27th Oct 2017 12:00
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| 3Q17 | Change vs 3Q16 | 9M17 | Change vs 9M16 | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 2.7 | +29% | 7.7 | +31% | ||||
| - in dollars per share | 1.04 | +23% | 3.02 | +25% | ||||
| Operating cash flow before working capital changes1 (B$) | 5.2 | +14% | 15.2 | +24% | ||||
| Net income2 of 2.7 B$ in the third quarter 2017 | ||||||||
| Net-debt-to-equity ratio of 18.0% at September 30, 2017 | ||||||||
| Hydrocarbon production of 2,581 kboe/d in the third quarter 2017 | ||||||||
| Interim dividend of 0.62 €/share payable in April 20183 | ||||||||
Total’s Board of Directors met on October 26, 2017, to review the Group’s accounts for the third quarter and first nine months 2017. Commenting on the results, Chairman and CEO Patrick Pouyanné said:
“Total reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.Adjusted net operating income from Exploration & Production increased by 84% compared to last year, benefiting notably from a 6% increase in production. Total continues to capitalize on its strengths: the Group took over as the operator of the giant 300 kb/d Al-Shaheen field in Qatar and announced the acquisition of Maersk Oil, which will strengthen its position in the North Sea and generate strong synergies.The Downstream benefited from favorable refining margins and increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on its American operations, and generated more than $5.1 billion in cash flow in the first nine months, in line with the target for the year. Marketing & Services has announced its entry into the distribution sector in Mexico, the second-largest market in Latin America.Investment discipline continues. Organic investments were $3.1 billion in the third quarter 2017 and $10.0 billion in the first nine months, in line with the target of $14 billion this year, and cost reduction will be more than $3.6 billion, surpassing the target for the year.With operating cash flow before working capital changes of $15 billion in the first nine months of 2017, an increase of $3 billion over last year, the Group continues to strengthen its balance sheet, with a net-debt-to-equity ratio below 20%. This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects.”
Key figures4
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars, except effective tax rate, earnings per share and number of shares | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 3,062 | 2,748 | 2,332 | +31% | Adjusted net operating income from business segments* | 8,577 | 6,734 | +27% | |||||||
| 1,439 | 1,359 | 781 | +84% | Exploration & Production | 4,180 | 2,210 | +89% | |||||||
| 97 | 95 | 191 | -49% | Gas, Renewables & Power | 253 | 307 | -18% | |||||||
| 1,020 | 861 | 916 | +11% | Refining & Chemicals | 2,904 | 3,064 | -5% | |||||||
| 506 | 433 | 444 | +14% | Marketing & Services | 1,240 | 1,153 | +8% | |||||||
| 674 | 578 | 515 | +31% | Contribution of equity affiliates to adjusted net income | 1,843 | 1,811 | +2% | |||||||
| 32.6% | 28.2% | 21.5% | - | Group effective tax rate5 | 30.9% | 22.0% | - | |||||||
| 2,674 | 2,474 | 2,070 | +29% | Adjusted net income | 7,706 | 5,880 | +31% | |||||||
| 1.04 | 0.97 | 0.84 | +23% | Adjusted fully-diluted earnings per share (dollars)6 | 3.02 | 2.42 | +25% | |||||||
| 0.88 | 0.88 | 0.76 | +16% | Adjusted fully-diluted earnings per share (euros)** | 2.71 | 2.17 | +25% | |||||||
| 2,505 | 2,485 | 2,404 | +4% | Fully-diluted weighted-average shares (millions) | 2,480 | 2,375 | +4% | |||||||
| 2,724 | 2,037 | 1,954 | +39% | Net income (Group share) | 7,610 | 5,648 | +35% | |||||||
| 3,910 | 4,205 | 5,201 | -25% | Investments7 | 11,793 | 14,675 | -20% | |||||||
| 539 | 360 | 192 | x2.8 | Divestments8 | 3,797 | 1,950 | +95% | |||||||
| 3,373 | 3,845 | 5,116 | -34% | Net investments9 | 7,998 | 12,829 | -38% | |||||||
| 3,060 | 3,949 | 4,082 | -25% | Organic investments10 | 9,953 | 12,756 | -22% | |||||||
| 542 | 52 | 74 | x7.3 | Resource acquisitions | 607 | 129 | x4.7 | |||||||
| 5,159 | 5,334 | 4,522 | +14% | Operating cash flow before working capital changes11 | 15,180 | 12,230 | +24% | |||||||
| 4,363 | 4,640 | 4,740 | -8% | Cash flow from operations | 13,704 | 9,503 | +44% |
* 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: 1.1746 in the third quarter 2017 and 1.1140 in the first nine months 2017.
Highlights since the beginning of the third quarter 201712
Announced acquisition of Maersk Oil for $7.45 billion in a share and debt transaction Started operations on the giant Al-Shaheen oil field concession in Qatar Started up the Edradour-Glenlivet fields with 56 kboe/d capacity in West of Shetland area, ahead of schedule and 30% under budget Signed contract to develop phase 11 of the South Pars giant gas field in Iran Signed agreement with Chevron to strengthen exploration portfolio in the Gulf of Mexico Sold remaining 15% interest in the Gina Krog field in Norway to Kufpec Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total Launched Total Spring in France to target residential market with gas and green power distribution that is 10% cheaper than regulated tariffs Acquired 23% interest in EREN Renewable Energy to accelerate profitable growth of renewable businessAnalysis of business segments
Exploration & Production
> Environment – liquids and gas price realizations*
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | 9M17 | 9M16 | 9M17 vs 9M16 | ||||||||
| 52.1 | 49.6 | 45.9 | +14% | Brent ($/b) | 51.8 | 41.9 | +24% | |||||||
| 48.9 | 45.1 | 41.4 | +18% | Average liquids price ($/b) | 47.7 | 38.4 | +24% | |||||||
| 4.05 | 3.93 | 3.45 | +17% | Average gas price ($/Mbtu) | 4.03 | 3.45 | +17% | |||||||
| 38.2 | 35.5 | 32.4 | +18% | Average hydrocarbon price ($/boe) | 37.2 | 30.6 | +22% | |||||||
* Consolidated subsidiaries, excluding fixed margins.
> Production
|
| ||||||||||||||
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Hydrocarbon production | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 2,581 | 2,500 | 2,443 | +6% | Combined production (kboe/d) | 2,550 | 2,449 | +4% | |||||||
| 1,392 | 1,298 | 1,290 | +8% | Liquids (kb/d) | 1,331 | 1,276 | +4% | |||||||
| 6,427 | 6,500 | 6,286 | +2% | Gas (Mcf/d) | 6,605 | 6,397 | +3% |
Hydrocarbon production was 2,581 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2017, an increase of close to 6% compared to the third quarter 2016, due to the following:
+6% due to project ramp ups, notably Kashagan, Moho Nord, Surmont, Incahuasi, Angola LNG and Edradour-Glenlivet; +4% portfolio effect, mainly due to taking over the concession for the giant Al-Shaheen oil field in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo; +1% related to improved security conditions in Libya and Nigeria; and -5% due to natural field decline, maintenance activity, the PSC price effect and OPEC quotas.In the first nine months 2017, hydrocarbon production was 2,550 kboe/d, an increase of more than 4% compared to the first nine months 2016, due to the following:
+5% due to new project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont, and Angola LNG; +2% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Russia and Norway; +1% related to improved security conditions in Libya and Nigeria; and -4% due to natural field decline, the PSC price effect and OPEC quotas.> Results
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars, except effective tax rate | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 1,439 | 1,359 | 781 | +84% | Adjusted net operating income* | 4,180 | 2,210 | +89% | |||||||
| 435 | 373 | 241 | +80% | including income from equity affiliates | 1,123 | 934 | +20% | |||||||
| 42.8% | 36.2% | 30.5% | Effective tax rate** | 40.5% | 13.3% | |||||||||
| 3,228 | 3,448 | 3,484 | -7% | Investments | 9,312 | 11,252 | -17% | |||||||
| 339 | 132 | 105 | x3.2 | Divestments | 584 | 1,369 | -57% | |||||||
| 2,388 | 3,296 | 3,355 | -29% | Organic investments | 8,189 | 10,760 | -24% | |||||||
| 3,197 | 3,248 | 2,768 | +15% | Operating cash flow before working capital changes | 9,476 | 6,841 | +39% | |||||||
| 2,633 | 2,504 | 2,275 | +15% | Cash flow from operations | 7,633 | 4,971 | +54% |
* 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 Exploration & Production was 3,197 M$ in the third quarter 2017, an increase of 15% compared to the third quarter 2016, notably due to increases in production and hydrocarbon prices. For the first nine months 2017, operating cash flow before working capital changes was 9,476 M$, an increase of 39% compared to an increase of 24% for Brent, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, and to operating cost reductions.
The Exploration & Production segment’s adjusted net operating income was:
1,439 M$ in the third quarter 2017, an increase of 84% compared to the third quarter 2016, notably due to production growth, cost reductions, and an increase in oil and gas prices; and 4,180 M$ in the first nine months 2017, an increase of 89% compared to the first nine months 2016, for the same reasons above.Gas, Renewables & Power
> Results
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 97 | 95 | 191 | -49% | Adjusted net operating income* | 253 | 307 | -18% | |||||||
| 99 | 77 | 1,097 | -91% | Investments | 491 | 1,339 | -63% | |||||||
| - | 23 | 33 | ns | Divestments | 27 | 137 | -80% | |||||||
| 98 | 68 | 104 | -6% | Organic investments | 268 | 327 | -18% | |||||||
| 87 | 110 | 73 | +19% | Operating cash flow before working capital changes | 217 | 22 | x9.9 | |||||||
| 325 | (114) | 24 | x13.5 | Cash flow from operations | 336 | (194) | 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 was 97 M$ in the third quarter 2017, in line with the second quarter. Adjusted net operating income for the first nine months 2017 decreased by 18%, due to weakness in the solar market.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | 9M17 | 9M16 | 9M17 vs 9M16 | ||||||||
| 1,877 | 1,672 | 1,947 | -4% | Total refinery throughput (kb/d) | 1,821 | 1,949 | -7% | |||||||
| 648 | 574 | 681 | -5% | France | 616 | 653 | -6% | |||||||
| 802 | 684 | 771 | +4% | Rest of Europe | 761 | 806 | -6% | |||||||
| 427 | 414 | 495 | -14% | Rest of world | 444 | 490 | -9% | |||||||
| 90% | 81% | 85% | Utlization rate based on crude only** | 88% | 84% | - |
* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.** Based on distillation capacity at the beginning of the year.
Refinery throughput:
decreased by 4% in the third quarter 2017 compared to the third quarter 2016, mainly as a result of shutting down the Port Arthur refinery in the United States due to Hurricane Harvey and the ending of oil refining at La Mede at year-end 2016; and decreased by 7% in the first nine months 2017 compared to the first nine months 2016, for the same reasons above and also due to a higher level of maintenance in the second quarter 2017.> Results
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars except the ERMI | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 48.2 | 41.0 | 25.5 | +89% | European refining margin indicator - ERMI ($/t) | 42.7 | 31.9 | +34% | |||||||
| 1,020 | 861 | 916 | +11% | Adjusted net operating income* | 2,904 | 3,064 | -5% | |||||||
| 357 | 401 | 554 | -36% | Investments | 1,024 | 1,295 | -21% | |||||||
| 24 | 20 | 21 | +14% | Divestments | 2,784 | 73 | x38.1 | |||||||
| 338 | 381 | 403 | -16% | Organic investments | 941 | 1,094 | -14% | |||||||
| 1,218 | 1,352 | 1,051 | +16% | Operating cash flow before working capital changes | 3,604 | 3,509 | +3% | |||||||
| 662 | 1,972 | 1,697 | -61% | Cash flow from operations | 4,399 | 2,839 | +55% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
The Group’s European refining margin indicator (ERMI) increased sharply to 48.2 $/t in the third quarter 2017, due to elevated petroleum product demand in the face of limited supply resulting from numerous shutdowns due in part to Hurricane Harvey. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.
Refining & Chemicals benefited from the favorable environment, despite the impact of Hurricane Harvey on its American operations, and operating cash flow before working capital changes was 1,218 M$ in the third quarter 2017, an increase of 16% compared to the third quarter 2016.
Refining & Chemicals adjusted net operating income was:
1,020 M$ in the third quarter 2017, an increase of 11% compared to the third quarter 2016 despite the sale of Atotech; and 2,904 M$ in the first nine months 2017, a decrease of 5% compared to the first nine months 2016, notably due to the impact of Hurricane Harvey and the sale of Atotech in early 2017.Marketing & Services
> Petroleum product sales
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Sales in kb/d* | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 1,807 | 1,760 | 1,814 | - | Total Marketing & Services sales | 1,765 | 1,788 | -1% | |||||||
| 1,072 | 1,039 | 1,113 | -4% | Europe | 1,050 | 1,083 | -3% | |||||||
| 735 | 721 | 701 | +5% | Rest of world | 715 | 705 | +1% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature activities for LPG distribution in Belgium and Germany.
> Results
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 506 | 433 | 444 | +14% | Adjusted net operating income* | 1,240 | 1,153 | +8% | |||||||
| 190 | 258 | 243 | -22% | Investments | 887 | 745 | +19% | |||||||
| 150 | 182 | 29 | x5.2 | Divestments | 368 | 359 | +3% | |||||||
| 205 | 185 | 209 | -2% | Organic investments | 485 | 543 | -11% | |||||||
| 517 | 602 | 508 | +2% | Operating cash flow before working capital changes | 1,530 | 1,470 | +4% | |||||||
| 596 | 229 | 573 | +4% | Cash flow from operations | 1,138 | 1,414 | -20% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
The financial contribution of Marketing & Services continues to grow in a context of strong marketing margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 14% to 506 M$ in the third quarter 2017 and by 8% to 1,240 M$ in the first nine months 2017.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
3,062 M$ in the third quarter 2017, an increase of 31% compared to the third quarter 2016, mainly due to the 84% increase in contribution from Exploration & Production which benefited from new projects ramp ups and higher prices; 8,577 M$ in the first nine months 2017, an increase of 27% compared to the first nine months 2016 for the same reasons above.> Adjusted net income (Group share)
Adjusted net income was 2,674 M$ in the third quarter 2017, an increase of 29% compared to the third quarter 2016, and 7,706 M$ in the first nine months 2017, an increase of 31% compared to the first nine months 2016.
The increase was the result of a higher contribution from Exploration & Production and the ongoing decrease in the Group’s breakeven.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value13.
Total adjustments affecting net income (Group share)14 were:
50 M$ in the third quarter 2017; and -96 M$ in the first nine months 2017, including mainly an impairment of the Fort Hill project in Canada related to a cost increase and a gain on the sale of Atotech.The effective tax rate15 for the business segments was:
32.6% in the third quarter 2017 compared to 21.5% in the third quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Group’s quarterly results; 30.9% in the first nine months 2017 compared to 22.0% in the first nine months 2016, for the same reasons above.> Adjusted fully-diluted earnings per share
Adjusted earnings per share were:
$1.04 in the third quarter 2017, calculated on the basis of 2,505 million fully-diluted weighted-average shares, a 23% increase from $0.84 in the third quarter 2016; $3.02 in the first nine months 2017, calculated on the basis of 2,480 million fully-diluted weighted-average shares, a 25% increase from $2.42 in the first nine months 2016.The number of fully-diluted shares was 2,509 million on September 30, 2017.
> Divestments – acquisitions
Asset sales were:
202 M$ in the third quarter 2017, comprised mainly of the sale of LPG activities in Germany; and 3,120 M$ in the first nine months 2017, essentially comprised of the sale of Atotech, the SPMR pipeline and LPG activities in Germany.Acquisitions were:
513 M$ in the third quarter 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope in Papua New Guinea; and 1,163 M$ in the first nine months 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope, a 23% equity share in Tellurian, and a marketing and logistics network in East Africa.> Cash flow
The Group’s net cash flow16 was:
1,786 M$ in the third quarter 2017 compared to -594 M$ in the third quarter 2016, mainly due to the decrease in net investments and the increase in operating cash flow before working capital changes; 7,182 M$ in the first nine months 2017 compared to -599 M$ in the first nine months 2016, mainly due to the nearly 3 B$ increase in operating cash flow before working capital changes, the decrease in organic investments and the sale of Atotech.> Return on equity
Return on equity for the twelve months ended September 30, 2017, was 9.7%17, an increase compared to last year.
Summary and outlook
The imbalance between supply and demand has decreased in recent months, and Brent rose above 55 $/b. Markets however should remain volatile given the uncertainties in supply, and inventories, while falling, remain high. In this context, the Group continues to reduce its breakeven point by reducing its operating costs with a target of 5 B$ in savings by 2020 and increasing production by 5% per year until 2022.
In the Upstream, annual production growth should be approximately 5% in 2017, notably supported by the start-up of the giant Al Shaheen oil field in Qatar, and the ongoing ramp-up of Kashagan in Kazakhstan and Moho Nord in the Republic of the Congo. Yamal LNG in Russia is expected to begin producing by year-end. Finally, the acquisition of Maersk Oil is expected to be completed in the first quarter of 2018.
In the Downstream, refining margins are above 40 $/t at the beginning of the fourth quarter and the petrochemicals environment remains favorable. The Downstream is in line with its goal to generate approximately 7 B$ of operating cash flow before working capital changes in 2017, having generated more than 5.1 B$ in the first nine months.
The pre-dividend organic breakeven for the Group (excluding acquisitions-divestments) will be below 30 $/b in 2017 and should continue to fall to 20 $/b in 2019.
***
To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 13:30 (London time) please log on to total.com or call +44 (0)203 427 1910 in Europe or +1 212 444 0481 in the United States (code: 3052387). For a replay, please consult the website or call +44 (0)207 984 7568 in Europe or +1 719 457 0820 in the United States (code: 3052387).
Operating information by segment
> Exploration & Production
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Combined liquids and gas production by region (kboe/d) | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 730 | 746 | 720 | +1% | Europe and Central Asia | 761 | 759 | - | |||||||
| 665 | 656 | 649 | +2% | Africa | 652 | 638 | +2% | |||||||
| 592 | 514 | 529 | +12% | Middle East and North Africa | 547 | 522 | +5% | |||||||
| 357 | 344 | 285 | +25% | Americas | 345 | 265 | +30% | |||||||
| 237 | 240 | 261 | -9% | Asia Pacific | 245 | 265 | -8% | |||||||
| 2,581 | 2,500 | 2,443 | +6% | Total production | 2,550 | 2,449 | +4% | |||||||
| 659 | 597 | 592 | +11% | including equity affiliates | 634 | 613 | +3% | |||||||
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Liquids production by region (kb/d) | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 257 | 266 | 238 | +8% | Europe and Central Asia | 264 | 247 | +7% | |||||||
| 517 | 505 | 524 | -1% | Africa | 503 | 518 | -3% | |||||||
| 452 | 376 | 380 | +19% | Middle East and North Africa | 407 | 376 | +8% | |||||||
| 138 | 126 | 118 | +16% | Americas | 130 | 105 | +23% | |||||||
| 29 | 26 | 29 | +1% | Asia Pacific | 28 | 31 | -9% | |||||||
| 1,392 | 1,298 | 1,290 | +8% | Total production | 1,331 | 1,276 | +4% | |||||||
| 311 | 244 | 249 | +25% | including equity affiliates | 273 | 251 | +9% | |||||||
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Gas production by region (Mcf/d) | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 2,556 | 2,592 | 2,594 | -1% | Europe and Central Asia | 2,678 | 2,760 | -3% | |||||||
| 663 | 679 | 617 | +7% | Africa | 685 | 592 | +16% | |||||||
| 778 | 763 | 813 | -4% | Middle East and North Africa | 777 | 805 | -3% | |||||||
| 1,228 | 1,223 | 927 | +32% | Americas | 1,207 | 889 | +36% | |||||||
| 1,202 | 1,243 | 1,335 | -10% | Asia Pacific | 1,258 | 1,351 | -7% | |||||||
| 6,427 | 6,500 | 6,286 | +2% | Total production | 6,605 | 6,397 | +3% | |||||||
| 1,798 | 1,829 | 1,831 | -2% | including equity affiliates | 1,880 | 1,932 | -3% | |||||||
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Liquefied natural gas | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 2.95 | 2.64 | 2.74 | +8% | LNG sales* (Mt) | 8.56 | 8.24 | +4% |
* 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)
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | Petroleum product sales by region (kb/d)* | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 2,361 | 2,082 | 2,430 | -3% | Europe | 2,178 | 2,363 | -8% | |||||||
| 544 | 586 | 537 | +1% | Africa | 593 | 545 | +9% | |||||||
| 584 | 654 | 627 | -7% | Americas | 587 | 585 | - | |||||||
| 678 | 735 | 567 | +20% | Rest of world | 720 | 681 | +6% | |||||||
| 4,167 | 4,057 | 4,161 | - | Total consolidated sales | 4,078 | 4,174 | -2% | |||||||
| 583 | 538 | 706 | -17% | Including bulk sales | 579 | 707 | -18% | |||||||
| 1,754 | 1,759 | 1,641 | +7% | Including trading | 1,734 | 1,679 | +3% |
* Includes share of TotalErg.
Adjustment items to net income (Group share)
| 3Q17 | 2Q17 | 3Q16 | In millions of dollars | 9M17 | 9M16 | |||||
| (123) | (108) | (98) | Special items affecting net income (Group share) | 5 | (434) | |||||
| - | 125 | (32) | Gain (loss) on asset sales | 2,264 | 312 | |||||
| (2) | (54) | (18) | Restructuring charges | (61) | (22) | |||||
| (74) | (32) | (33) | Impairments | (1,824) | (211) | |||||
| (47) | (147) | (15) | Other | (374) | (513) | |||||
| 183 | (310) | (5) | After-tax inventory effect: FIFO vs. replacement cost | (72) | 217 | |||||
| (10) | (19) | (13) | Effect of changes in fair value | (29) | (15) | |||||
| 50 | (437) | (116) | Total adjustments affecting net income | (96) | (232) |
2017 Sensitivities*
| Scenario | Change | Estimated impacton adjustednet operatingincome
| Estimated impacton 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
| 3Q17 | 2Q17 | 3Q16 | 3Q17 vs 3Q16 | In millions of dollars | 9M17 | 9M16 | 9M17 vs 9M16 | |||||||
| 3,060 | 3,949 | 4,082 | -25% | Organic investments | 9,953 | 12,756 | -22% | |||||||
| 161 | 166 | 136 | +18% | capitalized exploration | 438 | 536 | -18% | |||||||
| 153 | 443 | 135 | +13% | increase in non-current loans | 754 | 964 | -22% | |||||||
| (337) | (153) | (101) | x3.3 | repayment of non-current loans | (677) | (502) | +35% | |||||||
| 513 | 103 | 1,018 | -50% | Acquisitions | 1,163 | 1,417 | -18% | |||||||
| 202 | 207 | 91 | x2.2 | Asset sales | 3,120 | 1,448 | x2.2 | |||||||
| (2) | - | (107) | ns | Other transactions with non-controlling interests | (2) | (104) | ns | |||||||
| 3,373 | 3,845 | 5,116 | -34% | Net investments | 7,998 | 12,829 | -38% |
Net-debt-to-equity ratio
| In millions of dollars | 9/30/2017 | 6/30/2017 | 9/30/2016 | |||
| Current borrowings | 11,206 | 13,070 | 13,383 | |||
| Net current financial assets | (2,306) | (3,377) | (1,375) | |||
| Net financial assets classified as held for sale | (2) | (2) | (81) | |||
| Non-current financial debt | 40,226 | 41,548 | 44,450 | |||
| Hedging instruments of non-current debt | (626) | (558) | (1,089) | |||
| Cash and cash equivalents | (28,583) | (28,720) | (24,801) | |||
| Net debt | 19,915 | 21,961 | 30,487 | |||
| Shareholders’ equity - Group share | 109,801 | 107,188 | 98,168 | |||
| Estimated dividend payable | (1,826) | (1,762) | (1,629) | |||
| Non-controlling interests | 2,799 | 2,772 | 2,948 | |||
| Adjusted shareholders' equity | 110,774 | 108,198 | 99,487 | |||
| Net-debt-to-equity ratio | 18.0% | 20.3% | 30.6% |
Return on equity
| In millions of dollars | October 1, 2016September 30, 2017 | July 1, 2016 toJune 30, 2017 | January 1, 2016 toDecember 31, 2016 | |||
| Adjusted net income | 10,244 | 9,661 | 8,447 | |||
| Average adjusted shareholders' equity | 105,130 | 103,734 | 96,929 | |||
| Return on equity (ROE) | 9.7% | 9.3% | 8.7% |
Return on average capital employed
> Twelve months ended September 30, 2017
| In millions of dollars | Exploration &Production | Gas,Renewables& Power | Refining &Chemicals | Marketing &Services | Group | |||||||
| Adjusted net operating income | 5,187 | 385 | 4,035 | 1,646 | 11,298 | |||||||
| Capital employed at 9/30/2016* | 109,210 | 6,058 | 12,034 | 5,704 | 130,535 | |||||||
| Capital employed at 9/30/2017* | 110,114 | 5,388 | 11,919 | 6,871 | 131,185 | |||||||
| ROACE | 4.7% | 6.7% | 33.7% | 26.2% | 8.6% | |||||||
> Twelve months ended June 30, 2017
| In millions of dollars | Exploration &roduction | Gas,Renewable& 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% |
> 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 press release presents the results for the third quarter 2017 and the first nine months 2017 from the consolidated financial statements of TOTAL S.A. as of September 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 will be March 19, 2018, and the payment date will be set for April 9, 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 bond7 Including acquisitions and increases in non-current loans.8 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.10 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 13.14 Details shown on page 10 and in the annex to the financial statements.15 Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).16 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).17 Details shown on page 12.
Total financial statements
_______________________________________
Third quarter and first nine months 2017 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) (a) | 3rd quarter 2017 | 2nd quarter 2017 | 3rd quarter 2016 | |||
| Sales | 43,044 | 39,915 | 37,412 | |||
| Excise taxes | (5,962) | (5,433) | (5,587) | |||
| Revenues from sales | 37,082 | 34,482 | 31,825 | |||
| Purchases, net of inventory variation | (24,367) | (23,398) | (21,223) | |||
| Other operating expenses | (6,108) | (6,106) | (5,469) | |||
| Exploration costs | (181) | (199) | (274) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,035) | (2,798) | (2,936) | |||
| Other income | 404 | 570 | 290 | |||
| Other expense | (67) | (106) | (351) | |||
| Financial interest on debt | (368) | (345) | (268) | |||
| Financial income and expense from cash & cash equivalents | (45) | (37) | (5) | |||
| Cost of net debt | (413) | (382) | (273) | |||
| Other financial income | 204 | 285 | 265 | |||
| Other financial expense | (164) | (159) | (154) | |||
| Equity in net income (loss) of affiliates | 500 | 310 | 531 | |||
| Income taxes | (1,092) | (472) | (251) | |||
| Consolidated net income | 2,763 | 2,027 | 1,980 | |||
| Group share | 2,724 | 2,037 | 1,954 | |||
| Non-controlling interests | 39 | (10) | 26 | |||
| Earnings per share ($) | 1.06 | 0.79 | 0.79 | |||
| Fully-diluted earnings per share ($) | 1.06 | 0.79 | 0.79 | |||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 3rd quarter 2017 | 2nd quarter 2017 | 3rd quarter 2016 | |||
| Consolidated net income | 2,763 | 2,027 | 1,980 | |||
| Other comprehensive income | ||||||
| Actuarial gains and losses | (129) | 32 | (363) | |||
| Tax effect | 36 | (12) | 47 | |||
| Currency translation adjustment generated by the parent company | 2,420 | 4,524 | 439 | |||
| Items not potentially reclassifiable to profit and loss | 2,327 | 4,544 | 123 | |||
| Currency translation adjustment | (575) | (1,218) | (362) | |||
| Available for sale financial assets | 4 | 1 | 15 | |||
| Cash flow hedge | 116 | (79) | 113 | |||
| Share of other comprehensive income of equity affiliates, net amount | (209) | (794) | 123 | |||
| Other | - | (3) | (3) | |||
| Tax effect | (42) | 30 | (41) | |||
| Items potentially reclassifiable to profit and loss | (706) | (2,063) | (155) | |||
| Total other comprehensive income (net amount) | 1,621 | 2,481 | (32) | |||
| Comprehensive income | 4,384 | 4,508 | 1,948 | |||
| Group share | 4,346 | 4,507 | 1,909 | |||
| Non-controlling interests | 38 | 1 | 39 |
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) (a) | 9 months 2017 | 9 months 2016 | ||
| Sales | 124,142 | 107,468 | ||
| Excise taxes | (16,485) | (16,410) | ||
| Revenues from sales | 107,657 | 91,058 | ||
| Purchases, net of inventory variation | (71,752) | (59,410) | ||
| Other operating expenses | (18,380) | (17,511) | ||
| Exploration costs | (577) | (1,004) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (10,412) | (8,584) | ||
| Other income | 3,299 | 962 | ||
| Other expense | (464) | (554) | ||
| Financial interest on debt | (1,044) | (809) | ||
| Financial income and expense from cash & cash equivalents | (93) | 6 | ||
| Cost of net debt | (1,137) | (803) | ||
| Other financial income | 717 | 768 | ||
| Other financial expense | (483) | (475) | ||
| Equity in net income (loss) of affiliates | 1,358 | 1,805 | ||
| Income taxes | (2,257) | (533) | ||
| Consolidated net income | 7,569 | 5,719 | ||
| Group share | 7,610 | 5,648 | ||
| Non-controlling interests | (41) | 71 | ||
| Earnings per share ($) | 2.99 | 2.33 | ||
| Fully-diluted earnings per share ($) | 2.98 | 2.32 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 9 months 2017 | 9 months 2016 | ||
| Consolidated net income | 7,569 | 5,719 | ||
| Other comprehensive income | ||||
| Actuarial gains and losses | 29 | (576) | ||
| Tax effect | (17) | 119 | ||
| Currency translation adjustment generated by the parent company | 7,884 | 1,967 | ||
| Items not potentially reclassifiable to profit and loss | 7,896 | 1,510 | ||
| Currency translation adjustment | (1,993) | (1,717) | ||
| Available for sale financial assets | 4 | 1 | ||
| Cash flow hedge | 150 | 145 | ||
| Share of other comprehensive income of equity affiliates, net amount | (672) | 477 | ||
| Other | - | - | ||
| Tax effect | (51) | (44) | ||
| Items potentially reclassifiable to profit and loss | (2,562) | (1,138) | ||
| Total other comprehensive income (net amount) | 5,334 | 372 | ||
| Comprehensive income | 12,903 | 6,091 | ||
| Group share | 12,927 | 6,012 | ||
| Non-controlling interests | (24) | 79 |
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
|
| ||||||||
| (M$) | September 30, 2017 (unaudited) | June 30, 2017 (unaudited) | December 31, 2016
| September 30, 2016 (unaudited) | ||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 14,891 | 14,119 | 15,362 | 14,916 | ||||
| Property, plant and equipment, net | 113,491 | 112,659 | 111,971 | 113,433 | ||||
| Equity affiliates : investments and loans | 22,130 | 21,705 | 20,576 | 20,870 | ||||
| Other investments | 1,124 | 1,483 | 1,133 | 1,565 | ||||
| Non-current financial assets | 626 | 558 | 908 | 1,089 | ||||
| Deferred income taxes | 5,345 | 4,981 | 4,368 | 4,434 | ||||
| Other non-current assets | 4,291 | 4,411 | 4,143 | 4,534 | ||||
| Total non-current assets | 161,898 | 159,916 | 158,461 | 160,841 | ||||
| Current assets | ||||||||
| Inventories, net | 14,769 | 14,273 | 15,247 | 14,635 | ||||
| Accounts receivable, net | 13,738 | 12,923 | 12,213 | 11,501 | ||||
| Other current assets | 13,944 | 14,034 | 14,835 | 14,927 | ||||
| Current financial assets | 2,579 | 3,618 | 4,548 | 1,755 | ||||
| Cash and cash equivalents | 28,583 | 28,720 | 24,597 | 24,801 | ||||
| Assets classified as held for sale | 997 | 421 | 1,077 | 1,045 | ||||
| Total current assets | 74,610 | 73,989 | 72,517 | 68,664 | ||||
| Total assets | 236,508 | 233,905 | 230,978 | 229,505 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,806 | 7,797 | 7,604 | 7,849 | ||||
| Paid-in surplus and retained earnings | 111,128 | 110,305 | 105,547 | 106,189 | ||||
| Currency translation adjustment | (8,675) | (10,314) | (13,871) | (11,448) | ||||
| Treasury shares | (458) | (600) | (600) | (4,422) | ||||
| Total shareholders' equity - Group share | 109,801 | 107,188 | 98,680 | 98,168 | ||||
| Non-controlling interests | 2,799 | 2,772 | 2,894 | 2,948 | ||||
| Total shareholders' equity | 112,600 | 109,960 | 101,574 | 101,116 | ||||
| Non-current liabilities | ||||||||
| Deferred income taxes | 11,326 | 10,920 | 11,060 | 11,390 | ||||
| Employee benefits | 4,384 | 4,127 | 3,746 | 4,247 | ||||
| Provisions and other non-current liabilities | 17,140 | 16,924 | 16,846 | 17,320 | ||||
| Non-current financial debt | 40,226 | 41,548 | 43,067 | 44,450 | ||||
| Total non-current liabilities | 73,076 | 73,519 | 74,719 | 77,407 | ||||
| Current liabilities | ||||||||
| Accounts payable | 21,092 | 21,914 | 23,227 | 19,799 | ||||
| Other creditors and accrued liabilities | 17,740 | 14,862 | 16,720 | 16,895 | ||||
| Current borrowings | 11,206 | 13,070 | 13,920 | 13,383 | ||||
| Other current financial liabilities | 273 | 241 | 327 | 380 | ||||
| Liabilities directly associated with the assets classified as held for sale | 521 | 339 | 491 | 525 | ||||
| Total current liabilities | 50,832 | 50,426 | 54,685 | 50,982 | ||||
| Total liabilities & shareholders' equity | 236,508 | 233,905 | 230,978 | 229,505 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| (M$) | 3rd quarter 2017 | 2nd quarter 2017 | 3rd quarter 2016 | |||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 2,763 | 2,027 | 1,980 | |||
| Depreciation, depletion, amortization and impairment | 3,164 | 2,930 | 3,297 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (93) | (50) | (539) | |||
| (Gains) losses on disposals of assets | (144) | (151) | 94 | |||
| Undistributed affiliates' equity earnings | (110) | 501 | (192) | |||
| (Increase) decrease in working capital | (1,057) | (268) | 265 | |||
| Other changes, net | (160) | (349) | (165) | |||
| Cash flow from operating activities | 4,363 | 4,640 | 4,740 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (3,104) | (3,323) | (4,124) | |||
| Acquisitions of subsidiaries, net of cash acquired | (472) | (6) | (1,119) | |||
| Investments in equity affiliates and other securities | (181) | (433) | 177 | |||
| Increase in non-current loans | (153) | (443) | (135) | |||
| Total expenditures | (3,910) | (4,205) | (5,201) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 55 | 74 | 57 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | - | - | |||
| Proceeds from disposals of non-current investments | 147 | 133 | 34 | |||
| Repayment of non-current loans | 337 | 153 | 101 | |||
| Total divestments | 539 | 360 | 192 | |||
| Cash flow used in investing activities | (3,371) | (3,845) | (5,009) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 65 | 406 | 36 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | - | (1,462) | - | |||
| - Non-controlling interests | (11) | (61) | (2) | |||
| Issuance of perpetual subordinated notes | - | - | - | |||
| Payments on perpetual subordinated notes | - | (90) | - | |||
| Other transactions with non-controlling interests | (2) | - | (107) | |||
| Net issuance (repayment) of non-current debt | 400 | 290 | 3,127 | |||
| Increase (decrease) in current borrowings | (3,717) | (1,167) | (909) | |||
| Increase (decrease) in current financial assets and liabilities | 1,182 | 979 | 257 | |||
| Cash flow used in financing activities | (2,083) | (1,105) | 2,402 | |||
| Net increase (decrease) in cash and cash equivalents | (1,091) | (310) | 2,133 | |||
| Effect of exchange rates | 954 | 1,504 | 15 | |||
| Cash and cash equivalents at the beginning of the period | 28,720 | 27,526 | 22,653 | |||
| Cash and cash equivalents at the end of the period | 28,583 | 28,720 | 24,801 |
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| (M$) | 9 months 2017 | 9 months 2016 | ||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 7,569 | 5,719 | ||
| Depreciation, depletion, amortization and impairment | 10,754 | 9,393 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (340) | (1,284) | ||
| (Gains) losses on disposals of assets | (2,527) | (321) | ||
| Undistributed affiliates' equity earnings | 96 | (708) | ||
| (Increase) decrease in working capital | (1,379) | (3,032) | ||
| Other changes, net | (469) | (264) | ||
| Cash flow from operating activities | 13,704 | 9,503 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (9,105) | (12,364) | ||
| Acquisitions of subsidiaries, net of cash acquired | (797) | (1,241) | ||
| Investments in equity affiliates and other securities | (1,137) | (106) | ||
| Increase in non-current loans | (754) | (964) | ||
| Total expenditures | (11,793) | (14,675) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 135 | 1,049 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,696 | 270 | ||
| Proceeds from disposals of non-current investments | 289 | 129 | ||
| Repayment of non-current loans | 677 | 502 | ||
| Total divestments | 3,797 | 1,950 | ||
| Cash flow used in investing activities | (7,996) | (12,725) | ||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 486 | 40 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,000) | (2,127) | ||
| - Non-controlling interests | (87) | (77) | ||
| Issuance of perpetual subordinated notes | - | 1,950 | ||
| Payments on perpetual subordinated notes | (219) | (133) | ||
| Other transactions with non-controlling interests | (2) | (104) | ||
| Net issuance (repayment) of non-current debt | 746 | 3,681 | ||
| Increase (decrease) in current borrowings | (6,297) | (2,925) | ||
| Increase (decrease) in current financial assets and liabilities | 2,819 | 4,402 | ||
| Cash flow used in financing activities | (4,554) | 4,707 | ||
| Net increase (decrease) in cash and cash equivalents | 1,154 | 1,485 | ||
| Effect of exchange rates | 2,832 | 47 | ||
| Cash and cash equivalents at the beginning of the period | 24,597 | 23,269 | ||
| Cash and cash equivalents at the end of the period | 28,583 | 24,801 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | ||||||||||||||||||
| (unaudited) | ||||||||||||||||||
| Common shares issued | Paid-insurplus andretainedearnings | Currencytranslationadjustment | Treasury shares | Shareholders'equity - Group share
| Non-controllinginterests | Totalshareholders'equity | ||||||||||||
| (M$) | Number | Amount | Number | Amount | ||||||||||||||
| As of January 1, 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 9 months 2016 | - | - | 5,648 | - | - | - | 5,648 | 71 | 5,719 | |||||||||
| Other comprehensive Income | - | - | (307) | 671 | - | - | 364 | 8 | 372 | |||||||||
| Comprehensive Income | - | - | 5,341 | 671 | - | - | 6,012 | 79 | 6,091 | |||||||||
| Dividend | - | - | (4,872) | - | - | - | (4,872) | (77) | (4,949) | |||||||||
| Issuance of common shares | 63,971,645 | 179 | 2,524 | - | - | - | 2,703 | - | 2,703 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (163) | - | 3,047,118 | 163 | - | - | - | |||||||||
| Share-based payments | - | - | 81 | - | - | - | 81 | - | 81 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 1,950 | - | - | - | 1,950 | - | 1,950 | |||||||||
| Payments on perpetual subordinated notes | - | - | (131) | - | - | - | (131) | - | (131) | |||||||||
| Other operations with non-controlling interests | - | - | (100) | - | - | - | (100) | (41) | (141) | |||||||||
| Other items | - | - | 31 | - | - | - | 31 | 72 | 103 | |||||||||
| As of September 30, 2016 | 2,504,029,528 | 7,849 | 106,189 | (11,448) | (110,920,640) | (4,422) | 98,168 | 2,948 | 101,116 | |||||||||
| Net income from October 1 to December 31, 2016 | - | - | 548 | - | - | - | 548 | (61) | 487 | |||||||||
| Other comprehensive Income | - | - | 199 | (2,423) | - | - | (2,224) | (7) | (2,231) | |||||||||
| Comprehensive Income | - | - | 747 | (2,423) | - | - | (1,676) | (68) | (1,744) | |||||||||
| Dividend | - | - | (1,640) | - | - | - | (1,640) | (16) | (1,656) | |||||||||
| Issuance of common shares | 26,667,602 | 72 | 1,029 | - | - | - | 1,101 | - | 1,101 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 1,550 | - | - | - | - | |||||||||
| Share-based payments | - | - | 31 | - | - | - | 31 | - | 31 | |||||||||
| 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 | - | - | (72) | - | - | - | (72) | - | (72) | |||||||||
| Other operations with non-controlling interests | - | - | 2 | - | - | - | 2 | (2) | - | |||||||||
| Other items | - | - | 5 | - | - | - | 5 | 32 | 37 | |||||||||
| 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 9 months 2017 | - | - | 7,610 | - | - | - | 7,610 | (41) | 7,569 | |||||||||
| Other comprehensive Income | - | - | 121 | 5,196 | - | - | 5,317 | 17 | 5,334 | |||||||||
| Comprehensive Income | - | - | 7,731 | 5,196 | - | - | 12,927 | (24) | 12,903 | |||||||||
| Dividend | - | - | (5,137) | - | - | - | (5,137) | (87) | (5,224) | |||||||||
| Issuance of common shares | 72,388,372 | 202 | 3,242 | - | - | - | 3,444 | - | 3,444 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (142) | - | 2,209,716 | 142 | - | - | - | |||||||||
| Share-based payments | - | - | 113 | - | - | - | 113 | - | 113 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (223) | - | - | - | (223) | - | (223) | |||||||||
| Other operations with non-controlling interests | - | - | (7) | - | - | - | (7) | 5 | (2) | |||||||||
| Other items | - | - | 4 | - | - | - | 4 | 11 | 15 | |||||||||
| As of September 30, 2017 | 2,502,754,234 | 7,806 | 111,128 | (8,675) | (8,378,106) | (458) | 109,801 | 2,799 | 112,600 | |||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 3rd quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,121 | 2,903 | 18,923 | 19,086 | 11 | - | 43,044 | |||||||
| Intersegment sales | 5,665 | 286 | 6,592 | 207 | 89 | (12,839) | - | |||||||
| Excise taxes | - | - | (799) | (5,163) | - | - | (5,962) | |||||||
| Revenues from sales | 7,786 | 3,189 | 24,716 | 14,130 | 100 | (12,839) | 37,082 | |||||||
| Operating expenses | (3,632) | (3,117) | (23,110) | (13,386) | (250) | 12,839 | (30,656) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,548) | (51) | (258) | (170) | (8) | - | (3,035) | |||||||
| Operating income | 1,606 | 21 | 1,348 | 574 | (158) | - | 3,391 | |||||||
| Equity in net income (loss) of affiliates and other items | 521 | 12 | 179 | 133 | 32 | - | 877 | |||||||
| Tax on net operating income | (745) | 7 | (379) | (173) | 100 | - | (1,190) | |||||||
| Net operating income | 1,382 | 40 | 1,148 | 534 | (26) | - | 3,078 | |||||||
| Net cost of net debt | (315) | |||||||||||||
| Non-controlling interests | (39) | |||||||||||||
| Net income - group share | 2,724 | |||||||||||||
| 3rd quarter 2017 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (14) | - | - | - | - | (14) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (14) | - | - | - | - | (14) | |||||||
| Operating expenses | (2) | (32) | 166 | 51 | - | - | 183 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (57) | - | - | - | - | - | (57) | |||||||
| Operating income (b) | (59) | (46) | 166 | 51 | - | - | 112 | |||||||
| Equity in net income (loss) of affiliates and other items | (2) | (15) | 12 | (5) | - | - | (10) | |||||||
| Tax on net operating income | 4 | 4 | (50) | (18) | - | - | (60) | |||||||
| Net operating income (b) | (57) | (57) | 128 | 28 | - | - | 42 | |||||||
| Net cost of net debt | (7) | |||||||||||||
| Non-controlling interests | 15 | |||||||||||||
| Net income - group share | 50 | |||||||||||||
| (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 | - | - | 210 | 51 | - | |||||||||
| On net operating income | - | - | 156 | 36 | - | |||||||||
| 3rd quarter 2017 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 2,121 | 2,917 | 18,923 | 19,086 | 11 | - | 43,058 | |||||||
| Intersegment sales | 5,665 | 286 | 6,592 | 207 | 89 | (12,839) | - | |||||||
| Excise taxes | - | - | (799) | (5,163) | - | - | (5,962) | |||||||
| Revenues from sales | 7,786 | 3,203 | 24,716 | 14,130 | 100 | (12,839) | 37,096 | |||||||
| Operating expenses | (3,630) | (3,085) | (23,276) | (13,437) | (250) | 12,839 | (30,839) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,491) | (51) | (258) | (170) | (8) | - | (2,978) | |||||||
| Adjusted operating income | 1,665 | 67 | 1,182 | 523 | (158) | - | 3,279 | |||||||
| Equity in net income (loss) of affiliates and other items | 523 | 27 | 167 | 138 | 32 | - | 887 | |||||||
| Tax on net operating income | (749) | 3 | (329) | (155) | 100 | - | (1,130) | |||||||
| Adjusted net operating income | 1,439 | 97 | 1,020 | 506 | (26) | - | 3,036 | |||||||
| Net cost of net debt | (308) | |||||||||||||
| Non-controlling interests | (54) | |||||||||||||
| Adjusted net income - group share | 2,674 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 1.04 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 3rd quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 3,228 | 99 | 357 | 190 | 36 | - | 3,910 | |||||||
| Total divestments | 339 | - | 24 | 150 | 26 | - | 539 | |||||||
| Cash flow from operating activities | 2,633 | 325 | 662 | 596 | 147 | - | 4,363 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 2nd quarter 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | 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) | ||||||||||||||
| 3rd quarter 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 1,852 | 2,510 | 16,050 | 16,998 | 2 | - | 37,412 | |||||||
| Intersegment sales | 4,854 | 283 | 5,072 | 147 | 74 | (10,430) | - | |||||||
| Excise taxes | - | - | (875) | (4,712) | - | - | (5,587) | |||||||
| Revenues from sales | 6,706 | 2,793 | 20,247 | 12,433 | 76 | (10,430) | 31,825 | |||||||
| Operating expenses | (3,513) | (2,754) | (19,102) | (11,829) | (198) | 10,430 | (26,966) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,479) | (46) | (251) | (150) | (10) | - | (2,936) | |||||||
| Operating income | 714 | (7) | 894 | 454 | (132) | - | 1,923 | |||||||
| Equity in net income (loss) of affiliates and other items | 180 | 7 | 228 | 78 | 88 | - | 581 | |||||||
| Tax on net operating income | (61) | 17 | (197) | (134) | 59 | - | (316) | |||||||
| Net operating income | 833 | 17 | 925 | 398 | 15 | - | 2,188 | |||||||
| Net cost of net debt | (208) | |||||||||||||
| Non-controlling interests | (26) | |||||||||||||
| Net income - group share | 1,954 | |||||||||||||
| 3rd quarter 2016 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (116) | - | - | - | - | (116) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (116) | - | - | - | - | (116) | |||||||
| Operating expenses | - | (15) | 4 | (53) | - | - | (64) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | - | - | - | - | - | - | - | |||||||
| Operating income (b) | - | (131) | 4 | (53) | - | - | (180) | |||||||
| Equity in net income (loss) of affiliates and other items | (123) | (68) | 16 | 1 | - | - | (174) | |||||||
| Tax on net operating income | 175 | 25 | (11) | 6 | - | - | 195 | |||||||
| Net operating income (b) | 52 | (174) | 9 | (46) | - | - | (159) | |||||||
| Net cost of net debt | (6) | |||||||||||||
| Non-controlling interests | 49 | |||||||||||||
| 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 | - | - | 4 | (51) | - | |||||||||
| On net operating income | - | - | 21 | (33) | - | |||||||||
| 3rd quarter 2016 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 1,852 | 2,626 | 16,050 | 16,998 | 2 | - | 37,528 | |||||||
| Intersegment sales | 4,854 | 283 | 5,072 | 147 | 74 | (10,430) | - | |||||||
| Excise taxes | - | - | (875) | (4,712) | - | - | (5,587) | |||||||
| Revenues from sales | 6,706 | 2,909 | 20,247 | 12,433 | 76 | (10,430) | 31,941 | |||||||
| Operating expenses | (3,513) | (2,739) | (19,106) | (11,776) | (198) | 10,430 | (26,902) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,479) | (46) | (251) | (150) | (10) | - | (2,936) | |||||||
| Adjusted operating income | 714 | 124 | 890 | 507 | (132) | - | 2,103 | |||||||
| Equity in net income (loss) of affiliates and other items | 303 | 75 | 212 | 77 | 88 | - | 755 | |||||||
| Tax on net operating income | (236) | (8) | (186) | (140) | 59 | - | (511) | |||||||
| Adjusted net operating income | 781 | 191 | 916 | 444 | 15 | - | 2,347 | |||||||
| Net cost of net debt | (202) | |||||||||||||
| Non-controlling interests | (75) | |||||||||||||
| Adjusted net income - group share | 2,070 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 0.84 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 3rd quarter 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 3,484 | 1,097 | 554 | 243 | (177) | - | 5,201 | |||||||
| Total divestments | 105 | 33 | 21 | 29 | 4 | - | 192 | |||||||
| Cash flow from operating activities | 2,275 | 24 | 1,697 | 573 | 171 | - | 4,740 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 9 months 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 6,292 | 8,771 | 54,844 | 54,215 | 20 | - | 124,142 | |||||||
| Intersegment sales | 16,331 | 869 | 18,954 | 650 | 284 | (37,088) | - | |||||||
| Excise taxes | - | - | (2,180) | (14,305) | - | - | (16,485) | |||||||
| Revenues from sales | 22,623 | 9,640 | 71,618 | 40,560 | 304 | (37,088) | 107,657 | |||||||
| Operating expenses | (10,866) | (9,443) | (67,906) | (38,780) | (802) | 37,088 | (90,709) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,960) | (163) | (790) | (472) | (27) | - | (10,412) | |||||||
| Operating income | 2,797 | 34 | 2,922 | 1,308 | (525) | - | 6,536 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,198 | (20) | 2,780 | 421 | 48 | - | 4,427 | |||||||
| Tax on net operating income | (1,696) | (54) | (877) | (404) | 485 | - | (2,546) | |||||||
| Net operating income | 2,299 | (40) | 4,825 | 1,325 | 8 | - | 8,417 | |||||||
| Net cost of net debt | (848) | |||||||||||||
| Non-controlling interests | 41 | |||||||||||||
| Net income - group share | 7,610 | |||||||||||||
| 9 months 2017 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (41) | - | - | - | - | (41) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (41) | - | - | - | - | (41) | |||||||
| Operating expenses | (119) | (146) | (188) | (44) | (64) | - | (561) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (1,926) | (25) | (50) | - | - | - | (2,001) | |||||||
| Operating income (b) | (2,045) | (212) | (238) | (44) | (64) | - | (2,603) | |||||||
| Equity in net income (loss) of affiliates and other items | (216) | (94) | 2,168 | 121 | - | - | 1,979 | |||||||
| Tax on net operating income | 380 | 13 | (9) | 8 | 22 | - | 414 | |||||||
| Net operating income (b) | (1,881) | (293) | 1,921 | 85 | (42) | - | (210) | |||||||
| Net cost of net debt | - | - | - | - | - | - | (21) | |||||||
| Non-controlling interests | - | - | - | - | - | - | 135 | |||||||
| Net income - group share | - | - | - | - | - | - | (96) | |||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation effect |
|
|
|
|
|
| ||||||||
| On operating income | - | - | (79) | (18) | - | |||||||||
| On net operating income | - | - | (56) | (14) | - | |||||||||
| 9 months 2017 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 6,292 | 8,812 | 54,844 | 54,215 | 20 | - | 124,183 | |||||||
| Intersegment sales | 16,331 | 869 | 18,954 | 650 | 284 | (37,088) | - | |||||||
| Excise taxes | - | - | (2,180) | (14,305) | - | - | (16,485) | |||||||
| Revenues from sales | 22,623 | 9,681 | 71,618 | 40,560 | 304 | (37,088) | 107,698 | |||||||
| Operating expenses | (10,747) | (9,297) | (67,718) | (38,736) | (738) | 37,088 | (90,148) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,034) | (138) | (740) | (472) | (27) | - | (8,411) | |||||||
| Adjusted operating income | 4,842 | 246 | 3,160 | 1,352 | (461) | - | 9,139 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,414 | 74 | 612 | 300 | 48 | - | 2,448 | |||||||
| Tax on net operating income | (2,076) | (67) | (868) | (412) | 463 | - | (2,960) | |||||||
| Adjusted net operating income | 4,180 | 253 | 2,904 | 1,240 | 50 | - | 8,627 | |||||||
| Net cost of net debt | (827) | |||||||||||||
| Non-controlling interests | (94) | |||||||||||||
| Adjusted net income - group share | 7,706 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 3.02 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 9 months 2017 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 9,312 | 491 | 1,024 | 887 | 79 | - | 11,793 | |||||||
| Total divestments | 584 | 27 | 2,784 | 368 | 34 | - | 3,797 | |||||||
| Cash flow from operating activities | 7,633 | 336 | 4,399 | 1,138 | 198 | - | 13,704 | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| 9 months 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 5,563 | 6,449 | 46,555 | 48,897 | 4 | - | 107,468 | |||||||
| Intersegment sales | 12,572 | 703 | 14,760 | 487 | 225 | (28,747) | - | |||||||
| Excise taxes | - | - | (2,760) | (13,650) | - | - | (16,410) | |||||||
| Revenues from sales | 18,135 | 7,152 | 58,555 | 35,734 | 229 | (28,747) | 91,058 | |||||||
| Operating expenses | (10,512) | (7,146) | (54,407) | (33,897) | (710) | 28,747 | (77,925) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,254) | (108) | (750) | (446) | (26) | - | (8,584) | |||||||
| Operating income | 369 | (102) | 3,398 | 1,391 | (507) | - | 4,549 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,350 | 121 | 617 | 129 | 289 | - | 2,506 | |||||||
| Tax on net operating income | 454 | 1 | (852) | (409) | 87 | - | (719) | |||||||
| Net operating income | 2,173 | 20 | 3,163 | 1,111 | (131) | - | 6,336 | |||||||
| Net cost of net debt | (617) | |||||||||||||
| Non-controlling interests | (71) | |||||||||||||
| Net income - group share | 5,648 | |||||||||||||
| 9 months 2016 (adjustments) (a) (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | - | (248) | - | - | - | - | (248) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | - | - | - | - | - | - | - | |||||||
| Revenues from sales | - | (248) | - | - | - | - | (248) | |||||||
| Operating expenses | (691) | (15) | 246 | (20) | - | - | (480) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (200) | - | - | - | - | - | (200) | |||||||
| Operating income (b) | (891) | (263) | 246 | (20) | - | - | (928) | |||||||
| Equity in net income (loss) of affiliates and other items | 206 | (76) | (61) | (20) | - | - | 49 | |||||||
| Tax on net operating income | 648 | 52 | (86) | (2) | - | - | 612 | |||||||
| Net operating income (b) | (37) | (287) | 99 | (42) | - | - | (267) | |||||||
| Net cost of net debt | (17) | |||||||||||||
| Non-controlling interests | 52 | |||||||||||||
| Net income - group share | (232) | |||||||||||||
| (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 | - | - | 315 | (10) | - | |||||||||
| On net operating income | - | - | 219 | 1 | - | |||||||||
| 9 months 2016 (adjusted) (M$) (a) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Non-Group sales | 5,563 | 6,697 | 46,555 | 48,897 | 4 | - | 107,716 | |||||||
| Intersegment sales | 12,572 | 703 | 14,760 | 487 | 225 | (28,747) | - | |||||||
| Excise taxes | - | - | (2,760) | (13,650) | - | - | (16,410) | |||||||
| Revenues from sales | 18,135 | 7,400 | 58,555 | 35,734 | 229 | (28,747) | 91,306 | |||||||
| Operating expenses | (9,821) | (7,131) | (54,653) | (33,877) | (710) | 28,747 | (77,445) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (7,054) | (108) | (750) | (446) | (26) | - | (8,384) | |||||||
| Adjusted operating income | 1,260 | 161 | 3,152 | 1,411 | (507) | - | 5,477 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,144 | 197 | 678 | 149 | 289 | - | 2,457 | |||||||
| Tax on net operating income | (194) | (51) | (766) | (407) | 87 | - | (1,331) | |||||||
| Adjusted net operating income | 2,210 | 307 | 3,064 | 1,153 | (131) | - | 6,603 | |||||||
| Net cost of net debt | (600) | |||||||||||||
| Non-controlling interests | (123) | |||||||||||||
| Adjusted net income - group share | 5,880 | |||||||||||||
| Adjusted fully-diluted earnings per share ($) | 2.42 | |||||||||||||
| (a) Except for earnings per share. | ||||||||||||||
| 9 months 2016 (M$) | Exploration & Production | Gas, Renewables & Power | Refining & Chemicals | Marketing & Services | Corporate | Intercompany | Total | |||||||
| Total expenditures | 11,252 | 1,339 | 1,295 | 745 | 44 | - | 14,675 | |||||||
| Total divestments | 1,369 | 137 | 73 | 359 | 12 | - | 1,950 | |||||||
| Cash flow from operating activities | 4,971 | (194) | 2,839 | 1,414 | 473 | - | 9,503 | |||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 3rd quarter 2017 (M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 43,058 | (14) | 43,044 | |||
| Excise taxes | (5,962) | - | (5,962) | |||
| Revenues from sales | 37,096 | (14) | 37,082 | |||
| Purchases, net of inventory variation | (24,585) | 218 | (24,367) | |||
| Other operating expenses | (6,073) | (35) | (6,108) | |||
| Exploration costs | (181) | - | (181) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,978) | (57) | (3,035) | |||
| Other income | 238 | 166 | 404 | |||
| Other expense | (65) | (2) | (67) | |||
| Financial interest on debt | (361) | (7) | (368) | |||
| Financial income and expense from cash & cash equivalents | (45) | - | (45) | |||
| Cost of net debt | (406) | (7) | (413) | |||
| Other financial income | 204 | - | 204 | |||
| Other financial expense | (164) | - | (164) | |||
| Equity in net income (loss) of affiliates | 674 | (174) | 500 | |||
| Income taxes | (1,032) | (60) | (1,092) | |||
| Consolidated net income | 2,728 | 35 | 2,763 | |||
| Group share | 2,674 | 50 | 2,724 | |||
| Non-controlling interests | 54 | (15) | 39 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 3rd quarter 2016 (M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 37,528 | (116) | 37,412 | |||
| Excise taxes | (5,587) | - | (5,587) | |||
| Revenues from sales | 31,941 | (116) | 31,825 | |||
| Purchases, net of inventory variation | (21,176) | (47) | (21,223) | |||
| Other operating expenses | (5,452) | (17) | (5,469) | |||
| Exploration costs | (274) | - | (274) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,936) | - | (2,936) | |||
| Other income | 284 | 6 | 290 | |||
| Other expense | (155) | (196) | (351) | |||
| Financial interest on debt | (262) | (6) | (268) | |||
| Financial income and expense from cash & cash equivalents | (5) | - | (5) | |||
| Cost of net debt | (267) | (6) | (273) | |||
| Other financial income | 265 | - | 265 | |||
| Other financial expense | (154) | - | (154) | |||
| Equity in net income (loss) of affiliates | 515 | 16 | 531 | |||
| Income taxes | (446) | 195 | (251) | |||
| Consolidated net income | 2,145 | (165) | 1,980 | |||
| Group share | 2,070 | (116) | 1,954 | |||
| Non-controlling interests | 75 | (49) | 26 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| 9 months 2017 (M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 124,183 | (41) | 124,142 | |||
| Excise taxes | (16,485) | - | (16,485) | |||
| Revenues from sales | 107,698 | (41) | 107,657 | |||
| Purchases, net of inventory variation | (71,514) | (238) | (71,752) | |||
| Other operating expenses | (18,057) | (323) | (18,380) | |||
| Exploration costs | (577) | - | (577) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,411) | (2,001) | (10,412) | |||
| Other income | 552 | 2,747 | 3,299 | |||
| Other expense | (181) | (283) | (464) | |||
| Financial interest on debt | (1,023) | (21) | (1,044) | |||
| Financial income and expense from cash & cash equivalents | (93) | - | (93) | |||
| Cost of net debt | (1,116) | (21) | (1,137) | |||
| Other financial income | 717 | - | 717 | |||
| Other financial expense | (483) | - | (483) | |||
| Equity in net income (loss) of affiliates | 1,843 | (485) | 1,358 | |||
| Income taxes | (2,671) | 414 | (2,257) | |||
| Consolidated net income | 7,800 | (231) | 7,569 | |||
| Group share | 7,706 | (96) | 7,610 | |||
| Non-controlling interests | 94 | (135) | (41) | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| 9 months 2016 (M$) | Adjusted | Adjustments (a) | Consolidatedstatement of income | |||
| Sales | 107,716 | (248) | 107,468 | |||
| Excise taxes | (16,410) | - | (16,410) | |||
| Revenues from sales | 91,306 | (248) | 91,058 | |||
| Purchases, net of inventory variation | (59,663) | 253 | (59,410) | |||
| Other operating expenses | (17,128) | (383) | (17,511) | |||
| Exploration costs | (654) | (350) | (1,004) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (8,384) | (200) | (8,584) | |||
| Other income | 627 | 335 | 962 | |||
| Other expense | (274) | (280) | (554) | |||
| Financial interest on debt | (792) | (17) | (809) | |||
| Financial income and expense from cash & cash equivalents | 6 | - | 6 | |||
| Cost of net debt | (786) | (17) | (803) | |||
| Other financial income | 768 | - | 768 | |||
| Other financial expense | (475) | - | (475) | |||
| Equity in net income (loss) of affiliates | 1,811 | (6) | 1,805 | |||
| Income taxes | (1,145) | 612 | (533) | |||
| Consolidated net income | 6,003 | (284) | 5,719 | |||
| Group share | 5,880 | (232) | 5,648 | |||
| Non-controlling interests | 123 | (52) | 71 | |||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
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