EX-99.1 2 a14-5472_1ex99d1.htm EX-99.1

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 2013 and the year ended December 31, 2013, has been derived from TOTAL’s unaudited consolidated financial statements for the fourth quarter of 2013 and the year ended December 31, 2013. Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 in this exhibit has been restated; however, the impact on such restated results is not significant (for further information concerning this restatement, see note 1 of the notes to the unaudited interim consolidated financial statements for the third quarter of 2013 and nine months ended September 30, 2013, contained in Exhibit 99.1 to TOTAL’s Form 6-K filed with the Securities and Exchange Commission (the “SEC”) on October 31, 2013 (the “Q3 2013 Form 6-K”).

 

The following discussion should be read in conjunction with the unaudited interim consolidated financial statements provided elsewhere in this Form 6-K, the unaudited interim consolidated financial statements and related notes for the third quarter of 2013 and nine months ended September 30, 2013, contained in the Q3 2013 Form 6-K, and with the information, including the audited financial statements and related notes, for the year ended December 31, 2012, in TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2012, filed with the SEC on March 28, 2013.

 

·             KEY FIGURES AND CONSOLIDATED ACCOUNTS OF TOTAL*

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

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

 

2013

 

2012

 

2013 vs
2012

 

47,753

 

46,686

 

49,868

 

-4

%

 

Sales

 

189,542

 

200,061

 

-5

%

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income from business segments**

 

 

 

 

 

 

 

 

2,250

 

2,329

 

2,686

 

-16

%

 

·        Upstream

 

9,370

 

11,145

 

-16

%

 

321

 

330

 

367

 

-13

%

 

·        Refining & Chemicals

 

1,404

 

1,376

 

+2

%

 

226

 

330

 

267

 

-15

%

 

·        Marketing & Services

 

1,151

 

830

 

+39

%

 

0.71

 

1.21

 

1.03

 

-31

%

 

Fully-diluted earnings per share (euros)

 

3.72

 

4.68

 

-21

%

 

2,276

 

2,275

 

2,270

 

—

 

 

Fully-diluted weighted-average shares (millions)

 

2,272

 

2,267

 

—

 

 

1,605

 

2,761

 

2,341

 

-31

%

 

Net income (Group share)

 

8,440

 

10,609

 

-20

%

 

8,374

 

5,852

 

6,623

 

+26

%

 

Investments***

 

25,922

 

22,943

 

+13

%

 

676

 

2,188

 

1,566

 

-57

%

 

Divestments

 

4,814

 

5,871

 

-18

%

 

6,467

 

3,628

 

5,057

 

+28

%

 

Net investments****

 

19,487

 

17,071

 

+14

%

 

7,095

 

6,954

 

5,865

 

+21

%

 

Cash flow from operations

 

21,473

 

22,462

 

-4

%

 

 

*                       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.

****        As from the fourth quarter 2013, “net investments” = investments including acquisitions and changes in non-current loans - asset sales - other transactions with minority interests. Historical numbers contained herein have been restated on this basis.

 

·         FOURTH QUARTER 2013 RESULTS

 

Ø             Sales

 

In the fourth quarter 2013, the Brent price averaged $109.2/b, a decrease of 1% compared to the fourth quarter 2012 and the third quarter 2013. The European refining margin indicator (ERMI) averaged $10.1/t compared to $33.9/t in the fourth quarter 2012 and $10.6/t in the third quarter 2013.

 

The euro-dollar exchange rate averaged $1.36/€ in the fourth quarter 2013 compared to $1.30/€ in the fourth quarter 2012 and $1.32/€ in the third quarter 2013.

 

In this context, sales were €47,753 million in the fourth quarter 2013, a decrease of 4% compared to €49,868 million in the fourth quarter 2012.

 

1


 

Ø             Net income

 

Net income (Group share) in the fourth quarter 2013 decreased by 31% to €1,605 million from €2,341 million in the fourth quarter 2012, mainly due to lower results from the Upstream segment and, to a lesser extent, from the Refining & Chemicals and Marketing & Services segments. 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 €74 million in the fourth quarter 2013 and a negative impact of €312 million in the fourth quarter 2012. 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 €14 million in the fourth quarter 2013 compared to a positive impact of €10 million in the fourth quarter 2012. Special items had a negative impact on net income (Group share) of €774 million in the fourth quarter 2013, comprised mainly of charges and write-offs related to the restructuring of downstream activities in France, and a negative impact 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 France 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.

 

Fully-diluted earnings per share, based on 2,276 million fully-diluted weighted-average shares, was €0.71 in the fourth quarter 2013 compared to €1.03 in the fourth quarter 2012, a decrease of 31%.

 

Ø             Investments — divestments(1)

 

Investments, excluding acquisitions of €1.4 billion and including the change in non-current loans of €484 million, were €6.6 billion in the fourth quarter 2013 compared to €5.4 billion in the fourth quarter 2012.

 

Acquisitions in the fourth quarter 2013 were €1.4 billion, comprised essentially of the acquisition of an interest in the Libra field in Brazil, an additional 0.8% stake in Novatek(2), and the carry on the Utica gas and condensate field in the United States. Acquisitions in the fourth quarter 2012 were €578 million.

 

Asset sales in the fourth quarter 2013 were €242 million, comprised essentially of the sale of the remaining interest in the Ocensa pipeline in Colombia. Asset sales in the fourth quarter 2012 were €881 million.

 

Net investments (3) in the fourth quarter 2013 were €6.5 billion compared to €5.1 billion in the fourth quarter 2012. The fourth quarter 2013 includes the sale of a minority equity interest in Total E&P Congo to Qatar Petroleum International, which is shown in the financing section of the cash flow statement.

 

Ø             Cash flow

 

Cash flow from operating activities in the fourth quarter 2013 was €7,095 million compared to €5,865 in the fourth quarter 2012. The increase was due mainly to favorable changes in working capital. 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 First-In, First Out (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(4) in the fourth quarter 2013 was €628 million compared to €808 million in the fourth quarter 2012, essentially due to a higher level of net investments partially compensated by increased cash flow from operating activities.

 

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

(2)       The Group’s interest in Novatek was 17% at December 31, 2013.

(3)        Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with minority interests.

(4)        Net cash flow = cash flow from operations - net investments (including other transactions with minority interests).

 

2


 

·             RESULTS FOR THE FULL YEAR 2013

 

Ø             Sales

 

On average, the upstream environment remained stable compared to the previous year with a Brent price of $108.7/b compared to $111.7/b in 2012, and an average realized gas price for the Group’s consolidated subsidiaries that increased by 6% to $7.12/Mbtu from $6.74/Mbtu in 2012. In the downstream, the ERMI (European refining margin indicator) decreased sharply to $17.9/t on average compared to $36.0/t in 2012.

 

The euro-dollar exchange rate averaged $1.33/€ compared to $1.28/€ in 2012.

 

In this context, sales in 2013 were €189,542 million, a decrease of 5% compared to €200,061 million for 2012.

 

Ø             Net income

 

Net income (Group share) in 2013 decreased by 20% to €8,440 million from €10,609 million in 2012, mainly due to a lower contribution from the Upstream segment, which was partially offset by a higher contribution from Marketing & Services. 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 €549 million in 2013 and a negative impact of €157 million in 2012. 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 €44 million in 2013 and a negative impact of €7 million in 2012. Special items had a negative impact on net income (Group share) of €1,712 million in 2013, comprised mainly of the loss on the sale of the Voyageur upgrader project in Canada, the impairment of Upstream assets in the Barnett field in the United States and in Syria, charges and write-offs related to the restructuring of downstream activities in France, partially offset by the gain on the sales of TIGF and Upstream assets in Italy. 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, provisions for abandonment costs relating to Elgin in the UK, a one-off tax of 4% on petroleum stocks in France, an impairment of chemicals assets in Europe 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, as described in TOTAL’s 2012 Annual Report on Form 20-F, which were partially offset by gains on asset sales.

 

On December 31, 2013, there were 2,276 million fully-diluted shares compared to 2,270 million on December 31, 2012.

 

Fully-diluted earnings per share, based on 2,272 million weighted-average shares, was €3.72 in 2013 compared to €4.68 in 2012, a decrease of 21%.

 

Ø             Investments — divestments(5)

 

Investments, excluding acquisitions of €3.4 billion and including the change in non-current loans of €946 million, were €21.3 billion in 2013 compared to €18.5 billion in 2012, an increase reflecting the investments for the large number of Upstream projects under development.

 

Acquisitions in 2013 were €3.4 billion, comprised essentially of the acquisition of an interest in the Libra field in Brazil, an additional 6% stake in the Ichthys project in Australia, an additional 1.6% stake in Novatek(6), the carry on the Utica gas and condensate field in the United States, and the bonuses for exploration permits in South Africa, Mozambique and Brazil. Acquisitions in 2012 were €3.1 billion.

 

Asset sales in 2013 were €3.6 billion, comprised essentially of the sale of TIGF in France, a 25% interest in the Tempa Rossa field in Italy, the interest in the Voyageur upgrader project in Canada, TOTAL’s fertilizer activities in Europe and exploration and production assets in Trinidad & Tobago. Asset sales in 2012 were €4.6 billion.

 

Net investments were €19.5 billion in 2013, an increase of 14% compared to €17.1 billion in 2012, mainly due to an increase in organic investments in the Upstream segment. Included in 2013 is €1.6 billion related to the sale of minority equity interests in Total E&P Congo and Block 14 in Angola, which are shown in the financing section of the cash flow statement.

 

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

(6)        The Group’s interest in Novatek was 17% at December 31, 2013.

 

3


 

Ø             Cash flow

 

Cash flow from operating activities was €21,473 million in 2013, a decrease of 4% compared to €22,462 million in 2012 reflecting the decrease in net income, partially offset by the change in working capital 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 was €1,986 million in 2013 compared to €5,391 million in 2012, reflecting lower cash flow from operating activities and a higher level of net investments.

 

The net-debt-to-equity ratio was 23.3% on December 31, 2013, compared to 21.9% on December 31, 2012.(7)

 

·             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 First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the 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 & Services 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 (as from January 1, 2011) the effect of changes in fair value. For further information on

 

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

 

4


 

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.

 

Ø             Upstream segment

 

·            Environment — liquids and gas price realizations*

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

 

 

2013

 

2012

 

2013 vs
2012

 

109.2

 

110.3

 

110.1

 

-1

%

 

Brent $(/b)

 

108.7

 

111.7

 

-3

%

 

102.5

 

107.2

 

106.4

 

-4

%

 

Average liquids price $(/b)

 

103.3

 

107.7

 

-4

%

 

7.36

 

7.18

 

6.94

 

+6

%

 

Average gas price $(/Mbtu)

 

7.12

 

6.74

 

+6

%

 

74.6

 

77.3

 

77.0

 

-3

%

 

Average hydrocarbons price $(/boe)

 

74.8

 

77.3

 

-3

%

 

 

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

 

·            Production

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

Hydrocarbon production

 

2013

 

2012

 

2013 vs
2012

 

2,284

 

2,299

 

2,293

 

—

 

 

Combined production (kboe/d)

 

2,299

 

2,300

 

—

 

 

1,142

 

1,174

 

1,206

 

-5

%

 

· Liquids (kb/d)

 

1,167

 

1,220

 

-4

%

 

6,260

 

6,167

 

5,897

 

+6

%

 

· Gas (Mcf/d)

 

6,184

 

5,880

 

+5

%

 

 

Hydrocarbon production was 2,284 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2013, a decrease of 0.5% compared to the fourth quarter 2012, essentially as a result of:

 

·                  +1% for start-ups and growth from new projects;

·                  -0.5% for normal decline, partially offset by lower maintenance, the restart of production from Elgin/Franklin in the UK North Sea and OML 58 in Nigeria; and

·                  -1% for security issues in Nigeria and Libya, partially offset by improved security conditions in Yemen.

 

In 2013, hydrocarbon production was 2,299 kboe/d, stable compared to 2012, essentially as a result of:

 

·                  +2.5% for start-ups and growth from new projects;

·                  -1% for normal decline, partially offset by lower maintenance, the restart of production from Elgin/Franklin in the UK North Sea and OML 58 in Nigeria;

·                  -0.5% for portfolio changes, including mainly the sale of interests in Nigeria, the UK, Colombia, and Trinidad & Tobago, net of higher production corresponding to the increased stake in Novatek; and

·                  -1% for security issues in Nigeria and Libya, partially offset by improved security conditions in Yemen.

 

5


 

·            Reserves

 

Year-end reserves

 

2013

 

2012

 

2013 vs
2012

 

Hydrocarbon reserves (Mboe)

 

11,526

 

11,368

 

+1

%

 

·        Liquids (Mb)

 

5,413

 

5,686

 

-5

%

 

·        Gas (Bcf)

 

33,026

 

30,877

 

+7

%

 

 

Proved reserves based on SEC rules (based on Brent at $108.2/b) were 11,526 Mboe at December 31, 2013. Based on the 2013 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.

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

in millions of euros

 

2013

 

2012

 

2013 vs
2012

 

5,143

 

4,479

 

5,988

 

-14

%

 

Non-Group sales

 

19,855

 

22,143

 

-10

%

 

4,083

 

3,740

 

4,425

 

-8

%

 

Operating income

 

17,061

 

20,261

 

-16

%

 

17

 

746

 

624

 

-97

%

 

Adjustments affecting operating income

 

793

 

1,795

 

-56

%

 

4,100

 

4,486

 

5,049

 

-19

%

 

Adjusted operating income*

 

17,854

 

22,056

 

-19

%

 

2,250

 

2,329

 

2,686

 

-16

%

 

Adjusted net operating income*

 

9,370

 

11,145

 

-16

%

 

516

 

499

 

350

 

+47

%

 

·        Includes adjusted income from equity affiliates

 

2,175

 

1,856

 

+17

%

 

7,021

 

5,064

 

5,518

 

+27

%

 

Investments

 

22,396

 

19,618

 

+14

%

 

584

 

2,114

 

1,415

 

-59

%

 

Divestments

 

4,353

 

2,798

 

+56

%

 

5,414

 

4,765

 

4,429

 

+22

%

 

Cash flow from operating activities

 

16,457

 

18,950

 

-13

%

 

 

*              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 was €2,250 million in the fourth quarter 2013 compared to €2,686 million in the fourth quarter 2012, a decrease of 16% reflecting mainly a less favorable production mix, a lower average realized liquids price, and a higher tax rate for the Upstream segment.

 

Adjusted net operating income for the Upstream segment excludes special items. The exclusion of special items had a positive impact of €14 million in the fourth quarter 2013 on the segment’s adjusted net operating income and a positive impact of €88 million in the fourth quarter 2012, 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.

 

The effective tax rate for the Upstream segment was 58.8% in the fourth quarter 2013 compared to 54.8% in the fourth quarter 2012, which was marked by favorable one-off items, such as year-end tax adjustments and the reversal of a non-deductible loss.

 

Adjusted net operating income from the Upstream segment in 2013 was €9,370 million compared to €11,145 million in 2012, a decrease of 16% mainly due to a less favorable production mix, higher technical costs, particularly for exploration, and a higher tax rate for the Upstream segment.

 

The effective tax rate for the Upstream segment in 2013 was 60.1% compared to 58.4% in 2012.

 

Technical costs for consolidated subsidiaries, in accordance with ASC 932(8), were $26.1/boe in 2013 compared to $22.8/boe in 2012, notably due to increased non-cash expenses relating to major project start-ups as well as increased exploration expenses.

 

The return on average capital employed (ROACE(9)) for the Upstream segment was 14% for the full-year 2013 compared to 18% for the full-year 2012.

 

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

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

 

6


 

Ø             Refining & Chemicals segment

 

·           Refinery throughput and utilization rates*

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

 

 

2013

 

2012

 

2013 vs
2012

 

1,580

 

1,759

 

1,648

 

-4

%

 

Total refinery throughput (kb/d)

 

1,719

 

1,786

 

-4

%

 

535

 

696

 

532

 

+1

%

 

·  France

 

647

 

657

 

-2

%

 

755

 

784

 

847

 

-11

%

 

·  Rest of Europe

 

797

 

866

 

-8

%

 

290

 

279

 

269

 

+8

%

 

·  Rest of world

 

275

 

263

 

+5

%

 

 

 

 

 

 

 

 

 

 

Utilization rates**

 

 

 

 

 

 

 

 

73

%

81

%

76

%

 

 

 

·  Based on crude only

 

80

%

82

%

 

 

 

77

%

86

%

79

%

 

 

 

·  Based on crude and other feedstock

 

84

%

86

%

 

 

 

 

*              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 2013, refinery throughput decreased by 4% compared to the fourth quarter 2012, essentially due to a turnaround at the Feyzin refinery, unscheduled maintenance at the Antwerp refinery, strikes at refineries in France and voluntary shutdowns in response to weak refining margins.

 

For the full-year 2013, refinery throughput decreased by 4% compared to the previous year, reflecting essentially a turnaround at the Antwerp refinery, higher maintenance at the Donges refinery, voluntary shutdowns in response to weak refining margins in late 2013 and the closure of the Rome refinery at the end of the third quarter 2012.

 

·           Results

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

in millions of euros (except ERMI refining margins)

 

2013

 

2012

 

2013 vs
2012

 

10.1

 

10.6

 

33.9

 

-70

%

 

European refining margin indicator - ERMI $(/t)

 

17.9

 

36.0

 

-50%

 

 

21,766

 

21,260

 

22,169

 

-2

%

 

Non-Group sales

 

86,204

 

91,117

 

-5%

 

 

(169

)

143

 

(153

)

n/a

 

 

Operating income

 

132

 

1,050

 

-87%

 

 

469

 

119

 

541

 

-13

%

 

Adjustments affecting operating income

 

1,197

 

405

 

x2.96

 

 

300

 

262

 

388

 

-23

%

 

Adjusted operating income*

 

1,329

 

1,455

 

-9%

 

 

321

 

330

 

367

 

-13

%

 

Adjusted net operating income*

 

1,404

 

1,376

 

+2%

 

 

118

 

119

 

92

 

+28

%

 

· Contribution of Specialty chemicals

 

440

 

383

 

+15%

 

 

709

 

415

 

573

 

+29

%

 

Investments

 

2,039

 

1,944

 

+5%

 

 

32

 

8

 

101

 

-68

%

 

Divestments

 

275

 

304

 

-10%

 

 

1,356

 

840

 

502

 

+170

%

 

Cash flow from operating activities

 

3,211

 

2,127

 

+51%

 

 

 

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

 

The European refining margin indicator (ERMI) averaged $10.1/t in the fourth quarter 2013, a decrease of 70% compared to the average of $33.9/t in the fourth quarter 2012. For the full-year 2013, the ERMI was $17.9/t, a decrease of 50% compared to 2012. Petrochemical margins remained at high levels, particularly in the United States.

 

Adjusted net operating income from the Refining & Chemicals segment was €321 million in the fourth quarter 2013, compared to €367 million in the fourth quarter 2012, reflecting essentially the deterioration of the refining environment, partially offset by the improvement in petrochemical margins and by the impact of efficiency plans, notably for fixed cost reductions, 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 of €47 million in the fourth quarter 2013 on the segment’s adjusted net operating income and a positive impact of €236 million in the fourth quarter 2012. The exclusion of special items had a positive impact of €786 million in the fourth quarter 2013 on the segment’s adjusted net operating income, consisting mainly of

 

7


 

charges and write-offs related to the restructuring of downstream activities in France, and a positive impact of €182 million in the fourth quarter 2012, reflecting mainly an impairment on European chemicals assets.

 

For the full-year 2013, adjusted net operating income from the Refining & Chemicals segment was €1,404 million, an increase of 2% compared to €1,376 million in 2012 despite the 50% decrease in refining margins. The increase was due in part to the tangible results realized from the implementation of planned synergies and operational efficiencies and to a more favorable environment for petrochemicals, which offset the sharp decline in European refining margins.

 

In addition, the SATORP integrated refinery in Saudi Arabia has begun to export refined products after the successful start-up of its first units.

 

The ROACE for the Refining & Chemicals segment was 9% for the full-year 2013, stable compared to the full-year 2012.

 

Ø             Marketing & Services segment

 

·           Refined product sales

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

Sales in kb/d*

 

2013

 

2012

 

2013 vs
2012

 

1,150

 

1,144

 

1,123

 

+2

%

 

Europe

 

1,138

 

1,160

 

-2

%

 

605

 

599

 

583

 

+4

%

 

Rest of world

 

611

 

550

 

+11

%

 

1,755

 

1,743

 

1,706

 

+3

%

 

Total Marketing & Services sales

 

1,749

 

1,710

 

+2

%

 

 

*              Excludes trading and bulk refining sales, which are reported under the Refining & Chemicals segment (see page 12 of this exhibit).

 

In the fourth quarter 2013, sales volumes increased by 3% compared to the fourth quarter 2012. This increase was driven in particular by sales in the Americas, Africa and Middle East.

 

Overall for the full-year 2013, sales volumes increased by 2% compared to the previous year, due to growth in Africa and the Americas, partially offset by a decrease in Europe.

 

·           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.

 

4Q13

 

3Q13

 

4Q12

 

4Q13 vs
4Q12

 

in millions of euros

 

2013

 

2012

 

2013 vs
2012

 

20,847

 

21,074

 

21,699

 

-4

%

 

Non-Group sales

 

83,481

 

86,614

 

-4%

 

 

327

 

439

 

272

 

+20

%

 

Operating income

 

1,491

 

1,058

 

+41%

 

 

43

 

(41

)

110

 

-61

%

 

Adjustments affecting operating income

 

105

 

297

 

-65%

 

 

370

 

398

 

382

 

-3

%

 

Adjusted operating income*

 

1,596

 

1,355

 

+18%

 

 

226

 

330

 

267

 

-15

%

 

Adjusted net operating income*

 

1,151

 

830

 

+39%

 

 

18

 

(7

)

14

 

+24

%

 

· Contribution of New Energies

 

(2

)

(169

)

n/a

 

 

610

 

326

 

508

 

+20

%

 

Investments

 

1,365

 

1,301

 

+5%

 

 

47

 

44

 

46

 

+2

%

 

Divestments

 

141

 

152

 

-7%

 

 

318

 

1,287

 

1,024

 

-69

%

 

Cash flow from operating activities

 

1,926

 

1,132

 

+70%

 

 

 

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

 

Marketing & Services sales were €20.8 billion in the fourth quarter 2013, a decrease of 4% compared to the fourth quarter 2012.

 

Adjusted net operating income from the Marketing & Services segment was €226 million in the fourth quarter 2013 compared to €267 million in the fourth quarter 2012, reflecting lower margins in European markets.

 

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 of €27 million in the fourth quarter 2013 on the segment’s

 

8


 

adjusted net operating income and a positive impact of €74 million in the fourth quarter 2012. The exclusion of special items had a negative impact of €12 million in the fourth quarter 2013 on the segment’s adjusted net operating income and a positive impact of €125 million in the fourth quarter 2012, reflecting mainly impairments and restructuring charges in New Energies.

 

For the full-year 2013, Marketing & Services sales were €83.5 billion, a decrease of 4% compared to 2012.

 

Adjusted net operating income from the Marketing & Services segment in 2013 was €1,151 million compared to €830 million in 2012, an increase of 39% reflecting essentially the improvement in the performance of the New Energies, which had particularly negative results in 2012, as well as the overall improvement made in refined products marketing, particularly in emerging markets.

 

The ROACE for the Marketing & Services segment was 16% for the full-year 2013 compared to 12% for the full-year 2012.

 

·                           TOTAL S.A., PARENT COMPANY ACCOUNTS AND PROPOSED DIVIDEND

 

Net income for TOTAL S.A., the parent company, was €6,031 million in 2013 compared to €6,520 million in 2012.

 

After closing the 2013 accounts, the Board of Directors decided to propose at the May 16, 2014 Annual Shareholders Meeting a €2.38/share dividend for 2013, which represents a 3.4% increase for the remaining dividend(10). Taking into account the interim dividends for the first three quarters of 2013 approved by the Board of Directors (€1.77/share), the remaining 2013 dividend would increase to  €0.61/share and be paid on June 5, 2014.

 

·                           SUMMARY AND OUTLOOK

 

After reaching a peak of $28 billion (approximately €21 billion) in 2013, the budget for organic investments was reduced to $26 billion (approximately €20 billion) in 2014, more than 80% of which will be dedicated to Upstream. In addition, the Group has mobilized all of its teams with the objective to closely control their investments and reduce their operating costs while maintaining as an imperative the priority to safety.

 

The Group’s asset sale program, targeting $15-20 billion (approximately €12-15 billion) of divestments over the 2012-14 period, generated $13 billion (approximately €10 billion) in assets sales in 2012 and 2013(11). In 2014, with asset sales that are pending and under study, the Group expects to achieve the program target and potentially exceed it.

 

In the Upstream segment, TOTAL confirmed its production growth targets of 2.6 Mboe/d in 2015 and the potential for about 3 Mboe/d in 2017.  Essentially all of the projects needed to achieve these targets are either already producing or under development. In 2014, after the expiration of the Adco license, production should benefit from ramp-ups on recently started projects and from the start-up of TOTAL-operated projects, such as CLOV in Angola, Laggan-Tormore in the UK North Sea and Ofon Phase 2 in Nigeria.

 

TOTAL is continuing to pursue its ambitious exploration program with a stable budget of $2.8 billion (approximately €2.2 billion). This program includes, in particular, high-potential prospects in Brazil, the Kwanza Basin in Angola, Ivory Coast and South Africa.

 

In the Refining & Chemicals segment, productivity and synergy gains related to the ongoing restructuring should continue in 2014 to contribute, in a constant environment, to the improvement in the segment’s profitability. Also in 2014, the start-up of the remaining units of the Satorp refinery at Jubail in Saudi Arabia will make the new, integrated platform fully operational.

 

The Marketing & Services segment plans to continue developing its positions in growth markets and to optimize its positions in Europe. New Energies, at breakeven in 2013, should continue to benefit from ongoing efforts at SunPower to improve productivity through growth and innovation.

 

The Group confirms its commitment to a policy of competitive returns to shareholders in accordance with its objectives for sustainable development.

 

Finally, in order to provide more comparable financial disclosure and to better reflect the performance of its activities, which are mainly dollar-based, TOTAL has decided to change, effective January 1, 2014, its financial statements reporting

 

(10)             The ex-dividend date for the remainder of the 2013 dividend would be June 2, 2014; for the ADR (NYSE:TOT) the ex-dividend date would be May 28, 2014.

(11)             Including transactions with minority interests.

 

9


 

from euros to U.S. dollars. The accounts of the parent company, TOTAL S.A., will remain in euros. The dividend will therefore continue to be fixed in euros.

 

Since the start of the year, the environment has remained favorable in the upstream, while refining margins have continued to deteriorate significantly in Europe.

 

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;

·                  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, 2012.

 

10


 

Operating information by segment

for the fourth quarter and full-year 2013

 

·                           Upstream

 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs
4Q12

 

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

 

2013

 

2012

 

2013
vs
2012

 

405

 

386

 

421

 

-4

%

 

Europe

 

392

 

427

 

-8

%

 

644

 

656

 

701

 

-8

%

 

Africa

 

670

 

713

 

-6

%

 

522

 

553

 

482

 

+8

%

 

Middle East

 

536

 

493

 

+9

%

 

75

 

77

 

67

 

+12

%

 

North America

 

73

 

69

 

+6

%

 

149

 

172

 

175

 

-15

%

 

South America

 

166

 

182

 

-9

%

 

242

 

235

 

227

 

+7

%

 

Asia-Pacific

 

235

 

221

 

+6

%

 

247

 

220

 

220

 

+12

%

 

CIS

 

227

 

195

 

+16

%

 

2,284

 

2,299

 

2,293

 

—

 

 

Total production

 

2,299

 

2,300

 

—

 

 

692

 

697

 

624

 

+11

%

 

Includes equity affiliates

 

687

 

611

 

+12

%

 

 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs
4Q12

 

Liquids production by region (kboe/d)

 

2013

 

2012

 

2013
vs
2012

 

180

 

170

 

185

 

-3

%

 

Europe

 

168

 

197

 

-15

%

 

503

 

527

 

568

 

-11

%

 

Africa

 

531

 

574

 

-7

%

 

314

 

335

 

312

 

+1

%

 

Middle East

 

324

 

311

 

+4

%

 

28

 

29

 

26

 

+8

%

 

North America

 

28

 

25

 

+12

%

 

50

 

53

 

57

 

-12

%

 

South America

 

54

 

59

 

-8

%

 

27

 

30

 

28

 

-4

%

 

Asia-Pacific

 

30

 

27

 

+11

%

 

40

 

30

 

30

 

+33

%

 

CIS

 

32

 

27

 

+19

%

 

1,142

 

1,174

 

1,206

 

-5

%

 

Total production

 

1,167

 

1,220

 

-4

%

 

323

 

331

 

307

 

+5

%

 

Includes equity affiliates

 

325

 

308

 

+6

%

 

 

11


 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs
4Q12

 

Gas production by region (Mcf/d)

 

2013

 

2012

 

2013
vs
2012

 

1,242

 

1,185

 

1,270

 

-2

%

 

Europe

 

1,231

 

1,259

 

-2

%

 

690

 

654

 

654

 

+6

%

 

Africa

 

699

 

705

 

-1

%

 

1,139

 

1,212

 

930

 

+22

%

 

Middle East

 

1,155

 

990

 

+17

%

 

261

 

269

 

228

 

+14

%

 

North America

 

256

 

246

 

+4

%

 

554

 

667

 

657

 

-16

%

 

South America

 

627

 

682

 

-8

%

 

1,258

 

1,151

 

1,127

 

+12

%

 

Asia-Pacific

 

1,170

 

1,089

 

+7

%

 

1,116

 

1,029

 

1,031

 

+8

%

 

CIS

 

1,046

 

909

 

+15

%

 

6,260

 

6,167

 

5,897

 

+6

%

 

Total production

 

6,184

 

5,880

 

+5

%

 

1,995

 

2,002

 

1,712

 

+17

%

 

Includes equity affiliates

 

1,955

 

1,637

 

+19

%

 

 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs
4Q12

 

Liquefied natural gas

 

2013

 

2012

 

2013
vs
2012

 

3.35

 

3.01

 

2.73

 

+23

%

 

LNG sales* (Mt)

 

12.13

 

11.42

 

+6

%

 

 

*              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)

 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs 4Q12

 

Refined product sales by region (kb/d)*

 

2013

 

2012

 

2013
vs 2012

 

1,945

 

2,004

 

1,964

 

-1

%

 

Europe

 

1,975

 

2,018

 

-2

%

 

496

 

430

 

413

 

+20

%

 

Africa

 

454

 

404

 

+12

%

 

473

 

490

 

435

 

+9

%

 

Americas

 

497

 

480

 

+4

%

 

546

 

397

 

531

 

+3

%

 

Rest of world

 

492

 

501

 

-2

%

 

3,460

 

3,321

 

3,343

 

+3

%

 

Total consolidated sales

 

3,418

 

3,403

 

—

 

 

505

 

496

 

545

 

-7

%

 

Includes bulk sales

 

514

 

532

 

-3

%

 

1,200

 

1,082

 

1,092

 

+10

%

 

Includes trading

 

1,155

 

1,161

 

-1

%

 

 

*              Includes share of TotalErg.

 

12


 

Investments — Divestments

 

4Q13

 

3Q13

 

4Q12

 

4Q13
vs
4Q12

 

in millions of euros

 

2013

 

2012

 

2013
vs
2012

 

6,555

 

4,964

 

5,360

 

+22%

 

 

Investments excluding acquisitions*

 

21,312

 

18,516

 

+15%

 

 

285

 

328

 

380

 

-25%

 

 

· Capitalized exploration

 

1,371

 

1,352

 

+1%

 

 

484

 

176

 

(181

)

n/a

 

 

· Change in non-current loans**

 

946

 

664

 

+42%

 

 

1,385

 

549

 

578

 

x2.4

 

 

Acquisitions

 

3,368

 

3,142

 

+7%

 

 

7,940

 

5,513

 

5,938

 

+34%

 

 

Investments including acquisitions*

 

24,680

 

21,658

 

+14%

 

 

242

 

1,849

 

881

 

-73%

 

 

Asset sales

 

3,572

 

4,586

 

-22%

 

 

1,231

 

36

 

—

 

n/a

 

 

Other transactions with minority interests

 

1,621

 

1

 

n/a

 

 

6,467

 

3,628

 

5,057

 

+28%

 

 

Net investments***

 

19,487

 

17,071

 

+14%

 

 

 

*

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 investments = investments including acquisitions — asset sales — other transactions with minority interests.

 

Net-debt-to-equity ratio

 

in millions of euros

 

12/31/2013

 

9/30/2013

 

12/31/2012

 

Current borrowings

 

8,116

 

8,209

 

11,016

 

Net current financial assets

 

(260

)

(297

)

(1,386

)

Net financial assets classified as held for sale

 

(130

)

(42

)

756

 

Non-current financial debt

 

25,069

 

25,128

 

22,274

 

Hedging instruments of non-current debt

 

(1,028

)

(1,362

)

(1,626

)

Cash and cash equivalents

 

(14,647

)

(14,891

)

(15,469

)

Net debt

 

17 120

 

16 745

 

15 565

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

72,629

 

72,484

 

71,185

 

Estimated dividend payable

 

(1,362

)

(1,313

)

(1,299

)

Minority interests

 

2,281

 

1,724

 

1,280

 

Equity

 

73,548

 

72,895

 

71,166

 

 

 

 

 

 

 

 

 

Net-debt-to-equity ratio

 

23.3

%

23.0

%

21.9

%

 

13


 

Return on average capital employed

 

·                  Full year 2013

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Services

 

Adjusted net operating income

 

9,370

 

1,404

 

1,151

 

Capital employed at 12/31/2012*

 

63,862

 

15,726

 

6,986

 

Capital employed at 12/31/2013*

 

69,266

 

14,297

 

7,259

 

ROACE

 

14.1%

 

9.4%

 

16.2%

 

 

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

 

·                  Twelve months ended September 30, 2013

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing 
& Services

 

Adjusted net operating income

 

9,806

 

1,450

 

1,192

 

Capital employed at 9/30/2012*

 

62,707

 

15,857

 

7,600

 

Capital employed at 9/30/2013*

 

67,487

 

15,443

 

6,833

 

ROACE

 

15.1%

 

9.3%

 

16.5%

 

 

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

 

·                  Full year 2012

 

in millions of euros

 

Upstream

 

Refining &
Chemicals

 

Marketing
 & Services

 

Adjusted net operating income

 

11,145

 

1,376

 

830

 

Capital employed at 12/31/2011*

 

56,910

 

15,454

 

6,852

 

Capital employed at 12/31/2012*

 

63,862

 

15,726

 

6,986

 

ROACE

 

18.5%

 

8.8%

 

12.0%

 

 

*              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 2013

 

1.36

 

10.1

 

109.2

 

102.5

 

7.36

 

Third quarter 2013

 

1.32

 

10.6

 

110.3

 

107.2

 

7.18

 

Second quarter 2013

 

1.31

 

24.1

 

102.4

 

 96.6

 

6.62

 

First quarter 2013

 

1.32

 

26.9

 

112.6

 

106.7

 

7.31

 

Fourth quarter 2012

 

1.30

 

33.9

 

110.1

 

106.4

 

6.94

 

 

*                       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
2013

 

3rd quarter
2013

 

4th quarter
2012

 

 

 

 

 

 

 

 

 

Sales

 

47,753

 

46,686

 

49,868

 

Excise taxes

 

(4,564

)

(4,658

)

(4,399

)

Revenues from sales

 

43,189

 

42,028

 

45,469

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(30,871

)

(29,368

)

(31,854

)

Other operating expenses

 

(5,630

)

(5,070

)

(6,277

)

Exploration costs

 

(486

)

(568

)

(504

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,152

)

(2,778

)

(2,413

)

Other income

 

198

 

1,144

 

474

 

Other expense

 

(318

)

(161

)

(239

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(160

)

(159

)

(160

)

Financial income from marketable securities & cash equivalents

 

19

 

9

 

33

 

Cost of net debt

 

(141

)

(150

)

(127

)

 

 

 

 

 

 

 

 

Other financial income

 

126

 

138

 

123

 

Other financial expense

 

(111

)

(153

)

(110

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

619

 

625

 

392

 

 

 

 

 

 

 

 

 

Income taxes

 

(2,749

)

(2,863

)

(2,557

)

Consolidated net income

 

1,674

 

2,824

 

2,377

 

Group share

 

1,605

 

2,761

 

2,341

 

Non-controlling interests

 

69

 

63

 

36

 

Earnings per share (€)

 

0.71

 

1.22

 

1.04

 

Fully-diluted earnings per share (€)

 

0.71

 

1.21

 

1.03

 

 

(a) Except for per share amounts.

 

16


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

(unaudited)

 

(M€)

 

4th quarter
2013

 

3rd quarter
2013

 

4th quarter
2012

 

 

 

 

 

 

 

 

 

Consolidated net income

 

1,674 

 

2,824 

 

2,377 

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

499 

 

33 

 

(437) 

 

Tax effect

 

(214) 

 

(8) 

 

190 

 

Items not potentially reclassifiable to profit and loss

 

285 

 

25 

 

(247) 

 

Currency translation adjustment

 

(953) 

 

(1,086) 

 

(987) 

 

Available for sale financial assets

 

18 

 

5 

 

4 

 

Cash flow hedge

 

17 

 

28 

 

29 

 

Share of other comprehensive income of equity affiliates, net amount

 

(250) 

 

(271) 

 

(31) 

 

Other

 

8 

 

(4) 

 

— 

 

Tax effect

 

(9) 

 

(11) 

 

(9) 

 

Items potentially reclassifiable to profit and loss

 

(1,169) 

 

(1,339) 

 

(994) 

 

Total other comprehensive income (net amount)

 

(884) 

 

(1,314) 

 

(1,241) 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

790 

 

1,510 

 

1,136 

 

- Group share

 

779 

 

1,504 

 

1,131 

 

- Non-controlling interests

 

11 

 

6 

 

5 

 

 

17


 

CONSOLIDATED STATEMENT OF INCOME

 

TOTAL

 

(M€) (a)

 

Year
2013

 

Year
2012

 

 

 

 

 

 

 

 

 

Sales

 

189,542

 

 

200,061

 

 

Excise taxes

 

(17,887

)

 

(17,762

)

 

Revenues from sales

 

171,655

 

 

182,299

 

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(121,113

)

 

(126,798

)

 

Other operating expenses

 

(21,687

)

 

(22,784

)

 

Exploration costs

 

(1,633

)

 

(1,446

)

 

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(9,031

)

 

(9,525

)

 

Other income

 

1,725

 

 

1,462

 

 

Other expense

 

(2,105

)

 

(915

)

 

 

 

 

 

 

 

 

 

Financial interest on debt

 

(670

)

 

(671

)

 

Financial income from marketable securities & cash equivalents

 

64

 

 

100

 

 

Cost of net debt

 

(606

)

 

(571

)

 

 

 

 

 

 

 

 

 

Other financial income

 

524

 

 

558

 

 

Other financial expense

 

(529

)

 

(499

)

 

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

2,571

 

 

2,010

 

 

 

 

 

 

 

 

 

 

Income taxes

 

(11,110

)

 

(13,035

)

 

Consolidated net income

 

8,661

 

 

10,756

 

 

Group share

 

8,440

 

 

10,609

 

 

Non-controlling interests

 

221

 

 

147

 

 

Earnings per share (€)

 

3.73

 

 

4.70

 

 

Fully-diluted earnings per share (€)

 

3.72

 

 

4.68

 

 

 

(a) Except for per share amounts.

 

18


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

 

(M€)

 

Year 
2013 

 

Year 
2012 

 

 

 

 

 

 

 

Consolidated net income

 

8,661

 

10,756

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

513

 

(911)

 

Tax effect

 

(216)

 

362

 

Items not potentially reclassifiable to profit and loss

 

297

 

(549)

 

Currency translation adjustment

 

(2,199)

 

(702)

 

Available for sale financial assets

 

25

 

(338)

 

Cash flow hedge

 

117

 

65

 

Share of other comprehensive income of equity affiliates, net amount

 

(857)

 

160

 

Other

 

(4)

 

(14)

 

Tax effect

 

(47)

 

63

 

Items potentially reclassifiable to profit and loss

 

(2,965)

 

(766)

 

Total other comprehensive income (net amount)

 

(2,668)

 

(1,315)

 

 

 

 

 

 

 

Comprehensive income

 

5,993

 

9,441

 

- Group share

 

5,910

 

9,334

 

- Non-controlling interests

 

83

 

107

 

 

19


 

CONSOLIDATED BALANCE SHEET

 

TOTAL

 

(M€)

 

December 31,
2013

 

September 30,
2013
(unaudited)

 

December 31,
2012

 

 

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

 

 

Intangible assets, net

 

13,341

 

 

12,595

 

 

12,858

 

 

Property, plant and equipment, net

 

75,759

 

 

71,924

 

 

69,332

 

 

Equity affiliates : investments and loans

 

14,804

 

 

14,624

 

 

13,759

 

 

Other investments

 

1,207

 

 

1,315

 

 

1,190

 

 

Hedging instruments of non-current financial debt

 

1,028

 

 

1,362

 

 

1,626

 

 

Deferred income taxes

 

2,810

 

 

2,756

 

 

2,279

 

 

Other non-current assets

 

3,195

 

 

2,910

 

 

2,663

 

 

Total non-current assets

 

112,144

 

 

107,486

 

 

103,707

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

Inventories, net

 

16,023

 

 

15,897

 

 

17,397

 

 

Accounts receivable, net

 

16,984

 

 

18,426

 

 

19,206

 

 

Other current assets

 

10,798

 

 

11,244

 

 

10,086

 

 

Current financial assets

 

536

 

 

339

 

 

1,562

 

 

Cash and cash equivalents

 

14,647

 

 

14,891

 

 

15,469

 

 

Assets classified as held for sale

 

2,359

 

 

2,304

 

 

3,797

 

 

Total current assets

 

61,347

 

 

63,101

 

 

67,517

 

 

Total assets

 

173,491

 

 

170,587

 

 

171,224

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

 

 

Common shares

 

5,944

 

 

5,943

 

 

5,915

 

 

Paid-in surplus and retained earnings

 

74,449

 

 

73,144

 

 

70,116

 

 

Currency translation adjustment

 

(4,385

)

 

(3,224

)

 

(1,504

)

 

Treasury shares

 

(3,379

)

 

(3,379

)

 

(3,342

)

 

Total shareholders’ equity - Group Share

 

72,629

 

 

72,484

 

 

71,185

 

 

Non-controlling interests

 

2,281

 

 

1,724

 

 

1,280

 

 

Total shareholders’ equity

 

74,910

 

 

74,208

 

 

72,465

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

 

 

Deferred income taxes

 

12,943

 

 

12,917

 

 

12,132

 

 

Employee benefits

 

3,071

 

 

3,554

 

 

3,744

 

 

Provisions and other non-current liabilities

 

12,701

 

 

10,949

 

 

11,585

 

 

Non-current financial debt

 

25,069

 

 

25,128

 

 

22,274

 

 

Total non-current liabilities

 

53,784

 

 

52,548

 

 

49,735

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

21,958

 

 

20,594

 

 

21,648

 

 

Other creditors and accrued liabilities

 

13,821

 

 

14,347

 

 

14,698

 

 

Current borrowings

 

8,116

 

 

8,209

 

 

11,016

 

 

Other current financial liabilities

 

276

 

 

42

 

 

176

 

 

Liabilities directly associated with the assets classified as held for sale

 

626

 

 

639

 

 

1,486

 

 

Total current liabilities

 

44,797

 

 

43,831

 

 

49,024

 

 

Total liabilities and shareholders’ equity

 

173,491

 

 

170,587

 

 

171,224

 

 

 

20


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(unaudited)

 

(M€)

 

4th quarter
2013

 

3rd quarter
2013

 

4th quarter
2012

 

 

 

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

1,674

 

2,824

 

2,377

 

 

Depreciation, depletion and amortization

 

2,469

 

3,169

 

2,801

 

 

Non-current liabilities, valuation allowances and deferred taxes

 

610

 

585

 

358

 

 

Impact of coverage of pension benefit plans

 

—

 

—

 

—

 

 

(Gains) losses on disposals of assets

 

(142

)

(1,073

)

(456

)

 

Undistributed affiliates’ equity earnings

 

(72

)

(228

)

119

 

 

(Increase) decrease in working capital

 

2,489

 

1,576

 

636

 

 

Other changes, net

 

67

 

101

 

30

 

 

Cash flow from operating activities

 

7,095

 

6,954

 

5,865

 

 

 

 

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(7,119

)

(5,136

)

(6,038

)

 

Acquisitions of subsidiaries, net of cash acquired

 

—

 

—

 

8

 

 

Investments in equity affiliates and other securities

 

(337

)

(201

)

(89

)

 

Increase in non-current loans

 

(918

)

(515

)

(504

)

 

Total expenditures

 

(8,374

)

(5,852

)

(6,623

)

 

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

 

26

 

39

 

482

 

 

Proceeds from disposals of subsidiaries, net of cash sold

 

2

 

1,793

 

317

 

 

Proceeds from disposals of non-current investments

 

214

 

17

 

82

 

 

Repayment of non-current loans

 

434

 

339

 

685

 

 

Total divestments

 

676

 

2,188

 

1,566

 

 

Cash flow used in investing activities

 

(7,698

)

(3,664

)

(5,057

)

 

 

 

 

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

 

 

 

- Parent company shareholders

 

19

 

17

 

—

 

 

- Treasury shares

 

—

 

(179

)

—

 

 

Dividends paid:

 

 

 

 

 

 

 

 

- Parent company shareholders

 

(1,338

)

(1,340

)

(1,332

)

 

- Non-controlling interests

 

(37

)

(9

)

(4

)

 

Other transactions with non-controlling interests

 

1,231

 

36

 

—

 

 

Net issuance (repayment) of non-current debt

 

1,552

 

3,382

 

144

 

 

Increase (decrease) in current borrowings

 

(1,019

)

(1,855

)

(862

)

 

Increase (decrease) in current financial assets and liabilities

 

29

 

48

 

23

 

 

Cash flow used in financing activities

 

437

 

100

 

(2,031

)

 

Net increase (decrease) in cash and cash equivalents

 

(166

)

3,390

 

(1,223

)

 

Effect of exchange rates

 

(78

)

(57

)

(141

)

 

Cash and cash equivalents at the beginning of the period

 

14,891

 

11,558

 

16,833

 

 

Cash and cash equivalents at the end of the period

 

14,647

 

14,891

 

15,469

 

 

 

21


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(M€)

 

Year
2013

 

Year
2012

 

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

8,661

 

10,756

 

 

Depreciation, depletion and amortization

 

10,058

 

10,481

 

 

Non-current liabilities, valuation allowances and deferred taxes

 

1,171

 

1,470

 

 

Impact of coverage of pension benefit plans

 

—

 

(362

)

 

(Gains) losses on disposals of assets

 

(68

)

(1,321

)

 

Undistributed affiliates’ equity earnings

 

(583

)

211

 

 

(Increase) decrease in working capital

 

1,930

 

1,084

 

 

Other changes, net

 

304

 

143

 

 

Cash flow from operating activities

 

21,473

 

22,462

 

 

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(22,400

)

(19,905

)

 

Acquisitions of subsidiaries, net of cash acquired

 

(16

)

(191

)

 

Investments in equity affiliates and other securities

 

(1,318

)

(898

)

 

Increase in non-current loans

 

(2,188

)

(1,949

)

 

Total expenditures

 

(25,922

)

(22,943

)

 

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

 

1,329

 

1,418

 

 

Proceeds from disposals of subsidiaries, net of cash sold

 

1,995

 

352

 

 

Proceeds from disposals of non-current investments

 

248

 

2,816

 

 

Repayment of non-current loans

 

1,242

 

1,285

 

 

Total divestments

 

4,814

 

5,871

 

 

Cash flow used in investing activities

 

(21,108

)

(17,072

)

 

 

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

 

- Parent company shareholders

 

365

 

32

 

 

- Treasury shares

 

(179

)

(68

)

 

Dividends paid:

 

 

 

 

 

 

- Parent company shareholders

 

(5,367

)

(5,184

)

 

- Non controlling interests

 

(118

)

(104

)

 

Other transactions with non-controlling interests

 

1,621

 

1

 

 

Net issuance (repayment) of non-current debt

 

8,359

 

5,279

 

 

Increase (decrease) in current borrowings

 

(6,804

)

(2,754

)

 

Increase (decrease) in current financial assets and liabilities

 

978

 

(947

)

 

Cash flow used in financing activities

 

(1,145

)

(3,745

)

 

Net increase (decrease) in cash and cash equivalents

 

(780

)

1,645

 

 

Effect of exchange rates

 

(42

)

(201

)

 

Cash and cash equivalents at the beginning of the period

 

15,469

 

14,025

 

 

Cash and cash equivalents at the end of the period

 

14,647

 

15,469

 

 

 

22


 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

 

TOTAL

 

 

 

Common shares issued

 

Paid-in
surplus and
retained

 

Currency
translation

 

Treasury shares

 

Shareholders’
equity Group

 

Non-
controlling

 

Total
shareholders’

 

(M€)

 

Number

 

Amount

 

earnings

 

adjustment

 

Number

 

Amount

 

Share

 

interests

 

equity

 

As of January 1, 2012

 

2,363,767,313

 

5,909

 

65,430

 

(1,004)

 

(109,554,173)

 

(3,390)

 

66,945

 

1,352

 

68,297

 

Net income 2012

 

—

 

—

 

10,609

 

—

 

—

 

—

 

10,609

 

147

 

10,756

 

Other comprehensive Income

 

—

 

—

 

(769)

 

(506)

 

—

 

—

 

(1,275)

 

(40)

 

(1,315)

 

Comprehensive Income

 

—

 

—

 

9,840

 

(506)

 

—

 

—

 

9,334

 

107

 

9,441

 

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

 

70,116

 

(1,504)

 

(108,391,639)

 

(3,342)

 

71,185

 

1,280

 

72,465

 

Net income 2013

 

—

 

—

 

8,440

 

—

 

—

 

—

 

8,440

 

221

 

8,661

 

Other comprehensive Income

 

—

 

—

 

360

 

(2,890)

 

—

 

—

 

(2,530)

 

(138)

 

(2,668)

 

Comprehensive Income

 

—

 

—

 

8,800

 

(2,890)

 

—

 

—

 

5,910

 

83

 

5,993

 

Dividend

 

—

 

—

 

(5,358)

 

—

 

—

 

—

 

(5,358)

 

(118)

 

(5,476)

 

Issuance of common shares

 

11,745,014

 

29

 

336

 

—

 

—

 

—

 

365

 

—

 

365

 

Purchase of treasury shares

 

—

 

—

 

—

 

—

 

(4,414,200)

 

(179)

 

(179)

 

—

 

(179)

 

Sale of treasury shares (1)

 

—

 

—

 

(142)

 

—

 

3,591,391

 

142

 

—

 

—

 

—

 

Share-based payments

 

—

 

—

 

142

 

—

 

—

 

—

 

142

 

—

 

142

 

Share cancellation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other operations with non-controlling interests

 

—

 

—

 

548

 

9

 

—

 

—

 

557

 

1,027

 

1,584

 

Other items

 

—

 

—

 

7

 

—

 

—

 

—

 

7

 

9

 

16

 

As of December 31, 2013

 

2,377,678,160

 

5,944

 

74,449

 

(4,385)

 

(109,214,448)

 

(3,379)

 

72,629

 

2,281

 

74,910

 

 

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

 

23


 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

 

4th quarter 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,143

 

21,766

 

20,847

 

(3

)

—

 

47,753

 

Intersegment sales

 

7,521

 

9,571

 

281

 

42

 

(17,415

)

—

 

Excise taxes

 

—

 

(985

)

(3,579

)

—

 

—

 

(4,564

)

Revenues from sales

 

12,664

 

30,352

 

17,549

 

39

 

(17,415

)

43,189

 

Operating expenses

 

(7,011

)

(30,095

)

(17,074

)

(222

)

17,415

 

(36,987

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,570

)

(426

)

(148

)

(8

)

—

 

(2,152

)

Operating income

 

4,083

 

(169

)

327

 

(191

)

—

 

4,050

 

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

 

593

 

(56

)

(31

)

8

 

—

 

514

 

Tax on net operating income

 

(2,440

)

(287

)

(85

)

34

 

—

 

(2,778

)

Net operating income

 

2,236

 

(512

)

211

 

(149

)

—

 

1,786

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(112

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(69

)

Net income

 

 

 

 

 

 

 

 

 

 

 

1,605

 

 

4th quarter 2013 (adjustments) (a)
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

(17

)

—

 

—

 

—

 

—

 

(17

)

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

(17

)

—

 

—

 

—

 

—

 

(17

)

Operating expenses

 

—

 

(340

)

(40

)

—

 

—

 

(380

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

—

 

(129

)

(3

)

—

 

—

 

(132

)

Operating income (b)

 

(17

)

(469

)

(43

)

—

 

—

 

(529

)

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

 

—

 

(152

)

(18

)

—

 

—

 

(170

)

Tax on net operating income

 

3

 

(212

)

46

 

—

 

—

 

(163

)

Net operating income (b)

 

(14

)

(833

)

(15

)

—

 

—

 

(862

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

—

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(862

)

 

(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

 

—

 

(57

)

(33

)

—

 

 

 

 

 

On net operating income

 

—

 

(47

)

(27

)

—

 

 

 

 

 

 

4th quarter 2013 (adjusted)
(M€) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,160

 

21,766

 

20,847

 

(3

)

—

 

47,770

 

Intersegment sales

 

7,521

 

9,571

 

281

 

42

 

(17,415

)

—

 

Excise taxes

 

—

 

(985

)

(3,579

)

—

 

—

 

(4,564

)

Revenues from sales

 

12,681

 

30,352

 

17,549

 

39

 

(17,415

)

43,206

 

Operating expenses

 

(7,011

)

(29,755

)

(17,034

)

(222

)

17,415

 

(36,607

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,570

)

(297

)

(145

)

(8

)

—

 

(2,020

)

Adjusted operating income

 

4,100

 

300

 

370

 

(191

)

—

 

4,579

 

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

 

593

 

96

 

(13

)

8

 

—

 

684

 

Tax on net operating income

 

(2,443

)

(75

)

(131

)

34

 

—

 

(2,615

)

Adjusted net operating income

 

2,250

 

321

 

226

 

(149

)

—

 

2,648

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(112

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(69

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

2,467

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.08

 

 

(a) Except for earnings per share.

 

4th quarter 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

7,021

 

709

 

610

 

34

 

—

 

8,374

 

Total divestments

 

584

 

32

 

47

 

13

 

—

 

676

 

Cash flow from operating activities

 

5,414

 

1,356

 

318

 

7

 

—

 

7,095

 

 

24


 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

 

3rd quarter 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

4,479

 

21,260

 

21,074

 

(127

)

—

 

46,686

 

Intersegment sales

 

6,974

 

10,068

 

431

 

13

 

(17,486

)

—

 

Excise taxes

 

—

 

(975

)

(3,683

)

—

 

—

 

(4,658

)

Revenues from sales

 

11,453

 

30,353

 

17,822

 

(114

)

(17,486

)

42,028

 

Operating expenses

 

(5,364

)

(29,925

)

(17,247

)

44

 

17,486

 

(35,006

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,349

)

(285

)

(136

)

(8

)

—

 

(2,778

)

Operating income

 

3,740

 

143

 

439

 

(78

)

—

 

4,244

 

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

 

1,506

 

75

 

64

 

(52

)

—

 

1,593

 

Tax on net operating income

 

(2,564

)

(174

)

(113

)

(32

)

—

 

(2,883

)

Net operating income

 

2,682

 

44

 

390

 

(162

)

—

 

2,954

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(130

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(63

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2,761

 

 

3rd quarter 2013 (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

 

(86

)

(114

)

41

 

—

 

—

 

(159

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(651

)

(5

)

—

 

—

 

—

 

(656

)

Operating income (b)

 

(746

)

(119

)

41

 

—

 

—

 

(824

)

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

 

950

 

(5

)

29

 

(30

)

—

 

944

 

Tax on net operating income

 

149

 

(162

)

(10

)

(34

)

—

 

(57

)

Net operating income (b)

 

353

 

(286

)

60

 

(64

)

—

 

63

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(18

)

Net income

 

 

 

 

 

 

 

 

 

 

 

45

 

 

(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

 

—

 

(114

)

71

 

—

 

 

 

 

 

On net operating income

 

—

 

(63

)

49

 

—

 

 

 

 

 

 

3rd quarter 2013 (adjusted)
(M€) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

4,488

 

21,260

 

21,074

 

(127

)

—

 

46,695

 

Intersegment sales

 

6,974

 

10,068

 

431

 

13

 

(17,486

)

—

 

Excise taxes

 

—

 

(975

)

(3,683

)

—

 

—

 

(4,658

)

Revenues from sales

 

11,462

 

30,353

 

17,822

 

(114

)

(17,486

)

42,037

 

Operating expenses

 

(5,278

)

(29,811

)

(17,288

)

44

 

17,486

 

(34,847

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,698

)

(280

)

(136

)

(8

)

—

 

(2,122

)

Adjusted operating income

 

4,486

 

262

 

398

 

(78

)

—

 

5,068

 

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

 

556

 

80

 

35

 

(22

)

—

 

649

 

Tax on net operating income

 

(2,713

)

(12

)

(103

)

2

 

—

 

(2,826

)

Adjusted net operating income

 

2,329

 

330

 

330

 

(98

)

—

 

2,891

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(130

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(45

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

2,716

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.19

 

 

(a) Except for earnings per share.

 

3rd quarter 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

5,064

 

415

 

326

 

47

 

—

 

5,852

 

Total divestments

 

2,114

 

8

 

44

 

22

 

—

 

2,188

 

Cash flow from operating activities

 

4,765

 

840

 

1,287

 

62

 

—

 

6,954

 

 

25


 

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

 

(7,892

)

(31,885

)

(17,945

)

(214

)

19,301

 

(38,635

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,752

)

(491

)

(160

)

(10

)

—

 

(2,413

)

Operating income

 

4,425

 

(153

)

272

 

(123

)

—

 

4,421

 

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

 

692

 

57

 

(122

)

13

 

—

 

640

 

Tax on net operating income

 

(2,519

)

45

 

(82

)

3

 

—

 

(2,553

)

Net operating income

 

2,598

 

(51

)

68

 

(107

)

—

 

2,508

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(131

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(36

)

Net income

 

 

 

 

 

 

 

 

 

 

 

2,341

 

 

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

 

(7,321

)

(31,548

)

(17,843

)

(214

)

19,301

 

(37,625

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(1,686

)

(287

)

(152

)

(10

)

—

 

(2,135

)

Adjusted operating income

 

5,049

 

388

 

382

 

(123

)

—

 

5,696

 

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

 

452

 

86

 

1

 

26

 

—

 

565

 

Tax on net operating income

 

(2,815

)

(107

)

(116

)

5

 

—

 

(3,033

)

Adjusted net operating income

 

2,686

 

367

 

267

 

(92

)

—

 

3,228

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(131

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(56

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

3,041

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

1.34

 

 

(a) Except for earnings per share.

 

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

 

 

26


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

Year 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

19,855

 

86,204

 

83,481

 

2

 

—

 

189,542

 

Intersegment sales

 

28,349

 

39,360

 

1,626

 

133

 

(69,468

)

—

 

Excise taxes

 

—

 

(3,625

)

(14,262

)

—

 

—

 

(17,887

)

Revenues from sales

 

48,204

 

121,939

 

70,845

 

135

 

(69,468

)

171,655

 

Operating expenses

 

(24,002

)

(120,500

)

(68,802

)

(597

)

69,468

 

(144,433

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(7,141

)

(1,307

)

(552

)

(31

)

—

 

(9,031

)

Operating income

 

17,061

 

132

 

1,491

 

(493

)

—

 

18,191

 

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

 

2,027

 

143

 

39

 

(23

)

—

 

2,186

 

Tax on net operating income

 

(10,321

)

(460

)

(413

)

(21

)

—

 

(11,215

)

Net operating income

 

8,767

 

(185

)

1,117

 

(537

)

—

 

9,162

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(501

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(221

)

Net income

 

 

 

 

 

 

 

 

 

 

 

8,440

 

 

Year 2013 (adjustments) (a)
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

(56

)

—

 

—

 

—

 

—

 

(56

)

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

 

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

 

 

Revenues from sales

 

(56

)

—

 

—

 

—

 

—

 

(56

)

Operating expenses

 

(86

)

(1,059

)

(102

)

—

 

—

 

(1,247

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(651

)

(138

)

(3

)

—

 

—

 

(792

)

Operating income (b)

 

(793

)

(1,197

)

(105

)

—

 

—

 

(2,095

)

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

 

(218

)

(199

)

2

 

(30

)

—

 

(445

)

Tax on net operating income

 

408

 

(193

)

69

 

(34

)

—

 

250

 

Net operating income (b)

 

(603

)

(1,589

)

(34

)

(64

)

—

 

(2,290

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(15

)

Net income

 

 

 

 

 

 

 

 

 

 

 

(2,305

)

 

(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

 

—

 

(737

)

(65

)

—

 

 

 

 

 

On net operating income

 

—

 

(495

)

(47

)

—

 

 

 

 

 

 

Year 2013 (adjusted)
(M€) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

19,911

 

86,204

 

83,481

 

2

 

—

 

189,598

 

Intersegment sales

 

28,349

 

39,360

 

1,626

 

133

 

(69,468

)

—

 

Excise taxes

 

—

 

(3,625

)

(14,262

)

—

 

—

 

(17,887

)

Revenues from sales

 

48,260

 

121,939

 

70,845

 

135

 

(69,468

)

171,711

 

Operating expenses

 

(23,916

)

(119,441

)

(68,700

)

(597

)

69,468

 

(143,186

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,490

)

(1,169

)

(549

)

(31

)

—

 

(8,239

)

Adjusted operating income

 

17,854

 

1,329

 

1,596

 

(493

)

—

 

20,286

 

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

 

2,245

 

342

 

37

 

7

 

—

 

2,631

 

Tax on net operating income

 

(10,729

)

(267

)

(482

)

13

 

—

 

(11,465

)

Adjusted net operating income

 

9,370

 

1,404

 

1,151

 

(473

)

—

 

11,452

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(501

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(206

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

10,745

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

4.73

 

 

(a) Except for earnings per share.

 

Year 2013
(M€)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

22,396

 

2,039

 

1,365

 

122

 

—

 

25,922

 

Total divestments

 

4,353

 

275

 

141

 

45

 

—

 

4,814

 

Cash flow from operating activities

 

16,457

 

3,211

 

1,926

 

(121

)

—

 

21,473

 

 

27


 

BUSINESS SEGMENT INFORMATION

 

TOTAL

 

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

 

(25,966

)

(129,499

)

(71,535

)

(973

)

76,945

 

(151,028

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(7,437

)

(1,445

)

(607

)

(36

)

—

 

(9,525

)

Operating income

 

20,261

 

1,050

 

1,058

 

(623

)

—

 

21,746

 

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

 

2,325

 

213

 

(198

)

276

 

—

 

2,616

 

Tax on net operating income

 

(12,359

)

(263

)

(380

)

(127

)

—

 

(13,129

)

Net operating income

 

10,227

 

1,000

 

480

 

(474

)

—

 

11,233

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(477

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(147

)

Net income

 

 

 

 

 

 

 

 

 

 

 

10,609

 

 

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

 

(25,380

)

(129,300

)

(71,306

)

(885

)

76,945

 

(149,926

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,237

)

(1,239

)

(539

)

(36

)

—

 

(8,051

)

Adjusted operating income

 

22,056

 

1,455

 

1,355

 

(535

)

—

 

24,331

 

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

 

2,085

 

254

 

(79

)

130

 

—

 

2,390

 

Tax on net operating income

 

(12,996

)

(333

)

(446

)

(19

)

—

 

(13,794

)

Adjusted net operating income

 

11,145

 

1,376

 

830

 

(424

)

—

 

12,927

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(477

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(174

)

Ajusted net income

 

 

 

 

 

 

 

 

 

 

 

12,276

 

Adjusted fully-diluted earnings per share (€)

 

 

 

 

 

 

 

 

 

 

 

5.42

 

 

(a) Except for earnings per share.

 

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

 

 

28


 

Reconciliation of the information by business segment with consolidated financial statements

 

TOTAL

 

(unaudited)

 

4th quarter 2013
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

Sales

 

47,770

 

(17

)

47,753

 

Excise taxes

 

(4,564

)

—

 

(4,564

)

Revenues from sales

 

43,206

 

(17

)

43,189

 

Purchases net of inventory variation

 

(30,781

)

(90

)

(30,871

)

Other operating expenses

 

(5,340

)

(290

)

(5,630

)

Exploration costs

 

(486

)

—

 

(486

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,020

)

(132

)

(2,152

)

Other income

 

198

 

—

 

198

 

Other expense

 

(154

)

(164

)

(318

)

Financial interest on debt

 

(160

)

—

 

(160

)

Financial income from marketable securities & cash equivalents

 

19

 

—

 

19

 

Cost of net debt

 

(141

)

—

 

(141

)

Other financial income

 

126

 

—

 

126

 

Other financial expense

 

(111

)

—

 

(111

)

Equity in net income (loss) of affiliates

 

625

 

(6

)

619

 

Income taxes

 

(2,586

)

(163

)

(2,749

)

Consolidated net income

 

2,536

 

(862

)

1,674

 

Group share

 

2,467

 

(862

)

1,605

 

Non-controlling interests

 

69

 

—

 

69

 

 

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

 

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

 

(5,729

)

(548

)

(6,277

)

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

 

(3,037

)

480

 

(2,557

)

Consolidated net income

 

3,097

 

(720

)

2,377

 

Group share

 

3,041

 

(700

)

2,341

 

Non-controlling interests

 

56

 

(20

)

36

 

 

(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 2013
(M€)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

Sales

 

189,598

 

(56

)

189,542

 

Excise taxes

 

(17,887

)

—

 

(17,887

)

Revenues from sales

 

171,711

 

(56

)

171,655

 

Purchases net of inventory variation

 

(120,311

)

(802

)

(121,113

)

Other operating expenses

 

(21,242

)

(445

)

(21,687

)

Exploration costs

 

(1,633

)

—

 

(1,633

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(8,239

)

(792

)

(9,031

)

Other income

 

468

 

1,257

 

1,725

 

Other expense

 

(418

)

(1,687

)

(2,105

)

Financial interest on debt

 

(670

)

—

 

(670

)

Financial income from marketable securities & cash equivalents

 

64

 

—

 

64

 

Cost of net debt

 

(606

)

—

 

(606

)

Other financial income

 

524

 

—

 

524

 

Other financial expense

 

(529

)

—

 

(529

)

Equity in net income (loss) of affiliates

 

2,586

 

(15

)

2,571

 

Income taxes

 

(11,360

)

250

 

(11,110

)

Consolidated net income

 

10,951

 

(2,290

)

8,661

 

Group share

 

10,745

 

(2,305

)

8,440

 

Non-controlling interests

 

206

 

15

 

221

 

 

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

 

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

 

(21,916

)

(868

)

(22,784

)

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

 

(13,700

)

665

 

(13,035

)

Consolidated net income

 

12,450

 

(1,694

)

10,756

 

Group share

 

12,276

 

(1,667

)

10,609

 

Non-controlling interests

 

174

 

(27

)

147

 

 

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

 

30