EX-99.1 2 a13-5009_1ex99d1.htm RESULTS FOR THE FOURTH QUARTER OF 2012 AND THE YEAR ENDED DECEMBER 31, 2012

Exhibit 99.1

 

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

 

The financial information in this Form 6-K concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”) with respect to the fourth quarter of 2012 and the year ended December 31, 2012, has been derived from TOTAL’s unaudited consolidated financial statements for the fourth quarter of 2012 and the year ended December 31, 2012.

 

The following discussion should be read in conjunction with the unaudited interim consolidated financial statements and the related notes provided elsewhere in this Form 6-K, the unaudited interim consolidated financial statements and related notes for the third quarter of 2012 and nine months ended September 30, 2012, contained in TOTAL’s Form 6-K filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2012, and with the information, including the audited financial statements and related notes, for the year ended December 31, 2011, in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2011, filed with the SEC on March 26, 2012, as amended on March 27, 2012.

 

·             KEY FIGURES AND CONSOLIDATED ACCOUNTS OF TOTAL*

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

in millions of euros
except earnings per share and number of shares

 

2012

 

2011

 

2012 vs
2011

 

49,868

 

49,890

 

47,492

 

+5

%

Sales

 

200,061

 

184,693

 

+8

%

 

 

 

 

 

 

 

 

Adjusted net operating income from business segments**

 

 

 

 

 

 

 

2,679

 

2,891

 

2,852

 

-6

%

·    Upstream

 

11,186

 

10,602

 

+6

%

406

 

564

 

35

 

x12

 

·    Refining & Chemicals

 

1,414

 

848

 

+67

%

273

 

243

 

162

 

+69

%

·    Marketing & Services

 

837

 

813

 

+3

%

1.05

 

1.35

 

1.01

 

+4

%

Fully-diluted earnings per share (euros)

 

4.72

 

5.44

 

-13

%

2,270

 

2,268

 

2,264

 

—

 

Fully-diluted weighted-average shares (millions)

 

2,267

 

2,257

 

—

 

2,381

 

3,066

 

2,290

 

+4

%

Net income (Group share)

 

10,694

 

12,276

 

-13

%

6,623

 

5,416

 

7,367

 

-10

%

Investments***

 

22,943

 

24,541

 

-7

%

1,566

 

1,635

 

1,495

 

+5

%

Divestments

 

5,871

 

8,578

 

-32

%

5,057

 

3,781

 

5,872

 

-14

%

Net investments

 

17,072

 

15,963

 

+7

%

5,865

 

5,163

 

2,794

 

x2

 

Cash flow from operations

 

22,462

 

19,536

 

+15

%

 

*                 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See “Analysis of business segment results” below for further details.

**          For a discussion of the segment reorganizations effective as of January 1, 2012 and July 1, 2012, see “Analysis of business segments” below.

***   Including acquisitions.

 

·         FOURTH QUARTER 2012 RESULTS

 

·                  Sales

 

In the fourth quarter 2012, the Brent price averaged 110.1 $/b, an increase of 1% compared to the fourth quarter 2011 and the third quarter 2012. The European refining margin indicator (ERMI) averaged $33.9/t for the fourth quarter 2012, compared to $15.1/t for the fourth quarter 2011 and $51.0/t for the third quarter 2012.

 

The euro-dollar exchange rate averaged $1.30/€ in the fourth quarter 2012, compared to $1.35/€ in the fourth quarter 2011 and $1.25/€ in the third quarter 2012.

 

In this environment, sales were €49,868 million in the fourth quarter 2012, an increase of 5% compared to €47,492 million in the fourth quarter 2011 and stable compared to the third quarter 2012.

 

·                  Net income

 

Net income (Group share) in the fourth quarter 2012 increased by 4% to €2,381 million from €2,290 million in the fourth quarter 2011, mainly due to the increased results of the Refining & Chemicals segment and, to a lesser extent, the Marketing & Services segment mitigated by the impact of the after-tax inventory valuation effect. The after-tax inventory valuation effect (as defined below under “Analysis of business segment results”) had a negative impact on net income (Group share) of €312 million in the fourth quarter 2012, primarily as a result of the decrease in the price of Brent during the period, and a positive impact of €49 million in the fourth quarter 2011. The changes in fair value of trading inventories and storage contracts (as defined below under “Analysis of business segment results”) had a positive impact on net income (Group share) of €10 million in the fourth quarter 2012 and a positive impact of €20 million in the fourth quarter 2011. Special items had a negative impact on net income (Group share) of €398 million in the fourth quarter 2012, comprised essentially of an impairment of chemicals assets in Europe, a reserve for the restoration of the Lacq site in

 

1


 

France where activities will be shut-down and a provision for abandonment costs relating to Elgin in the UK, which were partially offset by gains on the sale of Upstream assets in Colombia. Special items had a negative impact on net income (Group share) of €504 million in the fourth quarter 2011, comprised essentially of impairments on European refining and renewable energy assets, partially offset by the gain on the sale of the Gassled pipeline in Norway.

 

Fully-diluted earnings per share, based on 2,270 million fully-diluted weighted-average shares, was €1.05 in the fourth quarter 2012 compared to €1.01 in the fourth quarter 2011, an increase of 4%.

 

·                  Investments — divestments(1)

 

Investments, excluding acquisitions of €578 million and including the change in non-current loans of negative €181 million, in the fourth quarter 2012 were €5.4 billion compared to €5.2 billion in the fourth quarter 2011.

 

Acquisitions were €578 million in the fourth quarter 2012, comprised essentially of the acquisition of exploration licenses in Iraq, Bulgaria, Kazakhstan and Yemen, the acquisition of Upstream assets in Norway, and a carry agreement in the Utica shale gas and condensates field in the United States. Acquisitions were €1,858 million in the fourth quarter 2011.

 

Asset sales in the fourth quarter 2012 were €881 million, including mainly the sale of the Upstream affiliate in Colombia, Upstream assets in the UK, Nigeria and Norway, and the Group’s interest in the French company Geostock. Asset sales were €1,211 million in the fourth quarter 2011.

 

Net investments(2) in the fourth quarter 2012 were €5.1 billion compared to €5.9 billion in the fourth quarter 2011.

 

·                  Cash flow

 

Cash flow from operating activities in the fourth quarter 2012 was €5,865 million compared to €2,794 million in the fourth quarter 2011. This increase of more than 100% is explained essentially by lower working capital requirements, noting that the fourth quarter 2011 was impacted by a significant increase in working capital requirements at year-end. Cash flow from operating activities was affected by the impact of changes in oil products prices on the Group’s working capital requirement. As IFRS rules account for inventories of petroleum products according to the FIFO method, an increase in oil and oil products prices at the end of the relevant period compared to the beginning of the same period generates, all other factors remaining equal, an increase in inventories and accounts receivable net of an increase in accounts payable, resulting in an increase in working capital requirements. Similarly, a decrease in oil and oil products prices generates a decrease in working capital requirements.

 

The Group’s net cash flow(3) in the fourth quarter 2012 was positive €808 million compared to negative €3,078 million in the fourth quarter 2011, due to a significant increase in cash flow from operations and lower net investments compared to those in the fourth quarter 2011.

 

·             RESULTS FOR THE FULL YEAR 2012

 

·                  Sales

 

On average, the oil market environment was stable compared to the previous year. For 2012, the average Brent price remained around $111.7/b and the average realized price of gas for the Group increased by 3% to $6.74/Mbtu, compared to $6.53/Mbtu in 2011. In the Downstream, the ERMI increased to $36.0/t on average for 2012, compared to $17.4/t in 2011.

 

The euro-dollar exchange rate averaged $1.28/€ in 2012 compared to $1.39/€ in 2011.

 

In this environment, sales in 2012 were €200,061 million, an increase of 8% compared to €184,693 million for 2011.

 

·                  Net income

 

Net income (Group share) in 2012 decreased by 13% to €10,694 million from €12,276 million in 2011, mainly due to the impacts of the after-tax inventory valuation effect and special items. The after-tax inventory valuation effect (as defined below under “Analysis of business segment results”) had a negative impact on net income (Group share) of €157 million in 2012, and a positive impact of €834 million in 2011. The changes in fair value of trading inventories and storage contracts (as defined below under “Analysis of business segment results”) had a negative impact on net income (Group share) of €7 million in 2012 and a positive impact of €32 million in 2011. Special items had a negative impact on net income (Group share) of €1,503 million in 2012, comprised essentially of an impairment of assets in the Barnett in the United States (€737 million), provisions for abandonment costs relating to Elgin in the UK (€217 million), a one-off tax of 4% on petroleum stocks in France (€158 million), an impairment of chemicals assets in Europe (€178 million) and a provision related to the progress of discussions between the Department of Justice, the SEC and TOTAL to resolve issues arising from an investigation concerning gas contracts awarded in Iran in the 1990s (€316 million, or

 

(1)   Detail shown on page 13 of this exhibit.

(2)   Net investments = investments including acquisitions and changes in non-current loans — asset sales.

(3)   Net cash flow = cash flow from operations — net investments.

 

2


 

$398 million), as described in TOTAL’s Annual Reports on Form 20-F and Form 6-K filed with the SEC on August 1, 2012, which were partially offset by gains on asset sales (€581 million). Special items had a negative impact on net income (Group share) of €14 million in the fourth quarter 2011, comprised mainly of €1,014 million of impairments and €1,538 million of gains on asset sales.

 

On December 31, 2012, there were 2,270.4 million fully-diluted shares compared to 2,263.8 million on December 31, 2011.

 

Fully-diluted earnings per share, based on 2,267 million weighted-average shares, was €4.72 in 2012 compared to €5.44 in 2011, a decrease of 13%.

 

·                  Investments — divestments(4)

 

Investments, excluding acquisitions of €3.1 billion and including the change in non-current loans of €664 million, in 2012 were €18.5 billion compared to €14.8 billion in 2011, due to an increase in investments relating to new Upstream projects under development.

 

Acquisitions in 2012 were €3.1billion, comprised essentially of the acquisition of interests in exploration and production licenses in Uganda, an additional 1.3% stake in Novatek, various exploration licenses, the minority interest in Fina Antwerp Olefins and the carry agreement in the Utica shale gas and condensates field in the United States. Acquisitions were €8.8 billion in 2011.

 

Asset sales in 2012 were €4.6 billion, comprised essentially of sales of the remainder of the Group’s shares of Sanofi, a stake in the Gassled pipeline in Norway, Upstream assets in Nigeria, the UK, Colombia and France, as well as interests in Pec-Rhin and Geostock in France and in Composites One in the United States. Asset sales in 2011 were €7.7 billion.

 

Net investments in 2012 were €17.1 billion compared to €16.0 billion in 2011.

 

·                  Cash flow

 

Cash flow from operating activities in 2012 was €22,462 million compared to €19,536 million in 2011, an increase of 15% compared to 2011, essentially due to the change in working capital requirements between the two periods. Cash flow from operating activities was affected by the impact of changes in oil products prices on the Group’s working capital requirement. As IFRS rules account for inventories of petroleum products according to the FIFO method, an increase in oil and oil products prices at the end of the relevant period compared to the beginning of the same period generates, all other factors remaining equal, an increase in inventories and accounts receivable net of an increase in accounts payable, resulting in an increase in working capital requirements. Similarly, a decrease in oil and oil products prices generates a decrease in working capital requirements.

 

The Group’s net cash flow in 2012 was €5,390 million compared to €3,573 million in 2011, reflecting mainly a favorable evolution in working capital requirements partially offset by a higher level of net investments.

 

The net-debt-to-equity ratio on December 31, 2012 was 21.4%, compared to 23.0% on December 31, 2011.(5)

 

·             ANALYSIS OF BUSINESS SEGMENT RESULTS

 

In October 2011, the Group announced a proposed reorganization of its Downstream and Chemicals segments. The procedure for informing and consulting with employee representatives took place and the reorganization became effective on January 1, 2012. This led to organizational changes, with the creation of: a Refining & Chemicals segment, a large industrial center that encompasses refining, petrochemicals, fertilizers and specialty chemicals operations, as well as oil trading and shipping activities; and a Supply & Marketing segment (renamed the Marketing & Services segment on November 13, 2012), which is dedicated to worldwide supply and marketing activities in the oil products field. A further reorganization of the Group’s Upstream and Marketing & Services segments became effective as of July 1, 2012, with the Upstream segment now consisting of the activities of Gas & Power in addition to the exploration and production of hydrocarbons, and the Marketing & Services segment now consisting of the activities of New Energies in addition to the Group’s worldwide businesses of supplying and marketing petroleum products. Historical numbers contained herein have been restated on this basis.

 

The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision maker in assessing segment performance and the allocation of segment resources. 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 asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred in prior years or are likely to recur in following years.

 

In accordance with IAS 2, the Group values inventories of petroleum products in the financial statements according to the FIFO method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the

 

(4)   Detail shown on page 13 of this exhibit.

(5)   Detail shown on page 13 of this exhibit.

 

3


 

historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Supply segments are presented according to the replacement cost method in order to facilitate the comparability of the Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.

 

As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS. IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

 

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s consolidated interim financial statements, see pages 24-30 of this exhibit.

 

The Group measures performance at the segment level on the basis of net operating income and adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.

 

·                  Upstream segment

 

·            Environment — liquids and gas price realizations*

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

 

 

2012

 

2011

 

2012 vs
2011

 

110.1

 

109.5

 

109.3

 

+1

%

Brent $(/b)

 

111.7

 

111.3

 

—

 

106.4

 

107.6

 

104.3

 

+2

%

Average liquids price $(/b)

 

107.7

 

105.0

 

+3

%

6.94

 

6.00

 

6.79

 

+2

%

Average gas price $(/Mbtu)

 

6.74

 

6.53

 

+3

%

77.0

 

75.8

 

75.9

 

+1

%

Average hydrocarbons price $(/boe)

 

77.3

 

74.9

 

+3

%

 

*            Consolidated subsidiaries, excluding fixed margins. Effective first quarter 2012, over/under-lifting valued at market prices.

 

·            Production

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

Hydrocarbon production

 

2012

 

2011

 

2012 vs
2011

 

2,293

 

2,272

 

2,384

 

-4

%

Combined production (kboe/d)

 

2,300

 

2,346

 

-2

%

1,206

 

1,225

 

1,237

 

-3

%

· Liquids (kb/d)

 

1,220

 

1,226

 

—

 

5,897

 

5,680

 

6,201

 

-5

%

· Gas (Mcf/d)

 

5,880

 

6,098

 

-4

%

 

Hydrocarbon production in the fourth quarter 2012 was 2,293 thousand barrels of oil equivalent per day (kboe/d), a decrease of 4% compared to the fourth quarter 2011, essentially as a result of:

 

·      +4.5% for start-ups and ramp-ups from new projects;

·                  -3.5% for normal decline and turnarounds;

·                  -3% for the incident at Elgin in the UK North Sea and flooding in Nigeria; and

·                  -2% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya.

 

4


 

For the full year 2012, hydrocarbon production was 2,300 kboe/d, a decrease of 2% compared to 2011, essentially as a result of:

 

·                  +4.5% for start-ups and ramp-ups from new projects;

·                  -4% for normal decline;

·                  +1.5% for changes in the portfolio, comprised essentially of an increased share of Novatek production and the impact of the sale of CEPSA and assets in the UK, France, Nigeria and Cameroon;

·                  -2% for incidents at Elgin in the UK North Sea and Ibewa in Nigeria;

·                  -1.5% for disruptions related to security conditions in Yemen and the production shut-down in Syria, net of the positive effect of the return of production in Libya; and

·                  -0.5% for the price effect(6).

 

·            Reserves

 

Year-end reserves

 

2012

 

2011

 

2012 vs
2011

 

Hydrocarbon reserves (Mboe)

 

11,368

 

11,423

 

—

 

·  Liquids (Mb)

 

5,686

 

5,784

 

-2

%

·  Gas (Bcf)

 

30,877

 

30,717

 

+1

%

 

Proved reserves based on SEC rules (based on Brent at $111.13/b) were 11,368 Mboe at December 31, 2012. Based on the 2012 average rate of production, the reserve life is more than thirteen years.

 

·            Results

 

As described under “Analysis of business segment results” above, beginning on July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported within the Marketing & Services segment. As a result, certain information has been restated according to the new organization.

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

in millions of euros

 

2012

 

2011

 

2012 vs
2011

 

5,988

 

5,001

 

6,132

 

-2

%

Non-Group sales

 

22,143

 

22,211

 

—

 

4,411

 

4,398

 

6,134

 

-28

%

Operating income

 

20,313

 

22,579

 

-10

%

624

 

1,139

 

(30

)

n/a

 

Adjustments affecting operating income

 

1,795

 

30

 

x60

 

5,035

 

5,537

 

6,104

 

-18

%

Adjusted operating income*

 

22,108

 

22,609

 

-2

%

2,679

 

2,891

 

2,852

 

-6

%

Adjusted net operating income*

 

11,186

 

10,602

 

+6

%

350

 

578

 

488

 

-28

%

· Includes adjusted income from equity affiliates

 

1,856

 

1,704

 

+9

%

5,518

 

4,567

 

6,134

 

-10

%

Investments

 

19,618

 

20,662

 

-5

%

1,415

 

401

 

399

 

x4

 

Divestments

 

2,798

 

2,591

 

+8

%

4,429

 

3,457

 

3,547

 

+25

%

Cash flow from operating activities

 

18,950

 

17,044

 

+11

%

 

*            Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

 

Adjusted net operating income from the Upstream segment in the fourth quarter 2012 was €2,679 million compared to €2,852 million in the fourth quarter 2011, a decrease of 6% explained principally by a decrease in production between the two periods, higher exploration expenses in the fourth quarter 2012 and the positive impact in the fourth quarter 2011 of valuing overlifting/underlifting positions at market prices.

 

Adjusted net operating income for the Upstream segment excludes special items. The exclusion of special items had a positive impact on Upstream adjusted net operating income in the fourth quarter 2012 of €88 million, consisting essentially of a reserve for the restoration of the Lacq site where activities will be shut-down and a provision for abandonment costs relating to Elgin in the UK partially offset by gains on the sale of Upstream assets in Colombia, and a negative impact in the fourth quarter 2011 of €273 million, consisting essentially of a gain on the sale of the Gassled pipeline in Norway.

 

The effective tax rate for the Upstream segment in the fourth quarter 2012 was 54.8% compared to 59.9% in the fourth quarter 2011.  This decrease was due to portfolio mix effect and certain cyclical elements in the fourth quarter 2012, including year-end tax adjustments relating to the exchange of assets in Norway and the reversal of a non-deductible loss.

 

For the full year 2012, adjusted net operating income from the Upstream segment was €11,186 million compared to €10,602 million in 2011, an increase of 6% essentially due to the more favorable euro/dollar exchange rate and the decrease in the effective tax rate for the Upstream segment partially mitigated by the decrease in hydrocarbon production and increased technical costs.

 

The effective tax rate in 2012 for the Upstream segment was 58.3%, compared to 60.4% in 2011.

 

(6)   The “price effect” refers to the impact of changing hydrocarbon prices on entitlement volumes.

 

5


 

Technical costs for consolidated subsidiaries, in accordance with ASC 932(7), were $22.8/boe in 2012 compared to $18.9/boe in 2011, mainly due to increased depreciations of tangible assets relating to Pazflor, Halfaya, and Usan, as well as increased exploration expenses.

 

The return on average capital employed (ROACE(8)) for the Upstream segment was 18% for the full year 2012 compared to 21% for the full year 2011.

 

·                  Refining & Chemicals segment

 

·           Refinery throughput and utilization rates*

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

 

 

2012

 

2011

 

2012 vs
2011

 

1,648

 

1,790

 

1,674

 

-2

%

Total refinery throughput (kb/d)

 

1,786

 

1,863

 

-4

%

532

 

653

 

742

 

-28

%

·  France

 

657

 

732

 

-10

%

847

 

864

 

714

 

+19

%

·  Rest of Europe

 

866

 

885

 

-2

%

269

 

273

 

218

 

+23

%

·  Rest of world

 

263

 

246

 

+7

%

 

 

 

 

 

 

 

 

Utilization rates**

 

 

 

 

 

 

 

76

%

82

%

77

%

 

 

·  Based on crude only

 

82

%

78

%

 

 

79

%

86

%

79

%

 

 

·  Based on crude and other feedstock

 

86

%

83

%

 

 

 

*            Includes share of CEPSA through July 31, 2011, and of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Services segment.

**     Based on distillation capacity at the beginning of the year.

 

In the fourth quarter 2012, refinery throughput decreased by 2% compared to the fourth quarter 2011. This decrease was essentially due to the temporary shut-down of the Normandy refinery in connection with the upgrading project during the entire quarter and the closure of the Rome refinery at the end of the third quarter 2012, the effects of which were largely offset by higher throughput, compared to the fourth quarter 2011, at the Group’s other European refineries and at the Port Arthur refinery in the United States.

 

In 2012, refinery throughput decreased by 4% compared to 2011, reflecting essentially the portfolio effect relating to the sale of the Group’s interest in CEPSA at the end of July 2011 and the closure of the Rome refinery at the end of the third quarter 2012. Excluding these portfolio effects, throughput increased by 4% due to increased availability of the Group’s refineries.

 

As in 2011, 2012 was marked by higher levels of planned maintenance at European refineries, in particular the temporary shut-down of the Normandy refinery during the upgrading project at the end of 2012, as well as scheduled maintenance at the Provence and Feyzin refineries.

 

·           Results

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

in millions of euros (except ERMI refining margins)

 

2012

 

2011

 

2012 vs
2011

 

33.9

 

51.0

 

15.1

 

x2.2

 

European refining margin indicator - ERMI $(/t)

 

36.0

 

17.4

 

x2.1

%

22,169

 

23,260

 

19,405

 

+14

%

Non-Group sales

 

91,117

 

77,146

 

+18

%

(92

)

1,237

 

(593

)

n/a

 

Operating income

 

1,108

 

760

 

+46

%

541

 

(591

)

467

 

+16

%

Adjustments affecting operating income

 

405

 

(147

)

n/a

 

449

 

646

 

(126

)

n/a

 

Adjusted operating income*

 

1,513

 

613

 

x2.5

 

406

 

564

 

35

 

x12

 

Adjusted net operating income*

 

1,414

 

848

 

+67

%

94

 

102

 

75

 

+25

%

· Contribution of Specialty chemicals**

 

384

 

423

 

-9

%

573

 

441

 

624

 

-8

%

Investments

 

1,944

 

1,910

 

+2

%

101

 

55

 

58

 

+74

%

Divestments

 

304

 

2,509

 

-88

%

502

 

1,036

 

(649

)

n/a

 

Cash flow from operating activities

 

2,127

 

2,146

 

-1

%

 

*            Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

**     Made up of Hutchinson, Bostik and Atotech, and including coatings and photocure resins until they were sold in July 2011.

 

(7)              FASB Accounting Standards Codification Topic 932, Extractive industries — Oil and Gas.

(8)              Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 14 of this exhibit.

 

6


 

The European refinery margin indicator (ERMI) in the fourth quarter 2012 averaged $33.9/t, nearly double the average of $15.1/t during the fourth quarter 2011. For the full year 2012, the ERMI was $36.0/t, more than double the average during 2011. This increase in 2012 was mainly due to high levels of planned maintenance in the refining sector, particularly in Europe during the 2012 summer.

 

Adjusted net operating income from the Refining & Chemicals segment in the fourth quarter 2012 was €406 million, compared to €35 million in the fourth quarter 2011. This significant increase was essentially due to improvements in the refining environment between the two periods.

 

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a positive impact on Refining & Chemicals adjusted net operating income in the fourth quarter 2012 of €236 million and a negative impact in the fourth quarter 2011 of €40 million. The exclusion of special items had a positive impact on Refining & Chemicals adjusted net operating income in the fourth quarter 2012 of €182 million, reflecting mainly an impairment on European chemicals assets, and a positive impact in the fourth quarter 2011 of €321 million, reflecting mainly impairments on European refining assets.

 

For the full year 2012, adjusted net operating income for the Refining & Chemicals segment was €1,414 million, an increase of 67% compared to €848 million in 2011. This increase was mainly due to the positive effect of improved refining margins in Europe, partially mitigated by the fact that throughput at the Group’s refineries decreased on a global basis by 4% between the two periods, and the petrochemical environment weakened, particularly in Europe and in polymers. The decrease in adjusted net operating income for the Specialty Chemicals is attributable entirely to the sale of the resins business in mid-2011. Excluding this portfolio effect, the adjusted net operating income for the Specialty Chemicals would have increased slightly.

 

The ROACE for the Refining & Chemicals segment was 9% for 2012, compared to 5% for 2011.

 

·                  Marketing & Services segment

 

·           Refined product sales

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

Sales in kb/d*

 

2012

 

2011

 

2012 vs
2011

 

1,123

 

1,143

 

1,280

 

-12

%

Europe

 

1,160

 

1,455

 

-20

%

583

 

563

 

534

 

+9

%

Rest of world

 

550

 

532

 

+3

%

1,706

 

1,706

 

1,814

 

-6

%

Total Marketing & Services sales

 

1,710

 

1,987

 

-14

%

 

*            Excludes trading and bulk refining sales, which are reported under the Refining & Chemicals segment (see page 12 of this exhibit); includes share of TotalErg and, through July 31, 2011, CEPSA.

 

In the fourth quarter 2012, sales of Marketing & Services decreased by 6% compared to the fourth quarter 2011, essentially due to the sale of marketing activities in the UK.

 

For 2012, the decrease in sales of 14% compared to 2011 was almost entirely attributable to the sale of the Group’s interest in CEPSA and the sale of marketing activities in the UK. Excluding these portfolio effects, sales would have decreased by 1% on an annual basis with a notable decrease in Europe (3%) partially offset by increased sales in Asia and the Middle East.

 

7


 

·           Results

 

As described under “Analysis of business segment results” above, beginning on July 1, 2012, the Supply & Marketing segment (renamed the Marketing & Services segment on November 13, 2012) includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

 

4Q12

 

3Q12

 

4Q11

 

4Q12 vs
4Q11

 

in millions of euros

 

2012

 

2011

 

2012 vs
2011

 

21,699

 

21,574

 

21,958

 

-1

%

Non-Group sales

 

86,614

 

85,325

 

+2

%

280

 

301

 

326

 

-14

%

Operating income

 

1,068

 

1,457

 

-27

%

110

 

56

 

(41

)

n/a

 

Adjustments affecting operating income

 

297

 

(270

)

n/a

 

390

 

357

 

285

 

+37

%

Adjusted operating income*

 

1,365

 

1,187

 

+15

%

273

 

243

 

162

 

+69

%

Adjusted net operating income*

 

837

 

813

 

+3

%

14

 

(6

)

(76

)

n/a

 

·  Contribution of New Energies

 

(169

)

(197

)

n/a

 

508

 

383

 

545

 

-7

%

Investments

 

1,301

 

1,834

 

-29

%

46

 

41

 

527

 

-91

%

Divestments

 

152

 

1,955

 

-92

%

1,024

 

692

 

134

 

x8

 

Cash flow from operating activities

 

1,132

 

541

 

x2

 

 

*            Detail of adjustment items shown in the business segment information starting on page 24 of this exhibit.

 

Marketing & Services segment sales were €21.7 billion for the fourth quarter 2012, basically stable compared to the fourth quarter 2011.

 

Adjusted net operating income from the Marketing & Services segment in the fourth quarter 2012 was €273 million, compared to €162 million in the fourth quarter 2011. This increase reflects the improvement in the results of New Energies, largely due to the sale by SunPower of a photovoltaic project in the United States, as the results relating to marketing activities were stable between the two periods.

 

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. The exclusion of the inventory valuation effect had a positive impact on the Marketing & Services segment’s adjusted net operating income in the fourth quarter 2012 of €74 million and a negative impact in the fourth quarter 2011 of €22 million. The exclusion of special items had a positive impact on the Marketing & Services segment’s adjusted net operating income in the fourth quarter 2012 of €125 million and a positive impact in the fourth quarter 2011 of €450 million, both reflecting mainly impairments and restructuring charges in New Energies.

 

For the full year 2012, Marketing & Services segment sales were €86.6 billion, and increase of 2% compared to €85.3 billion in 2011.

 

Adjusted net operating income from the Marketing & Services segment was €837 million in 2012, an increase of 3% compared to €813 million in 2011. This increase is explained principally by the improved performance of New Energies. Marketing activities continued to provide stable results despite sales volumes generally decreasing, due to, in particular, improved results from activities in the Asia-Pacific and Eastern European regions.

 

The ROACE for the Marketing & Services segment was 12% for 2012, compared to 13% for 2011.

 

·                           Total S.A., parent company accounts and proposed dividend

 

Net income for Total S.A., the parent company, was €6,520 million in 2012 compared to €9,766 million in 2011.

 

After closing the 2012 accounts, TOTAL’s Board of Directors decided to propose at the May 17, 2013 Annual Shareholders Meeting a dividend of €2.34 per share for 2012, an increase of approximately 3% compared to the previous year. Taking into account the three 2012 interim dividends, the remaining €0.59 per share would be paid on June 27, 2013(9).

 

·                           Summary and outlook

 

To create profitable and sustainable growth, TOTAL aims to invest in value-creating projects and to optimize its portfolio, in particular by divesting non-core assets and subsidiaries with limited growth potential or those in which the Group has a low working interest.

 

(9)    The ex-dividend date for the remainder of the 2012 dividend would be June 24, 2013; for the ADR (NYSE: TOT) the ex-dividend date would be June 19, 2013.

 

8


 

The net investment budget of TOTAL for 2013 is $22 billion (approximately €17 billion), stable compared to 2011 and 2012. In executing its 2012-14 asset sale program of $15-20 billion (approximately €11-15 billion), the Group sold $6 billion (€4.6 billion) of assets in 2012 and anticipates reaching the low end of its target range by the end of 2013 with the closing of the Usan sale and other divestments already in progress. The organic investment budget for 2013 is $28 billion (approximately €22 billion), more than 80% of which will be dedicated to the Upstream segment, principally for projects scheduled to start-up before 2017 that are anticipated to be highly competitive and profitable.

 

In the Upstream segment, TOTAL confirms its production growth targets for 2015, 3% per year on average over the period 2011-2015, and for 2017, a potential of 3 Mboe/d, all based on improved visibility. TOTAL is focused on delivering its projects on time and on budget. In 2013, expected production growth should be fueled by 2012 start-ups as well as anticipated 2013 start-ups, including Anguille in Gabon, Angola LNG, Kashagan in Kazakhstan and the extension of OML 58 in Nigeria. In addition, the Group continues to work in cooperation with the UK authorities towards a safe and progressive restart of Elgin-Franklin during the first quarter 2013. Visibility on the Group’s production growth targets will be further enhanced this year by the launch of additional major projects, notably in West Africa.

 

The exploration budget has been increased to $2.8 billion (approximately €2.1 billion) for 2013, and the high-potential exploration program for 2013 reflects the new dynamic of the Group, with prospects to be drilled in Ivory Coast, Gabon, Kenya and Brazil.

 

In the Refining & Chemicals segment, the restructuring in progress is expected to yield productivity gains and provide synergies in 2013, and in turn contribute to increased profitability, in line with the objective of a segment ROACE of 13% in 2015. The year 2013 also should be highlighted by the start-up of Jubail in Saudi Arabia. This fully-integrated refinery is expected to have a 400 kb/d capacity for heavy crude and will provide refined products to growth markets like the Middle East and Asia.

 

The Marketing & Services segment seeks to continue to strengthen its worldwide positions and to capitalize on its ability to respond to its customers’ needs. New Energies will pursue its productivity, development and innovation programs with the goal of increasing its contribution.

 

The Group confirms its commitment in favor of a competitive policy for returns to shareholders, in keeping with its objective of sustainable growth.

 

Forward-looking statements

 

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “targets”, “estimates” or similar expressions.

 

Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTAL’s future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTAL’s ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.

 

You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:

 

·                  material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals;

·                  changes in currency exchange rates and currency devaluations;

·                  the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL;

·                  uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities;

·                  uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals;

·                  changes in the current capital expenditure plans of TOTAL;

·                  the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies;

·                  the financial resources of competitors;

·                  changes in laws and regulations, including tax and environmental laws and industrial safety regulations;

·                  the quality of future opportunities that may be presented to or pursued by TOTAL;

 

9


 

·                  the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally;

·                  the ability to obtain governmental or regulatory approvals;

·                  the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters;

·                  the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures;

·                  changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities;

·                  the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and

·                  the risk that TOTAL will inadequately hedge the price of crude oil or finished products.

 

For additional factors, you should read the information set forth under “Item 3. Risk Factors”, “Item 4. Information on the Company — Other Matters”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F for the year ended December 31, 2011.

 

10


 

Operating information by segment

for the fourth quarter and full-year 2012

 

·                           Upstream

 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs
4Q11

 

Combined liquids and gas production by
region (kboe/d)

 

2012

 

2011

 

2012
vs
2011

 

421

 

361

 

518

 

-19

%

Europe

 

427

 

512

 

-17

%

701

 

737

 

693

 

+1

%

Africa

 

713

 

659

 

+8

%

482

 

501

 

546

 

-12

%

Middle East

 

493

 

570

 

-14

%

67

 

71

 

67

 

—

 

North America

 

69

 

67

 

+3

%

175

 

182

 

182

 

-4

%

South America

 

182

 

188

 

-3

%

227

 

230

 

212

 

+7

%

Asia-Pacific

 

221

 

231

 

-4

%

220

 

190

 

166

 

+33

%

CIS

 

195

 

119

 

+64

%

2,293

 

2,272

 

2,384

 

-4

%

Total production

 

2,300

 

2,346

 

-2

%

624

 

615

 

580

 

+8

%

Includes equity affiliates

 

611

 

571

 

+7

%

 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs
4Q11

 

Liquids production by region (kb/d)

 

2012

 

2011

 

2012
vs
2011

 

185

 

179

 

244

 

-24

%

Europe

 

197

 

245

 

-20

%

568

 

587

 

553

 

+3

%

Africa

 

574

 

517

 

+11

%

312

 

323

 

304

 

+3

%

Middle East

 

311

 

317

 

-2

%

26

 

25

 

22

 

+18

%

North America

 

25

 

27

 

-7

%

57

 

56

 

62

 

-8

%

South America

 

59

 

71

 

-17

%

28

 

28

 

25

 

+12

%

Asia-Pacific

 

27

 

27

 

—

 

30

 

27

 

27

 

+11

%

CIS

 

27

 

22

 

+23

%

1,206

 

1,225

 

1,237

 

-3

%

Total production

 

1,220

 

1,226

 

—

 

307

 

316

 

295

 

+4

%

Includes equity affiliates

 

308

 

316

 

-3

%

 

11


 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs
4Q11

 

Gas production by region (Mcf/d)

 

2012

 

2011

 

2012
vs
2011

 

1,270

 

1,011

 

1,491

 

-15

%

Europe

 

1,259

 

1,453

 

-13

%

654

 

763

 

688

 

-5

%

Africa

 

705

 

715

 

-1

%

930

 

971

 

1,307

 

-29

%

Middle East

 

990

 

1,370

 

-28

%

228

 

260

 

246

 

-7

%

North America

 

246

 

227

 

+8

%

657

 

650

 

664

 

-1

%

South America

 

682

 

648

 

+5

%

1,127

 

1,135

 

1,056

 

+7

%

Asia-Pacific

 

1,089

 

1,160

 

-6

%

1,031

 

890

 

749

 

+38

%

CIS

 

909

 

525

 

+73

%

5,897

 

5,680

 

6,201

 

-5

%

Total production

 

5,880

 

6,098

 

-4

%

1,712

 

1,618

 

1,537

 

+11

%

Includes equity affiliates

 

1,637

 

1,383

 

+18

%

 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs
4Q11

 

Liquefied natural gas

 

2012

 

2011

 

2012
vs
2011

 

2.73

 

2.92

 

3.15

 

-13

%

LNG sales* (Mt)

 

11.42

 

13.19

 

-13

%

 

* Sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient.

 

·                           Downstream (Refining & Chemicals and Marketing & Supply)

 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs 4Q11

 

Refined product sales by region (kb/d)*

 

2012

 

2011

 

2012
vs 2011

 

1,964

 

1,979

 

2,049

 

-4

%

Europe

 

2,018

 

2,281

 

-12

%

413

 

411

 

378

 

+9

%

Africa

 

404

 

387

 

+4

%

435

 

535

 

409

 

+6

%

Americas

 

480

 

481

 

—

 

531

 

399

 

486

 

+9

%

Rest of world

 

501

 

490

 

+2

%

3,343

 

3,324

 

3,322

 

+1

%

Total consolidated sales

 

3,403

 

3,639

 

-6

%

545

 

539

 

446

 

+22

%

Includes bulk sales

 

532

 

437

 

+22

%

1,092

 

1,080

 

1,062

 

+3

%

Includes trading

 

1,161

 

1,215

 

-4

%

 

* Includes share of CEPSA, through July 31, 2011, and of TotalErg.

 

12


 

Investments — Divestments

 

4Q12

 

3Q12

 

4Q11

 

4Q12
vs
4Q11

 

in millions of euros

 

2012

 

2011

 

2012
vs
2011

 

5,360

 

4,903

 

5,225

 

+3

%

Investments excluding acquisitions*

 

18,516

 

14,828

 

+25

%

380

 

303

 

328

 

+16

%

· Capitalized exploration

 

1,352

 

1,074

 

+26

%

(181)

 

455

 

244

 

n/a

 

· Change in non-recurrent loans**

 

664

 

339

 

+96

%

578

 

294

 

1,858

 

-69

%

Acquisitions

 

3,142

 

8,840

 

-64

%

5,938

 

5,197

 

7,083

 

-16

%

Investments including acquisitions*

 

21,658

 

23,668

 

-8

%

881

 

1,416

 

1,211

 

-27

%

Asset sales

 

4,586

 

7,705

 

-40

%

5,057

 

3,781

 

5,872

 

-14

%

Net investments**

 

17,072

 

15,963

 

+7

%

 

* Includes changes in non-current loans.

** Includes net investments in equity affiliates and non-consolidated companies + net financing for employees related stock purchase plans.

 

Net-debt-to-equity ratio

 

in millions of euros

 

12/31/2012

 

09/30/2012

 

12/31/2011

 

Current borrowings

 

11,016

 

10,647

 

9,675

 

Net current financial assets

 

(1,386

)

(1,493

)

(533

)

Financial assets and liabilities directly associated, classified as held for sale

 

756

 

—

 

—

 

Non-current financial debt

 

22,274

 

24,606

 

22,557

 

Hedging instruments of non-current debt

 

(1,626

)

(1,796

)

(1,976

)

Cash and cash equivalents

 

(15,469

)

(16,833

)

(14,025

)

Net debt

 

15,565

 

15,131

 

15,698

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

72,912

 

72,789

 

68,037

 

Estimated dividend payable

 

(1,299

)

(1,291

)

(1,255

)

Non-controlling interests

 

1,281

 

1,275

 

1,352

 

Equity

 

72,894

 

72,773

 

68,134

 

 

 

 

 

 

 

 

 

Net-debt-to-equity ratio

 

21.4

%

20.8

%

23.0

%

 

13


 

Return on average capital employed

 

·      Twelve months ended December 31, 2012

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Supply

 

Adjusted net operating income

 

11,186

 

1,414

 

837

 

Capital employed at 12/31/2011*

 

57,331

 

15,883

 

6,999

 

Capital employed at 12/31/2012*

 

64,413

 

16,403

 

7,254

 

ROACE

 

18.4

%

8.8

%

11.7

%

 

* At replacement cost (excluding after-tax inventory effect).

 

· Twelve months ended September 30, 2012

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Supply

 

Adjusted net operating income

 

11,359

 

1,043

 

726

 

Capital employed at 09/30/2011*

 

49,791

 

14,692

 

7,253

 

Capital employed at 09/30/2012*

 

63,293

 

16,413

 

7,800

 

ROACE

 

20.1

%

6.7

%

9.6

%

 

* At replacement cost (excluding after-tax inventory effect).

 

· Twelve months ended December 31, 2011

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Supply

 

Adjusted net operating income

 

10,602

 

848

 

813

 

Capital employed at 12/31/2010*

 

43,671

 

17,265

 

5,909

 

Capital employed at 12/31/2011*

 

57,331

 

15,883

 

6,999

 

ROACE

 

21.0

%

5.1

%

12.6

%

 

* At replacement cost (excluding after-tax inventory effect).

 

14


 

MAIN INDICATORS

 

Chart updated around the middle of the month following the end of each quarter.

 

 

 

€/ $

 

European
refining  margins
ERMI* ($/t) **

 

Brent ($/b)

 

Average liquids
price*** ($/b)

 

Average gas
price  ($/Mbtu)***

 

Fourth quarter 2012

 

1.30

 

33.9

 

110.1

 

106.4

 

6.94

 

Third quarter 2012

 

1.25

 

51.0

 

109.5

 

107.6

 

6.00

 

Second quarter 2012

 

1.28

 

38.2

 

108.3

 

101.6

 

7.10

 

First quarter 2012

 

1.31

 

20.9

 

118.6

 

115.2

 

7.16

 

Fourth quarter 2011

 

1.35

 

15.1

 

109.3

 

104.3

 

6.79

 

 

*                          European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by the Group in any period because of the Group’s particular refinery configurations, product mix effects or other company-specific operating conditions.

**                   1 $/t = 0.136 $/b.

***            Consolidated subsidiaries, excluding fixed margin contracts. Beginning with the first quarter of 2012, includes hydrocarbon production overlifting/underlifting position valued at market price.

 

Disclaimer: data is based on TOTAL’s reporting, is not audited and is subject to change.

 

15


 

CONSOLIDATED STATEMENT OF INCOME

 

TOTAL

 

(unaudited)

 

(M€) (a)

 

4th quarter
2012

 

3rd quarter
2012

 

4th quarter
2011

 

 

 

 

 

 

 

 

 

Sales

 

49,868

 

49,890

 

47,492

 

Excise taxes

 

(4,399

)

(4,411

)

(4,534

)

Revenues from sales

 

45,469

 

45,479

 

42,958

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(31,854

)

(30,609

)

(29,233

)

Other operating expenses

 

(6,221

)

(5,528

)

(5,276

)

Exploration costs

 

(504

)

(317

)

(339

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,413

)

(3,246

)

(2,416

)

Other income

 

474

 

474

 

281

 

Other expense

 

(239

)

(129

)

(838

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(160

)

(154

)

(156

)

Financial income from marketable securities & cash equivalents

 

33

 

8

 

57

 

Cost of net debt

 

(127

)

(146

)

(99

)

 

 

 

 

 

 

 

 

Other financial income

 

123

 

141

 

91

 

Other financial expense

 

(110

)

(135

)

(102

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

392

 

641

 

478

 

 

 

 

 

 

 

 

 

Income taxes

 

(2,572

)

(3,488

)

(3,121

)

Consolidated net income

 

2,418

 

3,137

 

2,384

 

Group share

 

2,381

 

3,066

 

2,290

 

Non-controlling interests

 

37

 

71

 

94

 

Earnings per share (€)

 

1.05

 

1.36

 

1.02

 

Fully-diluted earnings per share (€)

 

1.05

 

1.35

 

1.01

 

 

(a) Except for per share amounts.

 

16


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

 

(unaudited)

 

(M€)

 

4th quarter
2012

 

3rd quarter
2012

 

4th quarter
2011

 

 

 

 

 

 

 

 

 

Consolidated net income

 

2,418

 

3,137

 

2,384

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

Currency translation adjustment

 

(1,000

)

(1,007

)

1,833

 

Available for sale financial assets

 

4

 

(183

)

296

 

Cash flow hedge

 

29

 

33

 

5

 

Share of other comprehensive income of associates, net amount

 

(31

)

86

 

219

 

Other

 

2

 

(2

)

2

 

 

 

 

 

 

 

 

 

Tax effect

 

(9

)

37

 

(108

)

 

 

 

 

 

 

 

 

Total other comprehensive income (net amount)

 

(1,005

)

(1,036

)

2,247

 

 

 

 

 

 

 

 

 

Comprehensive income

 

1,413

 

2,101

 

4,631

 

- Group share

 

1,407

 

2,061

 

4,478

 

- Non-controlling interests

 

6

 

40

 

153

 

 

17


 

CONSOLIDATED STATEMENT OF INCOME

 

TOTAL

 

(M€) (a)

 

Year
2012

 

Year
2011

 

 

 

 

 

 

 

Sales

 

200,061

 

184,693

 

Excise taxes

 

(17,762

)

(18,143

)

Revenues from sales

 

182,299

 

166,550

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(126,798

)

(113,892

)

Other operating expenses

 

(22,668

)

(19,843

)

Exploration costs

 

(1,446

)

(1,019

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(9,525

)

(7,506

)

Other income

 

1,462

 

1,946

 

Other expense

 

(915

)

(1,247

)

 

 

 

 

 

 

Financial interest on debt

 

(671

)

(713

)

Financial income from marketable securities & cash equivalents

 

100

 

273

 

Cost of net debt

 

(571

)

(440

)

 

 

 

 

 

 

Other financial income

 

558

 

609

 

Other financial expense

 

(499

)

(429

)

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

2,010

 

1,925

 

 

 

 

 

 

 

Income taxes

 

(13,066

)

(14,073

)

Consolidated net income

 

10,841

 

12,581

 

Group share

 

10,694

 

12,276

 

Non-controlling interests

 

147

 

305

 

Earnings per share (€)

 

4.74

 

5.46

 

Fully-diluted earnings per share (€)

 

4.72

 

5.44

 

 

(a) Except for per share amounts.

 

18


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

 

(M€)

 

Year
2012

 

Year
2011

 

 

 

 

 

 

 

Consolidated net income

 

10,841

 

12,581

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

Currency translation adjustment

 

(701

)

1,498

 

Available for sale financial assets

 

(338

)

337

 

Cash flow hedge

 

65

 

(84

)

Share of other comprehensive income of associates, net amount

 

160

 

(15

)

Other

 

(13

)

(2

)

 

 

 

 

 

 

Tax effect

 

63

 

(55

)

 

 

 

 

 

 

Total other comprehensive income (net amount)

 

(764

)

1,679

 

 

 

 

 

 

 

Comprehensive income

 

10,077

 

14,260

 

- Group share

 

9,969

 

13,911

 

- Non-controlling interests

 

108

 

349

 

 

19


 

CONSOLIDATED BALANCE SHEET

 

TOTAL 

 

(M€)

 

December 31,
2012

 

September 30,
 2012

 

December 31,
 2011

 

 

 

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Intangible assets, net

 

12,858

 

12,964

 

12,413

 

Property, plant and equipment, net

 

69,332

 

70,583

 

64,457

 

Equity affiliates : investments and loans

 

13,759

 

14,413

 

12,995

 

Other investments

 

1,190

 

1,181

 

3,674

 

Hedging instruments of non-current financial debt

 

1,626

 

1,796

 

1,976

 

Deferred income taxes

 

1,832

 

1,612

 

1,767

 

Other non-current assets

 

3,715

 

3,603

 

3,104

 

Total non-current assets

 

104,312

 

106,152

 

100,386

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Inventories, net

 

17,397

 

17,266

 

18,122

 

Accounts receivable, net

 

19,206

 

20,331

 

20,049

 

Other current assets

 

10,086

 

11,377

 

10,767

 

Current financial assets

 

1,562

 

1,726

 

700

 

Cash and cash equivalents

 

15,469

 

16,833

 

14,025

 

Assets classified as held for sale

 

3,797

 

—

 

—

 

Total current assets

 

67,517

 

67,533

 

63,663

 

Total assets

 

171,829

 

173,685

 

164,049

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Common shares

 

5,915

 

5,915

 

5,909

 

Paid-in surplus and retained earnings

 

71,827

 

70,703

 

66,506

 

Currency translation adjustment

 

(1,488

)

(487

)

(988

)

Treasury shares

 

(3,342

)

(3,342

)

(3,390

)

Total shareholders’ equity - Group Share

 

72,912

 

72,789

 

68,037

 

Non-controlling interests

 

1,281

 

1,275

 

1,352

 

Total shareholders’ equity

 

74,193

 

74,064

 

69,389

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

Deferred income taxes

 

12,785

 

13,167

 

12,260

 

Employee benefits

 

1,973

 

1,987

 

2,232

 

Provisions and other non-current liabilities

 

11,585

 

11,170

 

10,909

 

Non-current financial debt

 

22,274

 

24,606

 

22,557

 

Total non-current liabilities

 

48,617

 

50,930

 

47,958

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

21,648

 

20,869

 

22,086

 

Other creditors and accrued liabilities

 

14,698

 

16,942

 

14,774

 

Current borrowings

 

11,016

 

10,647

 

9,675

 

Other current financial liabilities

 

176

 

233

 

167

 

Liabilities directly associated with the assets classified as held for sale

 

1,481

 

—

 

—

 

Total current liabilities

 

49,019

 

48,691

 

46,702

 

Total liabilities and shareholders’ equity

 

171,829

 

173,685

 

164,049

 

 

20


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(unaudited)

 

(M€)

 

4th quarter
2012

 

3rd quarter
2012

 

4th quarter
2011

 

 

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

2,418

 

3,137

 

2,384

 

Depreciation, depletion and amortization

 

2,801

 

3,413

 

3,037

 

Non-current liabilities, valuation allowances and deferred taxes

 

317

 

803

 

505

 

Impact of coverage of pension benefit plans

 

—

 

—

 

—

 

(Gains) losses on sales of assets

 

(456

)

(419

)

(73

)

Undistributed affiliates’ equity earnings

 

119

 

(135

)

50

 

(Increase) decrease in working capital

 

636

 

(1,661

)

(3,129

)

Other changes, net

 

30

 

25

 

20

 

Cash flow from operating activities

 

5,865

 

5,163

 

2,794

 

 

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(6,038

)

(4,512

)

(5,559

)

Acquisitions of subsidiaries, net of cash acquired

 

8

 

(74

)

(45

)

Investments in equity affiliates and other securities

 

(89

)

(156

)

(1,235

)

Increase in non-current loans

 

(504

)

(674

)

(528

)

Total expenditures

 

(6,623

)

(5,416

)

(7,367

)

Proceeds from disposal of intangible assets and property, plant and equipment

 

482

 

274

 

600

 

Proceeds from disposal of subsidiaries, net of cash sold

 

317

 

1

 

5

 

Proceeds from disposal of non-current investments

 

82

 

1,141

 

606

 

Repayment of non-current loans

 

685

 

219

 

284

 

Total divestments

 

1,566

 

1,635

 

1,495

 

Cash flow used in investing activities

 

(5,057

)

(3,781

)

(5,872

)

 

 

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

 

 

-Parent company shareholders

 

—

 

1

 

—

 

-Treasury shares

 

—

 

(68

)

—

 

Dividends paid:

 

 

 

 

 

 

 

-Parent company shareholders

 

(1,332

)

(1,282

)

(1,285

)

-Non-controlling interests

 

(4

)

(2

)

(75

)

Other transactions with non-controlling interests

 

—

 

—

 

(632

)

Net issuance (repayment) of non-current debt

 

144

 

2,062

 

129

 

Increase (decrease) in current borrowings

 

(862

)

(98

)

(1,617

)

Increase (decrease) in current financial assets and liabilities

 

23

 

(31

)

531

 

Cash flow used in financing activities

 

(2,031

)

582

 

(2,949

)

Net increase (decrease) in cash and cash equivalents

 

(1,223

)

1,964

 

(6,027

)

Effect of exchange rates

 

(141

)

(129

)

110

 

Cash and cash equivalents at the beginning of the period

 

16,833

 

14,998

 

19,942

 

Cash and cash equivalents at the end of the period

 

15,469

 

16,833

 

14,025

 

 

21


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(M€)

 

Year
2012

 

Year
2011

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

10,841

 

12,581

 

Depreciation, depletion and amortization

 

10,481

 

8,628

 

Non-current liabilities, valuation allowances and deferred taxes

 

1,385

 

1,665

 

Impact of coverage of pension benefit plans

 

(362

)

—

 

(Gains) losses on sales of assets

 

(1,321

)

(1,590

)

Undistributed affiliates’ equity earnings

 

211

 

(107

)

(Increase) decrease in working capital

 

1,084

 

(1,739

)

Other changes, net

 

143

 

98

 

Cash flow from operating activities

 

22,462

 

19,536

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(19,905

)

(17,950

)

Acquisitions of subsidiaries, net of cash acquired

 

(191

)

(854

)

Investments in equity affiliates and other securities

 

(898

)

(4,525

)

Increase in non-current loans

 

(1,949

)

(1,212

)

Total expenditures

 

(22,943

)

(24,541

)

Proceeds from disposal of intangible assets and property, plant and equipment

 

1,418

 

1,439

 

Proceeds from disposal of subsidiaries, net of cash sold

 

352

 

575

 

Proceeds from disposal of non-current investments

 

2,816

 

5,691

 

Repayment of non-current loans

 

1,285

 

873

 

Total divestments

 

5,871

 

8,578

 

Cash flow used in investing activities

 

(17,072

)

(15,963

)

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

- Parent company shareholders

 

32

 

481

 

- Treasury shares

 

(68

)

—

 

Dividends paid:

 

 

 

 

 

- Parent company shareholders

 

(5,184

)

(5,140

)

- Non controlling interests

 

(104

)

(172

)

Other transactions with non-controlling interests

 

1

 

(573

)

Net issuance (repayment) of non-current debt

 

5,279

 

4,069

 

Increase (decrease) in current borrowings

 

(2,754

)

(3,870

)

Increase (decrease) in current financial assets and liabilities

 

(947

)

896

 

Cash flow used in financing activities

 

(3,745

)

(4,309

)

Net increase (decrease) in cash and cash equivalents

 

1,645

 

(736

)

Effect of exchange rates

 

(201

)

272

 

Cash and cash equivalents at the beginning of the period

 

14,025

 

14,489

 

Cash and cash equivalents at the end of the period

 

15,469

 

14,025

 

 

22


 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

 

TOTAL  

 

 

 

 

 

 

 

Paid-in

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

surplus and

 

Currency

 

 

 

 

 

Shareholders’

 

Non-

 

Total

 

 

 

Common shares issued

 

retained

 

translation

 

Treasury shares

 

equity Group

 

controlling

 

shareholders’

 

(M€)

 

Number

 

Amount

 

earnings

 

adjustment

 

Number

 

Amount

 

Share

 

interests

 

equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of January 1, 2011

 

2,349,640,931

 

5,874

 

60,538

 

(2,495

)

(112,487,679

)

(3,503

)

60,414

 

857

 

61,271

 

Net income 2011

 

—

 

—

 

12,276

 

—

 

—

 

—

 

12,276

 

305

 

12,581

 

Other comprehensive Income

 

—

 

—

 

231

 

1,404

 

—

 

—

 

1,635

 

44

 

1,679

 

Comprehensive Income

 

—

 

—

 

12,507

 

1,404

 

—

 

—

 

13,911

 

349

 

14,260

 

Dividend

 

—

 

—

 

(6,457

)

—

 

—

 

—

 

(6,457

)

(172

)

(6,629

)

Issuance of common shares

 

14,126,382

 

35

 

446

 

—

 

—

 

—

 

481

 

—

 

481

 

Purchase of treasury shares

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Sale of treasury shares (1)

 

—

 

—

 

(113

)

—

 

2,933,506

 

113

 

—

 

—

 

—

 

Share-based payments

 

—

 

—

 

161

 

—

 

—

 

—

 

161

 

—

 

161

 

Share cancellation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other operations with non-controlling interests

 

—

 

—

 

(553

)

103

 

—

 

—

 

(450

)

(123

)

(573

)

Other items

 

—

 

—

 

(23

)

—

 

—

 

—

 

(23

)

441

 

418

 

As of December 31, 2011

 

2,363,767,313

 

5,909

 

66,506

 

(988

)

(109,554,173

)

(3,390

)

68,037

 

1,352

 

69,389

 

Net income 2012

 

—

 

—

 

10,694

 

—

 

—

 

—

 

10,694

 

147

 

10,841

 

Other comprehensive Income

 

—

 

—

 

(219

)

(506

)

—

 

—

 

(725

)

(39

)

(764

)

Comprehensive Income

 

—

 

—

 

10,475

 

(506

)

—

 

—

 

9,969

 

108

 

10,077

 

Dividend

 

—

 

—

 

(5,237

)

—

 

—

 

—

 

(5,237

)

(104

)

(5,341

)

Issuance of common shares

 

2,165,833

 

6

 

26

 

—

 

—

 

—

 

32

 

—

 

32

 

Purchase of treasury shares

 

—

 

—

 

—

 

—

 

(1,800,000

)

(68

)

(68

)

—

 

(68

)

Sale of treasury shares (1)

 

—

 

—

 

(116

)

—

 

2,962,534

 

116

 

—

 

—

 

—

 

Share-based payments

 

—

 

—

 

146

 

—

 

—

 

—

 

146

 

—

 

146

 

Share cancellation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other operations with non-controlling interests

 

—

 

—

 

11

 

6

 

—

 

—

 

17

 

(16

)

1

 

Other items

 

—

 

—

 

16

 

—

 

—

 

—

 

16

 

(59

)

(43

)

As of December 31, 2012

 

2,365,933,146

 

5,915

 

71,827

 

(1,488

)

(108,391,639

)

(3,342

)

72,912

 

1,281

 

74,193

 

 

(1) Treasury shares related to the restricted stock grants.

 

23


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

(unaudited)

 

4th quarter 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,988

 

22,169

 

21,669

 

42

 

—

 

49,868

 

Intersegment sales

 

8,081

 

11,013

 

148

 

59

 

(19,301

)

—

 

Excise taxes

 

—

 

(959

)

(3,440

)

—

 

—

 

(4,399

)

Revenues from sales

 

14,069

 

32,223

 

18,377

 

101

 

(19,301

)

45,469

 

Operating expenses

 

(7,906

)

(31,824

)

(17,937

)

(213

)

19,301

 

(38,579

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,752

)

(491

)

(160

)

(10

)

—

 

(2,413

)

Operating income

 

4,411

 

(92

)

280

 

(122

)

—

 

4,477

 

Equity in net income (loss) of affiliates and other items

 

692

 

57

 

(122

)

13

 

—

 

640

 

Tax on net operating income

 

(2,512

)

23

 

(84

)

5

 

—

 

(2,568

)

Net operating income

 

2,591

 

(12

)

74

 

(104

)

—

 

2,549

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(131

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(37

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2,381

 

 

4th quarter 2012 (adjustments) (a)
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

13

 

—

 

—

 

—

 

—

 

13

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

13

 

—

 

—

 

—

 

—

 

13

 

Operating expenses

 

(571

)

(337

)

(102

)

—

 

—

 

(1,010

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(66

)

(204

)

(8

)

—

 

—

 

(278

)

Operating income (b)

 

(624

)

(541

)

(110

)

—

 

—

 

(1,275

)

Equity in net income (loss) of affiliates and other items

 

240

 

(29

)

(123

)

(13

)

—

 

75

 

Tax on net operating income

 

296

 

152

 

34

 

(2

)

—

 

480

 

Net operating income (b)

 

(88

)

(418

)

(199

)

(15

)

—

 

(720

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

20

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(700

)

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

On operating income

 

—

 

(351

)

(111

)

—

 

 

 

 

On net operating income

 

—

 

(236

)

(74

)

—

 

 

 

 

 

4th quarter 2012 (adjusted)
(M€) (a)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,975

 

22,169

 

21,669

 

42

 

—

 

49,855

 

Intersegment sales

 

8,081

 

11,013

 

148

 

59

 

(19,301

)

—

 

Excise taxes

 

—

 

(959

)

(3,440

)

—

 

—

 

(4,399

)

Revenues from sales

 

14,056

 

32,223

 

18,377

 

101

 

(19,301

)

45,456

 

Operating expenses

 

(7,335

)

(31,487

)

(17,835

)

(213

)

19,301

 

(37,569

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,686

)

(287

)

(152

)

(10

)

—

 

(2,135

)

Adjusted operating income

 

5,035

 

449

 

390

 

(122

)

—

 

5,752

 

Equity in net income (loss) of affiliates and other items

 

452

 

86

 

1

 

26

 

—

 

565

 

Tax on net operating income

 

(2,808

)

(129

)

(118

)

7

 

—

 

(3,048

)

Adjusted net operating income

 

2,679

 

406

 

273

 

(89

)

—

 

3,269

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(131

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(57

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

3,081

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.36

 

 

(a) Except for per share amounts.

 

4th quarter 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

5,518

 

573

 

508

 

24

 

—

 

6,623

 

Total divestments

 

1,415

 

101

 

46

 

4

 

—

 

1,566

 

Cash flow from operating activities

 

4,429

 

502

 

1,024

 

(90

)

—

 

5,865

 

 

24


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

(unaudited)

 

3rd quarter 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,001

 

23,260

 

21,574

 

55

 

—

 

49,890

 

Intersegment sales

 

7,455

 

11,168

 

154

 

47

 

(18,824

)

—

 

Excise taxes

 

—

 

(956

)

(3,455

)

—

 

—

 

(4,411

)

Revenues from sales

 

12,456

 

33,472

 

18,273

 

102

 

(18,824

)

45,479

 

Operating expenses

 

(5,279

)

(31,914

)

(17,836

)

(249

)

18,824

 

(36,454

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,779

)

(321

)

(136

)

(10

)

—

 

(3,246

)

Operating income

 

4,398

 

1,237

 

301

 

(157

)

—

 

5,779

 

Equity in net income (loss) of affiliates and other items

 

642

 

41

 

7

 

302

 

—

 

992

 

Tax on net operating income

 

(2,961

)

(348

)

(81

)

(119

)

—

 

(3,509

)

Net operating income

 

2,079

 

930

 

227

 

26

 

—

 

3,262

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(125

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(71

)

Net income

 

 

 

 

 

 

 

 

 

 

 

3,066

 

 

3rd quarter 2012 (adjustments) (a)
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

(8

)

—

 

—

 

—

 

—

 

(8

)

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

(8

)

—

 

—

 

—

 

—

 

(8

)

Operating expenses

 

3

 

593

 

(42

)

—

 

—

 

554

 

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,134

)

(2

)

(14

)

—

 

—

 

(1,150

)

Operating income (b)

 

(1,139

)

591

 

(56

)

—

 

—

 

(604

)

Equity in net income (loss) of affiliates and other items

 

—

 

5

 

33

 

293

 

—

 

331

 

Tax on net operating income

 

327

 

(230

)

7

 

(90

)

—

 

14

 

Net operating income (b)

 

(812

)

366

 

(16

)

203

 

—

 

(259

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(23

)

Net income

 

 

 

 

 

 

 

 

 

 

 

(282

)

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

On operating income

 

—

 

627

 

139

 

—

 

 

 

 

On net operating income

 

—

 

444

 

94

 

—

 

 

 

 

 

3rd quarter 2012 (adjusted)
(M€) (a)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,009

 

23,260

 

21,574

 

55

 

—

 

49,898

 

Intersegment sales

 

7,455

 

11,168

 

154

 

47

 

(18,824

)

—

 

Excise taxes

 

—

 

(956

)

(3,455

)

—

 

—

 

(4,411

)

Revenues from sales

 

12,464

 

33,472

 

18,273

 

102

 

(18,824

)

45,487

 

Operating expenses

 

(5,282

)

(32,507

)

(17,794

)

(249

)

18,824

 

(37,008

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,645

)

(319

)

(122

)

(10

)

—

 

(2,096

)

Adjusted operating income

 

5,537

 

646

 

357

 

(157

)

—

 

6,383

 

Equity in net income (loss) of affiliates and other items

 

642

 

36

 

(26

)

9

 

—

 

661

 

Tax on net operating income

 

(3,288

)

(118

)

(88

)

(29

)

—

 

(3,523

)

Adjusted net operating income

 

2,891

 

564

 

243

 

(177

)

—

 

3,521

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(125

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(48

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

3,348

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.48

 

 

(a) Except for per share amounts.

 

3rd quarter 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

4,567

 

441

 

383

 

25

 

—

 

5,416

 

Total divestments

 

401

 

55

 

41

 

1,138

 

—

 

1,635

 

Cash flow from operating activities

 

3,457

 

1,036

 

692

 

(22

)

—

 

5,163

 

 

25


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

(unaudited)

 

4th quarter 2011
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

6,132

 

19,405

 

21,958

 

(3

)

—

 

47,492

 

Intersegment sales

 

7,450

 

12,079

 

190

 

56

 

(19,775

)

—

 

Excise taxes

 

—

 

(879

)

(3,655

)

—

 

—

 

(4,534

)

Revenues from sales

 

13,582

 

30,605

 

18,493

 

53

 

(19,775

)

42,958

 

Operating expenses

 

(6,011

)

(30,368

)

(18,027

)

(217

)

19,775

 

(34,848

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,437

)

(830

)

(140

)

(9

)

—

 

(2,416

)

Operating income

 

6,134

 

(593

)

326

 

(173

)

—

 

5,694

 

Equity in net income (loss) of affiliates and other items

 

324

 

39

 

(495

)

42

 

—

 

(90

)

Tax on net operating income

 

(3,333

)

308

 

(97

)

(26

)

—

 

(3,148

)

Net operating income

 

3,125

 

(246

)

(266

)

(157

)

—

 

2,456

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(72

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(94

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2,290

 

 

4th quarter 2011 (adjustments) (a)
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

30

 

—

 

—

 

—

 

—

 

30

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

30

 

—

 

—

 

—

 

—

 

30

 

Operating expenses

 

—

 

67

 

42

 

—

 

—

 

109

 

Depreciation, depletion and amortization of tangible assets and mineral interests

 

—

 

(534

)

(1

)

—

 

—

 

(535

)

Operating income (b)

 

30

 

(467

)

41

 

—

 

—

 

(396

)

Equity in net income (loss) of affiliates and other items

 

(40

)

(68

)

(469

)

21

 

—

 

(556

)

Tax on net operating income

 

283

 

254

 

—

 

(7

)

—

 

530

 

Net operating income (b)

 

273

 

(281

)

(428

)

14

 

—

 

(422

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(13

)

Net income

 

 

 

 

 

 

 

 

 

 

 

(435

)

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

On operating income

 

—

 

24

 

34

 

—

 

 

 

 

 

On net operating income

 

—

 

40

 

22

 

—

 

 

 

 

 

 

4th quarter 2011 (adjusted)
(M€) (a)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

6,102

 

19,405

 

21,958

 

(3

)

—

 

47,462

 

Intersegment sales

 

7,450

 

12,079

 

190

 

56

 

(19,775

)

—

 

Excise taxes

 

—

 

(879

)

(3,655

)

—

 

—

 

(4,534

)

Revenues from sales

 

13,552

 

30,605

 

18,493

 

53

 

(19,775

)

42,928

 

Operating expenses

 

(6,011

)

(30,435

)

(18,069

)

(217

)

19,775

 

(34,957

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,437

)

(296

)

(139

)

(9

)

—

 

(1,881

)

Adjusted operating income

 

6,104

 

(126

)

285

 

(173

)

—

 

6,090

 

Equity in net income (loss) of affiliates and other items

 

364

 

107

 

(26

)

21

 

—

 

466

 

Tax on net operating income

 

(3,616

)

54

 

(97

)

(19

)

—

 

(3,678

)

Adjusted net operating income

 

2,852

 

35

 

162

 

(171

)

—

 

2,878

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(72

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(81

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

2,725

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.20

 

 

(a) Except for per share amounts.

 

4th quarter 2011
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

6,134

 

624

 

545

 

64

 

—

 

7,367

 

Total divestments

 

399

 

58

 

527

 

511

 

—

 

1,495

 

Cash flow from operating activities

 

3,547

 

(649

)

134

 

(238

)

—

 

2,794

 

 

26


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

(unaudited)

 

Year 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

22,143

 

91,117

 

86,614

 

187

 

—

 

200,061

 

Intersegment sales

 

31,521

 

44,470

 

755

 

199

 

(76,945

)

—

 

Excise taxes

 

—

 

(3,593

)

(14,169

)

—

 

—

 

(17,762

)

Revenues from sales

 

53,664

 

131,994

 

73,200

 

386

 

(76,945

)

182,299

 

Operating expenses

 

(25,914

)

(129,441

)

(71,525

)

(977

)

76,945

 

(150,912

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(7,437

)

(1,445

)

(607

)

(36

)

—

 

(9,525

)

Operating income

 

20,313

 

1,108

 

1,068

 

(627

)

—

 

21,862

 

Equity in net income (loss) of affiliates and other items

 

2,325

 

213

 

(198

)

276

 

—

 

2,616

 

Tax on net operating income

 

(12,370

)

(283

)

(383

)

(124

)

—

 

(13,160

)

Net operating income

 

10,268

 

1,038

 

487

 

(475

)

—

 

11,318

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(477

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(147

)

Net income

 

 

 

 

 

 

 

 

 

 

 

10,694

 

 

Year 2012 (adjustments) (a)
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

(9

)

—

 

—

 

—

 

—

 

(9

)

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

(9

)

—

 

—

 

—

 

—

 

(9

)

Operating expenses

 

(586

)

(199

)

(229

)

(88

)

—

 

(1,102

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,200

)

(206

)

(68

)

—

 

—

 

(1,474

)

Operating income (b)

 

(1,795

)

(405

)

(297

)

(88

)

—

 

(2,585

)

Equity in net income (loss) of affiliates and other items

 

240

 

(41

)

(119

)

146

 

—

 

226

 

Tax on net operating income

 

637

 

70

 

66

 

(108

)

—

 

665

 

Net operating income (b)

 

(918

)

(376

)

(350

)

(50

)

—

 

(1,694

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

27

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(1,667

)

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

On operating income

 

—

 

(179)

 

(55)

 

—

 

 

 

 

 

On net operating income

 

—

 

(116)

 

(39)

 

—

 

 

 

 

 

 

Year 2012 (adjusted)
(M€) (a)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

22,152

 

91,117

 

86,614

 

187

 

—

 

200,070

 

Intersegment sales

 

31,521

 

44,470

 

755

 

199

 

(76,945

)

—

 

Excise taxes

 

—

 

(3,593

)

(14,169

)

—

 

—

 

(17,762

)

Revenues from sales

 

53,673

 

131,994

 

73,200

 

386

 

(76,945

)

182,308

 

Operating expenses

 

(25,328

)

(129,242

)

(71,296

)

(889

)

76,945

 

(149,810

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,237

)

(1,239

)

(539

)

(36

)

—

 

(8,051

)

Adjusted operating income

 

22,108

 

1,513

 

1,365

 

(539

)

—

 

24,447

 

Equity in net income (loss) of affiliates and other items

 

2,085

 

254

 

(79

)

130

 

—

 

2,390

 

Tax on net operating income

 

(13,007

)

(353

)

(449

)

(16

)

—

 

(13,825

)

Adjusted net operating income

 

11,186

 

1,414

 

837

 

(425

)

—

 

13,012

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(477

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(174

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

12,361

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

5.45

 

 

(a) Except for per share amounts.

 

Year 2012
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

19,618

 

1,944

 

1,301

 

80

 

—

 

22,943

 

Total divestments

 

2,798

 

304

 

152

 

2,617

 

—

 

5,871

 

Cash flow from operating activities

 

18,950

 

2,127

 

1,132

 

253

 

—

 

22,462

 

 

27


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

(unaudited)

 

Year 2011
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

22,211

 

77,146

 

85,325

 

11

 

—

 

184,693

 

Intersegment sales

 

27,301

 

44,277

 

805

 

185

 

(72,568

)

—

 

Excise taxes

 

—

 

(2,362

)

(15,781

)

—

 

—

 

(18,143

)

Revenues from sales

 

49,512

 

119,061

 

70,349

 

196

 

(72,568

)

166,550

 

Operating expenses

 

(21,894

)

(116,365

)

(68,396

)

(667

)

72,568

 

(134,754

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(5,039

)

(1,936

)

(496

)

(35

)

—

 

(7,506

)

Operating income

 

22,579

 

760

 

1,457

 

(506

)

—

 

24,290

 

Equity in net income (loss) of affiliates and other items

 

2,198

 

647

 

(377

)

336

 

—

 

2,804

 

Tax on net operating income

 

(13,566

)

(136

)

(438

)

(38

)

—

 

(14,178

)

Net operating income

 

11,211

 

1,271

 

642

 

(208

)

—

 

12,916

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(335

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(305

)

Net income

 

 

 

 

 

 

 

 

 

 

 

12,276

 

 

Year 2011 (adjustments) (a)
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

45

 

—

 

—

 

—

 

—

 

45

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

45

 

—

 

—

 

—

 

—

 

45

 

Operating expenses

 

—

 

852

 

271

 

—

 

—

 

1,123

 

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(75

)

(705

)

(1

)

—

 

—

 

(781

)

Operating income (b)

 

(30

)

147

 

270

 

—

 

—

 

387

 

Equity in net income (loss) of affiliates and other items

 

682

 

337

 

(363

)

90

 

—

 

746

 

Tax on net operating income

 

(43

)

(61

)

(78

)

(80

)

—

 

(262

)

Net operating income (b)

 

609

 

423

 

(171

)

10

 

—

 

871

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(19

)

Net income

 

 

 

 

 

 

 

 

 

 

 

852

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

On operating income

 

—

 

928

 

287

 

—

 

 

 

 

 

On net operating income

 

—

 

669

 

200

 

—

 

 

 

 

 

 

Year 2011 (adjusted)
(M€) (a)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

22,166

 

77,146

 

85,325

 

11

 

—

 

184,648

 

Intersegment sales

 

27,301

 

44,277

 

805

 

185

 

(72,568

)

—

 

Excise taxes

 

—

 

(2,362

)

(15,781

)

—

 

—

 

(18,143

)

Revenues from sales

 

49,467

 

119,061

 

70,349

 

196

 

(72,568

)

166,505

 

Operating expenses

 

(21,894

)

(117,217

)

(68,667

)

(667

)

72,568

 

(135,877

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(4,964

)

(1,231

)

(495

)

(35

)

—

 

(6,725

)

Adjusted operating income

 

22,609

 

613

 

1,187

 

(506

)

—

 

23,903

 

Equity in net income (loss) of affiliates and other items

 

1,516

 

310

 

(14

)

246

 

—

 

2,058

 

Tax on net operating income

 

(13,523

)

(75

)

(360

)

42

 

—

 

(13,916

)

Adjusted net operating income

 

10,602

 

848

 

813

 

(218

)

—

 

12,045

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(335

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(286

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

11,424

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

5.06

 

 

(a) Except for per share amounts.

 

Year 2011
(M€)

 

Upstream

 

Refining
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

20,662

 

1,910

 

1,834

 

135

 

—

 

24,541

 

Total divestments

 

2,591

 

2,509

 

1,955

 

1,523

 

—

 

8,578

 

Cash flow from operating activities

 

17,044

 

2,146

 

541

 

(195

)

—

 

19,536

 

 

28


 

Reconciliation of the information by business segment with consolidated financial statements

 

TOTAL

 

(unaudited)

 

4th quarter 2012
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

 

 

 

 

 

 

 

 

Sales

 

49,855

 

13

 

49,868

 

Excise taxes

 

(4,399

)

—

 

(4,399

)

Revenues from sales

 

45,456

 

13

 

45,469

 

 

 

 

 

 

 

 

 

Purchases net of inventory variation

 

(31,392

)

(462

)

(31,854

)

Other operating expenses

 

(5,673

)

(548

)

(6,221

)

Exploration costs

 

(504

)

—

 

(504

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,135

)

(278

)

(2,413

)

Other income

 

234

 

240

 

474

 

Other expense

 

(134

)

(105

)

(239

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(160

)

—

 

(160

)

Financial income from marketable securities & cash equivalents

 

33

 

—

 

33

 

Cost of net debt

 

(127

)

—

 

(127

)

 

 

 

 

 

 

 

 

Other financial income

 

123

 

—

 

123

 

Other financial expense

 

(110

)

—

 

(110

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

452

 

(60

)

392

 

 

 

 

 

 

 

 

 

Income taxes

 

(3,052

)

480

 

(2,572

)

Consolidated net income

 

3,138

 

(720

)

2,418

 

Group share

 

3,081

 

(700

)

2,381

 

Non-controlling interests

 

57

 

(20

)

37

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

4th quarter 2011
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

 

 

 

 

 

 

 

 

Sales

 

47,462

 

30

 

47,492

 

Excise taxes

 

(4,534

)

—

 

(4,534

)

Revenues from sales

 

42,928

 

30

 

42,958

 

 

 

 

 

 

 

 

 

Purchases net of inventory variation

 

(29,291

)

58

 

(29,233

)

Other operating expenses

 

(5,327

)

51

 

(5,276

)

Exploration costs

 

(339

)

—

 

(339

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,881

)

(535

)

(2,416

)

Other income

 

252

 

29

 

281

 

Other expense

 

(312

)

(526

)

(838

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(156

)

—

 

(156

)

Financial income from marketable securities & cash equivalents

 

57

 

—

 

57

 

Cost of net debt

 

(99

)

—

 

(99

)

 

 

 

 

 

 

 

 

Other financial income

 

91

 

—

 

91

 

Other financial expense

 

(102

)

—

 

(102

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

537

 

(59

)

478

 

 

 

 

 

 

 

 

 

Income taxes

 

(3,651

)

530

 

(3,121

)

Consolidated net income

 

2,806

 

(422

)

2,384

 

Group share

 

2,725

 

(435

)

2,290

 

Non-controlling interests

 

81

 

13

 

94

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

29


 

Reconciliation of the information by business segment with consolidated financial statements

 

TOTAL

 

Year 2012
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

 

 

 

 

 

 

 

 

Sales

 

200,070

 

(9

)

200,061

 

Excise taxes

 

(17,762

)

—

 

(17,762

)

Revenues from sales

 

182,308

 

(9

)

182,299

 

 

 

 

 

 

 

 

 

Purchases net of inventory variation

 

(126,564

)

(234

)

(126,798

)

Other operating expenses

 

(21,800

)

(868

)

(22,668

)

Exploration costs

 

(1,446

)

—

 

(1,446

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(8,051

)

(1,474

)

(9,525

)

Other income

 

681

 

781

 

1,462

 

Other expense

 

(448

)

(467

)

(915

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(671

)

—

 

(671

)

Financial income from marketable securities & cash equivalents

 

100

 

—

 

100

 

Cost of net debt

 

(571

)

—

 

(571

)

 

 

 

 

 

 

 

 

Other financial income

 

558

 

—

 

558

 

Other financial expense

 

(499

)

—

 

(499

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

2,098

 

(88

)

2,010

 

 

 

 

 

 

 

 

 

Income taxes

 

(13,731

)

665

 

(13,066

)

Consolidated net income

 

12,535

 

(1,694

)

10,841

 

Group share

 

12,361

 

(1,667

)

10,694

 

Non-controlling interests

 

174

 

(27

)

147

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

Year 2011
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

 

 

 

 

 

 

 

 

Sales

 

184,648

 

45

 

184,693

 

Excise taxes

 

(18,143

)

—

 

(18,143

)

Revenues from sales

 

166,505

 

45

 

166,550

 

 

 

 

 

 

 

 

 

Purchases net of inventory variation

 

(115,107

)

1,215

 

(113,892

)

Other operating expenses

 

(19,751

)

(92

)

(19,843

)

Exploration costs

 

(1,019

)

—

 

(1,019

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,725

)

(781

)

(7,506

)

Other income

 

430

 

1,516

 

1,946

 

Other expense

 

(536

)

(711

)

(1,247

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(713

)

—

 

(713

)

Financial income from marketable securities & cash equivalents

 

273

 

—

 

273

 

Cost of net debt

 

(440

)

—

 

(440

)

 

 

 

 

 

 

 

 

Other financial income

 

609

 

—

 

609

 

Other financial expense

 

(429

)

—

 

(429

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

1,984

 

(59

)

1,925

 

 

 

 

 

 

 

 

 

Income taxes

 

(13,811

)

(262

)

(14,073

)

Consolidated net income

 

11,710

 

871

 

12,581

 

Group share

 

11,424

 

852

 

12,276

 

Non-controlling interests

 

286

 

19

 

305

 

 

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

30