0001193125-13-362345.txt : 20130910 0001193125-13-362345.hdr.sgml : 20130910 20130910110653 ACCESSION NUMBER: 0001193125-13-362345 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20130909 FILED AS OF DATE: 20130910 DATE AS OF CHANGE: 20130910 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL S.A. CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 131087240 BUSINESS ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: LA DEFENSE 6 CITY: COURBEVOIE STATE: I0 ZIP: 92400 BUSINESS PHONE: 33147444546 MAIL ADDRESS: STREET 1: 2 PLACE JEAN MILLIER STREET 2: ARCHE NORD COUPOLE/REGNAULT CITY: PARIS LA DEFENSE CEDEX STATE: I0 ZIP: 92078 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL SA DATE OF NAME CHANGE: 20030508 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 6-K 1 d595633d6k.htm FORM 6-K Form 6-K
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13-a16 OR 15-d16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the months of: June 8, 2013 to September 9, 2013

Commission File Number: 1-10888

 

 

TOTAL S.A.

(Translation of registrant’s name into English)

 

 

2 place Jean Millier

La Défense 6

92400 Courbevoie

France

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.     Form 20-F  x    Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.    Yes  ¨    No  x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

 

 

 


Table of Contents

TABLE OF CONTENTS

 

SIGNATURES
EXHIBIT INDEX

 

EX 99.1:    Total finalizes the acquisition of 33.335% interest in the Bokhtar PSC Area, Tajikistan
EX 99.2:    Airbus, Air France, Safran and Total team up to develop sustainable aviation biofuels, France
EX 99.3:    Total launches EGINA development on OML 130, Nigeria
EX 99.4:    Orange and Total have signed a partnership to distribute Orange Money at TOTAL service stations in Africa and the Middle-East, France
EX 99.5:    Second Quarter and First Half 2013 Results, France
EX 99.6:    Total announces its interim dividend for the second quarter 2013, France
EX 99.7:    208 HYbrid FE, when PEUGEOT and Total combine driving pleasure and efficiency, France
EX 99.8:    Total’s Project for the Carling Platform’s Future, France


Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    TOTAL S.A.
Date: September 10, 2013     By:   /s/ Humbert de Wendel
      Name: Humbert de WENDEL
      Title: Treasurer


Table of Contents

EXHIBIT INDEX

 

    EXHIBIT 99.1: Tajikistan: Total finalizes the acquisition of 33.335% interest in the Bokhtar PSC Area (June 18, 2013)

 

    EXHIBIT 99.2: France: Airbus, Air France, Safran and Total team up to develop sustainable aviation biofuels (June 20, 2013)

 

    EXHIBIT 99.3: Nigeria: Total launches EGINA development on OML 130 (June 21, 2013)

 

    EXHIBIT 99.4: France: Orange and Total have signed a partnership to distribute Orange Money at Total service stations in Africa and the Middle-East (July 24, 2013)

 

    EXHIBIT 99.5: France: Second Quarter and First Half 2013 Results (July 26, 2013)

 

    EXHIBIT 99.6: France: Total announces its interim dividend for the second quarter 2013 (July 26, 2013)

 

    EXHIBIT 99.7: France: 208 HYbrid FE, when PEUGEOT and Total combine driving pleasure and efficiency (August 26, 2013)

 

    EXHIBIT 99.8: France: Total’s Project for the Carling Platform’s Future (September 4, 2013)
EX-99.1 2 d595633dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS des FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel. : + 33 (0) 1 41 35 22 44

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total finalizes the acquisition of 33,335% interest in the Bokhtar PSC

Area in Tajikistan

Paris, June 18, 2013 - Total E&P Tajikistan B.V., a subsidiary of Total announces today the finalization of the acquisition of an interest in the Bokhtar PSC in Tajikistan, from Kulob Petroleum Limited, a subsidiary of Tethys Petroleum Limited, and jointly with CNPC Central Asia B.V., a subsidiary of CNPC. Total E&P Tajikistan B.V. and CNPC Central Asia B.V. will each hold a 33.335% interest in the PSC, while Kulob Petroleum Limited will retain a 33.33% stake.

This transaction has been approved and supported by the Tajikistan Government.

The Bokhtar PSC covers an area of 36,000 square kilometers at the northern end of the prolific Afghan-Tajik basin. A number of large gas discoveries have already been made in the adjacent Amu Darya basin’s Jurassic carbonate reservoirs. The PSC area is 300 kilometers from the border with China, and therefore strategically positioned to supply world class markets.

Operations will be conducted jointly, through an operating company, Bokhtar Operating Company B.V. (BOC). BOC will launch in the coming weeks a large seismic campaign covering the PSC area, and should decide on a first exploration well by end 2014.

The signing ceremony took place in the Presidential Compound in the presence of the Prime Minister Okil Okilov, the Minister of Energy and Industry Gul Sherali, Mr. Bo Qiliang, President of CNODC and Vice-President of Petrochina, Mr. Michael Borrell, Senior Vice President Continental Europe and Central Asia of Total and Dr. David Robson, Executive Chairman and President of Tethys Petroleum Limited.

This acquisition is aligned with our bolder exploration strategy and positions the Total group in one of the world’s most prolific gas basins,” said Michael Borrell, Senior Vice President, Continental Europe Central Asia, Total Exploration & Production. “The partnership between the Total, CNPC and Tethys groups is particularly well equipped to conduct successful exploration and potentially develop a value-creating project.”

 


 

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS des FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel. : + 33 (0) 1 41 35 22 44

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Mr Bo Qiliang, President of CNODC and Vice-President of Petrochina said: “CNPC, as the world’s 5th largest oil company, has advanced exploration and development technology, and accumulated a wealth of experience in exploration and development in Central Asia. We are very willing to work with the Tajik Government and partners to promote the oil industry development in Tadjikistan”

Dr David Robson, Executive Chairman and President of Tethys, said: “This is a fantastic deal both for Tajikistan and for Tethys. We believe the Bokhtar PSC is a world class asset with enormous potential. The strengths brought to this project by our new partners, Total and CNPC, means we are in a position to explore and develop rapidly this potential using all available techniques and technologies and with the financial strength to maximize success. This is a great day!”

* * * * *

China National Oil and Gas Exploration and Development Corporation (“CNODC”) is a wholly owned subsidiary of China National Petroleum Corporation (“CNPC”). CNPC is also the parent company of PetroChina, (NYSE:PTR, 0857.HK, 000669.SH). CNPC is China’s largest oil and gas producer and supplier, as well as one of the world’s major oilfield service providers and a global contractor in engineering construction. CNPC also owns and operates the Central Asia China Gas Pipeline. The pipeline starts at Gedaim on the border of Turkmenistan and Uzbekistan, runs through central Uzbekistan and southern Kazakhstan, and ends at Horgos in China’s Xinjiang Uygur Autonomous Region, where it interconnects to CNPC’s Second China West-East Gas Pipeline.

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

Tethys Petroleum Limited (“Tethys”) is an oil and gas exploration and production company listed on the main board of the Toronto Stock Exchange (symbol “TPL”) in Canada, the London Stock Exchange in Great Britain (symbol “TPL”) and on the Kazakhstan Stock Exchange (“KASE”) in Almaty. Tethys is focused on the prolific sedimentary basins of Central Asia and the Caspian Region, with its current projects in Kazakhstan, Tajikistan and Uzbekistan. The Company owns and operates its own drilling rigs, pipelines, production facilities and related equipment. The Company’s staff has proven expertise and experience in exploration and production and in applying modern techniques and technologies in the rehabilitation of existing fields.

 
EX-99.2 3 d595633dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

LOGO

Airbus, Air France, Safran and Total team up to develop sustainable aviation biofuels in France

 

Le Bourget, June 20, 2013

At the Paris Air Show 2013, Airbus, Air France, Safran and Total organized the “Joining our Energies – Biofuel Initiative France” flight to illustrate the French industry’s technical capacity to integrate aeronautical biofuels. The four players underline the need to improve research into the development of sustainable biofuels with a view to creating a French biofuel industry.

Today, the air transport sector generates around 2% of global man-made CO² emissions. Manufacturers are fully mobilized to reduce the impact of air transport by all possible means. As the aviation industry has no alternative to liquid fuels of fossil origin, the use of biofuels is essential for drastically reducing CO² emissions.

As an increasing number of initiatives are being implemented in Europe* and worldwide, France has numerous assets for creating an innovative value chain with its world-leading fuel supplier, engine manufacturer, aircraft manufacturer and airline.

To support the emergence of a French biofuel industry all the players and public authorities concerned must join together today towards identifying concrete solutions from the following perspectives:

 

    Environmental and social: a positive carbon assessment taking into account land use, non-competition with the food sector, minimum water use and positive social impact,

 

    Technical: development of industrial sectors in accordance with locally-available resources, supply, distribution and certification,

 

    Economic: development of a model to reduce the additional cost vis-à-vis fossil fuels.

For several years now, Airbus, Air France, Safran and Total have been researching, innovating and reflecting on future aviation fuels at national and international level. They currently propose an innovative industrial approach to guarantee the aeronautical industry a sustainable future.

The demonstration flight between Toulouse and Le Bourget was carried out by Airbus A321 with sharklets and powered by CFM56 engines. This aircraft uses Biojet A-1 Total/Amyris, a biofuel produced from an innovative sugar-processing technology.

 

*  the European Commission’s “Biofuel Flight Path” initiative targets the production of 2 million tons of biofuel in Europe by 2020.

Airbus : Aude Lebas : +33 (0) 5 61 93 33 87 – aude.lebas@airbus.com

Air France : Nathalie Hedin : +33 (0) 1 41 56 84 15 - nahedin@airfrance.fr

Safran : Catherine Malek : +33 (0) 1 40 60 80 28 catherine.malek@safran.fr

Snecma et CFM : Giulia Lecarrié : +33 (0) 1 69 87 09 29 - giulia.lecarrie@snecma.fr

Total : Florent Segura : +33 (0) 1 47 44 31 38 florent.segura@total.com

EX-99.3 4 d595633dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

 

LOGO    LOGO

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS des FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel. : + 33 (0) 1 41 35 22 44

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Nigeria: Total launches EGINA development on OML 130

Paris, June 21, 2013 - Total today announces that its subsidiary Total Upstream Nigeria Limited (TUPNI), operator of the OML 130 block, and co-venturers have obtained the necessary approvals from Nigerian National Petroleum Corporation to award the main EPC contracts for the development of the offshore Egina field.

The field, discovered in 2003, is located in water depths of around 1,600 meters, 200 kilometers offshore Port Harcourt and 20 kilometers southwest of the Akpo field, located on the same license.

Egina is the second development of the OML 130 license. Following Akpo, which was brought on stream in 2009, it will add significant value to the partnership. With more than 21 million man-hours of local work, the project will make a material contribution to the development of Nigerian economy. After more than 50 years in the country, we are confident that Nigeria will continue to provide a suitable framework to promote investments” commented Yves-Louis Darricarrère, President of Upstream at Total.

The field development plan calls for 44 wells connected to a 330 meter-long floating production, storage and offloading (FPSO) vessel with a storage capacity of 2.3 million barrels. The design of the FPSO includes capacity for future developments of nearby discoveries. First oil is expected end-2017, with output reaching 200,000 barrels of oil per day at plateau.

TUPNI has a 24% interest alongside the OML 130 partners: NNPC (Nigerian National Petroleum Corporation), SAPETRO (South Atlantic Petroleum) of Nigeria, CNOOC Limited of China and Petrobras of Brazil.

Total Exploration & Production in Nigeria

In 2012, Total celebrates fifty years of its presence in Nigeria. The Group’s production in Nigeria was at 279,000 barrels of oil equivalent per day in 2012.

Deepwater developments are one of Total’s main growth avenues in Nigeria, where the Group operates the Akpo field in OML 130 and is also preparing to develop the Egina field in the same lease.

 


 

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax: + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tel.: + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tel.: + 33 (0) 1 47 44 45 91

Victoria CHANIAL

Tel.: + 33 (0) 1 47 44 35 86

Aude COLAS des FRANCS

Tel.: + 33 (0) 1 47 44 47 05

Sandra DANTE

Tel.: + 33 (0) 1 47 44 46 07

Vincent GRANIER

Tel.: + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tel. : + 33 (0) 1 41 35 22 44

Hortense OURY

Tel.: + 33 (0) 1 47 44 23 34

Florent SEGURA

Tel.: + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tel.: + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Offshore production also comes from OMLs 99, 100 and 102, which are operated by the Group as part of a joint-venture with NNPC. The main fields in these leases are Amenam-Kpono, Edikan and Ofon. Total recently commenced the second phase of the Ofon development which is mostly intended to recover natural gas reserves. Ofon phase 2 is a step forward in the Group’s plan to reduce its gas flaring and greenhouse gas emissions.

Total’s onshore production comes from OML 58, which it also operates as part of its joint-venture with NNPC. A project is underway to increase the lease’s natural gas and condensate production capacity to supply the domestic market.

In addition, Total has significant equity production in Nigeria from its interests in non-operated ventures, particularly the NNPC/SPDC joint venture (10%) and SNEPCO operated PSC (12.5%), which includes the Bonga field. Total also has a 15% interest in Nigeria LNG, whose liquefied natural gas production capacity was increased to 21.9 million metric tons per year when Train 6 was brought on stream in late 2007.

Total deploys an assertive local content policy in Nigeria, with locally worked hours accounting for 60% and 90% respectively for Usan and OML 58 projects, and likely to reach 75% for Egina. The Group is also helping Nigerian contractors to build deepwater expertise, especially in the Niger Delta, a region that is home to more than half of Total’s Nigerian employees and most of its operations in the country.

* * * * *

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 
EX-99.4 5 d595633dex994.htm EX-99.4 EX-99.4

Exhibit 99.4

 

LOGO    LOGO

Press release

Paris, 24 July 2013

Orange and Total have signed a partnership to distribute Orange Money

at TOTAL service stations in Africa and the Middle-East

Orange and Total have signed a partnership giving Orange customers access to Orange Money services at all TOTAL service stations in African and Middle-Eastern countries where the two groups are present and Orange Money is available, a total of 13 countries1 to date.

Orange Money is Orange’s payment and money transfer service for Africa and the Middle-East. It enables Orange customers to transfer money from mobile to mobile, to pay bills and even withdraw and deposit money through a network of certified distributors.

This partnership will extend Orange Money’s distribution network to all TOTAL service stations in the 13 countries where the service is available, further improving the service provided to customers of Orange and Total, both in terms of proximity and ease of use. Customers will benefit from the density of the TOTAL distribution network, its service stations open for extended hours seven days a week; they will be able to open an Orange Money account on site and perform withdrawals and deposits.

This first stage of the partnership is already operational in Senegal and Cameroon, and will go live in over 1300 service stations in the other countries where both groups are present in the second half of 2013. A second stage will follow, which should enable Orange Money customers to pay for purchases made in TOTAL service stations using their mobile account.

At the signature of the partnership Marc Rennard, Executive Vice President for Orange’s Africa and Middle-East region, said, “We are proud to unveil this partnership with Total: we are creating synergies between two major groups in Africa and the Middle-East to better serve consumers. This agreement will add a whole new dimension to the Orange Money distribution network.” 

 

1  Botswana, Cameroon, Côte d’Ivoire, Guinea, Jordan, Kenya, Madagascar, Mali, Mauritius, Morocco, Niger, Senegal and Uganda


“I am delighted with this partnership, which allows Total to further expand the range of products and services we offer across our entire distribution network. It’s a new example of our ability to innovate and anticipate our customers’ needs,” added Momar Nguer, Africa/Middle-East director of Total’s Marketing & Services division. “Today our ambition is to take a leading position in mobile payment distribution in Africa”.

About Orange

Orange is one of the world’s leading telecommunications operators with sales of 43.5 billion euros in 2012 and has 170,000 employees worldwide at 31 March 2013, including 104,000 employees in France. Present in 32 countries, the Group has a total customer base of close to 230 million customers at 31 March 2013, including 172 million mobile customers and 15 million broadband internet (ADSL, fibre) customers worldwide. Orange is also a leading provider of global IT and telecommunication services to multinational companies, under the brand Orange Business Services.

Orange is listed on the NYSE Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN).

For more information on the internet and on your mobile: www.orange.com, www.orange-business.com, www.orange-innovation.tv or to follow us on Twitter: @presseorange.

Orange and any other Orange product or service names included in this material are trade marks of Orange or Orange Brand Services Limited.

Orange operates in twenty countries in Africa and the Middle-East. The Orange Money service, which was specifically designed to meet the needs of customers in the region, was first launched in 2008. It is now available in 13 countries (Botswana, Cameroon, Côte d’Ivoire, Guinea, Jordan, Kenya, Madagascar, Mali, Mauritius, Morocco, Niger, Senegal and Uganda) and has more than 7 million customers.

About Total

Total is at the forefront of international oil and gas groups, with activities in more than 130 countries. The Group is also a leading player in chemicals. Its 97,000 employees deploy their expertise at all levels in these industries: oil and natural gas exploration and production, refining and distribution, gas and renewable energy, trading and chemicals. They contribute to meeting the world’s present and future energy needs. www.total.com

In Africa and the Middle-East, Total is active across the whole petroleum product supply chain (service station network, general retail, lubricants, aviation fuels, bitumen, LPG) in 51 countries, where the Group is a sector leader with an estimated 13% market share. Around 1.7 million customers are served every day at one of TOTAL’s 4400 service stations in the region.

Press contact:

Orange

Tel. : + 33 (0) 1 44 44 93 93

Mylène Blin, mylene.blin@orange.com

Tom Wright, tom.wright@orange.com

Total:

Tél. : + 33 (0) 1 47 44 46 99

Florent Segura, florent.segura@total.com

EX-99.5 6 d595633dex995.htm EX-99.5 EX-99.5

Exhibit 99.5

 

LOGO    LOGO

 

 

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

Robert HAMMOND (U.S.)

Robert PERKINS (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Paris, July 26, 2013

Second quarter and first half 2013 results1

 

     2Q13     

Change

vs 2Q12

    1H13     

Change

vs 1H12

 

Adjusted net income2

          

-     in billion euros (B€)

     2.7         -3     5.6         -5

-     in billion dollars (B$)

     3.5         -1     7.3         -4

-     in euros per share

     1.19         -4     2.45         -6

-     in dollars per share

     1.55         -2     3.22         -4

Net income3 of 2.5 B€ in 2Q13 and 4.1 B€ in 1H13

Net-debt-to-equity ratio of 27.6 % at June 30, 2013

Hydrocarbon production of 2,290 kboe/d in 2Q13

Interim dividend for 2Q13 of 0.59 €/share payable in December 20134

Commenting on the results, Chairman and CEO Christophe de Margerie said:

« With adjusted net income of 2.7 billion euros this quarter, the Group demonstrated its strong resilience in the Upstream despite lower hydrocarbon prices.

The restart of production at Elgin/Franklin in the UK and the first cargo from Angola LNG were notable events of the quarter. Regarding our Upstream projects, the launch of the Egina deep-offshore project and the progress on Yamal LNG illustrate our ability to prepare for the future in a sustainable manner by developing competitive and diverse projects. In this way, the Group expects to benefit from an extended series of start-ups over the next several years.

The Downstream reaped the initial benefits of the restructuring program even though further changes are still necessary to strengthen our position. The modernization of the Antwerp platform announced this quarter is yet another step in this program and demonstrates again that our economic performance is inextricably linked with our social and environmental commitments. »

 

1  Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
2  Definition of adjusted results on page 2 – dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.3062 $/€ in 2Q13, 1.2814 $/€ in 2Q12, 1.3206 $/€ in 1Q13, 1.3134 $/€ in 1H13, and 1.2965 $/€ in 1H12.
3  Group share.
4  The ex-dividend date for the interim dividend will be December 16, 2013 and the payment date will be December 19, 2013.
 

 

1


 

Key figures5

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

   

in millions of euros

except earnings per share and number of shares

  1H13     1H12    

1H13

vs

1H12

 
  46,973        48,130        49,135        -4   Sales     95,103        100,303        -5
  5,084        5,779        5,698        -11   Adjusted operating income from business segments     10,863        12,486        -13
  3,025        3,114        3,060        -1   Adjusted net operating income from business segments     6,139        6,322        -3
  2,325        2,466        2,505        -7  

• Upstream

    4,791        5,562        -14
  370        383        378        -2  

• Refining & Chemicals

    753        442        +70
  330        265        177        +86  

• Marketing & Services

    595        318        +87
  2,699        2,863        2,791        -3   Adjusted net income     5,562        5,871        -5
  1.19        1.26        1.23        -4   Adjusted fully-diluted earnings per share (euros)     2.45        2.59        -6
  2,274        2,269        2,264        —        Fully-diluted weighted-average shares (millions)     2,272        2,264        —     
  2,537        1,537        1,518        +67   Net income (Group share)     4,074        5,186        -21
  5,712        5,984        4,964        +15   Investments6     11,696        10,904        +7
  1,334        616        980        +36   Divestments     1,950        2,670        -27
  4,378        5,368        3,984        +10   Net investments     9,746        8,234        +18
  3,706        3,718        6,167        -40   Cash flow from operations     7,424        11,434        -35
  5,019        5,209        4,768        +5   Adjusted cash flow from operations     10,228        9,863        +4
2Q13     1Q13     2Q12    

2Q13

vs

2Q12

   

in millions of dollars7

except earnings per share and number of shares

  1H13     1H12    

1H13

vs

1H12

 
  61,356        63,560        62,962        -3  

Sales

    124,908        130,043        -4
  6,641        7,632        7,301        -9   Adjusted operating income from business segments     14,267        16,188        -12
  3,951        4,112        3,921        +1   Adjusted net operating income from business segments     8,063        8,196        -2
  3,037        3,257        3,210        -5  

• Upstream

    6,292        7,211        -13
  483        506        484        —       

• Refining & Chemicals

    989        573        +73
  431        350        227        +90  

• Marketing & Services

    781        412        +90
  3,525        3,781        3,576        -1  

Adjusted net income

    7,305        7,612        -4
  1.55        1.67        1.58        -2   Adjusted fully-diluted earnings per share (dollars)     3.22        3.36        -4
  2,274        2,269        2,264        —        Fully-diluted weighted-average shares (millions)     2,272        2,264        —     
  3,314        2,030        1,945        +70  

Net income (Group share)

    5,351        6,724        -20
  7,461        7,902        6,361        +17  

Investments6

    15,362        14,137        +9
  1,742        813        1,256        +39  

Divestments

    2,561        3,462        -26
  5,719        7,089        5,105        +12  

Net investments

    12,800        10,675        +20
  4,841        4,910        7,902        -39  

Cash flow from operations

    9,751        14,824        -34
  6,556        6,879        6,110        +7  

Adjusted cash flow from operations

    13,433        12,787        +5

 

5  Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 18 and the inventory valuation effect is explained on page 15.
6  Including acquisitions.
7  Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
 

 

2


 

Highlights since the beginning of the second quarter 2013

 

    Start-up of Angola LNG, in which the Group has a 13.6% interest

 

    Closing the sale of a 25% interest in the Tempa Rossa field in Italy in the Upstream and the sale of the fertilizer business in Europe in the Downstream

 

    Signed a framework agreement with Qatar Petroleum International (QPI) whereby QPI will acquire a 15% stake in Total E&P Congo

 

    Launched the development of Egina in deep-offshore Nigeria

 

    Encountered a horizon of high-quality oil during exploration drilling in offshore block CI-100 in Ivory Coast

 

    Expanded exploration acreage, notably with 10 new exploration licenses in Brazil

 

    Launched a project to modernize the Antwerp refining and petrochemical platform

 

    Completed the modernization of the Port Arthur steam cracker in the United States to capitalize on competitively priced ethane

• Second quarter 2013 results

Operating income from business segments

In the second quarter 2013, the Brent price averaged 102.4 $/b, a decrease of 5% compared to the second quarter 2012. The European refining margin indicator (ERMI) averaged 24 $/t, a decrease of 37% compared to the second quarter 2012. The environment for petrochemicals was stable in Europe and improved slightly in the United States compared to the same period last year.

The euro-dollar exchange rate averaged 1.31 $/€ in the second quarter 2013, compared to 1.28 $/€ in the second quarter 2012.

In this environment, the adjusted operating income8 from business segments was 5,084 M€, a decrease of 11% compared to the second quarter 2012. Expressed in dollars, the decrease was 9%.

The effective tax rate9 for the business segments was 53.5% in the second quarter 2013 compared to 55.5% in the second quarter 2012, essentially due to an increased contribution of Downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,025 M€ for the second quarter 2013 compared to 3,060 M€ in the second quarter 2012, a decrease of 1%.

Expressed in dollars, the adjusted net operating income from the business segments was 4.0 B$, an increase of 1% compared to the second quarter 2012. This increase is the result of an increased contribution from Marketing & Services being partially offset by a lower contribution from the Upstream.

 

8  Special items affecting operating income from the business segments had a negative impact of 37 M€ in 2Q13 and a negative impact of 66 M€ in 2Q12.
9  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).
 

 

3


 

Net income (Group share)

Adjusted net income was 2,699 M€ in the second quarter 2013 compared to 2,791 M€ in the second quarter 2012, a decrease of 3%. Expressed in dollars, adjusted net income decreased by 1%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items10:

 

    The after-tax inventory effect had a negative impact on net income of 400 M€ in the second quarter 2013 and a negative impact of 959 M€ in the second quarter 2012.

 

    Changes in fair value had a negative impact on net income of 24 M€ in the second quarter 2013 compared to a positive impact of 9 M€ in the second quarter 2012.

 

    Special items11 had a positive impact on net income of 262 M€ in the second quarter 2013, comprised essentially of gains relating to the sale of Upstream assets in Italy. In the second quarter 2012, special items had a negative impact of 323 M€.

Net income (Group share) was 2,537 M€ compared to 1,518 M€ in the second quarter 2012.

The effective tax rate for the Group was 55.6% in the second quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,274 million fully-diluted weighted-average shares, was €1.19, compared to €1.23 in the second quarter 2012, a decrease of 4%.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 2% to $1.55 per share.

Investments – Divestments12

Investments, excluding acquisitions and including changes in non-current loans, were 4.9 B€ (6.5 B$) in the second quarter 2013, compared to 4.4 B€ (5.6 B$) in the second quarter 2012.

Acquisitions were 500 M€ in the second quarter 2013, comprised essentially of the acquisition of an additional stake in Novatek, the carry agreement for the liquids-rich Utica gas field in the United States, and bonus payments for exploration permits.

Asset sales in the second quarter 2013 increased to 1,061 M€, including mainly the sale of an interest in the Tempa Rossa field in Italy.

Net investments13 were 4.4 B€ (5.7 B$) in the second quarter 2013 compared to 4.0 B€ (5.1 B$) in the second quarter 2012.

 

10  Adjustment items explained on page 15.
11  Detail shown on page 18.
12  Detail shown on page 19.
13  Net investments = investments including acquisitions and changes in non-current loans – asset sales.
 

 

4


 

Cash flow

Cash flow from operations was 3,706 M€ in the second quarter 2013, compared to 6,167 M€ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

Adjusted cash flow from operations14 was 5,019 M€, an increase of 5% compared to the second quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.6 B$, an increase of 7% compared to the second quarter 2012.

The Group’s net cash flow15 was negative 672 M€ in the second quarter 2013, compared to positive 2,183 M€ in the second quarter 2012. Expressed in dollars, the Group’s net cash flow was negative 0.9 B$ in the second quarter 2013, compared to positive 2.8 B$ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

 

14  Cash flow from operations at replacement cost before changes in working capital.
15  Net cash flow = cash flow from operations - net investments.
 

 

5


 

First half 2013 results

Operating income from business segments

Compared to the first half 2012, the average Brent price decreased by 5% to 107.5 $/b in the first half 2013. The European refining margin indicator (ERMI) averaged 25.5 $/t compared to 29.5 $/t in the first half 2012, a decrease of 14%. During the same period, however, the petrochemicals environment on balance improved in Europe and the United States.

The euro-dollar exchange rate averaged 1.31 $/€ compared to 1.30 $/€ in the first half 2012.

In this environment, the adjusted operating income from the business segments was 10,863 M€, a decrease of 13% compared to the first half 201216.

The effective tax rate for the business segments was 55.9% in the first half 2013 compared to 58.0% in the first half 2012.

Adjusted net operating income from the business segments was 6,139 M€ compared to 6,322 M€ in the first half 2012, a decrease of 3%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 2%. This decrease is mainly due to a decrease in Upstream results which was almost completely offset by an increased contribution from the Downstream.

Net income (Group share)

Adjusted net income was 5,562 M€ in the first half 2013, compared to 5,871 M€ in the first half 2012, a decrease of 5%. Expressed in dollars, adjusted net income decreased by 4%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value17:

 

    The after-tax inventory effect had a negative impact on net income of 451 M€ in the first half 2013 and a negative impact of 369 M€ in the first half 2012.

 

    Changes in fair value had a negative impact on net income of 23 M€ in the first half 2013 and a negative impact of 11 M€ in the first half 2012.

 

    Special items had a negative impact on net income of 1,014 M€ in the first half 2013, mainly due to a loss on the sale of the Group’s interest in the Voyageur upgrader project in Canada, which was partially offset by a gain on the sale of an Upstream asset in Italy. Special items had a negative impact on net income of 305 M€ in the first half 2012.

Net income (Group share) was 4,074 M€ compared to 5,186 M€ in the first half 2012.

On June 30, 2013, there were 2,277 million fully-diluted shares compared to 2,264 million on June 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,272 million fully-diluted weighted-average shares, was €2.45, a decrease of 6% compared to the first half 2012.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.22 compared to $3.36 in the first half 2012, a decrease of 4%.

 

16  Special items affecting operating income from the business segments had a negative impact of 43 M€ in the first half 2013 and a negative impact of 66 M€ in the first half 2012.
17  Adjustment items explained on page 15.
 

 

6


 

Investments – divestments18

Investments, excluding acquisitions and including changes in non-current loans, were 9.8 B€ (12.9 B$) in the first half 2013, compared to 8.3 B€ (10.7 B$) in the first half 2012.

Acquisitions were 1.4 B€ (1.9 B$) in the first half 2013, comprised mainly of the acquisition of an additional 6% interest in the Ichthys project in Australia, an additional 0.7% stake in Novatek19, the carry agreement for the liquids-rich Utica gas project in the United States, and bonus payments for exploration permits.

Asset sales in the first half 2013 were 1.5 B€ (1.9 B$)20, comprised mainly of the sale of an interest in the Tempa Rossa field in Italy and all of the Group’s 49% interest in the Voyageur upgrader project in Canada.

Net investments were 9.7 B€ (12.8 B$) in the first half 2013, compared to 8.2 B€ (10.7 B$) in the first half 2012.

Cash flow

Cash flow from operations was 7,424 M€ in the first half 2013, a decrease of 35% compared to the first half 2012, mainly due to an unfavorable change in working capital.

Adjusted cash flow from operations21 was 10,228 M€, an increase of 4%. Expressed in dollars, adjusted cash flow from operations was 13.4 B$, an increase of 5%.

The Group’s net cash flow22 was negative 2,322 M€ in the first half 2013, compared to positive 3,200 M€ in the first half 2012. Expressed in dollars, the Group’s net cash flow was negative 3.0 B$ in the first half 2013.

The net-debt-to-equity ratio was 27.6% on June 30, 2013, compared to 21.9% on June 30, 201223.

 

18  Detail shown on page 19.
19  As of June 30, 2013, the Group owns 16% of the share capital of Novatek.
20  This amount does not include the sale of an interest in block 14 in Angola, which was reported in the cash flow statement of the first quarter 2013 as a transaction involving a non-controlling interest.
21  Cash flow from operations at replacement cost before changes in working capital.
22  Net cash flow = cash flow from operations - net investments.
23  Detail shown on page 20.
 

 

7


 

Analysis of business segment results

Upstream

Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.

Environment – liquids and gas price realizations*

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

        1H13     1H12    

1H13

vs

1H12

 
  102.4        112.6        108.3        -5   Brent ($/b)     107.5        113.6        -5
  96.6        106.7        101.6        -5   Average liquids price ($/b)     101.7        108.3        -6
  6.62        7.31        7.10        -7   Average gas price ($/Mbtu)     6.97        7.10        -2
  69.8        77.4        76.0        -8   Average hydrocarbon price ($/boe)     73.6        79.0        -7

 

* consolidated subsidiaries, excluding fixed margins.

Production

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    Hydrocarbon production   1H13     1H12    

1H13

vs

1H12

 
  2,290        2,323        2,261        +1   Combined production (kboe/d)     2,306        2,317        —     
  1,160        1,193        1,218        -5  

• Liquids (kb/d)

    1,176        1,224        -4
  6,169        6,137        5,722        +8  

• Gas (Mcf/d)

    6,153        5,974        +3

Hydrocarbon production was 2,290 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2013, an increase of 1% compared to the second quarter 2012, essentially as a result of:

 

    +2% for growth from new projects,

 

    -3% for normal decline and scheduled maintenance,

 

    +2% for the restart of production from Elgin/Franklin in the UK North Sea and from Ibewa in Nigeria,

 

    Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria this quarter.

In the first half 2013, hydrocarbon production was 2,306 kboe/d, stable compared to the first half 2012, essentially as a result of:

 

    +3% for growth from new projects,

 

    -2% for normal decline and scheduled maintenance,

 

    -1% for incidents in 2012 in the UK North Sea and in Nigeria,

 

    Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria during the first half of 2013.
 

 

8


 

Results

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    in millions of euros   1H13     1H12    

1H13

vs

1H12

 
  4,308        4,960        4,948        -13   Adjusted operating income*     9,268        11,456        -19
  2,325        2,466        2,505        -7   Adjusted net operating income *     4,791        5,562        -14
  527        633        433        +22  

• includes income from equity affiliates

    1,160        928        +25
  5,056        5,255        4,227        +20   Investments     10,311        9,533        +8
  1,112        543        234        x5      Divestments     1,655        982        +69
  2,128        4,150        5,298        -60   Cash flow from operating activities     6,278        11,064        -43
  4,283        4,186        3,994        +7   Adjusted cash flow     8,469        8,707        -3

 

* detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income from the Upstream segment was 2,325 M€ in the second quarter 2013 compared to 2,505 M€ in the second quarter 2012, a decrease of 7%. Expressed in dollars, the decrease of 5% is explained principally by the change in hydrocarbon prices between the two periods.

The effective tax rate for the Upstream segment was 58.3% in the second quarter 2013, basically identical to that in the second quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2013 was 4,791 M€ compared to 5,562 M€ in the first half 2012, a decrease of 14%. Expressed in dollars, adjusted net operating income from the Upstream segment was 6,292 M$, a decrease of 13% compared to the first half 2012, explained principally by a decrease in average hydrocarbon prices and an increase in technical costs between the two periods.

The return on average capital employed (ROACE24) for the Upstream segment was 16% for the twelve months ended June 30, 2013, compared to 17% for the twelve months ended March 31, 2013, and 18% for the full year 2012.

 

24  Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
 

 

9


 

Refining & Chemicals

Refinery throughput and utilization rates*

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

        1H13     1H12    

1H13

vs

1H12

 
  1,772        1,763        1,878        -6   Total refinery throughput (kb/d)     1,769        1,855        -5
  729        627        752        -3  

• France

    678        722        -6
  781        866        876        -11  

• Rest of Europe

    824        878        -6
  262        270        250        +5  

• Rest of world

    267        255        +5
        Utlization rates**      
  83     83     86    

• Based on crude only

    83     84  
  87     86     90    

• Based on crude and other feedstock

    86     89  

 

* 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 second quarter 2013, refinery throughput decreased by 6% compared to the second quarter 2012. The decrease was mainly due to scheduled turnaround at Antwerp and maintenance at Donges this quarter, as well as the closure of the Rome refinery at the end of the third quarter 2012.

In the first half 2013, refinery throughput decreased by 5% compared to the first half 2012, reflecting essentially scheduled turnarounds at the Antwerp and Normandy platforms in 2013, increased maintenance at Donges, as well as the closure of the Rome refinery at the end of the third quarter 2012.

Results

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

   

in millions of euros

(except the ERMI)

  1H13     1H12    

1H13

vs

1H12

 
  24.1        26.9        38.2        -37   European refining margin indicator - ERMI ($/t)     25.5        29.5        -14
  357        410        458        -22   Adjusted operating income*     767        415        +85
  370        383        378        -2   Adjusted net operating income*     753        442        +70
  113        90        100        +13  

• contribution of specialty chemicals**

    203        191        +6
  382        533        501        -24   Investments     915        930        -2
  208        27        7        x30      Divestments     235        148        +59
  1,303        (288     625        x2      Cash flow from operating activities     1,015        589        +72
  572        563        599        -5   Adjusted cash flow     1,135        727        +56

 

* detail of adjustment items shown in the business segment information annex to financial statements.
** Hutchinson, Bostik, Atotech.

The European refining margin indicator (ERMI) averaged 24.1 $/t in the second quarter 2013, a decrease of 37% compared to the average of the second quarter 2012. Petrochemical margins were on balance stable in Europe and continued to improve in the United States compared to the same period last year.

 

 

10


 

Adjusted net operating income from the Refining & Chemicals segment was 370 M€ in the second quarter 2013, compared to 378 M€ in the second quarter 2012. Expressed in dollars, adjusted net operating income was 483 M$, stable compared to the same period last year. A more favorable petrochemicals environment in the United States and the initial benefits of the efficiencies and synergies program compensated for lower utilization rates and less favorable refining margins.

Adjusted net operating income from the Refining & Chemicals segment in the first half 2013 was 753 M€, an increase of 70% compared to the first half 2012. Expressed in dollars, adjusted net operating income was 989 M$, an increase of 73% compared to the first half 2012, even while refining margins were declining. This increase was mainly due to an improved petrochemicals environment and the initial benefits of the efficiencies and synergies program.

The ROACE for the Refining & Chemicals segment was 11% for the twelve months ended June 30, 2013, compared to 10% for the twelve months ended March 31, 2013, and 9% for the full year 2012.

 

 

11


 

Marketing & Services

Effective July 1, 2012, Marketing & Services now includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

Refined product sales

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    Sales in kb/d*   1H13     1H12    

1H13

vs

1H12

 
  1,150        1,108        1,166        -1   Europe     1,129        1,189        -5
  633        607        524        +21   Rest of world     620        526        +18
  1,783        1,715        1,690        +6   Total sales volumes     1,749        1,715        +2

 

* Excludes trading and bulk refining sales, includes share of TotalErg.

In the second quarter 2013, sales increased by 6% compared to the second quarter 2012. This increase was driven by sales outside Europe, particularly sales in the Americas, Africa and Asia.

Sales volumes for the first half 2013 increased by 2% compared to first half 2012, mainly due to growth outside Europe, particularly in the Americas, Africa and Asia. Sales volumes in Europe declined by 5%, notably due to lower sales volumes in Italy in connection with the closure of the Rome refinery.

Results

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    in millions of euros   1H13     1H12    

1H13

vs

1H12

 
  20,561        20,999        21,519        -4   Sales     41,560        43,371        -4
  419        409        292        +43   Adjusted operating income*     828        615        +35
  330        265        177        +86   Adjusted net operating income*     595        318        +87
  —          (13     (59     na     

• contribution of New Energies

    (13)        (175     na   
  242        187        212        +14   Investments     429        410        +5
  12        38        20        -40   Divestments     50        65        -23
  414        (93     (140     na      Cash flow from operating activities     321        (584     na   
  525        434        367        +43   Adjusted cash flow     959        637        +51

 

* detail of adjustment items shown in the business segment information annex to financial statements.

Marketing & Services sales were 20.6 B€, a decline of 4% compared to the second quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 330 M€ in the second quarter 2013, an increase of 86% compared to the second quarter 2012, mainly due to increased sales volumes of refined products and an improved contribution from New Energies.

 

 

12


 

Adjusted net operating income from the Marketing & Services segment was 595 M€ in the first half 2013, an increase of 87% compared to the first half 2012. This increase was mainly due to an improved contribution from New Energies (which was negative in first half 2012) and an overall improvement in the Marketing division, particularly in emerging markets.

The ROACE for the Marketing & Services segment was 14% for the twelve months ended June 30, 2013, compared to 13% for the twelve months ended March 31, 2013, and 12% for the full-year 2012.

 

 

13


 

TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,876 M€ in the first half 2013, compared to 3,116 M€ in the first half 2012.

Summary and outlook

The ROACE for the Group for the twelve months ended June 30, 2013, was 15% compared to 15% for the twelve months ended March 31, 2013, and 16% for the full year 2012.

Return on equity for the twelve months ended June 30, 2013, was 17%.

The second half of 2013 will be highlighted by Total’s progress on executing its major projects. In the Upstream, following the recent start-up of Angola LNG, the Group should see first oil from the giant Kashagan project in Kazakhstan, as well as benefit from gas and liquids production from the extension of OML 58 in Nigeria. In addition, following the launch of two new deep-offshore projects in 2013, Moho Nord in Congo and Egina in Nigeria, the Group is studying the launch of two additional major projects before year-end: the long-plateau projects of Yamal LNG in Russia and the Fort Hills mining project in Canada.

In the downstream, the commissioning of the Satorp platform in Jubail should be completed by year-end. Together with its partner Saudi Aramco, Total should have one of the most modern and competitive refining and petrochemicals platforms in the world.

At the same time, the Group continues to optimize its portfolio through its asset sale program with, notably, the pending closings of the sale of TIGF in France and the sale of block OML 138 in Nigeria. Based on agreements signed and in negotiation, the Group is confident in its ability to achieve its target of 15-20 B$ in asset sales during 2012-14.

As approved by the Board of Directors on April 25, 2013, Total will pay a first quarter 2013 interim dividend of 0.59 €/share on September 27, 2013.25

At the end of September, the Group will present its strategy and outlook at its annual Investors Day, a part of which will be dedicated to CSR topics.

 

¿ ¿ ¿

To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9457 in Europe or +1 855 402 7764 in the United States. For a replay, please consult the website or call +44(0)203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 282 163).

 

25  The ex-dividend date will be September 24, 2013.
 

 

14


 

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on the Total website www.total.com or upon request at the company’s headquarters.

This press release presents the first half 2013 results from the consolidated financial statements of TOTAL S.A. as of June 30, 2013. The notes to these consolidated financial statements are available on the TOTAL website www.total.com.

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

 

 

  15  


 

Operating information by segment

for second quarter and first half 2013

Upstream

 

2Q13     1Q13     2Q12     2Q13
vs
2Q12
   

Combined liquids and gas

production by region (kboe/d)

  1H13     1H12     1H13
vs
1H12
 
  383        392        429        -11   Europe     388        464        -16
  688        692        706        -3   Africa     690        707        -2
  527        542        477        +10   Middle East     535        494        +8
  70        71        69        +1   North America     71        69        +3
  171        172        187        -9   South America     172        185        -7
  229        236        213        +8   Asia-Pacific     232        213        +9
  222        218        180        +23   CIS     218        185        +18
  2,290        2,323        2,261        +1   Total production     2,306        2,317        —     
  678        681        578        +17   Includes equity affiliates     679        603        +13
2Q13     1Q13     2Q12     2Q13
vs
2Q12
   

Liquids production by region

(kboe/d)

  1H13     1H12     1H13
vs
1H12
 
  154        166        199        -23   Europe     160        212        -25
  542        552        573        -5   Africa     547        570        -4
  320        329        310        +3   Middle East     324        305        +6
  27        27        25        +8   North America     27        25        +8
  55        57        60        -8   South America     56        61        -8
  29        31        25        +16   Asia-Pacific     30        25        +20
  33        31        26        +27   CIS     32        26        +23
  1,160        1,193        1,218        -5   Total production     1,176        1,224        -4
  323        325        311        +4   Includes equity affiliates     324        305        +6
 

 

16


 

2Q13     1Q13     2Q12     2Q13
vs
2Q12
    Gas production by region (Mcf/d)   1H13     1H12     1H13
vs
1H12
 
  1,285        1,215        1,264        +2   Europe     1,250        1,378        -9
  741        707        674        +10   Africa     724        702        +3
  1,105        1,165        916        +21   Middle East     1,135        1,029        +10
  242        250        253        -4   North America     246        249        -1
  649        637        759        -14   South America     643        711        -10
  1,121        1,151        1,019        +10   Asia-Pacific     1,136        1,046        +9
  1,026        1,012        837        +23   CIS     1,019        859        +19
  6,169        6,137        5,722        +8   Total production     6,153        5,974        +3
  1,900        1,922        1,445        +31   Includes equity affiliates     1,911        1,609        +19
2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    Liquefied natural gas   1H13     1H12     1H13
vs
1H12
 
  2.86        2.90        2.55        +12   LNG sales* (Mt)     5.76        5.77        —     

 

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

Downstream (Refining & Chemicals and Marketing & Services)

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    Refined product sales by region (kb/d)*   1H13     1H12    

1H13

vs

1H12

 
  1,973        1,978        2,060        -4   Europe     1,975        2,064        -4
  442        448        401        +10   Africa     445        397        +12
  544        481        509        +7   Americas     513        475        +8
  520        505        508        +2   Rest of world     513        538        -5
  3,479        3,412        3,478        —        Total consolidated sales     3,446        3,473        -1
  534        521        542        -1   Includes bulk sales     528        522        +1
  1,162        1,176        1,246        -7   Includes trading     1,169        1,236        -5

 

* includes share of TotalErg.
 

 

17


 

Adjustment items

Adjustments to operating income

 

2Q13     1Q13     2Q12     in millions of euros   1H13     1H12  
  (37)        (6     (89   Special items affecting operating income     (43)        (154
  —          (2     (48  

• Restructuring charges

    (2)        (48
  —          (4     —       

• Impairments

    (4)        —     
  (37)        —          (41  

• Other

    (37)        (106
  (581)        (88     (1,384   Pre-tax inventory effect : FIFO vs. replacement cost     (669)        (538
  (32)        2        11      Effect of changes in fair value     (30)        (14
  (650)        (92     (1,462   Total adjustments affecting operating income     (742)        (706

Adjustments to net income (Group share)

 

2Q13     1Q13     2Q12     in millions of euros   1H13     1H12  
  262        (1,276     (323  

Special items affecting operating income

(Group share)

    (1,014)        (305
  287        (1,247     73     

• Gain (loss) on asset sales

    (960)        153   
  —          (26     (40  

• Restructuring charges

    (26)        (40
  —          (3     (18  

• Impairments

    (3)        (38
  (25)        —          (338  

• Other

    (25)        (380
  (400)        (51     (959   After-tax inventory effect: FIFO vs. replacement cost     (451)        (369
  (24)        1        9      Effect of changes in fair value     (23)        (11
  (162)        (1,326     (1,273   Total adjustments affecting net income     (1,488)        (685

Effective tax rates

 

2Q13     1Q13     2Q12     Effective tax rate*   1H13     1H12  
  58.3%        62.7     58.4   Upstream     60.6%        59.9
  55.6%        58.8     56.5   Group     57.3%        58.8

 

* Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates

- dividends received from investments + tax on adjusted net operating income).

 

 

18


 

Investments - Divestments

 

2Q13     1Q13     2Q12    

2Q13

vs

2Q12

    in millions of euros   1H13     1H12    

1H13

vs

1H12

 
  4,939        4,854        4,381        +13   Investments excluding acquisitions*     9,793        8,254        +19
  397        362        319        +24  

• Capitalized exploration

    759        669        +13
  9        277        231        -96  

• Change in non-current loans**

    286        390        -27
  500        934        437        +14   Acquisitions     1,434        2,270        -37
  5,439        5,788        4,818        +13   Investments including acquisitions*     11,227        10,523        +7
  1,061        420        834        +27   Asset sales     1,481        2,289        -35
  4,378        5,368        3,984        +10   Net investments**     9,746        8,234        +18
2Q13     1Q13     2Q12     2Q13
vs
2Q12
    in millions of dollars***   1H13     1H12     1H13
vs
1H12
 
  6,451        6,410        5,614        +15   Investments excluding acquisitions*     12,862        10,701        +20
  519        478        409        +27  

• Capitalized exploration

    997        867        +15
  12        366        296        -96  

• Change in non-current loans**

    376        506        -26
  653        1,233        560        +17   Acquisitions     1,883        2,943        -36
  7,104        7,644        6,174        +15   Investments including acquisitions*     14,746        13,643        +8
  1,386        555        1,069        +30   Asset sales     1,945        2,968        -34
  5,719        7,089        5,105        +12   Net investments**     12,800        10,675        +20

 

* Includes changes in non-current loans.
** Includes net investments in equity affiliates and non-consolidated companies + net financing for employee-related stock purchase plans.
*** Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
 

 

19


 

Net-debt-to-equity ratio

 

in millions of euros   06/30/2013     03/31/2013     06/30/2012  

Current borrowings

    10,030        10,739        10,642   

Net current financial assets

    (465     (535     (1,552

Net financial assets classified as held for sale

    775        682        —     

Non-current financial debt

    22,595        22,875        23,260   

Hedging instruments of non-current debt

    (1,306     (1,472     (1,886

Cash and cash equivalents

    (11,558     (13,415     (14,998

Net debt

    20,071        18,874        15,466   

Shareholders’ equity

    72,461        73,846        70,665   

Estimated dividend payable

    (1,313     (2,666     (1,299

Non-controlling interests

    1,701        1,785        1,256   

Equity

    72,849        72,965        70,622   

Net-debt-to-equity ratio

    27.6     25.9     21.9

2013 Sensitivities*

 

    Scenario   Change   Impact on
adjusted
operating
income (e)
  Impact on
adjusted net
operating
income (e)

Dollar

  1.30 $/€   +0.1 $ per €   -2.2 B€   -0.95 B€

Brent

  100 $/b   +1 $/b   +0.24 B€ / 0.31 B$   +0.11 B€ / 0.14 B$

European refining margins (ERMI)

  30 $/t   +1 $/t   +0.08 B€ / 0.1 B$   +0.05 B€ / 0.06 B$

 

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions of the Group’s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.

The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.

 

 

20


 

Return on average capital employed

Twelve months ended June 30, 2013

 

in millions of euros    Upstream     Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     10,374        1,687        1,107        12,679   

Capital employed at 06/30/2012*

     58,668        16,014        8,003        83,729   

Capital employed at 06/30/2013*

     69,644        15,998        7,511        90,858   

ROACE

     16.2     10.5     14.3     14.5

Twelve months ended March 31, 2013

 

in millions of euros    Upstream     Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     10,554        1,695        954        12,764   

Capital employed at 03/31/2012*

     57,382        15,790        7,485        82,009   

Capital employed at 03/31/2013*

     67,187        17,096        7,503        90,694   

ROACE

     16.9     10.3     12.7     14.8

Full-year 2012

 

in millions of euros    Upstream     Refining &
Chemicals
    Marketing &
Services
    Group  

Adjusted net operating income

     11,145        1,376        830        12,927   

Capital employed at 12/31/2011*

     56,910        15,454        6,852        79,976   

Capital employed at 12/31/2012*

     63,862        15,726        6,986        84,152   

ROACE

     18.5     8.8     12.0     15.8

 

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

 

21

EX-99.6 7 d595633dex996.htm EX-99.6 EX-99.6

Exhibit 99.6

 

LOGO    LOGO

 

2, place Jean Millier

Arche Nord Coupole/Regnault

92 400 Courbevoie France

Tel. : (33) 1 47 44 58 53

Fax : (33) 1 47 44 58 24

Martin DEFFONTAINES

Matthieu GOT

Karine KACZKA

Magali PAILHE

Robert HAMMOND (U.S.)

Robert PERKINS (U.S.)

Tel. : (1) 713-483-5070

Fax : (1) 713-483-5629

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total announces its interim dividend for the second quarter 2013

Paris, July 26, 2013 – The Board of Directors of Total approved a second quarter 2013 interim dividend of 0.59 euros per share, unchanged versus the previous quarter, and payable in euros according to the following timetable:

 

Ex-dividend date    December 16, 2013
Record date    December 18, 2013
Payment date    December 19, 2013

American Depositary Receipts (“ADRs”) will receive the second quarter 2013 interim dividend in dollars based on the then-prevailing exchange rate according to the following timetable:

 

Ex-dividend date    December 11, 2013
Record date    December 13, 2013
Payment date    January 7, 2014

Registered ADR holders may also contact The Bank of New York Mellon for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank, or financial institution for additional information.

* * * * *

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 
EX-99.7 8 d595633dex997.htm EX-99.7 EX-99.7

Exhibit 99.7

 

LOGO       LOGO   

PRESS RELEASE

 

26th August 2013

     

208 HYbrid FE, when PEUGEOT and Total combine driving pleasure and efficiency

At the Frankfurt Motor Show, PEUGEOT and Total will unveil their technological concept, the 208 Hybrid FE, a full petrol hybrid with exceptional characteristics and without a Plug-in energy source.

The Research and Development teams the two partners rose brilliantly to the challenge proposed by establishing a remarkable level of performance, based on a production PEUGEOT 208 hatchback: 0 to 100km/h / 0 to 62mph in 8.0 seconds and CO2 of just 49g/km over the official NEDC European Drive Cycle (Combined Cycle figure). Numerous innovations are implemented in several areas:

 

    Aerodynamic properties: improvements of 25% for the CdA,

 

    Weight: reduction of 20%,

 

    Powertrain: 10% improvement in fuel economy,

 

    Hybridisation: recovery of 25% of the energy over one drive cycle.

The 208 HYbrid FE project combines ideas which until now acted against each other - Fuel Economy and Fun&Efficient, reason and driving pleasure - giving a preview of the vehicles of tomorrow.

 

The 208 HYbrid FE project is essential as it explores solutions for reaching the bar of 2l/100km. It also showcases our R&D work with our historic partner Total. Together, we are developing more economical vehicles, we are winning victories all over the world. Together, we are making good progress.” Maxime Picat, Director General, Automobiles Peugeot

 

“With the 208 HYbrid FE, PEUGEOT and Total are combining their expertise to offer the technical solutions of tomorrow. Energy efficiency is a strategic aspect for our Group as it is at the heart of the expectations of our customers, who wish to enjoy the benefits of efficiency and yet retain driving pleasure. It is also a response to contemporary environmental challenges and the means of preserving fossil fuels, which are precious resources.” Philippe Boisseau, member of the Executive Committee, President of Marketing & Services and New Energies department at Total

 

1


LOGO        LOGO

 

Since 1995, PEUGEOT and Total have been working extensively together to significantly increase fuel economy, improve CO2 emissions and the TCO (Total Cost of Ownership) of motor vehicles. For PEUGEOT, this is a long-standing environmental policy. With this commitment, in 2013 the Marque is reducing still further the weighted average emissions of CO2 of its European ranges: by the end of May it was 116.3g/km, compared to 121.5g/km in 2012.

Total’s researchers are continually working on developing future motor vehicle fuels and lubricants. The Group provides PEUGEOT and its networks worldwide with FE (Fuel Economy) lubricants: by reducing friction in the combustion engine, these lubricants have contributed to a 5% reduction in CO2 emissions in the last ten years with PEUGEOT engines. The Total Excellium top-of-the-range fuels also contribute to improving fuel economy.

The objective of the 208 HYbrid FE is to combine real driving pleasure with low CO2 emissions. More precisely, the intention is to halve the CO2 emissions of the PEUGEOT 208, equipped with the 1.0-litre VTi 68 and to provide it with acceleration comparable to a performance hatchback, so quite a challenge!

The challenge is made all the greater for the teams of the 208 HYbrid FE project as the production PEUGEOT 208 is already renowned for its weight-saving design and its latest-generation engines that allow it to offer a high-level driving experience.

To rise to this challenge, Total and PEUGEOT therefore combined their capacity for innovation in all areas capitalising on the virtuous circle initiated by the hatchback.

 

The goal of 49g and acceleration from rest in 8.0 seconds is as difficult to achieve as victory on the other side of the world. The small team consisting of the best experts in each of the areas brought all of its creativity and enthusiasm into play, and we did it!” Bruno Famin, Director, PEUGEOT Sport

The 208 HYbrid FE, all part of the Marque’s hybrid strategy

The policy goal in terms of CO2 is ambitious. It involves achieving 95g/km on weighted average of the new vehicles sold in Europe in 2020. To rise to this challenge without sacrificing driving pleasure, PEUGEOT is investing in several technologies which are already present on its vehicles and achieving substantial progress: continuous improvement of the efficiency of the internal combustion engines, down-sizing strategy, widespread use of the Stop & Start, electric drive...

The HYbrid4 diesel-electric hybridisation, is part of this process. Launched as a world first by PEUGEOT on the 3008 Crossover, it has since been extended to the 508 RXH and the 508 Saloon. Over 28,000 customers of the HYbrid4 technology have discovered an new driving pleasure which combines performance, simplicity of use, silent-driving and reducing environmental impact with CO2 emissions from 88g/km.

 

2


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With the 2008 HYbrid Air, PEUGEOT is innovating once more in the interests of the environment and of its customers in all of its markets. In fact, this breakthrough technology combines petrol and compressed air to fulfil customer expectations and rise to the challenges facing the motor industry.

On the current generation of B segment vehicles, the HYbrid Air considerably improves fuel economy and reduces CO2 emissions. In fact, on completion of the homologated Drive Cycle tests, the figures are set at just 2.9l/100km (97.4mpg) and 69g/km. This technology is a key step towards the goal of reducing fuel consumption to just 2.0l/100km (141.2mpg).

The 208 HYbrid FE combines innovations which will make it possible to achieve this record figure.

PEUGEOT style, naturally efficient

Fluidity is part of the Marque’s stylistic heritage, it is in its DNA. On the 208 HYbrid FE, the aerodynamics experts took the exercise to an extreme. So, the Cd improves by 25%, to a value slightly lower than 0.25 and a real feat on a conventional vehicle where the passenger space and boot are maintained!

To achieve this, the air is parted by the ‘floating grille’ redesigned for permeability and reduced by 40% to just 5dm². In fact, as the engine has been modified for efficiency, it duly requires less cooling.

On the body sides, any flow disrupting components has been eliminated to help improve the aero performance. The tyres, specially developed by Michelin, are of the Tall&Narrow type, ie: of large diameter and narrow width. They are fitted on 19” alloy wheels on which the carbon aerodynamic flaps fill the space between each spoke.

Cameras provide the rear vision, the image being reproduced on board on the interior mirror reminiscent of sporting disciplines like endurance racing. The rear track also contributes to this efficiency by being narrower by 40mm, further reducing the Cd. Finally, the design of the roof extends in an almost horizontal movement leading into the tailgate spoiler.

The rear aspect, with chamfered edges, has an air deflector in its lower section. It deflects the airflow which passes under the vehicle without hindrance due to the completely flat floor. Finally, to reduce its environmental footprint as much as possible, the LED lamps of the 208 HYbrid FE have thin vertical fins, inspired by the Onyx Concept supercar. These features minimise the air flow turbulence.

 

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A considerable reduction in weight: 20%

When it was launched, the PEUGEOT 208 hatchback shook up the segment, notably due to its light weight - from only 975kg at the Access level. This performance is remarkable, but in the future vehicles will need to be even lighter while still providing the high levels of comfort and safety.

 

“Reducing the weight was a primary area of consideration. To achieve the 20% reduction in the weight of the vehicle we carried out a study part by part and equipped the 208 HYbrid FE with the most innovative materials from Hutchinson, CCP Composites and Total’s Polymers activity. This process is even more virtuous as it does not sacrifice any of the safety and comfort used in the vehicle while introducing real innovations.” Philippe Girard, Scientific Department Representative, Total

Composite materials

The 208 HYbrid FE benefits from the latest material innovations developed by the Polymers Division of the Refining-Chemicals department at Total, as well as by its two subsidiaries CCP Composites and Hutchinson.

Taken from the end of the assembly line, the 208 retains its metal structure. Composite components replace bodywork panels and the floor, further reducing the weight of the body shell from 295 to 227kg. The one-piece outer skin (weighing just 20kg), the flat base (8kg), the door panels (c2kg) and the lower front panel are made from carbon fibre. The bonnet (5kg) and the wings (c2.1kg) are constructed from a composite VER/Carbon, a material which is half the weight but with comparable structural properties. It is obtained from a new type of resin which can be used untreated, painted or colour-dyed.

Finally, with the exception of the door windows, the glazing uses polycarbonate to further save 5kg. The 208 HYbrid FE innovates in its use as this material has up until now be reserved for headlight lenses. It reduces the weight by more than 50% compared to conventional glass.

Innovative suspension and wheels

The 208 HYbrid FE rests on innovative pseudo MacPherson suspension with a ‘glass fibre resin’ composite transverse located blade. It replaces several components: suspension springs, lower wishbones and anti-roll bar. The front blade also has varying flexibility along its length. Designed and produced by Hutchinson, using these two blades saves 20kg.

 

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Due to their dimensions, the 145/65 R19 wheels themselves reduce the rolling resistance by 20%. They also require less effort on the steering wheel to direct them, making steering assistance superfluous: saving in space under the bonnet, fuel consumption and extra weight. The wheels are fitted onto low friction bearings assisted by special Total grease.

The wheel rims house large brake discs 380mm in diameter and 9.6mm thick. They are rigged with two-piston callipers, 44.5mm at the front and 31.8mm at the rear.

On braking, the reduced effort on the pedal and the intervention of the electric motor mean that the supplementary braking assistance can be eliminated.

A passenger compartment for five occupants

The 208 HYbrid FE needed to retain the interior features of the production hatchback model. The result proves it: a very economical vehicle that can comfortably accommodate five people and their luggage. Only the air conditioning is eliminated due to its impact on fuel consumption.

The composite door trim pads are developed by Total’s Polymers Division using Polypropylene reinforced with natural fibres. Its excellent structure, rigidity and impact absorption properties are accompanied by a reduction in weight of up to 15% and mean a reduction in the carbon footprint of these components. The centre console and vent trims are of VER resin (CCP Composites) left untreated to offer an appearance not previously seen before. In fact, their slightly amber honey colour reveals the natural fibres through transparency.

The weight reduction techniques have also been applied to the petrol engine and the gearbox.

An efficient and high-performance power train

The 208 HYbrid FE is driven by a petrol-electric hybrid powertrain, which combines development of the latest generation of 3-cylinder engine with a battery and an electric motor taken from PEUGEOT Sport’s Endurance programme. Special engine management and special software control the entire drive train. Overall, the efficiency of the powertrain increases by an impressive 10%.

 

The challenge of this project consisted of combining engine optimisations (reciprocating gears, cylinder head, etc.) and optimising the flow of energy between the internal combustion engine and the electric motor. All of the solutions can potentially be carried over to production.” Julien Lidsky, Manager, 208 HYbrid FE Powertrain, PEUGEOT Sport

 

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1.2-litre VTi-FE petrol engine of high efficiency

The 3-cylinder engine has undergone several modifications: optimisation of the engine operational cycle, reduction of friction losses, thermomanagement... All of these advances lead to fuel economy improvements by 10% yet with power maintained at 68bhp (50kW).

The Miller Cycle is accentuated and the compression ratio modified from 11:1 to 16:1 to increase the engine’s thermodynamic efficiency. This can lead to self-ignition of the mixture (or knock), which is potentially destructive. To prevent this, several actions were taken.

So, the rate of unburned elements in the combustion chamber is reduced by valves of increased diameter, redesigned exhaust pipes, a redesigned manifold, and an adapted valve lift pattern. Furthermore, the heat exchanges are optimised in the cylinder block due to coolant passages arranged between the cylinders. The coolant now passes through the cylinder head along its entire length to recover the heat around each source: combustion chambers, between injectors and spark plugs.

The engine adopts direct injection which, by means of very precise phasing with the closing of the cylinder, maximises the benefit of each molecule of fuel. The variable setting at the inlet and at the exhaust extends the range of optimum efficiency to the entire engine speed range, both at full load and partial load.

However, not all of these various developments favour power at high engine speed. So, the capacity is modified to 1,233cm3 by increasing the bore and the stroke (75mm x 93mm) to maintain the declared 68bhp (50kW). On the other hand, this progress benefits the maximum torque produced which increases by 25%.

All of the moving components are specific to the 208 HYbrid FE. The nitrated steel crankshaft, the titanium con rods and the aluminium-copper alloy pistons are cut from solid. So, their weight is reduced in spite of the increase in capacity; the con rods and Gudgeon pins being halved.

The friction losses are a challenge as they represent approximately 1/5th of the power consumed by an engine. On the 208 HYbrid FE, they are reduced by approximately 40% notably by the crankshaft, the pistons and the Gudgeon pin, the piston rings and the camshaft followers. These components are given a diamond-like Carbon coating and are geometrically optimised.

The weight of the cylinder head, also cut from a solid block, is halved due to the reduced thicknesses permitted by its design and the characteristics of the aluminium used. The coolant circuit and the inlet line are made by rapid prototyping of resins charged with glass fibres or carbon. To do this, the laser beam of a 3D printer fuses successive layers of aluminium powder. This produces a functional component quickly and more cheaply in the context of individual specialised manufacture.

Produced using the same process, the piston base jets serve here both to cool them on use under load and to heat the oil as quickly as possible on starting.

 

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This virtuous circle affects all of the areas explored by this technological demonstrator. So, the size of the radiator is reduced, benefiting the aerodynamic properties. The alternator, the starter and the reverse gear are eliminated, reducing the weight, mechanical losses, but also in its overall dimensions.

Piloted transmission

The base of the production piloted manual gearbox is retained for its high efficiency and its integrated actuators. The casings cut from a solid block houses a cascade of gears to connect the electric engine to the differential crown wheel. To reduce friction losses, the teeth of the gears are given a tungsten carbide chrome coating.

The greasing is redesigned to reduce the volume of lubricant necessary and prevent splashing over the gears, which also consumes energy. Now, the lubricant is moved to the highest point by the final drive crown wheel before circulating through gravity over the entire mechanism. The prototype gearbox oil is developed by Total Lubricants based on bio-sourced oils, of 75W grade with a very high viscosity index (higher than 250). This produces a 3% reduction in consumption, and becomes a preview of the lubricants of the future.

Taken directly from a competition environment, a fluid grease of low density also reduces the quantity deemed necessary. Its longevity is assured by operation at a lower temperature due to a reduction in friction and finally, the hub bearings adopt a special fluid grease, which adheres but limits friction losses.

Fuel and lubricant

The 208 HYbrid FE passes the CO2 emissions cycle with a benchmark Super 95 fuel. The performance additives of the Excellium type, developed by Total Additives and Special Fuels, would alone reduce the CO2 emissions of this engine by more than one additional gramme per kilometre.

 

“The 208 HYbrid FE offers a convergence of innovations from the laboratories of Total. Today, the group’s researchers are developing biofuels, energy saving lubricants (Fuel-Eco lubricants) and special additives all contributing to improving fuel economy. In France, close to 250 researchers are working on developing the products of tomorrow.” Philippe Montantême, Senior Vice President Marketing and Research Strategy, Marketing & Services department at Total

A special engine oil of extremely low viscosity has been developed by Total Lubricants using ultra-fluid based oils and by the addition of friction reducing agents containing molybdenum. Of grade 0W12, this oil develops its properties very rapidly with a shorter temperature rise time. Optimised as regards friction, it retains, both when hot and when cold, an advantage compared to the best products on the market. Thus improving fuel economy, here again a few more grammes are saved!

 

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A hybridisation taken from endurance experience

The project has benefited from the expertise of PEUGEOT Sport with its experience acquired in endurance competition. So, the electric motor and the battery are those developed for the PEUGEOT 908 HYbrid4 endurance race car.

 

The hybridisation developed for the 908 HYbrid4 is state-of-the-art in this domain. The work consisted of integrating it within the power train of the 208 to recover as much energy as possible on braking and using its full potential on acceleration.” Pierre Lebrene, Manager, 208 HYbrid FE Energy Recovery System, PEUGEOT Sport

A special architecture

The electric machine combines power and lightness as, at only 7kg, it develops 30kW as a motor and 100kW as a brake generator. In both modes, its torque reaches a maximum of 30Nm. Proportional to the speed of the vehicle, its maximum speed is 40,000rpm.

This electric motor provides the reverse gear function, by inverting the direction of rotation, and the starter function. It also provides access to ZEV driving, purely electric.

The Lithium-ion battery, which has a capacity of two usable MJ or 0.56kWh, consists of 0.56 cells of 90V each. They are arranged in groups, which permits the ability to isolate one if deemed necessary. To ensure that this strategic unit is cooled correctly, Total has developed a special oil for circulating in the dedicated radiator.

Weighing 25kg, it is installed, with the 20-litre petrol tank, on a subframe which is bolted underneath the vehicle directly below the rear bench seat. Here, sporting experience is demonstrated with improved weight distribution. For the inverter and the ECU, these are installed under the bonnet in the space left free by the braking assistance. The hybridisation has no effect on the interior packaging, so the inside the vehicle the passenger space is maintained.

The principle of operation

During deceleration phases, whether by releasing the accelerator pedal or through braking, the vehicle is slowed down primarily by the electric motor. The hydraulic braking only comes into operation at the end of braking phase to maximise the recovery of the energy available. Over one homologation cycle, this recovery is 25%. Then, on acceleration, this energy is returned and assists the petrol engine according to various parameters: acceleration dictated by the driver and the gear selected.

 

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The 208 HYbrid FE, Fun&Efficient and Fuel Efficiency

The PEUGEOT and Total teams, who have been working for months on creating this technological demonstrator, can be justifiably proud.

Up until now, there have been low consumption vehicles and high performance vehicles. For the first time, these two qualities are combined in the same vehicle.

The emissions of CO2 are just 49g/km. The different areas divide up the reduction of 50g/km as follows:

 

    weight reduction, aerodynamic properties and tyres: 40% that is 20g,

 

    hybridisation: 40% that is 20g,

 

    engine and gearbox: 20% that is 10g.

The performance aspect, which improves from 14 to 8 seconds over the 0 to 100km/h / 0-62mph exercise is also contributed to by:

 

    weight reduction, aerodynamic properties and tyres: 4 seconds,

 

    hybridisation: 2 seconds.

The 208 HYbrid FE proves itself beyond the figures. Due to the virtuous circle in which the two partners became involved, the driver enjoys new experiences at the wheel of this technological demonstrator: acceleration worthy of a GTi with mixed fuel economy of 2.1 1/100km (112mpg).

Without any loss of comfort or ease of use, the driver will rediscover a direct link with the road due to the elimination of the powered, energy-consuming assistance.

 

“At the beginning of the project, the objective seemed very ambitious, of a very high level. It was! The two partners, PEUGEOT and Total, achieved it by combining their technological expertise. PEUGEOT Sport has contributed its expertise to the project and has identified new areas of development. Production and competition are progressing together.” Christophe Mary, Technical Manager of the 208 HYbrid FE project, PEUGEOT Sport

The 208 HYbrid FE proves that the emotional aspect will always have its place in a PEUGEOT vehicle, even in an increasingly restrictive energy and environmental context.

PEUGEOT and Total are the major players in a modern vision of the motor vehicle.

 

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Press contacts

 

PEUGEOT    Total

Pierre-Yves Etienney \ +33(0) 762 629 891

pierreyves.etienney@peugeot.com

  

Florent Segura \ +33(0) 147443138

florent.segura@total.com

PEUGEOT

Present in nearly 160 countries, with more than 10,000 points of contact, PEUGEOT combines rigorous design, appeal and passion in all its activities.

In 2012, the Marque achieved 1,700,000 sales worldwide, reinforced its position as the 4th marque in Europe, accelerated its internationalisation in the major growth markets and continued its range enhancement. PEUGEOT is reaffirming its environmental commitment by introducing diesel micro-hybridisation and the powering of three HYbrid4 models using innovative full diesel-electric hybrid technology.

PEUGEOT is the only marque to offer a complete mobility product range with cars and utility vehicles, scooters, bicycles and a wide range of services, including the Mu mobility service.

Total

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow.

www.total.com

PEUGEOT – Communication

75, avenue de la Grande-Armée 75116 Paris – France

Téléphone : +33 (0)1 40 66 52 74            mail : presse@peugeot.com            www.peugeot-pressepro.com

 

10

EX-99.8 9 d595633dex998.htm EX-99.8 EX-99.8

Exhibit 99.8

 

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TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tél. : + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Florent SEGURA

Tél. : + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Total’s Project for the Carling Platform’s Future

Paris, September 4, 2013 - Total intends to invest €160 million before 2016 to adapt its petrochemical platform in Carling, in the Lorraine region of eastern France, and to restore its competitiveness.

Total plans indeed to develop new activities on the platform in the growing markets for hydrocarbon resins* (Cray Valley) and for polymers*, while shutting down the acutely loss-making steam cracker* in the second half of 2015.

In this way, Carling will become a leading European center in the hydrocarbon resins and polymers market.

Total has a project for the future of the Carling petrochemical platform and the surrounding region,” explains Patrick Pouyanné, President Refining & Chemicals and member of the Executive Committee of Total. “The European petrochemicals market is facing continued overcapacity and growing international competition. In such context, it is our industrial responsibility to anticipate and adapt our production capacities to demand. Our project for Carling will leverage the platform’s strengths, its industrial capabilities and the expertise of its teams in order to develop a profitable production facility. By making Carling the European center for the hydrocarbon resin business and a leading European polymers plant as part of an extensive investment plan, we are confirming our willingness to maintain sustainable industrial activities in France while investing in promising markets. Total is bringing a new ambition to Carling.”

The Carling platform will become the European center for Cray Valley hydrocarbon resins. The platform will host:

 

    The European decision-making center.

 

    The European Research & Development activities.

 

    A new production unit for Ricon® and Krasol®* (C4 resins), designed to capture the growth in demand for touch screen additives, high performance tires and lubricants.

 

    The existing Norsolene®* (C9 resins) unit for adhesives will be transformed to produce high-quality Waterwhite* transparent resins.
 


 

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tél. : + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Florent SEGURA

Tél. : + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

Carling’s value-added polymer capabilities will also be enhanced by investments in several other projects designed to:

 

    Create a thermoplastics unit (polypropylene compound*) to meet new demand from the automotive market for innovative plastics to replace steel and thereby make vehicles lighter and more fuel-efficient.

 

    Invest in new capacity to strengthen the platform’s polystyrene* leadership in Europe. Carling will be the priority polystyrene production center for Total, which has almost 25% share of the European polystyrene market.

 

    Upgrade the polyethylene* production unit in order to improve its capability to deliver advanced plastics to the medical and electric cable markets.

Total intends to carry out this industrial redeployment plan without any redundancies. The Group has made a firm commitment to provide each employee concerned with a satisfactory solution tailored to his or her situation. Of the 554 jobs at the Carling site, 344 will be maintained on the platform as from 2016, including 110 created by the new production units.

Under French law, the project is subject to the process of notifying and consulting employee representatives. By announcing its plans early, Total is demonstrating its commitment to pursuing meaningful dialogue with employee representative organizations with whom consultation has already been engaged since July.

Total will of course respect all of the company’s contractual commitments to its customers and will deploy the logistical investments required to ensure the delivery of ethylene and propylene.

The Group is also committed to supporting the partner companies impacted by the upgrade program, in particular by setting up a support fund.

“We have chosen to anticipate this announcement in order to give everyone time to adjust to this industrial evolution. In this way, we’ll have time to ensure that every employee finds a personalized solution. We are also committed to supporting our partner companies impacted by the project. Naturally, the Group will continue to fulfill all of its obligations to customers. In close collaboration with regional and national authorities, Total reaffirms its strong willingness to remain a partner in shaping the industrial future of the Lorraine Region,” explains Patrick Pouyanné.

To increase the attractiveness of the Carling industrial platform Total intends to offer shared services and provide support for new companies moving into the area.

In this way, Total is reaffirming its responsibility to its host communities and its desire to maintain a strong, sustainable industrial presence in the Lorraine region.

 


 

 

TOTAL

2, place Jean Millier

La Défense 6

92 400 Courbevoie France

Fax : + 33 (0) 1 47 44 68 21

Isabelle DESMET

Tél. : + 33 (0) 1 47 44 37 76

Charles-Etienne LEBATARD

Tél. : + 33 (0) 1 47 44 45 91

Marie-Isabelle FILLIETTE

Tél. : + 33 (0) 1 47 44 55 38

Victoria CHANIAL

Tél. : + 33 (0) 1 47 44 35 86

Aude COLAS DES FRANCS

Tél. : + 33 (0) 1 47 44 47 05

Vincent GRANIER

Tél. : + 33 (0) 1 41 35 90 30

Paul NAVEAU

Tél. : + 33 (0) 1 41 35 22 44

Florent SEGURA

Tél. : + 33 (0) 1 47 44 31 38

Anastasia ZHIVULINA

Tél. : + 33 (0) 1 47 44 76 29

TOTAL S.A.

Capital 5 941 838 402,50 euros

542 051 180 R.C.S. Nanterre

www.total.com

 

GLOSSARY*

Hydrocarbon resins

*Cray Valley specializes in the production of liquid and solid hydrocarbon resins for the adhesives, automotive and electronics markets. They are used in touch-screen tablets, for example.

*Ricon® and Krasol® (C4 resins) are high value-added technological resins used in the automotive industry. They help to improve fuel efficiency by lowering the viscosimetric profile of engine oils. They also enhance tire braking and handling. The second fast growing application for these resins is touch screens for smartphones and tablets (transparent adhesives).

*Waterwhite resins are used in premium applications because they are transparent and odorless. Examples include additives for tires or book binding glues.

*Norsolene® (C9 resins) are commodity resins used in adhesives and coatings.

Polymer plastics

*Polystyrene (PS) is used as packaging for food, electronics, household appliances and building insulation. Carling produces ultra transparent crystal polystyrene and high-impact polystyrene, which incorporates rubber to make it highly resistant.

*Polypropylene compound (PPC) is a thermoplastic used to replace steel in interior and exterior automotive components, so as to reduce weight and improve fuel efficiency in premium automobiles.

*Polyethylene (PE) is used in automotive applications and for industrial and consumer product packaging, as well as to make water and gas pipes. It is also used in the medical market. Carling produces low density PE, primarily used in the production of films, electrical wiring and coatings.

 

* A steam cracker “cracks” petroleum fractions, mainly naphtha, into simpler molecules at very high temperatures, to obtain ethylene and propylene (olefins) which, when processed, will produce polymers.

Total is one of the largest integrated oil and gas companies in the world, with activities in more than 130 countries. The Group is also a first rank player in chemicals. Its 97,000 employees put their expertise to work in every part of the industry – exploration and production of oil and natural gas, refining and marketing, new energies, trading, and chemicals. Total is working to help satisfy the global demand for energy, both today and tomorrow. www.total.com

 
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