EX-99.1 2 a15-4087_1ex99d1.htm EX-99.1

Exhibit 99.1

 

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

 

The financial information in this Form 6-K concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, “TOTAL” or the “Group”) with respect to the fourth quarter of 2014 and the year ended December 31, 2014, has been derived from TOTAL’s unaudited consolidated financial statements for the fourth quarter of 2014 and the year ended December 31, 2014.

 

Effective January 1, 2014, TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the Euro to the US Dollar. Comparative 2013 information has been restated (see note 11 to the Group’s unaudited consolidated financial statements included in Exhibit 99.1 to TOTAL’s Form 6-K filed with the Securities and Exchange Commission (“SEC”) on May 2, 2014 (the “Q1 2014 6-K”), including the interpretation of IFRIC 21 “Levies” applied retrospectively (see notes 1 and 11 to the Q1 2014 6-K)). Unless otherwise noted, currency amounts are expressed in U.S. dollars (“dollars” or “$”) or euros (“euros” or “€”).

 

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 TOTAL’s Annual Report on Form 20-F for the year ended December 31, 2013, filed with the SEC on March 27, 2014.

 

·             KEY FIGURES AND CONSOLIDATED ACCOUNTS OF TOTAL

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

in millions of dollars
(except earnings per share and number of shares)

 

2014

 

2013

 

2014 vs
2013

 

52,511

 

 

60,363

 

 

64,975

 

 

-19

%

 

Sales

 

236,122

 

 

251,725

 

 

-6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net operating income from business segments*

 

 

 

 

 

 

 

 

 

 

1,596

 

 

2,765

 

 

3,065

 

 

-48

%

 

· Upstream

 

10,504

 

 

12,450

 

 

-16

%

 

956

 

 

786

 

 

441

 

 

x2.2

 

 

· Refining & Chemicals

 

2,489

 

 

1,857

 

 

+34

%

 

245

 

 

376

 

 

329

 

 

-26

%

 

· Marketing & Services

 

1,254

 

 

1,554

 

 

-19

%

 

(2.47

)

 

1.52

 

 

0.98

 

 

n/a

 

 

Fully-diluted earnings per share (dollars)

 

1.86

 

 

4.94

 

 

-62

%

 

2,287

 

 

2,285

 

 

2,276

 

 

—

 

 

Fully-diluted weighted-average shares (millions)

 

2,281

 

 

2,272

 

 

—

 

 

(5,658

)

 

3,463

 

 

2,234

 

 

n/a

 

 

Net income (Group share)

 

4,244

 

 

11,228

 

 

-62

%

 

8,152

 

 

7,769

 

 

11,317

 

 

-28

%

 

Investments**

 

30,509

 

 

34,431

 

 

-11

%

 

1,689

 

 

2,030

 

 

939

 

 

+80

%

 

Divestments

 

6,190

 

 

6,399

 

 

-3

%

 

6,409

 

 

5,740

 

 

8,739

 

 

-27

%

 

Net investments***

 

24,140

 

 

25,879

 

 

-7

%

 

7,354

 

 

7,639

 

 

9,578

 

 

-23

%

 

Cash flow from operations

 

25,608

 

 

28,513

 

 

-10

%

 

 

*                   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 – asset sales – other transactions with non-controlling interests.

 

·         FOURTH QUARTER 2014 RESULTS

 

Ø             Sales

 

In the fourth quarter 2014, the Brent price averaged $76.6/b, a decrease of 30% compared to the fourth quarter 2013 and 25% compared to the third quarter 2014. The Group’s European refining margin indicator (“ERMI”) averaged $27.6/t in the fourth quarter 2014 compared to $10.1/t in the fourth quarter 2013 and $29.9/t in the third quarter 2014.

 

In this context, sales were $52,511 million in the fourth quarter 2014, a decrease of 19% compared to $64,975 million in the fourth quarter 2013.

 

1


 

Ø             Net income

 

Net income (Group share) in the fourth quarter 2014 was negative $5,658 million compared to positive $2,234 million in the fourth quarter 2013, mainly due to the impacts of the inventory valuation effect and special items. The after-tax inventory valuation effect (as defined below under “Analysis of business segment results”) had a negative impact on net income (Group share) of $1,993 million in the fourth quarter 2014, mainly due to a reduction in stock during the period, compared to a negative impact of $103 million in the fourth 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 $19 million in the fourth quarter 2014 compared to a negative impact of $19 million in the fourth quarter 2013. Special items had a negative impact on net income (Group share) of $6,485 million in the fourth quarter 2014, including mainly the impairment of oil sands in Canada, unconventional gas notably in the United States, refining in Europe and certain other assets in the Upstream (for additional detail, see “— Results for the full year 2014 — Net income”, below). Special items had a negative impact on net income (Group share) in the fourth quarter 2013 of $1,029, comprised mainly of charges and write-offs related to the restructuring of downstream activities in France.

 

On December 31, 2014, there were 2,285 million fully-diluted shares compared to 2,276 million fully-diluted shares December 31, 2013.

 

Fully-diluted earnings per share, based on 2,287 million fully-diluted weighted-average shares, was negative $2.47 in the fourth quarter 2014 compared to positive $0.98 in the fourth quarter 2013.

 

Ø             Investments — divestments(1)

 

Investments in the fourth quarter 2014, excluding acquisitions of $730 million and including changes in non-current loans of $145 million, were $7.0 billion, a decrease of 21% compared to $8.9 billion in the fourth quarter 2013.

 

Acquisitions in the fourth quarter 2014 were $730 million, notably comprised of the carry on the Utica gas and condensate field in the United States. Acquisitions in the fourth quarter 2013 were $1,861 million.

 

Asset sales in the fourth quarter 2014 were $1,269 million, essentially comprised of the sale of the Cardinal midstream assets in the United States, interests in blocks in Norway and Nigeria, and the CCP composites business in Refining & Chemicals. Asset sales in the fourth quarter 2013 were $355 million.

 

Net investments in the fourth quarter 2014 were $6.4 billion compared to $8.7 billion in the fourth quarter 2013, a decrease of 26%.

 

Ø             Cash flow

 

Cash flow from operations was $7,354 million in the fourth quarter 2014 compared to $9,578 million in the fourth quarter 2013, a decrease of 23% mainly due to the decrease in the price of Brent.

 

The Group’s net cash flow(2) in the fourth quarter 2014 was $945 million compared to $839 million in the fourth quarter 2013, an increase of 13% reflecting mainly the 27% decrease in net investments, partially offset by the lower cash flow from operations linked to the decrease in Brent.

 

The net-debt-to-equity ratio was 31.3% on December 31, 2014, compared to 27.8% on September 30, 2014, and 23.3% on December 31, 2013(3). The increase is partly due to the higher level of net debt linked to lower cash flow from operations as well as the incomplete status on December 31, 2014, of the sales of Bostik, Totalgaz and the South African coal mines, and partly due to the decrease in equity linked mainly to variations in foreign exchange and to the impact of the impairments discussed above.

 

(1) Detail shown on page 12 of this exhibit.

(2) Net cash flow = cash flow from operations – net investments (including other transactions with non-controlling interests).

(3) Detail shown on page 12 of this exhibit.

 

2


 

·         RESULTS FOR THE FULL YEAR 2014

 

Ø             Sales

 

The average Brent price decreased by 9% to $99.0/b in 2014 compared to 2013. Brent dropped sharply in the second half, from about $110/b to less than $60/b by December 31, 2014. The ERMI was $18.7/t in 2014 compared to $17.9/t in 2013, an increase of 4%. The environment for petrochemicals also improved, notably in the United States.

 

In this context, sales in 2014 were $236,122 million, a decrease of 6% compared to $251,725 million for 2013.

 

Ø             Net income

 

Net income (Group share) in 2014 decreased by 62% to $4,244 million from $11,228 million in 2013, mainly due to the impacts of the inventory valuation effect and special items. The after-tax inventory valuation effect (as defined below under “Analysis of business segment results”) had a negative impact on net income (Group share) of $2,453 million in 2014, mainly due to a reduction in stock during the period, compared to a negative impact of $728 million in 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 $25 million in 2014 compared to a negative impact of $58 million in 2013. Special items had a negative impact of $6,165 million in 2014, including mainly $7.1 billion of impairments. Taking into account the current economic environment, the Group impaired its oil sands assets in Canada by $2.2 billion, its unconventional gas notably in the United States by $2.1 billion, its refining in Europe by $1.4 billion, as well as certain other assets in the Upstream. These impairments were partially offset by the gain on the sale of the Group’s interests in Shah Deniz in Azerbaijan and GTT. Special items had a negative impact of $2,278 million in 2013, comprised mainly of the loss on the sale of the Voyageur upgrader project in Canada, the impairment of Upstream assets in the Barnett field in the United States and in Syria, charges and write-offs related to the restructuring of downstream activities in France, partially offset by the gain on the sales of TIGF and Upstream assets in Italy.

 

On December 31, 2014, there were 2,285 million fully-diluted shares compared to 2,276 million shares on December 31, 2013.

 

Fully-diluted earnings per share, based on 2,287 million fully-diluted weighted-average shares, was $1.86 in 2014 compared to $4.94 in 2013, decrease of 62%.

 

Ø             Investments — divestments(1)

 

Investments in 2014, excluding acquisitions of $2,539 million and including changes in non-current loans of $1,229 million, were $26.4 billion, a decrease of 7% compared to $28.3 billion in 2013.

 

Acquisitions were $2,539 million in 2014, comprised principally of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of an additional interest in Novatek(2) and the carry on the Utica gas and condensate field in the United States. Acquisitions were $4,473 million in 2013.

 

Asset sales were $4,650 million in 2014, comprised essentially of the sale of interests in Shah Deniz and the associated pipelines in Azerbaijan, Block 15/06 in Angola, GTT (Gaztransport & Technigaz) and the Cardinal midstream assets in the United States. Asset sales were $4,750 million in 2013.

 

Net investments were $24.1 billion in 2014 compared to $25.9 billion in 2013, a decrease of 7%.

 

Ø             Cash flow

 

Cash flow from operations was $25,608 million in 2014, a decrease of 10% compared to $28,513 million in 2013.

 

The Group’s net cash flow was $1,468 million in 2014 compared to $2,634 million in 2013. This decrease of 44% was due essentially to lower cash flow from operations between the two periods, partially compensated by lower net investments.

 

(1) Detail shown on page 12 of this exhibit.

(2) The Group’s interest in Novatek has been 18.2% since July 18, 2014.

 

3


 

The net-debt-to-equity ratio was 31.3% on December 31, 2014, compared to 23.3% on December 31, 2013(1). The increase is partly due to the higher level of net debt linked to lower cash flow from operations as well as the incomplete status on December 31, 2014, of the sales of Bostik, Totalgaz and the South African coal mines, and partly due to the decrease in equity linked mainly to variations in foreign exchange and to the impact of the impairments discussed above.

 

·             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 Group’s results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price 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 TOTAL’s management and the accounting for these transactions under IFRS, which requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Group’s internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.

 

The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTAL’s consolidated interim financial statements, see pages 23-29 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.

 

(1) Detail shown on page 12 of this exhibit.

 

4


 

Ø             Upstream segment

 

·            Environment — liquids and gas price realizations*

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

 

 

2014

 

2013

 

2014 vs
2013

 

76.6

 

 

101.9

 

 

109.2

 

 

-30

%

 

Brent ($/b)

 

99.0

 

 

108.7

 

 

-9

%

 

61.7

 

 

94.0

 

 

102.5

 

 

-40

%

 

Average liquids price ($/b)

 

89.4

 

 

103.3

 

 

-13

%

 

6.29

 

 

6.40

 

 

7.36

 

 

-15

%

 

Average gas price ($/Mbtu)

 

6.57

 

 

7.12

 

 

-8

%

 

50.5

 

 

69.1

 

 

74.6

 

 

-32

%

 

Average hydrocarbons price ($/boe)

 

66.2

 

 

74.8

 

 

-11

%

 

 

*                   Consolidated subsidiaries, excluding fixed margins.

 

·            Production

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

hydrocarbon production

 

2014

 

2013

 

2014 vs
2013

 

2,229

 

 

2,122

 

 

2,284

 

 

-2

%

 

Combined production (kboe/d)

 

2,146

 

 

2,299

 

 

-7

%

 

1,077

 

 

1,043

 

 

1,142

 

 

-6

%

 

· Liquids (kb/d)

 

1,034

 

 

1,167

 

 

-11

%

 

6,219

 

 

5,902

 

 

6,260

 

 

-1

%

 

· Gas (Mcf/d)

 

6,063

 

 

6,184

 

 

-2

%

 

 

Hydrocarbon production was 2,229 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2014, a decrease of 2% compared to the fourth quarter 2013, due to the following:

 

·              -6% essentially for the expiration of the ADCO license in the United Arab Emirates;

·              +2% for lower prices, notably on the production sharing contracts (PSC);

·              +3% essentially from the start up of CLOV in Angola; and

·              -1% for natural decline, partially offset by production growth in Russia and Utica in the United States.

 

Excluding ADCO, which expired in January 2014, hydrocarbon production in the fourth quarter 2014 increased by 3.5% compared to the fourth quarter 2013.

 

Hydrocarbon production in the fourth quarter 2014 increased by 5% compared to the third quarter 2014 due to the production from CLOV throughout the quarter, lower maintenance in the fourth quarter, and a decrease in price, notably on the PSC contracts.

 

In 2014, hydrocarbon production was 2,146 kboe/d, a decrease of 7% compared to 2013, due to the following:

 

·              -6% essentially for the expiration of the ADCO license in the United Arab Emirates;

·              -2% essentially for natural decline and higher maintenance in 2014 notably in the first half, partially offset by production growth in Utica in the United States; and

·              +1% for production growth from start-ups, essentially CLOV in Angola.

 

In 2014, excluding ADCO, hydrocarbon production was virtually stable compared to 2013.

 

·            Reserves

 

Year-end reserves

 

2014

 

2013

 

2014 vs
2013

 

Hydrocarbon reserves (Mboe)

 

11,523

 

 

11,526

 

 

—

 

 

· Liquids (Mb)

 

5,303

 

 

5,413

 

 

-2

%

 

· Gas (Bcf)

 

33,590

 

 

33,026

 

 

+2

%

 

 

Proved reserves based on SEC rules (based on Brent at $101.3/b) were 11,523 Mboe at December 31, 2014. Based on the 2014 average rate of production, the reserve life is more than thirteen years.

 

5


 

·            Results

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

in millions of dollars

 

2014

 

2013

 

2014 vs
2013

 

5,415

 

 

5,198

 

 

6,990

 

 

-23

%

 

Non-Group sales

 

23,484

 

 

26,367

 

 

-11

%

 

(4,191

)

 

4,499

 

 

5,564

 

 

n/a

 

 

Operating income

 

10,494

 

 

22,658

 

 

-54

%

 

6,365

 

 

172

 

 

23

 

 

x277

 

 

Adjustments affecting operating income

 

6,662

 

 

1,042

 

 

x6.4

 

 

2,174

 

 

4,671

 

 

5,587

 

 

-61

%

 

Adjusted operating income*

 

17,156

 

 

23,700

 

 

-28

%

 

1,596

 

 

2,765

 

 

3,065

 

 

-48

%

 

Adjusted net operating income*

 

10,504

 

 

12,450

 

 

-16

%

 

533

 

 

824

 

 

704

 

 

-24

%

 

· Includes adjusted income from equity affiliates

 

2,859

 

 

2,889

 

 

-1

%

 

6,287

 

 

6,923

 

 

9,498

 

 

-34

%

 

Investments

 

26,520

 

 

29,750

 

 

-11

%

 

1,473

 

 

1,924

 

 

812

 

 

+81

%

 

Divestments

 

5,764

 

 

5,786

 

 

—

 

 

2,608

 

 

5,442

 

 

7,310

 

 

-64

%

 

Cash flow from operating activities

 

16,666

 

 

21,857

 

 

-24

%

 

 

*                   Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

 

Adjusted net operating income from the Upstream segment was $1,596 million in the fourth quarter 2014, a decrease of 48% compared to $3,065 million in the fourth quarter 2013, essentially due to the decrease in the average realized price of hydrocarbons.

 

Adjusted net operating income for the Upstream segment excludes special items. In the fourth quarter 2014, the exclusion of special items had a positive impact on the segment’s adjusted net operating income of $5,038 million, consisting essentially of asset impairments of oil sands in Canada, unconventional gas notably in the United States and certain other assets in the Upstream segment, compared to a positive impact of $19 million in the fourth quarter 2013.

 

The effective tax rate(1) for the Upstream segment in the fourth quarter 2014 was 57.0% compared to 58.8% in the fourth quarter 2013.

 

Adjusted net operating income from the Upstream segment in 2014 was $10,504 million compared to $12,450 million in 2013, a decrease of 16%, which was due essentially to the decrease in the average realized price of hydrocarbons.

 

The effective tax rate for the Upstream segment in 2014 was 57.1%, compared to 60.0% in 2013. The lower rate reflects mainly the benefit of tax allowances in the UK in the second quarter 2014.

 

Technical costs, calculated in accordance with ASC 932(2), were $28.3/boe in 2014 compared to $26.1/boe in 2013, an increase due principally to the increase in depreciation of fixed assets and the increase in production costs, mainly maintenance costs.

 

The return on average capital employed (ROACE(3)) for the Upstream segment was 11% for the full year 2014 compared to 14% for the full year 2013.

 

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

(3)        Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 13 of this exhibit.

 

6


 

Ø             Refining & Chemicals segment

 

· Refinery throughput and utilization rates*

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

 

 

2014

 

2013

 

2014 vs
2013

 

1,887

 

 

1,884

 

 

1,580

 

 

+19

%

 

Total refinery throughput (kb/d)

 

1,775

 

 

1,719

 

 

+3

%

 

632

 

 

672

 

 

535

 

 

+18

%

 

· France

 

639

 

 

647

 

 

-1

%

 

852

 

 

840

 

 

755

 

 

+13

%

 

· Rest of Europe

 

794

 

 

797

 

 

—

 

 

403

 

 

372

 

 

290

 

 

+39

%

 

· Rest of world

 

342

 

 

275

 

 

+24

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilization rates**

 

 

 

 

 

 

 

 

 

 

82

%

 

82

%

 

73

%

 

 

 

 

· Based on crude only

 

77

%

 

80

%

 

 

 

 

86

%

 

86

%

 

77

%

 

 

 

 

· Based on crude and other feedstock

 

81

%

 

84

%

 

 

 

 

 

*              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.

 

In the fourth quarter 2014, refinery throughput increased by 19% compared to the fourth quarter 2013. This increase was essentially due to higher refining margins in Europe, which allowed utilization rates to rise, and the start-up of Satorp, operating at full capacity since August 2014.

 

In 2014, refinery throughput increased slightly by 3% compared to 2013, essentially due to the start up of Satorp.

 

·           Results

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

in millions of dollars
(except ERMI refining margins)

 

2014

 

2013

 

2014 vs
2013

 

27.6

 

 

29.9

 

 

10.1

 

 

x2.8

 

 

European refining margin indicator - ERMI ($/t)

 

18.7

 

 

17.9

 

 

+4

%

 

23,025

 

 

27,417

 

 

29,613

 

 

-22

%

 

Non-Group sales

 

106,124

 

 

114,483

 

 

-7

%

 

(2,756

)

 

450

 

 

(209

)

 

n/a

 

 

Operating income

 

(1,691

)

 

177

 

 

n/a

 

 

3,825

 

 

524

 

 

630

 

 

x6.1

 

 

Adjustments affecting operating income

 

4,430

 

 

1,589

 

 

x2.8

 

 

1,069

 

 

974

 

 

421

 

 

x2.5

 

 

Adjusted operating income*

 

2,739

 

 

1,766

 

 

+55

%

 

956

 

 

786

 

 

441

 

 

x2.2

 

 

Adjusted net operating income*

 

2,489

 

 

1,857

 

 

+34

%

 

155

 

 

161

 

 

160

 

 

-3

%

 

· Contribution of Specialty chemicals**

 

629

 

 

583

 

 

+8

%

 

875

 

 

422

 

 

956

 

 

-8

%

 

Investments

 

2,022

 

 

2,708

 

 

-25

%

 

157

 

 

9

 

 

45

 

 

x3.5

 

 

Divestments

 

192

 

 

365

 

 

-47

%

 

3,113

 

 

1,729

 

 

1,816

 

 

+71

%

 

Cash flow from operating activities

 

6,302

 

 

4,260

 

 

+48

%

 

 

*              Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

**         Hutchinson, Bostik, Atotech.

 

The ERMI averaged $27.6/t in the fourth quarter 2014, nearly three times higher than in the fourth quarter 2013, due to the decrease in Brent and relatively better refined product prices in Europe. The environment for petrochemicals was favorable in the fourth quarter in the United States and in Europe, benefitting from lower naphtha prices.

 

Adjusted net operating income from the Refining & Chemicals segment was $956 million in the fourth quarter 2014, more than double the fourth quarter 2013 of $441 million. The segment was able to take advantage of the higher refining and petrochemical margins this quarter thanks to its good industrial performance.

 

Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2014, the exclusion of the inventory valuation effect had a positive impact on the segment’s adjusted net operating income of $1,710 million, mainly due a reduction in stock, compared to a positive impact of $66 million in the fourth quarter 2013. The exclusion of special items in the fourth quarter 2014 had a positive impact on the segment’s adjusted net operating

 

7


 

income of $1,466 million, consisting essentially of impairments of European refining assets, compared to a positive impact of $1,045 million in the fourth quarter 2013, consisting mainly of charges and write-offs related to the restructuring of downstream activities in France.

 

In 2014, adjusted net operating income from the Refining & Chemicals segment was $2,489 million, an increase of 34% compared to $1,857 million 2013, while the refining margin increased by only 4% to $18.7/t in 2014 compared to $17.9/t in 2013. The synergies and efficiency plans are bearing fruit and the segment was able to adapt to the lower European margins in the first half and subsequently take advantage of a more favorable refining and chemicals environment in the second half of the year. The petrochemicals environment was more favorable in 2014, especially in the United States.

 

With a ROACE of 15% for the full year 2014 compared to 9% for the full year 2013, the segment attained its profitability objective one year earlier than the schedule fixed in 2011.

 

Ø             Marketing & Services segment

 

·           Refined product sales

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

sales in kb/d*

 

2014

 

2013

 

2014 vs
2013

 

1,132

 

 

1,107

 

 

1,150

 

 

-2

%

 

Europe

 

1,100

 

 

1,138

 

 

-3

%

 

678

 

 

674

 

 

605

 

 

+12

%

 

Rest of world

 

669

 

 

611

 

 

+9

%

 

1,810

 

 

1,781

 

 

1,755

 

 

+3

%

 

Total sales of Marketing & Services

 

1,769

 

 

1,749

 

 

+1

%

 

 

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

 

In the fourth quarter 2014, sales increased by 3% compared to the fourth quarter 2013, due to higher sales in growth areas, notably in Africa and the Middle East.

 

Sales volumes in 2014 increased slightly compared to 2013 due to higher sales in growth areas and offset by lower sales in Europe, mainly due to the impact of weather conditions.

 

·           Results

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

in millions of dollars

 

2014

 

2013

 

2014 vs
2013

 

24,079

 

 

27,747

 

 

28,378

 

 

-15

%

 

Non-Group sales

 

106,509

 

 

110,873

 

 

-4

%

 

22

 

 

423

 

 

468

 

 

-95

%

 

Operating income

 

1,158

 

 

2,014

 

 

-43

%

 

440

 

 

66

 

 

57

 

 

x7.7

 

 

Adjustments affecting operating income

 

551

 

 

138

 

 

x4

 

 

462

 

 

489

 

 

525

 

 

-12

%

 

Adjusted operating income*

 

1,709

 

 

2,152

 

 

-21

%

 

245

 

 

376

 

 

329

 

 

-26

%

 

Adjusted net operating income*

 

1,254

 

 

1,554

 

 

-19

%

 

(15

)

 

5

 

 

27

 

 

n/a

 

 

· Contribution of New Energies

 

10

 

 

—

 

 

n/a

 

 

941

 

 

398

 

 

820

 

 

+15

%

 

Investments

 

1,818

 

 

1,814

 

 

—

 

 

53

 

 

56

 

 

63

 

 

-16

%

 

Divestments

 

163

 

 

186

 

 

-12

%

 

1,627

 

 

701

 

 

442

 

 

x3.7

 

 

Cash flow from operating activities

 

2,721

 

 

2,557

 

 

+6

%

 

 

*              Detail of adjustment items shown in the business segment information starting on page 23 of this exhibit.

 

The Marketing & Services segment’s sales were $24 billion in the fourth quarter 2014, a 15% decrease compared to $28 billion in the fourth quarter 2013.

 

Adjusted net operating income for Marketing & Services was $245 million in the fourth quarter 2014, a decrease of 26% compared to $329 million in the fourth quarter 2013, mainly due to a negative accounting effect of $100 million on the valuation of hedging positions.

 

8


 

Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2014, the exclusion of the inventory valuation effect had a positive impact on the segment’s adjusted net operating income of $321 million, mainly due a reduction in stock, compared to a positive impact of $37 million in the fourth quarter 2013. The exclusion of special items in the fourth quarter 2014 had a positive impact on the segment’s adjusted net operating income of $110 million compared to a negative impact of $16 million in the fourth quarter 2013.

 

In 2014, adjusted net operating income for Marketing & Services was $1,254 million, a decrease of 19% compared to $1,554 million in 2013. Other than the accounting effect in the fourth quarter mentioned above, the decrease is mainly due to weather conditions in the first half in Europe and lower margins in 2014, notably in the European network.

 

The ROACE for the Marketing & Services segment was 13% for the full year 2014 compared to 16% for the full year 2013.

 

·                         PROPOSED DIVIDEND

 

After closing the 2014 accounts, the Board of Directors decided on February 11, 2015 to propose to Annual Shareholders’ Meeting on May 29, 2015, an annual dividend of €2.44/share for 2014, an increase of 2.5% compared to 2013. Taking into account the interim dividends for the first three quarters of 2014 approved by the Board of Directors, the remaining 2014 dividend is €0.61/share, equal to the three 2014 interim dividends. The Board of Directors will also propose that shareholders have the alternative of receiving the remaining 2014 dividend payment in cash or in new shares benefiting from a 10% discount. Pending the approval at the Annual Shareholders’ Meeting, the ex-dividend date would be June 8, 2015, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for July 1, 2015.

 

·                         SUMMARY AND OUTLOOK

 

In response to the recent fall in the oil price, TOTAL has launched an ambitious mitigation plan. The plan includes significant reductions to organic investments, operating costs and the exploration budget, as well as an acceleration of its asset sale program.

 

The Group plans to lower its organic investments by more than 10% from $26.4 billion in 2014 to $23-24 billion in 2015, by reducing investments in brownfield developments and stopping certain projects that have become less profitable. For operating costs, the reduction program announced in September 2014 has been expanded mainly in the Upstream segment. The initial target of $800 million has been raised to $1.2 billion in 2015, an increase of 50%. The exploration budget has been reduced by about 30%, to $1.9 billion in 2015.

 

Having achieved its 2012-14 asset sale target of $15-20 billion, TOTAL plans to accelerate its 2015-17 asset sale program of $10 billion by selling $5 billion of assets in 2015, in addition to benefiting from the completion of about $4 billion of asset sales that were already signed and pending at the start of the year.

 

In the Upstream segment, the Group is focused on the execution and delivery of its major projects and plans eight start-ups this year, of which three already started production in January. These start-ups, plus the new ADCO volumes, will contribute to production growth for the Group of more than 8% in 2015.

 

In addition, refining overcapacity remains an issue in Europe, and the Group is advancing its restructuring plans by launching a capacity reduction program at its Lindsey refinery in the UK and will announce a new plan for its refining activities in France in the spring of 2015.

 

With the decline in the oil price, the petroleum industry has entered a new cycle. In this context, TOTAL is implementing a strong and immediate response generating $8 billion in cash in 2015, thereby reducing its breakeven point by $40/b without compromising the priority to safety.

 

Finally, despite intensive investments made for future growth, the Group’s balance sheet remains strong, allowing it access to the financial markets under very favorable conditions.

 

As it has demonstrated in the past, TOTAL will make the adjustments necessary to successfully adapt to this period of low prices, while at the same time being prepared to take advantage of a recovery, for the benefit of its shareholders.

 

9


 

Forward-looking statements

 

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

 

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

 

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

 

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

·                  changes in currency exchange rates and currency devaluations;

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

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

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

·                  changes in the current capital expenditure plans of TOTAL;

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

·                  the financial resources of competitors;

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

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

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

·                  the ability to obtain governmental or regulatory approvals;

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

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

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

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

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

 

For additional factors, you should read the information set forth under “Item 3. Risk Factors”, “Item 4. Information on the Company — Other Matters”, “Item 5. Operating and Financial Review and Prospects” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in TOTAL’s Form 20-F for the year ended December 31, 2013.

 

10


 

Operating information by segment

for the fourth quarter and full-year 2014

 

·                           Upstream

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

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

 

2014

 

2013

 

2014 vs
2013

 

393

 

 

340

 

 

405

 

 

-3%

 

 

Europe

 

364

 

 

392

 

 

-7%

 

 

690

 

 

665

 

 

644

 

 

+7%

 

 

Africa

 

657

 

 

670

 

 

-2%

 

 

391

 

 

387

 

 

522

 

 

-25%

 

 

Middle East

 

391

 

 

536

 

 

-27%

 

 

99

 

 

89

 

 

75

 

 

+32%

 

 

North America

 

90

 

 

73

 

 

+23%

 

 

151

 

 

159

 

 

149

 

 

+1%

 

 

South America

 

157

 

 

166

 

 

-5%

 

 

235

 

 

237

 

 

242

 

 

-3%

 

 

Asia-Pacific

 

238

 

 

235

 

 

+1%

 

 

270

 

 

245

 

 

247

 

 

+9%

 

 

CIS

 

249

 

 

227

 

 

+10%

 

 

2,229

 

 

2,122

 

 

2,284

 

 

-2%

 

 

Total production

 

2,146

 

 

2,299

 

 

-7%

 

 

594

 

 

562

 

 

692

 

 

-14%

 

 

Includes equity affiliates

 

571

 

 

687

 

 

-17%

 

 

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

Liquids production by region (kb/d)

 

2014

 

2013

 

2014 vs
2013

 

168

 

 

161

 

 

180

 

 

-7%

 

 

Europe

 

165

 

 

168

 

 

-2%

 

 

558

 

 

539

 

 

503

 

 

+11%

 

 

Africa

 

522

 

 

531

 

 

-2%

 

 

185

 

 

190

 

 

314

 

 

-41%

 

 

Middle East

 

192

 

 

324

 

 

-41%

 

 

45

 

 

39

 

 

28

 

 

+61%

 

 

North America

 

39

 

 

28

 

 

+39%

 

 

49

 

 

50

 

 

50

 

 

-2%

 

 

South America

 

50

 

 

54

 

 

-7%

 

 

33

 

 

30

 

 

27

 

 

+22%

 

 

Asia-Pacific

 

30

 

 

30

 

 

—

 

 

39

 

 

34

 

 

40

 

 

-3%

 

 

CIS

 

36

 

 

32

 

 

+13%

 

 

1,077

 

 

1,043

 

 

1,142

 

 

-6%

 

 

Total production

 

1,034

 

 

1,167

 

 

-11%

 

 

197

 

 

199

 

 

323

 

 

-39%

 

 

Includes equity affiliates

 

200

 

 

325

 

 

-38%

 

 

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

Gas production by region (Mcf/d)

 

2014

 

2013

 

2014 vs
2013

 

1,224

 

 

982

 

 

1,242

 

 

-1%

 

 

Europe

 

1,089

 

 

1,232

 

 

-12%

 

 

674

 

 

643

 

 

690

 

 

-2%

 

 

Africa

 

693

 

 

698

 

 

-1%

 

 

1,113

 

 

1,076

 

 

1,139

 

 

-2%

 

 

Middle East

 

1,084

 

 

1,155

 

 

-6%

 

 

305

 

 

284

 

 

261

 

 

+17%

 

 

North America

 

285

 

 

256

 

 

+11%

 

 

573

 

 

613

 

 

554

 

 

+3%

 

 

South America

 

599

 

 

627

 

 

-4%

 

 

1,144

 

 

1,178

 

 

1,258

 

 

-9%

 

 

Asia-Pacific

 

1,178

 

 

1,170

 

 

+1%

 

 

1,186

 

 

1,126

 

 

1,116

 

 

+6%

 

 

CIS

 

1,135

 

 

1,046

 

 

+9%

 

 

6,219

 

 

5,902

 

 

6,260

 

 

-1%

 

 

Total production

 

6,063

 

 

6,184

 

 

-2%

 

 

2,064

 

 

1,966

 

 

1,995

 

 

+3%

 

 

Includes equity affiliates

 

1,998

 

 

1,955

 

 

+2%

 

 

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

Liquefied natural gas

 

2014

 

2013

 

2014 vs
2013

 

3.06

 

 

2.98

 

 

3.39

 

 

-10%

 

 

LNG sales* (Mt)

 

12.15

 

 

12.26

 

 

-1%

 

 

 

*                   Sales, Group share, excluding trading; 2013 and 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 and 2014 SEC coefficients, respectively.

 

11


 

·                           Downstream (Refining & Chemicals and Marketing & Services)

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

Refined product sales by region (kb/d)*

 

2014

 

2013

 

2014 vs
2013

 

2,112

 

 

2,053

 

 

2,048

 

 

+3%

 

 

Europe**

 

2,047

 

 

2,078

 

 

-1%

 

 

606

 

 

540

 

 

496

 

 

+22%

 

 

Africa

 

552

 

 

454

 

 

+22%

 

 

482

 

 

632

 

 

473

 

 

+2%

 

 

Americas

 

558

 

 

497

 

 

+12%

 

 

660

 

 

604

 

 

546

 

 

+21%

 

 

Rest of world

 

612

 

 

492

 

 

+24%

 

 

3,860

 

 

3,829

 

 

3,563

 

 

+8%

 

 

Total consolidated sales

 

3,769

 

 

3,521

 

 

+7%

 

 

628

 

 

621

 

 

608

 

 

+3%

 

 

Includes bulk sales

 

615

 

 

617

 

 

—

 

 

1,421

 

 

1,427

 

 

1,200

 

 

+18%

 

 

Includes trading

 

1,385

 

 

1,155

 

 

+20%

 

 

 

*                   Includes share of TotalErg.

**              Restated historical amounts.

 

Investments — Divestments

 

4Q14

 

3Q14

 

4Q13

 

4Q14 vs
4Q13

 

Expressed in millions of dollars

 

2014

 

2013

 

2014 vs
2013

 

7,002

 

 

7,032

 

 

8,872

 

 

-21%

 

 

Non-Group sales

 

26,430

 

 

28,309

 

 

-7%

 

 

422

 

 

512

 

 

390

 

 

+8%

 

 

· Capitalized exploration

 

1,616

 

 

1,821

 

 

-11%

 

 

565

 

 

868

 

 

1,233

 

 

-54%

 

 

· Increase in non-current loans

 

2,769

 

 

2,906

 

 

-5%

 

 

(420

)

 

(326

)

 

(584

)

 

-28%

 

 

· Repayment of non-current loans

 

(1,540

)

 

(1,649

)

 

-7%

 

 

730

 

 

411

 

 

1,861

 

 

-61%

 

 

Acquisitions

 

2,539

 

 

4,473

 

 

-43%

 

 

1,269

 

 

1,704

 

 

355

 

 

x3.6

 

 

Asset sales

 

4,650

 

 

4,750

 

 

-2%

 

 

54

 

 

(1)

 

 

1,639

 

 

-97%

 

 

Other transactions with non-controlling interests

 

179

 

 

2,153

 

 

-92%

 

 

6,409

 

 

5,740

 

 

8,739

 

 

-27%

 

 

Net investments*

 

24,140

 

 

25,879

 

 

-7%

 

 

 

*                   Net investments = investments including acquisitions — asset sales — other transactions with non-controlling interests.

 

Net-debt-to-equity ratio

 

in millions of dollars

 

12/31/2014

 

9/30/2014

 

12/31/2013

 

Current borrowings

 

10,942

 

 

11,826

 

 

11,193

 

 

Net current financial assets

 

(1,113

)

 

(848

)

 

(358

)

 

Net financial assets classified as held for sale

 

(56

)

 

(77

)

 

(179

)

 

Non-current financial debt

 

45,481

 

 

43,242

 

 

34,574

 

 

Hedging instruments of non-current debt

 

(1,319

)

 

(1,491

)

 

(1,418

)

 

Cash and cash equivalents

 

(25,181

)

 

(24,307

)

 

(20,200

)

 

Net debt

 

28,754

 

 

28,345

 

 

23,612

 

 

Shareholders’ equity

 

90,330

 

 

100,408

 

 

100,241

 

 

Estimated dividend payable

 

(1,686

)

 

(1,746

)

 

(1,908

)

 

Non-controlling interests

 

3,201

 

 

3,382

 

 

3,138

 

 

Equity

 

91,845

 

 

102,044

 

 

101,471

 

 

Net-debt-to-equity ratio

 

31.3

%

 

27.8

%

 

23.3

%

 

 

12


 

Return on average capital employed

 

·                  Full-year 2014

 

in millions of dollars

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Services

 

Adjusted net operating income

 

10,504

 

2,489

 

1,254

 

Capital employed at 12/31/2013*

 

95,529

 

19,752

 

10,051

 

Capital employed at 12/31/2014*

 

100,497

 

13,451

 

8,825

 

ROACE

 

10.7%

 

15.0%

 

13.3%

 

 

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

 

·                  Twelve months ended September 30, 2014

 

in millions of dollars 

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Services

 

Adjusted net operating income

 

11,973

 

1,974

 

1,338

 

Capital employed at 9/30/2013*

 

91,140

 

20,884

 

9,254

 

Capital employed at 9/30/2014*

 

104,488

 

17,611

 

9,633

 

ROACE

 

12.2%

 

10.3%

 

14.2%

 

 

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

 

·                  Full-year 2013

 

in millions of dollars

 

Upstream

 

Refining &
Chemicals

 

Marketing
& Services

 

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).

 

13


 

MAIN INDICATORS

 

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

 

 

 

€/$

 

ERMI* ($/t)**

 

Brent ($/b)

 

Average liquids
price*** ($/b)

 

Average gas
price ($/Mbtu)***

 

Fourth quarter 2014

 

1.25

 

27.6

 

76.6

 

61.7

 

6.29

 

Third quarter 2014

 

1.33

 

29.9

 

101.9

 

94.0

 

6.40

 

Second quarter 2014

 

1.37

 

10.9

 

109.7

 

103.0

 

6.52

 

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

 

 

*

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

**

$1/t = $0.136/b.

***

Consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting/underlifting position valued at market price.

 

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

 

14


 

CONSOLIDATED STATEMENT OF INCOME

 

TOTAL

 

(M$) (a)

 

4th quarter
2014

 

3rd quarter
2014

 

4th quarter
2013

 

 

 

 

 

 

 

 

 

Sales

 

52,511

 

60,363

 

64,975

 

Excise taxes

 

(5,777

)

(6,141

)

(6,208

)

Revenues from sales

 

46,734

 

54,222

 

58,767

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(35,644

)

(38,628

)

(41,992

)

Other operating expenses

 

(6,831

)

(6,925

)

(7,620

)

Exploration costs

 

(611

)

(433

)

(658

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(10,900

)

(3,082

)

(2,934

)

Other income

 

740

 

641

 

288

 

Other expense

 

(487

)

(155

)

(446

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(108

)

(173

)

(217

)

Financial income from marketable securities & cash equivalents

 

28

 

30

 

26

 

Cost of net debt

 

(80

)

(143

)

(191

)

 

 

 

 

 

 

 

 

Other financial income

 

219

 

176

 

172

 

Other financial expense

 

(168

)

(159

)

(151

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

464

 

851

 

844

 

 

 

 

 

 

 

 

 

Income taxes

 

722

 

(2,837

)

(3,752

)

Consolidated net income

 

(5,842

)

3,528

 

2,327

 

Group share

 

(5,658

)

3,463

 

2,234

 

Non-controlling interests

 

(184

)

65

 

93

 

Earnings per share ($)

 

(2.49

)

1.52

 

0.98

 

Fully-diluted earnings per share ($)

 

(2.47

)

1.52

 

0.98

 

 

(a) Except for per share amounts.

 

15


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

 

(M$)

 

4th quarter
2014

 

3rd quarter
2014

 

4th quarter
2013

 

 

 

 

 

 

 

 

 

Consolidated net income

 

(5,842

)

3,528

 

2,327

 

 

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

99

 

(1,010

)

663

 

Tax effect

 

11

 

358

 

(284

)

Currency translation adjustment generated by the parent company

 

(2,562

)

(5,748

)

1,484

 

Items not potentially reclassifiable to profit and loss

 

(2,452

)

(6,400

)

1,863

 

Currency translation adjustment

 

980

 

2,717

 

(768

)

Available for sale financial assets

 

(5

)

(21

)

25

 

Cash flow hedge

 

(12

)

44

 

23

 

Share of other comprehensive income of equity affiliates, net amount

 

(1,242

)

(276

)

(198

)

Other

 

3

 

7

 

3

 

Tax effect

 

10

 

(10

)

(12

)

Items potentially reclassifiable to profit and loss

 

(266

)

2,461

 

(927

)

Total other comprehensive income (net amount)

 

(2,718

)

(3,939

)

936

 

 

 

 

 

 

 

 

 

Comprehensive income

 

(8,560

)

(411

)

3,263

 

Group share

 

(8,365

)

(452

)

3,176

 

Non-controlling interests

 

(195

)

41

 

87

 

 

16


 

CONSOLIDATED STATEMENT OF INCOME

 

TOTAL

 

(M$) (a)

 

Year
2014

 

Year
2013

 

 

 

 

 

 

 

Sales

 

236,122

 

251,725

 

Excise taxes

 

(24,104

)

(23,756

)

Revenues from sales

 

212,018

 

227,969

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(152,975

)

(160,849

)

Other operating expenses

 

(28,349

)

(28,764

)

Exploration costs

 

(1,964

)

(2,169

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(19,656

)

(11,994

)

Other income

 

2,577

 

2,290

 

Other expense

 

(954

)

(2,800

)

 

 

 

 

 

 

Financial interest on debt

 

(748

)

(889

)

Financial income from marketable securities & cash equivalents

 

108

 

85

 

Cost of net debt

 

(640

)

(804

)

 

 

 

 

 

 

Other financial income

 

821

 

696

 

Other financial expense

 

(676

)

(702

)

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

2,662

 

3,415

 

 

 

 

 

 

 

Income taxes

 

(8,614

)

(14,767

)

Consolidated net income

 

4,250

 

11,521

 

Group share

 

4,244

 

11,228

 

Non-controlling interests

 

6

 

293

 

Earnings per share ($)

 

1.87

 

4.96

 

Fully-diluted earnings per share ($)

 

1.86

 

4.94

 

 

(a) Except for per share amounts.

 

17


 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

TOTAL

 

(M$)

 

Year
2014

 

Year
2013

 

Consolidated net income

 

4,250

 

11,521

 

 

 

 

 

 

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains and losses

 

(1,526

)

682

 

Tax effect

 

580

 

(287

)

Currency translation adjustment generated by the parent company

 

(9,039

)

3,129

 

Items not potentially reclassifiable to profit and loss

 

(9,985

)

3,524

 

Currency translation adjustment

 

4,245

 

(1,925

)

Available for sale financial assets

 

(29

)

33

 

Cash flow hedge

 

97

 

156

 

Share of other comprehensive income of equity affiliates, net amount

 

(1,538

)

(805

)

Other

 

3

 

(12

)

Tax effect

 

(18

)

(62

)

Items potentially reclassifiable to profit and loss

 

2,760

 

(2,615

)

Total other comprehensive income (net amount)

 

(7,225

)

909

 

 

 

 

 

 

 

Comprehensive income

 

(2,975

)

12,430

 

Group share

 

(2,938

)

12,193

 

Non-controlling interests

 

(37

)

237

 

 

18


 

CONSOLIDATED BALANCE SHEET

 

TOTAL

 

(M$)

 

December 31, 
2014

 

September 30, 
2014

 

December 31, 
2013

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

Intangible assets, net

 

14,682

 

18,071

 

18,395

 

Property, plant and equipment, net

 

106,876

 

109,437

 

104,480

 

Equity affiliates : investments and loans

 

19,274

 

21,043

 

20,417

 

Other investments

 

1,399

 

1,645

 

1,666

 

Hedging instruments of non-current financial debt

 

1,319

 

1,491

 

1,418

 

Deferred income taxes

 

4,079

 

2,684

 

3,838

 

Other non-current assets

 

4,192

 

4,184

 

4,406

 

Total non-current assets

 

151,821

 

158,555

 

154,620

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

Inventories, net

 

15,196

 

20,873

 

22,097

 

Accounts receivable, net

 

15,704

 

20,511

 

23,422

 

Other current assets

 

15,702

 

15,798

 

14,892

 

Current financial assets

 

1,293

 

1,205

 

739

 

Cash and cash equivalents

 

25,181

 

24,307

 

20,200

 

Assets classified as held for sale

 

4,901

 

5,327

 

3,253

 

Total current assets

 

77,977

 

88,021

 

84,603

 

Total assets

 

229,798

 

246,576

 

239,223

 

 

 

 

 

 

 

 

 

LIABILITIES & SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

Common shares

 

7,518

 

7,516

 

7,493

 

Paid-in surplus and retained earnings

 

94,646

 

101,979

 

98,254

 

Currency translation adjustment

 

(7,480

)

(4,727

)

(1,203

)

Treasury shares

 

(4,354

)

(4,360

)

(4,303

)

Total shareholders’ equity - Group share

 

90,330

 

100,408

 

100,241

 

 

 

 

 

 

 

 

 

Non-controlling interests

 

3,201

 

3,382

 

3,138

 

Total shareholders’ equity

 

93,531

 

103,790

 

103,379

 

Non-current liabilities

 

 

 

 

 

 

 

Deferred income taxes

 

14,810

 

16,222

 

17,850

 

Employee benefits

 

4,758

 

5,232

 

4,235

 

Provisions and other non-current liabilities

 

17,545

 

17,017

 

17,517

 

Non-current financial debt

 

45,481

 

43,242

 

34,574

 

Total non-current liabilities

 

82,594

 

81,713

 

74,176

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

24,150

 

27,394

 

30,282

 

Other creditors and accrued liabilities

 

16,641

 

19,610

 

18,948

 

Current borrowings

 

10,942

 

11,826

 

11,193

 

Other current financial liabilities

 

180

 

357

 

381

 

Liabilities directly associated with the assets classified as held for sale

 

1,760

 

1,886

 

864

 

Total current liabilities

 

53,673

 

61,073

 

61,668

 

Total liabilities and shareholders’ equity

 

229,798

 

246,576

 

239,223

 

 

19


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(M$)

 

4th quarter
2014

 

3rd quarter
2014

 

4th quarter
2013

 

 

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

(5,842

)

3,528

 

2,327

 

Depreciation, depletion and amortization

 

11,310

 

3,288

 

3,363

 

Non-current liabilities, valuation allowances and deferred taxes

 

(2,329

)

106

 

825

 

Impact of coverage of pension benefit plans

 

—

 

—

 

—

 

(Gains) losses on disposals of assets

 

(460

)

(479

)

(193

)

Undistributed affiliates’ equity earnings

 

403

 

(260

)

(102

)

(Increase) decrease in working capital

 

4,475

 

1,461

 

3,267

 

Other changes, net

 

(203

)

(5

)

91

 

Cash flow from operating activities

 

7,354

 

7,639

 

9,578

 

 

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(7,339

)

(6,733

)

(9,622

)

Acquisitions of subsidiaries, net of cash acquired

 

(56

)

(1

)

—

 

Investments in equity affiliates and other securities

 

(192

)

(167

)

(462

)

Increase in non-current loans

 

(565

)

(868

)

(1,233

)

Total expenditures

 

(8,152

)

(7,769

)

(11,317

)

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

 

874

 

1,413

 

50

 

Proceeds from disposals of subsidiaries, net of cash sold

 

136

 

—

 

21

 

Proceeds from disposals of non-current investments

 

259

 

291

 

284

 

Repayment of non-current loans

 

420

 

326

 

584

 

Total divestments

 

1,689

 

2,030

 

939

 

Cash flow used in investing activities

 

(6,463

)

(5,739

)

(10,378

)

 

 

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

 

 

- Parent company shareholders

 

30

 

53

 

29

 

- Treasury shares

 

—

 

(289

)

(2

)

Dividends paid:

 

 

 

 

 

 

 

- Parent company shareholders

 

(1,735

)

(1,837

)

(1,821

)

- Non-controlling interests

 

(1

)

(7

)

(49

)

Other transactions with non-controlling interests

 

54

 

(1

)

1,639

 

Net issuance (repayment) of non-current debt

 

3,647

 

5,019

 

2,137

 

Increase (decrease) in current borrowings

 

(928

)

(1,235

)

(1,418

)

Increase (decrease) in current financial assets and liabilities

 

(255

)

(44

)

48

 

Cash flow used in financing activities

 

812

 

1,659

 

563

 

Net increase (decrease) in cash and cash equivalents

 

1,703

 

3,559

 

(237

)

Effect of exchange rates

 

(829

)

(1,418

)

326

 

Cash and cash equivalents at the beginning of the period

 

24,307

 

22,166

 

20,111

 

Cash and cash equivalents at the end of the period

 

25,181

 

24,307

 

20,200

 

 

20


 

CONSOLIDATED STATEMENT OF CASH FLOW

 

TOTAL

 

(M$)

 

Year
2014

 

Year
2013

 

 

 

 

 

 

 

CASH FLOW FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

 

4,250

 

11,521

 

Depreciation, depletion and amortization

 

20,859

 

13,358

 

Non-current liabilities, valuation allowances and deferred taxes

 

(1,980

)

1,567

 

Impact of coverage of pension benefit plans

 

—

 

—

 

(Gains) losses on disposals of assets

 

(1,979

)

(80

)

Undistributed affiliates’ equity earnings

 

29

 

(775

)

(Increase) decrease in working capital

 

4,480

 

2,525

 

Other changes, net

 

(51

)

397

 

Cash flow from operating activities

 

25,608

 

28,513

 

 

 

 

 

 

 

CASH FLOW USED IN INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Intangible assets and property, plant and equipment additions

 

(26,320

)

(29,748

)

Acquisitions of subsidiaries, net of cash acquired

 

(471

)

(21

)

Investments in equity affiliates and other securities

 

(949

)

(1,756

)

Increase in non-current loans

 

(2,769

)

(2,906

)

Total expenditures

 

(30,509

)

(34,431

)

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

 

3,442

 

1,766

 

Proceeds from disposals of subsidiaries, net of cash sold

 

136

 

2,654

 

Proceeds from disposals of non-current investments

 

1,072

 

330

 

Repayment of non-current loans

 

1,540

 

1,649

 

Total divestments

 

6,190

 

6,399

 

Cash flow used in investing activities

 

(24,319

)

(28,032

)

 

 

 

 

 

 

CASH FLOW USED IN FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

Issuance (repayment) of shares:

 

 

 

 

 

- Parent company shareholders

 

420

 

485

 

- Treasury shares

 

(289

)

(238

)

Dividends paid:

 

 

 

 

 

- Parent company shareholders

 

(7,308

)

(7,128

)

- Non-controlling interests

 

(154

)

(156

)

Other transactions with non-controlling interests

 

179

 

2,153

 

Net issuance (repayment) of non-current debt

 

15,786

 

11,102

 

Increase (decrease) in current borrowings

 

(2,374

)

(9,037

)

Increase (decrease) in current financial assets and liabilities

 

(351

)

1,298

 

Cash flow used in financing activities

 

5,909

 

(1,521

)

Net increase (decrease) in cash and cash equivalents

 

7,198

 

(1,040

)

Effect of exchange rates

 

(2,217

)

831

 

Cash and cash equivalents at the beginning of the period

 

20,200

 

20,409

 

Cash and cash equivalents at the end of the period

 

25,181

 

20,200

 

 

21


 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

 

TOTAL

 

 

 

Common shares issued

 

Paid-in 
surplus and 
retained 

 

Currency 
translation 

 

Treasury shares

 

Shareholders’ 
equity -

 

Non-
controlling 

 

Total 
shareholders’ 

 

(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 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 (1)

 

—

 

—

 

(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

 

Net income 2014

 

—

 

—

 

4,244

 

—

 

—

 

—

 

4,244

 

6

 

4,250

 

Other comprehensive Income

 

—

 

—

 

(907

)

(6,275

)

—

 

—

 

(7,182

)

(43

)

(7,225

)

Comprehensive Income

 

—

 

—

 

3,337

 

(6,275

)

—

 

—

 

(2,938

)

(37

)

(2,975

)

Dividend

 

—

 

—

 

(7,378

)

—

 

—

 

—

 

(7,378

)

(154

)

(7,532

)

Issuance of common shares

 

7,589,365

 

25

 

395

 

—

 

—

 

—

 

420

 

—

 

420

 

Purchase of treasury shares

 

—

 

—

 

—

 

—

 

(4,386,300

)

(283

)

(283

)

—

 

(283

)

Sale of treasury shares (1)

 

—

 

—

 

(232

)

—

 

4,239,335

 

232

 

—

 

—

 

—

 

Share-based payments

 

—

 

—

 

114

 

—

 

—

 

—

 

114

 

—

 

114

 

Share cancellation

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

Other operations with non-controlling interests

 

—

 

—

 

148

 

(2

)

—

 

—

 

146

 

195

 

341

 

Other items

 

—

 

—

 

8

 

—

 

—

 

—

 

8

 

59

 

67

 

As of December 31, 2014

 

2,385,267,525

 

7,518

 

94,646

 

(7,480

)

(109,361,413

)

(4,354

)

90,330

 

3,201

 

93,531

 

 

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

 

22


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

4th quarter 2014
(M$)

 

Upstream

 

Refining & 
Chemicals

 

Marketing & 
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,415

 

23,025

 

24,079

 

(8

)

—

 

52,511

 

Intersegment sales

 

6,130

 

9,323

 

339

 

74

 

(15,866

)

—

 

Excise taxes

 

—

 

(1,117

)

(4,660

)

—

 

—

 

(5,777

)

Revenues from sales

 

11,545

 

31,231

 

19,758

 

66

 

(15,866

)

46,734

 

Operating expenses

 

(6,784

)

(32,248

)

(19,534

)

(386

)

15,866

 

(43,086

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(8,952

)

(1,739

)

(202

)

(7

)

—

 

(10,900

)

Operating income

 

(4,191

)

(2,756

)

22

 

(327

)

—

 

(7,252

)

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

 

958

 

(70

)

(195

)

75

 

—

 

768

 

Tax on net operating income

 

(209

)

606

 

(13

)

315

 

—

 

699

 

Net operating income

 

(3,442

)

(2,220

)

(186

)

63

 

—

 

(5,785

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(57

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

184

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(5,658

)

 

4th quarter 2014 (adjustments) (a)
(M$)

 

Upstream

 

Refining & 
Chemicals

 

Marketing & 
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

24

 

—

 

—

 

—

 

—

 

24

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

24

 

—

 

—

 

—

 

—

 

24

 

Operating expenses

 

30

 

(2,427

)

(440

)

—

 

—

 

(2,837

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,419

)

(1,398

)

—

 

—

 

—

 

(7,817

)

Operating income (b)

 

(6,365

)

(3,825

)

(440

)

—

 

—

 

(10,630

)

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

 

171

 

(197

)

(131

)

—

 

—

 

(157

)

Tax on net operating income

 

1,156

 

846

 

140

 

—

 

—

 

2,142

 

Net operating income (b)

 

(5,038

)

(3,176

)

(431

)

—

 

—

 

(8,645

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

186

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(8,459

)

 

(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

—

 

(2,406

)

(436

)

—

 

 

 

 

 

On net operating income

—

 

(1,710

)

(321

)

—

 

 

 

 

 

 

4th quarter 2014 (adjusted)
(M$) (a)

 

Upstream

 

Refining & 
Chemicals

 

Marketing & 
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,391

 

23,025

 

24,079

 

(8

)

—

 

52,487

 

Intersegment sales

 

6,130

 

9,323

 

339

 

74

 

(15,866

)

—

 

Excise taxes

 

—

 

(1,117

)

(4,660

)

—

 

—

 

(5,777

)

Revenues from sales

 

11,521

 

31,231

 

19,758

 

66

 

(15,866

)

46,710

 

Operating expenses

 

(6,814

)

(29,821

)

(19,094

)

(386

)

15,866

 

(40,249

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,533

)

(341

)

(202

)

(7

)

—

 

(3,083

)

Adjusted operating income

 

2,174

 

1,069

 

462

 

(327

)

—

 

3,378

 

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

 

787

 

127

 

(64

)

75

 

—

 

925

 

Tax on net operating income

 

(1,365

)

(240

)

(153

)

315

 

—

 

(1,443

)

Adjusted net operating income

 

1,596

 

956

 

245

 

63

 

—

 

2,860

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(57

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(2

)

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

2,801

 

Adjusted fully-diluted earnings per share ($)

 

 

 

 

 

 

 

 

 

 

 

1.22

 

 

(a) Except for earnings per share.

 

4th quarter 2014
(M$)

 

Upstream

 

Refining & 
Chemicals

 

Marketing & 
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

6,287

 

875

 

941

 

49

 

—

 

8,152

 

Total divestments

 

1,473

 

157

 

53

 

6

 

—

 

1,689

 

Cash flow from operating activities

 

2,608

 

3,113

 

1,627

 

6

 

—

 

7,354

 

 

23


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

3rd quarter 2014
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,198

 

27,417

 

27,747

 

1

 

—

 

60,363

 

Intersegment sales

 

7,560

 

11,931

 

466

 

67

 

(20,024

)

—

 

Excise taxes

 

—

 

(1,292

)

(4,849

)

—

 

—

 

(6,141

)

Revenues from sales

 

12,758

 

38,056

 

23,364

 

68

 

(20,024

)

54,222

 

Operating expenses

 

(5,763

)

(37,230

)

(22,742

)

(275

)

20,024

 

(45,986

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,496

)

(376

)

(199

)

(11

)

—

 

(3,082

)

Operating income

 

4,499

 

450

 

423

 

(218

)

—

 

5,154

 

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

 

1,298

 

41

 

(35

)

50

 

—

 

1,354

 

Tax on net operating income

 

(2,627

)

(107

)

(123

)

(31

)

—

 

(2,888

)

Net operating income

 

3,170

 

384

 

265

 

(199

)

—

 

3,620

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(92

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(65

)

Net income

 

 

 

 

 

 

 

 

 

 

 

3,463

 

 

3rd quarter 2014 (adjustments) (a)
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

17

 

—

 

—

 

—

 

—

 

17

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

17

 

—

 

—

 

—

 

—

 

17

 

Operating expenses

 

(79

)

(512

)

(66

)

—

 

—

 

(657

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(110

)

(12

)

—

 

—

 

—

 

(122

)

Operating income (b)

 

(172

)

(524

)

(66

)

—

 

—

 

(762

)

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

 

432

 

(45

)

(65

)

—

 

—

 

322

 

Tax on net operating income

 

145

 

167

 

20

 

—

 

—

 

332

 

Net operating income (b)

 

405

 

(402

)

(111

)

—

 

—

 

(108

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

13

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(95

)

 

(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

—

 

(497

)

(66

)

—

 

 

 

 

 

On net operating income

—

 

(370

)

(46

)

—

 

 

 

 

 

 

3rd quarter 2014 (adjusted)
(M$) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

5,181

 

27,417

 

27,747

 

1

 

—

 

60,346

 

Intersegment sales

 

7,560

 

11,931

 

466

 

67

 

(20,024

)

—

 

Excise taxes

 

—

 

(1,292

)

(4,849

)

—

 

—

 

(6,141

)

Revenues from sales

 

12,741

 

38,056

 

23,364

 

68

 

(20,024

)

54,205

 

Operating expenses

 

(5,684

)

(36,718

)

(22,676

)

(275

)

20,024

 

(45,329

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(2,386

)

(364

)

(199

)

(11

)

—

 

(2,960

)

Adjusted operating income

 

4,671

 

974

 

489

 

(218

)

—

 

5,916

 

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

 

866

 

86

 

30

 

50

 

—

 

1,032

 

Tax on net operating income

 

(2,772

)

(274

)

(143

)

(31

)

—

 

(3,220

)

Adjusted net operating income

 

2,765

 

786

 

376

 

(199

)

—

 

3,728

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(92

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(78

)

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

3,558

 

Adjusted fully-diluted earnings per share ($)

 

 

 

 

 

 

 

 

 

 

 

1.56

 

 

(a) Except for earnings per share.

 

3rd quarter 2014
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

6,923

 

422

 

398

 

26

 

—

 

7,769

 

Total divestments

 

1,924

 

9

 

56

 

41

 

—

 

2,030

 

Cash flow from operating activities

 

5,442

 

1,729

 

701

 

(233

)

—

 

7,639

 

 

24


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

4th quarter 2013
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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)
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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)
(M$) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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

 

 

25


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

Year 2014
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

23,484

 

106,124

 

106,509

 

5

 

—

 

236,122

 

Intersegment sales

 

29,183

 

44,950

 

1,615

 

236

 

(75,984

)

—

 

Excise taxes

 

—

 

(4,850

)

(19,254

)

—

 

—

 

(24,104

)

Revenues from sales

 

52,667

 

146,224

 

88,870

 

241

 

(75,984

)

212,018

 

Operating expenses

 

(26,235

)

(145,014

)

(86,931

)

(1,092

)

75,984

 

(183,288

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(15,938

)

(2,901

)

(781

)

(36

)

—

 

(19,656

)

Operating income

 

10,494

 

(1,691

)

1,158

 

(887

)

—

 

9,074

 

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

 

4,302

 

90

 

(140

)

178

 

—

 

4,430

 

Tax on net operating income

 

(8,799

)

391

 

(344

)

(8

)

—

 

(8,760

)

Net operating income

 

5,997

 

(1,210

)

674

 

(717

)

—

 

4,744

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(494

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(6

)

Net income

 

 

 

 

 

 

 

 

 

 

 

4,244

 

 

Year 2014 (adjustments) (a)
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

31

 

—

 

—

 

—

 

—

 

31

 

Intersegment sales

 

—

 

—

 

—

 

—

 

—

 

—

 

Excise taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

Revenues from sales

 

31

 

—

 

—

 

—

 

—

 

31

 

Operating expenses

 

(164

)

(2,980

)

(551

)

—

 

—

 

(3,695

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(6,529

)

(1,450

)

—

 

—

 

—

 

(7,979

)

Operating income (b)

 

(6,662

)

(4,430

)

(551

)

—

 

—

 

(11,643

)

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

 

883

 

(282

)

(203

)

—

 

—

 

398

 

Tax on net operating income

 

1,272

 

1,013

 

174

 

—

 

—

 

2,459

 

Net operating income (b)

 

(4,507

)

(3,699

)

(580

)

—

 

—

 

(8,786

)

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

—

 

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

193

 

Net income

 

 

 

 

 

 

 

 

 

 

 

(8,593

)

 

(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

—

 

(2,944

)

(525

)

—

 

 

 

 

 

On net operating income

—

 

(2,114

)

(384

)

—

 

 

 

 

 

 

Year 2014 (adjusted)
(M$) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Non-Group sales

 

23,453

 

106,124

 

106,509

 

5

 

—

 

236,091

 

Intersegment sales

 

29,183

 

44,950

 

1,615

 

236

 

(75,984

)

—

 

Excise taxes

 

—

 

(4,850

)

(19,254

)

—

 

—

 

(24,104

)

Revenues from sales

 

52,636

 

146,224

 

88,870

 

241

 

(75,984

)

211,987

 

Operating expenses

 

(26,071

)

(142,034

)

(86,380

)

(1,092

)

75,984

 

(179,593

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(9,409

)

(1,451

)

(781

)

(36

)

—

 

(11,677

)

Adjusted operating income

 

17,156

 

2,739

 

1,709

 

(887

)

—

 

20,717

 

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

 

3,419

 

372

 

63

 

178

 

—

 

4,032

 

Tax on net operating income

 

(10,071

)

(622

)

(518

)

(8

)

—

 

(11,219

)

Adjusted net operating income

 

10,504

 

2,489

 

1,254

 

(717

)

—

 

13,530

 

Net cost of net debt

 

 

 

 

 

 

 

 

 

 

 

(494

)

Non-controlling interests

 

 

 

 

 

 

 

 

 

 

 

(199

)

Adjusted net income

 

 

 

 

 

 

 

 

 

 

 

12,837

 

Adjusted fully-diluted earnings per share ($)

 

 

 

 

 

 

 

 

 

 

 

5.63

 

 

(a) Except for earnings per share.

 

Year 2014
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

 

Intercompany

 

Total

 

Total expenditures

 

26,520

 

2,022

 

1,818

 

149

 

—

 

30,509

 

Total divestments

 

5,764

 

192

 

163

 

71

 

—

 

6,190

 

Cash flow from operating activities

 

16,666

 

6,302

 

2,721

 

(81

)

—

 

25,608

 

 

26


 

BUSINESS SEGMENT INFORMATION

TOTAL

 

Year 2013
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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

 

 

Year 2013 (adjustments) (a)
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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

)

—

 

 

 

 

 

 

Year 2013 (adjusted)
(M$) (a)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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.

 

Year 2013
(M$)

 

Upstream

 

Refining &
Chemicals

 

Marketing &
Services

 

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

 

 

27


 

Reconciliation of the information by business segment with consolidated financial statements

 

TOTAL

 

4th quarter 2014
(M$)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

Sales

 

52,487

 

24

 

52,511

 

Excise taxes

 

(5,777

)

—

 

(5,777

)

Revenues from sales

 

46,710

 

24

 

46,734

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(32,802

)

(2,842

)

(35,644

)

Other operating expenses

 

(6,836

)

5

 

(6,831

)

Exploration costs

 

(611

)

—

 

(611

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(3,083

)

(7,817

)

(10,900

)

Other income

 

515

 

225

 

740

 

Other expense

 

(294

)

(193

)

(487

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(108

)

—

 

(108

)

Financial income from marketable securities & cash equivalents

 

28

 

—

 

28

 

Cost of net debt

 

(80

)

—

 

(80

)

 

 

 

 

 

 

 

 

Other financial income

 

219

 

—

 

219

 

Other financial expense

 

(168

)

—

 

(168

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

653

 

(189

)

464

 

 

 

 

 

 

 

 

 

Income taxes

 

(1,420

)

2,142

 

722

 

Consolidated net income

 

2,803

 

(8,645

)

(5,842

)

Group share

 

2,801

 

(8,459

)

(5,658

)

Non-controlling interests

 

2

 

(186

)

(184

)

 

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

 

4th quarter 2013
(M$)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

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.

 

28


 

Reconciliation of the information by business segment with consolidated financial statements

 

TOTAL

 

Year 2014
(M$)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

Sales

 

236,091

 

31

 

236,122

 

Excise taxes

 

(24,104

)

—

 

(24,104

)

Revenues from sales

 

211,987

 

31

 

212,018

 

 

 

 

 

 

 

 

 

Purchases, net of inventory variation

 

(149,506

)

(3,469

)

(152,975

)

Other operating expenses

 

(28,123

)

(226

)

(28,349

)

Exploration costs

 

(1,964

)

—

 

(1,964

)

Depreciation, depletion and amortization of tangible assets and mineral interests

 

(11,677

)

(7,979

)

(19,656

)

Other income

 

1,272

 

1,305

 

2,577

 

Other expense

 

(700

)

(254

)

(954

)

 

 

 

 

 

 

 

 

Financial interest on debt

 

(748

)

—

 

(748

)

Financial income from marketable securities & cash equivalents

 

108

 

—

 

108

 

Cost of net debt

 

(640

)

—

 

(640

)

 

 

 

 

 

 

 

 

Other financial income

 

821

 

—

 

821

 

Other financial expense

 

(676

)

—

 

(676

)

 

 

 

 

 

 

 

 

Equity in net income (loss) of affiliates

 

3,315

 

(653

)

2,662

 

 

 

 

 

 

 

 

 

Income taxes

 

(11,073

)

2,459

 

(8,614

)

Consolidated net income

 

13,036

 

(8,786

)

4,250

 

Group share

 

12,837

 

(8,593

)

4,244

 

Non-controlling interests

 

199

 

(193

)

6

 

 

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

 

Year 2013
(M$)

 

Adjusted

 

Adjustments (a)

 

Consolidated
statement of income

 

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.

 

29