9		13		22
As of December 31, 2013		2,377,678,160		7,493		98,254		(1,203)		(109,214,448)		(4,303)		100,241		3,138		103,379
(a) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1st quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		7,199		28,549		27,732		81		-		63,561
Intersegment sales		9,687		13,092		143		67		(22,989)		-
Excise taxes		-		(1,096)		(4,445)		-		-		(5,541)
Revenues from sales		16,886		40,545		23,430		148		(22,989)		58,020
Operating expenses		(8,076)		(39,809)		(22,750)		(273)		22,989		(47,919)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,258)		(393)		(192)		(10)		-		(2,853)
Operating income		6,552		343		488		(135)		-		7,248
Equity in net income (loss) of affiliates and other items		(1,116)		95		(43)		1		-		(1,063)
Tax on net operating income		(3,824)		(71)		(144)		29		-		(4,010)
Net operating income		1,612		367		301		(105)		-		2,175
Net cost of net debt												(160)
Non-controlling interests												(67)
Net income												1,948
1st quarter 2013 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		3		-		-		-		-		3
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		3		-		-		-		-		3
Operating expenses		-		(90)		(28)		-		-		(118)
Depreciation, depletion and amortization of tangible assets and mineral interests		-		(5)		-		-		-		(5)
Operating income (b)		3		(95)		(28)		-		-		(120)
Equity in net income (loss) of affiliates and other items		(1,875)		(13)		(13)		-		-		(1,901)
Tax on net operating income		227		38		10		-		-		275
Net operating income (b)		(1,645)		(70)		(31)		-		-		(1,746)
Net cost of net debt												-
Non-controlling interests												(4)
Net income												(1,750)
(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		-		(88)		(28)		-
On net operating income		-		(46)		(18)		-
1st quarter 2013 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		7,196		28,549		27,732		81		-		63,558
Intersegment sales		9,687		13,092		143		67		(22,989)		-
Excise taxes		-		(1,096)		(4,445)		-		-		(5,541)
Revenues from sales		16,883		40,545		23,430		148		(22,989)		58,017
Operating expenses		(8,076)		(39,719)		(22,722)		(273)		22,989		(47,801)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,258)		(388)		(192)		(10)		-		(2,848)
Adjusted operating income		6,549		438		516		(135)		-		7,368
Equity in net income (loss) of affiliates and other items		759		108		(30)		1		-		838
Tax on net operating income		(4,051)		(109)		(154)		29		-		(4,285)
Adjusted net operating income		3,257		437		332		(105)		-		3,921
Net cost of net debt												(160)
Non-controlling interests												(63)
Adjusted net income												3,698
Adjusted fully-diluted earnings per share ($)												1.63
(a) Except for earnings per share.
1st quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		6,941		703		246		14		-		7,904
Total divestments		718		36		50		9		-		813
Cash flow from operating activities		5,481		(382)		(120)		(66)		-		4,913

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2nd quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		6,240		28,160		26,851		94		-		61,345
Intersegment sales		8,508		12,809		1,058		35		(22,410)		-
Excise taxes		-		(1,091)		(4,748)		-		-		(5,839)
Revenues from sales		14,748		39,878		23,161		129		(22,410)		55,506
Operating expenses		(7,195)		(39,672)		(22,541)		(275)		22,410		(47,273)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,974)		(390)		(160)		(10)		-		(2,534)
Operating income		5,579		(184)		460		(156)		-		5,699
Equity in net income (loss) of affiliates and other items		1,022		62		51		28		-		1,163
Tax on net operating income		(3,160)		88		(138)		(57)		-		(3,267)
Net operating income		3,441		(34)		373		(185)		-		3,595
Net cost of net debt												(182)
Non-controlling interests												(49)
Net income												3,364
2nd quarter 2013 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		(42)		-		-		-		-		(42)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(42)		-		-		-		-		(42)
Operating expenses		-		(704)		(107)		-		-		(811)
Depreciation, depletion and amortization of tangible assets and mineral interests		-		-		-		-		-		-
Operating income (b)		(42)		(704)		(107)		-		-		(853)
Equity in net income (loss) of affiliates and other items		331		(48)		-		-		-		283
Tax on net operating income		111		200		34		-		-		345
Net operating income (b)		400		(552)		(73)		-		-		(225)
Net cost of net debt												-
Non-controlling interests												8
Net income												(217)
(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		-		(655)		(107)		-
On net operating income		-		(460)		(73)		-
2nd quarter 2013 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		6,282		28,160		26,851		94		-		61,387
Intersegment sales		8,508		12,809		1,058		35		(22,410)		-
Excise taxes		-		(1,091)		(4,748)		-		-		(5,839)
Revenues from sales		14,790		39,878		23,161		129		(22,410)		55,548
Operating expenses		(7,195)		(38,968)		(22,434)		(275)		22,410		(46,462)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,974)		(390)		(160)		(10)		-		(2,534)
Adjusted operating income		5,621		520		567		(156)		-		6,552
Equity in net income (loss) of affiliates and other items		691		110		51		28		-		880
Tax on net operating income		(3,271)		(112)		(172)		(57)		-		(3,612)
Adjusted net operating income		3,041		518		446		(185)		-		3,820
Net cost of net debt												(182)
Non-controlling interests												(57)
Adjusted net income												3,581
Adjusted fully-diluted earnings per share ($)												1.57
(a) Except for earnings per share.
2nd quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		6,603		499		318		39		-		7,459
Total divestments		1,456		272		16		6		-		1,750
Cash flow from operating activities		2,764		1,713		542		(181)		-		4,838

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3rd quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		5,938		28,161		27,912		(167)		-		61,844
Intersegment sales		9,237		13,334		570		18		(23,159)		-
Excise taxes		-		(1,290)		(4,878)		-		-		(6,168)
Revenues from sales		15,175		40,205		23,604		(149)		(23,159)		55,676
Operating expenses		(7,106)		(39,601)		(22,826)		54		23,159		(46,320)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,106)		(377)		(180)		(10)		-		(3,673)
Operating income		4,963		227		598		(105)		-		5,683
Equity in net income (loss) of affiliates and other items		1,974		99		85		(66)		-		2,092
Tax on net operating income		(3,396)		(243)		(156)		(43)		-		(3,838)
Net operating income		3,541		83		527		(214)		-		3,937
Net cost of net debt												(171)
Non-controlling interests												(84)
Net income												3,682
3rd quarter 2013 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		(12)		-		-		-		-		(12)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(12)		-		-		-		-		(12)
Operating expenses		(113)		(153)		54		-		-		(212)
Depreciation, depletion and amortization of tangible assets and mineral interests		(855)		(7)		-		-		-		(862)
Operating income (b)		(980)		(160)		54		-		-		(1,086)
Equity in net income (loss) of affiliates and other items		1,239		(5)		40		(34)		-		1,240
Tax on net operating income		195		(213)		(14)		(45)		-		(77)
Net operating income (b)		454		(378)		80		(79)		-		77
Net cost of net debt												-
Non-controlling interests												(23)
Net income												54
(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		-		(153)		93		-
On net operating income		-		(84)		65		-
3rd quarter 2013 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		5,950		28,161		27,912		(167)		-		61,856
Intersegment sales		9,237		13,334		570		18		(23,159)		-
Excise taxes		-		(1,290)		(4,878)		-		-		(6,168)
Revenues from sales		15,187		40,205		23,604		(149)		(23,159)		55,688
Operating expenses		(6,993)		(39,448)		(22,880)		54		23,159		(46,108)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,251)		(370)		(180)		(10)		-		(2,811)
Adjusted operating income		5,943		387		544		(105)		-		6,769
Equity in net income (loss) of affiliates and other items		735		104		45		(32)		-		852
Tax on net operating income		(3,591)		(30)		(142)		2		-		(3,761)
Adjusted net operating income		3,087		461		447		(135)		-		3,860
Net cost of net debt												(171)
Non-controlling interests												(61)
Adjusted net income												3,628
Adjusted fully-diluted earnings per share ($)												1.59
(a) Except for earnings per share.
3rd quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		6,708		550		430		63		-		7,751
Total divestments		2,800		12		57		28		-		2,897
Cash flow from operating activities		6,302		1,113		1,693		76		-		9,184

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4th quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		6,990		29,613		28,378		(6)		-		64,975
Intersegment sales		10,218		13,040		388		57		(23,703)		-
Excise taxes		-		(1,337)		(4,871)		-		-		(6,208)
Revenues from sales		17,208		41,316		23,895		51		(23,703)		58,767
Operating expenses		(9,498)		(40,949)		(23,226)		(300)		23,703		(50,270)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,146)		(576)		(201)		(11)		-		(2,934)
Operating income		5,564		(209)		468		(260)		-		5,563
Equity in net income (loss) of affiliates and other items		808		(75)		(38)		12		-		707
Tax on net operating income		(3,326)		(386)		(122)		42		-		(3,792)
Net operating income		3,046		(670)		308		(206)		-		2,478
Net cost of net debt												(151)
Non-controlling interests												(93)
Net income												2,234
4th quarter 2013 (adjustments) (a) (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		(23)		-		-		-		-		(23)
Intersegment sales		-		-		-		-		-		-
Excise taxes		-		-		-		-		-		-
Revenues from sales		(23)		-		-		-		-		(23)
Operating expenses		-		(458)		(53)		-		-		(511)
Depreciation, depletion and amortization of tangible assets and mineral interests		-		(172)		(4)		-		-		(176)
Operating income (b)		(23)		(630)		(57)		-		-		(710)
Equity in net income (loss) of affiliates and other items		-		(202)		(23)		-		-		(225)
Tax on net operating income		4		(279)		59		-		-		(216)
Net operating income (b)		(19)		(1,111)		(21)		-		-		(1,151)
Net cost of net debt												-
Non-controlling interests												-
Net income												(1,151)
(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		-		(82)		(45)		-
On net operating income		-		(66)		(37)		-
4th quarter 2013 (adjusted) (M$) (a)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Non-Group sales		7,013		29,613		28,378		(6)		-		64,998
Intersegment sales		10,218		13,040		388		57		(23,703)		-
Excise taxes		-		(1,337)		(4,871)		-		-		(6,208)
Revenues from sales		17,231		41,316		23,895		51		(23,703)		58,790
Operating expenses		(9,498)		(40,491)		(23,173)		(300)		23,703		(49,759)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,146)		(404)		(197)		(11)		-		(2,758)
Adjusted operating income		5,587		421		525		(260)		-		6,273
Equity in net income (loss) of affiliates and other items		808		127		(15)		12		-		932
Tax on net operating income		(3,330)		(107)		(181)		42		-		(3,576)
Adjusted net operating income		3,065		441		329		(206)		-		3,629
Net cost of net debt												(151)
Non-controlling interests												(93)
Adjusted net income												3,385
Adjusted fully-diluted earnings per share ($)												1.49
(a) Except for earnings per share.
4th quarter 2013 (M$)		Upstream		Refining & Chemicals		Marketing & Services		Corporate		Intercompany		Total
Total expenditures		9,498		956		820		43		-		11,317
Total divestments		812		45		63		19		-		939
Cash flow from operating activities		7,310		1,816		442		10		-		9,578

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

1st quarter 2013 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		63,558		3		63,561
Excise taxes		(5,541)		-		(5,541)
Revenues from sales		58,017		3		58,020
Purchases, net of inventory variation		(40,203)		(116)		(40,319)
Other operating expenses		(7,192)		(2)		(7,194)
Exploration costs		(406)		-		(406)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,848)		(5)		(2,853)
Other income		42		-		42
Other expense		(127)		(1,894)		(2,021)
Financial interest on debt		(223)		-		(223)
Financial income from marketable securities & cash equivalents		28		-		28
Cost of net debt		(195)		-		(195)
Other financial income		136		-		136
Other financial expense		(169)		-		(169)
Equity in net income (loss) of affiliates		956		(7)		949
Income taxes		(4,250)		275		(3,975)
Consolidated net income		3,761		(1,746)		2,015
Group share		3,698		(1,750)		1,948
Non-controlling interests		63		4		67
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
2nd quarter 2013 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		61,387		(42)		61,345
Excise taxes		(5,839)		-		(5,839)
Revenues from sales		55,548		(42)		55,506
Purchases, net of inventory variation		(38,869)		(762)		(39,631)
Other operating expenses		(7,239)		(49)		(7,288)
Exploration costs		(354)		-		(354)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,534)		-		(2,534)
Other income		131		331		462
Other expense		(89)		(31)		(120)
Financial interest on debt		(238)		-		(238)
Financial income from marketable securities & cash equivalents		18		-		18
Cost of net debt		(220)		-		(220)
Other financial income		206		-		206
Other financial expense		(179)		-		(179)
Equity in net income (loss) of affiliates		811		(17)		794
Income taxes		(3,574)		345		(3,229)
Consolidated net income		3,638		(225)		3,413
Group share		3,581		(217)		3,364
Non-controlling interests		57		(8)		49
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)

3rd quarter 2013 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		61,856		(12)		61,844
Excise taxes		(6,168)		-		(6,168)
Revenues from sales		55,688		(12)		55,676
Purchases, net of inventory variation		(38,847)		(60)		(38,907)
Other operating expenses		(6,510)		(152)		(6,662)
Exploration costs		(751)		-		(751)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,811)		(862)		(3,673)
Other income		186		1,312		1,498
Other expense		(129)		(84)		(213)
Financial interest on debt		(211)		-		(211)
Financial income from marketable securities & cash equivalents		13		-		13
Cost of net debt		(198)		-		(198)
Other financial income		182		-		182
Other financial expense		(203)		-		(203)
Equity in net income (loss) of affiliates		816		12		828
Income taxes		(3,734)		(77)		(3,811)
Consolidated net income		3,689		77		3,766
Group share		3,628		54		3,682
Non-controlling interests		61		23		84
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2013 (M$)		Adjusted		Adjustments (a)		Consolidated statement of income
Sales		64,998		(23)		64,975
Excise taxes		(6,208)		-		(6,208)
Revenues from sales		58,790		(23)		58,767
Purchases, net of inventory variation		(41,865)		(127)		(41,992)
Other operating expenses		(7,236)		(384)		(7,620)
Exploration costs		(658)		-		(658)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,758)		(176)		(2,934)
Other income		288		-		288
Other expense		(229)		(217)		(446)
Financial interest on debt		(217)		-		(217)
Financial income from marketable securities & cash equivalents		26		-		26
Cost of net debt		(191)		-		(191)
Other financial income		172		-		172
Other financial expense		(151)		-		(151)
Equity in net income (loss) of affiliates		852		(8)		844
Income taxes		(3,536)		(216)		(3,752)
Consolidated net income		3,478		(1,151)		2,327
Group share		3,385		(1,151)		2,234
Non-controlling interests		93		-		93
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Notes to the unaudited consolidated financial information in U.S. dollars

The unaudited consolidated financial information in U.S. dollars of TOTAL S.A. (“TOTAL”) and its subsidiaries (the “Group”, with TOTAL and Group used interchangeably herein) included in this Exhibit has been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board).

Change in presentation currency of the Consolidated Financial Statements

In order to make the financial information of TOTAL more readable by better reflecting the performance of its activities mainly carried out in U.S. dollars, TOTAL has changed, effective January 1, 2014, the presentation currency of the Group’s Consolidated Financial Statements from the Euro to the US Dollar. The statutory financial statements of TOTAL S.A., the parent company of the Group, remain prepared in euro. The dividend paid remains fixed in euro.

Following this change in accounting policy, the comparative consolidated financial statements are presented in U.S. dollars.

Currency translation adjustments have been set to zero as of January 1, 2004, the date of transition to IFRS. Cumulative currency translation adjustments are presented as if the Group had used the US Dollar as the presentation currency of its Consolidated Financial Statements since that date.

The change in the presentation currency will have the following effects on the Group’s Consolidated Financial Statements:

The different components of assets and liabilities in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro closing rate applicable at the end of the reporting period. The same methodology is applied for shareholders’ equity as a whole. As a result, the change in presentation currency has no impact on the different components of assets and liabilities, shareholders’ equity as a whole or the net-debt-to-equity ratio(1). The recalculation of currency translation adjustments in dollars has an impact on the distribution of shareholders’ equity for comparative periods between currency translation adjustment and other components of equity and on other comprehensive income at year end 2011, 2012 and 2013 as set out in the following tables:

December 31, 2013		Historicalconsolidatedfinancialstatements inmillion euros		Historicalconsolidatedfinancialstatements inmillion dollars(a)		Restatements(b)		Impact ofapplyinginterpretationIFRIC 21		Consolidatedfinancialstatements inmillion dollars
Shareholders' equity
Common shares		5,944		8,197		(704)				7,493
Paid-in surplus and retained earnings		74,449		102,673		(4,488)		69		98,254
Currency translation adjustment		(4,385)		(6,047)		4,840		4		(1,203)
Treasury shares		(3,379)		(4,660)		357				(4,303)
Total shareholders' equity - Group Share		72,629		100,163		5		73		100,241
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (€0.72511/$).
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (€0.72511/$).

December 31, 2012		Historicalconsolidatedfinancialstatements inmillion euros		Historicalconsolidatedfinancialstatements inmillion dollars(a)		Restatements(b)		Impact ofapplyinginterpretationIFRIC 21		Consolidatedfinancialstatements inmillion dollars
Shareholders' equity
Common shares		5,915		7,804		(350)				7,454
Paid-in surplus and retained earnings		70,116		92,511		(72)		46		92,485
Currency translation adjustment		(1,504)		(1,984)		287		1		(1,696)
Treasury shares		(3,342)		(4,409)		135				(4,274)
Total shareholders' equity - Group Share		71,185		93,922		-		47		93,969
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (€0.75792/$).
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (€0.75792/$).

December 31, 2011		Historicalconsolidatedfinancialstatements inmillion euros		Historicalconsolidatedfinancialstatements inmillion dollars(a)		Restatements(b)		Impact ofapplyinginterpretationIFRIC 21		Consolidatedfinancialstatements inmillion dollars
Shareholders' equity
Common shares		5,909		7,646		(199)				7,447
Paid-in surplus and retained earnings		65,430		84,660		1,755		46		86,461
Currency translation adjustment		(1,004)		(1,299)		(1,585)				(2,884)
Treasury shares		(3,390)		(4,386)		29				(4,357)
Total shareholders' equity - Group Share		66,945		86,621		-		46		86,667
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (€0.772857/$).
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (€0.772857/$).

Statement of income and statement of cash flow amounts in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro average rate of the reporting period. The reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets has an impact on net income for the years 2011, 2012 and 2013 as set out in the following table:

Net income, Group share		Historicalconsolidatedfinancialstatements inmillion euros		Historicalconsolidatedfinancialstatements inmillion dollars(a)		Restatements(b)		Impact ofapplyinginterpretationIFRIC 21		Consolidatedfinancialstatements inmillion dollars
2013		8,440		11,209		(5)		24		11,228
2012		10,609		13,630		18		-		13,648
2011		12,309		17,134		266		-		17,400
(a) Conversion at the average exchange rate, i.e., €0.752945/$ in 2013, €0.778338/$ in 2012 and €0.718414/$ in 2011.
(b) Reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets.

Excluding the above reclassification adjustments, the change in presentation currency has no impact on TOTAL’s net income for comparative periods. Such reclassification adjustments are not included in adjusted net operating income for the business segments, and are also excluded from adjusted net income.

Return on average capital employed (ROACE) and return on equity (ROE) for comparative periods presented in euro are converted to dollars by dividing the applicable statement of income item (converted at the US Dollar/Euro average rate for the reporting period) by the applicable balance sheet item (converted at the US Dollar/Euro closing rate applicable at the end of the reporting period). The difference between average exchange rates and closing exchange rates has an insignificant effect on ROACE and ROE. As the functional currency of the parent company of the Group remains the Euro, translation adjustments resulting from translation to the US Dollar are presented in the new line item “Currency translation adjustment generated by the parent company” included in “Items not potentially reclassifiable to profit and loss” of the statement of Other Comprehensive Income. These translation adjustments are presented in the line item “Currency Translation Adjustment” of the balance sheet.

Application of interpretation IFRIC 21 “Levies”

In May 2013, the IASB issued the interpretation IFRIC 21 “Levies”. This interpretation is applicable retrospectively for annual periods beginning on or after January 1, 2014. The text indicates that the obligating event for the recognition of a liability is the activity described in the relevant legislation that triggers the payment of the levy. Comparative Consolidated Financial Statements have been restated accordingly.

The impact on shareholders’ equity as of January 1, 2011, is +$46 million. The impact on statements of income for 2011 and 2012 is not significant. Net income, Group share, for 2013 is increased by $24 million (1st quarter: -$83 million, 2nd quarter: +$48 million, 3rd quarter: +$37 million, 4th quarter: +$22 million).

In 2014, application of IFRIC 21 will have a similar effect as in 2013 due to the accounting of levies in the statement of income of the first quarter.

(1) Net-debt-to-equity ratio = net debt (the sum of current borrowings, other current financial liabilities and non-current financial debt, net of current financial assets, net financial assets and liabilities related to assets classified in accordance with IFRS 5 as non-current assets held for sale, hedging instruments on non-current financial debt and cash and cash equivalents) divided by the sum of shareholders’ equity and non-controlling interests after expected dividends payable.

Copyright Business Wire 2014

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