27th Jul 2017 12:15
| 2Q17 | Change vs 2Q16 | 1H17 | Change vs 1H16 | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 2.5 | +14% | 5.0 | +32% | ||||
| - in dollars per share | 0.97 | +8% | 1.98 | +25% | ||||
| Operating cash flow before working capital changes1 (B$) | 5.3 | +33% | 10.0 | +30% | ||||
| Net income2 of 2.0 B$ in 2Q17 | ||||||||
| Net-debt-to-equity ratio of 20.3% at June 30, 2017 | ||||||||
| Hydrocarbon production of 2,500 kboe/d in the second quarter 2017 | ||||||||
| Interim dividend of 0.62 €/share payable in January 20183 | ||||||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 26, 2017, to review the Group’s second quarter accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“In a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 billion of cash flow after investments, excluding acquisitions and divestments.In the Exploration & Production segment, second quarter 2017 operating cash flow before working capital changes increased by almost 50% compared to the same quarter last year, benefiting from production growth of more than 3%, driven by start-ups and ramp-ups of new cash-accretive projects, as well as the cost reduction program, which continues to be implemented with determination. The Group is also continuing to prepare for the future, with the signing of a contract related to the development of Phase 11 of the giant South Pars gas field in Iran, the start-up of operations on the giant Al-Shaheen field in Qatar and the final investment decision for Phase 3 of the Halfaya project in Iraq.Despite a significant program of shutdown in the Refining & Chemicals segment during the second quarter, the Downstream generated $3.4 billion of cash flow in the first half of the year. The Group continues to grow its profitable petrochemicals business with the start-up its ethane-based ethylene production at Antwerp in Belgium and the launch of major projects at Port Arthur in the United States and at Daesan in South Korea.In this context, Total has a stronger balance sheet having reduced gearing to 20%. As a result, in line with its strategy, the Group has the flexibility to take advantage of the low-cost environment by being able to launch profitable projects and acquire resources under attractive conditions.”
Key figures4
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars, except effective tax rate, earnings per share and number of shares | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 2,748 | 2,767 | 2,524 | +9% | Adjusted net operating income from business segments* | 5,515 | 4,402 | +25% | |||||||
| 1,359 | 1,382 | 1,043 | +30% | Exploration & Production | 2,741 | 1,429 | +92% | |||||||
| 95 | 61 | 43 | x2.2 | Gas, Renewables & Power | 156 | 116 | +34% | |||||||
| 861 | 1,023 | 1,018 | -15% | Refining & Chemicals | 1,884 | 2,148 | -12% | |||||||
| 433 | 301 | 420 | +3% | Marketing & Services | 734 | 709 | +4% | |||||||
| 578 | 591 | 797 | -27% | Contribution of equity affiliates to adjusted net income | 1,169 | 1,296 | -10% | |||||||
| 28.2% | 31.3% | 21.8% | - | Group effective tax rate5 | 29.9% | 22.3% | - | |||||||
| 2,474 | 2,558 | 2,174 | +14% | Adjusted net income | 5,032 | 3,810 | +32% | |||||||
| 0.97 | 1.01 | 0.90 | +8% | Adjusted fully-diluted earnings per share (dollars)6 | 1.98 | 1.58 | +25% | |||||||
| 0.88 | 0.95 | 0.79 | +11% | Adjusted fully-diluted earnings per share (euros)** | 1.83 | 1.41 | +29% | |||||||
| 2,485 | 2,457 | 2,379 | +4% | Fully-diluted weighted-average shares (millions) | 2,471 | 2,365 | +5% | |||||||
| 2,037 | 2,849 | 2,088 | -2% | Net income (Group share) | 4,886 | 3,694 | +32% | |||||||
| 4,205 | 3,678 | 4,566 | -8% | Investments7 | 7,883 | 9,474 | -17% | |||||||
| 360 | 2,898 | 773 | -53% | Divestments8 | 3,258 | 1,758 | +85% | |||||||
| 3,845 | 780 | 3,790 | +1% | Net investments9 | 4,625 | 7,713 | -40% | |||||||
| 3,949 | 2,944 | 4,059 | -3% | Organic investments10 | 6,893 | 8,674 | -21% | |||||||
| 52 | 12 | 17 | x3.1 | Resource acquisitions | 64 | 55 | +16% | |||||||
| 5,334 | 4,687 | 4,000 | +33% | Operating cash flow before working capital changes11 | 10,021 | 7,708 | +30% | |||||||
| 4,640 | 4,701 | 2,882 | +61% | Cash flow from operations | 9,341 | 4,763 | +96% |
* The new Gas, Renewables & Power segment reflects the Group’s ambition in low-carbon energies. It encompasses Downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. The Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. 2015 and 2016 historical data is available at total.com.** Average €-$ exchange rate: 1.10213 in the second quarter 2017 and 1.08302 in the first half 2017.
Highlights since the beginning of the second quarter 201712
Signed contract for the development of Phase 11 of the giant South Pars gas field in Iran Started up operations on the giant Al-Shaheen field in Qatar Signed comprehensive partnership agreement with Sonatrach in Algeria Obtained offshore exploration permits in Mauritania, Senegal and Ireland (Porcupine basin) Launched Phase 3 of Halfaya in Iraq Launched the first development phase of Vaca Muerta shale resources in Argentina and increased participation in Aguada Pichana Este license (from 27% to 41%) Started up the Badamyar gas project in Myanmar on time and 20% below budget Investment of $450 million to increase by 30% the capacity of the Daesan integrated refining & petrochemicals platform in South Korea, a 50/50 joint venture between Total and Hanwha Started up the first phase of the Antwerp platform upgrade project, with production of ethylene using ethane feedstock Inaugurated the revamped Carling petrochemicals complex Acquired PitPoint B.V., Europe’s third-largest provider of natural gas vehicle (NGV) fuels Started up a solar power plant in Nanao and launched construction of a solar plant in Miyako in JapanAnalysis of business segments
Exploration & Production
> Environment – liquids and gas price realizations*
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | 1H17 | 1H16 | 1H17 vs 1H16 | ||||||||
| 49.6 | 53.7 | 45.6 | +9% | Brent ($/b) | 51.7 | 39.8 | +30% | |||||||
| 45.1 | 49.2 | 43.0 | +5% | Average liquids price ($/b) | 47.1 | 36.8 | +28% | |||||||
| 3.93 | 4.10 | 3.43 | +15% | Average gas price ($/Mbtu) | 4.01 | 3.44 | +17% | |||||||
| 35.5 | 37.9 | 33.0 | +8% | Average hydrocarbon price ($/boe) | 36.7 | 29.6 | +24% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Hydrocarbon production | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 2,500 | 2,569 | 2,424 | +3% | Combined production (kboe/d) | 2,534 | 2,452 | +3% | |||||||
| 1,298 | 1,303 | 1,253 | +4% | Liquids (kb/d) | 1,300 | 1,269 | +2% | |||||||
| 6,500 | 6,894 | 6,466 | +1% | Gas (Mcf/d) | 6,696 | 6,453 | +4% |
Hydrocarbon production was 2,500 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2017, an increase of 3% compared to the second quarter 2016, due to the following:
+5% due to project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont and Angola LNG; +1% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States and asset sales in Russia and Norway; +1% due to improved security conditions in Libya and Nigeria; -4% due to natural field decline, the PSC price effect and OPEC quotas.In the first half 2017, hydrocarbon production was 2,534 kboe/d, an increase of more than 3% compared to the first half 2016, due to the following:
+5% due to new project ramp ups, notably Kashagan, Incahuasi, Surmont, Angola LNG, Moho Nord, and Laggan-Tormore; +1% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States and asset sales in Russia and Norway; +1% due to improved security conditions in Libya; -4% due to natural field decline, the PSC price effect and OPEC quotas.> Results
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars, except effective tax rate | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 1,359 | 1,382 | 1,043 | +30% | Adjusted net operating income* | 2,741 | 1,429 | +92% | |||||||
| 373 | 315 | 433 | -14% | including income from equity affiliates | 688 | 693 | -1% | |||||||
| 36.2% | 41.9% | -0.2% | Effective tax rate** | 39.3% | -6.1% | |||||||||
| 3,448 | 2,636 | 3,533 | -2% | Investments | 6,084 | 7,768 | -22% | |||||||
| 132 | 113 | 446 | -70% | Divestments | 245 | 1,264 | -81% | |||||||
| 3,296 | 2,506 | 3,257 | +1% | Organic investments | 5,802 | 7,405 | -22% | |||||||
| 3,248 | 3,031 | 2,208 | +47% | Operating cash flow before working capital changes | 6,279 | 4,073 | +54% | |||||||
| 2,504 | 2,496 | 595 | x4.2 | Cash flow from operations | 5,000 | 2,696 | +85% |
* 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 - impairment of goodwill + tax on adjusted net operating income).
Operating cash flow before working capital changes from the Exploration & Production segment was 3,248 M$ in the second quarter 2017, an increase of 47% compared to the second quarter 2016, notably due to the ramp- ups and strong performance of cash-accretive projects, such as Moho Nord in Congo, as well as the cost reduction programs. The segment was thus able to fully capture upside from higher oil and gas prices compared to the second quarter 2016.Operating cash flow before working capital changes in the first half 2017 was 6,279 M$, an increase of 54% compared to the same period a year ago, for the same reasons as above.
The Exploration & Production segment’s adjusted net operating income was:
1,359 M$ in the second quarter 2017, an increase of 30% compared to the second quarter 2016, notably due to production growth, cost reduction, and the increase in oil and gas prices; 2,741 M$ in the first half 2017, an increase of 92% compared to the first half 2016, due to increased production, cost reduction, and higher prices.Gas, Renewables & Power
> Results
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 95 | 61 | 43 | x2.2 | Adjusted net operating income* | 156 | 116 | +34% | |||||||
| 77 | 315 | 95 | -19% | Investments | 392 | 242 | +62% | |||||||
| 23 | 4 | 6 | x3.8 | Divestments | 27 | 104 | -74% | |||||||
| 68 | 102 | 90 | -24% | Organic investments | 170 | 223 | -24% | |||||||
| 110 | 20 | 31 | x3.5 | Operating cash flow before working capital changes | 130 | (51) | ns | |||||||
| (114) | 125 | 111 | ns | Cash flow from operations | 11 | (218) | ns |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income for the Gas, Renewables & Power segment increased to 95 M$ in the second quarter 2017 and to 156 M$ in the first half 2017, notably due to the contribution of gas activities.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | 1H17 | 1H16 | 1H17 vs 1H16 | ||||||||
| 1,672 | 1,917 | 1,795 | -7% | Total refinery throughput (kb/d) | 1,796 | 1,951 | -8% | |||||||
| 574 | 625 | 522 | +10% | France | 600 | 639 | -6% | |||||||
| 684 | 799 | 803 | -15% | Rest of Europe | 742 | 824 | -10% | |||||||
| 414 | 493 | 470 | -12% | Rest of world | 454 | 488 | -7% | |||||||
| 81% | 91% | 77% | Utlization rate based on crude only** | 86% | 84% | - |
* Includes share of TotalErg, as well as refineries in the French Antilles and Africa that are reported in the Marketing & Services segment.** Based on distillation capacity at the beginning of the year.
Refinery throughput
decreased by 7% in the second quarter 2017 compared to the second quarter 2016, mainly due to significant shutdown programs, notably at Antwerp in Belgium with the commissioning of the Optara project, and at Leuna in Germany; decreased by 8% in the first half 2017 compared to the first half 2016, due in particular to the restructuring of European refining activities that are now in effect with the end of crude oil refining at La Mede and a 50% capacity reduction at Lindsey.> Results
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars except the ERMI | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 41.0 | 38.9 | 35 | +17% | European refining margin indicator - ERMI ($/t) | 40.0 | 35.1 | +14% | |||||||
| 861 | 1,023 | 1,018 | -15% | Adjusted net operating income* | 1,884 | 2,148 | -12% | |||||||
| 401 | 266 | 480 | -16% | Investments | 667 | 741 | -10% | |||||||
| 20 | 2,740 | 23 | -13% | Divestments | 2,760 | 52 | x53.1 | |||||||
| 381 | 222 | 456 | -16% | Organic investments | 603 | 690 | -13% | |||||||
| 1,352 | 1,034 | 1,137 | +19% | Operating cash flow before working capital changes | 2,386 | 2,458 | -3% | |||||||
| 1,972 | 1,765 | 1,561 | +26% | Cash flow from operations | 3,737 | 1,142 | x3.3 |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Refining margins remained at a good level in the second quarter 2017 and petrochemicals also continued to benefit from a favorable price environment.
Despite significant maintenance programs, operating cash flow before working capital changes was 1,352 M$ in the second quarter 2017, an increase of 19% compared to the second quarter 2016, benefiting notably from dividends received from major integrated platforms in Asia and the Middle East.
Refining & Chemicals adjusted net operating income was
861 M$ in the second quarter 2017, a decrease of 15% compared to the second quarter 2016, notably due to significant maintenance activities at major platforms; 1,884 M$ in the first half 2017, a decrease of 12% compared to the first half 2016 for the same reasons as above.Marketing & Services
> Petroleum product sales
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Sales in kb/d* | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 1,760 | 1,728 | 1,793 | -2% | Total Marketing & Services sales | 1,744 | 1,775 | -2% | |||||||
| 1,039 | 1,039 | 1,074 | -3% | Europe | 1,039 | 1,068 | -3% | |||||||
| 721 | 689 | 719 | - | Rest of world | 705 | 707 | - |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales decreased by 2% in the second quarter 2017 and in the first half 2017 compared to the same periods last year, notably due to the sale of the retail network in Turkey in 2016.
> Results
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 433 | 301 | 420 | +3% | Adjusted net operating income* | 734 | 709 | +4% | |||||||
| 258 | 439 | 251 | +3% | Investments | 697 | 502 | +39% | |||||||
| 182 | 36 | 294 | -38% | Divestments | 218 | 330 | -34% | |||||||
| 185 | 95 | 243 | -24% | Organic investments | 280 | 334 | -16% | |||||||
| 602 | 411 | 555 | +8% | Operating cash flow before working capital changes | 1,013 | 962 | +5% | |||||||
| 229 | 313 | 261 | -12% | Cash flow from operations | 542 | 841 | -36% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
The Marketing & Services segment is growing and continues to fully capture the benefit of strong marketing margins. Adjusted net operating income increased by 3% to 433 M$ in the second quarter 2017 compared to the second quarter 2016, while it increased by 4% to 734 M$ in the first half 2017 compared to the same period a year ago.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was
2,748 M$ in the second quarter 2017, a 9% increase compared to the second quarter 2016, mainly due to the strong contribution from the Exploration & Production segment, which fully captured the benefit of project ramp-ups and higher prices; 5,515 M$ in the first half 2017, a 25% increase compared to the first half 2016 for the same reasons as above.> Adjusted net income (Group share)
Adjusted net income was 2,474 M$ in the second quarter 2017, an increase of 14% compared to the second quarter 2016, and 5,032 M$ in the first half 2017, an increase of 32% compared to the first half 2016.This very positive evolution is the result of ongoing efforts to reduce the breakeven and demonstrates the Group’s ability to capture upside from higher prices.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.
Total adjustments affecting net income14 were
-437 M$ in the second quarter 2017, mainly due to the inventory effect; -146 M$ in the first half 2017, mainly due to the inventory effect, an impairment related to the Fort Hills project in Canada following the announced cost increase and the gain on the sale of Atotech.The Group effective tax rate was:
28.2% in the second quarter 2017 compared to 21.8% in the second quarter 2016, mainly due to the increase in the effective tax rate for the Exploration & Production segment in a higher price environment; 29.9% in the first half 2017 compared to 22.3% in the first half 2016 for the same reason.> Adjusted fully-diluted earnings per share
Adjusted earnings per share was
0.97 dollars in the second quarter 2017 compared to 0.90 dollars in the second quarter 2016, an increase of 8% calculated on the basis of 2,485 million fully-diluted weighted-average shares; 1.98 dollars in the first half 2017 compared to 1.58 dollars in the first half 2016, an increase of 25% calculated on the basis of 2,471 million fully-diluted weighted-average shares.The number of fully-diluted shares was 2,503 million on June 30, 2017.
> Divestments - acquisitions
Asset sales were
207 M$ in the second quarter 2017, comprised mainly of the completion of the sale of Société du Pipeline Méditerranée Rhône (SPMR). 2,918 M$ in the first half 2017, essentially comprised of the sale of Atotech and SPMR.Acquisitions were:
103 M$ in the second quarter 2017, essentially comprised of PitPoint B.V. (natural gas vehicle fuel provider) and an additional interest in the Baudroie-Mérou license in Gabon. 650 M$ in the first half 2017, comprised mainly of a 23% equity share in Tellurian, a retail and logistics network in East Africa, PitPoint B.V. and an additional interest in the Baudroie-Mérou license in Gabon.> Net cash flow
The Group’s net cash flow15 was:
1,489 M$ in the second quarter 2017 compared to 210 M$ in the second quarter 2016, mainly due to the 1,334 M$ increase in operating cash flow before working capital changes; net investments were stable over the period; 5,396 M$ in the first half 2017 compared to -5 M$ in the first half 2016, mainly due to the 2,313 M$ increase in operating cash flow before working capital changes, the sale of Atotech, and lower organic investments.> Return on equity
Return on equity from July 1, 2016, to June 30, 2017, was 9.3%16, an increase compared to last year.
TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was 1,460 M€ in the first half 2017 compared to 1,142 M€ in the first half 2016.
Summary and outlook
Oil prices remain volatile at the start of the third quarter, in a context of ongoing high inventory levels. In this uncertain environment, the Group’s strong financial performance confirms the success of its strategy to reduce its breakeven point and grow its cash flow.
In the Upstream, annual production growth should be more than 4% in 2017, supported by the start-up in mid-July of operations on the Al-Shaheen field in Qatar and the continued ramp-up of new projects, notably Kashagan in Kazahkstan and Moho Nord in Congo. Start-ups of new projects will continue in the second half, mainly with Libra Pioneiro in Brazil and Edradour-Glenlivet in the United Kingdom.
In the Downstream, refining margins (supported by cracks for fuel oil and gasoline) and petrochemical margins remain favorable at the start of the third quarter. Availability of the integrated Antwerp platform will be affected by the finalization of the upgrade program, which should be completed by the end of the third quarter. In addition, maintenance activities are planned at Port Arthur in the United States. The Downstream generated 3.4 B$ of operating cash flow before working capital changes in the first half and is well positioned to achieve around 7 B$ for the full-year 2017.
The Group is continuing to relentlessly pursue its efforts to reduce the cash breakeven. The good results of the cost reduction program allow the Group to confirm its announced objective of 3.5 B$ for 2017, and the decrease of production costs to 5.5 $/boe in 2017 and then to 5 $/boe in 2018. Organic investments for the year should be between 14 and 15 B$, which allows the Group to sustain its growth.
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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 1931 in Europe or +1 646 254 3375 in the United States (code: 2729316). For a replay, please consult the website or call +44 (0)207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 2729316).
Operating information by segment
> Exploration & Production
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Combined liquids and gas production by region (kboe/d) | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 746 | 806 | 770 | -3% | Europe and Central Asia | 776 | 779 | - | |||||||
| 656 | 635 | 634 | +4% | Africa | 646 | 632 | +2% | |||||||
| 514 | 534 | 505 | +2% | Middle East and North Africa | 524 | 518 | +1% | |||||||
| 344 | 334 | 251 | +37% | Americas | 339 | 255 | +33% | |||||||
| 240 | 259 | 264 | -9% | Asia Pacific | 249 | 268 | -7% | |||||||
| 2,500 | 2,569 | 2,424 | +3% | Total production | 2,534 | 2,452 | +3% | |||||||
| 597 | 645 | 627 | -5% | including equity affiliates | 621 | 624 | - | |||||||
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Liquids production by region (kb/d) | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 266 | 271 | 251 | +6% | Europe and Central Asia | 268 | 251 | +7% | |||||||
| 505 | 485 | 511 | -1% | Africa | 495 | 515 | -4% | |||||||
| 376 | 392 | 367 | +2% | Middle East and North Africa | 384 | 374 | +3% | |||||||
| 126 | 126 | 93 | +35% | Americas | 126 | 99 | +27% | |||||||
| 26 | 29 | 30 | -15% | Asia Pacific | 28 | 32 | -13% | |||||||
| 1,298 | 1,303 | 1,253 | +4% | Total production | 1,300 | 1,269 | +2% | |||||||
| 244 | 264 | 265 | -8% | including equity affiliates | 254 | 253 | +1% | |||||||
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Gas production by region (Mcf/d) | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 2,592 | 2,891 | 2,877 | -10% | Europe and Central Asia | 2,740 | 2,845 | -4% | |||||||
| 679 | 713 | 594 | +14% | Africa | 696 | 579 | +20% | |||||||
| 763 | 787 | 761 | - | Middle East and North Africa | 776 | 799 | -3% | |||||||
| 1,223 | 1,171 | 881 | +39% | Americas | 1,197 | 871 | +37% | |||||||
| 1,243 | 1,332 | 1,353 | -8% | Asia Pacific | 1,287 | 1,359 | -5% | |||||||
| 6,500 | 6,894 | 6,466 | +1% | Total production | 6,696 | 6,453 | +4% | |||||||
| 1,829 | 2,015 | 1,927 | -5% | including equity affiliates | 1,921 | 1,983 | -3% | |||||||
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Liquefied natural gas | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 2.64 | 2.98 | 2.81 | -6% | LNG sales* (Mt) | 5.62 | 5.50 | +2% |
* Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.
> Downstream (Refining & Chemicals and Marketing & Services)
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | Petroleum product sales by region (kb/d)* | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 2,082 | 2,206 | 2,372 | -12% | Europe | 2,144 | 2,330 | -8% | |||||||
| 586 | 560 | 597 | -2% | Africa | 573 | 549 | +4% | |||||||
| 654 | 570 | 597 | +10% | Americas | 612 | 564 | +9% | |||||||
| 735 | 697 | 705 | +4% | Rest of world | 716 | 738 | -3% | |||||||
| 4,057 | 4,033 | 4,271 | -5% | Total consolidated sales | 4,045 | 4,181 | -3% | |||||||
| 538 | 616 | 717 | -25% | Including bulk sales | 577 | 708 | -19% | |||||||
| 1,759 | 1,689 | 1,761 | - | Including trading | 1,724 | 1,698 | +2% |
* Includes share of TotalErg.
Adjustment items to net income (Group share)
| 2Q17 | 1Q17 | 2Q16 | In millions of dollars | 1H17 | 1H16 | |||||
| (108) | 236 | (486) | Special items affecting net income (Group share) | 128 | (336) | |||||
| 125 | 2,139 | (14) | Gain (loss) on asset sales | 2,264 | 344 | |||||
| (54) | (5) | (2) | Restructuring charges | (59) | (4) | |||||
| (32) | (1,718) | (178) | Impairments | (1,750) | (178) | |||||
| (147) | (180) | (292) | Other | (327) | (498) | |||||
| (310) | 55 | 405 | After-tax inventory effect: FIFO vs. replacement cost | (255) | 222 | |||||
| (19) | - | (5) | Effect of changes in fair value | (19) | (2) | |||||
| (437) | 291 | (86) | Total adjustments affecting net income | (146) | (116) |
2017 Sensitivities*
| Scenario | Change | Estimated impact on adjusted net operating income | Estimated impact on cash flow | |||||
| Dollar | 1.1 $/€ | -0.1 $ per € | +0.1 B$ | ~0 B$ | ||||
| Brent | 50 $/b | +10 $/b | +2 B$ | +2.5 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 2017. 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 essentially attributable to Refining & Chemicals.
Investments - Divestments
| 2Q17 | 1Q17 | 2Q16 | 2Q17 vs 2Q16 | In millions of dollars | 1H17 | 1H16 | 1H17 vs 1H16 | |||||||
| 3,949 | 2,944 | 4,059 | -3% | Organic investments | 6,893 | 8,674 | -21% | |||||||
| 166 | 111 | 172 | -3% | capitalized exploration | 277 | 400 | -31% | |||||||
| 443 | 158 | 257 | +72% | increase in non-current loans | 601 | 829 | -28% | |||||||
| (153) | (187) | (301) | -49% | repayment of non-current loans | (340) | (401) | -15% | |||||||
| 103 | 547 | 206 | -50% | Acquisitions | 650 | 399 | +63% | |||||||
| 207 | 2,711 | 472 | -56% | Asset sales | 2,918 | 1,357 | +115% | |||||||
| - | - | 3 | ns | Other transactions with non-controlling interests | - | 3 | ns | |||||||
| 3,845 | 780 | 3,790 | +1% | Net investments | 4,625 | 7,713 | -40% |
Net-debt-to-equity ratio
| In millions of dollars | 6/30/2017 | 3/31/2017 | 6/30/2016 | |||
| Current borrowings | 13,070 | 13,582 | 13,789 | |||
| Net current financial assets | (3,377) | (3,694) | (1,628) | |||
| Net financial assets classified as held for sale | (2) | (2) | (97) | |||
| Non-current financial debt | 41,548 | 42,017 | 41,668 | |||
| Hedging instruments of non-current debt | (558) | (877) | (1,251) | |||
| Cash and cash equivalents | (28,720) | (27,526) | (22,653) | |||
| Net debt | 21,961 | 23,500 | 29,828 | |||
| Shareholders’ equity - Group share | 107,188 | 103,831 | 97,985 | |||
| Estimated dividend payable | (1,762) | (3,239) | (1,618) | |||
| Non-controlling interests | 2,772 | 2,823 | 2,904 | |||
| Adjusted shareholders' equity | 108,198 | 103,415 | 99,271 | |||
| Net-debt-to-equity ratio | 20.3% | 22.7% | 30.0% |
Return on equity
| In millions of dollars | July 1, 2016 toJune 30, 2017 | April 1, 2016 toMarch 31, 2017 | January 1, 2016 toDecember 31, 2016 | |||||||
| Adjusted net income | 9,661 | 9,363 | 8,447 | |||||||
| Average adjusted shareholders' equity | 103,734 | 99,784 | 96,929 | |||||||
| Return on equity (ROE) | 9.3% | 9.4% | 8.7% | |||||||
Return on average capital employed
> Twelve months ended June 30, 2017
| In millions of dollars | Exploration &Production | Gas,Renewables& Power | Refining &Chemicals | Marketing &Services | Group | |||||
| Adjusted net operating income | 4,529 | 479 | 3,931 | 1,584 | 10,609 | |||||
| Capital employed at 6/30/2016* | 107,405 | 4,622 | 12,249 | 5,789 | 129,635 | |||||
| Capital employed at 6/30/2017* | 108,618 | 5,363 | 10,957 | 6,937 | 130,831 | |||||
| ROACE | 4.2% | 9.6% | 33.9% | 24.9% | 8.1% |
> Twelve months ended March 31, 2017
| In millions of dollars | Exploration &Production | Gas,Renewables& Power | Refining &Chemicals | Marketing &Services | Group | |||||
| Adjusted net operating income | 4,213 | 427 | 4,088 | 1,571 | 10,245 | |||||
| Capital employed at 3/31/2016* | 104,826 | 4,669 | 12,555 | 5,836 | 127,754 | |||||
| Capital employed at 3/31/2017* | 106,937 | 5,036 | 11,130 | 6,331 | 128,810 | |||||
| ROACE | 4.0% | 8.8% | 34.5% | 25.8% | 8.0% |
> Full-year 2016
| In millions of dollars | Exploration &Production | Gas,Renewables& Power | Refining &Chemicals | Marketing &Services | Group | |||||
| Adjusted net operating income | 3,217 | 439 | 4,195 | 1,559 | 9,274 | |||||
| Capital employed at 12/31/2015* | 103,791 | 4,340 | 10,454 | 5,875 | 121,143 | |||||
| Capital employed at 12/31/2016* | 107,617 | 4,975 | 11,618 | 5,884 | 127,423 | |||||
| ROACE | 3.0% | 9.4% | 38.0% | 26.5% | 7.5% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half of 2017 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 and half-year 2017 from the consolidated financial statements of TOTAL S.A. as of June 30, 2017 (unaudited). The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special itemsDue to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.(ii) Inventory valuation effectThe adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.(iii) Effect of changes in fair valueThe effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves” or “resources”, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definitions on page 2.2 Group share.3 The ex-dividend date is set for December 19, 2017, and the payment date is set for January 11, 2018.4 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 10.5 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill + tax on adjusted net operating income).6 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond coupon7 Including acquisitions and increases in non-current loans8 Including divestments and reimbursements of non-current loans.9 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.10 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.11 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 13.12 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.13 Details shown on page 10.14 Details shown on page 10 and in the annex to the financial statements.15 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).16 Details shown on page 12.
Total financial statements_______________________________________
Second quarter and first half 2017 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) (a) | 2nd quarter 2017 | 1st quarter 2017 | 2nd quarter 2016 | |||
| Sales | 39,915 | 41,183 | 37,215 | |||
| Excise taxes | (5,433) | (5,090) | (5,504) | |||
| Revenues from sales | 34,482 | 36,093 | 31,711 | |||
| Purchases, net of inventory variation | (23,398) | (23,987) | (20,548) | |||
| Other operating expenses | (6,106) | (6,166) | (5,906) | |||
| Exploration costs | (199) | (197) | (536) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,798) | (4,579) | (2,968) | |||
| Other income | 570 | 2,325 | 172 | |||
| Other expense | (106) | (291) | (133) | |||
| Financial interest on debt | (345) | (331) | (267) | |||
| Financial income and expense from cash & cash equivalents | (37) | (11) | 1 | |||
| Cost of net debt | (382) | (342) | (266) | |||
| Other financial income | 285 | 228 | 312 | |||
| Other financial expense | (159) | (160) | (166) | |||
| Equity in net income (loss) of affiliates | 310 | 548 | 776 | |||
| Income taxes | (472) | (693) | (330) | |||
| Consolidated net income | 2,027 | 2,779 | 2,118 | |||
| Group share | 2,037 | 2,849 | 2,088 | |||
| Non-controlling interests | (10) | (70) | 30 | |||
| Earnings per share ($) | 0.79 | 1.14 | 0.86 | |||
| Fully-diluted earnings per share ($) | 0.79 | 1.13 | 0.86 | |||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 2nd quarter 2017 | 1st quarter 2017 | 2nd quarter 2016 | |||
| Consolidated net income | 2,027 | 2,779 | 2,118 | |||
| Other comprehensive income | ||||||
| Actuarial gains and losses | 32 | 126 | (132) | |||
| Tax effect | (12) | (41) | 40 | |||
| Currency translation adjustment generated by the parent company | 4,524 | 940 | (2,113) | |||
| Items not potentially reclassifiable to profit and loss | 4,544 | 1,025 | (2,205) | |||
| Currency translation adjustment | (1,218) | (200) | 589 | |||
| Available for sale financial assets | 1 | (1) | (4) | |||
| Cash flow hedge | (79) | 113 | (66) | |||
| Share of other comprehensive income of equity affiliates, net amount | (794) | 331 | 355 | |||
| Other | (3) | 3 | - | |||
| Tax effect | 30 | (39) | 21 | |||
| Items potentially reclassifiable to profit and loss | (2,063) | 207 | 895 | |||
| Total other comprehensive income (net amount) | 2,481 | 1,232 | (1,310) | |||
| Comprehensive income | 4,508 | 4,011 | 808 | |||
| Group share | 4,507 | 4,074 | 795 | |||
| Non-controlling interests | 1 | (63) | 13 |
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) (a) | 1st half 2017 | 1st half 2016 | ||
| Sales | 81,098 | 70,056 | ||
| Excise taxes | (10,523) | (10,823) | ||
| Revenues from sales | 70,575 | 59,233 | ||
| Purchases, net of inventory variation | (47,385) | (38,187) | ||
| Other operating expenses | (12,272) | (12,042) | ||
| Exploration costs | (396) | (730) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,377) | (5,648) | ||
| Other income | 2,895 | 672 | ||
| Other expense | (397) | (203) | ||
| Financial interest on debt | (676) | (541) | ||
| Financial income and expense from cash & cash equivalents | (48) | 11 | ||
| Cost of net debt | (724) | (530) | ||
| Other financial income | 513 | 503 | ||
| Other financial expense | (319) | (321) | ||
| Equity in net income (loss) of affiliates | 858 | 1,274 | ||
| Income taxes | (1,165) | (282) | ||
| Consolidated net income | 4,806 | 3,739 | ||
| Group share | 4,886 | 3,694 | ||
| Non-controlling interests | (80) | 45 | ||
| Earnings per share ($) | 1.93 | 1.54 | ||
| Fully-diluted earnings per share ($) | 1.92 | 1.53 | ||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 1st half 2017 | 1st half 2016 | ||
| Consolidated net income | 4,806 | 3,739 | ||
| Other comprehensive income | ||||
| Actuarial gains and losses | 158 | (213) | ||
| Tax effect | (53) | 72 | ||
| Currency translation adjustment generated by the parent company | 5,464 | 1,528 | ||
| Items not potentially reclassifiable to profit and loss | 5,569 | 1,387 | ||
| Currency translation adjustment | (1,418) | (1,355) | ||
| Available for sale financial assets | - | (14) | ||
| Cash flow hedge | 34 | 32 | ||
| Share of other comprehensive income of equity affiliates, net amount | (463) | 354 | ||
| Other | - | 3 | ||
| Tax effect | (9) | (3) | ||
| Items potentially reclassifiable to profit and loss | (1,856) | (983) | ||
| Total other comprehensive income (net amount) | 3,713 | 404 | ||
| Comprehensive income | 8,519 | 4,143 | ||
| Group share | 8,581 | 4,103 | ||
| Non-controlling interests | (62) | 40 |
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
| (M$) | June 30, 2017 (unaudited) | March 31, 2017 (unaudited) | December 31, 2016 | June 30, 2016 (unaudited) | ||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 14,119 | 14,048 | 15,362 | 14,207 | ||||
| Property, plant and equipment, net | 112,659 | 111,100 | 111,971 | 111,420 | ||||
| Equity affiliates : investments and loans | 21,705 | 21,638 | 20,576 | 20,683 | ||||
| Other investments | 1,483 | 1,381 | 1,133 | 1,411 | ||||
| Non-current financial assets | 558 | 877 | 908 | 1,251 | ||||
| Deferred income taxes | 4,981 | 4,766 | 4,368 | 4,175 | ||||
| Other non-current assets | 4,411 | 4,114 | 4,143 | 4,467 | ||||
| Total non-current assets | 159,916 | 157,924 | 158,461 | 157,614 | ||||
| Current assets | ||||||||
| Inventories, net | 14,273 | 14,985 | 15,247 | 15,021 | ||||
| Accounts receivable, net | 12,923 | 12,235 | 12,213 | 11,933 | ||||
| Other current assets | 14,034 | 13,955 | 14,835 | 14,850 | ||||
| Current financial assets | 3,618 | 3,971 | 4,548 | 2,018 | ||||
| Cash and cash equivalents | 28,720 | 27,526 | 24,597 | 22,653 | ||||
| Assets classified as held for sale | 421 | 413 | 1,077 | 1,257 | ||||
| Total current assets | 73,989 | 73,085 | 72,517 | 67,732 | ||||
| Total assets | 233,905 | 231,009 | 230,978 | 225,346 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,797 | 7,667 | 7,604 | 7,846 | ||||
| Paid-in surplus and retained earnings | 110,305 | 109,583 | 105,547 | 106,343 | ||||
| Currency translation adjustment | (10,314) | (12,819) | (13,871) | (11,619) | ||||
| Treasury shares | (600) | (600) | (600) | (4,585) | ||||
| Total shareholders' equity - Group share | 107,188 | 103,831 | 98,680 | 97,985 | ||||
| Non-controlling interests | 2,772 | 2,823 | 2,894 | 2,904 | ||||
| Total shareholders' equity | 109,960 | 106,654 | 101,574 | 100,889 | ||||
| Non-current liabilities | ||||||||
| Deferred income taxes | 10,920 | 10,936 | 11,060 | 11,345 | ||||
| Employee benefits | 4,127 | 3,711 | 3,746 | 3,887 | ||||
| Provisions and other non-current liabilities | 16,924 | 16,714 | 16,846 | 17,270 | ||||
| Non-current financial debt | 41,548 | 42,017 | 43,067 | 41,668 | ||||
| Total non-current liabilities | 73,519 | 73,378 | 74,719 | 74,170 | ||||
| Current liabilities | ||||||||
| Accounts payable | 21,914 | 21,633 | 23,227 | 20,478 | ||||
| Other creditors and accrued liabilities | 14,862 | 15,151 | 16,720 | 14,983 | ||||
| Current borrowings | 13,070 | 13,582 | 13,920 | 13,789 | ||||
| Other current financial liabilities | 241 | 277 | 327 | 390 | ||||
| Liabilities directly associated with the assets classified as held for sale | 339 | 334 | 491 | 647 | ||||
| Total current liabilities | 50,426 | 50,977 | 54,685 | 50,287 | ||||
| Total liabilities & shareholders' equity | 233,905 | 231,009 | 230,978 | 225,346 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 2nd quarter 2017 | 1st quarter 2017 | 2nd quarter 2016 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 2,027 | 2,779 | 2,118 | |||
| Depreciation, depletion, amortization and impairment | 2,930 | 4,660 | 3,361 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (50) | (197) | (477) | |||
| (Gains) losses on disposals of assets | (151) | (2,232) | (48) | |||
| Undistributed affiliates' equity earnings | 501 | (295) | (280) | |||
| (Increase) decrease in working capital | (268) | (54) | (1,752) | |||
| Other changes, net | (349) | 40 | (40) | |||
| Cash flow from operating activities | 4,640 | 4,701 | 2,882 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (3,323) | (2,678) | (4,094) | |||
| Acquisitions of subsidiaries, net of cash acquired | (6) | (319) | 11 | |||
| Investments in equity affiliates and other securities | (433) | (523) | (226) | |||
| Increase in non-current loans | (443) | (158) | (257) | |||
| Total expenditures | (4,205) | (3,678) | (4,566) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 74 | 6 | 200 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | 2,696 | 270 | |||
| Proceeds from disposals of non-current investments | 133 | 9 | 2 | |||
| Repayment of non-current loans | 153 | 187 | 301 | |||
| Total divestments | 360 | 2,898 | 773 | |||
| Cash flow used in investing activities | (3,845) | (780) | (3,793) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 406 | 15 | 4 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (1,462) | (538) | (1,173) | |||
| - Non-controlling interests | (61) | (15) | (72) | |||
| Issuance of perpetual subordinated notes | - | - | 1,950 | |||
| Payments on perpetual subordinated notes | (90) | (129) | - | |||
| Other transactions with non-controlling interests | - | - | 3 | |||
| Net issuance (repayment) of non-current debt | 290 | 56 | 400 | |||
| Increase (decrease) in current borrowings | (1,167) | (1,413) | 1,011 | |||
| Increase (decrease) in current financial assets and liabilities | 979 | 658 | 1,399 | |||
| Cash flow used in financing activities | (1,105) | (1,366) | 3,522 | |||
| Net increase (decrease) in cash and cash equivalents | (310) | 2,555 | 2,611 | |||
| Effect of exchange rates | 1,504 | 374 | (528) | |||
| Cash and cash equivalents at the beginning of the period | 27,526 | 24,597 | 20,570 | |||
| Cash and cash equivalents at the end of the period | 28,720 | 27,526 | 22,653 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 1st half 2017 | 1st half 2016 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 4,806 | 3,739 | ||
| Depreciation, depletion, amortization and impairment | 7,590 | 6,096 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (247) | (745) | ||
| (Gains) losses on disposals of assets | (2,383) | (415) | ||
| Undistributed affiliates' equity earnings | 206 | (516) | ||
| (Increase) decrease in working capital | (322) | (3,297) | ||
| Other changes, net | (309) | (99) | ||
| Cash flow from operating activities | 9,341 | 4,763 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (6,001) | (8,240) | ||
| Acquisitions of subsidiaries, net of cash acquired | (325) | (122) | ||
| Investments in equity affiliates and other securities | (956) | (283) | ||
| Increase in non-current loans | (601) | (829) | ||
| Total expenditures | (7,883) | (9,474) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 80 | 992 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,696 | 270 | ||
| Proceeds from disposals of non-current investments | 142 | 95 | ||
| Repayment of non-current loans | 340 | 401 | ||
| Total divestments | 3,258 | 1,758 | ||
| Cash flow used in investing activities | (4,625) | (7,716) | ||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 421 | 4 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,000) | (2,127) | ||
| - Non-controlling interests | (76) | (75) | ||
| Issuance of perpetual subordinated notes | - | 1,950 | ||
| Payments on perpetual subordinated notes | (219) | (133) | ||
| Other transactions with non-controlling interests | - | 3 | ||
| Net issuance (repayment) of non-current debt | 346 | 554 | ||
| Increase (decrease) in current borrowings | (2,580) | (2,016) | ||
| Increase (decrease) in current financial assets and liabilities | 1,637 | 4,145 | ||
| Cash flow used in financing activities | (2,471) | 2,305 | ||
| Net increase (decrease) in cash and cash equivalents | 2,245 | (648) | ||
| Effect of exchange rates | 1,878 | 32 | ||
| Cash and cash equivalents at the beginning of the period | 24,597 | 23,269 | ||
| Cash and cash equivalents at the end of the period | 28,720 | 22,653 |
| 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, 2016 | 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 | |||||||||
| Net income from July 1 to December 31, 2016 | - | - | 2,502 | - | - | - | 2,502 | (35) | 2,467 | |||||||||
| Other comprehensive Income | - | - | (17) | (2,252) | - | - | (2,269) | 6 | (2,263) | |||||||||
| Comprehensive Income | - | - | 2,485 | (2,252) | - | - | 233 | (29) | 204 | |||||||||
| Dividend | - | - | (3,324) | - | - | - | (3,324) | (18) | (3,342) | |||||||||
| Issuance of common shares | 27,434,856 | 75 | 1,063 | - | - | - | 1,138 | - | 1,138 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (163) | - | 3,047,088 | 163 | - | - | - | |||||||||
| Share-based payments | - | - | 60 | - | - | - | 60 | - | 60 | |||||||||
| Share cancellation | (100,331,268) | (317) | (3,505) | - | 100,331,268 | 3,822 | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 2,761 | - | - | - | 2,761 | - | 2,761 | |||||||||
| Payments on perpetual subordinated notes | - | - | (126) | - | - | - | (126) | - | (126) | |||||||||
| Other operations with non-controlling interests | - | - | (58) | - | - | - | (58) | (49) | (107) | |||||||||
| Other items | - | - | 11 | - | - | - | 11 | 86 | 97 | |||||||||
| As of December 31, 2016 | 2,430,365,862 | 7,604 | 105,547 | (13,871) | (10,587,822) | (600) | 98,680 | 2,894 | 101,574 | |||||||||
| Net income of the first half 2017 | - | - | 4,886 | - | - | - | 4,886 | (80) | 4,806 | |||||||||
| Other comprehensive Income | - | - | 138 | 3,557 | - | - | 3,695 | 18 | 3,713 | |||||||||
| Comprehensive Income | - | - | 5,024 | 3,557 | - | - | 8,581 | (62) | 8,519 | |||||||||
| Dividend | - | - | (3,297) | - | - | - | (3,297) | (76) | (3,373) | |||||||||
| Issuance of common shares | 71,170,026 | 193 | 3,103 | - | - | - | 3,296 | - | 3,296 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 4,000 | - | - | - | - | |||||||||
| Share-based payments | - | - | 74 | - | - | - | 74 | - | 74 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (142) | - | - | - | (142) | - | (142) | |||||||||
| Other operations with non-controlling interests | - | - | (7) | - | - | - | (7) | 7 | - | |||||||||
| Other items | - | - | 3 | - | - | - | 3 | 9 | 12 | |||||||||
| As of June 30, 2017 | 2,501,535,888 | 7,797 | 110,305 | (10,314) | (10,583,822) | (600) | 107,188 | 2,772 | 109,960 | |||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 2nd quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | 42,735 | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,068 | 2,671 | 17,347 | 17,831 | (2) | - | 39,915 | |||||||
| Intersegment sales | 5,118 | 274 | 6,016 | 169 | 90 | (11,667) | - | |||||||
| Excise taxes | - | - | (680) | (4,753) | - | - | (5,433) | |||||||
| Revenues from sales | 7,186 | 2,945 | 22,683 | 13,247 | 88 | (11,667) | 34,482 | |||||||
| Operating expenses | (3,547) | (2,857) | (21,918) | (12,729) | (319) | 11,667 | (29,703) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,344) | (40) | (245) | (158) | (11) | - | (2,798) | |||||||
| Operating income | 1,295 | 48 | 520 | 360 | (242) | - | 1,981 | |||||||
| Equity in net income (loss) of affiliates and other items | 487 | 13 | 148 | 258 | (6) | - | 900 | |||||||
| Tax on net operating income | (512) | (24) | (142) | (123) | 214 | - | (587) | |||||||
| Net operating income | 1,270 | 37 | 526 | 495 | (34) | - | 2,294 | |||||||
| Net cost of net debt | (267) | |||||||||||||
| Non-controlling interests | 10 | |||||||||||||
| Net income - group share | 2,037 | |||||||||||||
| 2nd quarter 2017 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (27) | - | - | - | - | (27) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (27) | - | - | - | - | (27) | |||||||
| Operating expenses | (117) | (25) | (411) | (80) | (64) | - | (697) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (15) | 1 | - | - | - | - | (14) | |||||||
| Operating income (b) | (132) | (51) | (411) | (80) | (64) | - | (738) | |||||||
| Equity in net income (loss) of affiliates and other items | (4) | (16) | (53) | 121 | - | - | 48 | |||||||
| Tax on net operating income | 47 | 9 | 129 | 21 | 22 | - | 228 | |||||||
| Net operating income (b) | (89) | (58) | (335) | 62 | (42) | - | (462) | |||||||
| Net cost of net debt | (7) | |||||||||||||
| Non-controlling interests | 32 | |||||||||||||
| Net income - group share | (437) | |||||||||||||
| (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 | - | - | (372) | (54) | - | |||||||||
| On net operating income | - | - | (270) | (45) | - | |||||||||
| 2nd quarter 2017 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,068 | 2,698 | 17,347 | 17,831 | (2) | - | 39,942 | |||||||
| Intersegment sales | 5,118 | 274 | 6,016 | 169 | 90 | (11,667) | - | |||||||
| Excise taxes | - | - | (680) | (4,753) | - | - | (5,433) | |||||||
| Revenues from sales | 7,186 | 2,972 | 22,683 | 13,247 | 88 | (11,667) | 34,509 | |||||||
| Operating expenses | (3,430) | (2,832) | (21,507) | (12,649) | (255) | 11,667 | (29,006) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,329) | (41) | (245) | (158) | (11) | - | (2,784) | |||||||
| Adjusted operating income | 1,427 | 99 | 931 | 440 | (178) | - | 2,719 | |||||||
| Equity in net income (loss) of affiliates and other items | 491 | 29 | 201 | 137 | (6) | - | 852 | |||||||
| Tax on net operating income | (559) | (33) | (271) | (144) | 192 | - | (815) | |||||||
| Adjusted net operating income | 1,359 | 95 | 861 | 433 | 8 | - | 2,756 | |||||||
| Net cost of net debt | (260) | |||||||||||||
| Non-controlling interests | (22) | |||||||||||||
| Adjusted net income - group share | 2,474 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.97 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 2nd quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 3,448 | 77 | 401 | 258 | 21 | - | 4,205 | |||||||
| Total divestments | 132 | 23 | 20 | 182 | 3 | - | 360 | |||||||
| Cash flow from operating activities | 2,504 | (114) | 1,972 | 229 | 49 | - | 4,640 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 1st quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | 42,735 | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,103 | 3,197 | 18,574 | 17,298 | 11 | - | 41,183 | |||||||
| Intersegment sales | 5,548 | 309 | 6,346 | 274 | 105 | (12,582) | - | |||||||
| Excise taxes | - | - | (701) | (4,389) | - | - | (5,090) | |||||||
| Revenues from sales | 7,651 | 3,506 | 24,219 | 13,183 | 116 | (12,582) | 36,093 | |||||||
| Operating expenses | (3,687) | (3,469) | (22,878) | (12,665) | (233) | 12,582 | (30,350) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,068) | (72) | (287) | (144) | (8) | - | (4,579) | |||||||
| Operating income | (104) | (35) | 1,054 | 374 | (125) | - | 1,164 | |||||||
| Equity in net income (loss) of affiliates and other items | 190 | (45) | 2,453 | 30 | 22 | - | 2,650 | |||||||
| Tax on net operating income | (439) | (37) | (356) | (108) | 171 | - | (769) | |||||||
| Net operating income | (353) | (117) | 3,151 | 296 | 68 | - | 3,045 | |||||||
| Net cost of net debt | (266) | |||||||||||||
| Non-controlling interests | 70 | |||||||||||||
| Net income - group share | 2,849 | |||||||||||||
| 1st quarter 2017 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | - | - | - | - | - | - | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | - | - | - | - | - | - | |||||||
| Operating expenses | - | (89) | 57 | (15) | - | - | (47) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,854) | (26) | (50) | - | - | - | (1,930) | |||||||
| Operating income (b) | (1,854) | (115) | 7 | (15) | - | - | (1,977) | |||||||
| Equity in net income (loss) of affiliates and other items | (210) | (63) | 2,209 | 5 | - | - | 1,941 | |||||||
| Tax on net operating income | 329 | - | (88) | 5 | - | - | 246 | |||||||
| Net operating income (b) | (1,735) | (178) | 2,128 | (5) | - | - | 210 | |||||||
| Net cost of net debt | (7) | |||||||||||||
| Non-controlling interests | 88 | |||||||||||||
| Net income - group share | 291 | |||||||||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||||
| On operating income | - | - | 83 | (15) | - | |||||||||
| On net operating income | - | - | 58 | (5) | - | |||||||||
| 1st quarter 2017 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,103 | 3,197 | 18,574 | 17,298 | 11 | - | 41,183 | |||||||
| Intersegment sales | 5,548 | 309 | 6,346 | 274 | 105 | (12,582) | - | |||||||
| Excise taxes | - | - | (701) | (4,389) | - | - | (5,090) | |||||||
| Revenues from sales | 7,651 | 3,506 | 24,219 | 13,183 | 116 | (12,582) | 36,093 | |||||||
| Operating expenses | (3,687) | (3,380) | (22,935) | (12,650) | (233) | 12,582 | (30,303) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,214) | (46) | (237) | (144) | (8) | - | (2,649) | |||||||
| Adjusted operating income | 1,750 | 80 | 1,047 | 389 | (125) | - | 3,141 | |||||||
| Equity in net income (loss) of affiliates and other items | 400 | 18 | 244 | 25 | 22 | - | 709 | |||||||
| Tax on net operating income | (768) | (37) | (268) | (113) | 171 | - | (1,015) | |||||||
| Adjusted net operating income | 1,382 | 61 | 1,023 | 301 | 68 | - | 2,835 | |||||||
| Net cost of net debt | (259) | |||||||||||||
| Non-controlling interests | (18) | |||||||||||||
| Adjusted net income - group share | 2,558 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.01 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 1st quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 2,636 | 315 | 266 | 439 | 22 | - | 3,678 | |||||||
| Total divestments | 113 | 4 | 2,740 | 36 | 5 | - | 2,898 | |||||||
| Cash flow from operating activities | 2,496 | 125 | 1,765 | 313 | 2 | - | 4,701 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 2nd quarter 2016 (M$) | Exploration & Production | Gas, Renewables & Power | 42,735 | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 1,822 | 1,914 | 16,567 | 16,913 | (1) | - | 37,215 | |||||||
| Intersegment sales | 4,340 | 194 | 5,540 | 208 | 81 | (10,363) | - | |||||||
| Excise taxes | - | - | (924) | (4,580) | - | - | (5,504) | |||||||
| Revenues from sales | 6,162 | 2,108 | 21,183 | 12,541 | 80 | (10,363) | 31,711 | |||||||
| Operating expenses | (3,692) | (2,078) | (19,523) | (11,768) | (292) | 10,363 | (26,990) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,529) | (34) | (246) | (151) | (8) | - | (2,968) | |||||||
| Operating income | (59) | (4) | 1,414 | 622 | (220) | - | 1,753 | |||||||
| Equity in net income (loss) of affiliates and other items | 543 | 63 | 210 | 47 | 98 | - | 961 | |||||||
| Tax on net operating income | 202 | (21) | (378) | (190) | (10) | - | (397) | |||||||
| Net operating income | 686 | 38 | 1,246 | 479 | (132) | - | 2,317 | |||||||
| Net cost of net debt | (199) | |||||||||||||
| Non-controlling interests | (30) | |||||||||||||
| Net income - group share | 2,088 | |||||||||||||
| 2nd quarter 2016 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (6) | - | - | - | - | (6) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (6) | - | - | - | - | (6) | |||||||
| Operating expenses | (358) | - | 449 | 110 | - | - | 201 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (200) | - | - | - | - | - | (200) | |||||||
| Operating income (b) | (558) | (6) | 449 | 110 | - | - | (5) | |||||||
| Equity in net income (loss) of affiliates and other items | - | - | (76) | (13) | - | - | (89) | |||||||
| Tax on net operating income | 201 | 1 | (145) | (38) | - | - | 19 | |||||||
| Net operating income (b) | (357) | (5) | 228 | 59 | - | - | (75) | |||||||
| Net cost of net debt | (5) | |||||||||||||
| Non-controlling interests | (6) | |||||||||||||
| Net income - group share | (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$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 1,822 | 1,920 | 16,567 | 16,913 | (1) | - | 37,221 | |||||||
| Intersegment sales | 4,340 | 194 | 5,540 | 208 | 81 | (10,363) | - | |||||||
| Excise taxes | - | - | (924) | (4,580) | - | - | (5,504) | |||||||
| Revenues from sales | 6,162 | 2,114 | 21,183 | 12,541 | 80 | (10,363) | 31,717 | |||||||
| Operating expenses | (3,334) | (2,078) | (19,972) | (11,878) | (292) | 10,363 | (27,191) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,329) | (34) | (246) | (151) | (8) | - | (2,768) | |||||||
| Adjusted operating income | 499 | 2 | 965 | 512 | (220) | - | 1,758 | |||||||
| Equity in net income (loss) of affiliates and other items | 543 | 63 | 286 | 60 | 98 | - | 1,050 | |||||||
| Tax on net operating income | 1 | (22) | (233) | (152) | (10) | - | (416) | |||||||
| Adjusted net operating income | 1,043 | 43 | 1,018 | 420 | (132) | - | 2,392 | |||||||
| Net cost of net debt | (194) | |||||||||||||
| Non-controlling interests | (24) | |||||||||||||
| Adjusted net income - group share | 2,174 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.90 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 2nd quarter 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 3,533 | 95 | 480 | 251 | 207 | - | 4,566 | |||||||
| Total divestments | 446 | 6 | 23 | 294 | 4 | - | 773 | |||||||
| Cash flow from operating activities | 595 | 111 | 1,561 | 261 | 354 | - | 2,882 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 1st half 2017 (M$) | Exploration & Production | Gas, Renewables & Power | 42,735 | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 4,171 | 5,868 | 35,921 | 35,129 | 9 | - | 81,098 | |||||||
| Intersegment sales | 10,666 | 583 | 12,362 | 443 | 195 | (24,249) | - | |||||||
| Excise taxes | - | - | (1,381) | (9,142) | - | - | (10,523) | |||||||
| Revenues from sales | 14,837 | 6,451 | 46,902 | 26,430 | 204 | (24,249) | 70,575 | |||||||
| Operating expenses | (7,234) | (6,326) | (44,796) | (25,394) | (552) | 24,249 | (60,053) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (6,412) | (112) | (532) | (302) | (19) | - | (7,377) | |||||||
| Operating income | 1,191 | 13 | 1,574 | 734 | (367) | - | 3,145 | |||||||
| Equity in net income (loss) of affiliates and other items | 677 | (32) | 2,601 | 288 | 16 | - | 3,550 | |||||||
| Tax on net operating income | (951) | (61) | (498) | (231) | 385 | - | (1,356) | |||||||
| Net operating income | 917 | (80) | 3,677 | 791 | 34 | - | 5,339 | |||||||
| Net cost of net debt | (533) | |||||||||||||
| Non-controlling interests | 80 | |||||||||||||
| Net income - group share | 4,886 | |||||||||||||
| 1st half 2017 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (27) | - | - | - | - | (27) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (27) | - | - | - | - | (27) | |||||||
| Operating expenses | (117) | (114) | (354) | (95) | (64) | - | (744) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,869) | (25) | (50) | - | - | - | (1,944) | |||||||
| Operating income (b) | (1,986) | (166) | (404) | (95) | (64) | - | (2,715) | |||||||
| Equity in net income (loss) of affiliates and other items | (214) | (79) | 2,156 | 126 | - | - | 1,989 | |||||||
| Tax on net operating income | 376 | 9 | 41 | 26 | 22 | - | 474 | |||||||
| Net operating income (b) | (1,824) | (236) | 1,793 | 57 | (42) | - | (252) | |||||||
| Net cost of net debt | - | - | - | - | - | - | (14) | |||||||
| Non-controlling interests | - | - | - | - | - | - | 120 | |||||||
| Net income - group share | - | - | - | - | - | - | (146) | |||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||||
| On operating income | - | - | (289) | (69) | - | |||||||||
| On net operating income | - | - | (212) | (50) | - | |||||||||
| 1st half 2017 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 4,171 | 5,895 | 35,921 | 35,129 | 9 | - | 81,125 | |||||||
| Intersegment sales | 10,666 | 583 | 12,362 | 443 | 195 | (24,249) | - | |||||||
| Excise taxes | - | - | (1,381) | (9,142) | - | - | (10,523) | |||||||
| Revenues from sales | 14,837 | 6,478 | 46,902 | 26,430 | 204 | (24,249) | 70,602 | |||||||
| Operating expenses | (7,117) | (6,212) | (44,442) | (25,299) | (488) | 24,249 | (59,309) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,543) | (87) | (482) | (302) | (19) | - | (5,433) | |||||||
| Adjusted operating income | 3,177 | 179 | 1,978 | 829 | (303) | - | 5,860 | |||||||
| Equity in net income (loss) of affiliates and other items | 891 | 47 | 445 | 162 | 16 | - | 1,561 | |||||||
| Tax on net operating income | (1,327) | (70) | (539) | (257) | 363 | - | (1,830) | |||||||
| Adjusted net operating income | 2,741 | 156 | 1,884 | 734 | 76 | - | 5,591 | |||||||
| Net cost of net debt | (519) | |||||||||||||
| Non-controlling interests | (40) | |||||||||||||
| Adjusted net income - group share | 5,032 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.98 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 1st half 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 6,084 | 392 | 667 | 697 | 43 | - | 7,883 | |||||||
| Total divestments | 245 | 27 | 2,760 | 218 | 8 | - | 3,258 | |||||||
| Cash flow from operating activities | 5,000 | 11 | 3,737 | 542 | 51 | - | 9,341 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 1st half 2016 (M$) | Exploration & Production | Gas, Renewables & Power | 42,735 | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 3,711 | 3,939 | 30,505 | 31,899 | 2 | - | 70,056 | |||||||
| Intersegment sales | 7,718 | 420 | 9,688 | 340 | 151 | (18,317) | - | |||||||
| Excise taxes | - | - | (1,885) | (8,938) | - | - | (10,823) | |||||||
| Revenues from sales | 11,429 | 4,359 | 38,308 | 23,301 | 153 | (18,317) | 59,233 | |||||||
| Operating expenses | (6,999) | (4,392) | (35,305) | (22,068) | (512) | 18,317 | (50,959) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,775) | (62) | (499) | (296) | (16) | - | (5,648) | |||||||
| Operating income | (345) | (95) | 2,504 | 937 | (375) | - | 2,626 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,170 | 114 | 389 | 51 | 201 | - | 1,925 | |||||||
| Tax on net operating income | 515 | (16) | (655) | (275) | 28 | - | (403) | |||||||
| Net operating income | 1,340 | 3 | 2,238 | 713 | (146) | - | 4,148 | |||||||
| Net cost of net debt | (409) | |||||||||||||
| Non-controlling interests | (45) | |||||||||||||
| Net income - group share | 3,694 | |||||||||||||
| 1st half 2016 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (132) | - | - | - | - | (132) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (132) | - | - | - | - | (132) | |||||||
| Operating expenses | (691) | - | 242 | 33 | - | - | (416) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (200) | - | - | - | - | - | (200) | |||||||
| Operating income (b) | (891) | (132) | 242 | 33 | - | - | (748) | |||||||
| Equity in net income (loss) of affiliates and other items | 329 | (8) | (77) | (21) | - | - | 223 | |||||||
| Tax on net operating income | 473 | 27 | (75) | (8) | - | - | 417 | |||||||
| Net operating income (b) | (89) | (113) | 90 | 4 | - | - | (108) | |||||||
| Net cost of net debt | (11) | |||||||||||||
| Non-controlling interests | 3 | |||||||||||||
| Net income - group share | (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$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 3,711 | 4,071 | 30,505 | 31,899 | 2 | - | 70,188 | |||||||
| Intersegment sales | 7,718 | 420 | 9,688 | 340 | 151 | (18,317) | - | |||||||
| Excise taxes | - | - | (1,885) | (8,938) | - | - | (10,823) | |||||||
| Revenues from sales | 11,429 | 4,491 | 38,308 | 23,301 | 153 | (18,317) | 59,365 | |||||||
| Operating expenses | (6,308) | (4,392) | (35,547) | (22,101) | (512) | 18,317 | (50,543) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,575) | (62) | (499) | (296) | (16) | - | (5,448) | |||||||
| Adjusted operating income | 546 | 37 | 2,262 | 904 | (375) | - | 3,374 | |||||||
| Equity in net income (loss) of affiliates and other items | 841 | 122 | 466 | 72 | 201 | - | 1,702 | |||||||
| Tax on net operating income | 42 | (43) | (580) | (267) | 28 | - | (820) | |||||||
| Adjusted net operating income | 1,429 | 116 | 2,148 | 709 | (146) | - | 4,256 | |||||||
| Net cost of net debt | (398) | |||||||||||||
| Non-controlling interests | (48) | |||||||||||||
| Adjusted net income - group share | 3,810 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.58 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 1st half 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 7,768 | 242 | 741 | 502 | 221 | - | 9,474 | |||||||
| Total divestments | 1,264 | 104 | 52 | 330 | 8 | - | 1,758 | |||||||
| Cash flow from operating activities | 2,696 | (218) | 1,142 | 841 | 302 | - | 4,763 | |||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 2nd quarter 2017 (M$) | Adjusted | Adjustments (a) | 31-Dec-16 | |||
| Sales | 39,942 | (27) | 39,915 | |||
| Excise taxes | (5,433) | - | (5,433) | |||
| Revenues from sales | 34,509 | (27) | 34,482 | |||
| Purchases, net of inventory variation | (22,939) | (459) | (23,398) | |||
| Other operating expenses | (5,868) | (238) | (6,106) | |||
| Exploration costs | (199) | - | (199) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,784) | (14) | (2,798) | |||
| Other income | 206 | 364 | 570 | |||
| Other expense | (58) | (48) | (106) | |||
| Financial interest on debt | (338) | (7) | (345) | |||
| Financial income and expense from cash & cash equivalents | (37) | - | (37) | |||
| Cost of net debt | (375) | (7) | (382) | |||
| Other financial income | 285 | - | 285 | |||
| Other financial expense | (159) | - | (159) | |||
| Equity in net income (loss) of affiliates | 578 | (268) | 310 | |||
| Income taxes | (700) | 228 | (472) | |||
| Consolidated net income | 2,496 | (469) | 2,027 | |||
| Group share | 2,474 | (437) | 2,037 | |||
| Non-controlling interests | 22 | (32) | (10) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 2nd quarter 2016 (M$) | Adjusted | Adjustments (a) | Consolidated statement of income | |||
| Sales | 37,221 | (6) | 37,215 | |||
| Excise taxes | (5,504) | - | (5,504) | |||
| Revenues from sales | 31,717 | (6) | 31,711 | |||
| Purchases, net of inventory variation | (21,130) | 582 | (20,548) | |||
| Other operating expenses | (5,875) | (31) | (5,906) | |||
| Exploration costs | (186) | (350) | (536) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect | (2,768) | (200) | (2,968) | |||
| Other income | 172 | - | 172 | |||
| Other expense | (65) | (68) | (133) | |||
| Financial interest on debt | (262) | (5) | (267) | |||
| Financial income and expense from cash & cash equivalents | 1 | - | 1 | |||
| Cost of net debt | (261) | (5) | (266) | |||
| Other financial income | 312 | - | 312 | |||
| Other financial expense | (166) | - | (166) | |||
| Equity in net income (loss) of affiliates | 797 | (21) | 776 | |||
| Income taxes | (349) | 19 | (330) | |||
| Consolidated net income | 2,198 | (80) | 2,118 | |||
| Group share | 2,174 | (86) | 2,088 | |||
| Non-controlling interests | 24 | 6 | 30 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 1st half 2017 (M$) | Adjusted | Adjustments (a) | 31-Dec-16 | |||
| Sales | 81,125 | (27) | 81,098 | |||
| Excise taxes | (10,523) | - | (10,523) | |||
| Revenues from sales | 70,602 | (27) | 70,575 | |||
| Purchases, net of inventory variation | (46,929) | (456) | (47,385) | |||
| Other operating expenses | (11,984) | (288) | (12,272) | |||
| Exploration costs | (396) | - | (396) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,433) | (1,944) | (7,377) | |||
| Other income | 314 | 2,581 | 2,895 | |||
| Other expense | (116) | (281) | (397) | |||
| Financial interest on debt | (662) | (14) | (676) | |||
| Financial income and expense from cash & cash equivalents | (48) | - | (48) | |||
| Cost of net debt | (710) | (14) | (724) | |||
| Other financial income | 513 | - | 513 | |||
| Other financial expense | (319) | - | (319) | |||
| Equity in net income (loss) of affiliates | 1,169 | (311) | 858 | |||
| Income taxes | (1,639) | 474 | (1,165) | |||
| Consolidated net income | 5,072 | (266) | 4,806 | |||
| Group share | 5,032 | (146) | 4,886 | |||
| Non-controlling interests | 40 | (120) | (80) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 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) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect | (5,448) | (200) | (5,648) | |||
| Other income | 343 | 329 | 672 | |||
| Other expense | (119) | (84) | (203) | |||
| Financial interest on debt | (530) | (11) | (541) | |||
| Financial income and expense from cash & 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. | ||||||
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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