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Proc-Type: 2001,MIC-CLEAR
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0000950123-06-010625.txt : 20060816
0000950123-06-010625.hdr.sgml : 20060816
20060816070646
ACCESSION NUMBER: 0000950123-06-010625
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 11
CONFORMED PERIOD OF REPORT: 20060816
FILED AS OF DATE: 20060816
DATE AS OF CHANGE: 20060816
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TOTAL SA
CENTRAL INDEX KEY: 0000879764
STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311]
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-10888
FILM NUMBER: 061036904
BUSINESS ADDRESS:
STREET 1: 2 PLACE DE LA COUPOLE
STREET 2: LA DEFENSE 92078
CITY: PARIS FRANCE
STATE: I0
ZIP: 00000
BUSINESS PHONE: 2129693300
MAIL ADDRESS:
STREET 1: 2 PLACE DE LA COUPOLE
STREET 2: LA DEFENSE 92078
CITY: PARIS FRANCE
STATE: I0
ZIP: 00000
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL FINA ELF SA
DATE OF NAME CHANGE: 20001010
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL FINA SA
DATE OF NAME CHANGE: 19990713
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL
DATE OF NAME CHANGE: 19960103
6-K
1
y01478e6vk.htm
FORM 6-K
e6vk
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13-a16 OR 15-d16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of
August 2006
TOTAL S.A.
(Translation of registrants name into English)
2, place de la Coupole
92078 Paris La Défense Cedex
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
Form 20-F þ Form 40-F o
Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities
Exchange Act of 1934.
Yes o No þ
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b) : 82-______.)
TABLE OF CONTENTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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TOTAL S.A.
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Date : August 16, 2006 |
By: |
/s/ Charles Paris de Bollardière
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Name : Charles PARIS de BOLLARDIERE |
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Title : Treasurer |
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EXHIBIT INDEX
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EXHIBIT 99.1:
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Oil Discovery in the Moho-Bilondo Permit in the Republic of the Congo (July 25, 2006). |
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EXHIBIT 99.2:
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First Oil Discovery in Libyas Block NC 191 (July 26, 2006). |
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EXHIBIT 99.3:
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Nigeria: Total Signs Farm-in Agreement on Two Offshore Blocks (July 27, 2006). |
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EXHIBIT 99.4:
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DHC Startup Operations Begin at the Normandy Refinery (July 31, 2006). |
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EXHIBIT 99.5:
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Total Acquires Interest in Exploration Block Northeast of Java (August 1, 2006). |
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EXHIBIT 99.6:
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Total Acquires Interest in Nigerias Brass LNG Project (August 2, 2006). |
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EXHIBIT 99.7:
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Total and Santader Sign Agreement to Implement Arbitration Award Provisions
Concerning Cepsa (August 2, 2006). |
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EXHIBIT 99.8:
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Second Quarter and First Half 2006 Results (August 3, 2006). |
EX-99.1
2
y01478exv99w1.htm
EX 99.1: OIL DISCOVERY IN MOHO-BILONDO PERMIT, CONGO
exv99w1
Exhibit 99.1
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Oil Discovery in the Moho-Bilondo Permit in the Republic of the Congo
Paris, July 25, 2006 Total (operator, 53.5%) announces an oil find in the
Moho-Bilondo exploration permit, located around 80 kilometres offshore the
Republic of the Congo, in water depths ranging from 600 to 900 metres.
Drilled to a total vertical depth of 2,269 metres, the Mobi Marine 2 well
identified two new oil-bearing structures at the base of the Upper Miocene
over a combined thickness of around 30 metres. This discovery is the first
step in a process designed to add further reserves to the current Phase 1
development of Moho Bilondo. The new resources are being appraised and a
development plan is being prepared.
Launched in late August 2005, the initial Phase 1 development plan for the
Moho Bilondo project comprises 12 subsea wells tied back to a floating
production unit (FPU) whose outputaround 90,000 barrels per day at
peakwill be exported to the Djéno terminal. The field is scheduled to come
on stream in 2008.
Total E&P Congos partners in Moho-Bilondo are Chevron Overseas Congo Ltd.
(31.5%) and Société Nationale des Pétroles du Congo (SNPC 15%).
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.2
3
y01478exv99w2.htm
EX 99.2: FIRST OIL DISCOVERY IN LIBYA'S BLOCK NC 191
exv99w2
Exhibit 99.2
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
First Oil Discovery in Libyas Block NC 191
Paris July 26, 2006 Total (operator, 100%) announces an oil discovery in
Block NC 191 in southwestern Libya, around 800 kilometres south of Tripoli.
This is the first find in the block, located in the southern Murzuq Basin
and awarded to Total in March 2001.
Drilled to a total depth of 1,735 metres, the D1 well tested at 675 barrels
of oil per day. Appraisal of the discovery and the potential of the
remainder of the block is underway.
The latest find consolidates Totals position in Libya, where it has been
active since the 1950s. The Group has interests in the main offshore and
onshore basins, operating the offshore Al Jurf field and the Mabruk field in
the Sirte Basin and holding a working interest in the consortium that
operates the El Sharara fields in the Murzuq Basin.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.3
4
y01478exv99w3.htm
EX 99.3: FARM-IN AGREEMENT ON TWO OFFSHORE BLOCKS, NIGERIA
exv99w3
Exhibit 99.3
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Nigeria: Total signs farm-in agreement on two offshore blocks
Paris, July 27, 2006 Total announces that its wholly-owned Nigerian
operating subsidiary, Elf Petroleum Nigeria Limited (EPNL), has signed a
farm-in agreement with Amni International Petroleum Development Company
Limited, for the Oil Mining Licences (OMLs) 112 and 117 offshore southeast
Nigeria. With this agreement, EPNL has acquired a 40% participating
interesting in both OMLs.
OMLs 112 and 117 are located in the eastern part of the Niger Delta, at
about 20 kilometres from the Bonny LNG plant. Together, they cover an area
of 550 square kilometres in water depths between 10 to 15 metres.
EPNL is the technical partner and will operate the appraisal and development
on behalf of Amni. An appraisal well, Ima 12, has just been drilled and
confirmed the gas reserves of the acreage. Tests are currently ongoing to
ascertain the quality of the gas and the nature of the reservoirs. The gas
reserves will supply Totals future projects in Nigeria.
The development of offshore fields in Nigeria constitutes one of the
principle growth areas for Total in Africa, in particular with the
development of the Akpo field, with start-up planned for late 2008 at a
level of 225,000 barrels of oil equivalent per day. Total also holds a 15 %
stake in the Bonny liquefied natural gas plant. The development of Totals
presence in Nigeria, combined in particular with the growth of the companys
production in Angola, will enable Total to consolidate its position as
leader among to other oil majors in Africa.
* * * * * *
Total is one of the worlds major oil and gas groups, with
activities in more than 130 countries. Its 95,000 employees put their
expertise to work in every part of the industry exploration and production
of oil and natural gas, refining and marketing, gas trading and electricity.
Total is working to keep the world supplied with energy, both today and
tomorrow. The Group is also a first rank player in chemicals. www.total.com
EX-99.4
5
y01478exv99w4.htm
EX 99.4: DHC STARTUP OPERATIONS, NORMANDY REFINERY
exv99w4
Exhibit 99.4
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
DHC Startup Operations Begin at the Normandy Refinery
Paris, July 31, 2006 Total announces the startup today of the
hydrogen production unit (Steam Methane Reformer SMR), at the Normandy
refinery near Le Havre. This startup is the first step in the commissioning
of the new distillate hydrocracker (DHC) project.
Up to 1,000 people a day worked onsite during the construction phase, with
the project completed on time and on budget in 26 months at a cost of around
550 million. The next steps consist of bringing the sulfur recovery
units on stream in August then commissioning the hydrocracker, which will be
gradually ramped up to reach full product availability at end-September.
The units convert heavy fractions of petroleum into ultra low sulfur
distillates, such as automotive diesel and kerosene, to reduce deficits in
Europe. They will have an annual production capacity of 1.3 million metric
tons of sulfur-free automotive diesel, 200,000 metric tons of sulfur-free
kerosene, 500,000 metric tons of high quality bases for lubricants and
specialty fluids, and 400,000 metric tons of naphtha feedstock for
petrochemicals.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities
in more than 130 countries. Its 95,000 employees put their expertise to work
in every part of the industry exploration and production of oil and
natural gas, refining and marketing, gas trading and electricity. Total is
working to keep the world supplied with energy, both today and tomorrow. The
Group is also a first rank player in chemicals. www.total.com
EX-99.5
6
y01478exv99w5.htm
EX 99.5: TOTAL ACQUIRES INTEREST IN EXPLORATION BLOCK NORTHEAST OF JAVA
exv99w5
Exhibit 99.5
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Acquires Interest in Exploration Block Northeast of Java
Paris, August 1st, 2006 Total has signed an agreement with
Indonesias PT Easco East Sepanjang to farm into the offshore East Sepanjang
block, northeast of Java, with a 49 % working interest. The Group also has
the option of acquiring an additional 41 % interest at a later date,
provided specific conditions are met.
Lying in water depths ranging from 400 to 1,000 metres, the East Sepanjang
block covers around 5,100 square kilometres. A seismic survey will be
conducted by year-end and an exploration well drilled in 2007. Total will
assume operatorship after the first 3 years Firm Commitment exploration
period.
Present in Indonesia since 1968, Total is the countrys leading gas producer
and supplies more than 70 % of the feed gas for the Bontang liquefaction
plant, on behalf of the 50-50 Total-Inpex joint venture, operator of the
Mahakam block in which the Tambora, Tunu and Peciko gas fields are located.
The Group produced more than 2.6 billion cubic feet per day of gas in
Mahakam in first-half 2006. Output will be maintained at this level at least
through 2010. Total is also a top-tier oil and condensates producer, with
operated output of 88,000 barrels per day in 2005.
* * * * * *
Total is one of the worlds major oil and gas groups, with
activities in more than 130 countries. Its 95,000 employees put their
expertise to work in every part of the industry exploration and production
of oil and natural gas, refining and marketing, gas trading and electricity.
Total is working to keep the world supplied with energy, both today and
tomorrow. The Group is also a first rank player in chemicals. www.total.com
EX-99.6
7
y01478exv99w6.htm
EX 99.6: TOTAL ACQUIRES INTEREST IN NIGERIA'S BRASS LNG PROJECT
exv99w6
Exhibit 99.6
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Acquires Interest in Nigerias Brass LNG Project
Paris August 2, 2006 Total has acquired today Chevrons interest in
the Brass LNG project in the Niger Delta, 90 kilometres west of Bonny
Island, Nigeria. Its current partners are NNPC, Eni and ConocoPhillips.
Project sanction for the first two trains of Brass LNG is expected by
year-end, with production scheduled to start up in 2011. Initially, two
trains will be built, with a capacity of 5 million metric tons per year
each, with most of the LNG intended for export to Europe and the U.S. The
feed gas will be supplied from the partners productions, with Total
accounting for a third, or 570 million cubic feet per day, over a period of
at least 20 years.
The Brass LNG project will enable Total to step up the monetization of its
Nigerian gas resources from onshore fields, offshore clusters under
development and Oil Mining Leases (OML) 112 and 117, in which the Group
recently acquired a 40% interest. The project is a further building block in
Totals strategy of growing and diversifying its production in Nigeria.
The interest is in addition to Totals 15% stake in NLNG, whose capacity was
recently expanded to nearly 18 million metric tons per year with the
commissioning of Trains 4 and 5 earlier this year. Train 6, with a capacity
of 4 million metric tons per year, is under construction and scheduled to
come on stream in 2007.
A top-tier global LNG operator with equity sales of 7.7 million metric tons
in 2005, Total is targeting average LNG production growth of 12% a year
through 2010. The Brass LNG project will support the Groups post-2010 LNG
expansion and diversification.
* * * * * *
Total is one of the worlds major oil and gas groups, with
activities in more than 130 countries. Its 95,000 employees put their
expertise to work in every part of the industry exploration and production
of oil and natural gas, refining and marketing, gas trading and electricity.
Total is working to keep the world supplied with energy, both today and
tomorrow. The Group is also a first rank player in chemicals. www.total.com
EX-99.7
8
y01478exv99w7.htm
EX 99.7: TOTAL AND SANTANDER SIGN AGREEMENT CONCERNING CEPSA
exv99w7
Exhibit 99.7
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total and Santander Sign Agreement To Implement Arbitration Award Provisions Concerning Cepsa
Paris, August 2, 2006 Total and Banco Santander Central Hispano
(Santander) have signed an agreement to implement the provisions of the
partial award made on March 24, 2006 by the Netherlands Arbitration
Institute, which adjudicated their dispute concerning Cepsa.
Under the agreement, the Cepsa shares held by investment vehicle Somaen Dos
which are due to Total are returned effective today. Total now directly owns
44.5% of Cepsas share capital. Total and Santander have terminated their
shareholder agreements concerning Cepsa.
In addition, subject to the approval of the European Commission, Santander
will transfer to Total 4.35% of Cepsas share capital at a price of 4.54
per share. Once this transaction has been completed, the parties will
instruct the arbitrators to terminate the arbitration proceedings.
Both transactions have been approved by Spanish market regulator Commission
Nacional del Mercado de Valores (CNMV), which has confirmed that Total is
not required to make a takeover bid for Cepsa.
Total is very satisfied with this agreement, which consolidates its position
as the core shareholder in Cepsa, whose growth it will continue to support.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities
in more than 130 countries. Its 95,000 employees put their expertise to work
in every part of the industry exploration and production of oil and
natural gas, refining and marketing, gas trading and electricity. Total is
working to keep the world supplied with energy, both today and tomorrow. The
Group is also a first rank player in chemicals. www.total.com
EX-99.8
9
y01478exv99w8.htm
EX 99.8: 2ND QUARTER AND 1ST HALF 2006 RESULTS
exv99w8
Exhibit 99.8
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total reports second quarter and first half 2006 results
Main results
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Second quarter 2006 adjusted net income1-2
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3.36 billion euros
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+16% |
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4.23 billion dollars3
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+16% |
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1.45 euros per share
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+18% |
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1.82 dollars per share
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+18% |
First half 2006 adjusted net income4
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6.74 billion euros
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+16% |
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8.28 billion dollars
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+11% |
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2.89 euros per share
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+18% |
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3.56 dollars per share
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+13% |
Recent highlights
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Continued exploration success |
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Positive results in Algeria, Cameroon, the US Gulf of Mexico, Congo, Libya and Nigeria |
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New acreage in Australia, Nigeria and Indonesia |
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Entry into the Brass LNG project to accelerate the valorization of the Groups natural gas resources in Nigeria |
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Signature of 5.2 million tons per year of LNG purchase contracts with Qatargas 2 confirms Totals participation in the project |
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Agreement with Saudi Aramco to build and operate a refinery processing heavy crude at Jubail in Saudi Arabia |
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Start-up of the Normandy DHC project initiated |
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Successful spin-off of Arkema |
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Agreement with Santander to implement arbitration award provisions concerning Cepsa |
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1 |
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adjusted net income = net income using
replacement cost (Group share) adjusted for special items and excluding
Totals share of amortization of intangibles related to the
Sanofi-Aventis merger |
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2 |
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percent changes are relative to the second
quarter 2005 |
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3 |
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dollar amounts represent euro amounts
converted at the average /$ exchange rate for the period (1.2582
$/ in the second quarter 2006, 1.2594 $/ in the second quarter
2005, 1.2023 $/ in the first quarter 2006, 1.2296 $/ in the first
half 2006 and 1.2847 $/ in the first half 2005) |
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4 |
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percent changes are relative to the first half
2005 |
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Paris, August 3, 2006 - Totals adjusted net income rose to 3,361 million euros (M) in
the second quarter 2006, an increase of 16% compared to the second quarter 2005. Commenting on the
results, Chairman and CEO Thierry Desmarest said:
« The petroleum industry continued to benefit from favorable market conditions in the second
quarter 2006. Oil prices have continued to rise, driven by sustained demand and persistent
pressure on production capacity. Refining margins recovered, reflecting mainly the strength of
gasoline demand in the US. However, the environment for the petrochemicals remained difficult due
to an increase in raw material prices.
In the first half of 2006, Totals adjusted net income rose to 8.3 billion dollars, an increase of
11% compared to the first half of 2005, and the profitability of the Group rose to 29% over the
past twelve months. This performance was achieved despite a decrease in hydrocarbon production that
was essentially due to the price effect on entitlement volumes, disruptions in Nigeria and
increased shutdowns for maintenance operations. The upcoming start up of new fields, particularly
the Dalia field in Angola later this year, sets the stage for a return to production growth, which
will then accelerate in 2007.
In addition to the continued success in exploration, new milestone events, such as Totals entry
into Brass LNG in Nigeria and the partnership with Saudi Aramco to build a refinery in Jubail, have
added to our confidence about the outlook for long-term growth. Also, the spin-off of Arkema, which
was achieved according to plan, allowed us to rebalance the Groups Chemicals segment and
represented an additional and significant return of value for our shareholders.»
l Key figures from the consolidated accounts of Total 5
Under IFRS rules for discontinued operations, the historical statements of income, with the
exception of net income, have been restated to exclude the contribution of Arkema. The impact of
the restatement is summarized on page 17.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
in millions of euros, |
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
except earnings per share and number of shares |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
40,909 |
|
|
|
38,103 |
|
|
|
31,609 |
|
|
|
+29 |
% |
|
Sales |
|
|
79,012 |
|
|
|
61,987 |
|
|
|
+27 |
% |
|
6,672 |
|
|
|
6,688 |
|
|
|
5,448 |
|
|
|
+22 |
% |
|
Adjusted operating income from business segments |
|
|
13,360 |
|
|
|
10,812 |
|
|
|
+24 |
% |
|
3,369 |
|
|
|
3,240 |
|
|
|
2,836 |
|
|
|
+19 |
% |
|
Adjusted net operating income from business segments |
|
|
6,609 |
|
|
|
5,651 |
|
|
|
+17 |
% |
|
|
2,391 |
|
|
|
2,400 |
|
|
|
1,887 |
|
|
|
+27 |
% |
|
Upstream |
|
|
4,791 |
|
|
|
3,695 |
|
|
|
+30 |
% |
|
787 |
|
|
|
650 |
|
|
|
733 |
|
|
|
+7 |
% |
|
Downstream |
|
|
1,437 |
|
|
|
1,411 |
|
|
|
+2 |
% |
|
191 |
|
|
|
190 |
|
|
|
216 |
|
|
|
-12 |
% |
|
Chemicals |
|
|
381 |
|
|
|
545 |
|
|
|
-30 |
% |
|
3,361 |
|
|
|
3,376 |
|
|
|
2,906 |
|
|
|
+16 |
% |
|
Adjusted net income |
|
|
6,737 |
|
|
|
5,825 |
|
|
|
+16 |
% |
|
1.45 |
|
|
|
1.45 |
|
|
|
1.23 |
|
|
|
+18 |
% |
|
Adjusted fully-diluted earnings per share (euros)6 |
|
|
2.89 |
|
|
|
2.45 |
|
|
|
+18 |
% |
|
2,323.0 |
|
|
|
2,335.8 |
|
|
|
2,364.4 |
|
|
|
-2 |
% |
|
Fully-diluted weighted-average shares (millions)6 |
|
|
2,329.4 |
|
|
|
2,374.5 |
|
|
|
-2 |
% |
|
3,441 |
|
|
|
3,683 |
|
|
|
3,079 |
|
|
|
+12 |
% |
|
Net income (Group share) |
|
|
7,124 |
|
|
|
6,287 |
|
|
|
+13 |
% |
|
2,779 |
|
|
|
2,750 |
|
|
|
2,255 |
|
|
|
+23 |
% |
|
Investments |
|
|
5,529 |
|
|
|
4,039 |
|
|
|
+37 |
% |
|
624 |
|
|
|
397 |
|
|
|
377 |
|
|
|
+66 |
% |
|
Divestments (at selling price) |
|
|
1,021 |
|
|
|
590 |
|
|
|
+73 |
% |
|
4,046 |
|
|
|
4,839 |
|
|
|
2,697 |
|
|
|
+50 |
% |
|
Cash flow from operations |
|
|
8,885 |
|
|
|
6,734 |
|
|
|
+32 |
% |
|
4,678 |
|
|
|
4,287 |
|
|
|
4,546 |
|
|
|
+3 |
% |
|
Adjusted cash flow from operations |
|
|
8,965 |
|
|
|
8,793 |
|
|
|
+2 |
% |
|
|
|
5 |
|
adjusted income is defined as income using
replacement cost, adjusted for special items and excluding Totals equity
share of amortization of intangibles related to the Sanofi-Aventis merger.
Adjusted cash flow from operations is defined as cash flow from operations
before changes in working capital at replacement cost. Adjustment items are
listed on page 14 |
|
6 |
|
adjusted retroactively to take into account
the 4-for-1 stock split completed on May 18, 2006 |
2
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Second quarter 2006 results
> Operating income
In the second quarter 2006, the average Brent oil price rose to 69.6 $/b, an increase of 35%
compared to the second quarter 2005 and 13% compared to the first quarter 2006. The TRCV European
refining margin indicator was 38.3 $/t on average for the quarter, a decrease of 15% compared to
the second quarter 2005 but an increase of 48% compared to the first quarter 2006.
Petrochemical margins in the Atlantic Basin were at a level comparable to the first quarter 2006
and to the second quarter 2005. However, in Asia margins moved lower.
The euro/dollar exchange rate was 1.26 $/ in the second quarter 2006, compared to 1.26 $/
in the second quarter 2005 and 1.20 $/ in the first quarter 2006.
In this context, the adjusted operating income from the business segments increased by 22% to 6,672
M in the second quarter 20067.
Adjusted net operating income from the business segments was 3,369 M compared to 2,836 M in
the second quarter 2005, an increase of 19%.
> Net income
Adjusted net income increased by 16% to 3,361 M in the second quarter 2006 from 2,906
M in the second quarter 20058. This excludes the after-tax inventory effect, special
items, and the Groups equity share of amortization of intangibles related to the Sanofi-Aventis
merger.
The after-tax inventory effect (FIFO vs. replacement cost) had a positive impact of 276 M in
the second quarter 2006 compared to a positive impact of 277 M in the second quarter 2005.
Special items had a negative impact on net income of 110 M in the second quarter 2006 and were
composed mainly of exceptional charges in Chemicals and the equity share of special items recorded
by Sanofi-Aventis. In the second quarter 2005, special items had a negative impact on net income of
51 M and were composed mainly of the equity share of special items recorded by Sanofi-Aventis.
The Groups equity share of amortization of intangibles related to the Sanofi-Aventis merger had a
negative impact on net income of 86 M in the second quarter 2006 and 53 M in the second
quarter 2005.
Reported net income was 3,441 M compared to 3,079 M in the second quarter 2005.
The effective tax rate9 for the Group increased to 55% in the second quarter 2006 from
53% in the second quarter 2005, mainly due to the proportionately higher contribution to income
from Upstream. The effective tax rate was 55% in the first quarter 2006.
In the second quarter 2006, the Group bought back 20 million of its shares10 for 1,004
M.
Adjusted fully-diluted earnings per share, based on 2,323.0 million fully-diluted weighted-average
shares, rose to 1.45 euros in the second quarter 2006 from 1.23 euros in the second quarter 2005,
an increase of 18%, which is a higher percentage increase than shown for the adjusted net income
thanks to the accretive effect of share buybacks.
|
|
|
7 |
|
special items affecting operating income in
the second quarter 2006 included a charge of 50 M in the Chemicals
segment ; in the second quarter 2005, special items included impairments of 11
M |
|
8 |
|
excluding the contribution of Arkema in the
second quarter 2005 (43 M), the increase of the second quarter 2006
adjusted net income was 17% |
|
9 |
|
defined as : (tax on net adjusted operating
income) / (net adjusted operating income income from equity affiliates,
dividends received from investments and impairments of acquisition goodwill +
tax on adjusted net operating income) |
|
10 |
|
share buybacks prior to the 4-for-1 stock
split completed on May 18, 2006 have been multiplied by four |
3
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
> Investments divestments
Investments in the second quarter 2006 were 2,779 M compared to 2,255 M in the second
quarter 2005. Expressed in dollars, investments increased by 23% to 3.5 billion.
Divestments in the second quarter 2006 were 624 M and included the sale of gas marketing assets
in France as well as the reimbursement of carried investments on Akpo in Nigeria.
> Cash flow
Cash flow from operations increased by 50% to 4,046 M in the second quarter 2006 from
2,697 M in the second quarter 2005.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement
cost) was 4,678 M in the second quarter 2006, an increase of 3% compared to the second quarter
2005. The lower increase compared to the adjusted net operating income is mainly due to effects
related to the split between current and deferred taxes.
Net cash flow11 was 1,891 M compared to 819 M in the second quarter
2005.
|
|
|
11 |
|
net cash flow = cash flow from operations +
divestments investments |
4
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l First half 2006 results
> Operating income
Compared to the first half 2005, the oil market environment in the first half 2006 was marked
by a sharp increase in oil prices (+32% for Brent to 65.7 $/b) and a decrease in refining margins
(-17% for the TRCV European refining margin indicator to 32.0 $/t).
The environment for the Chemicals segment was generally less favorable due to higher raw material
prices.
The euro/dollar exchange rate was 1.23 $/ compared to 1.28 $/ in the first half 2005.
In this context, the adjusted operating income from the business segments increased to 13,360
M, a 24% increase compared to the first half 2005.
Special items affecting operating income had a negative impact of 55 M12 in the
first half 2006 and 11 M12 in the first half 2005.
Adjusted net operating income from the business segments increased by 17% to 6,609 M in the
first half 2006 from 5,651 M in the first half 2005. The lower percentage increase relative to
the increase in operating income is a function of the Upstream segment having a higher effective
tax rate and representing a larger proportion of the results in the first half 2006 compared to the
first half 2005.
> Net income
Adjusted net income increased by 16% to 6,737 M from 5,825 M in the first half 2005.
This excludes the after-tax inventory effect, special items, and the Groups equity share of
amortization of intangibles related to the Sanofi-Aventis merger.
The after-tax inventory effect (FIFO vs. replacement cost) had a positive impact of 556 M in
the first half 2006 and 773 M in the first half 2005.
Special items had no impact on net income in the first half 2006 and had a negative impact of 176
M in first half 200512.
The Groups equity share of amortization of intangibles related to the Sanofi-Aventis merger had a
negative impact on net income of 169 M in the first half 2006 and 135 M in the first half
2005.
Reported net income was 7,124 M compared to 6,287 M in the first half 2005.
The effective tax rate for the Group was 55% in the first half 2006 and 52% in the first half 2005.
In the first half 2006, the Group bought back 42 million of its shares for 2,194 M. As of June
30, 2006 there were 2,312.9 million shares compared to 2,333.7 million shares on March 31, 2006 and
2,357.2 million shares on June 30, 2005. In July 2006, the Group bought back 5.22 million
shares13 for 267 M.
Adjusted fully-diluted earnings per share, based on 2,329.4 million fully-diluted weighted-average
shares, rose to 2.89 euros from 2.45 euros in the first half 2005, an increase of 18%, which is a
higher percentage increase than shown for the adjusted net income thanks to the accretive effect of
share buybacks.
|
|
|
12 |
|
calculations detailed on page 14 |
|
13 |
|
including 2.30 million shares which are
reserved for share grants as per decision of the Board on July 18, 2006 |
5
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
> Investments divestments
Investments in the first half 2006 were 5,529 M compared to 4,039 M in the first half
2005. Expressed in dollars, investments increased by 31% to 6.8 billion.
Divestments in the first half 2006 were 1,021 M compared to 590 M in the first half 2005
and included the sale of Upstream assets in the US and in France as well as the reimbursement of
carried investments on Akpo in Nigeria.
> Cash flow
Cash flow from operations in the first half 2006 was 8,885 M, an increase of 32% compared
to the first half 2005.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement
cost) was 8,965 M, an increase of 2%.
Net cash flow was 4,377 M compared to 3,285 M in the first half 2005.
The net-debt-to-equity ratio was 30% on June 30, 2006 compared to 26% on March 31, 2006 and 30% on
June 30, 200514, in line with the target range of the Group.
|
|
|
14 |
|
calculations detailed on page 15 |
6
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Analysis of segments results
Upstream
> Environment liquids and gas price realizations*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
|
|
1H06 |
|
1H05 |
|
1H05 |
|
|
69.6 |
|
|
|
61.8 |
|
|
|
51.6 |
|
|
|
+35 |
% |
|
Brent ($/b) |
|
|
65.7 |
|
|
|
49.6 |
|
|
|
+32 |
% |
|
66.2 |
|
|
|
58.8 |
|
|
|
48.0 |
|
|
|
+38 |
% |
|
Average liquids price ($/b) |
|
|
62.4 |
|
|
|
45.9 |
|
|
|
+36 |
% |
|
5.75 |
|
|
|
6.16 |
|
|
|
4.39 |
|
|
|
+31 |
% |
|
Average gas price ($/Mbtu) |
|
|
5.96 |
|
|
|
4.40 |
|
|
|
+35 |
% |
|
|
|
* |
|
consolidated subsidiaries, excluding fixed margin and buy-back contracts |
Totals average liquids price increased by more than the benchmark Brent price in both the
second quarter and first half comparisons, mainly due to the lower price differential between light
and heavy crude oil.
Totals average gas price benefited in the first half from the lag effect but showed a decrease in
the second quarter 2006 versus the first quarter 2006 due to lower spot prices in the North Sea.
Between the first half 2005 and the first half 2006, the gas price increased in all producing regions.
> Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
Hydrocarbon production |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
2,290 |
|
|
|
2,440 |
|
|
|
2,506 |
|
|
|
-9 |
% |
|
Combined production (kboe/d) |
|
|
2,364 |
|
|
|
2,534 |
|
|
|
-7 |
% |
|
1,466 |
|
|
|
1,560 |
|
|
|
1,630 |
|
|
|
-10 |
% |
|
Liquids (kb/d) |
|
|
1,513 |
|
|
|
1,643 |
|
|
|
-8 |
% |
|
4,501 |
|
|
|
4,795 |
|
|
|
4,797 |
|
|
|
-6 |
% |
|
Gas (Mcfd) |
|
|
4,647 |
|
|
|
4,870 |
|
|
|
-5 |
% |
Hydrocarbon production was 2,290 thousand barrels of oil equivalent per day (kboe/d) in the
second quarter 2006 compared to 2,506 kboe/d in the second quarter 2005, a decrease of 8.6%, which
is due to the following items:
|
|
|
-2.5% due to the price effect15, |
|
|
|
|
-1.5% due to divestments and other portfolio effects, |
|
|
|
|
-0.5% due to the remaining effects of hurricanes in the Gulf of Mexico, |
|
|
|
|
-2% due to disruptions in Nigeria, |
|
|
|
|
-2.5% due to maintenance programs (UK North Sea and Girassol in Angola) |
Excluding these elements, the positive impact of new field start-ups more than offset normal
declines and unscheduled maintenance in Norway.
Production decreased by 6.1% from the first quarter 2006 to the second quarter 2006, mainly due to
higher maintenance (Angola, North Sea) which represented more than half of the decline. The price
effect and a full-quarter impact of the disruptions in Nigeria and other portfolio effects account
for the balance of the decrease.
|
|
|
15 |
|
impact of hydrocarbon prices on entitlement
volumes from production sharing and buy-back contracts |
7
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
> Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
In millions of euros |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
5,376 |
|
|
|
5,601 |
|
|
|
4,212 |
|
|
|
+28 |
% |
|
Adjusted operating income* |
|
|
10,977 |
|
|
|
8,222 |
|
|
|
+34 |
% |
|
2,391 |
|
|
|
2,400 |
|
|
|
1,887 |
|
|
|
+27 |
% |
|
Adjusted net operating income* |
|
|
4,791 |
|
|
|
3,695 |
|
|
|
+30 |
% |
|
155 |
|
|
|
143 |
|
|
|
98 |
|
|
|
+58 |
% |
|
* Income from equity affiliates |
|
|
298 |
|
|
|
215 |
|
|
|
+39 |
% |
|
2,209 |
|
|
|
2,081 |
|
|
|
1,638 |
|
|
|
+35 |
% |
|
Investments |
|
|
4,290 |
|
|
|
3,001 |
|
|
|
+43 |
% |
|
502 |
|
|
|
353 |
|
|
|
262 |
|
|
|
+92 |
% |
|
Divestments at selling price |
|
|
855 |
|
|
|
390 |
|
|
|
+119 |
% |
|
3,371 |
|
|
|
3,831 |
|
|
|
2,731 |
|
|
|
+23 |
% |
|
Cash flow |
|
|
7,202 |
|
|
|
4,919 |
|
|
|
+46 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information |
Adjusted net operating income for the Upstream segment increased by 27% to 2,391 M in the
second quarter 2006 from 1,887 M in the second quarter 2005.
This increase reflects the benefit of higher oil and gas prices, which was slightly offset by a
decrease in production volumes and an increase in costs.
Income from equity affiliates increased mainly due to the stronger oil market environment and in
particular includes the growing contribution from trains 4 and 5 at Nigeria LNG.
The average Upstream tax rate increased to 60% in the second quarter 2006 from 59% in the second
quarter 2005, essentially due to higher oil and gas prices. The rate remained stable in the first
and second quarters of 2006.
Effective in the third quarter 2006, the UK will increase petroleum taxes retroactively to January
1, 2006, following the recent vote at the Parliament. In addition to the effect on third quarter
operations, there will be a charge of approximately 150 M related to the first half of 2006,
and there will be a special charge of approximately 100 M to adjust past deferred taxes.
The ongoing impact of the tax change on the Upstream segment will be an increase in the average tax
rate in the range of 1.5%.
Adjusted net operating income for the Upstream segment increased by 30% to 4,791 M in the first
half 2006 from 3,695 M in the first half 2005.
Expressed in dollars, adjusted net operating income for the Upstream segment increased by 1.1 B$.
The positive impact of the improvement in the oil and gas environment, estimated at approximately
1.6 B$, was partially offset by negative impacts estimated at 0.2 B$ for lower volumes, 0.1 B$ for
portfolio effects, and 0.2 B$ for other elements including higher costs.
The return on average capital employed (ROACE16) for the Upstream segment for the twelve
months ended June 30, 2006 was 43% compared to 36% for the twelve months ended June 30, 2005 and
40% for the full year 2005.
|
|
|
16 |
|
calculated based on adjusted net operating
income and average capital employed, using replacement cost, as shown on page
16 |
8
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Downstream
> Refinery throughput
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
Refinery throughput (kb/d) |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
2,432 |
|
|
|
2,421 |
|
|
|
2,219 |
|
|
|
+10 |
% |
|
Total refinery throughput* |
|
|
2,429 |
|
|
|
2,420 |
|
|
|
|
|
|
888 |
|
|
|
899 |
|
|
|
831 |
|
|
|
+7 |
% |
|
* France |
|
|
894 |
|
|
|
939 |
|
|
|
-5 |
% |
|
1,214 |
|
|
|
1,217 |
|
|
|
1,055 |
|
|
|
+15 |
% |
|
* Rest of Europe* |
|
|
1,216 |
|
|
|
1,152 |
|
|
|
+6 |
% |
|
330 |
|
|
|
305 |
|
|
|
333 |
|
|
|
-1 |
% |
|
* Rest of world |
|
|
319 |
|
|
|
329 |
|
|
|
-3 |
% |
|
|
|
* |
|
includes share of Cepsa |
The refinery utilization rate was 86% in the second quarter 2006 compared to 82% in the
second quarter 2005 and 86% in the first quarter 2006.
The second quarter 2005 utilization rate reflected a large program of turnarounds.
The utilization rate in the second quarter 2006 was affected by the completion of a turnaround at
the Provence refinery.
> Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
In millions of euros |
|
|
|
|
|
|
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
(except the TRCV refining margin index) |
|
1H06 |
|
1H05 |
|
1H06 vs 1H05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRCV European refining |
|
|
|
|
|
|
|
|
|
|
|
|
|
38.3 |
|
|
|
25.8 |
|
|
|
45.0 |
|
|
|
-15 |
% |
|
margin indicator ($/t) |
|
|
32.0 |
|
|
|
38.4 |
|
|
|
-17 |
% |
|
1,036 |
|
|
|
856 |
|
|
|
944 |
|
|
|
+10 |
% |
|
Adjusted operating income * |
|
|
1,892 |
|
|
|
1,835 |
|
|
|
+3 |
% |
|
787 |
|
|
|
650 |
|
|
|
733 |
|
|
|
+7 |
% |
|
Adjusted net operating income * |
|
|
1,437 |
|
|
|
1,411 |
|
|
|
+2 |
% |
|
81 |
|
|
|
61 |
** |
|
|
68 |
|
|
|
+19 |
% |
|
* Income from equity affiliates |
|
|
142 |
|
|
|
140 |
|
|
|
+1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
368 |
|
|
|
321 |
|
|
|
359 |
|
|
|
+3 |
% |
|
Investments |
|
|
689 |
|
|
|
576 |
|
|
|
+20 |
% |
|
50 |
|
|
|
13 |
|
|
|
58 |
|
|
|
-14 |
% |
|
Divestments at selling price |
|
|
63 |
|
|
|
103 |
|
|
|
-39 |
% |
|
984 |
|
|
|
1,201 |
|
|
|
(70 |
) |
|
ns |
|
Cash flow |
|
|
2,185 |
|
|
|
1,619 |
|
|
|
+35 |
% |
|
1,087 |
|
|
|
831 |
|
|
|
976 |
|
|
|
+11 |
% |
|
Adjusted cash flow |
|
|
1,918 |
|
|
|
1,724 |
|
|
|
+11 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information
|
|
** |
|
disparity of (19) M compared to previous publication due to the inventory
effect on Cepsa |
Adjusted net operating income for the Downstream segment was 787 M compared to 733 M
in the second quarter 2005, an increase of 7%.
The increase reflects the stronger refining environment in the US and the benefits of higher
throughput and productivity programs, all of which was partially offset by a slightly less
favorable refining environment in Europe.
Adjusted net operating income for the Downstream segment in the first half 2006 was 1,437
M compared to 1,411 M in the first half 2005, an increase of 2%.
Expressed in dollars, the adjusted net operating income for the Downstream segment was stable, with
the impact of slightly less favorable market conditions being offset by the benefits of growth and
productivity.
The ROACE for the Downstream segment for the twelve months ended June 30, 2006 was 28% compared to
30% for the twelve months ended June 30, 2005 and 28% for the full year 2005.
9
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Chemicals
> Results
Under IFRS rules for discontinued operations, the historical statements on income, with the
exception of net income, have been restated to exclude the contribution of Arkema. The impact of
the restatement is summarized on page 17.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
In millions of euros |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
4,965 |
|
|
|
4,689 |
|
|
|
4,272 |
|
|
|
+16 |
% |
|
Sales |
|
|
9,654 |
|
|
|
8,429 |
|
|
|
+15 |
% |
|
3,122 |
|
|
|
2,863 |
|
|
|
2,615 |
|
|
|
+19 |
% |
|
Base chemicals |
|
|
5,985 |
|
|
|
5,202 |
|
|
|
+15 |
% |
|
1,843 |
|
|
|
1,826 |
|
|
|
1,659 |
|
|
|
+11 |
% |
|
Specialties |
|
|
3,669 |
|
|
|
3,227 |
|
|
|
+14 |
% |
|
260 |
|
|
|
231 |
|
|
|
292 |
|
|
|
-11 |
% |
|
Adjusted operating income* |
|
|
491 |
|
|
|
755 |
|
|
|
-35 |
% |
|
191 |
|
|
|
190 |
|
|
|
216 |
|
|
|
-12 |
% |
|
Adjusted net operating income* |
|
|
381 |
|
|
|
545 |
|
|
|
-30 |
% |
|
85 |
|
|
|
78 |
|
|
|
114 |
|
|
|
-25 |
% |
|
Base chemicals |
|
|
163 |
|
|
|
368 |
|
|
|
-56 |
% |
|
109 |
|
|
|
103 |
|
|
|
103 |
|
|
|
+6 |
% |
|
Specialties |
|
|
212 |
|
|
|
173 |
|
|
|
+23 |
% |
|
176 |
|
|
|
324 |
|
|
|
245 |
|
|
|
-28 |
% |
|
Investments |
|
|
500 |
|
|
|
403 |
|
|
|
+24 |
% |
|
67 |
|
|
|
28 |
|
|
|
8 |
|
|
|
x8,4 |
|
|
Divestments at selling price |
|
|
95 |
|
|
|
30 |
|
|
|
+217 |
% |
|
(7 |
) |
|
|
(37 |
) |
|
|
205 |
|
|
ns |
|
Cash flow |
|
|
(44 |
) |
|
|
287 |
|
|
ns |
|
|
255 |
|
|
|
305 |
|
|
|
350 |
|
|
|
-27 |
% |
|
Adjusted cash flow |
|
|
560 |
|
|
|
894 |
|
|
|
-37 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information |
Sales for the Chemicals segment increased by 16% to 4,965 M in the second quarter 2006
from 4,272 M in the second quarter 2005.
Adjusted net operating income for the Chemicals segment was 191 M, a decrease of 12% compared
to the second quarter 2005.
In a context of high raw material prices, petrochemical margins were comparable to the level of
the second quarter 2005 in the Atlantic basin, but margins were substantially lower in Asia.
In addition, maintenance on crackers in the Atlantic basin reduced the utilization rate.
Specialties continue to benefit from global economic growth and show a significant increase in
their results.
Adjusted net operating income for the Chemicals segment in the first half 2006 was 381 M
compared to 545 M in the first half 2005, a decrease of 30%.
Expressed in dollars, the adjusted net operating income for the Chemicals segment decreased by 0.2
B$, mainly due to the impact of lower petrochemical margins.
After restating historical figures to exclude the contribution of Arkema17, the ROACE for
the Chemicals segment for the twelve months ended June 30, 2006 was 11% compared to 15% for the
twelve months ended June 30, 2005 and 15% for the full year 2005.
|
|
|
17 |
|
see reconciliation tables on page 17 |
10
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Cancellation of outstanding shares
The Board of Directors met on July 18, 2006 and approved the cancellation of 47,020,000 shares. The
share capital has been adjusted to 6,062,233,950 euros represented by 2,424,893,580 shares with a
par value of 2.5 .
l Total S.A. accounts
The parent company, Total S.A., reported net income of 2,593 M in the first half 2006 compared
to 2,444 M in the first half 2005.
l Summary and Outlook
For the twelve months ended June 30, 2006, the ROACE was 29% at the Group level and 33% at the
level of the business segments compared to 28% and 30% respectively for the twelve months ended
June 30, 200518.
The return on equity for the twelve months ended June 30, 2006 was 36%.
In line with its objectives, the Group maintains its net-debt-to-equity ratio around 25% to 30%.
Since the beginning of the third quarter 2006, oil prices have remained at very high levels and
refining margins settled close to the level of the first half 2006.
The outlook for sustained growth in the coming years and over the longer term has been
strengthened by projects under development which are progressing as planned, continued exploration
success and the favorable pace of negotiations to gain access to new major projects.
¨ ¨ ¨
To listen to the conference call with CFO Robert Castaigne and financial analysts today at
15:30 (Paris time), 14:30 (UK time) please call +44 (0)207 162 0125 in Europe or +1 334 323 6203
in the US (access code : Total) or log on to the company website www.total.com. For a
replay, dial +44 (0)207 031 4064 in Europe or 1 954 334 0342 (code : 705 990).
The June 30, 2006 notes to the consolidated accounts are available on the Total web site
(www.total.com). This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results
of operations, business, strategy and plans of Total. Such statements are based on a number of
assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors,
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. Total does not assume any
obligation to update publicly any forward-looking statement, whether as a result of new
information, future events or otherwise. Further information on factors which could affect the
companys financial results is provided in documents filed by the Group and its affiliates with the
French Autorité des Marchés Financiers and the US Securities and Exchange Commission.
The business segment information is presented in accordance with the Group internal reporting
system used by the Chief operating decision maker to measure performance and allocate resources
internally. Due to their particular nature or 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, certain
transactions such as restructuring costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as special items although they may
have occurred within prior years or are likely to recur within following years.
In accordance with IAS 2, the Group values inventories of crude oil and petroleum products in the
financial statements in accordance with the FIFO (First in, First out) method and other inventories
using the weighted-average cost method. However, in the note setting forth information by business
segment, the Group continues to present the results for the Downstream segment according to the
replacement cost method and those of the Chemicals segment according to the LIFO (Last in, First
out) method in order to ensure the comparability of the Groups results with those of its main
competitors, notably from North America. The inventory valuation effect is the difference between
the results according to the FIFO method and the results according to the replacement cost or LIFO
method.
In this framework, performance measures such as adjusted operating income, adjusted net operating
income and adjusted net income are defined as incomes using replacement cost, adjusted for special
items and excluding Totals equity share of the amortization of intangibles related to the
Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and
the comparison of income between periods.
|
|
|
18 |
|
recalculated after restating historical
figures to exclude the contribution of Arkema ; see reconciliation tables on
page 17 |
11
Operating information by segment
Second quarter and first half 2006
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
Combined liquids and gas production |
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
by region (kboe/d) |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
708 |
|
|
|
778 |
|
|
|
793 |
|
|
|
-11 |
% |
|
Europe |
|
|
743 |
|
|
|
812 |
|
|
|
-8 |
% |
|
692 |
|
|
|
742 |
|
|
|
790 |
|
|
|
-12 |
% |
|
Africa |
|
|
717 |
|
|
|
797 |
|
|
|
-10 |
% |
|
7 |
|
|
|
13 |
|
|
|
57 |
|
|
|
-88 |
% |
|
North America |
|
|
10 |
|
|
|
47 |
|
|
|
-79 |
% |
|
250 |
|
|
|
253 |
|
|
|
234 |
|
|
|
+7 |
% |
|
Far East |
|
|
251 |
|
|
|
245 |
|
|
|
+2 |
% |
|
402 |
|
|
|
411 |
|
|
|
380 |
|
|
|
+6 |
% |
|
Middle East |
|
|
406 |
|
|
|
387 |
|
|
|
+5 |
% |
|
225 |
|
|
|
236 |
|
|
|
243 |
|
|
|
-7 |
% |
|
South America |
|
|
230 |
|
|
|
237 |
|
|
|
-3 |
% |
|
6 |
|
|
|
7 |
|
|
|
9 |
|
|
|
-33 |
% |
|
Rest of world |
|
|
7 |
|
|
|
9 |
|
|
|
-22 |
% |
|
|
2,290 |
|
|
|
2,440 |
|
|
|
2,506 |
|
|
|
-9 |
% |
|
Total production |
|
|
2,364 |
|
|
|
2,534 |
|
|
|
-7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
Liquids production by region (kb/d) |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
358 |
|
|
|
378 |
|
|
|
397 |
|
|
|
-10 |
% |
|
Europe |
|
|
368 |
|
|
|
406 |
|
|
|
-9 |
% |
|
604 |
|
|
|
656 |
|
|
|
706 |
|
|
|
-14 |
% |
|
Africa |
|
|
630 |
|
|
|
714 |
|
|
|
-12 |
% |
|
1 |
|
|
|
2 |
|
|
|
16 |
|
|
|
-94 |
% |
|
North America |
|
|
1 |
|
|
|
11 |
|
|
|
-91 |
% |
|
29 |
|
|
|
29 |
|
|
|
29 |
|
|
|
|
|
|
Far East |
|
|
29 |
|
|
|
29 |
|
|
|
|
|
|
350 |
|
|
|
357 |
|
|
|
332 |
|
|
|
+5 |
% |
|
Middle East |
|
|
354 |
|
|
|
335 |
|
|
|
+6 |
% |
|
118 |
|
|
|
131 |
|
|
|
141 |
|
|
|
-16 |
% |
|
South America |
|
|
124 |
|
|
|
140 |
|
|
|
-11 |
% |
|
6 |
|
|
|
7 |
|
|
|
9 |
|
|
|
-33 |
% |
|
Rest of world |
|
|
7 |
|
|
|
8 |
|
|
|
-13 |
% |
|
|
1,466 |
|
|
|
1,560 |
|
|
|
1,630 |
|
|
|
-10 |
% |
|
Total production |
|
|
1,513 |
|
|
|
1,643 |
|
|
|
-8 |
% |
12
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
Gas production by region (Mcfd) |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
1,900 |
|
|
|
2,172 |
|
|
|
2,154 |
|
|
|
-12 |
% |
|
Europe |
|
|
2,035 |
|
|
|
2,206 |
|
|
|
-8 |
% |
|
469 |
|
|
|
457 |
|
|
|
451 |
|
|
|
+4 |
% |
|
Africa |
|
|
463 |
|
|
|
451 |
|
|
|
+3 |
% |
|
31 |
|
|
|
63 |
|
|
|
218 |
|
|
|
-86 |
% |
|
North America |
|
|
47 |
|
|
|
191 |
|
|
|
-75 |
% |
|
1,231 |
|
|
|
1,238 |
|
|
|
1,145 |
|
|
|
+8 |
% |
|
Far East |
|
|
1,235 |
|
|
|
1,200 |
|
|
|
+3 |
% |
|
279 |
|
|
|
284 |
|
|
|
256 |
|
|
|
+9 |
% |
|
Middle East |
|
|
281 |
|
|
|
276 |
|
|
|
+2 |
% |
|
589 |
|
|
|
579 |
|
|
|
571 |
|
|
|
+3 |
% |
|
South America |
|
|
584 |
|
|
|
544 |
|
|
|
+7 |
% |
|
2 |
|
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
Rest of world |
|
|
2 |
|
|
|
2 |
|
|
|
|
|
|
|
4,501 |
|
|
|
4,795 |
|
|
|
4,797 |
|
|
|
-6 |
% |
|
Total production |
|
|
4,647 |
|
|
|
4,870 |
|
|
|
-5 |
% |
l Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
|
|
|
|
|
|
|
|
|
|
1H06 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
2Q06 |
|
1Q06 |
|
2Q05 |
|
2Q05 |
|
Refined product sales by region (kb/d)* |
|
1H06 |
|
1H05 |
|
1H05 |
|
|
2,658 |
|
|
|
2,689 |
|
|
|
2,412 |
|
|
|
+10 |
% |
|
Europe |
|
|
2,674 |
|
|
|
2,605 |
|
|
|
+3 |
% |
|
318 |
|
|
|
319 |
|
|
|
339 |
|
|
|
-6 |
% |
|
Africa |
|
|
318 |
|
|
|
329 |
|
|
|
-3 |
% |
|
603 |
|
|
|
626 |
|
|
|
612 |
|
|
|
-1 |
% |
|
Americas |
|
|
614 |
|
|
|
601 |
|
|
|
+2 |
% |
|
198 |
|
|
|
230 |
|
|
|
258 |
|
|
|
-23 |
% |
|
Rest of world |
|
|
214 |
|
|
|
240 |
|
|
|
-11 |
% |
|
|
3,777 |
|
|
|
3,864 |
|
|
|
3,621 |
|
|
|
+4 |
% |
|
Total |
|
|
3,820 |
|
|
|
3,774 |
|
|
|
+1 |
% |
|
|
|
* |
|
includes trading and equity share of Cepsa |
13
Adjustment items
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l Adjustments to operating income from business segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
1Q06 |
|
2Q05 |
|
in millions of euros |
|
1H06 |
|
1H05 |
|
|
(50 |
) |
|
|
(5 |
) |
|
|
(11 |
) |
|
Special items affecting operating income from
business segments |
|
|
(55 |
) |
|
|
(11 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
Restructuring charges |
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
Impairments |
|
|
|
|
|
|
(11 |
) |
|
(27 |
) |
|
|
(5 |
) |
|
|
|
|
|
Other |
|
|
(32 |
) |
|
|
|
|
|
383 |
|
|
|
373 |
|
|
|
391 |
|
|
Pre-tax inventory effect : FIFO vs. replacement cost |
|
|
756 |
|
|
|
1,113 |
|
|
333 |
|
|
|
368 |
|
|
|
380 |
|
|
Total adjustments affecting operating income from
business segments |
|
|
701 |
|
|
|
1,102 |
|
l Adjustments to net income (Group share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q06 |
|
1Q06 |
|
2Q05 |
|
in millions of euros |
|
1H06 |
|
1H05 |
|
|
(110 |
) |
|
|
110 |
|
|
|
(51 |
) |
|
Special items affecting net income (Group share) |
|
|
|
|
|
|
(176 |
) |
|
|
(35 |
) |
|
|
2 |
|
|
|
(36 |
) |
|
Equity share of special items recorded by Sanofi-Aventis |
|
|
(33 |
) |
|
|
(78 |
) |
|
|
|
|
|
130 |
|
|
|
|
|
|
Gain on asset sales |
|
|
130 |
|
|
|
|
|
|
(44 |
) |
|
|
(15 |
) |
|
|
(7 |
) |
|
Restructuring charges |
|
|
(59 |
) |
|
|
(90 |
) |
|
|
|
|
|
|
|
|
|
(8 |
) |
|
Impairments |
|
|
|
|
|
|
(8 |
) |
|
(31 |
) |
|
|
(7 |
) |
|
|
|
|
|
Other |
|
|
(38 |
) |
|
|
|
|
|
(86 |
) |
|
|
(83 |
) |
|
|
(53 |
) |
|
Adjustment related to the Sanofi-Aventis merger*
(share of amortization of intangible assets) |
|
|
(169 |
) |
|
|
(135 |
) |
|
276 |
|
|
|
280 |
|
|
|
277 |
|
|
After-tax inventory effect : FIFO vs. replacement cost |
|
|
556 |
|
|
|
773 |
|
|
80 |
|
|
|
307 |
|
|
|
173 |
|
|
Total adjustments to net income |
|
|
387 |
|
|
|
462 |
|
|
|
|
* |
|
based on 13% participation in Sanofi-Aventis at 6/30/2005, 3/31/2006 and 6/30/2006 |
14
Net-debt-to-equity ratio
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
6/30/2006 |
|
3/31/2006 |
|
6/30/2005 |
|
Current borrowings |
|
|
13,707 |
|
|
|
12,618 |
|
|
|
13,805 |
|
Net current financial instruments |
|
|
45 |
|
|
|
(95 |
) |
|
|
(883 |
) |
Non-current financial debt |
|
|
13,256 |
|
|
|
13,491 |
|
|
|
12,392 |
|
Hedging instruments of non-current debt |
|
|
(588 |
) |
|
|
(453 |
) |
|
|
(907 |
) |
Cash and cash equivalents |
|
|
(14,602 |
) |
|
|
(14,816 |
) |
|
|
(13,577 |
) |
|
Net debt |
|
|
11,818 |
|
|
|
10,745 |
|
|
|
10,830 |
|
|
Shareholders equity |
|
|
40,272 |
|
|
|
43,170 |
|
|
|
36,609 |
|
Accrued dividend payable based on shares at the close of the period* |
|
|
(1,860 |
) |
|
|
(2,941 |
) |
|
|
(1,582 |
) |
Minority interests |
|
|
783 |
|
|
|
913 |
|
|
|
708 |
|
Equity |
|
|
39,195 |
|
|
|
41,142 |
|
|
|
35,735 |
|
|
Net-debt-to-equity ratio |
|
|
30.2 |
% |
|
|
26.1 |
% |
|
|
30.3 |
% |
|
|
|
|
* |
|
As of June 30, 2006, this represents a distribution of a dividend of 1.62
/share for each 2.5 par value share |
2006 Sensitivities*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact on operating |
|
Impact on net |
|
|
Scenario |
|
Change |
|
income (e) |
|
operating income (e) |
|
/$ |
|
|
1.20 $/ |
|
|
+0.1 per $ |
|
+1.6 B |
|
+0.8 B |
Brent |
|
|
40-50 $/b |
|
|
+1 $/b |
|
+0.41 B |
|
+0.17 B |
TRCV European refining margin indicator |
|
|
25 $/t |
|
|
+1 $/t |
|
+ 0.09 B |
|
+ 0.06 B |
|
|
|
* |
|
sensitivities revised once per year upon publication of the previous year fourth quarter results |
15
Return on average capital employed
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
l For the 12 months ended June 30, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals** |
|
Segments |
|
Group |
|
Adjusted net operating income |
|
|
9,125 |
|
|
|
2,942 |
|
|
|
803 |
|
|
|
12,870 |
|
|
|
13,603 |
|
Capital employed at June 30, 2005* |
|
|
19,595 |
|
|
|
9,934 |
|
|
|
6,978 |
|
|
|
36,507 |
|
|
|
43,539 |
|
Capital employed at June 30, 2006* |
|
|
23,139 |
|
|
|
11,335 |
|
|
|
7,147 |
|
|
|
41,601 |
|
|
|
49,798 |
|
ROACE |
|
|
42.7 |
% |
|
|
27.7 |
% |
|
|
11.4 |
% |
|
|
33.0 |
% |
|
|
29.1 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect) |
|
** |
|
capital employed for Chemicals reduced by 2,321 M for Arkema at June 30, 2005 and for
the Toulouse-AZF provision of 59 M pre-tax at June 30, 2005 and 113 M pre-tax at June
30, 2006 |
l For the 12 months ended June 30, 2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals ** |
|
Segments |
|
Group |
|
Adjusted net operating income |
|
|
6,639 |
|
|
|
2,773 |
|
|
|
1,026 |
|
|
|
10,438 |
|
|
|
11,150 |
|
Capital employed at June 30, 2004* |
|
|
17,478 |
|
|
|
8,590 |
|
|
|
6,866 |
|
|
|
32,934 |
|
|
|
37,456 |
|
Capital employed at June 30, 2005* |
|
|
19,595 |
|
|
|
9,934 |
|
|
|
6,978 |
|
|
|
36,507 |
|
|
|
43,539 |
|
ROACE |
|
|
35.8 |
% |
|
|
29.9 |
% |
|
|
14.8 |
% |
|
|
30.1 |
% |
|
|
27.5 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect) |
|
** |
|
capital employed for Chemicals reduced by 2,457 M for Arkema at June 30, 2004 and 2,321
M at June 30, 2005 and for the Toulouse-AZF provision of 204 M pre-tax at June 30, 2004
and 59 M pre-tax at June 30, 2005 |
l For the full year 2005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals** |
|
Segments |
|
Group |
|
Adjusted net operating income |
|
|
8,029 |
|
|
|
2,916 |
|
|
|
967 |
|
|
|
11,912 |
|
|
|
12,586 |
|
Capital employed at December 31, 2004* |
|
|
16,280 |
|
|
|
9,654 |
|
|
|
6,205 |
|
|
|
32,139 |
|
|
|
38,314 |
|
Capital employed at December 31, 2005* |
|
|
23,522 |
|
|
|
11,421 |
|
|
|
6,885 |
|
|
|
41,828 |
|
|
|
49,341 |
|
ROACE |
|
|
40.3 |
% |
|
|
27.7 |
% |
|
|
14.8 |
% |
|
|
32.2 |
% |
|
|
28.7 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect) |
|
** |
|
capital employed for Chemicals reduced by 2,058 M for Arkema at December 31, 2004 and
2,235 M at December 31, 2005 and for the Toulouse-AZF provision of 110 M pre-tax at
December 31, 2004 and 133 M pre-tax at December 31, 2005 |
16
Presentation of historical accounts and
profitability excluding Arkema
TOTAL
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21
Catherine ENCK
Tel. 33 (1) 47 44 37 76
Patricia MARIE
Tel. 33 (1) 47 44 45 90
Paul FLOREN
Tel. : 33 (1) 47 44 45 91
Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49
Bertille ARON
Tel 33 (1) 47 44 67 12
Isabelle CABROL
Tel. : 33 (1) 47 44 64 24
Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55
Franklin BOITIER
Tel. : 33 (1) 47 44 59 81
Philippe GATEAU
Tel. : 33 (1) 47 44 47 05
TOTAL S.A.
Capital 6 062 233 950 euros
542 051 180 R.C.S. Nanterre
www.total.com
Sales Group
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
39,605 |
|
|
|
33,073 |
|
|
|
38,414 |
|
|
|
39,942 |
|
Arkema impact |
|
|
(1,502 |
) |
|
|
(1,464 |
) |
|
|
(1,358 |
) |
|
|
(1,377 |
) |
New data |
|
|
38,103 |
|
|
|
31,609 |
|
|
|
37,056 |
|
|
|
38,565 |
|
Sales Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
6,191 |
|
|
|
5,736 |
|
|
|
5,401 |
|
|
|
5,671 |
|
Arkema impact |
|
|
(1,502 |
) |
|
|
(1,464 |
) |
|
|
(1,358 |
) |
|
|
(1,377 |
) |
New data |
|
|
4,689 |
|
|
|
4,272 |
|
|
|
4,043 |
|
|
|
4,294 |
|
Adjusted operating income
Business segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
6,767 |
|
|
|
5,537 |
|
|
|
6,346 |
|
|
|
6,330 |
|
Arkema impact |
|
|
(79 |
) |
|
|
(89 |
) |
|
|
(58 |
) |
|
|
34 |
|
New data |
|
|
6,688 |
|
|
|
5,448 |
|
|
|
6,288 |
|
|
|
6,364 |
|
Adjusted operating income
Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
310 |
|
|
|
381 |
|
|
|
166 |
|
|
|
247 |
|
Arkema impact |
|
|
(79 |
) |
|
|
(89 |
) |
|
|
(58 |
) |
|
|
34 |
|
New data |
|
|
231 |
|
|
|
292 |
|
|
|
108 |
|
|
|
281 |
|
Adjusted net operating income
Business segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
3,269 |
|
|
|
2,886 |
|
|
|
3,044 |
|
|
|
3,095 |
|
Arkema impact |
|
|
(29 |
) |
|
|
(50 |
) |
|
|
(36 |
) |
|
|
158 |
|
New data |
|
|
3,240 |
|
|
|
2,836 |
|
|
|
3,008 |
|
|
|
3,253 |
|
Adjusted net operating income
Chemicals
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In M |
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
219 |
|
|
|
266 |
|
|
|
136 |
|
|
|
164 |
|
Arkema impact |
|
|
(29 |
) |
|
|
(50 |
) |
|
|
(36 |
) |
|
|
158 |
|
New data |
|
|
190 |
|
|
|
216 |
|
|
|
100 |
|
|
|
322 |
|
ROACE business segments*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
30.9 |
% |
|
|
28.5 |
% |
|
|
29.8 |
% |
|
|
30.4 |
% |
Arkema impact |
|
|
+2 |
% |
|
|
+1.6 |
% |
|
|
+1.5 |
% |
|
|
+1.8 |
% |
New data |
|
|
32.9 |
% |
|
|
30.1 |
% |
|
|
31.3 |
% |
|
|
32.2 |
% |
ROACE Chemicals*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
8.5 |
% |
|
|
12.6 |
% |
|
|
12.0 |
% |
|
|
11.0 |
% |
Arkema impact |
|
|
+3.5 |
% |
|
|
+2.2 |
% |
|
|
+1.5 |
% |
|
|
+3.8 |
% |
New data |
|
|
12.0 |
% |
|
|
14.8 |
% |
|
|
13.5 |
% |
|
|
14.8 |
% |
|
|
|
* |
|
ROACE calculated on based on rolling twelve months at end of quarter |
ROACE Group*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q06 |
|
2Q05 |
|
3Q05 |
|
4Q05 |
|
Published data |
|
|
27.7 |
% |
|
|
26.3 |
% |
|
|
27.8 |
% |
|
|
27.4 |
% |
Arkema impact |
|
|
+1.5 |
% |
|
|
+1.2 |
% |
|
|
+1.2 |
% |
|
|
+1.3 |
% |
New data |
|
|
29.2 |
% |
|
|
27.5 |
% |
|
|
29.0 |
% |
|
|
28.7 |
% |
|
|
|
* |
|
ROACE calculated on based on rolling twelve months at end of quarter |
ROACE Group*
|
17
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
1st quarter |
|
|
2nd quarter |
|
Amounts in millions of euros (1) |
|
2006 |
|
|
2006 |
|
|
2005 |
|
|
Sales |
|
|
40,909 |
|
|
|
38,103 |
|
|
|
31,609 |
|
Excise taxes |
|
|
(5,141 |
) |
|
|
(4,607 |
) |
|
|
(5,246 |
) |
Revenues from sales |
|
|
35,768 |
|
|
|
33,496 |
|
|
|
26,363 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(22,387 |
) |
|
|
(20,442 |
) |
|
|
(14,314 |
) |
Other operating expenses |
|
|
(5,172 |
) |
|
|
(4,750 |
) |
|
|
(4,975 |
) |
Unsuccessful exploration costs |
|
|
(146 |
) |
|
|
(115 |
) |
|
|
(92 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,212 |
) |
|
|
(1,231 |
) |
|
|
(1,254 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(154 |
) |
|
|
(98 |
) |
|
|
(100 |
) |
Business segments * |
|
|
7,005 |
|
|
|
7,056 |
|
|
|
5,828 |
|
|
Total operating income |
|
|
6,851 |
|
|
|
6,958 |
|
|
|
5,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
72 |
|
|
|
261 |
|
|
|
81 |
|
Other expense |
|
|
(158 |
) |
|
|
(85 |
) |
|
|
(27 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(387 |
) |
|
|
(328 |
) |
|
|
(286 |
) |
Financial income from marketable securities and cash equivalents |
|
|
340 |
|
|
|
271 |
|
|
|
214 |
|
Cost of net debt |
|
|
(47 |
) |
|
|
(57 |
) |
|
|
(72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
201 |
|
|
|
106 |
|
|
|
113 |
|
Other financial expense |
|
|
(69 |
) |
|
|
(51 |
) |
|
|
(55 |
) |
Income taxes |
|
|
(3,644 |
) |
|
|
(3,813 |
) |
|
|
(2,966 |
) |
Equity in income (loss) of affiliates |
|
|
376 |
|
|
|
444 |
|
|
|
321 |
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
3,582 |
|
|
|
3,763 |
|
|
|
3,123 |
|
|
Consolidated net income from discontinued operations (Arkema) |
|
|
|
|
|
|
8 |
|
|
|
37 |
|
|
Consolidated net income |
|
|
3,582 |
|
|
|
3,771 |
|
|
|
3,160 |
|
|
Group share ** |
|
|
3,441 |
|
|
|
3,683 |
|
|
|
3,079 |
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
141 |
|
|
|
88 |
|
|
|
81 |
|
|
Earnings per share (euros) |
|
|
1.49 |
|
|
|
1.59 |
|
|
|
1.31 |
|
|
Fully-diluted earnings per share (euros) *** |
|
|
1.48 |
|
|
|
1.58 |
|
|
|
1.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted operating income from business segments |
|
|
6,672 |
|
|
|
6,688 |
|
|
|
5,448 |
|
Adjusted net operating income from business segments |
|
|
3,369 |
|
|
|
3,240 |
|
|
|
2,836 |
|
** Adjusted net income |
|
|
3,361 |
|
|
|
3,376 |
|
|
|
2,906 |
|
*** Adjusted fully-diluted earnings per share (euros) |
|
|
1.45 |
|
|
|
1.45 |
|
|
|
1.23 |
|
|
|
|
(1) |
|
Except for earnings per share |
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
1st half |
|
|
1st half |
|
Amounts in millions of euros (1) |
|
2006 |
|
|
2005 |
|
|
Sales |
|
|
79,012 |
|
|
|
61,987 |
|
Excise taxes |
|
|
(9,748 |
) |
|
|
(10,297 |
) |
Revenues from sales |
|
|
69,264 |
|
|
|
51,690 |
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(42,829 |
) |
|
|
(28,683 |
) |
Other operating expenses |
|
|
(9,922 |
) |
|
|
(8,703 |
) |
Unsuccessful exploration costs |
|
|
(261 |
) |
|
|
(164 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,443 |
) |
|
|
(2,391 |
) |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
Corporate |
|
|
(252 |
) |
|
|
(165 |
) |
Business segments * |
|
|
14,061 |
|
|
|
11,914 |
|
|
Total operating income |
|
|
13,809 |
|
|
|
11,749 |
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
333 |
|
|
|
85 |
|
Other expense |
|
|
(243 |
) |
|
|
(77 |
) |
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(715 |
) |
|
|
(530 |
) |
Financial income from marketable securities and cash equivalents |
|
|
611 |
|
|
|
396 |
|
Cost of net debt |
|
|
(104 |
) |
|
|
(134 |
) |
|
Other financial income |
|
|
307 |
|
|
|
199 |
|
Other financial expense |
|
|
(120 |
) |
|
|
(118 |
) |
Income taxes |
|
|
(7,457 |
) |
|
|
(5,872 |
) |
Equity in income (loss) of affiliates |
|
|
820 |
|
|
|
610 |
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
7,345 |
|
|
|
6,442 |
|
|
Consolidated net income from discontinued operations (Arkema) |
|
|
8 |
|
|
|
11 |
|
|
Consolidated net income |
|
|
7,353 |
|
|
|
6,453 |
|
|
Group share ** |
|
|
7,124 |
|
|
|
6,287 |
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
229 |
|
|
|
166 |
|
|
Earnings per share (euros) |
|
|
3.08 |
|
|
|
2.66 |
|
|
Fully-diluted earnings per share (euros) *** |
|
|
3.06 |
|
|
|
2.64 |
|
|
|
|
|
|
|
|
|
|
|
* Adjusted operating income from business segments |
|
|
13,360 |
|
|
|
10,812 |
|
Adjusted net operating income from business segments |
|
|
6,609 |
|
|
|
5,651 |
|
** Adjusted net income |
|
|
6,737 |
|
|
|
5,825 |
|
*** Adjusted fully-diluted earnings per share (euros) |
|
|
2.89 |
|
|
|
2.45 |
|
|
|
|
(1) |
|
Except for earnings per share |
CONSOLIDATED BALANCE SHEET
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
|
|
June 30, |
|
|
March 31, |
|
|
|
|
|
June 30, |
|
|
|
2006 |
|
|
2006 |
|
|
December |
|
|
2005 |
|
|
|
(unaudited) |
|
|
(unaudited) |
|
|
31, 2005 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
|
4,658 |
|
|
|
4,836 |
|
|
|
4,384 |
|
|
|
3,319 |
|
Property, plant and equipment, net |
|
|
38,920 |
|
|
|
40,244 |
|
|
|
40,568 |
|
|
|
38,290 |
|
Equity affiliates : investments and loans |
|
|
12,702 |
|
|
|
13,059 |
|
|
|
12,652 |
|
|
|
11,927 |
|
Other investments |
|
|
1,656 |
|
|
|
1,689 |
|
|
|
1,516 |
|
|
|
1,212 |
|
Hedging instruments of non-current financial debt |
|
|
588 |
|
|
|
453 |
|
|
|
477 |
|
|
|
907 |
|
Other non-current assets |
|
|
2,186 |
|
|
|
3,180 |
|
|
|
2,794 |
|
|
|
2,056 |
|
|
Total non-current assets |
|
|
60,710 |
|
|
|
63,461 |
|
|
|
62,391 |
|
|
|
57,711 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories, net |
|
|
12,215 |
|
|
|
12,672 |
|
|
|
12,690 |
|
|
|
11,499 |
|
Accounts receivable, net |
|
|
17,715 |
|
|
|
19,642 |
|
|
|
19,612 |
|
|
|
17,250 |
|
Prepaid expenses and other current assets |
|
|
6,632 |
|
|
|
6,969 |
|
|
|
6,799 |
|
|
|
5,542 |
|
Current financial instruments |
|
|
159 |
|
|
|
204 |
|
|
|
334 |
|
|
|
942 |
|
Cash and cash equivalents |
|
|
14,602 |
|
|
|
14,816 |
|
|
|
4,318 |
|
|
|
13,577 |
|
|
Total current assets |
|
|
51,323 |
|
|
|
54,303 |
|
|
|
43,753 |
|
|
|
48,810 |
|
|
TOTAL ASSETS |
|
|
112,033 |
|
|
|
117,764 |
|
|
|
106,144 |
|
|
|
106,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
6,179 |
|
|
|
6,179 |
|
|
|
6,151 |
|
|
|
6,359 |
|
Paid-in surplus and retained earnings |
|
|
41,279 |
|
|
|
41,809 |
|
|
|
37,504 |
|
|
|
36,397 |
|
Cumulative translation adjustment |
|
|
(650 |
) |
|
|
744 |
|
|
|
1,421 |
|
|
|
920 |
|
Treasury shares |
|
|
(6,536 |
) |
|
|
(5,562 |
) |
|
|
(4,431 |
) |
|
|
(7,067 |
) |
|
SHAREHOLDERS EQUITY GROUP SHARE |
|
|
40,272 |
|
|
|
43,170 |
|
|
|
40,645 |
|
|
|
36,609 |
|
|
Minority interests and subsidiaries redeemable
preferred shares |
|
|
783 |
|
|
|
913 |
|
|
|
838 |
|
|
|
708 |
|
|
TOTAL SHAREHOLDERS EQUITY |
|
|
41,055 |
|
|
|
44,083 |
|
|
|
41,483 |
|
|
|
37,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
6,909 |
|
|
|
7,228 |
|
|
|
6,976 |
|
|
|
7,485 |
|
Employee benefits |
|
|
2,976 |
|
|
|
3,269 |
|
|
|
3,413 |
|
|
|
3,609 |
|
Other non-current liabilities |
|
|
6,187 |
|
|
|
7,030 |
|
|
|
7,051 |
|
|
|
6,626 |
|
|
Total non-current liabilities |
|
|
16,072 |
|
|
|
17,527 |
|
|
|
17,440 |
|
|
|
17,720 |
|
|
Non-current financial debt |
|
|
13,256 |
|
|
|
13,491 |
|
|
|
13,793 |
|
|
|
12,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
14,149 |
|
|
|
15,559 |
|
|
|
16,406 |
|
|
|
12,721 |
|
Other creditors and accrued liabilities |
|
|
13,590 |
|
|
|
14,377 |
|
|
|
13,069 |
|
|
|
12,507 |
|
Current borrowings |
|
|
13,707 |
|
|
|
12,618 |
|
|
|
3,920 |
|
|
|
13,805 |
|
Current financial instruments |
|
|
204 |
|
|
|
109 |
|
|
|
33 |
|
|
|
59 |
|
|
Total current liabilities |
|
|
41,650 |
|
|
|
42,663 |
|
|
|
33,428 |
|
|
|
39,092 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY |
|
|
112,033 |
|
|
|
117,764 |
|
|
|
106,144 |
|
|
|
106,521 |
|
|
The comparative balance sheets until March 31st, 2006 include the sub-group Arkema which was spun-off on May 12, 2006.
CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
1st quarter |
|
|
2nd quarter |
|
Amounts in millions of euros |
|
2006 |
|
|
2006 |
|
|
2005 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
|
3,582 |
|
|
|
3,771 |
|
|
|
3,160 |
|
Depreciation, depletion and amortization |
|
|
1,253 |
|
|
|
1,329 |
|
|
|
1,357 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
|
83 |
|
|
|
94 |
|
|
|
315 |
|
Impact of coverage of pension benefit plans |
|
|
(37 |
) |
|
|
|
|
|
|
|
|
Unsuccessful exploration costs |
|
|
146 |
|
|
|
115 |
|
|
|
92 |
|
(Gains) Losses on sales of assets |
|
|
(72 |
) |
|
|
(261 |
) |
|
|
(38 |
) |
Undistributed affiliates equity earnings |
|
|
111 |
|
|
|
(375 |
) |
|
|
19 |
|
(Increase) Decrease in operating assets and liabilities |
|
|
(1,015 |
) |
|
|
179 |
|
|
|
(2,240 |
) |
Other changes, net |
|
|
(5 |
) |
|
|
(13 |
) |
|
|
32 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
4,046 |
|
|
|
4,839 |
|
|
|
2,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
|
(2,288 |
) |
|
|
(2,051 |
) |
|
|
(1,983 |
) |
Exploration costs charged directly to expense |
|
|
(145 |
) |
|
|
(110 |
) |
|
|
(68 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
|
(11 |
) |
|
|
(69 |
) |
|
|
|
|
Investments in equity affiliates and other securities |
|
|
(64 |
) |
|
|
(59 |
) |
|
|
(57 |
) |
Increase in non-current loans |
|
|
(271 |
) |
|
|
(461 |
) |
|
|
(147 |
) |
|
Total expenditures |
|
|
(2,779 |
) |
|
|
(2,750 |
) |
|
|
(2,255 |
) |
Proceeds from sale of intangible assets and property, plant
and equipment |
|
|
49 |
|
|
|
260 |
|
|
|
180 |
|
Proceeds from sale of subsidiaries, net of cash sold |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of non-current investments |
|
|
86 |
|
|
|
3 |
|
|
|
38 |
|
Repayment of non-current loans |
|
|
489 |
|
|
|
134 |
|
|
|
159 |
|
|
Total divestitures |
|
|
624 |
|
|
|
397 |
|
|
|
377 |
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
(2,155 |
) |
|
|
(2,353 |
) |
|
|
(1,878 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
Parent companys shareholders |
|
|
7 |
|
|
|
471 |
|
|
|
|
|
Treasury shares |
|
|
(968 |
) |
|
|
(1,118 |
) |
|
|
(1,211 |
) |
Minority shareholders |
|
|
1 |
|
|
|
12 |
|
|
|
9 |
|
Subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
(118 |
) |
Cash dividends paid: |
|
|
|
|
|
|
|
|
|
|
|
|
- Parent companys shareholders |
|
|
(2,012 |
) |
|
|
(10 |
) |
|
|
(1,764 |
) |
- Minority shareholders |
|
|
(224 |
) |
|
|
(6 |
) |
|
|
(124 |
) |
Net issuance (repayment) of non-current debt |
|
|
395 |
|
|
|
730 |
|
|
|
349 |
|
Increase (Decrease) in current borrowings |
|
|
1,369 |
|
|
|
8,204 |
|
|
|
2,240 |
|
Other changes, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
(1,432 |
) |
|
|
8,283 |
|
|
|
(619 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
459 |
|
|
|
10,769 |
|
|
|
200 |
|
Effect of exchange rates and changes in reporting entity |
|
|
(673 |
) |
|
|
(271 |
) |
|
|
829 |
|
Cash and cash equivalents at the beginning of the period |
|
|
14,816 |
|
|
|
4,318 |
|
|
|
12,548 |
|
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
|
|
14,602 |
|
|
|
14,816 |
|
|
|
13,577 |
|
|
First quarter 2006 and second quarter 2005 cash flow statements include the sub-group Arkema which was spun-off on May 12, 2006.
CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
1st half |
|
|
1st half |
|
Amounts in millions of euros |
|
2006 |
|
|
2005 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
|
7,353 |
|
|
|
6,453 |
|
Depreciation, depletion and amortization |
|
|
2,582 |
|
|
|
2,600 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
|
177 |
|
|
|
864 |
|
Impact of coverage of pension benefit plans |
|
|
(37 |
) |
|
|
|
|
Unsuccessful exploration costs |
|
|
261 |
|
|
|
164 |
|
(Gains) Losses on sales of assets |
|
|
(333 |
) |
|
|
(42 |
) |
Undistributed affiliates equity earnings |
|
|
(264 |
) |
|
|
(176 |
) |
(Increase) Decrease in operating assets and liabilities |
|
|
(836 |
) |
|
|
(3,172 |
) |
Other changes, net |
|
|
(18 |
) |
|
|
43 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
8,885 |
|
|
|
6,734 |
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
|
(4,339 |
) |
|
|
(3,496 |
) |
Exploration costs charged directly to expense |
|
|
(255 |
) |
|
|
(139 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
|
(80 |
) |
|
|
|
|
Investments in equity affiliates and other securities |
|
|
(123 |
) |
|
|
(72 |
) |
Increase in non-current loans |
|
|
(732 |
) |
|
|
(332 |
) |
|
Total expenditures |
|
|
(5,529 |
) |
|
|
(4,039 |
) |
Proceeds from sale of intangible assets and property,
plant and equipment |
|
|
309 |
|
|
|
194 |
|
Proceeds from sale of subsidiaries, net of cash sold |
|
|
|
|
|
|
11 |
|
Proceeds from sale of non-current investments |
|
|
89 |
|
|
|
43 |
|
Repayment of non-current loans |
|
|
623 |
|
|
|
342 |
|
|
Total divestitures |
|
|
1,021 |
|
|
|
590 |
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
(4,508 |
) |
|
|
(3,449 |
) |
|
|
|
|
|
|
|
|
|
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
|
Parent companys shareholders |
|
|
478 |
|
|
|
|
|
Treasury shares |
|
|
(2,086 |
) |
|
|
(2,019 |
) |
Minority shareholders |
|
|
13 |
|
|
|
71 |
|
Subsidiaries redeemable preferred shares |
|
|
|
|
|
|
(156 |
) |
Cash dividends paid: |
|
|
|
|
|
|
|
|
- Parent companys shareholders |
|
|
(2,022 |
) |
|
|
(1,765 |
) |
- Minority shareholders |
|
|
(230 |
) |
|
|
(152 |
) |
Net issuance (repayment) of non-current debt |
|
|
1,125 |
|
|
|
1,038 |
|
Increase (Decrease) in current borrowings |
|
|
9,573 |
|
|
|
8,192 |
|
Other changes, net |
|
|
|
|
|
|
(1 |
) |
|
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
6,851 |
|
|
|
5,208 |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
|
11,228 |
|
|
|
8,493 |
|
Effect of exchange rates and changes in reporting entity |
|
|
(944 |
) |
|
|
1,224 |
|
Cash and cash equivalents at the beginning of the period |
|
|
4,318 |
|
|
|
3,860 |
|
|
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
|
|
14,602 |
|
|
|
13,577 |
|
|
First half 2005 cash flow statement include the sub-group Arkema which was
spun-off on May 12, 2006
CONSOLIDATED
STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
surplus and |
|
|
Cumulative |
|
|
|
|
|
|
|
|
|
|
Shareholders |
|
|
redeemable |
|
|
|
|
|
|
|
|
|
Common shares issued |
|
|
retained |
|
|
translation |
|
|
Treasury shares |
|
|
equity Group |
|
|
preferred |
|
|
Minority |
|
|
Total |
|
(Amounts in millions of euros) |
|
Number |
|
|
Amount |
|
|
earnings |
|
|
adjustment |
|
|
Number |
|
|
Amount |
|
|
share |
|
|
shares |
|
|
interests |
|
|
equity |
|
|
As of January 1, 2005 |
|
|
635,015,108 |
|
|
|
6,350 |
|
|
|
31,717 |
|
|
|
(1,429 |
) |
|
|
(39,072,487 |
) |
|
|
(5,030 |
) |
|
|
31,608 |
|
|
|
147 |
|
|
|
663 |
|
|
|
32,418 |
|
Net income for the first half |
|
|
|
|
|
|
|
|
|
|
6,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,287 |
|
|
|
1 |
|
|
|
165 |
|
|
|
6,453 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
37 |
|
|
|
2,349 |
|
|
|
|
|
|
|
|
|
|
|
2,386 |
|
|
|
8 |
|
|
|
32 |
|
|
|
2,426 |
|
|
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
6,324 |
|
|
|
2,349 |
|
|
|
|
|
|
|
|
|
|
|
8,673 |
|
|
|
9 |
|
|
|
197 |
|
|
|
8,879 |
|
|
Cash dividend |
|
|
|
|
|
|
|
|
|
|
(1,765 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,765 |
) |
|
|
|
|
|
|
(152 |
) |
|
|
(1,917 |
) |
Issuance of common shares |
|
|
926,095 |
|
|
|
9 |
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
72 |
|
|
|
|
|
|
|
|
|
|
|
72 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,720,000 |
) |
|
|
(2,101 |
) |
|
|
(2,101 |
) |
|
|
|
|
|
|
|
|
|
|
(2,101 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
676,707 |
|
|
|
64 |
|
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
76 |
|
Repayment of subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(156 |
) |
|
|
|
|
|
|
(156 |
) |
Share-based payments |
|
|
|
|
|
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
46 |
|
Transactions with shareholders |
|
|
926,095 |
|
|
|
9 |
|
|
|
(1,644 |
) |
|
|
|
|
|
|
(11,043,293 |
) |
|
|
(2,037 |
) |
|
|
(3,672 |
) |
|
|
(156 |
) |
|
|
(152 |
) |
|
|
(3,980 |
) |
Cancellation of repurchased shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2005 |
|
|
635,941,203 |
|
|
|
6,359 |
|
|
|
36,397 |
|
|
|
920 |
|
|
|
(50,115,780 |
) |
|
|
(7,067 |
) |
|
|
36,609 |
|
|
|
|
|
|
|
708 |
|
|
|
37,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the second half |
|
|
|
|
|
|
|
|
|
|
5,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,986 |
|
|
|
|
|
|
|
204 |
|
|
|
6,190 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
381 |
|
|
|
501 |
|
|
|
|
|
|
|
|
|
|
|
882 |
|
|
|
|
|
|
|
11 |
|
|
|
893 |
|
|
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
6,367 |
|
|
|
501 |
|
|
|
|
|
|
|
|
|
|
|
6,868 |
|
|
|
|
|
|
|
215 |
|
|
|
7,083 |
|
|
Cash dividend |
|
|
|
|
|
|
|
|
|
|
(1,745 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,745 |
) |
|
|
|
|
|
|
(85 |
) |
|
|
(1,830 |
) |
Issuance of common shares |
|
|
250,661 |
|
|
|
3 |
|
|
|
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
28 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,598,500 |
) |
|
|
(1,384 |
) |
|
|
(1,384 |
) |
|
|
|
|
|
|
|
|
|
|
(1,384 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
22 |
|
|
|
|
|
|
|
1,389,380 |
|
|
|
162 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
184 |
|
Repayment of subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
85 |
|
|
|
|
|
|
|
|
|
|
|
85 |
|
Transaction with shareholders |
|
|
250,651 |
|
|
|
3 |
|
|
|
(1,613 |
) |
|
|
|
|
|
|
5,209,120 |
|
|
|
1,222 |
|
|
|
2,832 |
|
|
|
|
|
|
|
(85 |
) |
|
|
(2,917 |
) |
Cancellation of repurchased shares |
|
|
(21,075,568 |
) |
|
|
(211 |
) |
|
|
(3,647 |
) |
|
|
|
|
|
|
21,075,568 |
|
|
|
3,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2005 |
|
|
615,116,296 |
|
|
|
6,151 |
|
|
|
37,504 |
|
|
|
1,421 |
|
|
|
(34,249,332 |
) |
|
|
(4,431 |
) |
|
|
40,645 |
|
|
|
|
|
|
|
838 |
|
|
|
41,483 |
|
|
Net income for the first half |
|
|
|
|
|
|
|
|
|
|
7,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,124 |
|
|
|
|
|
|
|
229 |
|
|
|
7,353 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
193 |
|
|
|
(1,862 |
) |
|
|
|
|
|
|
|
|
|
|
(1,669 |
) |
|
|
|
|
|
|
(46 |
) |
|
|
(1,715 |
) |
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
7,317 |
|
|
|
(1,862 |
) |
|
|
|
|
|
|
|
|
|
|
5,455 |
|
|
|
|
|
|
|
183 |
|
|
|
5,638 |
|
Four-for-one split of shares par value (2) |
|
|
1,845,348,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(102,747,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spin-off of Arkema |
|
|
|
|
|
|
|
|
|
|
(2,045 |
) |
|
|
(209 |
) |
|
|
|
|
|
|
|
|
|
|
(2,254 |
) |
|
|
|
|
|
|
(8 |
) |
|
|
(2,262 |
) |
Cash dividend |
|
|
|
|
|
|
|
|
|
|
(2,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,022 |
) |
|
|
|
|
|
|
(230 |
) |
|
|
(2,252 |
) |
Issuance of common shares |
|
|
11,496,072 |
|
|
|
28 |
|
|
|
445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
473 |
|
|
|
|
|
|
|
|
|
|
|
473 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(42,000,000 |
) |
|
|
(2,193 |
) |
|
|
(2,193 |
) |
|
|
|
|
|
|
|
|
|
|
(2,193 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
2,967,320 |
|
|
|
88 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
92 |
|
Repayment of subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
|
|
|
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76 |
|
|
|
|
|
|
|
|
|
|
|
76 |
|
Transactions with shareholders |
|
|
1,856,844,960 |
|
|
|
28 |
|
|
|
(3,542 |
) |
|
|
(209 |
) |
|
|
(141,780,676 |
) |
|
|
(2,105 |
) |
|
|
(5,828 |
) |
|
|
|
|
|
|
(238 |
) |
|
|
(6,066 |
) |
Cancellation of repurchased shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2006 |
|
|
2,471,961,256 |
|
|
|
6,179 |
|
|
|
41,279 |
|
|
|
(650 |
) |
|
|
(176,030,008 |
) |
|
|
(6,536 |
) |
|
|
40,272 |
|
|
|
|
|
|
|
783 |
|
|
|
41,055 |
|
|
|
|
|
(1) |
|
Treasury shares related to the stock option purchase plans |
|
(2) |
|
Annual Meeting of shareholders, May 12, 2006 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
2nd quarter 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
5,424 |
|
|
|
30,516 |
|
|
|
4,965 |
|
|
|
4 |
|
|
|
|
|
|
|
40,909 |
|
Intersegment sales |
|
|
5,439 |
|
|
|
1,256 |
|
|
|
443 |
|
|
|
44 |
|
|
|
(7,182 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,141 |
) |
|
Revenues from sales |
|
|
10,863 |
|
|
|
26,631 |
|
|
|
5,408 |
|
|
|
48 |
|
|
|
(7,182 |
) |
|
|
35,768 |
|
|
Operating expenses |
|
|
(4,702 |
) |
|
|
(25,021 |
) |
|
|
(4,972 |
) |
|
|
(192 |
) |
|
|
7,182 |
|
|
|
(27,705 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(785 |
) |
|
|
(283 |
) |
|
|
(134 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
(1,212 |
) |
|
Operating income |
|
|
5,376 |
|
|
|
1,327 |
|
|
|
302 |
|
|
|
(154 |
) |
|
|
|
|
|
|
6,851 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
252 |
|
|
|
75 |
|
|
|
(44 |
) |
|
|
139 |
|
|
|
|
|
|
|
422 |
|
Tax on net operating income |
|
|
(3,237 |
) |
|
|
(394 |
) |
|
|
(73 |
) |
|
|
31 |
|
|
|
|
|
|
|
(3,673 |
) |
|
Net operating income |
|
|
2,391 |
|
|
|
1,008 |
|
|
|
185 |
|
|
|
16 |
|
|
|
|
|
|
|
3,600 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(141 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,441 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,441 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjustments) (*) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
291 |
|
|
|
42 |
|
|
|
(11 |
) |
|
|
|
|
|
|
322 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) |
|
|
|
|
|
|
291 |
|
|
|
42 |
|
|
|
(11 |
) |
|
|
|
|
|
|
322 |
|
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
10 |
|
|
|
(51 |
) |
|
|
(122 |
) |
|
|
|
|
|
|
(163 |
) |
Tax on net operating income |
|
|
|
|
|
|
(80 |
) |
|
|
3 |
|
|
|
4 |
|
|
|
|
|
|
|
(73 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
221 |
|
|
|
(6 |
) |
|
|
(129 |
) |
|
|
|
|
|
|
86 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
291 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
221 |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjusted) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
5,424 |
|
|
|
30,516 |
|
|
|
4,965 |
|
|
|
4 |
|
|
|
|
|
|
|
40,909 |
|
Intersegment sales |
|
|
5,439 |
|
|
|
1,256 |
|
|
|
443 |
|
|
|
44 |
|
|
|
(7,182 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,141 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,141 |
) |
|
Revenues from sales |
|
|
10,863 |
|
|
|
26,631 |
|
|
|
5,408 |
|
|
|
48 |
|
|
|
(7,182 |
) |
|
|
35,768 |
|
|
Operating expenses |
|
|
(4,702 |
) |
|
|
(25,312 |
) |
|
|
(5,014 |
) |
|
|
(181 |
) |
|
|
7,182 |
|
|
|
(28,027 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(785 |
) |
|
|
(283 |
) |
|
|
(134 |
) |
|
|
(10 |
) |
|
|
|
|
|
|
(1,212 |
) |
|
Operating income |
|
|
5,376 |
|
|
|
1,036 |
|
|
|
260 |
|
|
|
(143 |
) |
|
|
|
|
|
|
6,529 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
252 |
|
|
|
65 |
|
|
|
7 |
|
|
|
261 |
|
|
|
|
|
|
|
585 |
|
Tax on net operating income |
|
|
(3,237 |
) |
|
|
(314 |
) |
|
|
(76 |
) |
|
|
27 |
|
|
|
|
|
|
|
(3,600 |
) |
|
Net operating income |
|
|
2,391 |
|
|
|
787 |
|
|
|
191 |
|
|
|
145 |
|
|
|
|
|
|
|
3,514 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(18 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(135 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,361 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,361 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
2,209 |
|
|
|
368 |
|
|
|
176 |
|
|
|
26 |
|
|
|
|
|
|
|
2,779 |
|
Divestitures at selling price |
|
|
502 |
|
|
|
50 |
|
|
|
67 |
|
|
|
5 |
|
|
|
|
|
|
|
624 |
|
Cash flow from operating activities |
|
|
3,371 |
|
|
|
984 |
|
|
|
(7 |
) |
|
|
(302 |
) |
|
|
|
|
|
|
4,046 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
1st quarter 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
5,714 |
|
|
|
27,692 |
|
|
|
4,689 |
|
|
|
8 |
|
|
|
|
|
|
|
38,103 |
|
Intersegment sales |
|
|
5,400 |
|
|
|
1,335 |
|
|
|
152 |
|
|
|
43 |
|
|
|
(6,930 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(4,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,607 |
) |
|
Revenues from sales |
|
|
11,114 |
|
|
|
24,420 |
|
|
|
4,841 |
|
|
|
51 |
|
|
|
(6,930 |
) |
|
|
33,496 |
|
|
Operating expenses |
|
|
(4,680 |
) |
|
|
(22,931 |
) |
|
|
(4,486 |
) |
|
|
(140 |
) |
|
|
6,930 |
|
|
|
(25,307 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(833 |
) |
|
|
(260 |
) |
|
|
(129 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(1,231 |
) |
|
Operating income |
|
|
5,601 |
|
|
|
1,229 |
|
|
|
226 |
|
|
|
(98 |
) |
|
|
|
|
|
|
6,958 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
383 |
|
|
|
74 |
|
|
|
17 |
|
|
|
201 |
|
|
|
|
|
|
|
675 |
|
Tax on net operating income |
|
|
(3,454 |
) |
|
|
(373 |
) |
|
|
(55 |
) |
|
|
53 |
|
|
|
|
|
|
|
(3,829 |
) |
|
Net operating income |
|
|
2,530 |
|
|
|
930 |
|
|
|
188 |
|
|
|
156 |
|
|
|
|
|
|
|
3,804 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(41 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(88 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,675 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjustments) (*) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
373 |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
368 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
373 |
|
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
368 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
195 |
|
|
|
18 |
|
|
|
1 |
|
|
|
(81 |
) |
|
|
|
|
|
|
133 |
|
Tax on net operating income |
|
|
(65 |
) |
|
|
(111 |
) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
(174 |
) |
|
Net operating income |
|
|
130 |
|
|
|
280 |
|
|
|
(2 |
) |
|
|
(81 |
) |
|
|
|
|
|
|
327 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
326 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19 |
) |
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
280 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjusted) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
5,714 |
|
|
|
27,692 |
|
|
|
4,689 |
|
|
|
8 |
|
|
|
|
|
|
|
38,103 |
|
Intersegment sales |
|
|
5,400 |
|
|
|
1,335 |
|
|
|
152 |
|
|
|
43 |
|
|
|
(6,930 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(4,607 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,607 |
) |
|
Revenues from sales |
|
|
11,114 |
|
|
|
24,420 |
|
|
|
4,841 |
|
|
|
51 |
|
|
|
(6,930 |
) |
|
|
33,496 |
|
|
Operating expenses |
|
|
(4,680 |
) |
|
|
(23,304 |
) |
|
|
(4,481 |
) |
|
|
(140 |
) |
|
|
6,930 |
|
|
|
(25,675 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(833 |
) |
|
|
(260 |
) |
|
|
(129 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(1,231 |
) |
|
Operating income |
|
|
5,601 |
|
|
|
856 |
|
|
|
231 |
|
|
|
(98 |
) |
|
|
|
|
|
|
6,590 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
188 |
|
|
|
56 |
|
|
|
16 |
|
|
|
282 |
|
|
|
|
|
|
|
542 |
|
Tax on net operating income |
|
|
(3,389 |
) |
|
|
(262 |
) |
|
|
(57 |
) |
|
|
53 |
|
|
|
|
|
|
|
(3,655 |
) |
|
Net operating income |
|
|
2,400 |
|
|
|
650 |
|
|
|
190 |
|
|
|
237 |
|
|
|
|
|
|
|
3,477 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(41 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(87 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,349 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,376 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st quarter 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
2,081 |
|
|
|
321 |
|
|
|
324 |
|
|
|
24 |
|
|
|
|
|
|
|
2,750 |
|
Divestitures at selling price |
|
|
353 |
|
|
|
13 |
|
|
|
28 |
|
|
|
3 |
|
|
|
|
|
|
|
397 |
|
Cash flow from operating activities |
|
|
3,831 |
|
|
|
1,201 |
|
|
|
(37 |
) |
|
|
(156 |
) |
|
|
|
|
|
|
4,839 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
2nd quarter 2005 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,210 |
|
|
|
23,119 |
|
|
|
4,272 |
|
|
|
8 |
|
|
|
|
|
|
|
31,609 |
|
Intersegment sales |
|
|
4,167 |
|
|
|
935 |
|
|
|
176 |
|
|
|
20 |
|
|
|
(5,298 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,246 |
) |
|
Revenues from sales |
|
|
8,377 |
|
|
|
18,808 |
|
|
|
4,448 |
|
|
|
28 |
|
|
|
(5,298 |
) |
|
|
26,363 |
|
|
Operating expenses |
|
|
(3,326 |
) |
|
|
(17,093 |
) |
|
|
(4,139 |
) |
|
|
(121 |
) |
|
|
5,298 |
|
|
|
(19,381 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(839 |
) |
|
|
(268 |
) |
|
|
(140 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
(1,254 |
) |
|
Operating income |
|
|
4,212 |
|
|
|
1,447 |
|
|
|
169 |
|
|
|
(100 |
) |
|
|
|
|
|
|
5,728 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
176 |
|
|
|
112 |
|
|
|
13 |
|
|
|
131 |
|
|
|
|
|
|
|
431 |
|
Tax on net operating income |
|
|
(2,501 |
) |
|
|
(471 |
) |
|
|
(46 |
) |
|
|
30 |
|
|
|
|
|
|
|
(2,988 |
) |
|
Net operating income |
|
|
1,887 |
|
|
|
1,088 |
|
|
|
136 |
|
|
|
60 |
|
|
|
|
|
|
|
3,171 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(48 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(79 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,044 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjustments) (*) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales
Intersegment sales
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
503 |
|
|
|
(112 |
) |
|
|
|
|
|
|
|
|
|
|
391 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
Operating income (1) |
|
|
|
|
|
|
503 |
|
|
|
(123 |
) |
|
|
|
|
|
|
|
|
|
|
380 |
|
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
17 |
|
|
|
3 |
|
|
|
(90 |
) |
|
|
|
|
|
|
(70 |
) |
Tax on net operating income |
|
|
|
|
|
|
(165 |
) |
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
(125 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
355 |
|
|
|
(80 |
) |
|
|
(90 |
) |
|
|
|
|
|
|
185 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8 |
) |
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
503 |
|
|
|
(112 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
355 |
|
|
|
(73 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(55 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjusted) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,210 |
|
|
|
23,119 |
|
|
|
4,272 |
|
|
|
8 |
|
|
|
|
|
|
|
31,609 |
|
Intersegment sales |
|
|
4,167 |
|
|
|
935 |
|
|
|
176 |
|
|
|
20 |
|
|
|
(5,298 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,246 |
) |
|
Revenues from sales |
|
|
8,377 |
|
|
|
18,808 |
|
|
|
4,448 |
|
|
|
28 |
|
|
|
(5,298 |
) |
|
|
26,363 |
|
|
Operating expenses |
|
|
(3,326 |
) |
|
|
(17,596 |
) |
|
|
(4,027 |
) |
|
|
(121 |
) |
|
|
5,298 |
|
|
|
(19,772 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(839 |
) |
|
|
(268 |
) |
|
|
(129 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
(1,243 |
) |
|
Operating income |
|
|
4,212 |
|
|
|
944 |
|
|
|
292 |
|
|
|
(100 |
) |
|
|
|
|
|
|
5,348 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
176 |
|
|
|
95 |
|
|
|
10 |
|
|
|
220 |
|
|
|
|
|
|
|
501 |
|
Tax on net operating income |
|
|
(2,501 |
) |
|
|
(306 |
) |
|
|
(86 |
) |
|
|
30 |
|
|
|
|
|
|
|
(2,863 |
) |
|
Net operating income |
|
|
1,887 |
|
|
|
733 |
|
|
|
216 |
|
|
|
150 |
|
|
|
|
|
|
|
2,986 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(48 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(75 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,863 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2005 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
1,638 |
|
|
|
359 |
|
|
|
245 |
|
|
|
13 |
|
|
|
|
|
|
|
2,255 |
|
Divestitures at selling price |
|
|
262 |
|
|
|
58 |
|
|
|
8 |
|
|
|
49 |
|
|
|
|
|
|
|
377 |
|
Cash flow from operating activities |
|
|
2,731 |
|
|
|
(70 |
) |
|
|
205 |
|
|
|
(169 |
) |
|
|
|
|
|
|
2,697 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
1st half 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
11,138 |
|
|
|
58,208 |
|
|
|
9,654 |
|
|
|
12 |
|
|
|
|
|
|
|
79,012 |
|
Intersegment sales |
|
|
10,839 |
|
|
|
2,591 |
|
|
|
595 |
|
|
|
87 |
|
|
|
(14,112 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(9,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,748 |
) |
|
Revenues from sales |
|
|
21,977 |
|
|
|
51,051 |
|
|
|
10,249 |
|
|
|
99 |
|
|
|
(14,112 |
) |
|
|
69,264 |
|
|
Operating expenses |
|
|
(9,382 |
) |
|
|
(47,952 |
) |
|
|
(9,458 |
) |
|
|
(332 |
) |
|
|
14,112 |
|
|
|
(53,012 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,618 |
) |
|
|
(543 |
) |
|
|
(263 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
(2,443 |
) |
|
Operating income |
|
|
10,977 |
|
|
|
2,556 |
|
|
|
528 |
|
|
|
(252 |
) |
|
|
|
|
|
|
13,809 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
635 |
|
|
|
149 |
|
|
|
(27 |
) |
|
|
340 |
|
|
|
|
|
|
|
1,097 |
|
Tax on net operating income |
|
|
(6,691 |
) |
|
|
(767 |
) |
|
|
(128 |
) |
|
|
84 |
|
|
|
|
|
|
|
(7,502 |
) |
|
Net operating income |
|
|
4,921 |
|
|
|
1,938 |
|
|
|
373 |
|
|
|
172 |
|
|
|
|
|
|
|
7,404 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(59 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(229 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,116 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjustments) (*) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
Operating expenses |
|
|
|
|
|
|
664 |
|
|
|
37 |
|
|
|
(11 |
) |
|
|
|
|
|
|
690 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) |
|
|
|
|
|
|
664 |
|
|
|
37 |
|
|
|
(11 |
) |
|
|
|
|
|
|
690 |
|
|
Equity in income (loss) of affiliates and other items (2) |
|
|
195 |
|
|
|
28 |
|
|
|
(50 |
) |
|
|
(203 |
) |
|
|
|
|
|
|
(30 |
) |
Tax on net operating income |
|
|
(65 |
) |
|
|
(191 |
) |
|
|
5 |
|
|
|
4 |
|
|
|
|
|
|
|
(247 |
) |
|
Net operating income (1) |
|
|
130 |
|
|
|
501 |
|
|
|
(8 |
) |
|
|
(210 |
) |
|
|
|
|
|
|
413 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
406 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19 |
) |
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
664 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
501 |
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(170 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjusted) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
11,138 |
|
|
|
58,208 |
|
|
|
9,654 |
|
|
|
12 |
|
|
|
|
|
|
|
79,012 |
|
Intersegment sales |
|
|
10,839 |
|
|
|
2,591 |
|
|
|
595 |
|
|
|
87 |
|
|
|
(14,112 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(9,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9,748 |
) |
|
Revenues from sales |
|
|
21,977 |
|
|
|
51,051 |
|
|
|
10,249 |
|
|
|
99 |
|
|
|
(14,112 |
) |
|
|
69,264 |
|
|
Operating expenses |
|
|
(9,382 |
) |
|
|
(48,616 |
) |
|
|
(9,495 |
) |
|
|
(321 |
) |
|
|
14,112 |
|
|
|
(53,702 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,618 |
) |
|
|
(543 |
) |
|
|
(263 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
(2,443 |
) |
|
Operating income |
|
|
10,977 |
|
|
|
1,892 |
|
|
|
491 |
|
|
|
(241 |
) |
|
|
|
|
|
|
13,119 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
440 |
|
|
|
121 |
|
|
|
23 |
|
|
|
543 |
|
|
|
|
|
|
|
1,127 |
|
Tax on net operating income |
|
|
(6,626 |
) |
|
|
(576 |
) |
|
|
(133 |
) |
|
|
80 |
|
|
|
|
|
|
|
(7,255 |
) |
|
Net operating income |
|
|
4,791 |
|
|
|
1,437 |
|
|
|
381 |
|
|
|
382 |
|
|
|
|
|
|
|
6,991 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(59 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(222 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,710 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,737 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2006 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
4,290 |
|
|
|
689 |
|
|
|
500 |
|
|
|
50 |
|
|
|
|
|
|
|
5,529 |
|
Divestitures at selling price |
|
|
855 |
|
|
|
63 |
|
|
|
95 |
|
|
|
8 |
|
|
|
|
|
|
|
1,021 |
|
Cash flow from operating activities |
|
|
7,202 |
|
|
|
2,185 |
|
|
|
(44 |
) |
|
|
(458 |
) |
|
|
|
|
|
|
8,885 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts in millions of euros |
|
1st half 2005 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
9,015 |
|
|
|
44,535 |
|
|
|
8,429 |
|
|
|
8 |
|
|
|
|
|
|
|
61,987 |
|
Intersegment sales |
|
|
8,393 |
|
|
|
1,964 |
|
|
|
402 |
|
|
|
78 |
|
|
|
(10,837 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(10,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,297 |
) |
|
Revenues from sales |
|
|
17,408 |
|
|
|
36,202 |
|
|
|
8,831 |
|
|
|
86 |
|
|
|
(10,837 |
) |
|
|
51,690 |
|
|
Operating expenses |
|
|
(7,592 |
) |
|
|
(32,693 |
) |
|
|
(7,867 |
) |
|
|
(235 |
) |
|
|
10,837 |
|
|
|
(37,550 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,594 |
) |
|
|
(519 |
) |
|
|
(262 |
) |
|
|
(16 |
) |
|
|
|
|
|
|
(2,391 |
) |
|
Operating income |
|
|
8,222 |
|
|
|
2,990 |
|
|
|
702 |
|
|
|
(165 |
) |
|
|
|
|
|
|
11,749 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
253 |
|
|
|
227 |
|
|
|
25 |
|
|
|
194 |
|
|
|
|
|
|
|
698 |
|
Tax on net operating income |
|
|
(4,780 |
) |
|
|
(1,001 |
) |
|
|
(215 |
) |
|
|
81 |
|
|
|
|
|
|
|
(5,915 |
) |
|
Net operating income |
|
|
3,695 |
|
|
|
2,216 |
|
|
|
512 |
|
|
|
109 |
|
|
|
|
|
|
|
6,532 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(90 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(166 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,276 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjustments) (*) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales
Intersegment sales
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
1,155 |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
1,113 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
(11 |
) |
|
Operating income (1) |
|
|
|
|
|
|
1,155 |
|
|
|
(53 |
) |
|
|
|
|
|
|
|
|
|
|
1,102 |
|
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
30 |
|
|
|
3 |
|
|
|
(214 |
) |
|
|
|
|
|
|
(181 |
) |
Tax on net operating income |
|
|
|
|
|
|
(380 |
) |
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
(363 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
805 |
|
|
|
(33 |
) |
|
|
(214 |
) |
|
|
|
|
|
|
558 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
553 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(91 |
) |
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
1,155 |
|
|
|
(42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
805 |
|
|
|
(26 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the
Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(adjusted) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
9,015 |
|
|
|
44,535 |
|
|
|
8,429 |
|
|
|
8 |
|
|
|
|
|
|
|
61,987 |
|
Intersegment sales |
|
|
8,393 |
|
|
|
1,964 |
|
|
|
402 |
|
|
|
78 |
|
|
|
(10,837 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(10,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,297 |
) |
|
Revenues from sales |
|
|
17,408 |
|
|
|
36,202 |
|
|
|
8,831 |
|
|
|
86 |
|
|
|
(10,837 |
) |
|
|
51,690 |
|
|
Operating expenses |
|
|
(7,592 |
) |
|
|
(33,848 |
) |
|
|
(7,825 |
) |
|
|
(235 |
) |
|
|
10,837 |
|
|
|
(38,663 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,594 |
) |
|
|
(519 |
) |
|
|
(251 |
) |
|
|
(16 |
) |
|
|
|
|
|
|
(2,380 |
) |
|
Operating income |
|
|
8,222 |
|
|
|
1,835 |
|
|
|
755 |
|
|
|
(165 |
) |
|
|
|
|
|
|
10,647 |
|
|
Equity in income (loss) of affiliates and other items |
|
|
253 |
|
|
|
197 |
|
|
|
22 |
|
|
|
407 |
|
|
|
|
|
|
|
879 |
|
Tax on net operating income |
|
|
(4,780 |
) |
|
|
(621 |
) |
|
|
(232 |
) |
|
|
81 |
|
|
|
|
|
|
|
(5,552 |
) |
|
Net operating income |
|
|
3,695 |
|
|
|
1,411 |
|
|
|
545 |
|
|
|
323 |
|
|
|
|
|
|
|
5,974 |
|
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(90 |
) |
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(161 |
) |
|
Net income from continuing operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,723 |
|
|
Net income from discontinued operations Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
102 |
|
|
Net income Group share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,825 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half 2005 |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
3,001 |
|
|
|
576 |
|
|
|
403 |
|
|
|
59 |
|
|
|
|
|
|
|
4,039 |
|
Divestitures at selling price |
|
|
390 |
|
|
|
103 |
|
|
|
30 |
|
|
|
67 |
|
|
|
|
|
|
|
590 |
|
Cash flow from operating activities |
|
|
4,919 |
|
|
|
1,619 |
|
|
|
287 |
|
|
|
(91 |
) |
|
|
|
|
|
|
6,734 |
|
|
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1st half |
|
|
1st half |
|
|
|
2006 |
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
statement of |
|
|
|
|
Amounts in millions of euros |
|
Adjusted |
|
|
Adjustments |
|
|
income |
|
|
Adjusted |
|
|
|
|
|
|
Sales |
|
|
79,012 |
|
|
|
|
|
|
|
79,012 |
|
|
|
61,987 |
|
Excise taxes |
|
|
(9,748 |
) |
|
|
|
|
|
|
(9,748 |
) |
|
|
(10,297 |
) |
Revenues from sales |
|
|
69,264 |
|
|
|
|
|
|
|
69,264 |
|
|
|
51,690 |
|
|
Purchases, net of inventory variation |
|
|
(43,585 |
) |
|
|
756 |
|
|
|
(42,829 |
) |
|
|
(29,796 |
) |
Other operating expenses |
|
|
(9,856 |
) |
|
|
(66 |
) |
|
|
(9,922 |
) |
|
|
(8,703 |
) |
Unsuccessful exploration costs |
|
|
(261 |
) |
|
|
|
|
|
|
(261 |
) |
|
|
(164 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,443 |
) |
|
|
|
|
|
|
(2,443 |
) |
|
|
(2,380 |
) |
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(241 |
) |
|
|
(11 |
) |
|
|
(252 |
) |
|
|
(165 |
) |
Business segments |
|
|
13,360 |
|
|
|
701 |
|
|
|
14,061 |
|
|
|
10,812 |
|
|
|
|
|
Total operating income |
|
|
13,119 |
|
|
|
690 |
|
|
|
13,809 |
|
|
|
10,647 |
|
|
|
|
|
Other income |
|
|
139 |
|
|
|
194 |
|
|
|
333 |
|
|
|
85 |
|
Other expense |
|
|
(193 |
) |
|
|
(50 |
) |
|
|
(243 |
) |
|
|
(77 |
) |
|
Financial interest on debt |
|
|
(715 |
) |
|
|
|
|
|
|
(715 |
) |
|
|
(530 |
) |
Financial income from marketable securities and cash equivalents |
|
|
611 |
|
|
|
|
|
|
|
611 |
|
|
|
396 |
|
Cost of net debt |
|
|
(104 |
) |
|
|
|
|
|
|
(104 |
) |
|
|
(134 |
) |
|
Other financial income |
|
|
307 |
|
|
|
|
|
|
|
307 |
|
|
|
199 |
|
Other financial expense |
|
|
(120 |
) |
|
|
|
|
|
|
(120 |
) |
|
|
(118 |
) |
Income taxes |
|
|
(7,210 |
) |
|
|
(247 |
) |
|
|
(7,457 |
) |
|
|
(5,509 |
) |
Equity in income (loss) of affiliates |
|
|
994 |
|
|
|
(174 |
) |
|
|
820 |
|
|
|
791 |
|
|
|
|
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
6,932 |
|
|
|
413 |
|
|
|
7,345 |
|
|
|
5,884 |
|
|
|
|
|
Consolidated net income from discontinued operations (Arkema) |
|
|
27 |
|
|
|
(19 |
) |
|
|
8 |
|
|
|
102 |
|
|
|
|
|
Consolidated net income |
|
|
6,959 |
|
|
|
394 |
|
|
|
7,353 |
|
|
|
5,986 |
|
|
|
|
|
Group share |
|
|
6,737 |
|
|
|
387 |
|
|
|
7,124 |
|
|
|
5,825 |
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
222 |
|
|
|
7 |
|
|
|
229 |
|
|
|
161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter |
|
|
2nd quarter |
|
|
|
2006 |
|
|
2005 |
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
statement of |
|
|
|
|
Amounts in millions of euros |
|
Adjusted |
|
|
Adjustments |
|
|
income |
|
|
Adjusted |
|
|
|
|
|
|
Sales |
|
|
40,909 |
|
|
|
|
|
|
|
40,909 |
|
|
|
31,609 |
|
Excise taxes |
|
|
(5,141 |
) |
|
|
|
|
|
|
(5,141 |
) |
|
|
(5,246 |
) |
Revenues from sales |
|
|
35,768 |
|
|
|
|
|
|
|
35,768 |
|
|
|
26,363 |
|
|
Purchases, net of inventory variation |
|
|
(22,770 |
) |
|
|
383 |
|
|
|
(22,387 |
) |
|
|
(14,705 |
) |
Other operating expenses |
|
|
(5,111 |
) |
|
|
(61 |
) |
|
|
(5,172 |
) |
|
|
(4,975 |
) |
Unsuccessful exploration costs |
|
|
(146 |
) |
|
|
|
|
|
|
(146 |
) |
|
|
(92 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,212 |
) |
|
|
|
|
|
|
(1,212 |
) |
|
|
(1,243 |
) |
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(143 |
) |
|
|
(11 |
) |
|
|
(154 |
) |
|
|
(100 |
) |
Business segments |
|
|
6,672 |
|
|
|
333 |
|
|
|
7,005 |
|
|
|
5,448 |
|
|
|
|
|
Total operating income |
|
|
6,529 |
|
|
|
322 |
|
|
|
6,851 |
|
|
|
5,348 |
|
|
|
|
|
Other income |
|
|
73 |
|
|
|
|
|
|
|
72 |
|
|
|
81 |
|
Other expense |
|
|
(108 |
) |
|
|
(51 |
) |
|
|
(158 |
) |
|
|
(27 |
) |
|
Financial interest on debt |
|
|
(387 |
) |
|
|
|
|
|
|
(387 |
) |
|
|
(286 |
) |
Financial income from marketable securities and cash equivalents |
|
|
340 |
|
|
|
|
|
|
|
340 |
|
|
|
214 |
|
Cost of net debt |
|
|
(47 |
) |
|
|
|
|
|
|
(47 |
) |
|
|
(72 |
) |
|
Other financial income |
|
|
201 |
|
|
|
|
|
|
|
201 |
|
|
|
113 |
|
Other financial expense |
|
|
(69 |
) |
|
|
|
|
|
|
(69 |
) |
|
|
(55 |
) |
Income taxes |
|
|
(3,571 |
) |
|
|
(73 |
) |
|
|
(3,644 |
) |
|
|
(2,841 |
) |
Equity in income (loss) of affiliates |
|
|
488 |
|
|
|
(112 |
) |
|
|
376 |
|
|
|
391 |
|
|
|
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
3,496 |
|
|
|
86 |
|
|
|
3,582 |
|
|
|
2,938 |
|
|
|
|
|
Consolidated net income from discontinued operations (Arkema) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 |
|
|
|
|
|
Consolidated net income |
|
|
3,496 |
|
|
|
86 |
|
|
|
3,582 |
|
|
|
2,983 |
|
|
|
|
|
Group share |
|
|
3,361 |
|
|
|
80 |
|
|
|
3,441 |
|
|
|
2,906 |
|
Minority interests and dividends on subsidiaries redeemable preferred shares |
|
|
135 |
|
|
|
6 |
|
|
|
141 |
|
|
|
77 |
|
|
|
|
|
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10
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-----END PRIVACY-ENHANCED MESSAGE-----