11th Feb 2016 11:40
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| 4Q15 | Change vs 4Q14 | 2015 | Change vs 2014 | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 2.1 | -26% | 10.5 | -18% | ||||
| - in dollars per share | 0.88 | -28% | 4.51 | -20% | ||||
| Net income2 of 5.1 B$ for the full year 2015 | ||||||||
| Net-debt-to-equity ratio of 28% on December 31, 2015 | ||||||||
| Hydrocarbon production of 2,347 kboe/d for the full year 2015 | ||||||||
| Dividend for 4Q15 of 0.61 €/share payable in June 20163 | ||||||||
Total’s Board of Directors met on February 10, 2016, to review the Group’s fourth quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“Hydrocarbon prices fell sharply in 2015 with Brent decreasing by around 50%. In this context, Total generated adjusted net results of $10.5 billion, a decrease of 18% compared to 2014, the best performance among the majors. This resilience in a degraded environment demonstrates the effectiveness of the Group’s integrated model and the full mobilization of its teams.Discipline on spending was reinforced in 2015. The cost reduction program allowed us to save $1.5 billion, exceeding the objective of $1.2 billion. Organic Capex was $23 billion, a decrease of close to 15% compared to 2014.Upstream production increased by a record 9.4%, driven by the start up of nine projects. Refining & Chemicals was able to fully benefit from good margins thanks to the high availability of its installations. The Marketing & Services segment grew strongly, with retail networks growing by 6% and lubricants growing by 3%.Asset sales of $4 billion were signed this year, in line with the $10 billion program planned between 2015-17. At the same time, Total was able to prepare its future with a reserve replacement rate of 107%.Gearing at year-end decreased to 28% as a result of the Group’s financial strategy which is designed to maintain a strong balance sheet through the cycle.These results confirm the success of the Group’s strategy to further decrease its breakeven and capitalize on its market position.”
The Board of Directors decided to propose at the Annual Shareholders’ Meeting on May 24, 2016, an annual dividend of 2.44 €/share for 2015, stable compared to 2014, as well as the option of receiving the remaining 0.61 €/share in cash or new shares benefiting from a 10% discount.
Key figures4
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | In millions of dollars, except effective tax rate, earnings per share and number of shares | 2015 | 2014 | 2015 vs 2014 | |||||||
| 37,749 | 40,580 | 52,511 | -28% | Sales | 165,357 | 236,122 | -30% | |||||||
| 2,093 | 3,204 | 3,705 | -44% | Adjusted operating income from business segments | 12,672 | 21,604 | -41% | |||||||
| 2,285 | 2,963 | 2,797 | -18% | Adjusted net operating income from business segments | 11,362 | 14,247 | -20% | |||||||
| 748 | 1,107 | 1,596 | -53% | Upstream | 4,774 | 10,504 | -55% | |||||||
| 1,007 | 1,433 | 956 | +5% | Refining & Chemicals | 4,889 | 2,489 | +96% | |||||||
| 530 | 423 | 245 | x2.2 | Marketing & Services | 1,699 | 1,254 | +35% | |||||||
| 610 | 493 | 653 | -7% | Contribution of equity affiliates to adjusted net income | 2,414 | 3,315 | -27% | |||||||
| 20.0% | 27.2% | 40.1% | Group effective tax rate5 | 33.1% | 53.0% | |||||||||
| 2,075 | 2,756 | 2,801 | -26% | Adjusted net income | 10,518 | 12,837 | -18% | |||||||
| 0.88 | 1.17 | 1.22 | -28% | Adjusted fully-diluted earnings per share (dollars) | 4.51 | 5.63 | -20% | |||||||
| 0.80 | 1.06 | 0.98 | -18% | Adjusted fully-diluted earnings per share (euros)* | 4.07 | 4.24 | -4% | |||||||
| 2,329 | 2,312 | 2,287 | +2% | Fully-diluted weighted-average shares (millions) | 2,304 | 2,281 | +1% | |||||||
| (1,626) | 1,079 | (5,658) | +71% | Net income (Group share) | 5,087 | 4,244 | +20% | |||||||
| 6,594 | 6,040 | 8,152 | -19% | Investments6 | 28,033 | 30,509 | -8% | |||||||
| 2,297 | 410 | 1,689 | +36% | Divestments | 7,584 | 6,190 | +23% | |||||||
| 4,289 | 5,630 | 6,409 | -33% | Net investments7 | 20,360 | 24,140 | -16% | |||||||
| 4,838 | 5,989 | 7,354 | -34% | Cash flow from operations | 19,946 | 25,608 | -22% | |||||||
| 4,365 | 5,059 | 5,721 | -24% | Adjusted cash flow from operations | 19,376 | 24,597 | -21% |
* Average €-$ exchange rate: 1.0953 in the fourth quarter 2015 and 1.1095 for the year 2015.
Highlights since the beginning of the fourth quarter 20158
Started production from Laggan-Tormore in the United Kingdom, Moho Phase 1b in Congo and Lianzi located in the unitized zone between Congo and Angola Shipped the first LNG cargo from Gladstone LNG in Australia Discoveries at Shwe Yee Htun in Myanmar and Leo in Argentina Acquisition of the main network of service stations in Dominican Republic Sold a 20% interest in the Kharyaga field in Russia Signed long-term LNG sale and purchase agreements with Pertamina in Indonesia and with ENN in China Changes in the Group’s governance with the nominations of a Chairman and CEO and a Lead Independent Director, Patricia BarbizetAnalysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | 2015 | 2014 | 2015 vs 2014 | ||||||||
| 43.8 | 50.5 | 76.6 | -43% | Brent ($/b) | 52.4 | 99.0 | -47% | |||||||
| 38.1 | 44.0 | 61.7 | -38% | Average liquids price ($/b) | 47.4 | 89.4 | -47% | |||||||
| 4.45 | 4.47 | 6.29 | -29% | Average gas price ($/Mbtu) | 4.75 | 6.57 | -28% | |||||||
| 33.1 | 36.6 | 50.5 | -34% | Average hydrocarbon price ($/boe) | 39.2 | 66.2 | -41% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Hydrocarbon production | 2015 | 2014 | 2015 vs 2014 | |||||||
| 2,352 | 2,342 | 2,229 | +6% | Combined production (kboe/d) | 2,347 | 2,146 | +9% | |||||||
| 1,251 | 1,241 | 1,077 | +16% | Liquids (kb/d) | 1,237 | 1,034 | +20% | |||||||
| 5,993 | 6,003 | 6,219 | -4% | Gas (Mcf/d) | 6,054 | 6,063 | - |
In the fourth quarter 2015, hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d), an increase of 5.5% compared to the fourth quarter 2014, due to the following:
+4% for new project start ups and ramp ups, notably GLNG, West Franklin Phase 2, Eldfisk II and Termokarstovoye; +6% due to portfolio changes, mainly the extension of the ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan; -5% due to shutdowns in Yemen and in Libya; and the price effect offset natural field decline.For the full-year 2015, hydrocarbon production was 2,347 kboe/d, an increase of 9.4% compared to 2014, due to the following:
+6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye; +6% due to portfolio changes mentioned above; -4% due to shutdowns in Yemen and in Libya; and +1% due to the price effect and field performance, net of natural field decline.> Reserves
| Reserves at December 31 | 2015 | 2014 | % | |||||
| Hydrocarbon reserves (Mboe) | 11,580 | 11,523 | - | |||||
| ● Liquids (Mb) | 5,605 | 5,303 | +6% | |||||
| ● Gas (Bcf) | 32,206 | 33,590 | -4% |
Proved reserves based on the SEC rules (based on Brent at 54.17 $/b) were 11,580 Mboe on December 31, 2015. Based on the 2015 average production rate, the reserve life is more than thirteen years.
The 2015 proved reserve replacement rate9, based on the SEC rules, was 107%, notably due to the extension of the ADCO concession.
At year-end 2015, Total had a solid and diversified portfolio of proved and probable10 reserves representing more than twenty years of reserve life based on the 2015 average production rate.
> Results
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | In millions of dollars, except effective tax rate | 2015 | 2014 | 2015 vs 2014 | |||||||
| 405 | 994 | 2,174 | -81% | Adjusted operating income* | 4,925 | 17,156 | -71% | |||||||
| 55.1% | 33.8% | 57.0% | Effective tax rate** | 45.5% | 57.1% | |||||||||
| 748 | 1,107 | 1,596 | -53% | Adjusted net operating income* | 4,774 | 10,504 | -55% | |||||||
| 415 | 316 | 533 | -22% | includes income from equity affiliates | 1,723 | 2,859 | -40% | |||||||
| 5,293 | 5,173 | 6,287 | -16% | Investments | 24,270 | 26,520 | -8% | |||||||
| 1,402 | 272 | 1,473 | -5% | Divestments | 3,215 | 5,764 | -44% | |||||||
| 2,624 | 2,320 | 2,608 | +1% | Cash flow from operations | 11,182 | 16,666 | -33% | |||||||
| 2,514 | 2,736 | 3,665 | -31% | Adjusted cash flow from operations | 11,179 | 18,667 | -40% |
* Detail of adjustment items shown in the business segment information annex to financial statements.** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
Adjusted net operating income from the Upstream segment was:
748 M$ in the fourth quarter 2015, a decrease of 53% compared to the fourth quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production and a decrease in operating costs; and 4,774 M$ for the full-year 2015, a decrease of 55% compared to 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production, a decrease in operating costs and a lower effective tax rate.Technical costs for consolidated subsidiaries, calculated in accordance with ASC 93211, were 23.0 $/boe in 2015 compared to 28.3 $/boe in 2014. This reduction is essentially due to the execution of the Group’s program to reduce operating costs (which decreased from 9.9 $/boe to 7.4 $/boe) and lower depreciation (portfolio effect).
Refining & Chemicals
> Refinery throughput and utilization rates*
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | 2015 | 2014 | 2015 vs 2014 | ||||||||
| 1,931 | 1,973 | 1,887 | +2% | Total refinery throughput (kb/d) | 1,938 | 1,775 | +9% | |||||||
| 682 | 662 | 632 | +8% | France | 674 | 639 | +5% | |||||||
| 831 | 891 | 852 | -2% | Rest of Europe | 849 | 794 | +7% | |||||||
| 418 | 420 | 403 | +4% | Rest of world | 415 | 342 | +21% | |||||||
| Utlization rates** | ||||||||||||||
| 87% | 87% | 82% | Based on crude only | 86% | 77% | |||||||||
| 88% | 90% | 86% | Based on crude and other feedstock | 89% | 81% |
* Includes share of TotalErg. Results for refineries in South Africa, the French Antilles and Italy are reported in the Marketing & Services segment.** Based on distillation capacity at the beginning of the year.
Refinery throughput:
increased by 2% in the fourth quarter 2015 compared to the fourth quarter 2014, due to strong industrial performance, despite the partial shutdown of the Antwerp platform for planned maintenance; and increased by 9% in 2015 compared to 2014. Measures to improve availability in Europe resulted in a high utilization rate of 89%. The segment also benefited from the ramp up of the SATORP refinery in Saudi Arabia.> Results
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | In millions of dollars except the ERMI | 2015 | 2014 | 2015 vs 2014 | |||||||
| 38.1 | 54.8 | 27.6 | +38% | European refining margin indicator - ERMI ($/t) | 48.5 | 18.7 | x2.6 | |||||||
| 997 | 1,713 | 1,069 | -7% | Adjusted operating income* | 5,649 | 2,739 | x2.1 | |||||||
| 1,007 | 1,433 | 956 | +5% | Adjusted net operating income* | 4,889 | 2,489 | x2.0 | |||||||
| 117 | 128 | 155 | -25% | including Specialty Chemicals** | 496 | 629 | -21% | |||||||
| 586 | 358 | 875 | -33% | Investments | 1,843 | 2,022 | -9% | |||||||
| 836 | 12 | 157 | x5.3 | Divestments | 3,488 | 192 | x18 | |||||||
| 2,127 | 2,291 | 3,113 | -32% | Cash flow from operations | 6,432 | 6,302 | +2% | |||||||
| 1,042 | 1,797 | 1,465 | -29% | Adjusted cash flow from operations | 5,785 | 4,028 | +44% |
* Detail of adjustment items shown in the business segment information annex to financial statements.** Hutchinson and Atotech, Bostik until February 2015.
In 2015, the Refining & Chemicals segment benefited from a favorable environment, notably in Europe. The European refining margin indicator (ERMI) averaged 48.5 $/t in 2015 compared to 18.7 $/t in 2014, mainly due to strong demand for gasoline. Petrochemical margins in Europe increased in 2015 due to strong demand for polymers and the decrease in raw material costs.
Adjusted net operating income from the Refining & Chemicals segment was:
1,007 M$ in the fourth quarter 2015, an increase of 5% compared to the fourth quarter 2014 in a globally favorable environment; and 4,889 M$ for the full-year 2015, twice the level of 2014, due to strong industrial performance during a period of high margins and cost reduction programs.Marketing & Services
> Petroleum product sales
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Sales in kb/d* | 2015 | 2014 | 2015 vs 2014 | |||||||
| 1,797 | 1,825 | 1,810 | -1% | Total Marketing & Services sales | 1,818 | 1,769 | +3% | |||||||
| 1,065 | 1,103 | 1,132 | -6% | Europe | 1,092 | 1,100 | -1% | |||||||
| 732 | 722 | 678 | +8% | Rest of world | 726 | 669 | +9% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales were:
Stable in the fourth quarter 2015 compared to the fourth quarter 2014. The strong sales in growth markets were partially offset by portfolio changes in Europe due to the sale of Totalgaz and Total Suisse; and 3% higher in 2015 compared to 2014. In addition to strong growth in Africa, the sector benefited from its strategic repositioning in Europe and a market stimulated by lower prices.> Results
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | In millions of dollars | 2015 | 2014 | 2015 vs 2014 | |||||||
| 18,326 | 19,522 | 24,079 | -24% | Sales | 77,887 | 106,509 | -27% | |||||||
| 691 | 497 | 462 | +50% | Adjusted operating income* | 2,098 | 1,709 | +23% | |||||||
| 530 | 423 | 245 | x2.2 | Adjusted net operating income* | 1,699 | 1,254 | +35% | |||||||
| 277 | (82) | (15) | n.a. | including New Energies | 108 | 10 | x10.8 | |||||||
| 689 | 501 | 941 | -27% | Investments | 1,841 | 1,818 | +1% | |||||||
| 56 | 121 | 53 | +6% | Divestments | 856 | 163 | x5.3 | |||||||
| 289 | 1,011 | 1,627 | -82% | Cash flow from operations | 2,323 | 2,721 | -15% | |||||||
| 598 | 518 | 544 | +10% | Adjusted cash flow from operations | 2,065 | 2,016 | +2% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Marketing & Services segment was:
530 M$ in the fourth quarter 2015, more than double compared to the fourth quarter 2014, mainly due to the contribution of New Energies, related to the completion of the Quinto solar farm in the United States; and 1,699 M$ for the full-year 2015, an increase of 35% compared to 2014, benefiting from the increase in sales and margins in a favorable environment, and the contribution of SunPower.Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was:
2,285 M$ in the fourth quarter 2015, a decrease of 18% compared to the fourth quarter 2014, despite the 43% drop in the Brent price. The weaker Upstream performance, due to lower hydrocarbon prices, was partially offset by solid Downstream results; and 11,362 M$ for the full-year 2015, a decrease of 20% compared to 2014, despite the 47% drop in the Brent price, demonstrating the strong performance of the Group’s integrated model and its cost reduction program.The effective tax rate12 for the business segments was:
28.4% in the fourth quarter 2015 compared to 45.6% in the fourth quarter 2014, reflecting mainly the lower tax rate for the Upstream and the increased weight of Downstream in the results; and 33.9% for the full-year 2015 compared to 51.2% for the full-year 2014, for the same reasons.> Net income (Group share)
Adjusted net income was:
2,075 M$ in the fourth quarter 2015 compared to 2,801 M$ in the fourth quarter 2014, a decrease of 26% despite the 43% drop in the Brent price; and 10,518 M$ for the full-year 2015 compared to 12,837 M$ in 2014, a decrease of 18% in an environment where the Brent price fell by 47%.Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.
Adjustment items14 had a negative impact on net income (Group share) of 3,701 M$ in the fourth quarter 2015. This includes an impairment on Gladstone LNG in Australia, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.
The adjustment items had a negative impact on net income (Group share) of 5,431 M$ in 2015. This includes impairments on Fort Hills in Canada and Gladstone LNG in Australia as well as in Libya, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.
> Net results per share
The number of fully-diluted shares was 2,336 million on December 31, 2015, compared to 2,285 million on December 31, 2014. The adjusted net result per share was 4.5 $ in 2015, a decrease of 20%.
> Divestments – acquisitions
Asset sales were:
2,101 M$ in the fourth quarter 2015, comprised notably of the sales of the Schwedt refinery, the Géosel oil storage facility, and partial interests in Laggan-Tormore and Fort Hills; and 5,968 M$ for the full-year 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz, the Schwedt refinery, the Géosel oil storage facility, coal mining assets in South Africa, and partial interests in Laggan-Tormore and Fort Hills.Acquisitions were:
33 M$ in the fourth quarter 2015; and 3,441 M$ for the full-year 2015, comprised mainly of the extension of the ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek in Russia, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States.> Cash flow
The Group’s net cash flow15 was:
549 M$ in the fourth quarter 2015 compared to 945 M$ in the fourth quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by strong Downstream results and the decrease in investments; and -414 M$ for the full-year 2015 compared to 1,468 M$ for the full-year 2014. The decrease in net investments partially offset the decrease in cash flow from operations in the context of a 47% lower Brent price.TOTAL S.A., parent company accountsNet income for TOTAL S.A., the parent company, was €11,067 million in 2015 compared to €6,045 million in 2014. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.
Proposed dividendAfter closing the 2015 accounts, the Board of Directors decided on February 10, 2016, to propose to the Annual Shareholders’ Meeting on May 24, 2016, an annual dividend of 2.44 €/share for 2015, stable compared to 2014. Total’s dividend pay-out ratio, based on the adjusted net income for 2015, would be 60%.Taking into account the interim dividends of 0.61 €/share for the first three quarters of 2015, a remaining dividend of the same amount of 0.61 €/share is therefore proposed. The Board of Directors will also propose to the Annual Shareholders’ Meeting that shareholders have the option of receiving the remaining 2015 dividend payment in cash or in new shares of the company, benefiting from a 10% discount, consistent with the first three 2015 interim dividends. Pending approval at the Annual Shareholders’ Meeting, the ex-dividend date would be June 6, 2016, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for June 23, 2016.
Summary and outlook
In 2015, the return on equity for the Group was 11.5%. Total resisted the drop in prices by leveraging the effectiveness of its integrated model and its strong operational performance. The Group will further pursue this strategy and all of the necessary actions will continue to be implemented to reduce costs and maintain a solid balance sheet, demonstrating once again the Group’s capacity to adapt.
In 2016, the Group will reduce its organic Capex to around $19 billion, a reduction of more than 15% compared to 2015. This marks a transition to a sustainable level of investments of $17-19 billion from 2017 onwards. The cost reduction program launched in 2014 will be reinforced, enabling Opex savings of $2.4 billion in 2016 and underpinning the objective of more than $3 billion in 2017. The asset sales program will continue in line with the plan, with $4 billion expected in 2016, the same level as 2015.
In the Upstream, five major start ups are planned in 2016. The first of these, Laggan-Tormore, took place on February 8. Production is expected to grow by 4% in 2016 compared to 2015, following more than 9% in 2015 compared to 2014, confirming the growth target of 5% per year on average between 2014 and 2019.
In the Downstream, the target to reduce European refining capacity by 20% will be achieved by end-2016, one year ahead of the initial plan announced in 2012. The cessation of traditional refining activities at La Mède in view of its conversion to a bio-refinery, the restructuring of the Lindsey refinery and the modernization of the Antwerp refinery will be finalized before the end of the year, with the first benefits expected from 2017.
The strategy implemented by the Group in 2015 based on its four priorities of Safety, Delivery, Costs and Cash, will continue in 2016, notably for the benefit of its shareholders.
-- -- --
To listen to the presentation made by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière to financial analysts today in London at 14:30 (London time), please log on to total.com or call +44 (0)203 427 1915 in Europe or +1 212 444 0896 in the United States (code 3406579). 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 3406579).
Operating information by segment
Upstream
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Combined liquids and gas production by region (kboe/d) | 2015 | 2014 | 2015 vs 2014 | |||||||
| 381 | 364 | 393 | -3% | Europe | 374 | 364 | +3% | |||||||
| 676 | 685 | 690 | -2% | Africa | 678 | 657 | +3% | |||||||
| 465 | 486 | 391 | +19% | Middle East | 492 | 391 | +26% | |||||||
| 110 | 96 | 99 | +11% | North America | 103 | 90 | +14% | |||||||
| 145 | 153 | 151 | -4% | South America | 152 | 157 | -3% | |||||||
| 275 | 245 | 235 | +17% | Asia-Pacific | 258 | 238 | +8% | |||||||
| 300 | 313 | 270 | +11% | CIS | 290 | 249 | +16% | |||||||
| 2,352 | 2,342 | 2,229 | +6% | Total production | 2,347 | 2,146 | +9% | |||||||
| 544 | 574 | 594 | -8% | includes equity affiliates | 559 | 571 | -2% | |||||||
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Liquids production by region (kb/d) | 2015 | 2014 | 2015 vs 2014 | |||||||
| 163 | 159 | 168 | -3% | Europe | 161 | 165 | -2% | |||||||
| 545 | 542 | 558 | -2% | Africa | 542 | 522 | +4% | |||||||
| 341 | 359 | 185 | +84% | Middle East | 351 | 192 | +83% | |||||||
| 56 | 45 | 45 | +24% | North America | 48 | 39 | +23% | |||||||
| 44 | 46 | 49 | -10% | South America | 47 | 50 | -6% | |||||||
| 37 | 30 | 33 | +12% | Asia-Pacific | 34 | 30 | +13% | |||||||
| 65 | 60 | 39 | +67% | CIS | 54 | 36 | +50% | |||||||
| 1,251 | 1,241 | 1,077 | +16% | Total production | 1,237 | 1,034 | +20% | |||||||
| 220 | 230 | 197 | +11% | includes equity affiliates | 219 | 200 | +9% | |||||||
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Gas production by region (Mcf/d) | 2015 | 2014 | 2015 vs 2014 | |||||||
| 1,179 | 1,115 | 1,224 | -4% | Europe | 1,161 | 1,089 | +7% | |||||||
| 639 | 719 | 674 | -5% | Africa | 677 | 693 | -2% | |||||||
| 686 | 708 | 1,113 | -38% | Middle East | 778 | 1,084 | -28% | |||||||
| 305 | 280 | 305 | - | North America | 308 | 285 | +8% | |||||||
| 564 | 598 | 573 | -2% | South America | 588 | 599 | -2% | |||||||
| 1,364 | 1,240 | 1,144 | +19% | Asia-Pacific | 1,290 | 1,178 | +10% | |||||||
| 1,256 | 1,343 | 1,186 | +6% | CIS | 1,252 | 1,135 | +10% | |||||||
| 5,993 | 6,003 | 6,219 | -4% | Total production | 6,054 | 6,063 | - | |||||||
| 1,739 | 1,850 | 2,064 | -16% | includes equity affiliates | 1,828 | 1,988 | -8% | |||||||
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | Liquefied natural gas | 2015 | 2014 | 2015 vs 2014 | |||||||
| 2.48 | 2.53 | 3.06 | -19% | LNG sales* (Mt) | 10.22 | 12.15 | -16% |
* Sales, Group share, excluding trading; 2014 and 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 and 2015 SEC coefficients, respectively.
Downstream (Refining & Chemicals and Marketing & Services)
| 4Q15 | 3Q15 * | 4Q14 | 4Q15 vs 4Q14 | Petroleum product sales by region (kb/d)** | 2015 | 2014 | 2015 vs 2014 | |||||||
| 2,298 | 2,264 | 2,112 | +9% | Europe | 2,184 | 2,047 | +7% | |||||||
| 547 | 611 | 606 | -10% | Africa | 619 | 552 | +12% | |||||||
| 489 | 585 | 482 | +1% | Americas | 570 | 558 | +2% | |||||||
| 620 | 612 | 660 | -6% | Rest of world | 632 | 612 | +3% | |||||||
| 3,954 | 4,072 | 3,860 | +2% | Total consolidated sales | 4,005 | 3,769 | +6% | |||||||
| 688 | 648 | 628 | +9% | Includes bulk sales | 649 | 615 | +6% | |||||||
| 1,469 | 1,599 | 1,421 | +3% | Includes trading | 1,538 | 1,385 | +11% |
* Historic volumes restated.** Includes share of TotalErg.
Adjustment items
> Adjustments to operating income
| 4Q15 | 3Q15 | 4Q14 | In millions of dollars | 2015 | 2014 | |||||
| (5,677) | (654) | (7,812) | Special items affecting operating income | (8,182) | (8,205) | |||||
| (48) | - | - | Restructuring charges | (48) | - | |||||
| (4,933) | (650) | (7,817) | Impairments | (6,877) | (7,979) | |||||
| (696) | (4) | 5 | Other | (1,257) | (226) | |||||
| (464) | (1,127) | (2,842) | Pre-tax inventory effect: FIFO vs. replacement cost | (1,113) | (3,469) | |||||
| - | (10) | 24 | Effect of changes in fair value | (16) | 31 | |||||
| (6,141) | (1,791) | (10,630) | Total adjustments affecting operating income | (9,311) | (11,643) |
> Adjustment to net income (Group share)
| 4Q15 | 3Q15 | 4Q14 | In millions of dollars | 2015 | 2014 | |||||
| (3,386) | (912) | (6,485) | Special items affecting net income (Group share) | (4,675) | (6,165) | |||||
| 579 | (98) | 30 | Gain (loss) on asset sales | 1,810 | 1,209 | |||||
| (29) | (12) | (8) | Restructuring charges | (72) | (20) | |||||
| (3,443) | (650) | (6,450) | Impairments | (5,447) | (7,063) | |||||
| (493) | (152) | (57) | Other | (966) | (291) | |||||
| (315) | (760) | (1,993) | After-tax inventory effect: FIFO vs. replacement cost | (747) | (2,453) | |||||
| - | (5) | 19 | Effect of changes in fair value | (9) | 25 | |||||
| (3,701) | (1,677) | (8,459) | Total adjustments affecting net income | (5,431) | (8,593) |
2016 Sensitivities*
| Scenario | Change | Impact on adjusted net operating income | Impact on cash 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
| 4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 | In millions of dollars | 2015 | 2014 | 2015 vs 2014 | |||||||
| 6,365 | 5,394 | 7,002 | -9% | Investments excluding acquisitions | 22,976 | 26,430 | -13% | |||||||
| 232 | 170 | 422 | -45% | capitalized exploration | 1,198 | 1,616 | -26% | |||||||
| 553 | 523 | 565 | -2% | increase in non-current loans | 2,260 | 2,769 | -18% | |||||||
| (196) | (15) | (420) | -53% | repayment of non-current loans | (1,616) | (1,540) | +5% | |||||||
| 33 | 631 | 730 | -95% | Acquisitions | 3,441 | 2,539 | +36% | |||||||
| 2,101 | 395 | 1,269 | +66% | Asset sales | 5,968 | 4,650 | +28% | |||||||
| 8 | - | 54 | -85% | Other transactions with non-controlling interests | 89 | 179 | -50% | |||||||
| 4,289 | 5,630 | 6,409 | -33% | Net investments* | 20,360 | 24,140 | -16% |
* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.
Net-debt-to-equity ratio
| In millions of dollars | 12/31/2015 | 9/30/2015 | 12/31/2014 | |||
| Current borrowings | 12,488 | 13,296 | 10,942 | |||
| Net current financial assets | (6,019) | (3,246) | (1,113) | |||
| Net financial assets classified as held for sale | 141 | 94 | (56) | |||
| Non-current financial debt | 44,464 | 42,873 | 45,481 | |||
| Hedging instruments of non-current debt | (1,219) | (1,221) | (1,319) | |||
| Cash and cash equivalents | (23,269) | (25,858) | (25,181) | |||
| Net debt | 26,586 | 25,938 | 28,754 | |||
| Shareholders’ equity - Group share | 92,494 | 96,093 | 90,330 | |||
| Estimated dividend payable | (1,545) | (1,573) | (1,686) | |||
| Non-controlling interests | 2,915 | 3,068 | 3,201 | |||
| Adjusted shareholders' equity | 93,864 | 97,588 | 91,845 | |||
| Net-debt-to-equity ratio | 28.3% | 26.6% | 31.3% |
Return on average capital employed
> 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% |
> Twelve months ended September 30, 2015
| In millions of dollars | Upstream | Refining & Chemicals | Marketing & Services | Group | ||||||
| Adjusted net operating income | 5,622 | 4,838 | 1,414 | 11,895 | ||||||
| Capital employed at 9/30/2014* | 104,488 | 17,611 | 9,633 | 128,360 | ||||||
| Capital employed at 9/30/2015* | 108,425 | 11,319 | 7,865 | 123,904 | ||||||
| ROACE | 5.3% | 33.4% | 16.2% | 9.4% |
> Full-year 2014
| In millions of dollars | Upstream | Refining & Chemicals | Marketing & Services | Group | ||||||
| Adjusted net operating income | 10,504 | 2,489 | 1,254 | 13,530 | ||||||
| Capital employed at 12/31/2013* | 95,529 | 19,752 | 10,051 | 122,451 | ||||||
| Capital employed at 12/31/2014* | 100,497 | 13,451 | 8,825 | 120,526 | ||||||
| ROACE | 10.7% | 15.0% | 13.3% | 11.1% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the full-year 2015 from the consolidated financial statements of TOTAL S.A. as of December 31, 2015. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monétaire et financier).
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 Definition of adjusted results on page 2.2 Group share.3 The ex-dividend date will be June 6, 2016, and the payment date will be set for June 23, 2016, pending approval by the Annual Shareholders’ Meeting on May 24, 2016.4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 10 and the inventory valuation effect is explained on page 13.5 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.7 Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with non-controlling interests.8 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.9 Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period.10 Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in the Group’s central price scenario, including projects developed by mining.11 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.12 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).13 Details shown on page 13.14 Details shown on page 10 and in the annex to the accounts.15 Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).
Total financial statements
Fourth quarter and full year 2015 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) (a) | 4th quarter 2015 | 3rd quarter 2015 | 4th quarter 2014 | |||
| Sales | 37,749 | 40,580 | 52,511 | |||
| Excise taxes | (5,457) | (5,683) | (5,777) | |||
| Revenues from sales | 32,292 | 34,897 | 46,734 | |||
| Purchases, net of inventory variation | (21,874) | (24,240) | (35,644) | |||
| Other operating expenses | (6,248) | (5,794) | (6,831) | |||
| Exploration costs | (727) | (275) | (611) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,672) | (3,345) | (10,900) | |||
| Other income | 833 | 430 | 740 | |||
| Other expense | (298) | (441) | (487) | |||
| Financial interest on debt | (241) | (233) | (108) | |||
| Financial income from marketable securities & cash equivalents | 25 | 10 | 28 | |||
| Cost of net debt | (216) | (223) | (80) | |||
| Other financial income | 300 | 185 | 219 | |||
| Other financial expense | (171) | (154) | (168) | |||
| Equity in net income (loss) of affiliates | 600 | 486 | 464 | |||
| Income taxes | 1,381 | (461) | 722 | |||
| Consolidated net income | (1,800) | 1,065 | (5,842) | |||
| Group share | (1,626) | 1,079 | (5,658) | |||
| Non-controlling interests | (174) | (14) | (184) | |||
| Earnings per share ($) | (0.72) | 0.45 | (2.49) | |||
| Fully-diluted earnings per share ($) | (0.71) | 0.45 | (2.47) | |||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 4th quarter 2015 | 3rd quarter 2015 | 4th quarter 2014 | |||
| Consolidated net income | (1,800) | 1,065 | (5,842) | |||
| Other comprehensive income | ||||||
| Actuarial gains and losses | 358 | 46 | 99 | |||
| Tax effect | (140) | (21) | 11 | |||
| Currency translation adjustment generated by the parent company | (2,171) | 132 | (2,562) | |||
| Items not potentially reclassifiable to profit and loss | (1,953) | 157 | (2,452) | |||
| Currency translation adjustment | 604 | (736) | 980 | |||
| Available for sale financial assets | 16 | (3) | (5) | |||
| Cash flow hedge | 4 | (95) | (12) | |||
| Share of other comprehensive income of equity affiliates, net amount | (95) | (626) | (1,242) | |||
| Other | - | - | 3 | |||
| Tax effect | (7) | 31 | 10 | |||
| Items potentially reclassifiable to profit and loss | 522 | (1,429) | (266) | |||
| Total other comprehensive income (net amount) | (1,431) | (1,272) | (2,718) | |||
| Comprehensive income | (3,231) | (207) | (8,560) | |||
| Group share | (3,033) | (167) | (8,365) | |||
| Non-controlling interests | (198) | (40) | (195) |
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) (a) | Year 2015 | Year 2014 | ||
| Sales | 165,357 | 236,122 | ||
| Excise taxes | (21,936) | (24,104) | ||
| Revenues from sales | 143,421 | 212,018 | ||
| Purchases, net of inventory variation | (96,671) | (152,975) | ||
| Other operating expenses | (24,345) | (28,349) | ||
| Exploration costs | (1,991) | (1,964) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (17,720) | (19,656) | ||
| Other income | 3,606 | 2,577 | ||
| Other expense | (1,577) | (954) | ||
| Financial interest on debt | (967) | (748) | ||
| Financial income from marketable securities & cash equivalents | 94 | 108 | ||
| Cost of net debt | (873) | (640) | ||
| Other financial income | 882 | 821 | ||
| Other financial expense | (654) | (676) | ||
| Equity in net income (loss) of affiliates | 2,361 | 2,662 | ||
| Income taxes | (1,653) | (8,614) | ||
| Consolidated net income | 4,786 | 4,250 | ||
| Group share | 5,087 | 4,244 | ||
| Non-controlling interests | (301) | 6 | ||
| Earnings per share ($) | 2.17 | 1.87 | ||
| Fully-diluted earnings per share ($) | 2.16 | 1.86 | ||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | Year 2015 | Year 2014 | ||
| Consolidated net income | 4,786 | 4,250 | ||
| Other comprehensive income | ||||
| Actuarial gains and losses | 557 | (1,526) | ||
| Tax effect | (278) | 580 | ||
| Currency translation adjustment generated by the parent company | (7,268) | (9,039) | ||
| Items not potentially reclassifiable to profit and loss | (6,989) | (9,985) | ||
| Currency translation adjustment | 2,456 | 4,245 | ||
| Available for sale financial assets | 9 | (29) | ||
| Cash flow hedge | (185) | 97 | ||
| Share of other comprehensive income of equity affiliates, net amount | 120 | (1,538) | ||
| Other | 1 | 3 | ||
| Tax effect | 53 | (18) | ||
| Items potentially reclassifiable to profit and loss | 2,454 | 2,760 | ||
| Total other comprehensive income (net amount) | (4,535) | (7,225) | ||
| Comprehensive income | 251 | (2,975) | ||
| Group share | 633 | (2,938) | ||
| Non-controlling interests | (382) | (37) |
| CONSOLIDATED BALANCE SHEET | ||||||
| TOTAL | ||||||
| (M$) | December 31, 2015
| September 30, 2015 (unaudited) | December 31, 2014
| |||
| ASSETS | ||||||
| Non-current assets | ||||||
| Intangible assets, net | 14,549 | 15,639 | 14,682 | |||
| Property, plant and equipment, net | 109,518 | 108,886 | 106,876 | |||
| Equity affiliates : investments and loans | 19,384 | 19,200 | 19,274 | |||
| Other investments | 1,241 | 1,227 | 1,399 | |||
| Hedging instruments of non-current financial debt | 1,219 | 1,221 | 1,319 | |||
| Deferred income taxes | 3,982 | 3,439 | 4,079 | |||
| Other non-current assets | 4,355 | 4,292 | 4,192 | |||
| Total non-current assets | 154,248 | 153,904 | 151,821 | |||
| Current assets | ||||||
| Inventories, net | 13,116 | 14,773 | 15,196 | |||
| Accounts receivable, net | 10,629 | 12,306 | 15,704 | |||
| Other current assets | 15,843 | 15,102 | 15,702 | |||
| Current financial assets | 6,190 | 3,448 | 1,293 | |||
| Cash and cash equivalents | 23,269 | 25,858 | 25,181 | |||
| Assets classified as held for sale | 1,189 | 3,734 | 4,901 | |||
| Total current assets | 70,236 | 75,221 | 77,977 | |||
| Total assets | 224,484 | 229,125 | 229,798 | |||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Shareholders' equity | ||||||
| Common shares | 7,670 | 7,602 | 7,518 | |||
| Paid-in surplus and retained earnings | 101,528 | 103,519 | 94,646 | |||
| Currency translation adjustment | (12,119) | (10,443) | (7,480) | |||
| Treasury shares | (4,585) | (4,585) | (4,354) | |||
| Total shareholders' equity - Group share | 92,494 | 96,093 | 90,330 | |||
| Non-controlling interests | 2,915 | 3,068 | 3,201 | |||
| Total shareholders' equity | 95,409 | 99,161 | 93,531 | |||
| Non-current liabilities | ||||||
| Deferred income taxes | 12,360 | 12,836 | 14,810 | |||
| Employee benefits | 3,774 | 4,312 | 4,758 | |||
| Provisions and other non-current liabilities | 17,502 | 17,053 | 17,545 | |||
| Non-current financial debt | 44,464 | 42,873 | 45,481 | |||
| Total non-current liabilities | 78,100 | 77,074 | 82,594 | |||
| Current liabilities | ||||||
| Accounts payable | 20,928 | 20,003 | 24,150 | |||
| Other creditors and accrued liabilities | 16,884 | 17,991 | 16,641 | |||
| Current borrowings | 12,488 | 13,296 | 10,942 | |||
| Other current financial liabilities | 171 | 202 | 180 | |||
| Liabilities directly associated with the assets classified as held for sale | 504 | 1,398 | 1,760 | |||
| Total current liabilities | 50,975 | 52,890 | 53,673 | |||
| Total liabilities | 224,484 | 229,125 | 229,798 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 4th quarter 2015 | 3rd quarter 2015 | 4th quarter 2014 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | (1,800) | 1,065 | (5,842) | |||
| Depreciation, depletion and amortization | 8,278 | 3,519 | 11,310 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (1,862) | (540) | (2,329) | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (665) | 22 | (460) | |||
| Undistributed affiliates' equity earnings | 39 | (61) | 403 | |||
| (Increase) decrease in working capital | 937 | 2,057 | 4,475 | |||
| Other changes, net | (89) | (73) | (203) | |||
| Cash flow from operating activities | 4,838 | 5,989 | 7,354 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (5,919) | (5,266) | (7,339) | |||
| Acquisitions of subsidiaries, net of cash acquired | (42) | (76) | (56) | |||
| Investments in equity affiliates and other securities | (80) | (175) | (192) | |||
| Increase in non-current loans | (553) | (523) | (565) | |||
| Total expenditures | (6,594) | (6,040) | (8,152) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,437 | 6 | 874 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 58 | 289 | 136 | |||
| Proceeds from disposals of non-current investments | 606 | 100 | 259 | |||
| Repayment of non-current loans | 196 | 15 | 420 | |||
| Total divestments | 2,297 | 410 | 1,689 | |||
| Cash flow used in investing activities | (4,297) | (5,630) | (6,463) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 31 | 4 | 30 | |||
| - Treasury shares | - | (237) | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (592) | (681) | (1,735) | |||
| - Non-controlling interests | (3) | (25) | (1) | |||
| Issuance of perpetual subordinated notes | - | - | - | |||
| Payments on perpetual subordinated notes | - | - | - | |||
| Other transactions with non-controlling interests | 8 | - | 54 | |||
| Net issuance (repayment) of non-current debt | 2,039 | 356 | 3,647 | |||
| Increase (decrease) in current borrowings | (531) | 23 | (928) | |||
| Increase (decrease) in current financial assets and liabilities | (3,320) | (1,096) | (255) | |||
| Cash flow used in financing activities | (2,368) | (1,656) | 812 | |||
| Net increase (decrease) in cash and cash equivalents | (1,827) | (1,297) | 1,703 | |||
| Effect of exchange rates | (762) | (167) | (829) | |||
| Cash and cash equivalents at the beginning of the period | 25,858 | 27,322 | 24,307 | |||
| Cash and cash equivalents at the end of the period | 23,269 | 25,858 | 25,181 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | Year 2015 | Year 2014 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 4,786 | 4,250 | ||
| Depreciation, depletion and amortization | 19,334 | 20,859 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (2,563) | (1,980) | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (2,459) | (1,979) | ||
| Undistributed affiliates' equity earnings | (311) | 29 | ||
| (Increase) decrease in working capital | 1,683 | 4,480 | ||
| Other changes, net | (524) | (51) | ||
| Cash flow from operating activities | 19,946 | 25,608 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (25,132) | (26,320) | ||
| Acquisitions of subsidiaries, net of cash acquired | (128) | (471) | ||
| Investments in equity affiliates and other securities | (513) | (949) | ||
| Increase in non-current loans | (2,260) | (2,769) | ||
| Total expenditures | (28,033) | (30,509) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 2,623 | 3,442 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,508 | 136 | ||
| Proceeds from disposals of non-current investments | 837 | 1,072 | ||
| Repayment of non-current loans | 1,616 | 1,540 | ||
| Total divestments | 7,584 | 6,190 | ||
| Cash flow used in investing activities | (20,449) | (24,319) | ||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 485 | 420 | ||
| - Treasury shares | (237) | (289) | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,845) | (7,308) | ||
| - Non-controlling interests | (100) | (154) | ||
| Issuance of perpetual subordinated notes | 5,616 | - | ||
| Payments on perpetual subordinated notes | - | - | ||
| Other transactions with non-controlling interests | 89 | 179 | ||
| Net issuance (repayment) of non-current debt | 4,166 | 15,786 | ||
| Increase (decrease) in current borrowings | (597) | (2,374) | ||
| Increase (decrease) in current financial assets and liabilities | (5,517) | (351) | ||
| Cash flow used in financing activities | 1,060 | 5,909 | ||
| Net increase (decrease) in cash and cash equivalents | 557 | 7,198 | ||
| Effect of exchange rates | (2,469) | (2,217) | ||
| Cash and cash equivalents at the beginning of the period | 25,181 | 20,200 | ||
| Cash and cash equivalents at the end of the period | 23,269 | 25,181 |
| 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, 2014 | 2,377,678,160 | 7,493 | 98,254 | (1,203) | (109,214,448) | (4,303) | 100,241 | 3,138 | 103,379 | |||||||||
| Net income 2014 | - | - | 4,244 | - | - | - | 4,244 | 6 | 4,250 | |||||||||
| Other comprehensive Income | - | - | (907) | (6,275) | - | - | (7,182) | (43) | (7,225) | |||||||||
| Comprehensive Income | - | - | 3,337 | (6,275) | - | - | (2,938) | (37) | (2,975) | |||||||||
| Dividend | - | - | (7,378) | - | - | - | (7,378) | (154) | (7,532) | |||||||||
| Issuance of common shares | 7,589,365 | 25 | 395 | - | - | - | 420 | - | 420 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,386,300) | (283) | (283) | - | (283) | |||||||||
| Sale of treasury shares (1) | - | - | (232) | - | 4,239,335 | 232 | - | - | - | |||||||||
| Share-based payments | - | - | 114 | - | - | - | 114 | - | 114 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 148 | (2) | - | - | 146 | 195 | 341 | |||||||||
| Other items | - | - | 8 | - | - | - | 8 | 59 | 67 | |||||||||
| As of December 31, 2014 | 2,385,267,525 | 7,518 | 94,646 | (7,480) | (109,361,413) | (4,354) | 90,330 | 3,201 | 93,531 | |||||||||
| Net income 2015 | - | - | 5,087 | - | - | - | 5,087 | (301) | 4,786 | |||||||||
| Other comprehensive Income | - | - | 185 | (4,639) | - | - | (4,454) | (81) | (4,535) | |||||||||
| Comprehensive Income | - | - | 5,272 | (4,639) | - | - | 633 | (382) | 251 | |||||||||
| Dividend | - | - | (6,303) | - | - | - | (6,303) | (100) | (6,403) | |||||||||
| Issuance of common shares | 54,790,358 | 152 | 2,159 | - | - | - | 2,311 | - | 2,311 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,711,935) | (237) | (237) | - | (237) | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 105,590 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 101 | - | - | - | 101 | - | 101 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (114) | - | - | - | (114) | - | (114) | |||||||||
| Other operations with non-controlling interests | - | - | 23 | - | - | - | 23 | 64 | 87 | |||||||||
| Other items | - | - | 134 | - | - | - | 134 | 132 | 266 | |||||||||
| 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 | |||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| 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$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,293 | 586 | 689 | 26 | - | 6,594 | ||||||
| Total divestments | 1,402 | 836 | 56 | 3 | - | 2,297 | ||||||
| Cash flow from operating activities | 2,624 | 2,127 | 289 | (202) | - | 4,838 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 3rd quarter 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,660 | 17,397 | 19,522 | 1 | - | 40,580 | ||||||
| Intersegment sales | 4,280 | 6,912 | 201 | 51 | (11,444) | - | ||||||
| Excise taxes | - | (1,094) | (4,589) | - | - | (5,683) | ||||||
| Revenues from sales | 7,940 | 23,215 | 15,134 | 52 | (11,444) | 34,897 | ||||||
| Operating expenses | (4,717) | (22,169) | (14,651) | (216) | 11,444 | (30,309) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,898) | (256) | (185) | (6) | - | (3,345) | ||||||
| Operating income | 325 | 790 | 298 | (170) | - | 1,243 | ||||||
| Equity in net income (loss) of affiliates and other items | 360 | 152 | (29) | 23 | - | 506 | ||||||
| Tax on net operating income | (345) | (152) | (126) | 128 | - | (495) | ||||||
| Net operating income | 340 | 790 | 143 | (19) | - | 1,254 | ||||||
| Net cost of net debt | (189) | |||||||||||
| Non-controlling interests | 14 | |||||||||||
| Net income | 1,079 | |||||||||||
| 3rd quarter 2015 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (10) | - | - | - | - | (10) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (10) | - | - | - | - | (10) | ||||||
| Operating expenses | (9) | (923) | (199) | - | - | (1,131) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (650) | - | - | - | - | (650) | ||||||
| Operating income (b) | (669) | (923) | (199) | - | - | (1,791) | ||||||
| Equity in net income (loss) of affiliates and other items | (151) | (14) | (145) | - | - | (310) | ||||||
| Tax on net operating income | 53 | 294 | 64 | - | - | 411 | ||||||
| Net operating income (b) | (767) | (643) | (280) | - | - | (1,690) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | 13 | |||||||||||
| Net income | (1,677) | |||||||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||
| On operating income | - | (934) | (193) | - | ||||||||
| On net operating income | - | (631) | (139) | - | ||||||||
|
|
|
|
| |||||||||
| 3rd quarter 2015 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,670 | 17,397 | 19,522 | 1 | - | 40,590 | ||||||
| Intersegment sales | 4,280 | 6,912 | 201 | 51 | (11,444) | - | ||||||
| Excise taxes | - | (1,094) | (4,589) | - | - | (5,683) | ||||||
| Revenues from sales | 7,950 | 23,215 | 15,134 | 52 | (11,444) | 34,907 | ||||||
| Operating expenses | (4,708) | (21,246) | (14,452) | (216) | 11,444 | (29,178) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,248) | (256) | (185) | (6) | - | (2,695) | ||||||
| Adjusted operating income | 994 | 1,713 | 497 | (170) | - | 3,034 | ||||||
| Equity in net income (loss) of affiliates and other items | 511 | 166 | 116 | 23 | - | 816 | ||||||
| Tax on net operating income | (398) | (446) | (190) | 128 | - | (906) | ||||||
| Adjusted net operating income | 1,107 | 1,433 | 423 | (19) | - | 2,944 | ||||||
| Net cost of net debt | (189) | |||||||||||
| Non-controlling interests | 1 | |||||||||||
| Adjusted net income | 2,756 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.17 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 3rd quarter 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,173 | 358 | 501 | 8 | - | 6,040 | ||||||
| Total divestments | 272 | 12 | 121 | 5 | - | 410 | ||||||
| Cash flow from operating activities | 2,320 | 2,291 | 1,011 | 367 | - | 5,989 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 4th quarter 2014 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,415 | 23,025 | 24,079 | (8) | - | 52,511 | ||||||
| Intersegment sales | 6,130 | 9,323 | 339 | 74 | (15,866) | - | ||||||
| Excise taxes | - | (1,117) | (4,660) | - | - | (5,777) | ||||||
| Revenues from sales | 11,545 | 31,231 | 19,758 | 66 | (15,866) | 46,734 | ||||||
| Operating expenses | (6,784) | (32,248) | (19,534) | (386) | 15,866 | (43,086) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,952) | (1,739) | (202) | (7) | - | (10,900) | ||||||
| Operating income | (4,191) | (2,756) | 22 | (327) | - | (7,252) | ||||||
| Equity in net income (loss) of affiliates and other items | 958 | (70) | (195) | 75 | - | 768 | ||||||
| Tax on net operating income | (209) | 606 | (13) | 315 | - | 699 | ||||||
| Net operating income | (3,442) | (2,220) | (186) | 63 | - | (5,785) | ||||||
| Net cost of net debt | (57) | |||||||||||
| Non-controlling interests | 184 | |||||||||||
| Net income | (5,658) | |||||||||||
| 4th quarter 2014 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 24 | - | - | - | - | 24 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | 24 | - | - | - | - | 24 | ||||||
| Operating expenses | 30 | (2,427) | (440) | - | - | (2,837) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,419) | (1,398) | - | - | - | (7,817) | ||||||
| Operating income (b) | (6,365) | (3,825) | (440) | - | - | (10,630) | ||||||
| Equity in net income (loss) of affiliates and other items | 171 | (197) | (131) | - | - | (157) | ||||||
| Tax on net operating income | 1,156 | 846 | 140 | - | - | 2,142 | ||||||
| Net operating income (b) | (5,038) | (3,176) | (431) | - | - | (8,645) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | 186 | |||||||||||
| Net income | (8,459) | |||||||||||
| (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 | - | (2,406) | (436) | - | ||||||||
| On net operating income | - | (1,710) | (321) | - | ||||||||
|
|
|
|
| |||||||||
| 4th quarter 2014 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,391 | 23,025 | 24,079 | (8) | - | 52,487 | ||||||
| Intersegment sales | 6,130 | 9,323 | 339 | 74 | (15,866) | - | ||||||
| Excise taxes | - | (1,117) | (4,660) | - | - | (5,777) | ||||||
| Revenues from sales | 11,521 | 31,231 | 19,758 | 66 | (15,866) | 46,710 | ||||||
| Operating expenses | (6,814) | (29,821) | (19,094) | (386) | 15,866 | (40,249) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,533) | (341) | (202) | (7) | - | (3,083) | ||||||
| Adjusted operating income | 2,174 | 1,069 | 462 | (327) | - | 3,378 | ||||||
| Equity in net income (loss) of affiliates and other items | 787 | 127 | (64) | 75 | - | 925 | ||||||
| Tax on net operating income | (1,365) | (240) | (153) | 315 | - | (1,443) | ||||||
| Adjusted net operating income | 1,596 | 956 | 245 | 63 | - | 2,860 | ||||||
| Net cost of net debt | (57) | |||||||||||
| Non-controlling interests | (2) | |||||||||||
| Adjusted net income | 2,801 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.22 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 4th quarter 2014 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 6,287 | 875 | 941 | 49 | - | 8,152 | ||||||
| Total divestments | 1,473 | 157 | 53 | 6 | - | 1,689 | ||||||
| Cash flow from operating activities | 2,608 | 3,113 | 1,627 | 6 | - | 7,354 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Year 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 16,840 | 70,623 | 77,887 | 7 | - | 165,357 | ||||||
| Intersegment sales | 17,927 | 26,794 | 911 | 218 | (45,850) | - | ||||||
| Excise taxes | - | (4,107) | (17,829) | - | - | (21,936) | ||||||
| Revenues from sales | 34,767 | 93,310 | 60,969 | 225 | (45,850) | 143,421 | ||||||
| Operating expenses | (21,851) | (87,674) | (58,467) | (865) | 45,850 | (123,007) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (15,857) | (1,092) | (744) | (27) | - | (17,720) | ||||||
| Operating income | (2,941) | 4,544 | 1,758 | (667) | - | 2,694 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,019 | 1,780 | 297 | 522 | - | 4,618 | ||||||
| Tax on net operating income | (294) | (1,105) | (585) | 171 | - | (1,813) | ||||||
| Net operating income | (1,216) | 5,219 | 1,470 | 26 | - | 5,499 | ||||||
| Net cost of net debt | (713) | |||||||||||
| Non-controlling interests | 301 | |||||||||||
| Net income | 5,087 | |||||||||||
| Year 2015 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (519) | - | - | - | - | (519) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (519) | - | - | - | - | (519) | ||||||
| Operating expenses | (564) | (1,035) | (316) | - | - | (1,915) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,783) | (70) | (24) | - | - | (6,877) | ||||||
| Operating income (b) | (7,866) | (1,105) | (340) | - | - | (9,311) | ||||||
| Equity in net income (loss) of affiliates and other items | (264) | 1,172 | 24 | (19) | - | 913 | ||||||
| Tax on net operating income | 2,140 | 263 | 87 | 7 | - | 2,497 | ||||||
| Net operating income (b) | (5,990) | 330 | (229) | (12) | - | (5,901) | ||||||
| Net cost of net debt | (11) | |||||||||||
| Non-controlling interests | 481 | |||||||||||
| Net income | (5,431) | |||||||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||
| On operating income | - | (859) | (254) | - | ||||||||
| On net operating income | - | (590) | (169) | - | ||||||||
|
|
|
|
| |||||||||
| Year 2015 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 17,359 | 70,623 | 77,887 | 7 | - | 165,876 | ||||||
| Intersegment sales | 17,927 | 26,794 | 911 | 218 | (45,850) | - | ||||||
| Excise taxes | - | (4,107) | (17,829) | - | - | (21,936) | ||||||
| Revenues from sales | 35,286 | 93,310 | 60,969 | 225 | (45,850) | 143,940 | ||||||
| Operating expenses | (21,287) | (86,639) | (58,151) | (865) | 45,850 | (121,092) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (9,074) | (1,022) | (720) | (27) | - | (10,843) | ||||||
| Adjusted operating income | 4,925 | 5,649 | 2,098 | (667) | - | 12,005 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,283 | 608 | 273 | 541 | - | 3,705 | ||||||
| Tax on net operating income | (2,434) | (1,368) | (672) | 164 | - | (4,310) | ||||||
| Adjusted net operating income | 4,774 | 4,889 | 1,699 | 38 | - | 11,400 | ||||||
| Net cost of net debt | (702) | |||||||||||
| Non-controlling interests | (180) | |||||||||||
| Adjusted net income | 10,518 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 4.51 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| Year 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 24,270 | 1,843 | 1,841 | 79 | - | 28,033 | ||||||
| Total divestments | 3,215 | 3,488 | 856 | 25 | - | 7,584 | ||||||
| Cash flow from operating activities | 11,182 | 6,432 | 2,323 | 9 | - | 19,946 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Year 2014 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 23,484 | 106,124 | 106,509 | 5 | - | 236,122 | ||||||
| Intersegment sales | 29,183 | 44,950 | 1,615 | 236 | (75,984) | - | ||||||
| Excise taxes | - | (4,850) | (19,254) | - | - | (24,104) | ||||||
| Revenues from sales | 52,667 | 146,224 | 88,870 | 241 | (75,984) | 212,018 | ||||||
| Operating expenses | (26,235) | (145,014) | (86,931) | (1,092) | 75,984 | (183,288) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (15,938) | (2,901) | (781) | (36) | - | (19,656) | ||||||
| Operating income | 10,494 | (1,691) | 1,158 | (887) | - | 9,074 | ||||||
| Equity in net income (loss) of affiliates and other items | 4,302 | 90 | (140) | 178 | - | 4,430 | ||||||
| Tax on net operating income | (8,799) | 391 | (344) | (8) | - | (8,760) | ||||||
| Net operating income | 5,997 | (1,210) | 674 | (717) | - | 4,744 | ||||||
| Net cost of net debt | (494) | |||||||||||
| Non-controlling interests | (6) | |||||||||||
| Net income | 4,244 | |||||||||||
| Year 2014 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 31 | - | - | - | - | 31 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | 31 | - | - | - | - | 31 | ||||||
| Operating expenses | (164) | (2,980) | (551) | - | - | (3,695) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,529) | (1,450) | - | - | - | (7,979) | ||||||
| Operating income (b) | (6,662) | (4,430) | (551) | - | - | (11,643) | ||||||
| Equity in net income (loss) of affiliates and other items | 883 | (282) | (203) | - | - | 398 | ||||||
| Tax on net operating income | 1,272 | 1,013 | 174 | - | - | 2,459 | ||||||
| Net operating income (b) | (4,507) | (3,699) | (580) | - | - | (8,786) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | 193 | |||||||||||
| Net income | (8,593) | |||||||||||
| (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 | - | (2,944) | (525) | - | ||||||||
| On net operating income | - | (2,114) | (384) | - | ||||||||
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|
| |||||||||
| Year 2014 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 23,453 | 106,124 | 106,509 | 5 | - | 236,091 | ||||||
| Intersegment sales | 29,183 | 44,950 | 1,615 | 236 | (75,984) | - | ||||||
| Excise taxes | - | (4,850) | (19,254) | - | - | (24,104) | ||||||
| Revenues from sales | 52,636 | 146,224 | 88,870 | 241 | (75,984) | 211,987 | ||||||
| Operating expenses | (26,071) | (142,034) | (86,380) | (1,092) | 75,984 | (179,593) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (9,409) | (1,451) | (781) | (36) | - | (11,677) | ||||||
| Adjusted operating income | 17,156 | 2,739 | 1,709 | (887) | - | 20,717 | ||||||
| Equity in net income (loss) of affiliates and other items | 3,419 | 372 | 63 | 178 | - | 4,032 | ||||||
| Tax on net operating income | (10,071) | (622) | (518) | (8) | - | (11,219) | ||||||
| Adjusted net operating income | 10,504 | 2,489 | 1,254 | (717) | - | 13,530 | ||||||
| Net cost of net debt | (494) | |||||||||||
| Non-controlling interests | (199) | |||||||||||
| Adjusted net income | 12,837 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 5.63 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| Year 2014 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 26,520 | 2,022 | 1,818 | 149 | - | 30,509 | ||||||
| Total divestments | 5,764 | 192 | 163 | 71 | - | 6,190 | ||||||
| Cash flow from operating activities | 16,666 | 6,302 | 2,721 | (81) | - | 25,608 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 4th quarter 2015 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 37,954 | (205) | 37,749 | |||
| Excise taxes | (5,457) | - | (5,457) | |||
| Revenues from sales | 32,497 | (205) | 32,292 | |||
| Purchases, net of inventory variation | (21,410) | (464) | (21,874) | |||
| Other operating expenses | (6,063) | (185) | (6,248) | |||
| Exploration costs | (373) | (354) | (727) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,739) | (4,933) | (7,672) | |||
| Other income | 169 | 664 | 833 | |||
| Other expense | (47) | (251) | (298) | |||
| Financial interest on debt | (230) | (11) | (241) | |||
| Financial income from marketable securities & cash equivalents | 25 | - | 25 | |||
| Cost of net debt | (205) | (11) | (216) | |||
| Other financial income | 300 | - | 300 | |||
| Other financial expense | (171) | - | (171) | |||
| Equity in net income (loss) of affiliates | 610 | (10) | 600 | |||
| Income taxes | (364) | 1,745 | 1,381 | |||
| Consolidated net income | 2,204 | (4,004) | (1,800) | |||
| Group share | 2,075 | (3,701) | (1,626) | |||
| Non-controlling interests | 129 | (303) | (174) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 4th quarter 2014 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 52,487 | 24 | 52,511 | |||
| Excise taxes | (5,777) | - | (5,777) | |||
| Revenues from sales | 46,710 | 24 | 46,734 | |||
| Purchases, net of inventory variation | (32,802) | (2,842) | (35,644) | |||
| Other operating expenses | (6,836) | 5 | (6,831) | |||
| Exploration costs | (611) | - | (611) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,083) | (7,817) | (10,900) | |||
| Other income | 515 | 225 | 740 | |||
| Other expense | (294) | (193) | (487) | |||
| Financial interest on debt | (108) | - | (108) | |||
| Financial income from marketable securities & cash equivalents | 28 | - | 28 | |||
| Cost of net debt | (80) | - | (80) | |||
| Other financial income | 219 | - | 219 | |||
| Other financial expense | (168) | - | (168) | |||
| Equity in net income (loss) of affiliates | 653 | (189) | 464 | |||
| Income taxes | (1,420) | 2,142 | 722 | |||
| Consolidated net income | 2,803 | (8,645) | (5,842) | |||
| Group share | 2,801 | (8,459) | (5,658) | |||
| Non-controlling interests | 2 | (186) | (184) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Year 2015 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 165,876 | (519) | 165,357 | |||
| Excise taxes | (21,936) | - | (21,936) | |||
| Revenues from sales | 143,940 | (519) | 143,421 | |||
| Purchases, net of inventory variation | (95,558) | (1,113) | (96,671) | |||
| Other operating expenses | (23,984) | (361) | (24,345) | |||
| Exploration costs | (1,550) | (441) | (1,991) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (10,843) | (6,877) | (17,720) | |||
| Other income | 1,468 | 2,138 | 3,606 | |||
| Other expense | (405) | (1,172) | (1,577) | |||
| Financial interest on debt | (956) | (11) | (967) | |||
| Financial income from marketable securities & cash equivalents | 94 | - | 94 | |||
| Cost of net debt | (862) | (11) | (873) | |||
| Other financial income | 882 | - | 882 | |||
| Other financial expense | (654) | - | (654) | |||
| Equity in net income (loss) of affiliates | 2,414 | (53) | 2,361 | |||
| Income taxes | (4,150) | 2,497 | (1,653) | |||
| Consolidated net income | 10,698 | (5,912) | 4,786 | |||
| Group share | 10,518 | (5,431) | 5,087 | |||
| Non-controlling interests | 180 | (481) | (301) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Year 2014 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 236,091 | 31 | 236,122 | |||
| Excise taxes | (24,104) | - | (24,104) | |||
| Revenues from sales | 211,987 | 31 | 212,018 | |||
| Purchases, net of inventory variation | (149,506) | (3,469) | (152,975) | |||
| Other operating expenses | (28,123) | (226) | (28,349) | |||
| Exploration costs | (1,964) | - | (1,964) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (11,677) | (7,979) | (19,656) | |||
| Other income | 1,272 | 1,305 | 2,577 | |||
| Other expense | (700) | (254) | (954) | |||
| Financial interest on debt | (748) | - | (748) | |||
| Financial income from marketable securities & cash equivalents | 108 | - | 108 | |||
| Cost of net debt | (640) | - | (640) | |||
| Other financial income | 821 | - | 821 | |||
| Other financial expense | (676) | - | (676) | |||
| Equity in net income (loss) of affiliates | 3,315 | (653) | 2,662 | |||
| Income taxes | (11,073) | 2,459 | (8,614) | |||
| Consolidated net income | 13,036 | (8,786) | 4,250 | |||
| Group share | 12,837 | (8,593) | 4,244 | |||
| Non-controlling interests | 199 | (193) | 6 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
TotalMike SANGSTERNicolas FUMEXPatrick GUENKELRomain RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719 7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1 713-483-5629
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