UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
May 2, 2014
Commission File Number 001-10888
TOTAL S.A.
(Translation of registrants name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes o No x
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-180967, 333-180967-01, 333-180967-02 AND 333-180967-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (NOS. 333-126463, 333-144415, 333-150365, 333-150366, 333-169828, 333-172832, 333-183144 AND 333-185168) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
TOTAL S.A. is providing on this Form 6-K its results for the first three months ended March 31, 2014, and a description of certain recent developments relating to its business, as well as a capitalization table as of March 31, 2014, and a ratio of earnings to fixed charges for the three months ended March 31, 2014 and 2013, together with the computation of the ratio of earnings to fixed charges.
EX-99.1: Results for the Three Months Ended March 31, 2014 |
EX-99.2: Recent Developments |
EX-99.3: Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness |
EX-99.4: Computation of Ratio of Earnings to Fixed Charges |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
TOTAL S.A. | ||
|
| ||
Date: May 2, 2014 |
By: |
/s/ HUMBERT DE WENDEL | |
|
|
Name: |
Humbert de WENDEL |
|
|
Title: |
Treasurer |
Exhibit 99.1 |
|
Results for the Three Months Ended March 31, 2014 |
Exhibit 99.2 |
|
Recent Developments |
Exhibit 99.3 |
|
Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness |
Exhibit 99.4 |
|
Computation of Ratio of Earnings to Fixed Charges |
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 first quarter ended March 31, 2013, has been derived from TOTALs unaudited consolidated financial statements for the first quarter ended March 31, 2014 (the Interim Statements) included in this exhibit.
TOTAL changed the presentation currency of the Groups Consolidated Financial Statements from the Euro to the US Dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in U.S. dollars. Comparative 2013 information has been restated (see Note 11 to the Interim Statements), including the interpretation of IFRIC 21 Levies applied retrospectively (see Notes 1 and 11 to the Interim Statements).
The following discussion should be read in conjunction with the unaudited interim consolidated financial statements and the related notes provided elsewhere in this exhibit and with the information, including the audited financial statements and related notes, for the year ended December 31, 2013, in TOTALs Annual Report on Form 20-F for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 27, 2014.
· KEY FIGURES AND CONSOLIDATED ACCOUNTS OF TOTAL*
in millions of dollars |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Sales |
|
60,687 |
|
|
64,975 |
|
|
63,561 |
|
|
-5 |
% |
|
Adjusted net operating income from business segments |
|
|
|
|
|
|
|
|
|
|
|
|
|
· Upstream |
|
3,092 |
|
|
3,065 |
|
|
3,257 |
|
|
-5 |
% |
|
· Refining & Chemicals |
|
346 |
|
|
441 |
|
|
437 |
|
|
-21 |
% |
|
· Marketing & Services |
|
261 |
|
|
329 |
|
|
332 |
|
|
-21 |
% |
|
Fully-diluted earnings per share (dollars) |
|
1.46 |
|
|
0.98 |
|
|
0.86 |
|
|
+70 |
% |
|
Fully-diluted weighted-average shares (millions) |
|
2,277 |
|
|
2,276 |
|
|
2,269 |
|
|
|
|
|
Net income (Group share) |
|
3,335 |
|
|
2,234 |
|
|
1,948 |
|
|
+71 |
% |
|
Investments** |
|
5,865 |
|
|
11,317 |
|
|
7,904 |
|
|
-26 |
% |
|
Divestments |
|
1,840 |
|
|
939 |
|
|
813 |
|
|
x2 |
|
|
Net investments*** |
|
4,025 |
|
|
8,739 |
|
|
6,620 |
|
|
-39 |
% |
|
Cash flow from operations |
|
5,338 |
|
|
9,578 |
|
|
4,913 |
|
|
+9 |
% |
|
* 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.
** Including acquisitions.
*** Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with minority interests.
· FIRST QUARTER 2014 RESULTS
Ø Sales
In the first quarter 2014, the Brent price averaged $108.2/b, a decrease of 4% compared to the first quarter 2013 and 1% compared to the fourth quarter 2013. The Groups European refining margin indicator (ERMI) averaged $6.6/t, compared to $26.9/t in the first quarter 2013 and $10.1/t in the fourth quarter 2013.
In this context, sales were $60,687 million in the first quarter 2014, a decrease of 5% compared to $63,561 million in the first quarter 2013.
Ø Net income
The Group was impacted in the first quarter 2014 by a decrease in the Upstream results in line with the decrease in Brent and the lower contribution of the Refining & Chemicals and Marketing & Services segments, which were impacted by a much weaker environment in Europe. Net income (Group share) in the first quarter 2014 increased by 71% to $3,335 million from $1,948 million in the first quarter 2013, mainly due to the impacts of special items and the inventory valuation effect (as described below). 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 $137 million in the first quarter 2014 compared to a negative impact of $68 million in the first quarter 2013. The
changes in fair value of trading inventories and storage contracts (as defined below under Analysis of business segment results) had a positive impact on net income (Group share) of $21 million in the first quarter 2014 compared to a positive impact of $1 million in the first quarter 2013. Special items had a positive impact on net income (Group share) of $124 million in the first quarter 2014, comprised mainly of the gain realized on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) ($599 million after tax) and the impairment of the Shtokman project in Russia ($350 million), compared to a negative impact of $1,683 million in the first quarter 2013, comprised essentially of a net loss relating to the sale of a 49% interest in the Voyageur upgrader project in Canada.
On March 31, 2014, there were 2,278 million fully-diluted shares, compared to 2,269 million on March 31, 2013.
Fully-diluted earnings per share, based on 2,277 million fully-diluted weighted-average shares, was $1.46 in the first quarter 2014 compared to $0.86 in the first quarter 2013, an increase of 70%.
Ø Investments divestments(1)
Investments in the first quarter 2014, excluding acquisitions of $299 million and including the change in non-current loans of negative $103 million, were $5.2 billion compared to $6.4 billion in the first quarter 2013, a decrease of 19%.
Acquisitions in the first quarter 2014 were $299 million, essentially comprised of the carry on the Utica gas and condensate field in the United States and the acquisition of marketing assets in Egypt. Acquisitions in the first quarter 2013 were $1,233 million.
Asset sales in the first quarter 2014 were $1,476 million, essentially comprised of the sale of Angola block 15/06 and the partial IPO of an interest in GTT. Asset sales in the first quarter 2013 were $554 million.
Net investments in the first quarter 2014 were $4.0 billion compared to $6.6 billion in the first quarter 2013.
Ø Cash flow
Cash flow from operations was $5,338 million in the first quarter 2014, an increase of 9% compared to the first quarter 2013.
The Groups net cash flow(2) in the first quarter 2014 was $1,313 million compared to negative $1,707 million in the first quarter 2013, essentially due to a decrease in net investments between the two periods.
The net-debt-to-equity ratio was 23.5% on March 31, 2014, compared to 23.3% on December 31, 2013 and 25.9% on March 31, 2013 (3).
· ANALYSIS OF BUSINESS SEGMENT RESULTS
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 Groups 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.
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 TOTALs management and the accounting for these transactions under IFRS, which
(1) Detail shown on page 9 of this exhibit.
(2) Net cash flow = cash flow from operations - net investments (including other transactions with minority interests).
(3) Detail shown on page 9 of this exhibit.
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 Groups internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.
The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTALs consolidated interim financial statements, see pages 17-20 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*
|
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Brent ($/b) |
|
108.2 |
|
|
109.2 |
|
|
112.6 |
|
|
-4 |
% |
|
Average liquids price ($/b) |
|
102.1 |
|
|
102.5 |
|
|
106.7 |
|
|
-4 |
% |
|
Average gas price ($/Mbtu) |
|
7.06 |
|
|
7.36 |
|
|
7.31 |
|
|
-3 |
% |
|
Average hydrocarbons price ($/boe) |
|
73.4 |
|
|
74.6 |
|
|
77.4 |
|
|
-5 |
% |
|
* Consolidated subsidiaries, excluding fixed margins.
· Production
Hydrocarbon production |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Combined production (kboe/d) |
|
2,179 |
|
|
2,284 |
|
|
2,323 |
|
|
-6 |
% |
|
· Liquids (kb/d) |
|
1,031 |
|
|
1,142 |
|
|
1,193 |
|
|
-14 |
% |
|
· Gas (Mcf/d) |
|
6,268 |
|
|
6,260 |
|
|
6,137 |
|
|
+2 |
% |
|
Hydrocarbon production was 2,179 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2014, a decrease of 6% compared to 2,323 kboe/d for the first quarter 2013, essentially due to the following:
· +1% for start-ups and growth from new projects and a lower level of maintenance, which more than offset the normal production decline;
· -5.5% for portfolio changes, essentially the expiration of the ADCO license in the United Arab Emirates and the sale of TOTALs exploration and production assets in Trinidad & Tobago, partially offset by the increase in production related to the interest in Novatek; and
· -1.5% for security issues in Libya and Nigeria.
Excluding the ADCO license, which expired in January 2014, hydrocarbon production in the first quarter 2014 decreased by 1% compared to the first quarter 2013 and increased slightly by 0.5% compared to the fourth quarter 2013.
· Results
in millions of dollars |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Non-Group sales |
|
6,666 |
|
|
6,990 |
|
|
7,199 |
|
|
-7 |
% |
|
Operating income |
|
5,412 |
|
|
5,564 |
|
|
6,552 |
|
|
-17 |
% |
|
Adjustments affecting operating income |
|
89 |
|
|
23 |
|
|
(3 |
) |
|
n/a |
|
|
Adjusted operating income* |
|
5,501 |
|
|
5,587 |
|
|
6,549 |
|
|
-16 |
% |
|
Adjusted net operating income* |
|
3,092 |
|
|
3,065 |
|
|
3,257 |
|
|
-5 |
% |
|
· includes adjusted income from equity affiliates |
|
733 |
|
|
704 |
|
|
837 |
|
|
-12 |
% |
|
Investments |
|
5,311 |
|
|
9,498 |
|
|
6,941 |
|
|
-23 |
% |
|
Divestments |
|
1,799 |
|
|
812 |
|
|
718 |
|
|
x2.5 |
|
|
Cash flow from operating activities |
|
3,811 |
|
|
7,310 |
|
|
5,481 |
|
|
-30 |
% |
|
* Detail of adjustment items shown in the business segment information starting on page 17 of this exhibit.
Adjusted net operating income from the Upstream segment was $3,092 million in the first quarter 2014 compared to $3,257 million the first quarter 2013, a decrease of 5%, reflecting essentially the lower average realized hydrocarbon prices between the two periods and a less favorable production mix, partially offset by a lower effective tax rate.
Adjusted net operating income for the Upstream segment excludes special items. The exclusion of special items had a negative impact on the segments adjusted net operating income in the first quarter 2014 of $155 million, comprised mainly of the gain realized on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) ($599 million after tax) partially offset by the impairment of the Shtokman project in Russia ($350 million), compared to a positive impact of $1,645 million in the first quarter 2013, consisting essentially of a net loss relating to the sale of a 49% interest in the Voyageur upgrader project in Canada.
The effective tax rate(1) for the Upstream segment was 59.5% compared to 62.7% in the first quarter 2013, which was particularly high due to non-deductible exploration charges.
The return on average capital employed (ROACE(2)) for the Upstream segment was 13% for the twelve months ended March 31, 2014, compared to 14% for the full-year 2013.
Ø Refining & Chemicals segment
· Refinery throughput and utilization rates*
|
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Total refinery throughput (kb/d) |
|
1,700 |
|
|
1,580 |
|
|
1,763 |
|
|
-4 |
% |
|
· France |
|
617 |
|
|
535 |
|
|
627 |
|
|
-2 |
% |
|
· Rest of Europe |
|
787 |
|
|
755 |
|
|
866 |
|
|
-9 |
% |
|
· Rest of world |
|
296 |
|
|
290 |
|
|
270 |
|
|
+10 |
% |
|
Utilization rates** |
|
|
|
|
|
|
|
|
|
|
|
| |
· Based on crude only |
|
77 |
% |
|
73 |
% |
|
83 |
% |
|
|
| |
· Based on crude and other feedstock |
|
83 |
% |
|
77 |
% |
|
86 |
% |
|
|
|
* Includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.
The decrease in refinery throughput compared to the first quarter 2013 was essentially due to a turnaround at Grandpuits, some unplanned maintenance at Provence and Antwerp, and some voluntary shutdowns in response to weak refining margins in Europe. In the first quarter 2013, there was scheduled maintenance at Donges and a turnaround at Normandy for the modernization project.
(1) Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
(2) Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 10 of this exhibit.
· Results
in millions of dollars (except the ERMI) |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
European refining margin indicator - ERMI ($/t) |
|
6.6 |
|
|
10.1 |
|
|
26.9 |
|
|
-75 |
% |
|
Non-Group sales |
|
27,539 |
|
|
29,613 |
|
|
28,549 |
|
|
-4 |
% |
|
Operating income |
|
165 |
|
|
(209 |
) |
|
343 |
|
|
-52 |
% |
|
Adjustments affecting operating income |
|
163 |
|
|
630 |
|
|
95 |
|
|
+72 |
% |
|
Adjusted operating income* |
|
328 |
|
|
421 |
|
|
438 |
|
|
-25 |
% |
|
Adjusted net operating income* |
|
346 |
|
|
441 |
|
|
437 |
|
|
-21 |
% |
|
· Contribution of Specialty chemicals** |
|
139 |
|
|
160 |
|
|
119 |
|
|
+17 |
% |
|
Investments |
|
250 |
|
|
956 |
|
|
703 |
|
|
-64 |
% |
|
Divestments |
|
11 |
|
|
45 |
|
|
36 |
|
|
-69 |
% |
|
Cash flow from operating activities |
|
1,593 |
|
|
1,816 |
|
|
(382 |
) |
|
n/a |
|
|
* Detail of adjustment items shown in the business segment information starting on page 17 of this exhibit.
** Hutchinson, Bostik, Atotech.
The ERMI averaged $6.6/t over the first quarter 2014, a decrease of 75% compared to $26.9/t for the first quarter 2013, in a very weak market for all refined products. Petrochemicals margins remained at high levels, particularly in the United States.
In this context, adjusted net operating income from the Refining & Chemicals segment was $346 million in the first quarter 2014, a decrease of 21% compared to $437 million in the first quarter 2013. This decrease was essentially due to the strong deterioration of the European refining environment, partially offset by better petrochemical and refining margins in the United States, which benefited the Port Arthur integrated platform, improvements in Specialty chemicals, and the ongoing implementation of synergy and efficiency plans in line with the objectives announced for 2014.
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 in the first quarter 2014 had a positive impact on the segments adjusted net operating income of $111 million compared to a positive impact of $46 million in the first quarter 2013. The exclusion of special items had a positive impact in the first quarter 2014 on the segments adjusted net operating income of $10 million compared to a positive impact of $24 million in the first quarter 2013.
The ROACE for the Refining & Chemicals segment was 9% for the twelve months ended March 31, 2014, stable compared to the full-year 2013.
Ø Marketing & Services segment
· Refined product sales
Sales in kb/d* |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Europe |
|
1,058 |
|
|
1,150 |
|
|
1,108 |
|
|
-5 |
% |
|
Rest of world |
|
593 |
|
|
605 |
|
|
607 |
|
|
-2 |
% |
|
Total sales volumes |
|
1,651 |
|
|
1,755 |
|
|
1,715 |
|
|
-4 |
% |
|
* Excludes trading and bulk refining sales, which are reported under the Refining & Chemicals segment (see page 9 of this exhibit); includes share of TotalErg.
In the first quarter 2014, sales decreased by 4% to 1,651 kb/d from 1,715 kb/d in the first quarter 2013, essentially due to a decrease in heating fuel and LPG sales in Europe that was linked to exceptionally mild winter weather this year versus the harsh winter in 2013. In contrast, gasoline sales by the retail network in Europe and Africa-Middle East increased between the two periods.
· Results
in millions of dollars |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Non-Group sales |
|
26,470 |
|
|
28,378 |
|
|
27,732 |
|
|
-5 |
% |
|
Operating income |
|
335 |
|
|
468 |
|
|
488 |
|
|
-31 |
% |
|
Adjustments affecting operating income |
|
18 |
|
|
57 |
|
|
28 |
|
|
-36 |
% |
|
Adjusted operating income* |
|
353 |
|
|
525 |
|
|
516 |
|
|
-32 |
% |
|
Adjusted net operating income* |
|
261 |
|
|
329 |
|
|
332 |
|
|
-21 |
% |
|
· Contribution of New Energies |
|
28 |
|
|
26 |
|
|
(17 |
) |
|
n/a |
|
|
Investments |
|
276 |
|
|
820 |
|
|
246 |
|
|
+12 |
% |
|
Divestments |
|
26 |
|
|
63 |
|
|
50 |
|
|
-48 |
% |
|
Cash flow from operating activities |
|
89 |
|
|
442 |
|
|
(120 |
) |
|
n/a |
|
|
* Detail of adjustment items shown in the business segment information starting on page 17 of this exhibit.
The Marketing & Services segments non-Group sales were nearly $26.5 billion in the first quarter 2014, down 5% from approximately $27.7 billion in the first quarter 2013.
Adjusted net operating income from the Marketing & Services segment was $261 million in the first quarter 2014, a decrease of 21% compared to $332 million in the first quarter 2013, mainly due to the impact of weather on sales and lower margins in Europe, partially offset by better performance from Retail and Lubricants as well as improved results at New Energies.
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 in the first quarter 2014 had a positive impact on the segments adjusted net operating income of $14 million compared to a positive impact of $18 million in the first quarter 2013. The exclusion of special items in the first quarter 2014 had no impact on the segments adjusted net operating income compared to a positive impact of $13 million in the first quarter 2013.
The ROACE for the Marketing & Services segment, which includes New Energies, was 15% for the twelve months ended March 31, 2014, compared to 16% for the full-year 2013.
· SUMMARY AND OUTLOOK
Pending approval at the May 16, 2014 Annual Shareholders Meeting, TOTAL S.A. will pay the remainder of the 2013 dividend on June 5, 2014, of 0.61/share (1), an increase of 3.4% compared to the interim dividends of 2013. The 2013 dividend represents a total of 2.38/share. In addition, the Board of Directors decided on April 29, 2014, to pay a first quarter 2014 interim dividend of 0.61/share on September 26, 2014(2).
In the Upstream, the next anticipated operated start-ups are the CLOV project in Angola at the end of June, then Laggan-Tormore in the United Kingdom and Ofon Phase 2 in Nigeria in the second half of the year. Following an encouraging start for exploration at the beginning of the year, the Group is continuing its high-potential exploration program in Brazil, in the Kwanza basin of Angola, South Africa and Ivory Coast.
In the second quarter 2014, production will be impacted by heavy seasonal maintenance activity, mainly in the UK, Norway and Thailand.
In the Downstream, the integrated Satorp refinery in Saudi Arabia is finalizing the start-up of its last units and should be fully operational in the coming months.
Refinery throughput in the second quarter 2014 will be affected by major turnarounds at Leuna and Vlissingen. Since the beginning of the second quarter 2014, European refining margins have recovered from the very low levels of the first quarter, and the refining and petrochemicals environment has remained favorable in the United States.
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.
(1) The ex-dividend date would be June 2, 2014; for the ADR (NYSE:TOT), the ex-dividend date would be May 28, 2014.
(2) The ex-dividend date will be September 23, 2014; for the ADR, the ex-dividend date will be September 18, 2014.
Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTALs 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 TOTALs 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 TOTALs Form 20-F for the year ended December 31, 2013.
Operating information by segment
for the first quarter 2014
· Upstream
Combined liquids and gas production by region |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Europe |
|
394 |
|
|
405 |
|
|
392 |
|
|
+1 |
% |
|
Africa |
|
655 |
|
|
644 |
|
|
692 |
|
|
-5 |
% |
|
Middle East |
|
405 |
|
|
522 |
|
|
542 |
|
|
-25 |
% |
|
North America |
|
82 |
|
|
75 |
|
|
71 |
|
|
+15 |
% |
|
South America |
|
159 |
|
|
149 |
|
|
172 |
|
|
-8 |
% |
|
Asia-Pacific |
|
242 |
|
|
242 |
|
|
236 |
|
|
+3 |
% |
|
CIS |
|
242 |
|
|
247 |
|
|
218 |
|
|
+11 |
% |
|
Total production |
|
2,179 |
|
|
2,284 |
|
|
2,323 |
|
|
-6 |
% |
|
Includes equity affiliates |
|
583 |
|
|
692 |
|
|
681 |
|
|
-14 |
% |
|
Liquids production by region (kb/d) |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Europe |
|
172 |
|
|
180 |
|
|
166 |
|
|
+4 |
% |
|
Africa |
|
508 |
|
|
503 |
|
|
552 |
|
|
-8 |
% |
|
Middle East |
|
203 |
|
|
314 |
|
|
329 |
|
|
-38 |
% |
|
North America |
|
34 |
|
|
28 |
|
|
27 |
|
|
+26 |
% |
|
South America |
|
50 |
|
|
50 |
|
|
57 |
|
|
-12 |
% |
|
Asia-Pacific |
|
30 |
|
|
27 |
|
|
31 |
|
|
-3 |
% |
|
CIS |
|
34 |
|
|
40 |
|
|
31 |
|
|
+10 |
% |
|
Total production |
|
1,031 |
|
|
1,142 |
|
|
1,193 |
|
|
-14 |
% |
|
Includes equity affiliates |
|
208 |
|
|
323 |
|
|
325 |
|
|
-36 |
% |
|
Gas production by region (Mcf/d) |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Europe |
|
1,215 |
|
|
1,242 |
|
|
1,215 |
|
|
|
|
|
Africa |
|
748 |
|
|
690 |
|
|
707 |
|
|
+6 |
% |
|
Middle East |
|
1,104 |
|
|
1,139 |
|
|
1,165 |
|
|
-5 |
% |
|
North America |
|
266 |
|
|
261 |
|
|
250 |
|
|
+6 |
% |
|
South America |
|
609 |
|
|
554 |
|
|
637 |
|
|
-4 |
% |
|
Asia-Pacific |
|
1,202 |
|
|
1,258 |
|
|
1,151 |
|
|
+4 |
% |
|
CIS |
|
1,124 |
|
|
1,116 |
|
|
1,012 |
|
|
+11 |
% |
|
Total production |
|
6,268 |
|
|
6,260 |
|
|
6,137 |
|
|
+2 |
% |
|
Includes equity affiliates |
|
2,029 |
|
|
1,995 |
|
|
1,922 |
|
|
+6 |
% |
|
Liquefied natural gas |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
LNG sales* (Mt) |
|
3.12 |
|
|
3.39 |
|
|
2.93 |
|
|
+6 |
% |
|
* Sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.
· Downstream (Refining & Chemicals and Marketing & Supply)
Refined product sales by region (kb/d)* |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs |
| ||||
Europe |
|
1,912 |
|
|
1,945 |
|
|
1,978 |
|
|
-3 |
% |
|
Africa |
|
475 |
|
|
496 |
|
|
448 |
|
|
+6 |
% |
|
Americas |
|
474 |
|
|
473 |
|
|
481 |
|
|
-1 |
% |
|
Rest of world |
|
573 |
|
|
546 |
|
|
505 |
|
|
+13 |
% |
|
Total consolidated sales |
|
3,434 |
|
|
3,460 |
|
|
3,412 |
|
|
+1 |
% |
|
Includes bulk sales |
|
540 |
|
|
505 |
|
|
521 |
|
|
+4 |
% |
|
Includes trading |
|
1,243 |
|
|
1,200 |
|
|
1,176 |
|
|
+6 |
% |
|
* Includes share of TotalErg.
Investments Divestments
in millions of dollars |
|
1Q14 |
|
4Q13 |
|
1Q13 |
|
1Q14 vs 1Q13 |
| ||||
Investments excluding acquisitions |
|
5,202 |
|
|
8,848 |
|
|
6,412 |
|
|
-19 |
% |
|
· Capitalized exploration |
|
319 |
|
|
390 |
|
|
478 |
|
|
-33 |
% |
|
· Increase in non-current loans |
|
261 |
|
|
1,233 |
|
|
624 |
|
|
-58 |
% |
|
· Repayment of non-current loans |
|
(364 |
) |
|
(584 |
) |
|
(259 |
) |
|
n/a |
|
|
Acquisitions |
|
299 |
|
|
1,885 |
|
|
1,233 |
|
|
-76 |
% |
|
Asset sales |
|
1,476 |
|
|
355 |
|
|
554 |
|
|
x3 |
|
|
Other transactions with minority interests |
|
|
|
|
1,639 |
|
|
471 |
|
|
n/a |
|
|
Net investments* |
|
4,025 |
|
|
8,739 |
|
|
6,620 |
|
|
-39 |
% |
|
* Net investments = investments including acquisitions asset sales other transactions with minority interests.
Net-debt-to-equity ratio
in millions of dollars |
|
3/31/2014 |
|
12/31/2013 |
|
3/31/2013 |
| |||
Current borrowings |
|
11,676 |
|
|
11,193 |
|
|
13,751 |
|
|
Net current financial assets |
|
(522 |
) |
|
(358 |
) |
|
(685 |
) |
|
Net financial assets classified as held for sale |
|
(17 |
) |
|
(179 |
) |
|
873 |
|
|
Non-current financial debt |
|
37,506 |
|
|
34,574 |
|
|
29,294 |
|
|
Hedging instruments of non-current debt |
|
(1,758 |
) |
|
(1,418 |
) |
|
(1,885 |
) |
|
Cash and cash equivalents |
|
(22,787 |
) |
|
(20,200 |
) |
|
(17,178 |
) |
|
Net debt |
|
24,098 |
|
|
23,612 |
|
|
24,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
103,136 |
|
|
100,241 |
|
|
94,524 |
|
|
Estimated dividend payable |
|
(3,817 |
) |
|
(1,908 |
) |
|
(3,411 |
) |
|
Non-controlling interests |
|
3,248 |
|
|
3,138 |
|
|
2,286 |
|
|
Equity |
|
102,567 |
|
|
101,471 |
|
|
93,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-debt-to-equity ratio |
|
23.5 |
% |
|
23.3 |
% |
|
25.9 |
% |
|
Return on average capital employed
· Twelve months ended March 31, 2014
in millions of dollars |
|
Upstream |
|
Refining & |
|
Marketing & |
| |||
Adjusted net operating income |
|
12,285 |
|
|
1,766 |
|
|
1,483 |
|
|
Capital employed at 3/31/2013* |
|
86,034 |
|
|
21,860 |
|
|
9,610 |
|
|
Capital employed at 3/31/2014* |
|
97,924 |
|
|
18,516 |
|
|
10,314 |
|
|
ROACE |
|
13.4 |
% |
|
8.7 |
% |
|
14.9 |
% |
|
* At replacement cost (excluding after-tax inventory effect).
· Full year 2013
in millions of dollars |
|
Upstream |
|
Refining & |
|
Marketing & |
| |||
Adjusted net operating income |
|
12,450 |
|
|
1,857 |
|
|
1,554 |
|
|
Capital employed at 12/31/2012* |
|
84,260 |
|
|
20,783 |
|
|
9,232 |
|
|
Capital employed at 12/31/2013* |
|
95,529 |
|
|
19,752 |
|
|
10,051 |
|
|
ROACE |
|
13.8 |
% |
|
9.2 |
% |
|
16.1 |
% |
|
* At replacement cost (excluding after-tax inventory effect).
MAIN INDICATORS
Chart updated around the middle of the month following the end of each quarter.
|
|
/ $ |
|
ERMI* ($/t)** |
|
Brent ($/b) |
|
Average liquids |
|
Average gas |
| |||||
First quarter 2014 |
|
1.37 |
|
|
6.6 |
|
|
108.2 |
|
|
102.1 |
|
|
7.06 |
|
|
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 |
|
|
* 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 Groups particular refinery configurations, product mix effects or other company-specific operating conditions.
** $1/t = $0.136/b.
*** Consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting/underlifting position valued at market price.
Disclaimer: data is based on TOTALs reporting, is not audited and is subject to change.
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
(M$) (a) |
|
1st quarter |
|
4th quarter |
|
1st quarter |
|
|
|
|
|
|
|
|
|
Sales |
|
60,687 |
|
64,975 |
|
63,561 |
|
Excise taxes |
|
(5,832 |
) |
(6,208 |
) |
(5,541 |
) |
Revenues from sales |
|
54,855 |
|
58,767 |
|
58,020 |
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
(38,332 |
) |
(41,992 |
) |
(40,319 |
) |
Other operating expenses |
|
(7,364 |
) |
(7,620 |
) |
(7,194 |
) |
Exploration costs |
|
(619 |
) |
(658 |
) |
(406 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,745 |
) |
(2,934 |
) |
(2,853 |
) |
Other income |
|
1,100 |
|
288 |
|
42 |
|
Other expense |
|
(149 |
) |
(446 |
) |
(2,021 |
) |
|
|
|
|
|
|
|
|
Financial interest on debt |
|
(201 |
) |
(217 |
) |
(223 |
) |
Financial income from marketable securities & cash equivalents |
|
19 |
|
26 |
|
28 |
|
Cost of net debt |
|
(182 |
) |
(191 |
) |
(195 |
) |
|
|
|
|
|
|
|
|
Other financial income |
|
161 |
|
172 |
|
136 |
|
Other financial expense |
|
(166 |
) |
(151 |
) |
(169 |
) |
|
|
|
|
|
|
|
|
Equity in net income (loss) of affiliates |
|
473 |
|
844 |
|
949 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
(3,597 |
) |
(3,752 |
) |
(3,975 |
) |
Consolidated net income |
|
3,435 |
|
2,327 |
|
2,015 |
|
Group share |
|
3,335 |
|
2,234 |
|
1,948 |
|
Non-controlling interests |
|
100 |
|
93 |
|
67 |
|
Earnings per share ($) |
|
1.47 |
|
0.98 |
|
0.86 |
|
Fully-diluted earnings per share ($) |
|
1.46 |
|
0.98 |
|
0.86 |
|
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
(M$) |
|
1st quarter |
|
4th quarter |
|
1st quarter |
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
3,435 |
|
2,327 |
|
2,015 |
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
|
(199 |
) |
663 |
|
223 |
|
Tax effect |
|
57 |
|
(284 |
) |
(87 |
) |
Currency translation adjustment generated by the mother company |
|
3 |
|
1,484 |
|
(2,212 |
) |
Items not potentially reclassifiable to profit and loss |
|
(139 |
) |
1,863 |
|
(2,076 |
) |
Currency translation adjustment |
|
36 |
|
(768 |
) |
597 |
|
Available for sale financial assets |
|
3 |
|
25 |
|
(5 |
) |
Cash flow hedge |
|
35 |
|
23 |
|
15 |
|
Share of other comprehensive income of equity affiliates, net amount |
|
(456 |
) |
(198 |
) |
47 |
|
Other |
|
(3 |
) |
3 |
|
(11 |
) |
Tax effect |
|
(13 |
) |
(12 |
) |
(3 |
) |
Items potentially reclassifiable to profit and loss |
|
(398 |
) |
(927 |
) |
640 |
|
Total other comprehensive income (net amount) |
|
(537 |
) |
936 |
|
(1,436 |
) |
|
|
|
|
|
|
|
|
Comprehensive income |
|
2,898 |
|
3,263 |
|
579 |
|
- Group share |
|
2,801 |
|
3,176 |
|
540 |
|
- Non-controlling interests |
|
97 |
|
87 |
|
39 |
|
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
(M$) |
|
March 31, |
|
December 31, |
|
March 31, |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Intangible assets, net |
|
18,899 |
|
18,395 |
|
17,354 |
|
Property, plant and equipment, net |
|
106,377 |
|
104,480 |
|
90,505 |
|
Equity affiliates : investments and loans |
|
19,951 |
|
20,417 |
|
19,385 |
|
Other investments |
|
2,091 |
|
1,666 |
|
1,566 |
|
Hedging instruments of non-current financial debt |
|
1,758 |
|
1,418 |
|
1,885 |
|
Deferred income taxes |
|
2,933 |
|
3,838 |
|
3,297 |
|
Other non-current assets |
|
4,265 |
|
4,406 |
|
3,643 |
|
Total non-current assets |
|
156,274 |
|
154,620 |
|
137,635 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Inventories, net |
|
21,755 |
|
22,097 |
|
21,890 |
|
Accounts receivable, net |
|
23,359 |
|
23,422 |
|
28,164 |
|
Other current assets |
|
15,873 |
|
14,892 |
|
13,956 |
|
Current financial assets |
|
872 |
|
739 |
|
799 |
|
Cash and cash equivalents |
|
22,787 |
|
20,200 |
|
17,178 |
|
Assets classified as held for sale |
|
2,472 |
|
3,253 |
|
5,833 |
|
Total current assets |
|
87,118 |
|
84,603 |
|
87,820 |
|
Total assets |
|
243,392 |
|
239,223 |
|
225,455 |
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
|
|
Common shares |
|
7,496 |
|
7,493 |
|
7,454 |
|
Paid-in surplus and retained earnings |
|
101,568 |
|
98,254 |
|
94,559 |
|
Currency translation adjustment |
|
(1,625 |
) |
(1,203 |
) |
(3,215 |
) |
Treasury shares |
|
(4,303 |
) |
(4,303 |
) |
(4,274 |
) |
Total shareholders equity - Group Share |
|
103,136 |
|
100,241 |
|
94,524 |
|
Non-controlling interests |
|
3,248 |
|
3,138 |
|
2,286 |
|
Total shareholders equity |
|
106,384 |
|
103,379 |
|
96,810 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Deferred income taxes |
|
17,045 |
|
17,850 |
|
16,480 |
|
Employee benefits |
|
4,362 |
|
4,235 |
|
4,486 |
|
Provisions and other non-current liabilities |
|
17,582 |
|
17,517 |
|
14,795 |
|
Non-current financial debt |
|
37,506 |
|
34,574 |
|
29,294 |
|
Total non-current liabilities |
|
76,495 |
|
74,176 |
|
65,055 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
28,621 |
|
30,282 |
|
27,927 |
|
Other creditors and accrued liabilities |
|
19,097 |
|
18,948 |
|
19,581 |
|
Current borrowings |
|
11,676 |
|
11,193 |
|
13,751 |
|
Other current financial liabilities |
|
350 |
|
381 |
|
114 |
|
Liabilities directly associated with the assets classified as held for sale |
|
769 |
|
864 |
|
2,217 |
|
Total current liabilities |
|
60,513 |
|
61,668 |
|
63,590 |
|
Total liabilities and shareholders equity |
|
243,392 |
|
239,223 |
|
225,455 |
|
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
(M$) |
|
1st quarter |
|
4th quarter |
|
1st quarter |
|
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
3,435 |
|
2,327 |
|
2,015 |
|
Depreciation, depletion and amortization |
|
3,174 |
|
3,363 |
|
3,046 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
399 |
|
825 |
|
59 |
|
Impact of coverage of pension benefit plans |
|
|
|
|
|
|
|
(Gains) losses on disposals of assets |
|
(1,023 |
) |
(193 |
) |
1,873 |
|
Undistributed affiliates equity earnings |
|
11 |
|
(102 |
) |
(466 |
) |
(Increase) decrease in working capital |
|
(685 |
) |
3,267 |
|
(1,726 |
) |
Other changes, net |
|
27 |
|
91 |
|
112 |
|
Cash flow from operating activities |
|
5,338 |
|
9,578 |
|
4,913 |
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
(5,448 |
) |
(9,622 |
) |
(6,489 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
|
|
|
|
(21 |
) |
Investments in equity affiliates and other securities |
|
(156 |
) |
(462 |
) |
(770 |
) |
Increase in non-current loans |
|
(261 |
) |
(1,233 |
) |
(624 |
) |
Total expenditures |
|
(5,865 |
) |
(11,317 |
) |
(7,904 |
) |
Proceeds from disposals of intangible assets and property, plant and equipment |
|
1,020 |
|
50 |
|
554 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
|
|
|
21 |
|
|
|
Proceeds from disposals of non-current investments |
|
456 |
|
284 |
|
|
|
Repayment of non-current loans |
|
364 |
|
584 |
|
259 |
|
Total divestments |
|
1,840 |
|
939 |
|
813 |
|
Cash flow used in investing activities |
|
(4,025 |
) |
(10,378 |
) |
(7,091 |
) |
|
|
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
- Parent company shareholders |
|
33 |
|
29 |
|
|
|
- Treasury shares |
|
|
|
(2 |
) |
|
|
Dividends paid: |
|
|
|
|
|
|
|
- Parent company shareholders |
|
(1,835 |
) |
(1,821 |
) |
(1,760 |
) |
- Non-controlling interests |
|
(7 |
) |
(49 |
) |
(2 |
) |
Other transactions with non-controlling interests |
|
|
|
1,639 |
|
471 |
|
Net issuance (repayment) of non-current debt |
|
4,189 |
|
2,137 |
|
3,765 |
|
Increase (decrease) in current borrowings |
|
(1,167 |
) |
(1,418 |
) |
(4,268 |
) |
Increase (decrease) in current financial assets and liabilities |
|
(117 |
) |
48 |
|
1,178 |
|
Cash flow used in financing activities |
|
1,096 |
|
563 |
|
(616 |
) |
Net increase (decrease) in cash and cash equivalents |
|
2,409 |
|
(237 |
) |
(2,794 |
) |
Effect of exchange rates |
|
178 |
|
326 |
|
(437 |
) |
Cash and cash equivalents at the beginning of the period |
|
20,200 |
|
20,111 |
|
20,409 |
|
Cash and cash equivalents at the end of the period |
|
22,787 |
|
20,200 |
|
17,178 |
|
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
|
|
Common shares issued |
|
Paid-in surplus and retained |
|
Currency |
|
Treasury shares |
|
Shareholders |
|
Non-controlling |
|
Total |
| ||||
(M$) |
|
Number |
|
Amount |
|
earnings |
|
adjustment |
|
Number |
|
Amount |
|
Group Share |
|
interests |
|
equity |
|
As of January 1, 2013 |
|
2,365,933,146 |
|
7,454 |
|
92,485 |
|
(1,696 |
) |
(108,391,639 |
) |
(4,274 |
) |
93,969 |
|
1,689 |
|
95,658 |
|
Net income of the first quarter (2013) |
|
|
|
|
|
1,948 |
|
|
|
|
|
|
|
1,948 |
|
67 |
|
2,015 |
|
Other comprehensive Income |
|
|
|
|
|
111 |
|
(1,519 |
) |
|
|
|
|
(1,408 |
) |
(28 |
) |
(1,436 |
) |
Comprehensive Income |
|
|
|
|
|
2,059 |
|
(1,519 |
) |
|
|
|
|
540 |
|
39 |
|
579 |
|
Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
(2 |
) |
Issuance of common shares |
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
220 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
55 |
|
|
|
|
|
|
|
55 |
|
|
|
55 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
(87 |
) |
558 |
|
471 |
|
Other items |
|
|
|
|
|
47 |
|
|
|
|
|
|
|
47 |
|
2 |
|
49 |
|
As of March 31, 2013 |
|
2,365,933,626 |
|
7,454 |
|
94,559 |
|
(3,215 |
) |
(108,391,419 |
) |
(4,274 |
) |
94,524 |
|
2,286 |
|
96,810 |
|
Net income from April 1 to December 31, 2013 |
|
|
|
|
|
9,280 |
|
|
|
|
|
|
|
9,280 |
|
226 |
|
9,506 |
|
Other comprehensive Income |
|
|
|
|
|
362 |
|
2,011 |
|
|
|
|
|
2,373 |
|
(28 |
) |
2,345 |
|
Comprehensive Income |
|
|
|
|
|
9,642 |
|
2,011 |
|
|
|
|
|
11,653 |
|
198 |
|
11,851 |
|
Dividend |
|
|
|
|
|
(7,116 |
) |
|
|
|
|
|
|
(7,116 |
) |
(154 |
) |
(7,270 |
) |
Issuance of common shares |
|
11,744,534 |
|
39 |
|
446 |
|
|
|
|
|
|
|
485 |
|
|
|
485 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
(4,414,200 |
) |
(238 |
) |
(238 |
) |
|
|
(238 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
(209 |
) |
|
|
3,591,171 |
|
209 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
134 |
|
|
|
|
|
|
|
134 |
|
|
|
134 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
836 |
|
1 |
|
|
|
|
|
837 |
|
797 |
|
1,634 |
|
Other items |
|
|
|
|
|
(38 |
) |
|
|
|
|
|
|
(38 |
) |
11 |
|
(27 |
) |
As of December 31, 2013 |
|
2,377,678,160 |
|
7,493 |
|
98,254 |
|
(1,203 |
) |
(109,214,448 |
) |
(4,303 |
) |
100,241 |
|
3,138 |
|
103,379 |
|
Net income of the first quarter (2014) |
|
|
|
|
|
3,335 |
|
|
|
|
|
|
|
3,335 |
|
100 |
|
3,435 |
|
Other comprehensive Income |
|
|
|
|
|
(112 |
) |
(422 |
) |
|
|
|
|
(534 |
) |
(3 |
) |
(537 |
) |
Comprehensive Income |
|
|
|
|
|
3,223 |
|
(422 |
) |
|
|
|
|
2,801 |
|
97 |
|
2,898 |
|
Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
(7 |
) |
Issuance of common shares |
|
581,525 |
|
3 |
|
30 |
|
|
|
|
|
|
|
33 |
|
|
|
33 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
6,775 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
41 |
|
|
|
|
|
|
|
41 |
|
|
|
41 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(16 |
) |
|
|
|
|
|
|
(16 |
) |
16 |
|
|
|
Other items |
|
|
|
|
|
36 |
|
|
|
|
|
|
|
36 |
|
4 |
|
40 |
|
As of March 31, 2014 |
|
2,378,259,685 |
|
7,496 |
|
101,568 |
|
(1,625 |
) |
(109,207,673 |
) |
(4,303 |
) |
103,136 |
|
3,248 |
|
106,384 |
|
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
1st quarter 2014 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,666 |
|
27,539 |
|
26,470 |
|
12 |
|
|
|
60,687 |
|
Intersegment sales |
|
7,436 |
|
11,956 |
|
408 |
|
49 |
|
(19,849 |
) |
|
|
Excise taxes |
|
|
|
(1,160 |
) |
(4,672 |
) |
|
|
|
|
(5,832 |
) |
Revenues from sales |
|
14,102 |
|
38,335 |
|
22,206 |
|
61 |
|
(19,849 |
) |
54,855 |
|
Operating expenses |
|
(6,514 |
) |
(37,792 |
) |
(21,689 |
) |
(169 |
) |
19,849 |
|
(46,315 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,176 |
) |
(378 |
) |
(182 |
) |
(9 |
) |
|
|
(2,745 |
) |
Operating income |
|
5,412 |
|
165 |
|
335 |
|
(117 |
) |
|
|
5,795 |
|
Equity in net income (loss) of affiliates and other items |
|
1,327 |
|
54 |
|
(8 |
) |
46 |
|
|
|
1,419 |
|
Tax on net operating income |
|
(3,492 |
) |
6 |
|
(80 |
) |
(74 |
) |
|
|
(3,640 |
) |
Net operating income |
|
3,247 |
|
225 |
|
247 |
|
(145 |
) |
|
|
3,574 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(139 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(100 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
3,335 |
|
1st quarter 2014 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
26 |
|
|
|
|
|
|
|
|
|
26 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
26 |
|
|
|
|
|
|
|
|
|
26 |
|
Operating expenses |
|
(115 |
) |
(163 |
) |
(18 |
) |
|
|
|
|
(296 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (b) |
|
(89 |
) |
(163 |
) |
(18 |
) |
|
|
|
|
(270 |
) |
Equity in net income (loss) of affiliates and other items |
|
280 |
|
(8 |
) |
|
|
|
|
|
|
272 |
|
Tax on net operating income |
|
(36 |
) |
50 |
|
4 |
|
|
|
|
|
18 |
|
Net operating income (b) |
|
155 |
|
(121 |
) |
(14 |
) |
|
|
|
|
20 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(12 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
(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 |
|
|
(163 |
) |
(18 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(111 |
) |
(14 |
) |
|
|
|
|
|
|
1st quarter 2014 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & Services |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,640 |
|
27,539 |
|
26,470 |
|
12 |
|
|
|
60,661 |
|
Intersegment sales |
|
7,436 |
|
11,956 |
|
408 |
|
49 |
|
(19,849 |
) |
|
|
Excise taxes |
|
|
|
(1,160 |
) |
(4,672 |
) |
|
|
|
|
(5,832 |
) |
Revenues from sales |
|
14,076 |
|
38,335 |
|
22,206 |
|
61 |
|
(19,849 |
) |
54,829 |
|
Operating expenses |
|
(6,399 |
) |
(37,629 |
) |
(21,671 |
) |
(169 |
) |
19,849 |
|
(46,019 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,176 |
) |
(378 |
) |
(182 |
) |
(9 |
) |
|
|
(2,745 |
) |
Adjusted operating income |
|
5,501 |
|
328 |
|
353 |
|
(117 |
) |
|
|
6,065 |
|
Equity in net income (loss) of affiliates and other items |
|
1,047 |
|
62 |
|
(8 |
) |
46 |
|
|
|
1,147 |
|
Tax on net operating income |
|
(3,456 |
) |
(44 |
) |
(84 |
) |
(74 |
) |
|
|
(3,658 |
) |
Adjusted net operating income |
|
3,092 |
|
346 |
|
261 |
|
(145 |
) |
|
|
3,554 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(139 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(88 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,327 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.46 |
|
(a) Except for earnings per share.
1st quarter 2014 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
5,311 |
|
250 |
|
276 |
|
28 |
|
|
|
5,865 |
|
Total divestments |
|
1,799 |
|
11 |
|
26 |
|
4 |
|
|
|
1,840 |
|
Cash flow from operating activities |
|
3,811 |
|
1,593 |
|
89 |
|
(155 |
) |
|
|
5,338 |
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
4th quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,990 |
|
29,613 |
|
28,378 |
|
(6 |
) |
|
|
64,975 |
|
Intersegment sales |
|
10,218 |
|
13,040 |
|
388 |
|
57 |
|
(23,703 |
) |
|
|
Excise taxes |
|
|
|
(1,337 |
) |
(4,871 |
) |
|
|
|
|
(6,208 |
) |
Revenues from sales |
|
17,208 |
|
41,316 |
|
23,895 |
|
51 |
|
(23,703 |
) |
58,767 |
|
Operating expenses |
|
(9,498 |
) |
(40,949 |
) |
(23,226 |
) |
(300 |
) |
23,703 |
|
(50,270 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,146 |
) |
(576 |
) |
(201 |
) |
(11 |
) |
|
|
(2,934 |
) |
Operating income |
|
5,564 |
|
(209 |
) |
468 |
|
(260 |
) |
|
|
5,563 |
|
Equity in net income (loss) of affiliates and other items |
|
808 |
|
(75 |
) |
(38 |
) |
12 |
|
|
|
707 |
|
Tax on net operating income |
|
(3,326 |
) |
(386 |
) |
(122 |
) |
42 |
|
|
|
(3,792 |
) |
Net operating income |
|
3,046 |
|
(670 |
) |
308 |
|
(206 |
) |
|
|
2,478 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(151 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(93 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
2,234 |
|
4th quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(23 |
) |
|
|
|
|
|
|
|
|
(23 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(23 |
) |
|
|
|
|
|
|
|
|
(23 |
) |
Operating expenses |
|
|
|
(458 |
) |
(53 |
) |
|
|
|
|
(511 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
(172 |
) |
(4 |
) |
|
|
|
|
(176 |
) |
Operating income (b) |
|
(23 |
) |
(630 |
) |
(57 |
) |
|
|
|
|
(710 |
) |
Equity in net income (loss) of affiliates and other items |
|
|
|
(202 |
) |
(23 |
) |
|
|
|
|
(225 |
) |
Tax on net operating income |
|
4 |
|
(279 |
) |
59 |
|
|
|
|
|
(216 |
) |
Net operating income (b) |
|
(19 |
) |
(1,111 |
) |
(21 |
) |
|
|
|
|
(1,151 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
(1,151 |
) |
(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 |
|
|
(82 |
) |
(45 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(66 |
) |
(37 |
) |
|
|
|
|
|
|
4th quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,013 |
|
29,613 |
|
28,378 |
|
(6 |
) |
|
|
64,998 |
|
Intersegment sales |
|
10,218 |
|
13,040 |
|
388 |
|
57 |
|
(23,703 |
) |
|
|
Excise taxes |
|
|
|
(1,337 |
) |
(4,871 |
) |
|
|
|
|
(6,208 |
) |
Revenues from sales |
|
17,231 |
|
41,316 |
|
23,895 |
|
51 |
|
(23,703 |
) |
58,790 |
|
Operating expenses |
|
(9,498 |
) |
(40,491 |
) |
(23,173 |
) |
(300 |
) |
23,703 |
|
(49,759 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,146 |
) |
(404 |
) |
(197 |
) |
(11 |
) |
|
|
(2,758 |
) |
Adjusted operating income |
|
5,587 |
|
421 |
|
525 |
|
(260 |
) |
|
|
6,273 |
|
Equity in net income (loss) of affiliates and other items |
|
808 |
|
127 |
|
(15 |
) |
12 |
|
|
|
932 |
|
Tax on net operating income |
|
(3,330 |
) |
(107 |
) |
(181 |
) |
42 |
|
|
|
(3,576 |
) |
Adjusted net operating income |
|
3,065 |
|
441 |
|
329 |
|
(206 |
) |
|
|
3,629 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(151 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(93 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,385 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.49 |
|
(a) Except for earnings per share.
4th quarter 2013 |
|
Upstream |
|
Refining & Chemicals |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
9,498 |
|
956 |
|
820 |
|
43 |
|
|
|
11,317 |
|
Total divestments |
|
812 |
|
45 |
|
63 |
|
19 |
|
|
|
939 |
|
Cash flow from operating activities |
|
7,310 |
|
1,816 |
|
442 |
|
10 |
|
|
|
9,578 |
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,199 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,561 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,886 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,020 |
|
Operating expenses |
|
(8,076 |
) |
(39,809 |
) |
(22,750 |
) |
(273 |
) |
22,989 |
|
(47,919 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(393 |
) |
(192 |
) |
(10 |
) |
|
|
(2,853 |
) |
Operating income |
|
6,552 |
|
343 |
|
488 |
|
(135 |
) |
|
|
7,248 |
|
Equity in net income (loss) of affiliates and other items |
|
(1,116 |
) |
95 |
|
(43 |
) |
1 |
|
|
|
(1,063 |
) |
Tax on net operating income |
|
(3,824 |
) |
(71 |
) |
(144 |
) |
29 |
|
|
|
(4,010 |
) |
Net operating income |
|
1,612 |
|
367 |
|
301 |
|
(105 |
) |
|
|
2,175 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(67 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
1,948 |
|
1st quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Operating expenses |
|
|
|
(90 |
) |
(28 |
) |
|
|
|
|
(118 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
(5 |
) |
|
|
|
|
|
|
(5 |
) |
Operating income (b) |
|
3 |
|
(95 |
) |
(28 |
) |
|
|
|
|
(120 |
) |
Equity in net income (loss) of affiliates and other items |
|
(1,875 |
) |
(13 |
) |
(13 |
) |
|
|
|
|
(1,901 |
) |
Tax on net operating income |
|
227 |
|
38 |
|
10 |
|
|
|
|
|
275 |
|
Net operating income (b) |
|
(1,645 |
) |
(70 |
) |
(31 |
) |
|
|
|
|
(1,746 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
(1,750 |
) |
(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 |
|
|
(88 |
) |
(28 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(46 |
) |
(18 |
) |
|
|
|
|
|
|
1st quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,196 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,558 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,883 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,017 |
|
Operating expenses |
|
(8,076 |
) |
(39,719 |
) |
(22,722 |
) |
(273 |
) |
22,989 |
|
(47,801 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(388 |
) |
(192 |
) |
(10 |
) |
|
|
(2,848 |
) |
Adjusted operating income |
|
6,549 |
|
438 |
|
516 |
|
(135 |
) |
|
|
7,368 |
|
Equity in net income (loss) of affiliates and other items |
|
759 |
|
108 |
|
(30 |
) |
1 |
|
|
|
838 |
|
Tax on net operating income |
|
(4,051 |
) |
(109 |
) |
(154 |
) |
29 |
|
|
|
(4,285 |
) |
Adjusted net operating income |
|
3,257 |
|
437 |
|
332 |
|
(105 |
) |
|
|
3,921 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(63 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,698 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.63 |
|
(a) Except for earnings per share.
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & Services |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
6,941 |
|
703 |
|
246 |
|
14 |
|
|
|
7,904 |
|
Total divestments |
|
718 |
|
36 |
|
50 |
|
9 |
|
|
|
813 |
|
Cash flow from operating activities |
|
5,481 |
|
(382 |
) |
(120 |
) |
(66 |
) |
|
|
4,913 |
|
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
1st quarter 2014 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
60,661 |
|
26 |
|
60,687 |
|
Excise taxes |
|
(5,832 |
) |
|
|
(5,832 |
) |
Revenues from sales |
|
54,829 |
|
26 |
|
54,855 |
|
Purchases, net of inventory variation |
|
(38,151 |
) |
(181 |
) |
(38,332 |
) |
Other operating expenses |
|
(7,249 |
) |
(115 |
) |
(7,364 |
) |
Exploration costs |
|
(619 |
) |
|
|
(619 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,745 |
) |
|
|
(2,745 |
) |
Other income |
|
452 |
|
648 |
|
1,100 |
|
Other expense |
|
(130 |
) |
(19 |
) |
(149 |
) |
Financial interest on debt |
|
(201 |
) |
|
|
(201 |
) |
Financial income from marketable securities & cash equivalents |
|
19 |
|
|
|
19 |
|
Cost of net debt |
|
(182 |
) |
|
|
(182 |
) |
Other financial income |
|
161 |
|
|
|
161 |
|
Other financial expense |
|
(166 |
) |
|
|
(166 |
) |
Equity in net income (loss) of affiliates |
|
830 |
|
(357 |
) |
473 |
|
Income taxes |
|
(3,615 |
) |
18 |
|
(3,597 |
) |
Consolidated net income |
|
3,415 |
|
20 |
|
3,435 |
|
Group share |
|
3,327 |
|
8 |
|
3,335 |
|
Non-controlling interests |
|
88 |
|
12 |
|
100 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
1st quarter 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
63,558 |
|
3 |
|
63,561 |
|
Excise taxes |
|
(5,541 |
) |
|
|
(5,541 |
) |
Revenues from sales |
|
58,017 |
|
3 |
|
58,020 |
|
Purchases, net of inventory variation |
|
(40,203 |
) |
(116 |
) |
(40,319 |
) |
Other operating expenses |
|
(7,192 |
) |
(2 |
) |
(7,194 |
) |
Exploration costs |
|
(406 |
) |
|
|
(406 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,848 |
) |
(5 |
) |
(2,853 |
) |
Other income |
|
42 |
|
|
|
42 |
|
Other expense |
|
(127 |
) |
(1,894 |
) |
(2,021 |
) |
Financial interest on debt |
|
(223 |
) |
|
|
(223 |
) |
Financial income from marketable securities & cash equivalents |
|
28 |
|
|
|
28 |
|
Cost of net debt |
|
(195 |
) |
|
|
(195 |
) |
Other financial income |
|
136 |
|
|
|
136 |
|
Other financial expense |
|
(169 |
) |
|
|
(169 |
) |
Equity in net income (loss) of affiliates |
|
956 |
|
(7 |
) |
949 |
|
Income taxes |
|
(4,250 |
) |
275 |
|
(3,975 |
) |
Consolidated net income |
|
3,761 |
|
(1,746 |
) |
2,015 |
|
Group share |
|
3,698 |
|
(1,750 |
) |
1,948 |
|
Non-controlling interests |
|
63 |
|
4 |
|
67 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
TOTAL
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE FIRST THREE MONTHS OF 2014
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
1) Accounting policies
The interim consolidated financial statements of TOTAL S.A. and its subsidiaries (the Group) as of March 31, 2014 are presented in U.S. dollars and have been prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting.
In order to make the financial information of TOTAL more readable by better reflecting the performance of its activities mainly carried out in U.S. dollars, TOTAL has changed, effective January 1, 2014, the presentation currency of the Groups consolidated financial statements from the Euro to the US Dollar. The statutory financial statements of TOTAL S.A., the parent company of the Group, remain prepared in euro. The dividend paid remains fixed in euro.
Following this change in accounting policy, the comparative consolidated financial statements are presented in U.S. dollars.
Currency translation adjustments have been set to zero as of January 1, 2004, the date of transition to IFRS. Cumulative currency translation adjustments are presented as if the Group had used the US Dollar as the presentation currency of its consolidated financial statements since that date.
The effects of the change in presentation currency are described in note 11 of the consolidated financial statements.
The accounting policies applied for the consolidated financial statements as of March 31, 2014 do not differ significantly from those applied for the consolidated financial statements as of December 31, 2013 which have been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board). New texts or amendments which were mandatory for the periods beginning on or after January 1, 2014 did not have a material impact on the Groups consolidated financial statements as of March 31, 2014, with the exception of interpretation IFRIC 21:
· In May 2013, the IASB issued the interpretation IFRIC 21 Levies. This interpretation is applicable retrospectively for annual periods beginning on or after January 1, 2014. The text indicates that the obligating event for the recognition of a liability is the activity described in the relevant legislation that triggers the payment of the levy. The comparative consolidated financial statements have been restated accordingly.
The impact on shareholders equity as of January 1, 2011, is +$46 million. The impact on the statement of income for 2011 and 2012 is not significant. Net income, Group share, for 2013 is increased by $24 million (1st quarter: -$83 million, 2nd quarter: +$48 million, 3rd quarter: +$37 million, 4th quarter: +$22 million).
The preparation of financial statements in accordance with IFRS requires the executive management to make estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of preparation of the financial statements and reported income and expenses for the period. The management reviews these estimates and assumptions on an ongoing basis, by reference to past experience and various other factors considered as reasonable which form the basis for assessing the carrying amount of assets and liabilities. Actual results may differ significantly from these estimates, if different assumptions or circumstances apply. These judgments and estimates relate principally to the application of the successful efforts method for the oil and gas accounting, the valuation of long-lived assets, the provisions for asset retirement obligations and environmental remediation, the pensions and post-retirement benefits and the income tax computation. These estimates and assumptions are described in the Notes to the consolidated financial statements as of December 31, 2013.
Furthermore, when the accounting treatment of a specific transaction is not addressed by any accounting standard or interpretation, the management applies its judgment to define and apply accounting policies that provide information consistent with the general IFRS concepts: faithful representation, relevance and materiality.
2) Changes in the Group structure, main acquisitions and divestments
Ø Upstream
· TOTAL finalized in March 2014 the sale to Sonangol E&P of its interest in block 15/06 in Angola.
· TOTAL finalized in March 2014 the acquisition from InterOil Corporation of a 40.1% interest (before possible entry by the State) in block PRL 15 containing the gas field Elk-Antelope in Papua New Guinea for an amount of $405 million, paid on April 2, 2014.
· On the February 27, 2014, TOTAL floated GazTransport et Technigaz S.A. (GTT), an engineering company specializing in the design of cryogenic membranes for the transport and storage of LNG. With this quotation on Euronext Paris, TOTAL has reduced its interest in the equity of the company from 30.0% to 10.4%. The listing was completed at a price of 46 per share, valuing 100% of the equity of the company on the issue date at 1.7 billion. This sale generated a gain on disposal of $599 million after tax.
3) Adjustment items
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL and which is reviewed by the main operational decision-making body of the Group, namely the Executive committee.
Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as special items are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments performance and facilitate the comparability of the segments performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as adjustment item reflects for some transactions differences between internal measure of performance used by TOTALs management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Groups internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items and the effect of changes in fair value.
The detail of the adjustment items is presented in the table below.
ADJUSTMENTS TO OPERATING INCOME
(M$) |
|
Upstream |
|
Refining & |
|
Marketing |
|
Corporate |
|
Total |
| ||
1st quarter 2014 |
|
Inventory valuation effect |
|
|
|
(163 |
) |
(18 |
) |
|
|
(181 |
) |
|
|
Effect of changes in fair value |
|
26 |
|
|
|
|
|
|
|
26 |
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other items |
|
(115 |
) |
|
|
|
|
|
|
(115 |
) |
Total |
|
|
|
(89 |
) |
(163 |
) |
(18 |
) |
|
|
(270 |
) |
1st quarter 2013 |
|
Inventory valuation effect |
|
|
|
(88 |
) |
(28 |
) |
|
|
(116 |
) |
|
|
Effect of changes in fair value |
|
3 |
|
|
|
|
|
|
|
3 |
|
|
|
Restructuring charges |
|
|
|
(2 |
) |
|
|
|
|
(2 |
) |
|
|
Asset impairment charges |
|
|
|
(5 |
) |
|
|
|
|
(5 |
) |
|
|
Other items |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
3 |
|
(95 |
) |
(28 |
) |
|
|
(120 |
) |
ADJUSTMENTS TO NET INCOME, GROUP SHARE
(M$) |
|
Upstream |
|
Refining & |
|
Marketing |
|
Corporate |
|
Total |
| ||
1st quarter 2014 |
|
Inventory valuation effect |
|
|
|
(111 |
) |
(26 |
) |
|
|
(137 |
) |
|
|
Effect of changes in fair value |
|
21 |
|
|
|
|
|
|
|
21 |
|
|
|
Restructuring charges |
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset impairment charges |
|
(350 |
) |
|
|
|
|
|
|
(350 |
) |
|
|
Gains (losses) on disposals of assets |
|
599 |
|
|
|
|
|
|
|
599 |
|
|
|
Other items |
|
(115 |
) |
(10 |
) |
|
|
|
|
(125 |
) |
Total |
|
|
|
155 |
|
(121 |
) |
(26 |
) |
|
|
8 |
|
1st quarter 2013 |
|
Inventory valuation effect |
|
|
|
(46 |
) |
(22 |
) |
|
|
(68 |
) |
|
|
Effect of changes in fair value |
|
1 |
|
|
|
|
|
|
|
1 |
|
|
|
Restructuring charges |
|
|
|
(20 |
) |
(13 |
) |
|
|
(33 |
) |
|
|
Asset impairment charges |
|
|
|
(4 |
) |
|
|
|
|
(4 |
) |
|
|
Gains (losses) on disposals of assets |
|
(1,646 |
) |
|
|
|
|
|
|
(1,646 |
) |
|
|
Other items |
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
(1,645 |
) |
(70 |
) |
(35 |
) |
|
|
(1,750 |
) |
Extensive studies have confirmed a technical scheme to develop the Shtokman field in Russia, but at a too high cost that does not provide an acceptable profitability. The Group remains in contact with Gazprom to study other technical schemes that enhance the economics and to define an eventual future participation in the development of the field. In the meantime, the Group has decided to depreciate its investment of $350 million in this project.
4) Shareholders equity
Treasury shares (TOTAL shares held by TOTAL S.A.)
As of March 31, 2014, TOTAL S.A. holds 8,876,405 of its own shares, representing 0.37% of its share capital, detailed as follows:
· 8,757,420 shares allocated to TOTAL share grant plans for Group employees; and
· 118,985 shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans.
These shares are deducted from the consolidated shareholders equity.
Treasury shares (TOTAL shares held by Group subsidiaries)
As of March 31, 2014, TOTAL S.A. held indirectly through its subsidiaries 100,331,268 of its own shares, representing 4.22% of its share capital, detailed as follows:
· 2,023,672 shares held by a consolidated subsidiary, Total Nucléaire, 100% indirectly controlled by TOTAL S.A.;
· 98,307,596 shares held by subsidiaries of Elf Aquitaine (Financière Valorgest, Sogapar and Fingestval), 100% indirectly controlled by TOTAL S.A.
These 100,331,268 shares are deducted from the consolidated shareholders equity.
Dividend
TOTAL S.A. has paid three quarterly interim dividends for the fiscal year 2013:
· A first quarterly interim dividend for the fiscal year 2013 of 0.59 per share, decided by the Board of Directors on April 25, 2013, was paid on September 27, 2013.
· A second quarterly interim dividend for the fiscal year 2013 of 0.59 per share, decided by the Board of Directors on July 25, 2013, was paid on December 19, 2013.
· A third quarterly interim dividend for the fiscal year 2013 of 0.59 per share, decided by the Board of Directors on October 30, 2013, was paid on March 27, 2014.
A resolution will be submitted at the shareholders meeting on May 16, 2014 to pay a dividend of 2.38 per share for the 2013 fiscal year, i.e. a balance of 0.61 per share to be distributed after deducting the three quarterly interim dividends of 0.59 per share that will have already been paid. This remainder will be paid on June 5, 2014 (the ex-dividend date will be June 2, 2014).
Earnings per share in Euro
Earnings per share in Euro, calculated from the earnings per share in U.S. dollars converted at the average Euro/USD exchange rate for the period, amounted to 1.07 Euro per share for the 1st quarter 2014 (0.72 Euro per share for the 4th quarter 2013 and 0.65 Euro per share for the 1st quarter 2013). Diluted earnings per share calculated using the same method amounted to 1.07 Euro per share for the 1st quarter 2014 (0.72 Euro per share for the 4th quarter 2013 and 0.65 Euro per share for the 1st quarter 2013).
Other comprehensive income
Detail of other comprehensive income showing items reclassified from equity to net income is presented in the table below:
(M$) |
|
1 st quarter 2014 |
|
1 st quarter 2013 |
| ||||
Actuarial gains and losses |
|
|
|
(199 |
) |
|
|
223 |
|
Tax effect |
|
|
|
57 |
|
|
|
(87 |
) |
Currency translation adjustment generated by the mother company |
|
|
|
3 |
|
|
|
(2,212 |
) |
Items not potentially reclassifiable to profit or loss |
|
|
|
(139 |
) |
|
|
(2,076 |
) |
|
|
|
|
|
|
|
|
|
|
Currency translation adjustment |
|
|
|
36 |
|
|
|
597 |
|
- unrealized gain/(loss) of the period |
|
40 |
|
|
|
579 |
|
|
|
- less gain/(loss) included in net income |
|
4 |
|
|
|
(18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Available for sale financial assets |
|
|
|
3 |
|
|
|
(5 |
) |
- unrealized gain/(loss) of the period |
|
3 |
|
|
|
(5 |
) |
|
|
- less gain/(loss) included in net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow hedge |
|
|
|
35 |
|
|
|
15 |
|
- unrealized gain/(loss) of the period |
|
(29 |
) |
|
|
(112 |
) |
|
|
- less gain/(loss) included in net income |
|
(64 |
) |
|
|
(127 |
) |
|
|
Share of other comprehensive income of equity affiliates, net amount |
|
|
|
(456 |
) |
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
(3 |
) |
|
|
(11 |
) |
- unrealized gain/(loss) of the period |
|
(3 |
) |
|
|
(11 |
) |
|
|
- less gain/(loss) included in net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect |
|
|
|
(13 |
) |
|
|
(3 |
) |
Items potentially reclassifiable to profit or loss |
|
|
|
(398 |
) |
|
|
640 |
|
Total other comprehensive income, net amount |
|
|
|
(537 |
) |
|
|
(1,436 |
) |
Tax effects relating to each component of other comprehensive income are as follows:
|
|
1 st quarter 2014 |
|
1 st quarter 2013 |
| ||||||||
(M$) |
|
Pre-tax |
|
Tax effect |
|
Net amount |
|
Pre-tax |
|
Tax effect |
|
Net amount |
|
Actuarial gains and losses |
|
(199 |
) |
57 |
|
(142 |
) |
223 |
|
(87 |
) |
136 |
|
Currency translation adjustment generated by the mother company |
|
3 |
|
|
|
3 |
|
(2,212 |
) |
|
|
(2,212 |
) |
Items not potentially reclassifiable to profit or loss |
|
(196 |
) |
57 |
|
(139 |
) |
(1,989 |
) |
(87 |
) |
(2,076 |
) |
Currency translation adjustment |
|
36 |
|
|
|
36 |
|
597 |
|
|
|
597 |
|
Available for sale financial assets |
|
3 |
|
|
|
3 |
|
(5 |
) |
3 |
|
(2 |
) |
Cash flow hedge |
|
35 |
|
(13 |
) |
22 |
|
15 |
|
(6 |
) |
9 |
|
Share of other comprehensive income of equity affiliates, net amount |
|
(456 |
) |
|
|
(456 |
) |
47 |
|
|
|
47 |
|
Other |
|
(3 |
) |
|
|
(3 |
) |
(11 |
) |
|
|
(11 |
) |
Items potentially reclassifiable to profit or loss |
|
(385 |
) |
(13 |
) |
(398 |
) |
643 |
|
(3 |
) |
640 |
|
Total other comprehensive income |
|
(581 |
) |
44 |
|
(537 |
) |
(1,346 |
) |
(90 |
) |
(1,436 |
) |
5) Financial debt
The Group issued bonds through its subsidiary Total Capital International, during the first three months of 2014:
- Bond 1.000% 2014-2017 (500 million USD)
- Bond 2.125% 2014-2019 (750 million USD)
- Bond 3.750% 2014-2024 (1,250 million USD)
- Bond 4.125% 2014-2019 (150 million AUD)
- Bond US Libor 3 months +38 bp 2014-2019 (200 million USD)
- Bond 3.000% 2014-2044 (100 million EUR)
- Bond 2.500% 2014-2026 (850 million EUR)
The Group reimbursed bonds during the first three months of 2014:
- Bond 1.625% 2011-2014 (750 million USD)
- Bond US Libor 3 months +38 bp 2011-2014 (750 million USD)
- Bond 5.750% 2011-2014 (100 million AUD)
- Bond 3.500% 2009-2014 (1,000 million EUR)
- Bond 3.240% 2009-2014 (396 million HKD)
- Bond 3.500% 2009-2014 (150 million EUR)
In the context of its active cash management, the Group may temporarily increase its current borrowings, particularly in the form of commercial paper. The changes in current borrowings, cash and cash equivalents and current financial assets resulting from this cash management in the quarterly financial statements are not necessarily representative of a longer-term position.
6) Related parties
The related parties are principally equity affiliates and non-consolidated investments. There were no major changes concerning transactions with related parties during the first three months of 2014.
7) Other risks and contingent liabilities
TOTAL is not currently aware of any exceptional event, dispute, risks or contingent liabilities that could have a material impact on the assets and liabilities, results, financial position or operations of the Group.
Antitrust investigations
The principal antitrust proceedings in which the Groups companies are involved are described thereafter.
Refining & Chemicals segment
As part of the spin-off of Arkema1 in 2006, TOTAL S.A. and certain other Group companies agreed to grant Arkema for a period of ten years a guarantee for potential monetary consequences related to antitrust proceedings arising from events prior to the spin-off.
As of December 31, 2013, all public and civil proceedings covered by the guarantee were definitively resolved in Europe and in the United States. Despite the fact that Arkema has implemented since 2001 compliance procedures that are designed to prevent its employees from violating antitrust provisions, it is not possible to exclude the possibility that the relevant authorities could commence additional proceedings involving Arkema regarding events prior to the spin-off.
Marketing & Services segment
· Following the appeal lodged by the Groups companies against the European Commissions 2008 decision fining Total Marketing Services an amount of 128.2 million, in relation to practices regarding a product line of the Marketing & Services segment, which the company had already paid, and concerning which TOTAL S.A. was declared jointly liable as the parent company, the relevant European court decided during the third quarter of 2013 to reduce the fine imposed on Total Marketing Services to 125.5 million without modifying the liability of TOTAL S.A. as parent company. Appeals have been lodged against this judgment.
· In the Netherlands, a civil proceeding was initiated against TOTAL S.A., Total Marketing Services and other companies, by third parties alleging damages in connection with practices already sanctioned by the European Commission. At this stage, the plaintiffs have not communicated the amount of their claim.
· Finally, in Italy, in 2013, a civil proceeding was initiated against TOTAL S.A. and its subsidiary Total Aviazione Italia Srl before the competent Italian civil court. The plaintiff claims against TOTAL S.A., its subsidiary and other third parties, damages that it estimates to be nearly 908 million. This procedure follows practices that had been sanctioned by the Italian competition authority in 2006. The existence and the assessment of the alleged damages in this procedure involving multiple defendants are strongly contested.
Whatever the evolution of the proceedings described above, the Group believes that their outcome should not have a material adverse effect on the Groups financial situation or consolidated results.
Grande Paroisse
An explosion occurred at the Grande Paroisse industrial site in the city of Toulouse in France on September 21, 2001. Grande Paroisse, a former subsidiary of Atofina which became a subsidiary of Elf Aquitaine Fertilisants on December 31, 2004, as part of the reorganization of the Chemicals segment, was principally engaged in the production and sale of agricultural fertilizers. The explosion, which involved a stockpile of ammonium nitrate pellets, destroyed a portion of the site and caused the death of thirty-one people, including twenty-one workers at the site, and injured many others. The explosion also caused significant damage to certain property in part of the city of Toulouse.
This plant has been closed and individual assistance packages have been provided for employees. The site has been rehabilitated.
On December 14, 2006, Grande Paroisse signed, under the supervision of the city of Toulouse, a deed whereby it donated the former site of the AZF plant to the greater agglomeration of Toulouse (CAGT) and the Caisse des dépôts et consignations and its subsidiary ICADE. Under this deed, TOTAL S.A. guaranteed the site remediation obligations of Grande Paroisse and granted a 10 million endowment to the InNaBioSanté research foundation as part of the setting up of a cancer research center at the site by the city of Toulouse.
(1) Arkema is used in this section to designate those companies of the Arkema group whose ultimate parent company is Arkema S.A. Arkema became an independent company after being spun-off from TOTAL S.A. in May 2006.
After having articulated several hypotheses, the Court-appointed experts did not maintain in their final report filed on May 11, 2006, that the accident was caused by pouring a large quantity of a chlorine compound over ammonium nitrate. Instead, the experts have retained a scenario where a container of chlorine compound sweepings was poured between a layer of wet ammonium nitrate covering the floor and a quantity of dry agricultural nitrate at a location not far from the principal storage site. This is claimed to have caused an explosion which then spread into the main storage site. Grande Paroisse was investigated based on this new hypothesis in 2006; Grande Paroisse is contesting this explanation, which it believes to be based on elements that are not factually accurate.
On July 9, 2007, the investigating magistrate brought charges against Grande Paroisse and the former Plant Manager before the Toulouse Criminal Court. In late 2008, TOTAL S.A. and Mr. Thierry Desmarest, Chairman and CEO at the time of the event, were summoned to appear in Court pursuant to a request by a victims association.
On November 19, 2009, the Toulouse Criminal Court acquitted both the former Plant Manager, and Grande Paroisse due to the lack of reliable evidence for the explosion. The Court also ruled that the summonses against TOTAL S.A. and Mr. Thierry Desmarest were inadmissible.
Due to the presumption of civil liability that applied to Grande Paroisse, the Court declared Grande Paroisse civilly liable for the damages caused by the explosion to the victims in its capacity as custodian and operator of the plant.
The Prosecutors office, together with certain third parties, appealed the Toulouse Criminal Court verdict. In order to preserve its rights, Grande Paroisse lodged a cross-appeal with respect to civil charges.
By its decision of September 24, 2012, the Court of Appeal of Toulouse (Cour dappel de Toulouse) upheld the lower court verdict pursuant to which the summonses against TOTAL S.A. and Mr. Thierry Desmarest were determined to be inadmissible. This element of the decision has been appealed by certain third parties before the French Supreme Court (Cour de cassation).
The Court of Appeal considered, however, that the explosion was the result of the chemical accident described by the court-appointed experts. Accordingly, it convicted the former Plant Manager and Grande Paroisse. This element of the decision has been appealed by the former Plant Manager and Grande Paroisse before the French Supreme Court (Cour de cassation), which has the effect of suspending their criminal sentences.
A compensation mechanism for victims was set up immediately following the explosion. 2.3 billion was paid for the compensation of claims and related expenses amounts. A 12.0 million reserve remains booked in the Groups consolidated financial statements as of March 31, 2014.
Blue Rapid and the Russian Olympic Committee Russian regions and Interneft
Blue Rapid, a Panamanian company, and the Russian Olympic Committee filed a claim for damages with the Paris Commercial Court against Elf Aquitaine, alleging a so-called non-completion by a former subsidiary of Elf Aquitaine of a contract related to an exploration and production project in Russia negotiated in the early 1990s. Elf Aquitaine believed this claim to be unfounded and opposed it. On January 12, 2009, the Commercial Court of Paris rejected Blue Rapids claim against Elf Aquitaine and found that the Russian Olympic Committee did not have standing in the matter. Blue Rapid and the Russian Olympic Committee appealed this decision. On June 30, 2011, the Court of Appeal of Paris dismissed as inadmissible the claim of Blue Rapid and the Russian Olympic Committee against Elf Aquitaine, notably on the grounds of the contract having lapsed. Blue Rapid and the Russian Olympic Committee appealed this decision to the French Supreme Court.
In connection with the same facts, and fifteen years after the termination of the exploration and production contract, a Russian company, which was held not to be the contracting party to the contract, and two regions of the Russian Federation that were not even parties to the contract, launched an arbitration procedure against the aforementioned former subsidiary of Elf Aquitaine that was liquidated in 2005, claiming alleged damages of U.S.$ 22.4 billion. For the same reasons as those successfully adjudicated by Elf Aquitaine against Blue Rapid and the Russian Olympic Committee, the Group considers this claim to be unfounded as a matter of law and fact. The Group has lodged a criminal complaint to denounce the fraudulent claim of which the Group believes it is a victim and, has taken and reserved its rights to take other actions and measures to defend its interests.
Iran
In 2003, the United States Securities and Exchange Commission (SEC) followed by the Department of Justice (DoJ) issued a formal order directing an investigation in connection with the pursuit of business in Iran by certain oil companies including, among others, TOTAL.
The inquiry concerned an agreement concluded by the Company with consultants concerning gas fields in Iran and aimed at verifying whether certain payments made under this agreement would have benefited Iranian officials in violation of the Foreign Corrupt Practices Act (FCPA) and the Companys accounting obligations.
In late May 2013, and after several years of discussions, TOTAL reached settlements with the U.S. authorities (a Deferred Prosecution Agreement with the DoJ and a Cease and Desist Order with the SEC). These settlements, which put an end to these investigations,
were concluded without admission of guilt and in exchange for TOTAL respecting a number of obligations, including the payment of a fine ($245.2 million) and civil compensation ($153 million) that occurred during the second quarter of 2013. The reserve of $398.2 million that was booked in the financial statements as of June 30, 2012, has been fully released. By virtue of these settlements, TOTAL also accepted the appointment of a French independent compliance monitor to review the Groups compliance program and to recommend possible improvements.
With respect to the same facts, TOTAL and its Chairman and Chief Executive Officer, who was President of the Middle East at the time of the facts, were placed under formal investigation in France following a judicial inquiry initiated in 2006. In late May 2013, the Prosecutors office recommended that the case be sent to trial. The investigating magistrate has not yet issued his decision.
At this point, the Company considers that the resolution of these cases is not expected to have a significant impact on the Groups financial situation or consequences for its future planned operations.
Oil-for-Food Program
Several countries have launched investigations concerning possible violations related to the United Nations (UN) Oil-for-Food Program in Iraq.
Pursuant to a French criminal investigation, certain current or former Group Employees were placed under formal criminal investigation for possible charges as accessories to the misappropriation of Corporate assets and as accessories to the corruption of foreign public agents. The Chairman and Chief Executive Officer of the Company, formerly President of the Groups Exploration & Production division, was also placed under formal investigation in October 2006. In 2007, the criminal investigation was closed and the case was transferred to the Prosecutors office. In 2009, the Prosecutors office recommended to the investigating magistrate that the case against the Groups current and former employees and TOTALs Chairman and Chief Executive Officer not be pursued.
In early 2010, despite the recommendation of the Prosecutors office, a new investigating magistrate, having taken over the case, decided to indict TOTAL S.A. on bribery charges as well as complicity and influence peddling. The indictment was brought eight years after the beginning of the investigation without any new evidence being introduced.
In October 2010, the Prosecutors office recommended to the investigating magistrate that the case against TOTAL S.A., the Groups former employees and TOTALs Chairman and Chief Executive Officer not be pursued. However, by ordinance notified in early August 2011, the investigating magistrate on the matter decided to send the case to trial. On July 8, 2013, TOTAL S.A., the Groups former employees and TOTALs Chairman and Chief Executive Officer were cleared of all charges by the Criminal Court, which found that none of the offenses for which they had been prosecuted were established. On July 18, 2013, the Prosecutors office appealed the parts of the Criminal Courts decision acquitting TOTAL S.A. and certain of the Groups former employees. TOTALs Chairman and Chief Executive Officers acquittal issued on July 8, 2013 is irrevocable since the Prosecutors office did not appeal this part of the Criminal Courts decision.
Italy
As part of an investigation led by the Prosecutor of the Republic of the Potenza Court, Total Italia and certain Group employees were the subject of an investigation related to certain calls for tenders that Total Italia made for the preparation and development of an oil field.
The criminal investigation was closed in the first half of 2010.
In May 2012, the Judge of the preliminary hearing decided to dismiss the charges against some of the Groups employees and to refer the case for trial for a reduced number of charges. The trial started on September 26, 2012.
Rivunion
On July 9, 2012, the Swiss Tribunal Fédéral (Switzerlands Supreme Court) rendered a decision against Rivunion, a wholly-owned subsidiary of Elf Aquitaine, confirming a tax reassessment in the amount of CHF 171 million (excluding interest for late payment). According to the Tribunal, Rivunion was held liable as tax collector of withholding taxes owed by the beneficiaries of taxable services. Rivunion, in liquidation since March 13, 2002, unable to recover the amounts corresponding to the withholding taxes in order to meet its fiscal obligations, has been subject to insolvency proceedings since November 1, 2012. On August 29, 2013, the Swiss federal tax administration lodged a claim as part of the insolvency proceedings of Rivunion, for an amount of CHF 284 million, including CHF 171 million of principal as well as interest for late payment.
Total Gabon
On February 14, 2014, Total Gabon received a tax re-assessment notice from the Ministère de lÉconomie et de la Prospective of the Gabonese Republic accompanied by a partial tax collection notice, following the tax audit of Total Gabon in relation to the years 2008 to 2010. The amount referred to in the above tax re-assessment notice is US $805 million. The partial tax collection procedure was suspended on March 5, 2014 further to the action that Total Gabon engaged before the Tax Administration.
Total Gabon disputes the grounds for the re-assessment and the associated amounts. The opening of a new space for discussion with the Tax Administration will enable to reexamine the notified grounds for the re-assessment.
Kashagan
In Kazakhstan, the Atyrau Region Environmental Department (ARED) launched against the consortium developing the Kashagan field, in which TOTAL holds an interest of 16.81%, a procedure alleging non-compliance with environmental legislation related to gas emissions (flaring). ARED issued a claim on March 7, 2014, for an amount of approximately US dollars 737 million (KZT 134 billion), of which TOTALs share would be approximately US $124 million (KZT 22.5 billion). The Kashagan projects consortium disputes these allegations.
8) Information by business segment
1st quarter 2014 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,666 |
|
27,539 |
|
26,470 |
|
12 |
|
|
|
60,687 |
|
Intersegment sales |
|
7,436 |
|
11,956 |
|
408 |
|
49 |
|
(19,849 |
) |
|
|
Excise taxes |
|
|
|
(1,160 |
) |
(4,672 |
) |
|
|
|
|
(5,832 |
) |
Revenues from sales |
|
14,102 |
|
38,335 |
|
22,206 |
|
61 |
|
(19,849 |
) |
54,855 |
|
Operating expenses |
|
(6,514 |
) |
(37,792 |
) |
(21,689 |
) |
(169 |
) |
19,849 |
|
(46,315 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,176 |
) |
(378 |
) |
(182 |
) |
(9 |
) |
|
|
(2,745 |
) |
Operating income |
|
5,412 |
|
165 |
|
335 |
|
(117 |
) |
|
|
5,795 |
|
Equity in net income (loss) of affiliates and other items |
|
1,327 |
|
54 |
|
(8 |
) |
46 |
|
|
|
1,419 |
|
Tax on net operating income |
|
(3,492 |
) |
6 |
|
(80 |
) |
(74 |
) |
|
|
(3,640 |
) |
Net operating income |
|
3,247 |
|
225 |
|
247 |
|
(145 |
) |
|
|
3,574 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(139 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(100 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
3,335 |
|
1st quarter 2014 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
26 |
|
|
|
|
|
|
|
|
|
26 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
26 |
|
|
|
|
|
|
|
|
|
26 |
|
Operating expenses |
|
(115 |
) |
(163 |
) |
(18 |
) |
|
|
|
|
(296 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (b) |
|
(89 |
) |
(163 |
) |
(18 |
) |
|
|
|
|
(270 |
) |
Equity in net income (loss) of affiliates and other items |
|
280 |
|
(8 |
) |
|
|
|
|
|
|
272 |
|
Tax on net operating income |
|
(36 |
) |
50 |
|
4 |
|
|
|
|
|
18 |
|
Net operating income (b) |
|
155 |
|
(121 |
) |
(14 |
) |
|
|
|
|
20 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(12 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
(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 |
|
|
(163 |
) |
(18 |
) |
|
|
|
|
|
|
- On net operating income |
|
|
(111 |
) |
(14 |
) |
|
|
|
|
|
|
1st quarter 2014 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,640 |
|
27,539 |
|
26,470 |
|
12 |
|
|
|
60,661 |
|
Intersegment sales |
|
7,436 |
|
11,956 |
|
408 |
|
49 |
|
(19,849 |
) |
|
|
Excise taxes |
|
|
|
(1,160 |
) |
(4,672 |
) |
|
|
|
|
(5,832 |
) |
Revenues from sales |
|
14,076 |
|
38,335 |
|
22,206 |
|
61 |
|
(19,849 |
) |
54,829 |
|
Operating expenses |
|
(6,399 |
) |
(37,629 |
) |
(21,671 |
) |
(169 |
) |
19,849 |
|
(46,019 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,176 |
) |
(378 |
) |
(182 |
) |
(9 |
) |
|
|
(2,745 |
) |
Adjusted operating income |
|
5,501 |
|
328 |
|
353 |
|
(117 |
) |
|
|
6,065 |
|
Equity in net income (loss) of affiliates and other items |
|
1,047 |
|
62 |
|
(8 |
) |
46 |
|
|
|
1,147 |
|
Tax on net operating income |
|
(3,456 |
) |
(44 |
) |
(84 |
) |
(74 |
) |
|
|
(3,658 |
) |
Adjusted net operating income |
|
3,092 |
|
346 |
|
261 |
|
(145 |
) |
|
|
3,554 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(139 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(88 |
) |
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,327 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.46 |
|
(a) Except for earnings per share.
1st quarter 2014 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
5,311 |
|
250 |
|
276 |
|
28 |
|
|
|
5,865 |
|
Total divestments |
|
1,799 |
|
11 |
|
26 |
|
4 |
|
|
|
1,840 |
|
Cash flow from operating activities |
|
3,811 |
|
1,593 |
|
89 |
|
(155 |
) |
|
|
5,338 |
|
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,199 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,561 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,886 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,020 |
|
Operating expenses |
|
(8,076 |
) |
(39,809 |
) |
(22,750 |
) |
(273 |
) |
22,989 |
|
(47,919 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(393 |
) |
(192 |
) |
(10 |
) |
|
|
(2,853 |
) |
Operating income |
|
6,552 |
|
343 |
|
488 |
|
(135 |
) |
|
|
7,248 |
|
Equity in net income (loss) of affiliates and other items |
|
(1,116 |
) |
95 |
|
(43 |
) |
1 |
|
|
|
(1,063 |
) |
Tax on net operating income |
|
(3,824 |
) |
(71 |
) |
(144 |
) |
29 |
|
|
|
(4,010 |
) |
Net operating income |
|
1,612 |
|
367 |
|
301 |
|
(105 |
) |
|
|
2,175 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(67 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
1,948 |
|
1st quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Operating expenses |
|
|
|
(90 |
) |
(28 |
) |
|
|
|
|
(118 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
(5 |
) |
|
|
|
|
|
|
(5 |
) |
Operating income (b) |
|
3 |
|
(95 |
) |
(28 |
) |
|
|
|
|
(120 |
) |
Equity in net income (loss) of affiliates and other items |
|
(1,875 |
) |
(13 |
) |
(13 |
) |
|
|
|
|
(1,901 |
) |
Tax on net operating income |
|
227 |
|
38 |
|
10 |
|
|
|
|
|
275 |
|
Net operating income (b) |
|
(1,645 |
) |
(70 |
) |
(31 |
) |
|
|
|
|
(1,746 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
(1,750 |
) |
(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 |
|
|
(88 |
) |
(28 |
) |
|
|
|
|
|
|
- On net operating income |
|
|
(46 |
) |
(18 |
) |
|
|
|
|
|
|
1st quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,196 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,558 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,883 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,017 |
|
Operating expenses |
|
(8,076 |
) |
(39,719 |
) |
(22,722 |
) |
(273 |
) |
22,989 |
|
(47,801 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(388 |
) |
(192 |
) |
(10 |
) |
|
|
(2,848 |
) |
Adjusted operating income |
|
6,549 |
|
438 |
|
516 |
|
(135 |
) |
|
|
7,368 |
|
Equity in net income (loss) of affiliates and other items |
|
759 |
|
108 |
|
(30 |
) |
1 |
|
|
|
838 |
|
Tax on net operating income |
|
(4,051 |
) |
(109 |
) |
(154 |
) |
29 |
|
|
|
(4,285 |
) |
Adjusted net operating income |
|
3,257 |
|
437 |
|
332 |
|
(105 |
) |
|
|
3,921 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(63 |
) |
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,698 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.63 |
|
(a) Except for earnings per share.
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
6,941 |
|
703 |
|
246 |
|
14 |
|
|
|
7,904 |
|
Total divestments |
|
718 |
|
36 |
|
50 |
|
9 |
|
|
|
813 |
|
Cash flow from operating activities |
|
5,481 |
|
(382 |
) |
(120 |
) |
(66 |
) |
|
|
4,913 |
|
9) Reconciliation of the information by business segment with consolidated financial statements
|
|
|
|
|
|
Consolidated |
|
1er quarter 2014 |
|
|
|
|
|
statement |
|
(M$) |
|
Adjusted |
|
Adjustments(a) |
|
of income |
|
Sales |
|
60,661 |
|
26 |
|
60,687 |
|
Excise taxes |
|
(5,832 |
) |
|
|
(5,832 |
) |
Revenues from sales |
|
54,829 |
|
26 |
|
54,855 |
|
|
|
|
|
|
|
|
|
Purchases net of inventory variation |
|
(38,151 |
) |
(181 |
) |
(38,332 |
) |
Other operating expenses |
|
(7,249 |
) |
(115 |
) |
(7,364 |
) |
Exploration costs |
|
(619 |
) |
|
|
(619 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,745 |
) |
|
|
(2,745 |
) |
Other income |
|
452 |
|
648 |
|
1,100 |
|
Other expense |
|
(130 |
) |
(19 |
) |
(149 |
) |
|
|
|
|
|
|
|
|
Financial interest on debt |
|
(201 |
) |
|
|
(201 |
) |
Financial income from marketable securities & cash equivalents |
|
19 |
|
|
|
19 |
|
Cost of net debt |
|
(182 |
) |
|
|
(182 |
) |
|
|
|
|
|
|
|
|
Other financial income |
|
161 |
|
|
|
161 |
|
Other financial expense |
|
(166 |
) |
|
|
(166 |
) |
|
|
|
|
|
|
|
|
Equity in net income (loss) of affiliates |
|
830 |
|
(357 |
) |
473 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
(3,615 |
) |
18 |
|
(3,597 |
) |
Consolidated net income |
|
3,415 |
|
20 |
|
3,435 |
|
Group share |
|
3,327 |
|
8 |
|
3,335 |
|
Non-controlling interests |
|
88 |
|
12 |
|
100 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
|
|
|
|
|
|
Consolidated |
|
1er quarter 2013 |
|
|
|
|
|
statement |
|
(M$) |
|
Adjusted |
|
Adjustments(a) |
|
of income |
|
Sales |
|
63,558 |
|
3 |
|
63,561 |
|
Excise taxes |
|
(5,541 |
) |
|
|
(5,541 |
) |
Revenues from sales |
|
58,017 |
|
3 |
|
58,020 |
|
|
|
|
|
|
|
|
|
Purchases net of inventory variation |
|
(40,203 |
) |
(116 |
) |
(40,319 |
) |
Other operating expenses |
|
(7,192 |
) |
(2 |
) |
(7,194 |
) |
Exploration costs |
|
(406 |
) |
|
|
(406 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,848 |
) |
(5 |
) |
(2,853 |
) |
Other income |
|
42 |
|
|
|
42 |
|
Other expense |
|
(127 |
) |
(1,894 |
) |
(2,021 |
) |
|
|
|
|
|
|
|
|
Financial interest on debt |
|
(223 |
) |
|
|
(223 |
) |
Financial income from marketable securities & cash equivalents |
|
28 |
|
|
|
28 |
|
Cost of net debt |
|
(195 |
) |
|
|
(195 |
) |
|
|
|
|
|
|
|
|
Other financial income |
|
136 |
|
|
|
136 |
|
Other financial expense |
|
(169 |
) |
|
|
(169 |
) |
|
|
|
|
|
|
|
|
Equity in net income (loss) of affiliates |
|
956 |
|
(7 |
) |
949 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
(4,250 |
) |
275 |
|
(3,975 |
) |
Consolidated net income |
|
3,761 |
|
(1,746 |
) |
2,015 |
|
Group share |
|
3,698 |
|
(1,750 |
) |
1,948 |
|
Non-controlling interests |
|
63 |
|
4 |
|
67 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
10) CHANGES IN PROGRESS IN THE GROUP STRUCTURE
Ø Upstream
· TOTAL announced in November 2012 the finalization of an agreement for the sale in Nigeria of its 20% interest in block OML 138 to a subsidiary of China Petrochemical Corporation (Sinopec). This transaction remains subject to the approval by the relevant authorities. At March 31, 2014 the assets and liabilities have been respectively classified in the consolidated balance sheet in assets classified as held for sale for an amount of $2,472 million and liabilities directly associated with the assets classified as held for sale for an amount of $769 million. The assets concerned mainly include tangible assets for an amount of $2,054 million.
11) Notes to the unaudited consolidated financial information in U.S. dollars
This note includes comparative consolidated financial information presented in U.S. Dollars for the years 2011, 2012 and 2013, and for the quarters of the year 2013. This information was published on the April 15, 2014.
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
For the year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Sales |
|
251,725 |
|
257,037 |
|
257,084 |
|
Excise taxes |
|
(23,756 |
) |
(22,821 |
) |
(25,254 |
) |
Revenues from sales |
|
227,969 |
|
234,216 |
|
231,830 |
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
(160,849 |
) |
(162,908 |
) |
(158,533 |
) |
Other operating expenses |
|
(28,764 |
) |
(29,273 |
) |
(27,549 |
) |
Exploration costs |
|
(2,169 |
) |
(1,857 |
) |
(1,418 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(11,994 |
) |
(12,237 |
) |
(10,448 |
) |
Other income |
|
2,290 |
|
1,897 |
|
2,975 |
|
Other expense |
|
(2,800 |
) |
(1,178 |
) |
(1,738 |
) |
|
|
|
|
|
|
|
|
Financial interest on debt |
|
(889 |
) |
(863 |
) |
(992 |
) |
Financial income from marketable securities & cash equivalents |
|
85 |
|
128 |
|
380 |
|
Cost of net debt |
|
(804 |
) |
(735 |
) |
(612 |
) |
|
|
|
|
|
|
|
|
Other financial income |
|
696 |
|
717 |
|
848 |
|
Other financial expense |
|
(702 |
) |
(641 |
) |
(597 |
) |
|
|
|
|
|
|
|
|
Equity in net income (loss) of affiliates |
|
3,415 |
|
2,582 |
|
2,680 |
|
|
|
|
|
|
|
|
|
Income taxes |
|
(14,767 |
) |
(16,747 |
) |
(19,614 |
) |
Consolidated net income |
|
11,521 |
|
13,836 |
|
17,824 |
|
Group share |
|
11,228 |
|
13,648 |
|
17,400 |
|
Non-controlling interests |
|
293 |
|
188 |
|
424 |
|
Earnings per share ($) |
|
4.96 |
|
6.05 |
|
7.74 |
|
Fully-diluted earnings per share ($) |
|
4.94 |
|
6.02 |
|
7.71 |
|
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
For the year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
11,521 |
|
13,836 |
|
17,824 |
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
|
682 |
|
(1,171 |
) |
(742 |
) |
Tax effect |
|
(287 |
) |
465 |
|
266 |
|
Currency translation adjustment generated by the mother company |
|
3,129 |
|
1,324 |
|
(2,347 |
) |
Items not potentially reclassifiable to profit and loss |
|
3,524 |
|
618 |
|
(2,823 |
) |
Currency translation adjustment |
|
(1,925 |
) |
(397 |
) |
993 |
|
Available for sale financial assets |
|
33 |
|
(435 |
) |
469 |
|
Cash flow hedge |
|
156 |
|
83 |
|
(117 |
) |
Share of other comprehensive income of equity affiliates, net amount |
|
(805 |
) |
249 |
|
(203 |
) |
Other |
|
(12 |
) |
(18 |
) |
(10 |
) |
Tax effect |
|
(62 |
) |
82 |
|
(77 |
) |
Items potentially reclassifiable to profit and loss |
|
(2,615 |
) |
(436 |
) |
1,055 |
|
Total other comprehensive income (net amount) |
|
909 |
|
182 |
|
(1,768 |
) |
|
|
|
|
|
|
|
|
Comprehensive income |
|
12,430 |
|
14,018 |
|
16,056 |
|
- Group share |
|
12,193 |
|
13,848 |
|
15,682 |
|
- Non-controlling interests |
|
237 |
|
170 |
|
374 |
|
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited)
As of December 31, |
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
Intangible assets, net |
|
18,395 |
|
16,965 |
|
16,062 |
|
Property, plant and equipment, net |
|
104,480 |
|
91,477 |
|
83,400 |
|
Equity affiliates : investments and loans |
|
20,417 |
|
18,153 |
|
16,814 |
|
Other investments |
|
1,666 |
|
1,571 |
|
4,755 |
|
Hedging instruments of non-current financial debt |
|
1,418 |
|
2,145 |
|
2,557 |
|
Deferred income taxes |
|
3,838 |
|
2,982 |
|
2,653 |
|
Other non-current assets |
|
4,406 |
|
3,513 |
|
3,179 |
|
Total non-current assets |
|
154,620 |
|
136,806 |
|
129,420 |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Inventories, net |
|
22,097 |
|
22,954 |
|
23,447 |
|
Accounts receivable, net |
|
23,422 |
|
25,339 |
|
25,941 |
|
Other current assets |
|
14,892 |
|
13,307 |
|
13,932 |
|
Current financial assets |
|
739 |
|
2,061 |
|
906 |
|
Cash and cash equivalents |
|
20,200 |
|
20,409 |
|
18,147 |
|
Assets classified as held for sale |
|
3,253 |
|
5,010 |
|
|
|
Total current assets |
|
84,603 |
|
89,080 |
|
82,373 |
|
Total assets |
|
239,223 |
|
225,886 |
|
211,793 |
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
|
|
Common shares |
|
7,493 |
|
7,454 |
|
7,447 |
|
Paid-in surplus and retained earnings |
|
98,254 |
|
92,485 |
|
86,461 |
|
Currency translation adjustment |
|
(1,203 |
) |
(1,696 |
) |
(2,884 |
) |
Treasury shares |
|
(4,303 |
) |
(4,274 |
) |
(4,357 |
) |
Total shareholders equity - Group Share |
|
100,241 |
|
93,969 |
|
86,667 |
|
Non-controlling interests |
|
3,138 |
|
1,689 |
|
1,749 |
|
Total shareholders equity |
|
103,379 |
|
95,658 |
|
88,416 |
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Deferred income taxes |
|
17,850 |
|
16,006 |
|
15,340 |
|
Employee benefits |
|
4,235 |
|
4,939 |
|
4,380 |
|
Provisions and other non-current liabilities |
|
17,517 |
|
15,285 |
|
14,114 |
|
Non-current financial debt |
|
34,574 |
|
29,392 |
|
29,186 |
|
Total non-current liabilities |
|
74,176 |
|
65,622 |
|
63,020 |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Accounts payable |
|
30,282 |
|
28,563 |
|
28,577 |
|
Other creditors and accrued liabilities |
|
18,948 |
|
19,316 |
|
19,045 |
|
Current borrowings |
|
11,193 |
|
14,535 |
|
12,519 |
|
Other current financial liabilities |
|
381 |
|
232 |
|
216 |
|
Liabilities directly associated with the assets classified as held for sale |
|
864 |
|
1,960 |
|
|
|
Total current liabilities |
|
61,668 |
|
64,606 |
|
60,357 |
|
Total liabilities and shareholders equity |
|
239,223 |
|
225,886 |
|
211,793 |
|
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
For the year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
11,521 |
|
13,836 |
|
17,824 |
|
Depreciation, depletion and amortization |
|
13,358 |
|
13,466 |
|
12,010 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
1,567 |
|
1,889 |
|
2,272 |
|
Impact of coverage of pension benefit plans |
|
|
|
(465 |
) |
|
|
(Gains) losses on disposals of assets |
|
(80 |
) |
(1,715 |
) |
(2,479 |
) |
Undistributed affiliates equity earnings |
|
(775 |
) |
272 |
|
(149 |
) |
(Increase) decrease in working capital |
|
2,525 |
|
1,392 |
|
(2,421 |
) |
Other changes, net |
|
397 |
|
183 |
|
136 |
|
Cash flow from operating activities |
|
28,513 |
|
28,858 |
|
27,193 |
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
(29,748 |
) |
(25,574 |
) |
(24,986 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
(21 |
) |
(245 |
) |
(1,189 |
) |
Investments in equity affiliates and other securities |
|
(1,756 |
) |
(1,152 |
) |
(6,299 |
) |
Increase in non-current loans |
|
(2,906 |
) |
(2,504 |
) |
(1,687 |
) |
Total expenditures |
|
(34,431 |
) |
(29,475 |
) |
(34,161 |
) |
Proceeds from disposals of intangible assets and property, plant and equipment |
|
1,766 |
|
1,822 |
|
2,003 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
|
2,654 |
|
452 |
|
800 |
|
Proceeds from disposals of non-current investments |
|
330 |
|
3,618 |
|
7,922 |
|
Repayment of non-current loans |
|
1,649 |
|
1,651 |
|
1,215 |
|
Total divestments |
|
6,399 |
|
7,543 |
|
11,940 |
|
Cash flow used in investing activities |
|
(28,032 |
) |
(21,932 |
) |
(22,221 |
) |
|
|
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
- Parent company shareholders |
|
485 |
|
41 |
|
670 |
|
- Treasury shares |
|
(238 |
) |
(88 |
) |
|
|
Dividends paid: |
|
|
|
|
|
|
|
- Parent company shareholders |
|
(7,128 |
) |
(6,660 |
) |
(7,155 |
) |
- Non-controlling interests |
|
(156 |
) |
(133 |
) |
(239 |
) |
Other transactions with non-controlling interests |
|
2,153 |
|
|
|
(798 |
) |
Net issuance (repayment) of non-current debt |
|
11,102 |
|
6,780 |
|
5,664 |
|
Increase (decrease) in current borrowings |
|
(9,037 |
) |
(3,540 |
) |
(5,387 |
) |
Increase (decrease) in current financial assets and liabilities |
|
1,298 |
|
(1,217 |
) |
1,247 |
|
Cash flow used in financing activities |
|
(1,521 |
) |
(4,817 |
) |
(5,998 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(1,040 |
) |
2,109 |
|
(1,026 |
) |
Effect of exchange rates |
|
831 |
|
153 |
|
(187 |
) |
Cash and cash equivalents at the beginning of the period |
|
20,409 |
|
18,147 |
|
19,360 |
|
Cash and cash equivalents at the end of the period |
|
20,200 |
|
20,409 |
|
18,147 |
|
Consolidated statement of changes in shareholders equity
TOTAL
(unaudited)
|
|
Common shares issued |
|
Paid-in surplus |
|
Currency |
|
Treasury shares |
|
Shareholders |
|
Non-controlling |
|
Total |
| ||||
(M$) |
|
Number |
|
Amount |
|
earnings |
|
adjustment |
|
Number |
|
Amount |
|
Group Share |
|
interests |
|
equity |
|
As of January 1, 2011 |
|
2,349,640,931 |
|
7,398 |
|
78,165 |
|
(1,291 |
) |
(112,487,679 |
) |
(4,524 |
) |
79,748 |
|
1,144 |
|
80,892 |
|
Net income 2011 |
|
|
|
|
|
17,400 |
|
|
|
|
|
|
|
17,400 |
|
424 |
|
17,824 |
|
Other comprehensive income |
|
|
|
|
|
(153 |
) |
(1,565 |
) |
|
|
|
|
(1,718 |
) |
(50 |
) |
(1,768 |
) |
Comprehensive Income |
|
|
|
|
|
17,247 |
|
(1,565 |
) |
|
|
|
|
15,682 |
|
374 |
|
16,056 |
|
Dividend |
|
|
|
|
|
(8,988 |
) |
|
|
|
|
|
|
(8,988 |
) |
(239 |
) |
(9,227 |
) |
Issuance of common shares |
|
14,126,382 |
|
49 |
|
621 |
|
|
|
|
|
|
|
670 |
|
|
|
670 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of treasury shares(a) |
|
|
|
|
|
(167 |
) |
|
|
2,933,506 |
|
167 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
224 |
|
|
|
|
|
|
|
224 |
|
|
|
224 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(609 |
) |
(28 |
) |
|
|
|
|
(637 |
) |
(161 |
) |
(798 |
) |
Other items |
|
|
|
|
|
(32 |
) |
|
|
|
|
|
|
(32 |
) |
631 |
|
599 |
|
As of December 31, 2011 |
|
2,363,767,313 |
|
7,447 |
|
86,461 |
|
(2,884 |
) |
(109,554,173 |
) |
(4,357 |
) |
86,667 |
|
1,749 |
|
88,416 |
|
Net income 2012 |
|
|
|
|
|
13,648 |
|
|
|
|
|
|
|
13,648 |
|
188 |
|
13,836 |
|
Other comprehensive income |
|
|
|
|
|
(987 |
) |
1,187 |
|
|
|
|
|
200 |
|
(18 |
) |
182 |
|
Comprehensive Income |
|
|
|
|
|
12,661 |
|
1,187 |
|
|
|
|
|
13,848 |
|
170 |
|
14,018 |
|
Dividend |
|
|
|
|
|
(6,728 |
) |
|
|
|
|
|
|
(6,728 |
) |
(133 |
) |
(6,861 |
) |
Issuance of common shares |
|
2,165,833 |
|
7 |
|
34 |
|
|
|
|
|
|
|
41 |
|
|
|
41 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
(1,800,000 |
) |
(88 |
) |
(88 |
) |
|
|
(88 |
) |
Sale of treasury shares(a) |
|
|
|
|
|
(171 |
) |
|
|
2,962,534 |
|
171 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
188 |
|
|
|
|
|
|
|
188 |
|
|
|
188 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
20 |
|
1 |
|
|
|
|
|
21 |
|
(21 |
) |
|
|
Other items |
|
|
|
|
|
20 |
|
|
|
|
|
|
|
20 |
|
(76 |
) |
(56 |
) |
As of December 31, 2012 |
|
2,365,933,146 |
|
7,454 |
|
92,485 |
|
(1,696 |
) |
(108,391,639 |
) |
(4,274 |
) |
93,969 |
|
1,689 |
|
95,658 |
|
Net income 2013 |
|
|
|
|
|
11,228 |
|
|
|
|
|
|
|
11,228 |
|
293 |
|
11,521 |
|
Other comprehensive income |
|
|
|
|
|
473 |
|
492 |
|
|
|
|
|
965 |
|
(56 |
) |
909 |
|
Comprehensive Income |
|
|
|
|
|
11,701 |
|
492 |
|
|
|
|
|
12,193 |
|
237 |
|
12,430 |
|
Dividend |
|
|
|
|
|
(7,116 |
) |
|
|
|
|
|
|
(7,116 |
) |
(156 |
) |
(7,272 |
) |
Issuance of common shares |
|
11,745,014 |
|
39 |
|
446 |
|
|
|
|
|
|
|
485 |
|
|
|
485 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
(4,414,200 |
) |
(238 |
) |
(238 |
) |
|
|
(238 |
) |
Sale of treasury shares(a) |
|
|
|
|
|
(209 |
) |
|
|
3,591,391 |
|
209 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
189 |
|
|
|
|
|
|
|
189 |
|
|
|
189 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
749 |
|
1 |
|
|
|
|
|
750 |
|
1,355 |
|
2,105 |
|
Other items |
|
|
|
|
|
9 |
|
|
|
|
|
|
|
9 |
|
13 |
|
22 |
|
As of December 31, 2013 |
|
2,377,678,160 |
|
7,493 |
|
98,254 |
|
(1,203 |
) |
(109,214,448 |
) |
(4,303 |
) |
100,241 |
|
3,138 |
|
103,379 |
|
(a) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
26,367 |
|
114,483 |
|
110,873 |
|
2 |
|
|
|
251,725 |
|
Intersegment sales |
|
37,650 |
|
52,275 |
|
2,159 |
|
177 |
|
(92,261 |
) |
|
|
Excise taxes |
|
|
|
(4,814 |
) |
(18,942 |
) |
|
|
|
|
(23,756 |
) |
Revenues from sales |
|
64,017 |
|
161,944 |
|
94,090 |
|
179 |
|
(92,261 |
) |
227,969 |
|
Operating expenses |
|
(31,875 |
) |
(160,031 |
) |
(91,343 |
) |
(794 |
) |
92,261 |
|
(191,782 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(9,484 |
) |
(1,736 |
) |
(733 |
) |
(41 |
) |
|
|
(11,994 |
) |
Operating income |
|
22,658 |
|
177 |
|
2,014 |
|
(656 |
) |
|
|
24,193 |
|
Equity in net income (loss) of affiliates and other items |
|
2,688 |
|
181 |
|
55 |
|
(25 |
) |
|
|
2,899 |
|
Tax on net operating income |
|
(13,706 |
) |
(612 |
) |
(560 |
) |
(29 |
) |
|
|
(14,907 |
) |
Net operating income |
|
11,640 |
|
(254 |
) |
1,509 |
|
(710 |
) |
|
|
12,185 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(664 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(293 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
11,228 |
|
For the year ended December 31, 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(74 |
) |
|
|
|
|
|
|
|
|
(74 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(74 |
) |
|
|
|
|
|
|
|
|
(74 |
) |
Operating expenses |
|
(113 |
) |
(1,405 |
) |
(134 |
) |
|
|
|
|
(1,652 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(855 |
) |
(184 |
) |
(4 |
) |
|
|
|
|
(1,043 |
) |
Operating income (b) |
|
(1,042 |
) |
(1,589 |
) |
(138 |
) |
|
|
|
|
(2,769 |
) |
Equity in net income (loss) of affiliates and other items |
|
(305 |
) |
(268 |
) |
4 |
|
(34 |
) |
|
|
(603 |
) |
Tax on net operating income |
|
537 |
|
(254 |
) |
89 |
|
(45 |
) |
|
|
327 |
|
Net operating income (b) |
|
(810 |
) |
(2,111 |
) |
(45 |
) |
(79 |
) |
|
|
(3,045 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(19 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
(3,064 |
) |
(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 |
|
|
|
(978 |
) |
(87 |
) |
|
|
|
|
|
|
On net operating income |
|
|
|
(656 |
) |
(63 |
) |
|
|
|
|
|
|
For the year ended December 31, 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
26,441 |
|
114,483 |
|
110,873 |
|
2 |
|
|
|
251,799 |
|
Intersegment sales |
|
37,650 |
|
52,275 |
|
2,159 |
|
177 |
|
(92,261 |
) |
|
|
Excise taxes |
|
|
|
(4,814 |
) |
(18,942 |
) |
|
|
|
|
(23,756 |
) |
Revenues from sales |
|
64,091 |
|
161,944 |
|
94,090 |
|
179 |
|
(92,261 |
) |
228,043 |
|
Operating expenses |
|
(31,762 |
) |
(158,626 |
) |
(91,209 |
) |
(794 |
) |
92,261 |
|
(190,130 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(8,629 |
) |
(1,552 |
) |
(729 |
) |
(41 |
) |
|
|
(10,951 |
) |
Adjusted operating income |
|
23,700 |
|
1,766 |
|
2,152 |
|
(656 |
) |
|
|
26,962 |
|
Equity in net income (loss) of affiliates and other items |
|
2,993 |
|
449 |
|
51 |
|
9 |
|
|
|
3,502 |
|
Tax on net operating income |
|
(14,243 |
) |
(358 |
) |
(649 |
) |
16 |
|
|
|
(15,234 |
) |
Adjusted net operating income |
|
12,450 |
|
1,857 |
|
1,554 |
|
(631 |
) |
|
|
15,230 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(664 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(274 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
14,292 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
6.29 |
|
(a) Except for earnings per share.
For the year ended December 31, 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
29,750 |
|
2,708 |
|
1,814 |
|
159 |
|
|
|
34,431 |
|
Total divestments |
|
5,786 |
|
365 |
|
186 |
|
62 |
|
|
|
6,399 |
|
Cash flow from operating activities |
|
21,857 |
|
4,260 |
|
2,557 |
|
(161 |
) |
|
|
28,513 |
|
Balance sheet as of December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, intangible assets, net |
|
103,667 |
|
12,407 |
|
6,441 |
|
360 |
|
|
|
122,875 |
|
Investments & loans in equity affiliates |
|
15,862 |
|
3,542 |
|
1,013 |
|
|
|
|
|
20,417 |
|
Other non-current assets |
|
5,691 |
|
1,427 |
|
2,014 |
|
778 |
|
|
|
9,910 |
|
Working capital |
|
(327 |
) |
10,458 |
|
3,779 |
|
(2,729 |
) |
|
|
11,181 |
|
Provisions and other non-current liabilities |
|
(31,574 |
) |
(4,437 |
) |
(2,303 |
) |
(1,288 |
) |
|
|
(39,602 |
) |
Assets and liabilities classified as held for sale |
|
2,210 |
|
|
|
|
|
|
|
|
|
2,210 |
|
Capital Employed (balance sheet) |
|
95,529 |
|
23,397 |
|
10,944 |
|
(2,879 |
) |
|
|
126,991 |
|
Less inventory valuation effect |
|
|
|
(3,645 |
) |
(893 |
) |
(2 |
) |
|
|
(4,540 |
) |
Capital Employed (Business segment information) |
|
95,529 |
|
19,752 |
|
10,051 |
|
(2,881 |
) |
|
|
122,451 |
|
ROACE as a percentage (1) |
|
14 |
% |
9 |
% |
16 |
% |
|
|
|
|
13 |
% |
(1) ROACE (Return on Average Capital Employed): Ratio of adjusted net operating income to average capital employed between the beginning and the end of the period.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2012 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
28,449 |
|
117,067 |
|
111,281 |
|
240 |
|
|
|
257,037 |
|
Intersegment sales |
|
40,498 |
|
57,134 |
|
970 |
|
256 |
|
(98,858 |
) |
|
|
Excise taxes |
|
|
|
(4,616 |
) |
(18,205 |
) |
|
|
|
|
(22,821 |
) |
Revenues from sales |
|
68,947 |
|
169,585 |
|
94,046 |
|
496 |
|
(98,858 |
) |
234,216 |
|
Operating expenses |
|
(33,361 |
) |
(166,379 |
) |
(91,907 |
) |
(1,249 |
) |
98,858 |
|
(194,038 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(9,555 |
) |
(1,856 |
) |
(780 |
) |
(46 |
) |
|
|
(12,237 |
) |
Operating income |
|
26,031 |
|
1,350 |
|
1,359 |
|
(799 |
) |
|
|
27,941 |
|
Equity in net income (loss) of affiliates and other items |
|
3,005 |
|
271 |
|
(252 |
) |
353 |
|
|
|
3,377 |
|
Tax on net operating income |
|
(15,879 |
) |
(337 |
) |
(488 |
) |
(163 |
) |
|
|
(16,867 |
) |
Net operating income |
|
13,157 |
|
1,284 |
|
619 |
|
(609 |
) |
|
|
14,451 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(615 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(188 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
13,648 |
|
For the year ended December 31, 2012 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(12 |
) |
|
|
|
|
|
|
|
|
(12 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(12 |
) |
|
|
|
|
|
|
|
|
(12 |
) |
Operating expenses |
|
(752 |
) |
(257 |
) |
(294 |
) |
(115 |
) |
|
|
(1,418 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(1,538 |
) |
(266 |
) |
(87 |
) |
|
|
|
|
(1,891 |
) |
Operating income (b) |
|
(2,302 |
) |
(523 |
) |
(381 |
) |
(115 |
) |
|
|
(3,321 |
) |
Equity in net income (loss) of affiliates and other items |
|
326 |
|
(51 |
) |
(154 |
) |
188 |
|
|
|
309 |
|
Tax on net operating income |
|
817 |
|
90 |
|
85 |
|
(139 |
) |
|
|
853 |
|
Net operating income (b) |
|
(1,159 |
) |
(484 |
) |
(450 |
) |
(66 |
) |
|
|
(2,159 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
35 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
(2,124 |
) |
(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 |
|
|
|
(230 |
) |
(71 |
) |
|
|
|
|
|
|
On net operating income |
|
|
|
(149 |
) |
(50 |
) |
|
|
|
|
|
|
For the year ended December 31, 2012 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
28,461 |
|
117,067 |
|
111,281 |
|
240 |
|
|
|
257,049 |
|
Intersegment sales |
|
40,498 |
|
57,134 |
|
970 |
|
256 |
|
(98,858 |
) |
|
|
Excise taxes |
|
|
|
(4,616 |
) |
(18,205 |
) |
|
|
|
|
(22,821 |
) |
Revenues from sales |
|
68,959 |
|
169,585 |
|
94,046 |
|
496 |
|
(98,858 |
) |
234,228 |
|
Operating expenses |
|
(32,609 |
) |
(166,122 |
) |
(91,613 |
) |
(1,134 |
) |
98,858 |
|
(192,620 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(8,017 |
) |
(1,590 |
) |
(693 |
) |
(46 |
) |
|
|
(10,346 |
) |
Adjusted operating income |
|
28,333 |
|
1,873 |
|
1,740 |
|
(684 |
) |
|
|
31,262 |
|
Equity in net income (loss) of affiliates and other items |
|
2,679 |
|
322 |
|
(98 |
) |
165 |
|
|
|
3,068 |
|
Tax on net operating income |
|
(16,696 |
) |
(427 |
) |
(573 |
) |
(24 |
) |
|
|
(17,720 |
) |
Adjusted net operating income |
|
14,316 |
|
1,768 |
|
1,069 |
|
(543 |
) |
|
|
16,610 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(615 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(223 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
15,772 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
6.96 |
|
(a) Except for earnings per share.
For the year ended December 31, 2012 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
25,200 |
|
2,502 |
|
1,671 |
|
102 |
|
|
|
29,475 |
|
Total divestments |
|
3,595 |
|
392 |
|
196 |
|
3,360 |
|
|
|
7,543 |
|
Cash flow from operating activities |
|
24,354 |
|
2,726 |
|
1,456 |
|
322 |
|
|
|
28,858 |
|
Balance sheet as of December 31, 2012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, intangible assets, net |
|
90,128 |
|
12,167 |
|
5,848 |
|
299 |
|
|
|
108,442 |
|
Investments & loans in equity affiliates |
|
14,622 |
|
2,600 |
|
931 |
|
|
|
|
|
18,153 |
|
Other non-current assets |
|
4,255 |
|
1,565 |
|
1,694 |
|
552 |
|
|
|
8,066 |
|
Working capital |
|
(436 |
) |
12,742 |
|
3,752 |
|
(2,337 |
) |
|
|
13,721 |
|
Provisions and other non-current liabilities |
|
(28,356 |
) |
(4,020 |
) |
(2,146 |
) |
(1,708 |
) |
|
|
(36,230 |
) |
Assets and liabilities classified as held for sale |
|
4,047 |
|
|
|
|
|
|
|
|
|
4,047 |
|
Capital Employed (balance sheet) |
|
84,260 |
|
25,054 |
|
10,079 |
|
(3,194 |
) |
|
|
116,199 |
|
Less inventory valuation effect |
|
|
|
(4,271 |
) |
(847 |
) |
(1 |
) |
|
|
(5,119 |
) |
Capital Employed (Business segment information) |
|
84,260 |
|
20,783 |
|
9,232 |
|
(3,195 |
) |
|
|
111,080 |
|
ROACE as a percentage |
|
18 |
% |
9 |
% |
12 |
% |
|
|
|
|
15 |
% |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2011 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
30,916 |
|
107,384 |
|
118,769 |
|
15 |
|
|
|
257,084 |
|
Intersegment sales |
|
38,002 |
|
61,632 |
|
1,121 |
|
256 |
|
(101,011 |
) |
|
|
Excise taxes |
|
|
|
(3,288 |
) |
(21,966 |
) |
|
|
|
|
(25,254 |
) |
Revenues from sales |
|
68,918 |
|
165,728 |
|
97,924 |
|
271 |
|
(101,011 |
) |
231,830 |
|
Operating expenses |
|
(30,421 |
) |
(161,980 |
) |
(95,187 |
) |
(923 |
) |
101,011 |
|
(187,500 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(7,014 |
) |
(2,695 |
) |
(690 |
) |
(49 |
) |
|
|
(10,448 |
) |
Operating income |
|
31,483 |
|
1,053 |
|
2,047 |
|
(701 |
) |
|
|
33,882 |
|
Equity in net income (loss) of affiliates and other items |
|
3,100 |
|
1,023 |
|
(421 |
) |
466 |
|
|
|
4,168 |
|
Tax on net operating income |
|
(18,897 |
) |
(192 |
) |
(614 |
) |
(57 |
) |
|
|
(19,760 |
) |
Net operating income |
|
15,686 |
|
1,884 |
|
1,012 |
|
(292 |
) |
|
|
18,290 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(466 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(424 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
17,400 |
|
For the year ended December 31, 2011 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
62 |
|
|
|
|
|
|
|
|
|
62 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
62 |
|
|
|
|
|
|
|
|
|
62 |
|
Operating expenses |
|
|
|
1,188 |
|
376 |
|
|
|
|
|
1,564 |
|
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(104 |
) |
(983 |
) |
|
|
|
|
|
|
(1,087 |
) |
Operating income (b) |
|
(42 |
) |
205 |
|
376 |
|
|
|
|
|
539 |
|
Equity in net income (loss) of affiliates and other items |
|
990 |
|
591 |
|
(402 |
) |
125 |
|
|
|
1,304 |
|
Tax on net operating income |
|
(60 |
) |
(85 |
) |
(109 |
) |
(111 |
) |
|
|
(365 |
) |
Net operating income (b) |
|
888 |
|
711 |
|
(135 |
) |
14 |
|
|
|
1,478 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(26 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
1,452 |
|
(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 |
|
|
|
1,292 |
|
399 |
|
|
|
|
|
|
|
On net operating income |
|
|
|
931 |
|
278 |
|
|
|
|
|
|
|
For the year ended December 31, 2011 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
30,854 |
|
107,384 |
|
118,769 |
|
15 |
|
|
|
257,022 |
|
Intersegment sales |
|
38,002 |
|
61,632 |
|
1,121 |
|
256 |
|
(101,011 |
) |
|
|
Excise taxes |
|
|
|
(3,288 |
) |
(21,966 |
) |
|
|
|
|
(25,254 |
) |
Revenues from sales |
|
68,856 |
|
165,728 |
|
97,924 |
|
271 |
|
(101,011 |
) |
231,768 |
|
Operating expenses |
|
(30,421 |
) |
(163,168 |
) |
(95,563 |
) |
(923 |
) |
101,011 |
|
(189,064 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(6,910 |
) |
(1,712 |
) |
(690 |
) |
(49 |
) |
|
|
(9,361 |
) |
Adjusted operating income |
|
31,525 |
|
848 |
|
1,671 |
|
(701 |
) |
|
|
33,343 |
|
Equity in net income (loss) of affiliates and other items |
|
2,110 |
|
432 |
|
(19 |
) |
341 |
|
|
|
2,864 |
|
Tax on net operating income |
|
(18,837 |
) |
(107 |
) |
(505 |
) |
54 |
|
|
|
(19,395 |
) |
Adjusted net operating income |
|
14,798 |
|
1,173 |
|
1,147 |
|
(306 |
) |
|
|
16,812 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(466 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(398 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
15,948 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
7.07 |
|
(a) Except for earnings per share.
For the year ended December 31, 2011 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
28,761 |
|
2,659 |
|
2,553 |
|
188 |
|
|
|
34,161 |
|
Total divestments |
|
3,607 |
|
3,492 |
|
2,721 |
|
2,120 |
|
|
|
11,940 |
|
Cash flow from operating activities |
|
23,724 |
|
2,987 |
|
753 |
|
(271 |
) |
|
|
27,193 |
|
Balance sheet as of December 31, 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, intangible assets, net |
|
81,839 |
|
11,693 |
|
5,613 |
|
317 |
|
|
|
99,462 |
|
Investments & loans in equity affiliates |
|
13,691 |
|
2,145 |
|
978 |
|
|
|
|
|
16,814 |
|
Other non-current assets |
|
3,162 |
|
1,914 |
|
1,523 |
|
3,988 |
|
|
|
10,587 |
|
Working capital |
|
904 |
|
12,788 |
|
3,784 |
|
(1,778 |
) |
|
|
15,698 |
|
Provisions and other non-current liabilities |
|
(25,961 |
) |
(4,166 |
) |
(2,153 |
) |
(1,554 |
) |
|
|
(33,834 |
) |
Assets and liabilities classified as held for sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Employed (balance sheet) |
|
73,635 |
|
24,374 |
|
9,745 |
|
973 |
|
|
|
108,727 |
|
Less inventory valuation effect |
|
|
|
(4,357 |
) |
(863 |
) |
17 |
|
|
|
(5,203 |
) |
Capital Employed (Business segment information) |
|
73,635 |
|
20,017 |
|
8,882 |
|
990 |
|
|
|
103,524 |
|
ROACE as a percentage |
|
22 |
% |
5 |
% |
14 |
% |
|
|
|
|
17 |
% |
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
For the year ended December 31, 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
251,799 |
|
(74 |
) |
251,725 |
|
Excise taxes |
|
(23,756 |
) |
|
|
(23,756 |
) |
Revenues from sales |
|
228,043 |
|
(74 |
) |
227,969 |
|
Purchases, net of inventory variation |
|
(159,784 |
) |
(1,065 |
) |
(160,849 |
) |
Other operating expenses |
|
(28,177 |
) |
(587 |
) |
(28,764 |
) |
Exploration costs |
|
(2,169 |
) |
|
|
(2,169 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(10,951 |
) |
(1,043 |
) |
(11,994 |
) |
Other income |
|
647 |
|
1,643 |
|
2,290 |
|
Other expense |
|
(574 |
) |
(2,226 |
) |
(2,800 |
) |
Financial interest on debt |
|
(889 |
) |
|
|
(889 |
) |
Financial income from marketable securities & cash equivalents |
|
85 |
|
|
|
85 |
|
Cost of net debt |
|
(804 |
) |
|
|
(804 |
) |
Other financial income |
|
696 |
|
|
|
696 |
|
Other financial expense |
|
(702 |
) |
|
|
(702 |
) |
Equity in net income (loss) of affiliates |
|
3,435 |
|
(20 |
) |
3,415 |
|
Income taxes |
|
(15,094 |
) |
327 |
|
(14,767 |
) |
Consolidated net income |
|
14,566 |
|
(3,045 |
) |
11,521 |
|
Group share |
|
14,292 |
|
(3,064 |
) |
11,228 |
|
Non-controlling interests |
|
274 |
|
19 |
|
293 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
For the year ended December 31, 2012 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
257,049 |
|
(12 |
) |
257,037 |
|
Excise taxes |
|
(22,821 |
) |
|
|
(22,821 |
) |
Revenues from sales |
|
234,228 |
|
(12 |
) |
234,216 |
|
Purchases, net of inventory variation |
|
(162,607 |
) |
(301 |
) |
(162,908 |
) |
Other operating expenses |
|
(28,156 |
) |
(1,117 |
) |
(29,273 |
) |
Exploration costs |
|
(1,857 |
) |
|
|
(1,857 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(10,346 |
) |
(1,891 |
) |
(12,237 |
) |
Other income |
|
876 |
|
1,021 |
|
1,897 |
|
Other expense |
|
(579 |
) |
(599 |
) |
(1,178 |
) |
Financial interest on debt |
|
(863 |
) |
|
|
(863 |
) |
Financial income from marketable securities & cash equivalents |
|
128 |
|
|
|
128 |
|
Cost of net debt |
|
(735 |
) |
|
|
(735 |
) |
Other financial income |
|
717 |
|
|
|
717 |
|
Other financial expense |
|
(641 |
) |
|
|
(641 |
) |
Equity in net income (loss) of affiliates |
|
2,695 |
|
(113 |
) |
2,582 |
|
Income taxes |
|
(17,600 |
) |
853 |
|
(16,747 |
) |
Consolidated net income |
|
15,995 |
|
(2,159 |
) |
13,836 |
|
Group share |
|
15,772 |
|
(2,124 |
) |
13,648 |
|
Non-controlling interests |
|
223 |
|
(35 |
) |
188 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
For the year ended December 31, 2011 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
257,022 |
|
62 |
|
257,084 |
|
Excise taxes |
|
(25,254 |
) |
|
|
(25,254 |
) |
Revenues from sales |
|
231,768 |
|
62 |
|
231,830 |
|
Purchases, net of inventory variation |
|
(160,224 |
) |
1,691 |
|
(158,533 |
) |
Other operating expenses |
|
(27,422 |
) |
(127 |
) |
(27,549 |
) |
Exploration costs |
|
(1,418 |
) |
|
|
(1,418 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(9,361 |
) |
(1,087 |
) |
(10,448 |
) |
Other income |
|
599 |
|
2,376 |
|
2,975 |
|
Other expense |
|
(748 |
) |
(990 |
) |
(1,738 |
) |
Financial interest on debt |
|
(992 |
) |
|
|
(992 |
) |
Financial income from marketable securities & cash equivalents |
|
380 |
|
|
|
380 |
|
Cost of net debt |
|
(612 |
) |
|
|
(612 |
) |
Other financial income |
|
848 |
|
|
|
848 |
|
Other financial expense |
|
(597 |
) |
|
|
(597 |
) |
Equity in net income (loss) of affiliates |
|
2,762 |
|
(82 |
) |
2,680 |
|
Income taxes |
|
(19,249 |
) |
(365 |
) |
(19,614 |
) |
Consolidated net income |
|
16,346 |
|
1,478 |
|
17,824 |
|
Group share |
|
15,948 |
|
1,452 |
|
17,400 |
|
Non-controlling interests |
|
398 |
|
26 |
|
424 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Return on Equity
TOTAL
(unaudited)
For the year ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
|
|
|
|
|
|
|
|
Adjusted net income - Group share |
|
14,292 |
|
15,772 |
|
15,948 |
|
Adjusted non-controlling interests |
|
274 |
|
223 |
|
398 |
|
Adjusted consolidated net income |
|
14,566 |
|
15,995 |
|
16,346 |
|
|
|
|
|
|
|
|
|
Shareholders equity - Group share |
|
100,241 |
|
93,969 |
|
86,667 |
|
Distribution of the income based on existing shares at the closing date |
|
(1,908 |
) |
(1,757 |
) |
(1,668 |
) |
Non-controlling interests |
|
3,138 |
|
1,689 |
|
1,749 |
|
Adjusted shareholders equity(a) |
|
101,471 |
|
93,901 |
|
86,748 |
|
|
|
|
|
|
|
|
|
ROE |
|
15 |
% |
18 |
% |
20 |
% |
(a) Adjusted shareholders equity as of December 31, 2010 amounted to $ 77,492 million.
Net-debt-to-equity ratio
TOTAL
(unaudited)
As of December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(Assets) / Liabilities |
|
|
|
|
|
|
|
Current borrowings |
|
11,193 |
|
14,535 |
|
12,519 |
|
Other current financial liabilities |
|
381 |
|
232 |
|
216 |
|
Current financial assets |
|
(739 |
) |
(2,061 |
) |
(906 |
) |
Net financial assets and liabilities held for sale or exchange |
|
(179 |
) |
997 |
|
|
|
Non-current financial debt |
|
34,574 |
|
29,392 |
|
29,186 |
|
Hedging instruments on non-current financial debt |
|
(1,418 |
) |
(2,145 |
) |
(2,557 |
) |
Cash and cash equivalents |
|
(20,200 |
) |
(20,409 |
) |
(18,147 |
) |
Net financial debt |
|
23,612 |
|
20,541 |
|
20,311 |
|
|
|
|
|
|
|
|
|
Shareholders equity - Group share |
|
100,241 |
|
93,969 |
|
86,667 |
|
Distribution of the income based on existing shares at the closing date |
|
(1,908 |
) |
(1,757 |
) |
(1,668 |
) |
Non-controlling interests |
|
3,138 |
|
1,689 |
|
1,749 |
|
Adjusted shareholders equity |
|
101,471 |
|
93,901 |
|
86,748 |
|
|
|
|
|
|
|
|
|
Net-debt-to-equity ratio |
|
23.3 |
% |
21.9 |
% |
23.4 |
% |
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a) |
|
1st quarter |
|
2nd quarter |
|
3rd quarter |
|
4th quarter |
|
Year |
|
Sales |
|
63,561 |
|
61,345 |
|
61,844 |
|
64,975 |
|
251,725 |
|
Excise taxes |
|
(5,541 |
) |
(5,839 |
) |
(6,168 |
) |
(6,208 |
) |
(23,756 |
) |
Revenues from sales |
|
58,020 |
|
55,506 |
|
55,676 |
|
58,767 |
|
227,969 |
|
Purchases, net of inventory variation |
|
(40,319 |
) |
(39,631 |
) |
(38,907 |
) |
(41,992 |
) |
(160,849 |
) |
Other operating expenses |
|
(7,194 |
) |
(7,288 |
) |
(6,662 |
) |
(7,620 |
) |
(28,764 |
) |
Exploration costs |
|
(406 |
) |
(354 |
) |
(751 |
) |
(658 |
) |
(2,169 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,853 |
) |
(2,534 |
) |
(3,673 |
) |
(2,934 |
) |
(11,994 |
) |
Other income |
|
42 |
|
462 |
|
1,498 |
|
288 |
|
2,290 |
|
Other expense |
|
(2,021 |
) |
(120 |
) |
(213 |
) |
(446 |
) |
(2,800 |
) |
Financial interest on debt |
|
(223 |
) |
(238 |
) |
(211 |
) |
(217 |
) |
(889 |
) |
Financial income from marketable securities & cash equivalents |
|
28 |
|
18 |
|
13 |
|
26 |
|
85 |
|
Cost of net debt |
|
(195 |
) |
(220 |
) |
(198 |
) |
(191 |
) |
(804 |
) |
Other financial income |
|
136 |
|
206 |
|
182 |
|
172 |
|
696 |
|
Other financial expense |
|
(169 |
) |
(179 |
) |
(203 |
) |
(151 |
) |
(702 |
) |
Equity in net income (loss) of affiliates |
|
949 |
|
794 |
|
828 |
|
844 |
|
3,415 |
|
Income taxes |
|
(3,975 |
) |
(3,229 |
) |
(3,811 |
) |
(3,752 |
) |
(14,767 |
) |
Consolidated net income |
|
2,015 |
|
3,413 |
|
3,766 |
|
2,327 |
|
11,521 |
|
Group share |
|
1,948 |
|
3,364 |
|
3,682 |
|
2,234 |
|
11,228 |
|
Non-controlling interests |
|
67 |
|
49 |
|
84 |
|
93 |
|
293 |
|
Earnings per share ($) |
|
0.86 |
|
1.49 |
|
1.62 |
|
0.98 |
|
4.96 |
|
Fully-diluted earnings per share ($) |
|
0.86 |
|
1.48 |
|
1.62 |
|
0.98 |
|
4.94 |
|
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) |
|
1st quarter |
|
2nd quarter |
|
3rd quarter |
|
4th quarter |
|
Year |
|
Consolidated net income |
|
2,015 |
|
3,413 |
|
3,766 |
|
2,327 |
|
11,521 |
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actuarial gains and losses |
|
223 |
|
(248 |
) |
44 |
|
663 |
|
682 |
|
Tax effect |
|
(87 |
) |
95 |
|
(11 |
) |
(284 |
) |
(287 |
) |
Currency translation adjustment generated by the mother company |
|
(2,212 |
) |
1,613 |
|
2,244 |
|
1,484 |
|
3,129 |
|
Items not potentially reclassifiable to profit and loss |
|
(2,076 |
) |
1,460 |
|
2,277 |
|
1,863 |
|
3,524 |
|
Currency translation adjustment |
|
597 |
|
(988 |
) |
(766 |
) |
(768 |
) |
(1,925 |
) |
Available for sale financial assets |
|
(5 |
) |
8 |
|
5 |
|
25 |
|
33 |
|
Cash flow hedge |
|
15 |
|
80 |
|
38 |
|
23 |
|
156 |
|
Share of other comprehensive income of equity affiliates, net amount |
|
47 |
|
(541 |
) |
(113 |
) |
(198 |
) |
(805 |
) |
Other |
|
(11 |
) |
(1 |
) |
(3 |
) |
3 |
|
(12 |
) |
Tax effect |
|
(3 |
) |
(32 |
) |
(15 |
) |
(12 |
) |
(62 |
) |
Items potentially reclassifiable to profit and loss |
|
640 |
|
(1,474 |
) |
(854 |
) |
(927 |
) |
(2,615 |
) |
Total other comprehensive income (net amount) |
|
(1,436 |
) |
(14 |
) |
1,423 |
|
936 |
|
909 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
|
579 |
|
3,399 |
|
5,189 |
|
3,263 |
|
12,430 |
|
- Group share |
|
540 |
|
3,368 |
|
5,109 |
|
3,176 |
|
12,193 |
|
- Non-controlling interests |
|
39 |
|
31 |
|
80 |
|
87 |
|
237 |
|
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited)
(M$) |
|
March 31, |
|
June 30, |
|
September 30, |
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
17,354 |
|
17,424 |
|
17,007 |
|
18,395 |
|
Property, plant and equipment, net |
|
90,505 |
|
93,387 |
|
97,134 |
|
104,480 |
|
Equity affiliates : investments and loans |
|
19,385 |
|
19,037 |
|
19,750 |
|
20,417 |
|
Other investments |
|
1,566 |
|
1,583 |
|
1,777 |
|
1,666 |
|
Hedging instruments of non-current financial debt |
|
1,885 |
|
1,708 |
|
1,840 |
|
1,418 |
|
Deferred income taxes |
|
3,297 |
|
3,704 |
|
3,691 |
|
3,838 |
|
Other non-current assets |
|
3,643 |
|
3,813 |
|
3,930 |
|
4,406 |
|
Total non-current assets |
|
137,635 |
|
140,656 |
|
145,129 |
|
154,620 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Inventories, net |
|
21,890 |
|
20,196 |
|
21,469 |
|
22,097 |
|
Accounts receivable, net |
|
28,164 |
|
25,587 |
|
24,883 |
|
23,422 |
|
Other current assets |
|
13,956 |
|
14,850 |
|
15,185 |
|
14,892 |
|
Current financial assets |
|
799 |
|
668 |
|
457 |
|
739 |
|
Cash and cash equivalents |
|
17,178 |
|
15,118 |
|
20,111 |
|
20,200 |
|
Assets classified as held for sale |
|
5,833 |
|
5,104 |
|
3,112 |
|
3,253 |
|
Total current assets |
|
87,820 |
|
81,523 |
|
85,217 |
|
84,603 |
|
Total assets |
|
225,455 |
|
222,179 |
|
230,346 |
|
239,223 |
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
|
|
|
|
Common shares |
|
7,454 |
|
7,490 |
|
7,491 |
|
7,493 |
|
Paid-in surplus and retained earnings |
|
94,559 |
|
94,637 |
|
96,442 |
|
98,254 |
|
Currency translation adjustment |
|
(3,215 |
) |
(3,063 |
) |
(1,695 |
) |
(1,203 |
) |
Treasury shares |
|
(4,274 |
) |
(4,274 |
) |
(4,300 |
) |
(4,303 |
) |
Total shareholders equity - Group Share |
|
94,524 |
|
94,790 |
|
97,938 |
|
100,241 |
|
Non-controlling interests |
|
2,286 |
|
2,225 |
|
2,328 |
|
3,138 |
|
Total shareholders equity |
|
96,810 |
|
97,015 |
|
100,266 |
|
103,379 |
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
16,480 |
|
16,736 |
|
17,442 |
|
17,850 |
|
Employee benefits |
|
4,486 |
|
4,751 |
|
4,799 |
|
4,235 |
|
Provisions and other non-current liabilities |
|
14,795 |
|
14,464 |
|
14,786 |
|
17,517 |
|
Non-current financial debt |
|
29,294 |
|
29,557 |
|
33,937 |
|
34,574 |
|
Total non-current liabilities |
|
65,055 |
|
65,508 |
|
70,964 |
|
74,176 |
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
27,927 |
|
26,380 |
|
27,811 |
|
30,282 |
|
Other creditors and accrued liabilities |
|
19,581 |
|
18,162 |
|
19,299 |
|
18,948 |
|
Current borrowings |
|
13,751 |
|
13,119 |
|
11,086 |
|
11,193 |
|
Other current financial liabilities |
|
114 |
|
59 |
|
57 |
|
381 |
|
Liabilities directly associated with the assets classified as held for sale |
|
2,217 |
|
1,936 |
|
863 |
|
864 |
|
Total current liabilities |
|
63,590 |
|
59,656 |
|
59,116 |
|
61,668 |
|
Total liabilities and shareholders equity |
|
225,455 |
|
222,179 |
|
230,346 |
|
239,223 |
|
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) |
|
1st quarter |
|
2nd quarter |
|
3rd quarter |
|
4th quarter |
|
Year |
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
2,015 |
|
3,413 |
|
3,766 |
|
2,327 |
|
11,521 |
|
Depreciation, depletion and amortization |
|
3,046 |
|
2,759 |
|
4,190 |
|
3,363 |
|
13,358 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
59 |
|
(108 |
) |
791 |
|
825 |
|
1,567 |
|
Impact of coverage of pension benefit plans |
|
|
|
|
|
|
|
|
|
|
|
(Gains) losses on disposals of assets |
|
1,873 |
|
(363 |
) |
(1,397 |
) |
(193 |
) |
(80 |
) |
Undistributed affiliates equity earnings |
|
(466 |
) |
94 |
|
(301 |
) |
(102 |
) |
(775 |
) |
(Increase) decrease in working capital |
|
(1,726 |
) |
(1,025 |
) |
2,009 |
|
3,267 |
|
2,525 |
|
Other changes, net |
|
112 |
|
68 |
|
126 |
|
91 |
|
397 |
|
Cash flow from operating activities |
|
4,913 |
|
4,838 |
|
9,184 |
|
9,578 |
|
28,513 |
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
(6,489 |
) |
(6,836 |
) |
(6,801 |
) |
(9,622 |
) |
(29,748 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
(21 |
) |
|
|
|
|
|
|
(21 |
) |
Investments in equity affiliates and other securities |
|
(770 |
) |
(256 |
) |
(268 |
) |
(462 |
) |
(1,756 |
) |
Increase in non-current loans |
|
(624 |
) |
(367 |
) |
(682 |
) |
(1,233 |
) |
(2,906 |
) |
Total expenditures |
|
(7,904 |
) |
(7,459 |
) |
(7,751 |
) |
(11,317 |
) |
(34,431 |
) |
Proceeds from disposals of intangible assets and property, plant and equipment |
|
554 |
|
1,106 |
|
56 |
|
50 |
|
1,766 |
|
Proceeds from disposals of subsidiaries, net of cash sold |
|
|
|
264 |
|
2,369 |
|
21 |
|
2,654 |
|
Proceeds from disposals of non-current investments |
|
|
|
23 |
|
23 |
|
284 |
|
330 |
|
Repayment of non-current loans |
|
259 |
|
357 |
|
449 |
|
584 |
|
1,649 |
|
Total divestments |
|
813 |
|
1,750 |
|
2,897 |
|
939 |
|
6,399 |
|
Cash flow used in investing activities |
|
(7,091 |
) |
(5,709 |
) |
(4,854 |
) |
(10,378 |
) |
(28,032 |
) |
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
|
|
|
|
- Parent company shareholders |
|
|
|
432 |
|
24 |
|
29 |
|
485 |
|
- Treasury shares |
|
|
|
|
|
(236 |
) |
(2 |
) |
(238 |
) |
Dividends paid: |
|
|
|
|
|
|
|
|
|
|
|
- Parent company shareholders |
|
(1,760 |
) |
(1,772 |
) |
(1,775 |
) |
(1,821 |
) |
(7,128 |
) |
- Non-controlling interests |
|
(2 |
) |
(92 |
) |
(13 |
) |
(49 |
) |
(156 |
) |
Other transactions with non-controlling interests |
|
471 |
|
(7 |
) |
50 |
|
1,639 |
|
2,153 |
|
Net issuance (repayment) of non-current debt |
|
3,765 |
|
734 |
|
4,466 |
|
2,137 |
|
11,102 |
|
Increase (decrease) in current borrowings |
|
(4,268 |
) |
(894 |
) |
(2,457 |
) |
(1,418 |
) |
(9,037 |
) |
Increase (decrease) in current financial assets and liabilities |
|
1,178 |
|
6 |
|
66 |
|
48 |
|
1,298 |
|
Cash flow used in financing activities |
|
(616 |
) |
(1,593 |
) |
125 |
|
563 |
|
(1,521 |
) |
Net increase (decrease) in cash and cash equivalents |
|
(2,794 |
) |
(2,464 |
) |
4,455 |
|
(237 |
) |
(1,040 |
) |
Effect of exchange rates |
|
(437 |
) |
404 |
|
538 |
|
326 |
|
831 |
|
Cash and cash equivalents at the beginning of the period |
|
20,409 |
|
17,178 |
|
15,118 |
|
20,111 |
|
20,409 |
|
Cash and cash equivalents at the end of the period |
|
17,178 |
|
15,118 |
|
20,111 |
|
20,200 |
|
20,200 |
|
Consolidated statement of changes in shareholders equity
TOTAL
(unaudited)
|
|
Common shares issued |
|
Paid-in surplus |
|
Currency |
|
Treasury shares |
|
Shareholders |
|
Non-controlling |
|
Total |
| ||||
(M$) |
|
Number |
|
Amount |
|
earnings |
|
adjustment |
|
Number |
|
Amount |
|
Group Share |
|
interests |
|
equity |
|
As of January 1, 2013 |
|
2,365,933,146 |
|
7,454 |
|
92,485 |
|
(1,696 |
) |
(108,391,639 |
) |
(4,274 |
) |
93,969 |
|
1,689 |
|
95,658 |
|
Net income 1st quarter 2013 |
|
|
|
|
|
1,948 |
|
|
|
|
|
|
|
1,948 |
|
67 |
|
2,015 |
|
Other comprehensive income |
|
|
|
|
|
111 |
|
(1,519 |
) |
|
|
|
|
(1,408 |
) |
(28 |
) |
(1,436 |
) |
Comprehensive Income |
|
|
|
|
|
2,059 |
|
(1,519 |
) |
|
|
|
|
540 |
|
39 |
|
579 |
|
Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
(2 |
) |
Issuance of common shares |
|
480 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of treasury shares(a) |
|
|
|
|
|
|
|
|
|
220 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
55 |
|
|
|
|
|
|
|
55 |
|
|
|
55 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(87 |
) |
|
|
|
|
|
|
(87 |
) |
558 |
|
471 |
|
Other items |
|
|
|
|
|
47 |
|
|
|
|
|
|
|
47 |
|
2 |
|
49 |
|
As of March 31, 2013 |
|
2,365,933,626 |
|
7,454 |
|
94,559 |
|
(3,215 |
) |
(108,391,419 |
) |
(4,274 |
) |
94,524 |
|
2,286 |
|
96,810 |
|
Net income 2nd quarter 2013 |
|
|
|
|
|
3,364 |
|
|
|
|
|
|
|
3,364 |
|
49 |
|
3,413 |
|
Other comprehensive income |
|
|
|
|
|
(148 |
) |
152 |
|
|
|
|
|
4 |
|
(18 |
) |
(14 |
) |
Comprehensive Income |
|
|
|
|
|
3,216 |
|
152 |
|
|
|
|
|
3,368 |
|
31 |
|
3,399 |
|
Dividend |
|
|
|
|
|
(3,526 |
) |
|
|
|
|
|
|
(3,526 |
) |
(92 |
) |
(3,618 |
) |
Issuance of common shares |
|
10,802,365 |
|
36 |
|
396 |
|
|
|
|
|
|
|
432 |
|
|
|
432 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sale of treasury shares(a) |
|
|
|
|
|
|
|
|
|
760 |
|
|
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
42 |
|
|
|
|
|
|
|
42 |
|
|
|
42 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(5 |
) |
|
|
|
|
|
|
(5 |
) |
(2 |
) |
(7 |
) |
Other items |
|
|
|
|
|
(45 |
) |
|
|
|
|
|
|
(45 |
) |
2 |
|
(43 |
) |
As of June 30, 2013 |
|
2,376,735,991 |
|
7,490 |
|
94,637 |
|
(3,063 |
) |
(108,390,659 |
) |
(4,274 |
) |
94,790 |
|
2,225 |
|
97,015 |
|
Net income 3rd quarter 2013 |
|
|
|
|
|
3,682 |
|
|
|
|
|
|
|
3,682 |
|
84 |
|
3,766 |
|
Other comprehensive income |
|
|
|
|
|
60 |
|
1,367 |
|
|
|
|
|
1,427 |
|
(4 |
) |
1,423 |
|
Comprehensive Income |
|
|
|
|
|
3,742 |
|
1,367 |
|
|
|
|
|
5,109 |
|
80 |
|
5,189 |
|
Dividend |
|
|
|
|
|
(1,774 |
) |
|
|
|
|
|
|
(1,774 |
) |
(13 |
) |
(1,787 |
) |
Issuance of common shares |
|
460,188 |
|
1 |
|
23 |
|
|
|
|
|
|
|
24 |
|
|
|
24 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
(4,414,200 |
) |
(236 |
) |
(236 |
) |
|
|
(236 |
) |
Sale of treasury shares(a) |
|
|
|
|
|
(210 |
) |
|
|
3,589,661 |
|
210 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
51 |
|
|
|
|
|
|
|
51 |
|
|
|
51 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
(28 |
) |
1 |
|
|
|
|
|
(27 |
) |
31 |
|
4 |
|
Other items |
|
|
|
|
|
1 |
|
|
|
|
|
|
|
1 |
|
5 |
|
6 |
|
As of September 30, 2013 |
|
2,377,196,179 |
|
7,491 |
|
96,442 |
|
(1,695 |
) |
(109,215,198 |
) |
(4,300 |
) |
97,938 |
|
2,328 |
|
100,266 |
|
Net income 4th quarter 2013 |
|
|
|
|
|
2,234 |
|
|
|
|
|
|
|
2,234 |
|
93 |
|
2,327 |
|
Other comprehensive income |
|
|
|
|
|
450 |
|
492 |
|
|
|
|
|
942 |
|
(6 |
) |
936 |
|
Comprehensive Income |
|
|
|
|
|
2,684 |
|
492 |
|
|
|
|
|
3,176 |
|
87 |
|
3,263 |
|
Dividend |
|
|
|
|
|
(1,816 |
) |
|
|
|
|
|
|
(1,816 |
) |
(49 |
) |
(1,865 |
) |
Issuance of common shares |
|
481,981 |
|
2 |
|
27 |
|
|
|
|
|
|
|
29 |
|
|
|
29 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
(2 |
) |
|
|
(2 |
) |
Sale of treasury shares(a) |
|
|
|
|
|
1 |
|
|
|
750 |
|
(1 |
) |
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
41 |
|
|
|
|
|
|
|
41 |
|
|
|
41 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
869 |
|
|
|
|
|
|
|
869 |
|
768 |
|
1,637 |
|
Other items |
|
|
|
|
|
6 |
|
|
|
|
|
|
|
6 |
|
4 |
|
10 |
|
As of December 31, 2013 |
|
2,377,678,160 |
|
7,493 |
|
98,254 |
|
(1,203 |
) |
(109,214,448 |
) |
(4,303 |
) |
100,241 |
|
3,138 |
|
103,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 1, 2013 |
|
2,365,933,146 |
|
7,454 |
|
92,485 |
|
(1,696 |
) |
(108,391,639 |
) |
(4,274 |
) |
93,969 |
|
1,689 |
|
95,658 |
|
Net income 2013 |
|
|
|
|
|
11,228 |
|
|
|
|
|
|
|
11,228 |
|
293 |
|
11,521 |
|
Other comprehensive income |
|
|
|
|
|
473 |
|
492 |
|
|
|
|
|
965 |
|
(56 |
) |
909 |
|
Comprehensive Income |
|
|
|
|
|
11,701 |
|
492 |
|
|
|
|
|
12,193 |
|
237 |
|
12,430 |
|
Dividend |
|
|
|
|
|
(7,116 |
) |
|
|
|
|
|
|
(7,116 |
) |
(156 |
) |
(7,272 |
) |
Issuance of common shares |
|
11,745,014 |
|
39 |
|
446 |
|
|
|
|
|
|
|
485 |
|
|
|
485 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
(4,414,200 |
) |
(238 |
) |
(238 |
) |
|
|
(238 |
) |
Sale of treasury shares(a) |
|
|
|
|
|
(209 |
) |
|
|
3,591,391 |
|
209 |
|
|
|
|
|
|
|
Share-based payments |
|
|
|
|
|
189 |
|
|
|
|
|
|
|
189 |
|
|
|
189 |
|
Share cancellation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operations with non-controlling interests |
|
|
|
|
|
749 |
|
1 |
|
|
|
|
|
750 |
|
1,355 |
|
2,105 |
|
Other items |
|
|
|
|
|
9 |
|
|
|
|
|
|
|
9 |
|
13 |
|
22 |
|
As of December 31, 2013 |
|
2,377,678,160 |
|
7,493 |
|
98,254 |
|
(1,203 |
) |
(109,214,448 |
) |
(4,303 |
) |
100,241 |
|
3,138 |
|
103,379 |
|
(a) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,199 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,561 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,886 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,020 |
|
Operating expenses |
|
(8,076 |
) |
(39,809 |
) |
(22,750 |
) |
(273 |
) |
22,989 |
|
(47,919 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(393 |
) |
(192 |
) |
(10 |
) |
|
|
(2,853 |
) |
Operating income |
|
6,552 |
|
343 |
|
488 |
|
(135 |
) |
|
|
7,248 |
|
Equity in net income (loss) of affiliates and other items |
|
(1,116 |
) |
95 |
|
(43 |
) |
1 |
|
|
|
(1,063 |
) |
Tax on net operating income |
|
(3,824 |
) |
(71 |
) |
(144 |
) |
29 |
|
|
|
(4,010 |
) |
Net operating income |
|
1,612 |
|
367 |
|
301 |
|
(105 |
) |
|
|
2,175 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(67 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
1,948 |
|
1st quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
3 |
|
|
|
|
|
|
|
|
|
3 |
|
Operating expenses |
|
|
|
(90 |
) |
(28 |
) |
|
|
|
|
(118 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
(5 |
) |
|
|
|
|
|
|
(5 |
) |
Operating income (b) |
|
3 |
|
(95 |
) |
(28 |
) |
|
|
|
|
(120 |
) |
Equity in net income (loss) of affiliates and other items |
|
(1,875 |
) |
(13 |
) |
(13 |
) |
|
|
|
|
(1,901 |
) |
Tax on net operating income |
|
227 |
|
38 |
|
10 |
|
|
|
|
|
275 |
|
Net operating income (b) |
|
(1,645 |
) |
(70 |
) |
(31 |
) |
|
|
|
|
(1,746 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(4 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
(1,750 |
) |
(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 |
|
|
(88 |
) |
(28 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(46 |
) |
(18 |
) |
|
|
|
|
|
|
1st quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,196 |
|
28,549 |
|
27,732 |
|
81 |
|
|
|
63,558 |
|
Intersegment sales |
|
9,687 |
|
13,092 |
|
143 |
|
67 |
|
(22,989 |
) |
|
|
Excise taxes |
|
|
|
(1,096 |
) |
(4,445 |
) |
|
|
|
|
(5,541 |
) |
Revenues from sales |
|
16,883 |
|
40,545 |
|
23,430 |
|
148 |
|
(22,989 |
) |
58,017 |
|
Operating expenses |
|
(8,076 |
) |
(39,719 |
) |
(22,722 |
) |
(273 |
) |
22,989 |
|
(47,801 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,258 |
) |
(388 |
) |
(192 |
) |
(10 |
) |
|
|
(2,848 |
) |
Adjusted operating income |
|
6,549 |
|
438 |
|
516 |
|
(135 |
) |
|
|
7,368 |
|
Equity in net income (loss) of affiliates and other items |
|
759 |
|
108 |
|
(30 |
) |
1 |
|
|
|
838 |
|
Tax on net operating income |
|
(4,051 |
) |
(109 |
) |
(154 |
) |
29 |
|
|
|
(4,285 |
) |
Adjusted net operating income |
|
3,257 |
|
437 |
|
332 |
|
(105 |
) |
|
|
3,921 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(160 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(63 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,698 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.63 |
|
(a) Except for earnings per share.
1st quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
6,941 |
|
703 |
|
246 |
|
14 |
|
|
|
7,904 |
|
Total divestments |
|
718 |
|
36 |
|
50 |
|
9 |
|
|
|
813 |
|
Cash flow from operating activities |
|
5,481 |
|
(382 |
) |
(120 |
) |
(66 |
) |
|
|
4,913 |
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
2nd quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,240 |
|
28,160 |
|
26,851 |
|
94 |
|
|
|
61,345 |
|
Intersegment sales |
|
8,508 |
|
12,809 |
|
1,058 |
|
35 |
|
(22,410 |
) |
|
|
Excise taxes |
|
|
|
(1,091 |
) |
(4,748 |
) |
|
|
|
|
(5,839 |
) |
Revenues from sales |
|
14,748 |
|
39,878 |
|
23,161 |
|
129 |
|
(22,410 |
) |
55,506 |
|
Operating expenses |
|
(7,195 |
) |
(39,672 |
) |
(22,541 |
) |
(275 |
) |
22,410 |
|
(47,273 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(1,974 |
) |
(390 |
) |
(160 |
) |
(10 |
) |
|
|
(2,534 |
) |
Operating income |
|
5,579 |
|
(184 |
) |
460 |
|
(156 |
) |
|
|
5,699 |
|
Equity in net income (loss) of affiliates and other items |
|
1,022 |
|
62 |
|
51 |
|
28 |
|
|
|
1,163 |
|
Tax on net operating income |
|
(3,160 |
) |
88 |
|
(138 |
) |
(57 |
) |
|
|
(3,267 |
) |
Net operating income |
|
3,441 |
|
(34 |
) |
373 |
|
(185 |
) |
|
|
3,595 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(182 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(49 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
3,364 |
|
2nd quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(42 |
) |
|
|
|
|
|
|
|
|
(42 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(42 |
) |
|
|
|
|
|
|
|
|
(42 |
) |
Operating expenses |
|
|
|
(704 |
) |
(107 |
) |
|
|
|
|
(811 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (b) |
|
(42 |
) |
(704 |
) |
(107 |
) |
|
|
|
|
(853 |
) |
Equity in net income (loss) of affiliates and other items |
|
331 |
|
(48 |
) |
|
|
|
|
|
|
283 |
|
Tax on net operating income |
|
111 |
|
200 |
|
34 |
|
|
|
|
|
345 |
|
Net operating income (b) |
|
400 |
|
(552 |
) |
(73 |
) |
|
|
|
|
(225 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
8 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
(217 |
) |
(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 |
|
|
(655 |
) |
(107 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(460 |
) |
(73 |
) |
|
|
|
|
|
|
2nd quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,282 |
|
28,160 |
|
26,851 |
|
94 |
|
|
|
61,387 |
|
Intersegment sales |
|
8,508 |
|
12,809 |
|
1,058 |
|
35 |
|
(22,410 |
) |
|
|
Excise taxes |
|
|
|
(1,091 |
) |
(4,748 |
) |
|
|
|
|
(5,839 |
) |
Revenues from sales |
|
14,790 |
|
39,878 |
|
23,161 |
|
129 |
|
(22,410 |
) |
55,548 |
|
Operating expenses |
|
(7,195 |
) |
(38,968 |
) |
(22,434 |
) |
(275 |
) |
22,410 |
|
(46,462 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(1,974 |
) |
(390 |
) |
(160 |
) |
(10 |
) |
|
|
(2,534 |
) |
Adjusted operating income |
|
5,621 |
|
520 |
|
567 |
|
(156 |
) |
|
|
6,552 |
|
Equity in net income (loss) of affiliates and other items |
|
691 |
|
110 |
|
51 |
|
28 |
|
|
|
880 |
|
Tax on net operating income |
|
(3,271 |
) |
(112 |
) |
(172 |
) |
(57 |
) |
|
|
(3,612 |
) |
Adjusted net operating income |
|
3,041 |
|
518 |
|
446 |
|
(185 |
) |
|
|
3,820 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(182 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(57 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,581 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.57 |
|
(a) Except for earnings per share.
2nd quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
6,603 |
|
499 |
|
318 |
|
39 |
|
|
|
7,459 |
|
Total divestments |
|
1,456 |
|
272 |
|
16 |
|
6 |
|
|
|
1,750 |
|
Cash flow from operating activities |
|
2,764 |
|
1,713 |
|
542 |
|
(181 |
) |
|
|
4,838 |
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
5,938 |
|
28,161 |
|
27,912 |
|
(167 |
) |
|
|
61,844 |
|
Intersegment sales |
|
9,237 |
|
13,334 |
|
570 |
|
18 |
|
(23,159 |
) |
|
|
Excise taxes |
|
|
|
(1,290 |
) |
(4,878 |
) |
|
|
|
|
(6,168 |
) |
Revenues from sales |
|
15,175 |
|
40,205 |
|
23,604 |
|
(149 |
) |
(23,159 |
) |
55,676 |
|
Operating expenses |
|
(7,106 |
) |
(39,601 |
) |
(22,826 |
) |
54 |
|
23,159 |
|
(46,320 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(3,106 |
) |
(377 |
) |
(180 |
) |
(10 |
) |
|
|
(3,673 |
) |
Operating income |
|
4,963 |
|
227 |
|
598 |
|
(105 |
) |
|
|
5,683 |
|
Equity in net income (loss) of affiliates and other items |
|
1,974 |
|
99 |
|
85 |
|
(66 |
) |
|
|
2,092 |
|
Tax on net operating income |
|
(3,396 |
) |
(243 |
) |
(156 |
) |
(43 |
) |
|
|
(3,838 |
) |
Net operating income |
|
3,541 |
|
83 |
|
527 |
|
(214 |
) |
|
|
3,937 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(171 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(84 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
3,682 |
|
3rd quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(12 |
) |
|
|
|
|
|
|
|
|
(12 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(12 |
) |
|
|
|
|
|
|
|
|
(12 |
) |
Operating expenses |
|
(113 |
) |
(153 |
) |
54 |
|
|
|
|
|
(212 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(855 |
) |
(7 |
) |
|
|
|
|
|
|
(862 |
) |
Operating income (b) |
|
(980 |
) |
(160 |
) |
54 |
|
|
|
|
|
(1,086 |
) |
Equity in net income (loss) of affiliates and other items |
|
1,239 |
|
(5 |
) |
40 |
|
(34 |
) |
|
|
1,240 |
|
Tax on net operating income |
|
195 |
|
(213 |
) |
(14 |
) |
(45 |
) |
|
|
(77 |
) |
Net operating income (b) |
|
454 |
|
(378 |
) |
80 |
|
(79 |
) |
|
|
77 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(23 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
54 |
|
(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 |
|
|
(153 |
) |
93 |
|
|
|
|
|
|
|
On net operating income |
|
|
(84 |
) |
65 |
|
|
|
|
|
|
|
3rd quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
5,950 |
|
28,161 |
|
27,912 |
|
(167 |
) |
|
|
61,856 |
|
Intersegment sales |
|
9,237 |
|
13,334 |
|
570 |
|
18 |
|
(23,159 |
) |
|
|
Excise taxes |
|
|
|
(1,290 |
) |
(4,878 |
) |
|
|
|
|
(6,168 |
) |
Revenues from sales |
|
15,187 |
|
40,205 |
|
23,604 |
|
(149 |
) |
(23,159 |
) |
55,688 |
|
Operating expenses |
|
(6,993 |
) |
(39,448 |
) |
(22,880 |
) |
54 |
|
23,159 |
|
(46,108 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,251 |
) |
(370 |
) |
(180 |
) |
(10 |
) |
|
|
(2,811 |
) |
Adjusted operating income |
|
5,943 |
|
387 |
|
544 |
|
(105 |
) |
|
|
6,769 |
|
Equity in net income (loss) of affiliates and other items |
|
735 |
|
104 |
|
45 |
|
(32 |
) |
|
|
852 |
|
Tax on net operating income |
|
(3,591 |
) |
(30 |
) |
(142 |
) |
2 |
|
|
|
(3,761 |
) |
Adjusted net operating income |
|
3,087 |
|
461 |
|
447 |
|
(135 |
) |
|
|
3,860 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(171 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(61 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,628 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.59 |
|
(a) Except for earnings per share.
3rd quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
6,708 |
|
550 |
|
430 |
|
63 |
|
|
|
7,751 |
|
Total divestments |
|
2,800 |
|
12 |
|
57 |
|
28 |
|
|
|
2,897 |
|
Cash flow from operating activities |
|
6,302 |
|
1,113 |
|
1,693 |
|
76 |
|
|
|
9,184 |
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
6,990 |
|
29,613 |
|
28,378 |
|
(6 |
) |
|
|
64,975 |
|
Intersegment sales |
|
10,218 |
|
13,040 |
|
388 |
|
57 |
|
(23,703 |
) |
|
|
Excise taxes |
|
|
|
(1,337 |
) |
(4,871 |
) |
|
|
|
|
(6,208 |
) |
Revenues from sales |
|
17,208 |
|
41,316 |
|
23,895 |
|
51 |
|
(23,703 |
) |
58,767 |
|
Operating expenses |
|
(9,498 |
) |
(40,949 |
) |
(23,226 |
) |
(300 |
) |
23,703 |
|
(50,270 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,146 |
) |
(576 |
) |
(201 |
) |
(11 |
) |
|
|
(2,934 |
) |
Operating income |
|
5,564 |
|
(209 |
) |
468 |
|
(260 |
) |
|
|
5,563 |
|
Equity in net income (loss) of affiliates and other items |
|
808 |
|
(75 |
) |
(38 |
) |
12 |
|
|
|
707 |
|
Tax on net operating income |
|
(3,326 |
) |
(386 |
) |
(122 |
) |
42 |
|
|
|
(3,792 |
) |
Net operating income |
|
3,046 |
|
(670 |
) |
308 |
|
(206 |
) |
|
|
2,478 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(151 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(93 |
) |
Net income |
|
|
|
|
|
|
|
|
|
|
|
2,234 |
|
4th quarter 2013 (adjustments) (a) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
(23 |
) |
|
|
|
|
|
|
|
|
(23 |
) |
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
(23 |
) |
|
|
|
|
|
|
|
|
(23 |
) |
Operating expenses |
|
|
|
(458 |
) |
(53 |
) |
|
|
|
|
(511 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
|
|
(172 |
) |
(4 |
) |
|
|
|
|
(176 |
) |
Operating income (b) |
|
(23 |
) |
(630 |
) |
(57 |
) |
|
|
|
|
(710 |
) |
Equity in net income (loss) of affiliates and other items |
|
|
|
(202 |
) |
(23 |
) |
|
|
|
|
(225 |
) |
Tax on net operating income |
|
4 |
|
(279 |
) |
59 |
|
|
|
|
|
(216 |
) |
Net operating income (b) |
|
(19 |
) |
(1,111 |
) |
(21 |
) |
|
|
|
|
(1,151 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
(1,151 |
) |
(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 |
|
|
(82 |
) |
(45 |
) |
|
|
|
|
|
|
On net operating income |
|
|
(66 |
) |
(37 |
) |
|
|
|
|
|
|
4th quarter 2013 (adjusted) |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Non-Group sales |
|
7,013 |
|
29,613 |
|
28,378 |
|
(6 |
) |
|
|
64,998 |
|
Intersegment sales |
|
10,218 |
|
13,040 |
|
388 |
|
57 |
|
(23,703 |
) |
|
|
Excise taxes |
|
|
|
(1,337 |
) |
(4,871 |
) |
|
|
|
|
(6,208 |
) |
Revenues from sales |
|
17,231 |
|
41,316 |
|
23,895 |
|
51 |
|
(23,703 |
) |
58,790 |
|
Operating expenses |
|
(9,498 |
) |
(40,491 |
) |
(23,173 |
) |
(300 |
) |
23,703 |
|
(49,759 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,146 |
) |
(404 |
) |
(197 |
) |
(11 |
) |
|
|
(2,758 |
) |
Adjusted operating income |
|
5,587 |
|
421 |
|
525 |
|
(260 |
) |
|
|
6,273 |
|
Equity in net income (loss) of affiliates and other items |
|
808 |
|
127 |
|
(15 |
) |
12 |
|
|
|
932 |
|
Tax on net operating income |
|
(3,330 |
) |
(107 |
) |
(181 |
) |
42 |
|
|
|
(3,576 |
) |
Adjusted net operating income |
|
3,065 |
|
441 |
|
329 |
|
(206 |
) |
|
|
3,629 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
(151 |
) |
Non-controlling interests |
|
|
|
|
|
|
|
|
|
|
|
(93 |
) |
Adjusted net income |
|
|
|
|
|
|
|
|
|
|
|
3,385 |
|
Adjusted fully-diluted earnings per share ($) |
|
|
|
|
|
|
|
|
|
|
|
1.49 |
|
(a) Except for earnings per share.
4th quarter 2013 |
|
Upstream |
|
Refining & |
|
Marketing & |
|
Corporate |
|
Intercompany |
|
Total |
|
Total expenditures |
|
9,498 |
|
956 |
|
820 |
|
43 |
|
|
|
11,317 |
|
Total divestments |
|
812 |
|
45 |
|
63 |
|
19 |
|
|
|
939 |
|
Cash flow from operating activities |
|
7,310 |
|
1,816 |
|
442 |
|
10 |
|
|
|
9,578 |
|
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
1st quarter 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
63,558 |
|
3 |
|
63,561 |
|
Excise taxes |
|
(5,541 |
) |
|
|
(5,541 |
) |
Revenues from sales |
|
58,017 |
|
3 |
|
58,020 |
|
Purchases, net of inventory variation |
|
(40,203 |
) |
(116 |
) |
(40,319 |
) |
Other operating expenses |
|
(7,192 |
) |
(2 |
) |
(7,194 |
) |
Exploration costs |
|
(406 |
) |
|
|
(406 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,848 |
) |
(5 |
) |
(2,853 |
) |
Other income |
|
42 |
|
|
|
42 |
|
Other expense |
|
(127 |
) |
(1,894 |
) |
(2,021 |
) |
Financial interest on debt |
|
(223 |
) |
|
|
(223 |
) |
Financial income from marketable securities & cash equivalents |
|
28 |
|
|
|
28 |
|
Cost of net debt |
|
(195 |
) |
|
|
(195 |
) |
Other financial income |
|
136 |
|
|
|
136 |
|
Other financial expense |
|
(169 |
) |
|
|
(169 |
) |
Equity in net income (loss) of affiliates |
|
956 |
|
(7 |
) |
949 |
|
Income taxes |
|
(4,250 |
) |
275 |
|
(3,975 |
) |
Consolidated net income |
|
3,761 |
|
(1,746 |
) |
2,015 |
|
Group share |
|
3,698 |
|
(1,750 |
) |
1,948 |
|
Non-controlling interests |
|
63 |
|
4 |
|
67 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
2nd quarter 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
61,387 |
|
(42 |
) |
61,345 |
|
Excise taxes |
|
(5,839 |
) |
|
|
(5,839 |
) |
Revenues from sales |
|
55,548 |
|
(42 |
) |
55,506 |
|
Purchases, net of inventory variation |
|
(38,869 |
) |
(762 |
) |
(39,631 |
) |
Other operating expenses |
|
(7,239 |
) |
(49 |
) |
(7,288 |
) |
Exploration costs |
|
(354 |
) |
|
|
(354 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,534 |
) |
|
|
(2,534 |
) |
Other income |
|
131 |
|
331 |
|
462 |
|
Other expense |
|
(89 |
) |
(31 |
) |
(120 |
) |
Financial interest on debt |
|
(238 |
) |
|
|
(238 |
) |
Financial income from marketable securities & cash equivalents |
|
18 |
|
|
|
18 |
|
Cost of net debt |
|
(220 |
) |
|
|
(220 |
) |
Other financial income |
|
206 |
|
|
|
206 |
|
Other financial expense |
|
(179 |
) |
|
|
(179 |
) |
Equity in net income (loss) of affiliates |
|
811 |
|
(17 |
) |
794 |
|
Income taxes |
|
(3,574 |
) |
345 |
|
(3,229 |
) |
Consolidated net income |
|
3,638 |
|
(225 |
) |
3,413 |
|
Group share |
|
3,581 |
|
(217 |
) |
3,364 |
|
Non-controlling interests |
|
57 |
|
(8 |
) |
49 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
3rd quarter 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
61,856 |
|
(12 |
) |
61,844 |
|
Excise taxes |
|
(6,168 |
) |
|
|
(6,168 |
) |
Revenues from sales |
|
55,688 |
|
(12 |
) |
55,676 |
|
Purchases, net of inventory variation |
|
(38,847 |
) |
(60 |
) |
(38,907 |
) |
Other operating expenses |
|
(6,510 |
) |
(152 |
) |
(6,662 |
) |
Exploration costs |
|
(751 |
) |
|
|
(751 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,811 |
) |
(862 |
) |
(3,673 |
) |
Other income |
|
186 |
|
1,312 |
|
1,498 |
|
Other expense |
|
(129 |
) |
(84 |
) |
(213 |
) |
Financial interest on debt |
|
(211 |
) |
|
|
(211 |
) |
Financial income from marketable securities & cash equivalents |
|
13 |
|
|
|
13 |
|
Cost of net debt |
|
(198 |
) |
|
|
(198 |
) |
Other financial income |
|
182 |
|
|
|
182 |
|
Other financial expense |
|
(203 |
) |
|
|
(203 |
) |
Equity in net income (loss) of affiliates |
|
816 |
|
12 |
|
828 |
|
Income taxes |
|
(3,734 |
) |
(77 |
) |
(3,811 |
) |
Consolidated net income |
|
3,689 |
|
77 |
|
3,766 |
|
Group share |
|
3,628 |
|
54 |
|
3,682 |
|
Non-controlling interests |
|
61 |
|
23 |
|
84 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4th quarter 2013 |
|
Adjusted |
|
Adjustments (a) |
|
Consolidated |
|
Sales |
|
64,998 |
|
(23 |
) |
64,975 |
|
Excise taxes |
|
(6,208 |
) |
|
|
(6,208 |
) |
Revenues from sales |
|
58,790 |
|
(23 |
) |
58,767 |
|
Purchases, net of inventory variation |
|
(41,865 |
) |
(127 |
) |
(41,992 |
) |
Other operating expenses |
|
(7,236 |
) |
(384 |
) |
(7,620 |
) |
Exploration costs |
|
(658 |
) |
|
|
(658 |
) |
Depreciation, depletion and amortization of tangible assets and mineral interests |
|
(2,758 |
) |
(176 |
) |
(2,934 |
) |
Other income |
|
288 |
|
|
|
288 |
|
Other expense |
|
(229 |
) |
(217 |
) |
(446 |
) |
Financial interest on debt |
|
(217 |
) |
|
|
(217 |
) |
Financial income from marketable securities & cash equivalents |
|
26 |
|
|
|
26 |
|
Cost of net debt |
|
(191 |
) |
|
|
(191 |
) |
Other financial income |
|
172 |
|
|
|
172 |
|
Other financial expense |
|
(151 |
) |
|
|
(151 |
) |
Equity in net income (loss) of affiliates |
|
852 |
|
(8 |
) |
844 |
|
Income taxes |
|
(3,536 |
) |
(216 |
) |
(3,752 |
) |
Consolidated net income |
|
3,478 |
|
(1,151 |
) |
2,327 |
|
Group share |
|
3,385 |
|
(1,151 |
) |
2,234 |
|
Non-controlling interests |
|
93 |
|
|
|
93 |
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
The unaudited consolidated financial information in U.S. dollars of TOTAL S.A. (TOTAL) and its subsidiaries (the Group, with TOTAL and Group used interchangeably herein) included in this document has been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board).
Change in presentation currency of the Consolidated Financial Statements
The change in the presentation currency will have the following effects on the Groups Consolidated Financial Statements:
· The different components of assets and liabilities in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro closing rate applicable at the end of the reporting period. The same methodology is applied for shareholders equity as a whole. As a result, the change in presentation currency has no impact on the different components of assets and liabilities, shareholders equity as a whole or the net-debt-to-equity ratio(1).
· The recalculation of currency translation adjustments in dollars has an impact on the distribution of shareholders equity for comparative periods between currency translation adjustment and other components of equity and on other comprehensive income at year end 2011, 2012 and 2013 as set out in the following tables:
December 31, 2013 |
|
Historical |
|
Historical |
|
Restatements |
|
Impact of |
|
Consolidated |
|
Shareholders equity |
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
5,944 |
|
8,197 |
|
(704 |
) |
|
|
7,493 |
|
Paid-in surplus and retained earnings |
|
74,449 |
|
102,673 |
|
(4,488 |
) |
69 |
|
98,254 |
|
Currency translation adjustment |
|
(4,385 |
) |
(6,047 |
) |
4,840 |
|
4 |
|
(1,203 |
) |
Treasury shares |
|
(3,379 |
) |
(4,660 |
) |
357 |
|
|
|
(4,303 |
) |
Total shareholders equity - Group Share |
|
72,629 |
|
100,163 |
|
5 |
|
73 |
|
100,241 |
|
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (0.72511 euro per dollar)
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.72511 euro per dollar)
December 31, 2012 |
|
Historical |
|
Historical |
|
Restatements |
|
Impact of |
|
Consolidated |
|
Shareholders equity |
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
5,915 |
|
7,804 |
|
(350 |
) |
|
|
7,454 |
|
Paid-in surplus and retained earnings |
|
70,116 |
|
92,511 |
|
(72 |
) |
46 |
|
92,485 |
|
Currency translation adjustment |
|
(1,504 |
) |
(1,984 |
) |
287 |
|
1 |
|
(1,696 |
) |
Treasury shares |
|
(3,342 |
) |
(4,409 |
) |
135 |
|
|
|
(4,274 |
) |
Total shareholders equity - Group Share |
|
71,185 |
|
93,922 |
|
|
|
47 |
|
93,969 |
|
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (0.75792 euro per dollar)
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.75792 euro per dollar)
(1) Net-debt-to-equity ratio = net debt (the sum of current borrowings, other current financial liabilities and non-current financial debt, net of current financial assets, net financial assets and liabilities related to assets classified in accordance with IFRS 5 as non-current assets held for sale, hedging instruments on non-current financial debt and cash and cash equivalents) divided by the sum of shareholders equity and non-controlling interests after expected dividends payable.
December 31, 2011 |
|
Historical |
|
Historical |
|
Restatements |
|
Impact of |
|
Consolidated |
|
Shareholders equity |
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
5,909 |
|
7,646 |
|
(199 |
) |
|
|
7,447 |
|
Paid-in surplus and retained earnings |
|
65,430 |
|
84,660 |
|
1,755 |
|
46 |
|
86,461 |
|
Currency translation adjustment |
|
(1,004 |
) |
(1,299 |
) |
(1,585 |
) |
|
|
(2,884) |
|
Treasury shares |
|
(3,390 |
) |
(4,386 |
) |
29 |
|
|
|
(4,357 |
) |
Total shareholders equity - Group Share |
|
66,945 |
|
86,621 |
|
|
|
46 |
|
86,667 |
|
(a) Conversion at the closing exchange rate applicable at the end of the reporting period (0.772857 euro per dollar)
(b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.772857 euro per dollar)
· Statement of income and statement of cash flow amounts in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro average rate of the reporting period. The reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets has an impact on net income for the years 2011, 2012 and 2013 as set out in the following table:
Net income, Group share |
|
Historical |
|
Historical |
|
Restatements |
|
Impact of |
|
Consolidated |
|
2013 |
|
8,440 |
|
11,209 |
|
(5 |
) |
24 |
|
11,228 |
|
2012 |
|
10,609 |
|
13,630 |
|
18 |
|
|
|
13,648 |
|
2011 |
|
12,309 |
|
17,134 |
|
266 |
|
|
|
17,400 |
|
(a) Conversion at the average exchange rate, i.e. 0.752945 euro per dollar in 2013, 0.778338 euro per dollar in 2012 and 0.718414 euro per dollar in 2011
(b) Reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets
Excluding the above reclassification adjustments, the change in presentation currency has no impact on TOTALs net income for comparative periods. Such reclassification adjustments are not included in adjusted net operating income for the business segments, and are also excluded from adjusted net income.
· Return on average capital employed (ROACE) and return on equity (ROE) for comparative periods presented in euro are converted to dollars by dividing the applicable statement of income item (converted at the US Dollar/Euro average rate for the reporting period) by the applicable balance sheet item (converted at the US Dollar/Euro closing rate applicable at the end of the reporting period). The difference between average exchange rates and closing exchange rates has an insignificant effect on ROACE and ROE.
· As the functional currency of the parent company of the Group remains the Euro, translation adjustments resulting from translation to the US Dollar are presented in the new line item Currency translation adjustment generated by the parent company included in Items not potentially reclassifiable to profit and loss of the statement of Other Comprehensive Income. These translation adjustments are presented in the line item Currency Translation Adjustment of the balance sheet.
Application of interpretation IFRIC 21 Levies
In May 2013, the IASB issued the interpretation IFRIC 21 Levies. This interpretation is applicable retrospectively for annual periods beginning on or after January 1, 2014. The text indicates that the obligating event for the recognition of a liability is the activity described in the relevant legislation that triggers the payment of the levy. The comparative consolidated financial statements have been restated accordingly.
In 2014, the application of IFRIC 21 will have a similar effect as in 2013 due mainly to the accounting for levies in the statement of income in the first quarter.
Exhibit 99.2
RECENT DEVELOPMENTS
TOTAL announces its interim dividend for the first quarter 2014
On April 30, 2014, TOTAL S.A. (including its subsidiaries and affiliates, TOTAL) announced that its Board of Directors approved a first quarter 2014 interim dividend of 0.61 per share. This interim dividend, increased by 3.4% compared to the first quarter 2013, is payable in euros according to the following timetable:
· Ex-dividend date: September 23, 2014
· Record date: September 25, 2014
· Payment date: September 26, 2014
American Depositary Receipts (ADRs) will receive the first quarter 2014 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:
· Ex-dividend date: September 18, 2014
· Record date: September 22, 2014
· Payment date: October 10, 2014
Registered ADR holders may also contact The Bank of New York Mellon for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank, or financial institution for additional information.
TOTAL discovers oil in deep offshore Ivory Coast
On April 17, 2014, TOTAL announced that the TOTAL-operated Saphir-1XB exploration well on Block CI-514 proved the presence of liquid hydrocarbons in the deep offshore west of Ivory Coast.
Lying in 2,300 meters of water, Saphir-1XB is the first well drilled in Block CI-514. It was drilled to a total depth of 4,655 meters, encountering approximately forty meters of net pay containing light 34° API oil, in a series of 350 meters of reservoirs.
The data acquired during drilling are being analyzed and will be used to determine the areas potential and design the delineation program. TOTAL is pursuing its intensive exploration program in the area, with plans to drill two wells in Blocks CI-515 and CI-516 by year-end.
Total E&P Côte dIvoire operates Block CI-514 with a 54% interest, alongside CNR International (36%) and PETROCI Holding (10%).
TOTAL launches the development of Kaombo, an ultra-deep offshore project
On April 14, 2014, TOTAL announced that it and its joint venture partners made the final investment decision to develop the ultra-deep offshore Kaombo project in Angola, a project with a production capacity expected to be 230,000 barrels per day (b/d). Following an intensive optimization exercise, the projects capital expenditure to reach full capacity was reduced by $4 billion to $16 billion, with an expected start-up in 2017.
Located approximately 260 km offshore Luanda in water depths ranging from 1,400 meters to 1,900 meters, the Kaombo project will develop six of the twelve discoveries already made on Block 32. The six fields (Gengibre, Gindungo, Caril, Canela, Mostarda and Louro) cover an area of 800 km2 in the central and southeast part of the block.
The Kaombo development scheme includes fifty-nine subsea wells that are connected through approximately 300 km of subsea lines to two floating production, storage and offloading (FPSO) vessels, each with a production capacity of 115,000 b/d. The two FPSOs will be based on conversions of very large crude carriers (VLCCs) into production units. Associated gas will be exported to the onshore Angola LNG plant.
The Kaombo development includes a substantial level of local content. Over 14 million man-hours of fabrication and construction work will be performed locally in Angolan yards that will be used for equipment fabrication and assembly.
TOTAL is the operator of Block 32, with a 30% stake, alongside Sonangol P&P (30%), Sonangol Sinopec International (20%), Esso Exploration and Production Angola (Overseas) Limited (15%) and Galp Energia (5%).
Exhibit 99.3
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
The following table shows the ratios of earnings to fixed charges for TOTAL S.A. and its subsidiaries and affiliates (collectively, TOTAL or the Group), computed in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted by the European Union, for the three months ended March 31, 2014 and 2013.
|
|
Three Months Ended |
| ||
|
|
2014 |
|
2013* |
|
For the Group (IFRS) |
|
22.92 |
|
17.46 |
|
* Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.
Earnings for the computations above under IFRS were calculated by adding pre-tax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees, fixed charges and distributed income of equity investees. Fixed charges for the computations above consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense and that portion of rental expense representative of the interest factor.
CAPITALIZATION AND INDEBTEDNESS OF TOTAL
(unaudited)
The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of March 31, 2014, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (dollars or $) or in euros (euros or ).
|
|
At March 31, |
|
|
|
(in millions of dollars) |
|
Current financial debt, including current portion of non-current financial debt |
|
|
|
Current portion of non-current financial debt |
|
3,772 |
|
Current financial debt |
|
7,904 |
|
Current portion of financial instruments for interest rate swaps liabilities |
|
274 |
|
Other current financial instruments liabilities |
|
76 |
|
Financial liabilities directly associated with the assets classified as held for sale |
|
0 |
|
|
|
|
|
Total current financial debt |
|
12,026 |
|
|
|
|
|
Non-current financial debt |
|
37,506 |
|
Non-controlling interests |
|
3,248 |
|
Shareholders equity |
|
|
|
Common shares |
|
7,496 |
|
Paid-in surplus and retained earnings |
|
101,568 |
|
Currency translation adjustment |
|
(1,625 |
) |
Treasury shares |
|
(4,303 |
) |
|
|
|
|
Total shareholders equity |
|
103,136 |
|
|
|
|
|
Total capitalization and non-current indebtedness |
|
143,890 |
|
As of March 31, 2014, TOTAL had an authorized share capital of 3,417,344,607 ordinary shares with a par value of 2.50 per share, and an issued share capital of 2,378,259,685 ordinary shares (including 109,207,673 treasury shares from shareholders equity).
As of March 31, 2014, approximately $704 million of TOTALs non-current financial debt was secured and approximately $36,802 million was unsecured, and all of TOTALs current financial debt of $7,904 million was unsecured. As of March 31, 2014, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. For more information about TOTALs commitments and contingencies, see Note 23 of the Notes to TOTALs audited Consolidated Financial Statements in its 2013 annual report on Form 20-F filed with the Securities and Exchange Commission on March 27, 2014.
Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since March 31, 2014.
Exhibit 99.4
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
|
|
Three Months |
| ||
(Amounts in millions of U.S. dollars) |
|
2014 |
|
2013 |
|
Net income* |
|
3,335 |
|
1,948 |
|
Income tax expenses |
|
3,597 |
|
3,975 |
|
Non-controlling interests |
|
100 |
|
67 |
|
Equity in income of affiliates (in excess of)/ less than dividends received |
|
11 |
|
(466 |
) |
Interest expensed |
|
142 |
|
173 |
|
Estimate of the interest within rental expense |
|
92 |
|
86 |
|
Amortization of capitalized interest |
|
33 |
|
48 |
|
|
|
|
|
|
|
Total |
|
7,310 |
|
5,831 |
|
|
|
|
|
|
|
Interest expensed |
|
142 |
|
173 |
|
Capitalized interest |
|
85 |
|
75 |
|
Estimate of the interest within rental expense |
|
92 |
|
86 |
|
Preference security dividend requirements of consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
Fixed charges |
|
319 |
|
334 |
|
|
|
|
|
|
|
Ratio of earnings to fixed charges |
|
22.92 |
|
17.46 |
|
* Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014.