28th Jul 2016 13:05
| 2Q16 | Change vs 2Q15 | 1H16 | Change vs 1H15 | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 2.2 | -30% | 3.8 | -33% | ||||
| - in dollars per share | 0.90 | -33% | 1.58 | -36% | ||||
| Operating cash flow before working capital changes1 (B$) | 4.0 | -25% | 7.7 | -23% | ||||
| Net income2 of 2.1 B$ in 2Q16 | ||||||||
| Net-debt-to-equity ratio of 30% at June 30, 2016 | ||||||||
| Hydrocarbon production of 2,424 kboe/d in the second quarter 2016 | ||||||||
| 2Q16 interim dividend of 0.61 €/share payable in January 20173 | ||||||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 27, 2016, to review the Group’s second quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“Although still volatile, the Brent price has recovered since the start of the year and averaged $46 per barrel in the second quarter 2016. Total captured the benefit of this rebound, and adjusted net income rose to $2.2 billion in the second quarter 2016, an increase of 33% compared to the first quarter 2016.In the Upstream, production increased by more than 5% compared to the second quarter 2015. Obtaining a 30% interest in the Al-Shaheen concession in Qatar for 25 years was a major success, strengthening our presence in the Middle East on a giant field with a long plateau and low technical costs.In the Downstream, results and cash generation remained strong at the same level compared to the first quarter 2016. The acquisition of retail and logistics assets in East Africa strengthens our position as the leader in Africa for Marketing & Services.Efforts to reduce operating costs are continuing to bear fruit and we will surpass the $2.4 billion cost reduction target for this year. In the first half, organic investments were $8.7 billion, and are expected to be $18-19 billion for the year.As part of its ambition to become the responsible energy major, the Group expanded its portfolio with the acquisitions of Saft in the energy storage sector and Lampiris in gas and electricity distribution.The Group confirms the strength of its balance sheet with a net-debt-to-equity ratio stable at 30% at the end of June 2016.”
Key figures456789
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | In millions of dollars, except effective tax rate, earnings per share and number of shares | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 37,215 | 32,841 | 44,715 | -17% | Sales | 70,056 | 87,028 | -20% | |||||||
| 1,979 | 1,770 | 4,064 | -51% | Adjusted operating income from business segments* | 3,749 | 7,375 | -49% | |||||||
| 2,523 | 1,878 | 3,334 | -24% | Adjusted net operating income from business segments | 4,401 | 6,114 | -28% | |||||||
| 1,127 | 498 | 1,560 | -28% | Upstream | 1,625 | 2,919 | -44% | |||||||
| 1,018 | 1,128 | 1,349 | -25% | Refining & Chemicals | 2,146 | 2,449 | -12% | |||||||
| 378 | 252 | 425 | -11% | Marketing & Services | 630 | 746 | -16% | |||||||
| 797 | 499 | 677 | +18% | Contribution of equity affiliates to adjusted net income | 1,296 | 1,311 | -1% | |||||||
| 21.8% | 22.9% | 39.6% | - | Group effective tax rate5* | 22.3% | 39.1% | - | |||||||
| 2,174 | 1,636 | 3,085 | -30% | Adjusted net income | 3,810 | 5,687 | -33% | |||||||
| 0.90 | 0.68 | 1.34 | -33% | Adjusted fully-diluted earnings per share (dollars) | 1.58 | 2.47 | -36% | |||||||
| 0.79 | 0.62 | 1.21 | -35% | Adjusted fully-diluted earnings per share (euros)** | 1.41 | 2.21 | -36% | |||||||
| 2,379 | 2,350 | 2,292 | +4% | Fully-diluted weighted-average shares (millions) | 2,365 | 2,289 | +3% | |||||||
| 2,088 | 1,606 | 2,971 | -30% | Net income (Group share) | 3,694 | 5,634 | -34% | |||||||
| 4,566 | 4,908 | 6,590 | -31% | Investments6 | 9,474 | 15,399 | -38% | |||||||
| 773 | 985 | 1,893 | -59% | Divestments | 1,758 | 4,877 | -64% | |||||||
| 3,790 | 3,923 | 4,616 | -18% | Net investments7 | 7,713 | 10,441 | -26% | |||||||
| 4,059 | 4,615 | 5,148 | -21% | Organic investments8 | 8,674 | 11,217 | -23% | |||||||
| 4,000 | 3,708 | 5,317 | -25% | Operating cash flow before working capital changes9 | 7,708 | 9,952 | -23% | |||||||
| 2,882 | 1,881 | 4,732 | -39% | Cash flow from operations | 4,763 | 9,119 | -48% |
* 1Q15 data as republished in 2Q15 following the reclassification in the statement of income of certain taxes related to the participation in the ADCO concession. Details on adjustment items are shown in the business segments of the financial statements.** Average €-$ exchange rate: 1.1292 in the second quarter 2016 and 1.1159 in the first half 2016.
Highlights since the beginning of the second quarter 201610
Obtained 30% interest in the giant Al-Shaheen field in Qatar for 25 years starting July 2017 Loading of first Angola LNG cargo following the plant restart Took control of Saft in the energy storage sector following a successful tender offer Acquired gas and electricity distributor Lampiris in Belgium Acquired import terminals and retail network in Kenya, Uganda and Tanzania Signed an agreement to supply 0.4 million tons of LNG per year to Japan’s Chugoku for a period of 17 years. The new organizational structure includes the following appointments to the Executive Committee: Momar Nguer, President, Marketing & Services as of April 15, 2016; Namita Shah, Executive Vice President, People & Social Responsibility; Bernard Pinatel, President, Refining & Chemicals effective September 1, 2016. Philippe Sauquet becomes President, Gas, Renewables and Power and Executive Vice President, Strategy & Innovation.Analysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | 1H16 | 1H15 | 1H16 vs 1H15 | ||||||||
| 45.6 | 33.9 | 61.9 | -26% | Brent ($/b) | 39.8 | 57.8 | -31% | |||||||
| 43.0 | 31.0 | 58.2 | -26% | Average liquids price ($/b) | 36.8 | 53.8 | -32% | |||||||
| 3.43 | 3.46 | 4.67 | -27% | Average gas price ($/Mbtu) | 3.44 | 5.03 | -32% | |||||||
| 33.0 | 26.4 | 45.4 | -27% | Average hydrocarbon price ($/boe) | 29.6 | 43.6 | -32% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Hydrocarbon production | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 2,424 | 2,479 | 2,299 | +5% | Combined production (kboe/d) | 2,452 | 2,347 | +4% | |||||||
| 1,253 | 1,286 | 1,215 | +3% | Liquids (kb/d) | 1,269 | 1,227 | +3% | |||||||
| 6,466 | 6,441 | 5,910 | +9% | Gas (Mcf/d) | 6,453 | 6,110 | +6% |
Hydrocarbon production was 2,424 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2016, an increase of more than 5% compared to the second quarter 2015, due to the following:
+6% due to new project start ups and ramp ups, notably Laggan-Tormore, Vega Pleyade, Moho Phase 1b, Gladstone LNG and Termokarstovoye; -2% due to the security situation in Nigeria and forest fires in Canada; +1% due to the PSC price effect and performance, net of normal field decline.In the first half 2016, hydrocarbon production was 2,452 kboe/d, an increase of 4.5% compared to the first half 2015, due to the following:
+5% due to new project start ups and ramp ups, notably Laggan-Tormore, Vega Pleyade, Moho Phase 1b, Gladstone LNG and Termokarstovoye; -2% due to the security situation in Nigeria and Yemen, and forest fires in Canada; +2% due to the PSC price effect and performance, net of normal field decline.> Results
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | In millions of dollars, except effective tax rate | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 580 | 142 | 1,995 | -71% | Adjusted operating income* | 722 | 3,526 | -80% | |||||||
| 3.2% | -7.0% | 47.3% | - | Effective tax rate** | 0.8% | 47.9% | - | |||||||
| 1,127 | 498 | 1,560 | -28% | Adjusted net operating income* | 1,625 | 2,919 | -44% | |||||||
| 452 | 269 | 489 | -8% | including income from equity affiliates | 721 | 992 | -27% | |||||||
| 3,539 | 4,237 | 5,653 | -37% | Investments | 7,776 | 13,804 | -44% | |||||||
| 448 | 915 | 379 | +18% | Divestments | 1,363 | 1,541 | -12% | |||||||
| 3,261 | 4,146 | 5,212 | -37% | Organic investments | 7,408 | 10,724 | -31% | |||||||
| 2,281 | 1,831 | 3,010 | -24% | Operating cash flow before working capital changes | 4,112 | 5,929 | -31% | |||||||
| 983 | 2,113 | 2,713 | -64% | Cash flow from operations | 3,096 | 6,238 | -50% |
* 1Q15 data as republished in 2Q15 following the reclassification in the income statement of certain taxes related to the participation in the ADCO concession. Details on adjustment items are 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).
Operating cash flow before working capital changes moved in line with the average hydrocarbon price and captured the benefit from cost reductions and production growth:
In the second quarter 2016, Upstream operating cash flow before working capital changes was 2,281 M$, a decrease of 24% compared to the second quarter 2015; in the first half 2016, Upstream operating cash flow before working capital changes was 4,112 M$, a decrease of 31% compared to the first half 2015.Upstream adjusted net operating income was:
1,127 M$ in the second quarter 2016, a decrease of 28% compared to the second quarter 2015, essentially due to the decrease in the average hydrocarbon price, partially offset by the increase in production, decrease in operating costs and lower exploration expenses and taxes; 1,625 M$ in the first half 2016, a decrease of 44% compared to the first half 2015, for the same reasons.Refining & Chemicals
> Refinery throughput and utilization rates*
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | 1H16 | 1H15 | 1H16 vs 1H15 | ||||||||
| 1,795 | 2,105 | 1,998 | -10% | Total refinery throughput (kb/d) | 1,951 | 2,006 | -3% | |||||||
| 522 | 756 | 613 | -15% | France | 639 | 675 | -5% | |||||||
| 803 | 844 | 875 | -8% | Rest of Europe | 824 | 835 | -1% | |||||||
| 470 | 505 | 510 | -8% | Rest of world | 488 | 496 | -2% | |||||||
| Utlization rates** | ||||||||||||||
| 77% | 91% | 84% | Based on crude only | 84% | 85% | |||||||||
| 80% | 94% | 87% | Based on crude and other feedstock | 87% | 88% |
* Includes share of TotalErg, as well as refineries in Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.** Based on distillation capacity at the beginning of the year.
Refinery throughput:
decreased by 10% in the second quarter 2016 compared to the second quarter 2015, due to outages in Europe and the United States; decreased by 3% in the first half 2016 compared to the first half 2015; strong operational performance in the first quarter was offset by outages in the second quarter.> Results
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | In millions of dollars except the ERMI | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 35.0 | 35.1 | 54.1 | -35% | European refining margin indicator - ERMI ($/t) | 35.1 | 50.6 | -31% | |||||||
| 965 | 1,297 | 1,604 | -40% | Adjusted operating income* | 2,262 | 2,939 | -23% | |||||||
| 1,018 | 1,128 | 1,349 | -25% | Adjusted net operating income* | 2,146 | 2,449 | -12% | |||||||
| 150 | 116 | 135 | +11% | including Specialty Chemicals** | 266 | 251 | +6% | |||||||
| 480 | 259 | 465 | +3% | Investments | 739 | 899 | -18% | |||||||
| 23 | 29 | 874 | -97% | Divestments | 52 | 2,640 | -98% | |||||||
| 457 | 232 | (425) | na | Organic investments | 689 | (15) | na | |||||||
| 1,138 | 1,319 | 1,566 | -27% | Operating cash flow before working capital changes | 2,457 | 2,946 | -17% | |||||||
| 1,560 | (421) | 1,700 | -8% | Cash flow from operations | 1,139 | 2,014 | -43% |
* Details on adjustment items are shown in the business segment information annex to financial statements.** Hutchinson and Atotech, Bostik until February 2015.
The Group’s European refining margin indicator (ERMI) remained stable compared to the first quarter 2016 but decreased by 35% compared to last year. The petrochemical environment remained favorable, supported by strong polymer demand.
Refining & Chemicals adjusted net operating income was:
1,018 M$ in the second quarter 2016, a decrease of only 25% compared to the second quarter 2015, despite lower refining margins and throughput, thanks to strong operational performance of the Group’s major integrated platforms in Asia and the Middle East. 2,146 M$ in the first half 2016, a decrease of 12% compared to the first half 2015.Marketing & Services
> Petroleum product sales
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Sales in kb/d* | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 1,793 | 1,757 | 1,822 | -2% | Total Marketing & Services sales | 1,775 | 1,818 | -2% | |||||||
| 1,074 | 1,062 | 1,079 | - | Europe | 1,068 | 1,091 | -2% | |||||||
| 719 | 695 | 743 | -3% | Rest of world | 707 | 727 | -3% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
In the second quarter 2016, petroleum product sales decreased by 2% compared to the second quarter 2015, mainly due to the sale of Totalgaz and the marketing network in Turkey. Excluding this perimeter effect, retail network and land-based lubricant sales increased by 3.5%.In the first half 2016, refined product sales decreased by 2% compared to the first half 2015.
> Results
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | In millions of dollars | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 17,305 | 15,433 | 20,419 | -15% | Sales | 32,738 | 40,039 | -18% | |||||||
| 434 | 331 | 465 | -7% | Adjusted operating income* | 765 | 910 | -16% | |||||||
| 378 | 252 | 425 | -11% | Adjusted net operating income* | 630 | 746 | -16% | |||||||
| (43) | (37) | (45) | na | including New Energies | (80) | (87) | na | |||||||
| 339 | 390 | 436 | -22% | Investments | 729 | 651 | +12% | |||||||
| 296 | 37 | 627 | -53% | Divestments | 333 | 679 | -51% | |||||||
| 329 | 220 | 324 | +2% | Organic investments | 549 | 467 | +18% | |||||||
| 511 | 362 | 531 | -4% | Operating cash flow before working capital changes | 873 | 949 | -8% | |||||||
| (15) | 240 | 379 | na | Cash flow from operations | 225 | 1,023 | -78% |
* Details on adjustment items are shown in the business segment information annex to financial statements.
Marketing & Services adjusted net operating income was:
378 M$ in the second quarter 2016, a 50% increase compared to the first quarter 2016, reaching a level similar to second quarter 2015 despite the asset sales over the past year. 630 M$ in the first half 2016, a decrease of 16% compared to the first half 2015.Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was:
2,523 M$ in the second quarter 2016, a decrease of 24% compared to the second quarter 2015, mainly due to lower average hydrocarbon prices in the Upstream and lower refining margins; 4,401 M$ in the first half 2016, a decrease of 28% compared to the first half 2015 for the same reasons.The effective tax rate11 for the business segments was:
19.8% in the second quarter 2016 compared to 37.5% in the second quarter 2015, mainly due to the lower effective tax rate in the Upstream; 21.9% in the first half 2016 compared to 37.4% in the first half 2015, for the same reason.> Net income (Group share)
Adjusted net income was:
2,174 M$ in the second quarter 2016 compared to 3,085 M$ in the second quarter 2015, a decrease of 30%; 3,810 M$ in the first half 2016 compared to 5,687 M$ in the first half 2015, a decrease of 33%.Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value12.
Total adjustments affecting net income (Group share)13 were:
-86 M$ in the second quarter 2016, including mainly the inventory effect and the impairment of assets that will not be developed. -116 M$ in the first half 2016, including mainly inventory effect, the gain on the sale of the FUKA gas pipeline network in the North Sea in the first quarter and the impairment of assets that will not be developed.The number of fully-diluted shares was 2,401 million on June 30, 2016, and 2,294 million on June 30, 2015.
> Divestments – acquisitions
Asset sales were:
472 M$ in the second quarter 2016, comprised mainly of the sale of the retail network in Turkey; 1,357 M$ in the first half 2016, comprised mainly of the sales of the retail network in Turkey and the FUKA gas pipeline network in the North Sea.Acquisitions were:
206 M$ in the second quarter 2016, comprised mainly of the purchase of shares in Saft; 399 M$ in the first half 2016, comprised mainly of the purchase of shares in Saft and the acquisition of the retail network in the Dominican Republic.> Net cash flow
The Group’s net cash flow14 was:
210 M$ in the second quarter 2016 compared to 701 M$ in the second quarter 2015, despite the drop in Brent price from 62 $/b to 46 $/b; operating cash flow before working capital changes was 4.0 B$ compared to 5.3 B$ in the second quarter 2015 and net investments were 3.8 B$ compared to 4.6 B$ in the second quarter 2015. -5 M$ in the first half 2016 compared to -489 M$ in the first half 2015, despite the decrease in Brent price from 58 $/b to 40 $/b; operating cash flow before working capital changes was 7.7 B$, around the same level as net investments, compared to 10.0 B$ and 10.4 B$ respectively in the first half 2015.> Return on equity
Return on equity from July 1, 2015 to June 30, 2016 was 8.9%15.
TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was 1,142 M€ in the first half 2016 compared to 3,438 M€ in the first half 2015. In the first half 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.
Summary and outlook
The financial performance of the Group over the first half 2016 demonstrates the strength of its integrated model across a range of volatile prices. The Group was resilient in a weak environment at the start of the year and fully captured the benefit of the rebound in prices during the second quarter.
In the Upstream, the start up of Incahuasi in Bolivia and Kashagan in Kazakhstan are expected in the second half of the year, following the first-half start-ups of Laggan-Tormore in the United Kingdom, Vega Pleyade in Argentina and Angola LNG. Production growth is projected to be 4% for the year as a whole, after reaching 4.5% in the first half.
In the Downstream, refining margins were lower at the beginning of the third quarter, due to high inventory levels. Reducing capacity at the Lindsey refinery and ending crude refining at La Mède refinery to convert it to a bio-refinery will be finalized in the second half of the year. The Group’s major integrated platforms are performing well and capturing the benefit of strong petrochemical margins which are supported by polymer demand.
Total maintains strict discipline on costs and investments as part of its strategy to reduce the breakeven. In obtaining an interest in Al-Shaheen, it continues to add high quality, low cost assets to the portfolio.
In addition, the Group continues to actively manage its portfolio by launching the sale process for Atotech, and confirms its objective to generate 2 B$ from net asset sales over the year.
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To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 14:30 (London time) please log on to total.com or call +44 (0)203 427 1900 in Europe or +1 212 444 0412 in the United States (access code: 9046552). 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 (access code: 9046552).
Operating information by segment
Upstream*
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Combined liquids and gas production by region (kboe/d) | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 770 | 788 | 645 | +19% | Europe and Central Asia | 779 | 649 | +20% | |||||||
| 634 | 630 | 622 | +2% | Africa | 632 | 634 | - | |||||||
| 505 | 531 | 518 | -2% | Middle East and North Africa | 518 | 549 | -6% | |||||||
| 251 | 258 | 263 | -4% | Americas | 255 | 258 | -1% | |||||||
| 264 | 271 | 251 | +5% | Asia Pacific | 268 | 256 | +4% | |||||||
| 2,424 | 2,479 | 2,299 | +5% | Total production | 2,452 | 2,347 | +4% | |||||||
| 627 | 620 | 547 | +15% | including equity affiliates | 624 | 560 | +11% | |||||||
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Liquids production by region (kb/d) | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 251 | 251 | 210 | +20% | Europe and Central Asia | 251 | 206 | +21% | |||||||
| 511 | 518 | 508 | +1% | Africa | 515 | 518 | -1% | |||||||
| 367 | 380 | 369 | -1% | Middle East and North Africa | 374 | 375 | - | |||||||
| 93 | 104 | 96 | -4% | Americas | 99 | 93 | +6% | |||||||
| 30 | 33 | 32 | -6% | Asia Pacific | 32 | 34 | -7% | |||||||
| 1,253 | 1,286 | 1,215 | +3% | Total production | 1,269 | 1,227 | +3% | |||||||
| 265 | 240 | 218 | +21% | including equity affiliates | 253 | 213 | +19% | |||||||
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Gas production by region (Mcf/d) | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 2,877 | 2,814 | 2,335 | +23% | Europe and Central Asia | 2,845 | 2,379 | +20% | |||||||
| 594 | 564 | 566 | +5% | Africa | 579 | 578 | - | |||||||
| 761 | 837 | 817 | -7% | Middle East and North Africa | 800 | 956 | -16% | |||||||
| 881 | 860 | 934 | -6% | Americas | 870 | 919 | -5% | |||||||
| 1,353 | 1,366 | 1,258 | +8% | Asia Pacific | 1,359 | 1,278 | +6% | |||||||
| 6,466 | 6,441 | 5,910 | +9% | Total production | 6,453 | 6,110 | +6% | |||||||
| 1,927 | 2,039 | 1,764 | +9% | including equity affiliates | 1,983 | 1,863 | +6% | |||||||
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Liquefied natural gas | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 2.76 | 2.64 | 2.39 | +15% | LNG sales** (Mt) | 5.39 | 5.21 | +3% |
* The regional reporting has been changed to reflect the Company’s internal organization. Historical data is available at total.com.** Sales, Group share, excluding trading; 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2015 SEC coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | Petroleum product sales by region (kb/d)* | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 2,372 | 2,288 | 2,100 | +13% | Europe | 2,330 | 2,078 | +12% | |||||||
| 597 | 501 | 657 | -9% | Africa | 549 | 660 | -17% | |||||||
| 597 | 531 | 625 | -4% | Americas | 564 | 603 | -6% | |||||||
| 705 | 771 | 641 | +10% | Rest of world | 738 | 649 | +14% | |||||||
| 4,271 | 4,091 | 4,023 | +6% | Total consolidated sales | 4,181 | 3,990 | +5% | |||||||
| 717 | 699 | 632 | +13% | Including bulk sales | 708 | 630 | +12% | |||||||
| 1,761 | 1,635 | 1,569 | +12% | Including trading | 1,698 | 1,542 | +10% |
* Includes share of TotalErg.
Adjustment items
> Adjustments to operating income
| 2Q16 | 1Q16 | 2Q15 | In millions of dollars | 1H16 | 1H15 | |||||
| (633) | (464) | (474) | Special items affecting operating income | (1,097) | (1,851) | |||||
| (8) | (11) | - | Restructuring charges | (19) | - | |||||
| (200) | - | (248) | Impairments | (200) | (1,294) | |||||
| (425) | (453) | (226) | Other | (878) | (557) | |||||
| 634 | (282) | 250 | Pre-tax inventory effect: FIFO vs. replacement cost | 352 | 478 | |||||
| (6) | 3 | (10) | Effect of changes in fair value | (3) | (6) | |||||
| (5) | (743) | (234) | Total adjustments affecting operating income | (748) | (1,379) |
> Adjustment to net income (Group share)
| 2Q16 | 1Q16 | 2Q15 | In millions of dollars | 1H16 | 1H15 | |||||
| (486) | 150 | (282) | Special items affecting net income (Group share) | (336) | (377) | |||||
| (14) | 358 | 327 | Gain (loss) on asset sales | 344 | 1,329 | |||||
| (2) | (2) | - | Restructuring charges | (4) | (31) | |||||
| (178) | - | (245) | Impairments | (178) | (1,354) | |||||
| (292) | (206) | (364) | Other | (498) | (321) | |||||
| 405 | (183) | 174 | After-tax inventory effect: FIFO vs. replacement cost | 222 | 328 | |||||
| (5) | 3 | (6) | Effect of changes in fair value | (2) | (4) | |||||
| (86) | (30) | (114) | Total adjustments affecting net income | (116) | (53) |
2016 Sensitivities*
| Scenario | Change | Estimated impact on adjusted net operating income | Estimated 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
| 2Q16 | 1Q16 | 2Q15 | 2Q16 vs 2Q15 | In millions of dollars | 1H16 | 1H15 | 1H16 vs 1H15 | |||||||
| 4,059 | 4,615 | 5,148 | -21% | Organic investments | 8,674 | 11,217 | -23% | |||||||
| 172 | 228 | 396 | -57% | capitalized exploration | 400 | 796 | -50% | |||||||
| 257 | 572 | 391 | -34% | increase in non-current loans | 829 | 1,184 | -30% | |||||||
| (301) | (100) | (1,160) | -74% | repayment of non-current loans | (401) | (1,405) | -71% | |||||||
| 206 | 193 | 282 | -27% | Acquisitions | 399 | 2,777 | -86% | |||||||
| 472 | 885 | 733 | -36% | Asset sales | 1,357 | 3,472 | -61% | |||||||
| 3 | - | 81 | -96% | Other transactions with non-controlling interests | 3 | 81 | -96% | |||||||
| 3,790 | 3,923 | 4,616 | -18% | Net investments | 7,713 | 10,441 | -26% |
Net-debt-to-equity ratio
| Net-debt-to-equity ratio | ||||||
| In millions of dollars | 6/30/2016 | 3/31/2016 | 6/30/2015 | |||
| Current borrowings | 13,789 | 10,858 | 13,114 | |||
| Net current financial assets | (1,628) | (3,231) | (2,351) | |||
| Net financial assets classified as held for sale | (97) | 83 | (16) | |||
| Non-current financial debt | 41,668 | 43,138 | 43,363 | |||
| Hedging instruments of non-current debt | (1,251) | (1,236) | (1,157) | |||
| Cash and cash equivalents | (22,653) | (20,570) | (27,322) | |||
| Net debt | 29,828 | 29,042 | 25,631 | |||
| Shareholders’ equity - Group share | 97,985 | 96,443 | 97,244 | |||
| Estimated dividend payable | (1,618) | (3,250) | (1,561) | |||
| Non-controlling interests | 2,904 | 2,960 | 3,104 | |||
| Adjusted shareholders' equity | 99,271 | 96,153 | 98,787 | |||
| Net-debt-to-equity ratio | 30.0% | 30.2% | 25.9% |
Return on equity
| In millions of dollars | July 1, 2015 toJune 30, 2016 | April 1, 2015 toMarch 31, 2016 | January 1, 2015 toDecember 31, 2015 | |||
| Adjusted net income | 8,817 | 9,742 | 10,698 | |||
| Average adjusted shareholders' equity | 99,029 | 95,643 | 92,854 | |||
| Return on equity (ROE) | 8.9% | 10.2% | 11.5% |
Return on average capital employed
> Twelve months ended June 30, 2016
| In millions of dollars | Upstream | Refining &Chemicals | Marketing &Services | Group | ||||
| Adjusted net operating income | 3,480 | 4,586 | 1,583 | 9,565 | ||||
| Capital employed at 6/30/2015* | 107,214 | 12,013 | 8,234 | 124,001 | ||||
| Capital employed at 6/30/2016* | 108,733 | 12,249 | 9,021 | 129,635 | ||||
| ROACE | 3.2% | 37.8% | 18.3% | 7.5% |
> Twelve months ended March 31, 2016
| In millions of dollars | Upstream | Refining &Chemicals | Marketing &Services | Group | ||||
| Adjusted net operating income | 3,913 | 4,917 | 1,630 | 10,460 | ||||
| Capital employed at 03/31/2015* | 103,167 | 12,534 | 7,928 | 123,218 | ||||
| Capital employed at 03/31/2016* | 106,517 | 12,505 | 8,800 | 127,754 | ||||
| ROACE | 3.7% | 39.3% | 19.5% | 8.3% |
> Twelve months ended December 31, 2015
| In millions of dollars | Upstream | Refining &Chemicals | Marketing &Services | Group | ||||
| Adjusted net operating income | 4,774 | 4,889 | 1,699 | 11,400 | ||||
| Capital employed at 12/31/2014* | 100,497 | 13,451 | 8,825 | 120,526 | ||||
| Capital employed at 12/31/2015* | 105,580 | 10,407 | 8,415 | 121,143 | ||||
| ROACE | 4.6% | 41.0% | 19.7% | 9.4% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half of 2016 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monétaire et financier, and is available on the Total website total.com.
This press release presents the results for the second quarter 2016 and the first half 2016 from the consolidated financial statements of TOTAL S.A. as of June 30, 2016. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.
In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.
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 for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definitions on page 2.2 Group share.3 The ex-dividend date will be December 21, 2016, and the payment date will be set for January 12, 2017.4 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 9.5 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).6 Including acquisitions and increases in non-current loans.7 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.8 Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.9 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 12.10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.11 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).12 Details shown on page 12.13 Details shown on page 9 and in the annex to the financial statements.14 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).15 Details shown on page 11.
Total financial statements____________________
Second quarter and first half 2016 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) (a) | 2nd quarter 2016 | 1st quarter 2016 | 2nd quarter 2015 | |||
| Sales | 37,215 | 32,841 | 44,715 | |||
| Excise taxes | (5,504) | (5,319) | (5,446) | |||
| Revenues from sales | 31,711 | 27,522 | 39,269 | |||
| Purchases, net of inventory variation | (20,548) | (17,639) | (26,353) | |||
| Other operating expenses | (5,906) | (6,136) | (6,031) | |||
| Exploration costs | (536) | (194) | (352) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,968) | (2,680) | (2,831) | |||
| Other income | 172 | 500 | 722 | |||
| Other expense | (133) | (70) | (396) | |||
| Financial interest on debt | (267) | (274) | (231) | |||
| Financial income from marketable securities & cash equivalents | 1 | 10 | 28 | |||
| Cost of net debt | (266) | (264) | (203) | |||
| Other financial income | 312 | 191 | 255 | |||
| Other financial expense | (166) | (155) | (163) | |||
| Equity in net income (loss) of affiliates | 776 | 498 | 685 | |||
| Income taxes | (330) | 48 | (1,589) | |||
| Consolidated net income | 2,118 | 1,621 | 3,013 | |||
| Group share | 2,088 | 1,606 | 2,971 | |||
| Non-controlling interests | 30 | 15 | 42 | |||
| Earnings per share ($) | 0.86 | 0.67 | 1.29 | |||
| Fully-diluted earnings per share ($) | 0.86 | 0.67 | 1.29 |
(a) Except for per share amounts.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 2nd quarter 2016 | 1st quarter 2016 | 2nd quarter 2015 | |||
| Consolidated net income | 2,118 | 1,621 | 3,013 | |||
| Other comprehensive income | ||||||
| Actuarial gains and losses | (132) | (81) | 248 | |||
| Tax effect | 40 | 32 | (81) | |||
| Currency translation adjustment generated by the parent company | (2,113) | 3,641 | 2,963 | |||
| Items not potentially reclassifiable to profit and loss | (2,205) | 3,592 | 3,130 | |||
| Currency translation adjustment | 589 | (1,944) | (1,160) | |||
| Available for sale financial assets | (4) | (10) | (12) | |||
| Cash flow hedge | (66) | 98 | 36 | |||
| Share of other comprehensive income of equity affiliates, net amount | 355 | (1) | (201) | |||
| Other | - | 3 | (2) | |||
| Tax effect | 21 | (24) | (8) | |||
| Items potentially reclassifiable to profit and loss | 895 | (1,878) | (1,347) | |||
| Total other comprehensive income (net amount) | (1,310) | 1,714 | 1,783 | |||
| Comprehensive income | 808 | 3,335 | 4,796 | |||
| Group share | 795 | 3,308 | 4,749 | |||
| Non-controlling interests | 13 | 27 | 47 |
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) (a) | 1st half 2016 | 1st half 2015 | ||
| Sales | 70,056 | 87,028 | ||
| Excise taxes | (10,823) | (10,796) | ||
| Revenues from sales | 59,233 | 76,232 | ||
| Purchases, net of inventory variation | (38,187) | (50,557) | ||
| Other operating expenses | (12,042) | (12,303) | ||
| Exploration costs | (730) | (989) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,648) | (6,703) | ||
| Other income | 672 | 2,343 | ||
| Other expense | (203) | (838) | ||
| Financial interest on debt | (541) | (493) | ||
| Financial income from marketable securities & cash equivalents | 11 | 59 | ||
| Cost of net debt | (530) | (434) | ||
| Other financial income | 503 | 397 | ||
| Other financial expense | (321) | (329) | ||
| Equity in net income (loss) of affiliates | 1,274 | 1,275 | ||
| Income taxes | (282) | (2,573) | ||
| Consolidated net income | 3,739 | 5,521 | ||
| Group share | 3,694 | 5,634 | ||
| Non-controlling interests | 45 | (113) | ||
| Earnings per share ($) | 1.54 | 2.46 | ||
| Fully-diluted earnings per share ($) | 1.53 | 2.45 | ||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 1st half 2016 | 1st half 2015 | ||
| Consolidated net income | 3,739 | 5,521 | ||
| Other comprehensive income | ||||
| Actuarial gains and losses | (213) | 153 | ||
| Tax effect | 72 | (117) | ||
| Currency translation adjustment generated by the parent company | 1,528 | (5,229) | ||
| Items not potentially reclassifiable to profit and loss | 1,387 | (5,193) | ||
| Currency translation adjustment | (1,355) | 2,588 | ||
| Available for sale financial assets | (14) | (4) | ||
| Cash flow hedge | 32 | (94) | ||
| Share of other comprehensive income of equity affiliates, net amount | 354 | 841 | ||
| Other | 3 | 1 | ||
| Tax effect | (3) | 29 | ||
| Items potentially reclassifiable to profit and loss | (983) | 3,361 | ||
| Total other comprehensive income (net amount) | 404 | (1,832) | ||
| Comprehensive income | 4,143 | 3,689 | ||
| Group share | 4,103 | 3,833 | ||
| Non-controlling interests | 40 | (144) |
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
| (unaudited) | ||||||||
| (M$) | June 30, 2016 (unaudited) | March 31, 2016 (unaudited) | December 31, 2015 (unaudited) | June 30, 2015 (unaudited) | ||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 14,207 | 14,512 | 14,549 | 16,101 | ||||
| Property, plant and equipment, net | 111,420 | 111,636 | 109,518 | 110,023 | ||||
| Equity affiliates : investments and loans | 20,683 | 20,411 | 19,384 | 19,380 | ||||
| Other investments | 1,411 | 1,413 | 1,241 | 1,248 | ||||
| Hedging instruments of non-current financial debt | 1,251 | 1,236 | 1,219 | 1,157 | ||||
| Deferred income taxes | 4,175 | 3,955 | 3,982 | 3,145 | ||||
| Other non-current assets | 4,467 | 4,329 | 4,355 | 4,047 | ||||
| Total non-current assets | 157,614 | 157,492 | 154,248 | 155,101 | ||||
| Current assets | ||||||||
| Inventories, net | 15,021 | 13,887 | 13,116 | 17,373 | ||||
| Accounts receivable, net | 11,933 | 12,220 | 10,629 | 14,415 | ||||
| Other current assets | 14,850 | 15,827 | 15,843 | 15,072 | ||||
| Current financial assets | 2,018 | 3,439 | 6,190 | 2,439 | ||||
| Cash and cash equivalents | 22,653 | 20,570 | 23,269 | 27,322 | ||||
| Assets classified as held for sale | 1,257 | 724 | 1,189 | 2,754 | ||||
| Total current assets | 67,732 | 66,667 | 70,236 | 79,375 | ||||
| Total assets | 225,346 | 224,159 | 224,484 | 234,476 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,846 | 7,709 | 7,670 | 7,549 | ||||
| Paid-in surplus and retained earnings | 106,343 | 103,766 | 101,528 | 103,286 | ||||
| Currency translation adjustment | (11,619) | (10,447) | (12,119) | (9,243) | ||||
| Treasury shares | (4,585) | (4,585) | (4,585) | (4,348) | ||||
| Total shareholders' equity - Group share | 97,985 | 96,443 | 92,494 | 97,244 | ||||
| Non-controlling interests | 2,904 | 2,960 | 2,915 | 3,104 | ||||
| Total shareholders' equity | 100,889 | 99,403 | 95,409 | 100,348 | ||||
| Non-current liabilities | ||||||||
| Deferred income taxes | 11,345 | 11,766 | 12,360 | 13,458 | ||||
| Employee benefits | 3,887 | 3,984 | 3,774 | 4,426 | ||||
| Provisions and other non-current liabilities | 17,270 | 17,607 | 17,502 | 17,353 | ||||
| Non-current financial debt | 41,668 | 43,138 | 44,464 | 43,363 | ||||
| Total non-current liabilities | 74,170 | 76,495 | 78,100 | 78,600 | ||||
| Current liabilities | ||||||||
| Accounts payable | 20,478 | 20,887 | 20,928 | 22,469 | ||||
| Other creditors and accrued liabilities | 14,983 | 15,938 | 16,884 | 18,718 | ||||
| Current borrowings | 13,789 | 10,858 | 12,488 | 13,114 | ||||
| Other current financial liabilities | 390 | 208 | 171 | 88 | ||||
| Liabilities directly associated with the assets classified as held for sale | 647 | 370 | 504 | 1,139 | ||||
| Total current liabilities | 50,287 | 48,261 | 50,975 | 55,528 | ||||
| Total liabilities & shareholders' equity | 225,346 | 224,159 | 224,484 | 234,476 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 2nd quarter 2016 | 1st quarter 2016 | 2nd quarter 2015 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 2,118 | 1,621 | 3,013 | |||
| Depreciation, depletion, amortization and impairment | 3,361 | 2,735 | 3,113 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (477) | (268) | 285 | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (48) | (367) | (459) | |||
| Undistributed affiliates' equity earnings | (280) | (236) | (221) | |||
| (Increase) decrease in working capital | (1,752) | (1,545) | (835) | |||
| Other changes, net | (40) | (59) | (164) | |||
| Cash flow from operating activities | 2,882 | 1,881 | 4,732 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (4,094) | (4,146) | (5,991) | |||
| Acquisitions of subsidiaries, net of cash acquired | 11 | (133) | (3) | |||
| Investments in equity affiliates and other securities | (226) | (57) | (205) | |||
| Increase in non-current loans | (257) | (572) | (391) | |||
| Total expenditures | (4,566) | (4,908) | (6,590) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 200 | 792 | 221 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 270 | - | 403 | |||
| Proceeds from disposals of non-current investments | 2 | 93 | 109 | |||
| Repayment of non-current loans | 301 | 100 | 1,160 | |||
| Total divestments | 773 | 985 | 1,893 | |||
| Cash flow used in investing activities | (3,793) | (3,923) | (4,697) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 4 | - | 438 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (1,173) | (954) | (6) | |||
| - Non-controlling interests | (72) | (3) | (70) | |||
| Issuance of perpetual subordinated notes | 1,950 | - | - | |||
| Payments on perpetual subordinated notes | - | (133) | - | |||
| Other transactions with non-controlling interests | 3 | - | 81 | |||
| Net issuance (repayment) of non-current debt | 400 | 154 | 1,635 | |||
| Increase (decrease) in current borrowings | 1,011 | (3,027) | (512) | |||
| Increase (decrease) in current financial assets and liabilities | 1,399 | 2,746 | (79) | |||
| Cash flow used in financing activities | 3,522 | (1,217) | 1,487 | |||
| Net increase (decrease) in cash and cash equivalents | 2,611 | (3,259) | 1,522 | |||
| Effect of exchange rates | (528) | 560 | 749 | |||
| Cash and cash equivalents at the beginning of the period | 20,570 | 23,269 | 25,051 | |||
| Cash and cash equivalents at the end of the period | 22,653 | 20,570 | 27,322 | |||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 1st half 2016 | 1st half 2015 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 3,739 | 5,521 | ||
| Depreciation, depletion, amortization and impairment | 6,096 | 7,537 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (745) | (161) | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (415) | (1,816) | ||
| Undistributed affiliates' equity earnings | (516) | (289) | ||
| (Increase) decrease in working capital | (3,297) | (1,311) | ||
| Other changes, net | (99) | (362) | ||
| Cash flow from operating activities | 4,763 | 9,119 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (8,240) | (13,947) | ||
| Acquisitions of subsidiaries, net of cash acquired | (122) | (10) | ||
| Investments in equity affiliates and other securities | (283) | (258) | ||
| Increase in non-current loans | (829) | (1,184) | ||
| Total expenditures | (9,474) | (15,399) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 992 | 1,180 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 270 | 2,161 | ||
| Proceeds from disposals of non-current investments | 95 | 131 | ||
| Repayment of non-current loans | 401 | 1,405 | ||
| Total divestments | 1,758 | 4,877 | ||
| Cash flow used in investing activities | (7,716) | (10,522) | ||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 4 | 450 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,127) | (1,572) | ||
| - Non-controlling interests | (75) | (72) | ||
| Issuance of perpetual subordinated notes | 1,950 | 5,616 | ||
| Payments on perpetual subordinated notes | (133) | - | ||
| Other transactions with non-controlling interests | 3 | 81 | ||
| Net issuance (repayment) of non-current debt | 554 | 1,771 | ||
| Increase (decrease) in current borrowings | (2,016) | (89) | ||
| Increase (decrease) in current financial assets and liabilities | 4,145 | (1,101) | ||
| Cash flow used in financing activities | 2,305 | 5,084 | ||
| Net increase (decrease) in cash and cash equivalents | (648) | 3,681 | ||
| Effect of exchange rates | 32 | (1,540) | ||
| Cash and cash equivalents at the beginning of the period | 23,269 | 25,181 | ||
| Cash and cash equivalents at the end of the period | 22,653 | 27,322 |
| 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, 2015 | 2,385,267,525 | 7,518 | 94,646 | (7,480) | (109,361,413) | (4,354) | 90,330 | 3,201 | 93,531 | |||||||||
| Net income of the first half 2015 | - | - | 5,634 | - | - | - | 5,634 | (113) | 5,521 | |||||||||
| Other comprehensive Income | - | - | (38) | (1,763) | - | - | (1,801) | (31) | (1,832) | |||||||||
| Comprehensive Income | - | - | 5,596 | (1,763) | - | - | 3,833 | (144) | 3,689 | |||||||||
| Dividend | - | - | (3,123) | - | - | - | (3,123) | (72) | (3,195) | |||||||||
| Issuance of common shares | 11,092,565 | 31 | 419 | - | - | - | 450 | - | 450 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 103,150 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 69 | - | - | - | 69 | - | 69 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (31) | - | - | - | (31) | - | (31) | |||||||||
| Other operations with non-controlling interests | - | - | 21 | - | - | - | 21 | 57 | 78 | |||||||||
| Other items | - | - | 79 | - | - | - | 79 | 62 | 141 | |||||||||
| As of June 30, 2015 | 2,396,360,090 | 7,549 | 103,286 | (9,243) | (109,258,263) | (4,348) | 97,244 | 3,104 | 100,348 | |||||||||
| Net income from July 1 to December 31, 2015 | - | - | (547) | - | - | - | (547) | (188) | (735) | |||||||||
| Other comprehensive Income | - | - | 223 | (2,876) | - | - | (2,653) | (50) | (2,703) | |||||||||
| Comprehensive Income | - | - | (324) | (2,876) | - | - | (3,200) | (238) | (3,438) | |||||||||
| Dividend | - | - | (3,180) | - | - | - | (3,180) | (28) | (3,208) | |||||||||
| Issuance of common shares | 43,697,793 | 121 | 1,740 | - | - | - | 1,861 | - | 1,861 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,711,935) | (237) | (237) | - | (237) | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 2,440 | - | - | - | - | |||||||||
| Share-based payments | - | - | 32 | - | - | - | 32 | - | 32 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (83) | - | - | - | (83) | - | (83) | |||||||||
| Other operations with non-controlling interests | - | - | 2 | - | - | - | 2 | 7 | 9 | |||||||||
| Other items | - | - | 55 | - | - | - | 55 | 70 | 125 | |||||||||
| As of December 31, 2015 | 2,440,057,883 | 7,670 | 101,528 | (12,119) | (113,967,758) | (4,585) | 92,494 | 2,915 | 95,409 | |||||||||
| Net income of the first half 2016 | - | - | 3,694 | - | - | - | 3,694 | 45 | 3,739 | |||||||||
| Other comprehensive Income | - | - | (91) | 500 | - | - | 409 | (5) | 404 | |||||||||
| Comprehensive Income | - | - | 3,603 | 500 | - | - | 4,103 | 40 | 4,143 | |||||||||
| Dividend | - | - | (3,188) | - | - | - | (3,188) | (75) | (3,263) | |||||||||
| Issuance of common shares | 63,204,391 | 176 | 2,490 | - | - | - | 2,666 | - | 2,666 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 1,580 | - | - | - | - | |||||||||
| Share-based payments | - | - | 52 | - | - | - | 52 | - | 52 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 1,950 | - | - | - | 1,950 | - | 1,950 | |||||||||
| Payments on perpetual subordinated notes | - | - | (77) | - | - | - | (77) | - | (77) | |||||||||
| Other operations with non-controlling interests | - | - | (40) | - | - | - | (40) | 6 | (34) | |||||||||
| Other items | - | - | 25 | - | - | - | 25 | 18 | 43 | |||||||||
| As of June 30, 2016 | 2,503,262,274 | 7,846 | 106,343 | (11,619) | (113,966,178) | (4,585) | 97,985 | 2,904 | 100,889 | |||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 2nd quarter 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,344 | 16,567 | 17,305 | (1) | - | 37,215 | ||||||
| Intersegment sales | 4,159 | 5,540 | 208 | 81 | (9,988) | - | ||||||
| Excise taxes | - | (924) | (4,580) | - | - | (5,504) | ||||||
| Revenues from sales | 7,503 | 21,183 | 12,933 | 80 | (9,988) | 31,711 | ||||||
| Operating expenses | (4,956) | (19,521) | (12,208) | (293) | 9,988 | (26,990) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,531) | (246) | (183) | (8) | - | (2,968) | ||||||
| Operating income | 16 | 1,416 | 542 | (221) | - | 1,753 | ||||||
| Equity in net income (loss) of affiliates and other items | 569 | 260 | 34 | 98 | - | 961 | ||||||
| Tax on net operating income | 180 | (379) | (190) | (8) | - | (397) | ||||||
| Net operating income | 765 | 1,297 | 386 | (131) | - | 2,317 | ||||||
| Net cost of net debt | (199) | |||||||||||
| Non-controlling interests | (30) | |||||||||||
| Net income | 2,088 | |||||||||||
| 2nd quarter 2016 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (6) | - | - | - | - | (6) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (6) | - | - | - | - | (6) | ||||||
| Operating expenses | (358) | 451 | 108 | - | - | 201 | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (200) | - | - | - | - | (200) | ||||||
| Operating income (b) | (564) | 451 | 108 | - | - | (5) | ||||||
| Equity in net income (loss) of affiliates and other items | - | (27) | (62) | - | - | (89) | ||||||
| Tax on net operating income | 202 | (145) | (38) | - | - | 19 | ||||||
| Net operating income (b) | (362) | 279 | 8 | - | - | (75) | ||||||
| Net cost of net debt | (5) | |||||||||||
| Non-controlling interests | (6) | |||||||||||
| Net income | (86) | |||||||||||
| (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 | - | 516 | 118 | - | ||||||||
| On net operating income | - | 331 | 84 | - | ||||||||
| 2nd quarter 2016 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,350 | 16,567 | 17,305 | (1) | - | 37,221 | ||||||
| Intersegment sales | 4,159 | 5,540 | 208 | 81 | (9,988) | - | ||||||
| Excise taxes | - | (924) | (4,580) | - | - | (5,504) | ||||||
| Revenues from sales | 7,509 | 21,183 | 12,933 | 80 | (9,988) | 31,717 | ||||||
| Operating expenses | (4,598) | (19,972) | (12,316) | (293) | 9,988 | (27,191) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,331) | (246) | (183) | (8) | - | (2,768) | ||||||
| Adjusted operating income | 580 | 965 | 434 | (221) | - | 1,758 | ||||||
| Equity in net income (loss) of affiliates and other items | 569 | 287 | 96 | 98 | - | 1,050 | ||||||
| Tax on net operating income | (22) | (234) | (152) | (8) | - | (416) | ||||||
| Adjusted net operating income | 1,127 | 1,018 | 378 | (131) | - | 2,392 | ||||||
| Net cost of net debt | (194) | |||||||||||
| Non-controlling interests | (24) | |||||||||||
| Adjusted net income | 2,174 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.90 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 2nd quarter 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 3,539 | 480 | 339 | 208 | - | 4,566 | ||||||
| Total divestments | 448 | 23 | 296 | 6 | - | 773 | ||||||
| Cash flow from operating activities | 983 | 1,560 | (15) | 354 | - | 2,882 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 1st quarter 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,466 | 13,938 | 15,433 | 4 | - | 32,841 | ||||||
| Intersegment sales | 3,262 | 4,148 | 132 | 70 | (7,612) | - | ||||||
| Excise taxes | - | (961) | (4,358) | - | - | (5,319) | ||||||
| Revenues from sales | 6,728 | 17,125 | 11,207 | 74 | (7,612) | 27,522 | ||||||
| Operating expenses | (4,798) | (15,782) | (10,781) | (220) | 7,612 | (23,969) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,247) | (253) | (172) | (8) | - | (2,680) | ||||||
| Operating income | (317) | 1,090 | 254 | (154) | - | 873 | ||||||
| Equity in net income (loss) of affiliates and other items | 670 | 177 | 14 | 103 | - | 964 | ||||||
| Tax on net operating income | 313 | (276) | (80) | 37 | - | (6) | ||||||
| Net operating income | 666 | 991 | 188 | (14) | - | 1,831 | ||||||
| Net cost of net debt | (210) | |||||||||||
| Non-controlling interests | (15) | |||||||||||
| Net income | 1,606 | |||||||||||
| 1st quarter 2016 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (126) | - | - | - | - | (126) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (126) | - | - | - | - | (126) | ||||||
| Operating expenses | (333) | (207) | (77) | - | - | (617) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | - | - | - | - | - | - | ||||||
| Operating income (b) | (459) | (207) | (77) | - | - | (743) | ||||||
| Equity in net income (loss) of affiliates and other items | 329 | - | (17) | - | - | 312 | ||||||
| Tax on net operating income | 298 | 70 | 30 | - | - | 398 | ||||||
| Net operating income (b) | 168 | (137) | (64) | - | - | (33) | ||||||
| Net cost of net debt | (6) | |||||||||||
| Non-controlling interests | 9 | |||||||||||
| Net income | (30) | |||||||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||
| On operating income | - | (205) | (77) | - | ||||||||
| On net operating income | - | (133) | (50) | - | ||||||||
| 1st quarter 2016 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,592 | 13,938 | 15,433 | 4 | - | 32,967 | ||||||
| Intersegment sales | 3,262 | 4,148 | 132 | 70 | (7,612) | - | ||||||
| Excise taxes | - | (961) | (4,358) | - | - | (5,319) | ||||||
| Revenues from sales | 6,854 | 17,125 | 11,207 | 74 | (7,612) | 27,648 | ||||||
| Operating expenses | (4,465) | (15,575) | (10,704) | (220) | 7,612 | (23,352) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,247) | (253) | (172) | (8) | - | (2,680) | ||||||
| Adjusted operating income | 142 | 1,297 | 331 | (154) | - | 1,616 | ||||||
| Equity in net income (loss) of affiliates and other items | 341 | 177 | 31 | 103 | - | 652 | ||||||
| Tax on net operating income | 15 | (346) | (110) | 37 | - | (404) | ||||||
| Adjusted net operating income | 498 | 1,128 | 252 | (14) | - | 1,864 | ||||||
| Net cost of net debt | (204) | |||||||||||
| Non-controlling interests | (24) | |||||||||||
| Adjusted net income | 1,636 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.68 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 1st quarter 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 4,237 | 259 | 390 | 22 | - | 4,908 | ||||||
| Total divestments | 915 | 29 | 37 | 4 | - | 985 | ||||||
| Cash flow from operating activities | 2,113 | (421) | 240 | (51) | - | 1,881 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 2nd quarter 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,498 | 19,793 | 20,419 | 5 | - | 44,715 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | - | (1,007) | (4,439) | - | - | (5,446) | ||||||
| Revenues from sales | 9,419 | 26,169 | 16,203 | 61 | (12,583) | 39,269 | ||||||
| Operating expenses | (5,449) | (24,182) | (15,508) | (180) | 12,583 | (32,736) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,329) | (291) | (202) | (9) | - | (2,831) | ||||||
| Operating income | 1,641 | 1,696 | 493 | (128) | - | 3,702 | ||||||
| Equity in net income (loss) of affiliates and other items | 319 | 107 | 503 | 174 | - | 1,103 | ||||||
| Tax on net operating income | (909) | (433) | (193) | (93) | - | (1,628) | ||||||
| Net operating income | 1,051 | 1,370 | 803 | (47) | - | 3,177 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | (42) | |||||||||||
| Net income | 2,971 | |||||||||||
| 2nd quarter 2015 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (158) | - | - | - | - | (158) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (158) | - | - | - | - | (158) | ||||||
| Operating expenses | (2) | 123 | 51 | - | - | 172 | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (194) | (31) | (23) | - | - | (248) | ||||||
| Operating income (b) | (354) | 92 | 28 | - | - | (234) | ||||||
| Equity in net income (loss) of affiliates and other items | (191) | (71) | 374 | - | - | 112 | ||||||
| Tax on net operating income | 36 | - | (24) | - | - | 12 | ||||||
| Net operating income (b) | (509) | 21 | 378 | - | - | (110) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | (4) | |||||||||||
| Net income | (114) | |||||||||||
| (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 | - | 199 | 51 | - | ||||||||
| On net operating income | - | 138 | 43 | - | ||||||||
|
|
|
|
| |||||||||
| 2nd quarter 2015 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,656 | 19,793 | 20,419 | 5 | - | 44,873 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | - | (1,007) | (4,439) | - | - | (5,446) | ||||||
| Revenues from sales | 9,577 | 26,169 | 16,203 | 61 | (12,583) | 39,427 | ||||||
| Operating expenses | (5,447) | (24,305) | (15,559) | (180) | 12,583 | (32,908) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,135) | (260) | (179) | (9) | - | (2,583) | ||||||
| Adjusted operating income | 1,995 | 1,604 | 465 | (128) | - | 3,936 | ||||||
| Equity in net income (loss) of affiliates and other items | 510 | 178 | 129 | 174 | - | 991 | ||||||
| Tax on net operating income | (945) | (433) | (169) | (93) | - | (1,640) | ||||||
| Adjusted net operating income | 1,560 | 1,349 | 425 | (47) | - | 3,287 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | (38) | |||||||||||
| Adjusted net income | 3,085 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.34 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 2nd quarter 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,653 | 465 | 436 | 36 | - | 6,590 | ||||||
| Total divestments | 379 | 874 | 627 | 13 | - | 1,893 | ||||||
| Cash flow from operating activities | 2,713 | 1,700 | 379 | (60) | - | 4,732 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 1st half 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 6,810 | 30,505 | 32,738 | 3 | - | 70,056 | ||||||
| Intersegment sales | 7,421 | 9,688 | 340 | 151 | (17,600) | - | ||||||
| Excise taxes | - | (1,885) | (8,938) | - | - | (10,823) | ||||||
| Revenues from sales | 14,231 | 38,308 | 24,140 | 154 | (17,600) | 59,233 | ||||||
| Operating expenses | (9,754) | (35,303) | (22,989) | (513) | 17,600 | (50,959) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,778) | (499) | (355) | (16) | - | (5,648) | ||||||
| Operating income | (301) | 2,506 | 796 | (375) | - | 2,626 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,239 | 437 | 48 | 201 | - | 1,925 | ||||||
| Tax on net operating income | 493 | (655) | (270) | 29 | - | (403) | ||||||
| Net operating income | 1,431 | 2,288 | 574 | (145) | - | 4,148 | ||||||
| Net cost of net debt | (409) | |||||||||||
| Non-controlling interests | (45) | |||||||||||
| Net income | 3,694 | |||||||||||
| 1st half 2016 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (132) | - | - | - | - | (132) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (132) | - | - | - | - | (132) | ||||||
| Operating expenses | (691) | 244 | 31 | - | - | (416) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (200) | - | - | - | - | (200) | ||||||
| Operating income (b) | (1,023) | 244 | 31 | - | - | (748) | ||||||
| Equity in net income (loss) of affiliates and other items | 329 | (27) | (79) | - | - | 223 | ||||||
| Tax on net operating income | 500 | (75) | (8) | - | - | 417 | ||||||
| Net operating income (b) | (194) | 142 | (56) | - | - | (108) | ||||||
| Net cost of net debt | (11) | |||||||||||
| Non-controlling interests | 3 | |||||||||||
| Net income | (116) | |||||||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||
| On operating income | - | 311 | 41 | - | ||||||||
| On net operating income | - | 198 | 34 | - | ||||||||
|
|
|
|
| |||||||||
| 1st half 2016 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 6,942 | 30,505 | 32,738 | 3 | - | 70,188 | ||||||
| Intersegment sales | 7,421 | 9,688 | 340 | 151 | (17,600) | - | ||||||
| Excise taxes | - | (1,885) | (8,938) | - | - | (10,823) | ||||||
| Revenues from sales | 14,363 | 38,308 | 24,140 | 154 | (17,600) | 59,365 | ||||||
| Operating expenses | (9,063) | (35,547) | (23,020) | (513) | 17,600 | (50,543) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,578) | (499) | (355) | (16) | - | (5,448) | ||||||
| Adjusted operating income | 722 | 2,262 | 765 | (375) | - | 3,374 | ||||||
| Equity in net income (loss) of affiliates and other items | 910 | 464 | 127 | 201 | - | 1,702 | ||||||
| Tax on net operating income | (7) | (580) | (262) | 29 | - | (820) | ||||||
| Adjusted net operating income | 1,625 | 2,146 | 630 | (145) | - | 4,256 | ||||||
| Net cost of net debt | (398) | |||||||||||
| Non-controlling interests | (48) | |||||||||||
| Adjusted net income | 3,810 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.58 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 1st half 2016 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 7,776 | 739 | 729 | 230 | - | 9,474 | ||||||
| Total divestments | 1,363 | 52 | 333 | 10 | - | 1,758 | ||||||
| Cash flow from operating activities | 3,096 | 1,139 | 225 | 303 | - | 4,763 |
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| 1st half 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 9,723 | 37,257 | 40,039 | 9 | - | 87,028 | ||||||
| Intersegment sales | 9,305 | 14,350 | 495 | 108 | (24,258) | - | ||||||
| Excise taxes | - | (1,940) | (8,856) | - | - | (10,796) | ||||||
| Revenues from sales | 19,028 | 49,667 | 31,678 | 117 | (24,258) | 76,232 | ||||||
| Operating expenses | (11,418) | (45,899) | (30,371) | (419) | 24,258 | (63,849) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,770) | (543) | (376) | (14) | - | (6,703) | ||||||
| Operating income | 1,840 | 3,225 | 931 | (316) | - | 5,680 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,088 | 869 | 423 | 468 | - | 2,848 | ||||||
| Tax on net operating income | (1,277) | (879) | (324) | (175) | - | (2,655) | ||||||
| Net operating income | 1,651 | 3,215 | 1,030 | (23) | - | 5,873 | ||||||
| Net cost of net debt | (352) | |||||||||||
| Non-controlling interests | 113 | |||||||||||
| Net income | 5,634 | |||||||||||
| 1st half 2015 (adjustments) (a) (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | (304) | - | - | - | - | (304) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | - | - | - | - | - | - | ||||||
| Revenues from sales | (304) | - | - | - | - | (304) | ||||||
| Operating expenses | (142) | 317 | 44 | - | - | 219 | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,240) | (31) | (23) | - | - | (1,294) | ||||||
| Operating income (b) | (1,686) | 286 | 21 | - | - | (1,379) | ||||||
| Equity in net income (loss) of affiliates and other items | (55) | 590 | 285 | - | - | 820 | ||||||
| Tax on net operating income | 473 | (110) | (22) | - | - | 341 | ||||||
| Net operating income (b) | (1,268) | 766 | 284 | - | - | (218) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | 165 | |||||||||||
| Net income | (53) | |||||||||||
| (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 | - | 434 | 44 | - | ||||||||
| On net operating income | - | 288 | 38 | - | ||||||||
| 1st half 2015 (adjusted) (M$) (a) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 10,027 | 37,257 | 40,039 | 9 | - | 87,332 | ||||||
| Intersegment sales | 9,305 | 14,350 | 495 | 108 | (24,258) | - | ||||||
| Excise taxes | - | (1,940) | (8,856) | - | - | (10,796) | ||||||
| Revenues from sales | 19,332 | 49,667 | 31,678 | 117 | (24,258) | 76,536 | ||||||
| Operating expenses | (11,276) | (46,216) | (30,415) | (419) | 24,258 | (64,068) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,530) | (512) | (353) | (14) | - | (5,409) | ||||||
| Adjusted operating income | 3,526 | 2,939 | 910 | (316) | - | 7,059 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,143 | 279 | 138 | 468 | - | 2,028 | ||||||
| Tax on net operating income | (1,750) | (769) | (302) | (175) | - | (2,996) | ||||||
| Adjusted net operating income | 2,919 | 2,449 | 746 | (23) | - | 6,091 | ||||||
| Net cost of net debt | (352) | |||||||||||
| Non-controlling interests | (52) | |||||||||||
| Adjusted net income | 5,687 | |||||||||||
| Adjusted fully-diluted earnings per share ($) | 2.47 | |||||||||||
| (a) Except for earnings per share. | ||||||||||||
| 1st half 2015 (M$) | Upstream | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | ||||||
| Total expenditures | 13,804 | 899 | 651 | 45 | - | 15,399 | ||||||
| Total divestments | 1,541 | 2,640 | 679 | 17 | - | 4,877 | ||||||
| Cash flow from operating activities | 6,238 | 2,014 | 1,023 | (156) | - | 9,119 | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 2nd quarter 2016 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 37,221 | (6) | 37,215 | |||
| Excise taxes | (5,504) | - | (5,504) | |||
| Revenues from sales | 31,717 | (6) | 31,711 | |||
| Purchases, net of inventory variation | (21,130) | 582 | (20,548) | |||
| Other operating expenses | (5,875) | (31) | (5,906) | |||
| Exploration costs | (186) | (350) | (536) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,768) | (200) | (2,968) | |||
| Other income | 172 | - | 172 | |||
| Other expense | (65) | (68) | (133) | |||
| Financial interest on debt | (262) | (5) | (267) | |||
| Financial income from marketable securities & cash equivalents | 1 | - | 1 | |||
| Cost of net debt | (261) | (5) | (266) | |||
| Other financial income | 312 | - | 312 | |||
| Other financial expense | (166) | - | (166) | |||
| Equity in net income (loss) of affiliates | 797 | (21) | 776 | |||
| Income taxes | (349) | 19 | (330) | |||
| Consolidated net income | 2,198 | (80) | 2,118 | |||
| Group share | 2,174 | (86) | 2,088 | |||
| Non-controlling interests | 24 | 6 | 30 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 2nd quarter 2015 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 44,873 | (158) | 44,715 | |||
| Excise taxes | (5,446) | - | (5,446) | |||
| Revenues from sales | 39,427 | (158) | 39,269 | |||
| Purchases, net of inventory variation | (26,603) | 250 | (26,353) | |||
| Other operating expenses | (5,955) | (76) | (6,031) | |||
| Exploration costs | (350) | (2) | (352) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,583) | (248) | (2,831) | |||
| Other income | 358 | 364 | 722 | |||
| Other expense | (136) | (260) | (396) | |||
| Financial interest on debt | (231) | - | (231) | |||
| Financial income from marketable securities & cash equivalents | 28 | - | 28 | |||
| Cost of net debt | (203) | - | (203) | |||
| Other financial income | 255 | - | 255 | |||
| Other financial expense | (163) | - | (163) | |||
| Equity in net income (loss) of affiliates | 677 | 8 | 685 | |||
| Income taxes | (1,601) | 12 | (1,589) | |||
| Consolidated net income | 3,123 | (110) | 3,013 | |||
| Group share | 3,085 | (114) | 2,971 | |||
| Non-controlling interests | 38 | 4 | 42 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 1st half 2016 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 70,188 | (132) | 70,056 | |||
| Excise taxes | (10,823) | - | (10,823) | |||
| Revenues from sales | 59,365 | (132) | 59,233 | |||
| Purchases, net of inventory variation | (38,487) | 300 | (38,187) | |||
| Other operating expenses | (11,676) | (366) | (12,042) | |||
| Exploration costs | (380) | (350) | (730) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,448) | (200) | (5,648) | |||
| Other income | 343 | 329 | 672 | |||
| Other expense | (119) | (84) | (203) | |||
| Financial interest on debt | (530) | (11) | (541) | |||
| Financial income from marketable securities & cash equivalents | 11 | - | 11 | |||
| Cost of net debt | (519) | (11) | (530) | |||
| Other financial income | 503 | - | 503 | |||
| Other financial expense | (321) | - | (321) | |||
| Equity in net income (loss) of affiliates | 1,296 | (22) | 1,274 | |||
| Income taxes | (699) | 417 | (282) | |||
| Consolidated net income | 3,858 | (119) | 3,739 | |||
| Group share | 3,810 | (116) | 3,694 | |||
| Non-controlling interests | 48 | (3) | 45 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 1st half 2015 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 87,332 | (304) | 87,028 | |||
| Excise taxes | (10,796) | - | (10,796) | |||
| Revenues from sales | 76,536 | (304) | 76,232 | |||
| Purchases, net of inventory variation | (51,035) | 478 | (50,557) | |||
| Other operating expenses | (12,131) | (172) | (12,303) | |||
| Exploration costs | (902) | (87) | (989) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,409) | (1,294) | (6,703) | |||
| Other income | 884 | 1,459 | 2,343 | |||
| Other expense | (235) | (603) | (838) | |||
| Financial interest on debt | (493) | - | (493) | |||
| Financial income from marketable securities & cash equivalents | 59 | - | 59 | |||
| Cost of net debt | (434) | - | (434) | |||
| Other financial income | 397 | - | 397 | |||
| Other financial expense | (329) | - | (329) | |||
| Equity in net income (loss) of affiliates | 1,311 | (36) | 1,275 | |||
| Income taxes | (2,914) | 341 | (2,573) | |||
| Consolidated net income | 5,739 | (218) | 5,521 | |||
| Group share | 5,687 | (53) | 5,634 | |||
| Non-controlling interests | 52 | (165) | (113) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
TotalMike SANGSTERNicolas FUMEXKim HOUSEGORomain 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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