UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
April 15, 2014
Commission File Number 001-10888
TOTAL S.A.
(Translation of registrants name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
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 registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
In relation to its previously announced change in the presentation currency of its Consolidated Financial Statements from the Euro to the US Dollar effective January 1, 2014, TOTAL S.A. is providing on this Form 6-K unaudited consolidated financial information presented in U.S. dollars for the years ended December 31, 2013, 2012 and 2011.
TABLE OF CONTENTS
EX-99.1: |
Unaudited consolidated financial information presented in U.S. dollars for the years ended December 31, 2013, 2012 and 2011 |
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: April 15, 2014 | By: | /s/ HUMBERT DE WENDEL | ||||
Name: | Humbert de WENDEL | |||||
Title: | Treasurer |
Exhibit 99.1 |
Unaudited consolidated financial information presented in U.S. dollars for the years ended December 31, 2013, 2012 and 2011 |
Exhibit 99.1
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
For the year ended December 31, (M$) (a) |
2013 | 2012 | 2011 | |||||||||
Sales |
251,725 | 257,037 | 257,084 | |||||||||
Excise taxes |
(23,756 | ) | (22,821 | ) | (25,254 | ) | ||||||
Revenues from sales |
227,969 | 234,216 | 231,830 | |||||||||
Purchases, net of inventory variation |
(160,849 | ) | (162,908 | ) | (158,533 | ) | ||||||
Other operating expenses |
(28,764 | ) | (29,273 | ) | (27,549 | ) | ||||||
Exploration costs |
(2,169 | ) | (1,857 | ) | (1,418 | ) | ||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(11,994 | ) | (12,237 | ) | (10,448 | ) | ||||||
Other income |
2,290 | 1,897 | 2,975 | |||||||||
Other expense |
(2,800 | ) | (1,178 | ) | (1,738 | ) | ||||||
Financial interest on debt |
(889 | ) | (863 | ) | (992 | ) | ||||||
Financial income from marketable securities & cash equivalents |
85 | 128 | 380 | |||||||||
Cost of net debt |
(804 | ) | (735 | ) | (612 | ) | ||||||
Other financial income |
696 | 717 | 848 | |||||||||
Other financial expense |
(702 | ) | (641 | ) | (597 | ) | ||||||
Equity in net income (loss) of affiliates |
3,415 | 2,582 | 2,680 | |||||||||
Income taxes |
(14,767 | ) | (16,747 | ) | (19,614 | ) | ||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
11,521 | 13,836 | 17,824 | |||||||||
|
|
|
|
|
|
|||||||
Group share |
11,228 | 13,648 | 17,400 | |||||||||
Non-controlling interests |
293 | 188 | 424 | |||||||||
|
|
|
|
|
|
|||||||
Earnings per share ($) |
4.96 | 6.05 | 7.74 | |||||||||
|
|
|
|
|
|
|||||||
Fully-diluted earnings per share ($) |
4.94 | 6.02 | 7.71 | |||||||||
|
|
|
|
|
|
(a) | Except for per share amounts. |
1
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
For the year ended December 31, (M$) |
2013 | 2012 | 2011 | |||||||||
Consolidated net income |
11,521 | 13,836 | 17,824 | |||||||||
|
|
|
|
|
|
|||||||
Other comprehensive income |
||||||||||||
Actuarial gains and losses |
682 | (1,171 | ) | (742 | ) | |||||||
Tax effect |
(287 | ) | 465 | 266 | ||||||||
Currency translation adjustment generated by the mother company |
3,129 | 1,324 | (2,347 | ) | ||||||||
|
|
|
|
|
|
|||||||
Items not potentially reclassifiable to profit and loss |
3,524 | 618 | (2,823 | ) | ||||||||
|
|
|
|
|
|
|||||||
Currency translation adjustment |
(1,925 | ) | (397 | ) | 993 | |||||||
Available for sale financial assets |
33 | (435 | ) | 469 | ||||||||
Cash flow hedge |
156 | 83 | (117 | ) | ||||||||
Share of other comprehensive income of equity affiliates, net amount |
(805 | ) | 249 | (203 | ) | |||||||
Other |
(12 | ) | (18 | ) | (10 | ) | ||||||
Tax effect |
(62 | ) | 82 | (77 | ) | |||||||
|
|
|
|
|
|
|||||||
Items potentially reclassifiable to profit and loss |
(2,615 | ) | (436 | ) | 1,055 | |||||||
|
|
|
|
|
|
|||||||
Total other comprehensive income (net amount) |
909 | 182 | (1,768 | ) | ||||||||
|
|
|
|
|
|
|||||||
Comprehensive income |
12,430 | 14,018 | 16,056 | |||||||||
|
|
|
|
|
|
|||||||
- Group share |
12,193 | 13,848 | 15,682 | |||||||||
- Non-controlling interests |
237 | 170 | 374 |
2
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited)
As of December 31, (M$) |
2013 | 2012 | 2011 | |||||||||
ASSETS |
||||||||||||
Non-current assets |
||||||||||||
Intangible assets, net |
18,395 | 16,965 | 16,062 | |||||||||
Property, plant and equipment, net |
104,480 | 91,477 | 83,400 | |||||||||
Equity affiliates : investments and loans |
20,417 | 18,153 | 16,814 | |||||||||
Other investments |
1,666 | 1,571 | 4,755 | |||||||||
Hedging instruments of non-current financial debt |
1,418 | 2,145 | 2,557 | |||||||||
Deferred income taxes |
3,838 | 2,982 | 2,653 | |||||||||
Other non-current assets |
4,406 | 3,513 | 3,179 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current assets |
154,620 | 136,806 | 129,420 | |||||||||
|
|
|
|
|
|
|||||||
Current assets |
||||||||||||
Inventories, net |
22,097 | 22,954 | 23,447 | |||||||||
Accounts receivable, net |
23,422 | 25,339 | 25,941 | |||||||||
Other current assets |
14,892 | 13,307 | 13,932 | |||||||||
Current financial assets |
739 | 2,061 | 906 | |||||||||
Cash and cash equivalents |
20,200 | 20,409 | 18,147 | |||||||||
Assets classified as held for sale |
3,253 | 5,010 | | |||||||||
|
|
|
|
|
|
|||||||
Total current assets |
84,603 | 89,080 | 82,373 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
239,223 | 225,886 | 211,793 | |||||||||
LIABILITIES & SHAREHOLDERS EQUITY |
||||||||||||
Shareholders equity |
||||||||||||
Common shares |
7,493 | 7,454 | 7,447 | |||||||||
Paid-in surplus and retained earnings |
98,254 | 92,485 | 86,461 | |||||||||
Currency translation adjustment |
(1,203 | ) | (1,696 | ) | (2,884 | ) | ||||||
Treasury shares |
(4,303 | ) | (4,274 | ) | (4,357 | ) | ||||||
|
|
|
|
|
|
|||||||
Total shareholders equity - Group Share |
100,241 | 93,969 | 86,667 | |||||||||
|
|
|
|
|
|
|||||||
Non-controlling interests |
3,138 | 1,689 | 1,749 | |||||||||
|
|
|
|
|
|
|||||||
Total shareholders equity |
103,379 | 95,658 | 88,416 | |||||||||
|
|
|
|
|
|
|||||||
Non-current liabilities |
||||||||||||
Deferred income taxes |
17,850 | 16,006 | 15,340 | |||||||||
Employee benefits |
4,235 | 4,939 | 4,380 | |||||||||
Provisions and other non-current liabilities |
17,517 | 15,285 | 14,114 | |||||||||
Non-current financial debt |
34,574 | 29,392 | 29,186 | |||||||||
|
|
|
|
|
|
|||||||
Total non-current liabilities |
74,176 | 65,622 | 63,020 | |||||||||
|
|
|
|
|
|
|||||||
Current liabilities |
||||||||||||
Accounts payable |
30,282 | 28,563 | 28,577 | |||||||||
Other creditors and accrued liabilities |
18,948 | 19,316 | 19,045 | |||||||||
Current borrowings |
11,193 | 14,535 | 12,519 | |||||||||
Other current financial liabilities |
381 | 232 | 216 | |||||||||
Liabilities directly associated with the assets classified as held for sale |
864 | 1,960 | | |||||||||
|
|
|
|
|
|
|||||||
Total current liabilities |
61,668 | 64,606 | 60,357 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities and shareholders equity |
239,223 | 225,886 | 211,793 |
3
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
For the year ended December 31, (M$) |
2013 | 2012 | 2011 | |||||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||||||
Consolidated net income |
11,521 | 13,836 | 17,824 | |||||||||
Depreciation, depletion and amortization |
13,358 | 13,466 | 12,010 | |||||||||
Non-current liabilities, valuation allowances and deferred taxes |
1,567 | 1,889 | 2,272 | |||||||||
Impact of coverage of pension benefit plans |
| (465 | ) | | ||||||||
(Gains) losses on disposals of assets |
(80 | ) | (1,715 | ) | (2,479 | ) | ||||||
Undistributed affiliates equity earnings |
(775 | ) | 272 | (149 | ) | |||||||
(Increase) decrease in working capital |
2,525 | 1,392 | (2,421 | ) | ||||||||
Other changes, net |
397 | 183 | 136 | |||||||||
|
|
|
|
|
|
|||||||
Cash flow from operating activities |
28,513 | 28,858 | 27,193 | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||||||
Intangible assets and property, plant and equipment additions |
(29,748 | ) | (25,574 | ) | (24,986 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired |
(21 | ) | (245 | ) | (1,189 | ) | ||||||
Investments in equity affiliates and other securities |
(1,756 | ) | (1,152 | ) | (6,299 | ) | ||||||
Increase in non-current loans |
(2,906 | ) | (2,504 | ) | (1,687 | ) | ||||||
|
|
|
|
|
|
|||||||
Total expenditures |
(34,431 | ) | (29,475 | ) | (34,161 | ) | ||||||
Proceeds from disposals of intangible assets and property, plant and equipment |
1,766 | 1,822 | 2,003 | |||||||||
Proceeds from disposals of subsidiaries, net of cash sold |
2,654 | 452 | 800 | |||||||||
Proceeds from disposals of non-current investments |
330 | 3,618 | 7,922 | |||||||||
Repayment of non-current loans |
1,649 | 1,651 | 1,215 | |||||||||
|
|
|
|
|
|
|||||||
Total divestments |
6,399 | 7,543 | 11,940 | |||||||||
|
|
|
|
|
|
|||||||
Cash flow used in investing activities |
(28,032 | ) | (21,932 | ) | (22,221 | ) | ||||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||||||
Issuance (repayment) of shares: |
||||||||||||
- Parent company shareholders |
485 | 41 | 670 | |||||||||
- Treasury shares |
(238 | ) | (88 | ) | | |||||||
Dividends paid: |
||||||||||||
- Parent company shareholders |
(7,128 | ) | (6,660 | ) | (7,155 | ) | ||||||
- Non-controlling interests |
(156 | ) | (133 | ) | (239 | ) | ||||||
Other transactions with non-controlling interests |
2,153 | | (798 | ) | ||||||||
Net issuance (repayment) of non-current debt |
11,102 | 6,780 | 5,664 | |||||||||
Increase (decrease) in current borrowings |
(9,037 | ) | (3,540 | ) | (5,387 | ) | ||||||
Increase (decrease) in current financial assets and liabilities |
1,298 | (1,217 | ) | 1,247 | ||||||||
Cash flow used in financing activities |
(1,521 | ) | (4,817 | ) | (5,998 | ) | ||||||
|
|
|
|
|
|
|||||||
Net increase (decrease) in cash and cash equivalents |
(1,040 | ) | 2,109 | (1,026 | ) | |||||||
Effect of exchange rates |
831 | 153 | (187 | ) | ||||||||
Cash and cash equivalents at the beginning of the period |
20,409 | 18,147 | 19,360 | |||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents at the end of the period |
20,200 | 20,409 | 18,147 | |||||||||
|
|
|
|
|
|
4
Consolidated statement of changes in shareholders equity
TOTAL
(unaudited)
Common shares issued | Paid-in surplus and retained earnings |
Currency translation adjustment |
Treasury shares | Shareholders equity - Group Share |
Non-controlling interests |
Total shareholders equity |
||||||||||||||||||||||||||||||
(M$) |
Number | Amount | Number | Amount | ||||||||||||||||||||||||||||||||
As of January 1, 2011 |
2,349,640,931 | 7,398 | 78,165 | (1,291 | ) | (112,487,679 | ) | (4,524 | ) | 79,748 | 1,144 | 80,892 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 2011 |
| | 17,400 | | | | 17,400 | 424 | 17,824 | |||||||||||||||||||||||||||
Other comprehensive income |
| | (153 | ) | (1,565 | ) | | | (1,718 | ) | (50 | ) | (1,768 | ) | ||||||||||||||||||||||
Comprehensive Income |
| | 17,247 | (1,565 | ) | | | 15,682 | 374 | 16,056 | ||||||||||||||||||||||||||
Dividend |
| | (8,988 | ) | | | | (8,988 | ) | (239 | ) | (9,227 | ) | |||||||||||||||||||||||
Issuance of common shares |
14,126,382 | 49 | 621 | | | | 670 | | 670 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | | | | | | |||||||||||||||||||||||||||
Sale of treasury shares(a) |
| | (167 | ) | | 2,933,506 | 167 | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 224 | | | | 224 | | 224 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | (609 | ) | (28 | ) | | | (637 | ) | (161 | ) | (798 | ) | ||||||||||||||||||||||
Other items |
| | (32 | ) | | | | (32 | ) | 631 | 599 | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, 2011 |
2,363,767,313 | 7,447 | 86,461 | (2,884 | ) | (109,554,173 | ) | (4,357 | ) | 86,667 | 1,749 | 88,416 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 2012 |
| | 13,648 | | | | 13,648 | 188 | 13,836 | |||||||||||||||||||||||||||
Other comprehensive income |
| | (987 | ) | 1,187 | | | 200 | (18 | ) | 182 | |||||||||||||||||||||||||
Comprehensive Income |
| | 12,661 | 1,187 | | | 13,848 | 170 | 14,018 | |||||||||||||||||||||||||||
Dividend |
| | (6,728 | ) | | | | (6,728 | ) | (133 | ) | (6,861 | ) | |||||||||||||||||||||||
Issuance of common shares |
2,165,833 | 7 | 34 | | | | 41 | | 41 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (1,800,000 | ) | (88 | ) | (88 | ) | | (88 | ) | |||||||||||||||||||||||
Sale of treasury shares(a) |
| | (171 | ) | | 2,962,534 | 171 | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 188 | | | | 188 | | 188 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 20 | 1 | | | 21 | (21 | ) | | ||||||||||||||||||||||||||
Other items |
| | 20 | | | | 20 | (76 | ) | (56 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, 2012 |
2,365,933,146 | 7,454 | 92,485 | (1,696 | ) | (108,391,639 | ) | (4,274 | ) | 93,969 | 1,689 | 95,658 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 2013 |
| | 11,228 | | | | 11,228 | 293 | 11,521 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 473 | 492 | | | 965 | (56 | ) | 909 | ||||||||||||||||||||||||||
Comprehensive Income |
| | 11,701 | 492 | | | 12,193 | 237 | 12,430 | |||||||||||||||||||||||||||
Dividend |
| | (7,116 | ) | | | | (7,116 | ) | (156 | ) | (7,272 | ) | |||||||||||||||||||||||
Issuance of common shares |
11,745,014 | 39 | 446 | | | | 485 | | 485 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (4,414,200 | ) | (238 | ) | (238 | ) | | (238 | ) | |||||||||||||||||||||||
Sale of treasury shares(a) |
| | (209 | ) | | 3,591,391 | 209 | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 189 | | | | 189 | | 189 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 749 | 1 | | | 750 | 1,355 | 2,105 | |||||||||||||||||||||||||||
Other items |
| | 9 | | | | 9 | 13 | 22 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, 2013 |
2,377,678,160 | 7,493 | 98,254 | (1,203 | ) | (109,214,448 | ) | (4,303 | ) | 100,241 | 3,138 | 103,379 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Treasury shares related to the restricted stock grants. |
5
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
26,367 | 114,483 | 110,873 | 2 | | 251,725 | ||||||||||||||||||
Intersegment sales |
37,650 | 52,275 | 2,159 | 177 | (92,261 | ) | | |||||||||||||||||
Excise taxes |
| (4,814 | ) | (18,942 | ) | | | (23,756 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
64,017 | 161,944 | 94,090 | 179 | (92,261 | ) | 227,969 | |||||||||||||||||
Operating expenses |
(31,875 | ) | (160,031 | ) | (91,343 | ) | (794 | ) | 92,261 | (191,782 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(9,484 | ) | (1,736 | ) | (733 | ) | (41 | ) | | (11,994 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
22,658 | 177 | 2,014 | (656 | ) | | 24,193 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,688 | 181 | 55 | (25 | ) | | 2,899 | |||||||||||||||||
Tax on net operating income |
(13,706 | ) | (612 | ) | (560 | ) | (29 | ) | | (14,907 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
11,640 | (254 | ) | 1,509 | (710 | ) | | 12,185 | ||||||||||||||||
Net cost of net debt |
(664 | ) | ||||||||||||||||||||||
Non-controlling interests |
(293 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
11,228 | |||||||||||||||||||||||
For the year ended December 31, 2013 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(74 | ) | | | | | (74 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
(74 | ) | | | | | (74 | ) | ||||||||||||||||
Operating expenses |
(113 | ) | (1,405 | ) | (134 | ) | | | (1,652 | ) | ||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(855 | ) | (184 | ) | (4 | ) | | | (1,043 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(1,042 | ) | (1,589 | ) | (138 | ) | | | (2,769 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
(305 | ) | (268 | ) | 4 | (34 | ) | | (603 | ) | ||||||||||||||
Tax on net operating income |
537 | (254 | ) | 89 | (45 | ) | | 327 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
(810 | ) | (2,111 | ) | (45 | ) | (79 | ) | | (3,045 | ) | |||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
(19 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
(3,064 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
|
| |||||||||||||||||||||||
On operating income |
| (978 | ) | (87 | ) | | ||||||||||||||||||
On net operating income |
| (656 | ) | (63 | ) | | ||||||||||||||||||
For the year ended December 31, 2013 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
26,441 | 114,483 | 110,873 | 2 | | 251,799 | ||||||||||||||||||
Intersegment sales |
37,650 | 52,275 | 2,159 | 177 | (92,261 | ) | | |||||||||||||||||
Excise taxes |
| (4,814 | ) | (18,942 | ) | | | (23,756 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
64,091 | 161,944 | 94,090 | 179 | (92,261 | ) | 228,043 | |||||||||||||||||
Operating expenses |
(31,762 | ) | (158,626 | ) | (91,209 | ) | (794 | ) | 92,261 | (190,130 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(8,629 | ) | (1,552 | ) | (729 | ) | (41 | ) | | (10,951 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
23,700 | 1,766 | 2,152 | (656 | ) | | 26,962 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,993 | 449 | 51 | 9 | | 3,502 | ||||||||||||||||||
Tax on net operating income |
(14,243 | ) | (358 | ) | (649 | ) | 16 | | (15,234 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
12,450 | 1,857 | 1,554 | (631 | ) | | 15,230 | |||||||||||||||||
Net cost of net debt |
(664 | ) | ||||||||||||||||||||||
Non-controlling interests |
(274 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
14,292 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
6.29 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
||||||||||||||||||||||||
For the year ended December 31, 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
29,750 | 2,708 | 1,814 | 159 | | 34,431 | ||||||||||||||||||
Total divestments |
5,786 | 365 | 186 | 62 | | 6,399 | ||||||||||||||||||
Cash flow from operating activities |
21,857 | 4,260 | 2,557 | (161 | ) | | 28,513 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance sheet as of December 31, 2013 |
||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net |
103,667 | 12,407 | 6,441 | 360 | | 122,875 | ||||||||||||||||||
Investments & loans in equity affiliates |
15,862 | 3,542 | 1,013 | | | 20,417 | ||||||||||||||||||
Other non-current assets |
5,691 | 1,427 | 2,014 | 778 | | 9,910 | ||||||||||||||||||
Working capital |
(327 | ) | 10,458 | 3,779 | (2,729 | ) | | 11,181 | ||||||||||||||||
Provisions and other non-current liabilities |
(31,574 | ) | (4,437 | ) | (2,303 | ) | (1,288 | ) | | (39,602 | ) | |||||||||||||
Assets and liabilities classified as held for sale |
2,210 | | | | | 2,210 | ||||||||||||||||||
Capital Employed (balance sheet) |
95,529 | 23,397 | 10,944 | (2,879 | ) | | 126,991 | |||||||||||||||||
Less inventory valuation effect |
| (3,645 | ) | (893 | ) | (2 | ) | | (4,540 | ) | ||||||||||||||
Capital Employed (Business segment information) |
95,529 | 19,752 | 10,051 | (2,881 | ) | | 122,451 | |||||||||||||||||
ROACE (1) as a percentage |
14 | % | 9 | % | 16 | % | | | 13 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(1) ROACE (Return on Average Capital Employed): ratio of adjusted net operating income to average capital employed between the beginning and the end of the period. |
|
6
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2012 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
28,449 | 117,067 | 111,281 | 240 | | 257,037 | ||||||||||||||||||
Intersegment sales |
40,498 | 57,134 | 970 | 256 | (98,858 | ) | | |||||||||||||||||
Excise taxes |
| (4,616 | ) | (18,205 | ) | | | (22,821 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
68,947 | 169,585 | 94,046 | 496 | (98,858 | ) | 234,216 | |||||||||||||||||
Operating expenses |
(33,361 | ) | (166,379 | ) | (91,907 | ) | (1,249 | ) | 98,858 | (194,038 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(9,555 | ) | (1,856 | ) | (780 | ) | (46 | ) | | (12,237 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
26,031 | 1,350 | 1,359 | (799 | ) | | 27,941 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
3,005 | 271 | (252 | ) | 353 | | 3,377 | |||||||||||||||||
Tax on net operating income |
(15,879 | ) | (337 | ) | (488 | ) | (163 | ) | | (16,867 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
13,157 | 1,284 | 619 | (609 | ) | | 14,451 | |||||||||||||||||
Net cost of net debt |
(615 | ) | ||||||||||||||||||||||
Non-controlling interests |
(188 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
13,648 | |||||||||||||||||||||||
For the year ended December 31, 2012 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Operating expenses |
(752 | ) | (257 | ) | (294 | ) | (115 | ) | | (1,418 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(1,538 | ) | (266 | ) | (87 | ) | | | (1,891 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(2,302 | ) | (523 | ) | (381 | ) | (115 | ) | | (3,321 | ) | |||||||||||||
Equity in net income (loss) of affiliates and other items |
326 | (51 | ) | (154 | ) | 188 | | 309 | ||||||||||||||||
Tax on net operating income |
817 | 90 | 85 | (139 | ) | | 853 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
(1,159 | ) | (484 | ) | (450 | ) | (66 | ) | | (2,159 | ) | |||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
35 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
(2,124 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
|
| |||||||||||||||||||||||
On operating income |
| (230 | ) | (71 | ) | | ||||||||||||||||||
On net operating income |
| (149 | ) | (50 | ) | | ||||||||||||||||||
For the year ended December 31, 2012 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
28,461 | 117,067 | 111,281 | 240 | | 257,049 | ||||||||||||||||||
Intersegment sales |
40,498 | 57,134 | 970 | 256 | (98,858 | ) | | |||||||||||||||||
Excise taxes |
| (4,616 | ) | (18,205 | ) | | | (22,821 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
68,959 | 169,585 | 94,046 | 496 | (98,858 | ) | 234,228 | |||||||||||||||||
Operating expenses |
(32,609 | ) | (166,122 | ) | (91,613 | ) | (1,134 | ) | 98,858 | (192,620 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(8,017 | ) | (1,590 | ) | (693 | ) | (46 | ) | | (10,346 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
28,333 | 1,873 | 1,740 | (684 | ) | | 31,262 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,679 | 322 | (98 | ) | 165 | | 3,068 | |||||||||||||||||
Tax on net operating income |
(16,696 | ) | (427 | ) | (573 | ) | (24 | ) | | (17,720 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
14,316 | 1,768 | 1,069 | (543 | ) | | 16,610 | |||||||||||||||||
Net cost of net debt |
(615 | ) | ||||||||||||||||||||||
Non-controlling interests |
(223 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
15,772 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
6.96 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
| |||||||||||||||||||||||
For the year ended December 31, 2012 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
25,200 | 2,502 | 1,671 | 102 | | 29,475 | ||||||||||||||||||
Total divestments |
3,595 | 392 | 196 | 3,360 | | 7,543 | ||||||||||||||||||
Cash flow from operating activities |
24,354 | 2,726 | 1,456 | 322 | | 28,858 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance sheet as of December 31, 2012 |
||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net |
90,128 | 12,167 | 5,848 | 299 | | 108,442 | ||||||||||||||||||
Investments & loans in equity affiliates |
14,622 | 2,600 | 931 | | | 18,153 | ||||||||||||||||||
Other non-current assets |
4,255 | 1,565 | 1,694 | 552 | | 8,066 | ||||||||||||||||||
Working capital |
(436 | ) | 12,742 | 3,752 | (2,337 | ) | | 13,721 | ||||||||||||||||
Provisions and other non-current liabilities |
(28,356 | ) | (4,020 | ) | (2,146 | ) | (1,708 | ) | | (36,230 | ) | |||||||||||||
Assets and liabilities classified as held for sale |
4,047 | | | | | 4,047 | ||||||||||||||||||
Capital Employed (balance sheet) |
84,260 | 25,054 | 10,079 | (3,194 | ) | | 116,199 | |||||||||||||||||
Less inventory valuation effect |
| (4,271 | ) | (847 | ) | (1 | ) | | (5,119 | ) | ||||||||||||||
Capital Employed (Business segment information) |
84,260 | 20,783 | 9,232 | (3,195 | ) | | 111,080 | |||||||||||||||||
ROACE as a percentage |
18 | % | 9 | % | 12 | % | | | 15 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
7
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
For the year ended December 31, 2011 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
30,916 | 107,384 | 118,769 | 15 | | 257,084 | ||||||||||||||||||
Intersegment sales |
38,002 | 61,632 | 1,121 | 256 | (101,011 | ) | | |||||||||||||||||
Excise taxes |
| (3,288 | ) | (21,966 | ) | | | (25,254 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
68,918 | 165,728 | 97,924 | 271 | (101,011 | ) | 231,830 | |||||||||||||||||
Operating expenses |
(30,421 | ) | (161,980 | ) | (95,187 | ) | (923 | ) | 101,011 | (187,500 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(7,014 | ) | (2,695 | ) | (690 | ) | (49 | ) | | (10,448 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
31,483 | 1,053 | 2,047 | (701 | ) | | 33,882 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
3,100 | 1,023 | (421 | ) | 466 | | 4,168 | |||||||||||||||||
Tax on net operating income |
(18,897 | ) | (192 | ) | (614 | ) | (57 | ) | | (19,760 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
15,686 | 1,884 | 1,012 | (292 | ) | | 18,290 | |||||||||||||||||
Net cost of net debt |
(466 | ) | ||||||||||||||||||||||
Non-controlling interests |
(424 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
17,400 | |||||||||||||||||||||||
For the year ended December 31, 2011 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
62 | | | | | 62 | ||||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
62 | | | | | 62 | ||||||||||||||||||
Operating expenses |
| 1,188 | 376 | | | 1,564 | ||||||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(104 | ) | (983 | ) | | | | (1,087 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(42 | ) | 205 | 376 | | | 539 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
990 | 591 | (402 | ) | 125 | | 1,304 | |||||||||||||||||
Tax on net operating income |
(60 | ) | (85 | ) | (109 | ) | (111 | ) | | (365 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
888 | 711 | (135 | ) | 14 | | 1,478 | |||||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
(26 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
1,452 | |||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
|
| |||||||||||||||||||||||
On operating income |
| 1,292 | 399 | | ||||||||||||||||||||
On net operating income |
| 931 | 278 | | ||||||||||||||||||||
For the year ended December 31, 2011 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
30,854 | 107,384 | 118,769 | 15 | | 257,022 | ||||||||||||||||||
Intersegment sales |
38,002 | 61,632 | 1,121 | 256 | (101,011 | ) | | |||||||||||||||||
Excise taxes |
| (3,288 | ) | (21,966 | ) | | | (25,254 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
68,856 | 165,728 | 97,924 | 271 | (101,011 | ) | 231,768 | |||||||||||||||||
Operating expenses |
(30,421 | ) | (163,168 | ) | (95,563 | ) | (923 | ) | 101,011 | (189,064 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(6,910 | ) | (1,712 | ) | (690 | ) | (49 | ) | | (9,361 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
31,525 | 848 | 1,671 | (701 | ) | | 33,343 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,110 | 432 | (19 | ) | 341 | | 2,864 | |||||||||||||||||
Tax on net operating income |
(18,837 | ) | (107 | ) | (505 | ) | 54 | | (19,395 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
14,798 | 1,173 | 1,147 | (306 | ) | | 16,812 | |||||||||||||||||
Net cost of net debt |
(466 | ) | ||||||||||||||||||||||
Non-controlling interests |
(398 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
15,948 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
7.07 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
| |||||||||||||||||||||||
For the year ended December 31, 2011 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
28,761 | 2,659 | 2,553 | 188 | | 34,161 | ||||||||||||||||||
Total divestments |
3,607 | 3,492 | 2,721 | 2,120 | | 11,940 | ||||||||||||||||||
Cash flow from operating activities |
23,724 | 2,987 | 753 | (271 | ) | | 27,193 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance sheet as of December 31, 2011 |
||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net |
81,839 | 11,693 | 5,613 | 317 | | 99,462 | ||||||||||||||||||
Investments & loans in equity affiliates |
13,691 | 2,145 | 978 | | | 16,814 | ||||||||||||||||||
Other non-current assets |
3,162 | 1,914 | 1,523 | 3,988 | | 10,587 | ||||||||||||||||||
Working capital |
904 | 12,788 | 3,784 | (1,778 | ) | | 15,698 | |||||||||||||||||
Provisions and other non-current liabilities |
(25,961 | ) | (4,166 | ) | (2,153 | ) | (1,554 | ) | | (33,834 | ) | |||||||||||||
Assets and liabilities classified as held for sale |
| | | | | | ||||||||||||||||||
Capital Employed (balance sheet) |
73,635 | 24,374 | 9,745 | 973 | | 108,727 | ||||||||||||||||||
Less inventory valuation effect |
| (4,357 | ) | (863 | ) | 17 | | (5,203 | ) | |||||||||||||||
Capital Employed (Business segment information) |
73,635 | 20,017 | 8,882 | 990 | | 103,524 | ||||||||||||||||||
ROACE as a percentage |
22 | % | 5 | % | 14 | % | | | 17 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
8
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
For the year ended December 31, 2013 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
251,799 | (74 | ) | 251,725 | ||||||||
Excise taxes |
(23,756 | ) | | (23,756 | ) | |||||||
Revenues from sales |
228,043 | (74 | ) | 227,969 | ||||||||
Purchases, net of inventory variation |
(159,784 | ) | (1,065 | ) | (160,849 | ) | ||||||
Other operating expenses |
(28,177 | ) | (587 | ) | (28,764 | ) | ||||||
Exploration costs |
(2,169 | ) | | (2,169 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(10,951 | ) | (1,043 | ) | (11,994 | ) | ||||||
Other income |
647 | 1,643 | 2,290 | |||||||||
Other expense |
(574 | ) | (2,226 | ) | (2,800 | ) | ||||||
Financial interest on debt |
(889 | ) | | (889 | ) | |||||||
Financial income from marketable securities & cash equivalents |
85 | | 85 | |||||||||
Cost of net debt |
(804 | ) | | (804 | ) | |||||||
Other financial income |
696 | | 696 | |||||||||
Other financial expense |
(702 | ) | | (702 | ) | |||||||
Equity in net income (loss) of affiliates |
3,435 | (20 | ) | 3,415 | ||||||||
Income taxes |
(15,094 | ) | 327 | (14,767 | ) | |||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
14,566 | (3,045 | ) | 11,521 | ||||||||
Group share |
14,292 | (3,064 | ) | 11,228 | ||||||||
Non-controlling interests |
274 | 19 | 293 | |||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
| |||||||||||
For the year ended December 31, 2012 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
257,049 | (12 | ) | 257,037 | ||||||||
Excise taxes |
(22,821 | ) | | (22,821 | ) | |||||||
Revenues from sales |
234,228 | (12 | ) | 234,216 | ||||||||
Purchases, net of inventory variation |
(162,607 | ) | (301 | ) | (162,908 | ) | ||||||
Other operating expenses |
(28,156 | ) | (1,117 | ) | (29,273 | ) | ||||||
Exploration costs |
(1,857 | ) | | (1,857 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(10,346 | ) | (1,891 | ) | (12,237 | ) | ||||||
Other income |
876 | 1,021 | 1,897 | |||||||||
Other expense |
(579 | ) | (599 | ) | (1,178 | ) | ||||||
Financial interest on debt |
(863 | ) | | (863 | ) | |||||||
Financial income from marketable securities & cash equivalents |
128 | | 128 | |||||||||
Cost of net debt |
(735 | ) | | (735 | ) | |||||||
Other financial income |
717 | | 717 | |||||||||
Other financial expense |
(641 | ) | | (641 | ) | |||||||
Equity in net income (loss) of affiliates |
2,695 | (113 | ) | 2,582 | ||||||||
Income taxes |
(17,600 | ) | 853 | (16,747 | ) | |||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
15,995 | (2,159 | ) | 13,836 | ||||||||
Group share |
15,772 | (2,124 | ) | 13,648 | ||||||||
Non-controlling interests |
223 | (35 | ) | 188 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
9
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
For the year ended December 31, 2011 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
257,022 | 62 | 257,084 | |||||||||
Excise taxes |
(25,254 | ) | | (25,254 | ) | |||||||
Revenues from sales |
231,768 | 62 | 231,830 | |||||||||
Purchases, net of inventory variation |
(160,224 | ) | 1,691 | (158,533 | ) | |||||||
Other operating expenses |
(27,422 | ) | (127 | ) | (27,549 | ) | ||||||
Exploration costs |
(1,418 | ) | | (1,418 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(9,361 | ) | (1,087 | ) | (10,448 | ) | ||||||
Other income |
599 | 2,376 | 2,975 | |||||||||
Other expense |
(748 | ) | (990 | ) | (1,738 | ) | ||||||
Financial interest on debt |
(992 | ) | | (992 | ) | |||||||
Financial income from marketable securities & cash equivalents |
380 | | 380 | |||||||||
Cost of net debt |
(612 | ) | | (612 | ) | |||||||
Other financial income |
848 | | 848 | |||||||||
Other financial expense |
(597 | ) | | (597 | ) | |||||||
Equity in net income (loss) of affiliates |
2,762 | (82 | ) | 2,680 | ||||||||
Income taxes |
(19,249 | ) | (365 | ) | (19,614 | ) | ||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
16,346 | 1,478 | 17,824 | |||||||||
Group share |
15,948 | 1,452 | 17,400 | |||||||||
Non-controlling interests |
398 | 26 | 424 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
10
Return on Equity
TOTAL
(unaudited)
For the year ended December 31, (M$) |
2013 | 2012 | 2011 | |||||||||
Adjusted net income - Group share |
14,292 | 15,772 | 15,948 | |||||||||
Adjusted non-controlling interests |
274 | 223 | 398 | |||||||||
|
|
|
|
|
|
|||||||
Adjusted consolidated net income |
14,566 | 15,995 | 16,346 | |||||||||
Shareholders equity - Group share |
100,241 | 93,969 | 86,667 | |||||||||
Distribution of the income based on existing shares at the closing date |
(1,908 | ) | (1,757 | ) | (1,668 | ) | ||||||
Non-controlling interests |
3,138 | 1,689 | 1,749 | |||||||||
|
|
|
|
|
|
|||||||
Adjusted shareholders equity(a) |
101,471 | 93,901 | 86,748 | |||||||||
|
|
|
|
|
|
|||||||
ROE |
15 | % | 18 | % | 20 | % | ||||||
|
|
|
|
|
|
(a) | Adjusted shareholders equity as of December 31, 2010 amounted to $ 77,492 million. |
11
Net-debt-to-equity ratio
TOTAL
(unaudited)
As of December 31, (M$) |
2013 | 2012 | 2011 | |||||||||
(Assets) / Liabilities |
||||||||||||
Current borrowings |
11,193 | 14,535 | 12,519 | |||||||||
Other current financial liabilities |
381 | 232 | 216 | |||||||||
Current financial assets |
(739 | ) | (2,061 | ) | (906 | ) | ||||||
Net financial assets and liabilities held for sale or exchange |
(179 | ) | 997 | | ||||||||
Non-current financial debt |
34,574 | 29,392 | 29,186 | |||||||||
Hedging instruments on non-current financial debt |
(1,418 | ) | (2,145 | ) | (2,557 | ) | ||||||
Cash and cash equivalents |
(20,200 | ) | (20,409 | ) | (18,147 | ) | ||||||
|
|
|
|
|
|
|||||||
Net financial debt |
23,612 | 20,541 | 20,311 | |||||||||
Shareholders equity - Group share |
100,241 | 93,969 | 86,667 | |||||||||
Distribution of the income based on existing shares at the closing date |
(1,908 | ) | (1,757 | ) | (1,668 | ) | ||||||
Non-controlling interests |
3,138 | 1,689 | 1,749 | |||||||||
|
|
|
|
|
|
|||||||
Adjusted shareholders equity |
101,471 | 93,901 | 86,748 | |||||||||
|
|
|
|
|
|
|||||||
Net-debt-to-equity ratio |
23.3 | % | 21.9 | % | 23.4 | % | ||||||
|
|
|
|
|
|
12
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a) |
1st quarter 2013 |
2nd quarter 2013 |
3rd quarter 2013 |
4th quarter 2013 |
Year 2013 |
|||||||||||||||
Sales |
63,561 | 61,345 | 61,844 | 64,975 | 251,725 | |||||||||||||||
Excise taxes |
(5,541 | ) | (5,839 | ) | (6,168 | ) | (6,208 | ) | (23,756 | ) | ||||||||||
Revenues from sales |
58,020 | 55,506 | 55,676 | 58,767 | 227,969 | |||||||||||||||
Purchases, net of inventory variation |
(40,319 | ) | (39,631 | ) | (38,907 | ) | (41,992 | ) | (160,849 | ) | ||||||||||
Other operating expenses |
(7,194 | ) | (7,288 | ) | (6,662 | ) | (7,620 | ) | (28,764 | ) | ||||||||||
Exploration costs |
(406 | ) | (354 | ) | (751 | ) | (658 | ) | (2,169 | ) | ||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,853 | ) | (2,534 | ) | (3,673 | ) | (2,934 | ) | (11,994 | ) | ||||||||||
Other income |
42 | 462 | 1,498 | 288 | 2,290 | |||||||||||||||
Other expense |
(2,021 | ) | (120 | ) | (213 | ) | (446 | ) | (2,800 | ) | ||||||||||
Financial interest on debt |
(223 | ) | (238 | ) | (211 | ) | (217 | ) | (889 | ) | ||||||||||
Financial income from marketable securities & cash equivalents |
28 | 18 | 13 | 26 | 85 | |||||||||||||||
Cost of net debt |
(195 | ) | (220 | ) | (198 | ) | (191 | ) | (804 | ) | ||||||||||
Other financial income |
136 | 206 | 182 | 172 | 696 | |||||||||||||||
Other financial expense |
(169 | ) | (179 | ) | (203 | ) | (151 | ) | (702 | ) | ||||||||||
Equity in net income (loss) of affiliates |
949 | 794 | 828 | 844 | 3,415 | |||||||||||||||
Income taxes |
(3,975 | ) | (3,229 | ) | (3,811 | ) | (3,752 | ) | (14,767 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Consolidated net income |
2,015 | 3,413 | 3,766 | 2,327 | 11,521 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Group share |
1,948 | 3,364 | 3,682 | 2,234 | 11,228 | |||||||||||||||
Non-controlling interests |
67 | 49 | 84 | 93 | 293 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earnings per share ($) |
0.86 | 1.49 | 1.62 | 0.98 | 4.96 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fully-diluted earnings per share ($) |
0.86 | 1.48 | 1.62 | 0.98 | 4.94 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Except for per share amounts. |
13
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) |
1st quarter 2013 |
2nd quarter 2013 |
3rd quarter 2013 |
4th quarter 2013 |
Year 2013 |
|||||||||||||||
Consolidated net income |
2,015 | 3,413 | 3,766 | 2,327 | 11,521 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other comprehensive income |
||||||||||||||||||||
Actuarial gains and losses |
223 | (248 | ) | 44 | 663 | 682 | ||||||||||||||
Tax effect |
(87 | ) | 95 | (11 | ) | (284 | ) | (287 | ) | |||||||||||
Currency translation adjustment generated by the mother company |
(2,212 | ) | 1,613 | 2,244 | 1,484 | 3,129 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Items not potentially reclassifiable to profit and loss |
(2,076 | ) | 1,460 | 2,277 | 1,863 | 3,524 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Currency translation adjustment |
597 | (988 | ) | (766 | ) | (768 | ) | (1,925 | ) | |||||||||||
Available for sale financial assets |
(5 | ) | 8 | 5 | 25 | 33 | ||||||||||||||
Cash flow hedge |
15 | 80 | 38 | 23 | 156 | |||||||||||||||
Share of other comprehensive income of equity affiliates, net amount |
47 | (541 | ) | (113 | ) | (198 | ) | (805 | ) | |||||||||||
Other |
(11 | ) | (1 | ) | (3 | ) | 3 | (12 | ) | |||||||||||
Tax effect |
(3 | ) | (32 | ) | (15 | ) | (12 | ) | (62 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Items potentially reclassifiable to profit and loss |
640 | (1,474 | ) | (854 | ) | (927 | ) | (2,615 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other comprehensive income (net amount) |
(1,436 | ) | (14 | ) | 1,423 | 936 | 909 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Comprehensive income |
579 | 3,399 | 5,189 | 3,263 | 12,430 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
- Group share |
540 | 3,368 | 5,109 | 3,176 | 12,193 | |||||||||||||||
- Non-controlling interests |
39 | 31 | 80 | 87 | 237 |
14
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited)
(M$) |
March 31, 2013 |
June 30, 2013 |
September 30, 2013 |
December 31, 2013 |
||||||||||||
ASSETS |
||||||||||||||||
Non-current assets |
||||||||||||||||
Intangible assets, net |
17,354 | 17,424 | 17,007 | 18,395 | ||||||||||||
Property, plant and equipment, net |
90,505 | 93,387 | 97,134 | 104,480 | ||||||||||||
Equity affiliates : investments and loans |
19,385 | 19,037 | 19,750 | 20,417 | ||||||||||||
Other investments |
1,566 | 1,583 | 1,777 | 1,666 | ||||||||||||
Hedging instruments of non-current financial debt |
1,885 | 1,708 | 1,840 | 1,418 | ||||||||||||
Deferred income taxes |
3,297 | 3,704 | 3,691 | 3,838 | ||||||||||||
Other non-current assets |
3,643 | 3,813 | 3,930 | 4,406 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-current assets |
137,635 | 140,656 | 145,129 | 154,620 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Current assets |
||||||||||||||||
Inventories, net |
21,890 | 20,196 | 21,469 | 22,097 | ||||||||||||
Accounts receivable, net |
28,164 | 25,587 | 24,883 | 23,422 | ||||||||||||
Other current assets |
13,956 | 14,850 | 15,185 | 14,892 | ||||||||||||
Current financial assets |
799 | 668 | 457 | 739 | ||||||||||||
Cash and cash equivalents |
17,178 | 15,118 | 20,111 | 20,200 | ||||||||||||
Assets classified as held for sale |
5,833 | 5,104 | 3,112 | 3,253 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total current assets |
87,820 | 81,523 | 85,217 | 84,603 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
225,455 | 222,179 | 230,346 | 239,223 | ||||||||||||
LIABILITIES & SHAREHOLDERS EQUITY |
||||||||||||||||
Shareholders equity |
||||||||||||||||
Common shares |
7,454 | 7,490 | 7,491 | 7,493 | ||||||||||||
Paid-in surplus and retained earnings |
94,559 | 94,637 | 96,442 | 98,254 | ||||||||||||
Currency translation adjustment |
(3,215 | ) | (3,063 | ) | (1,695 | ) | (1,203 | ) | ||||||||
Treasury shares |
(4,274 | ) | (4,274 | ) | (4,300 | ) | (4,303 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total shareholders equity - Group Share |
94,524 | 94,790 | 97,938 | 100,241 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-controlling interests |
2,286 | 2,225 | 2,328 | 3,138 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total shareholders equity |
96,810 | 97,015 | 100,266 | 103,379 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Non-current liabilities |
||||||||||||||||
Deferred income taxes |
16,480 | 16,736 | 17,442 | 17,850 | ||||||||||||
Employee benefits |
4,486 | 4,751 | 4,799 | 4,235 | ||||||||||||
Provisions and other non-current liabilities |
14,795 | 14,464 | 14,786 | 17,517 | ||||||||||||
Non-current financial debt |
29,294 | 29,557 | 33,937 | 34,574 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total non-current liabilities |
65,055 | 65,508 | 70,964 | 74,176 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Current liabilities |
||||||||||||||||
Accounts payable |
27,927 | 26,380 | 27,811 | 30,282 | ||||||||||||
Other creditors and accrued liabilities |
19,581 | 18,162 | 19,299 | 18,948 | ||||||||||||
Current borrowings |
13,751 | 13,119 | 11,086 | 11,193 | ||||||||||||
Other current financial liabilities |
114 | 59 | 57 | 381 | ||||||||||||
Liabilities directly associated with the assets classified as held for sale |
2,217 | 1,936 | 863 | 864 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total current liabilities |
63,590 | 59,656 | 59,116 | 61,668 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities and shareholders equity |
225,455 | 222,179 | 230,346 | 239,223 |
15
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) |
1st quarter 2013 |
2nd quarter 2013 |
3rd quarter 2013 |
4th quarter 2013 |
Year 2013 |
|||||||||||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||||||||||||||
Consolidated net income |
2,015 | 3,413 | 3,766 | 2,327 | 11,521 | |||||||||||||||
Depreciation, depletion and amortization |
3,046 | 2,759 | 4,190 | 3,363 | 13,358 | |||||||||||||||
Non-current liabilities, valuation allowances and deferred taxes |
59 | (108 | ) | 791 | 825 | 1,567 | ||||||||||||||
Impact of coverage of pension benefit plans |
| | | | | |||||||||||||||
(Gains) losses on disposals of assets |
1,873 | (363 | ) | (1,397 | ) | (193 | ) | (80 | ) | |||||||||||
Undistributed affiliates equity earnings |
(466 | ) | 94 | (301 | ) | (102 | ) | (775 | ) | |||||||||||
(Increase) decrease in working capital |
(1,726 | ) | (1,025 | ) | 2,009 | 3,267 | 2,525 | |||||||||||||
Other changes, net |
112 | 68 | 126 | 91 | 397 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash flow from operating activities |
4,913 | 4,838 | 9,184 | 9,578 | 28,513 | |||||||||||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||||||||||||||
Intangible assets and property, plant and equipment additions |
(6,489 | ) | (6,836 | ) | (6,801 | ) | (9,622 | ) | (29,748 | ) | ||||||||||
Acquisitions of subsidiaries, net of cash acquired |
(21 | ) | | | | (21 | ) | |||||||||||||
Investments in equity affiliates and other securities |
(770 | ) | (256 | ) | (268 | ) | (462 | ) | (1,756 | ) | ||||||||||
Increase in non-current loans |
(624 | ) | (367 | ) | (682 | ) | (1,233 | ) | (2,906 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total expenditures |
(7,904 | ) | (7,459 | ) | (7,751 | ) | (11,317 | ) | (34,431 | ) | ||||||||||
Proceeds from disposals of intangible assets and property, plant and equipment |
554 | 1,106 | 56 | 50 | 1,766 | |||||||||||||||
Proceeds from disposals of subsidiaries, net of cash sold |
| 264 | 2,369 | 21 | 2,654 | |||||||||||||||
Proceeds from disposals of non-current investments |
| 23 | 23 | 284 | 330 | |||||||||||||||
Repayment of non-current loans |
259 | 357 | 449 | 584 | 1,649 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total divestments |
813 | 1,750 | 2,897 | 939 | 6,399 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash flow used in investing activities |
(7,091 | ) | (5,709 | ) | (4,854 | ) | (10,378 | ) | (28,032 | ) | ||||||||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||||||||||||||
Issuance (repayment) of shares: |
||||||||||||||||||||
- Parent company shareholders |
| 432 | 24 | 29 | 485 | |||||||||||||||
- Treasury shares |
| | (236 | ) | (2 | ) | (238 | ) | ||||||||||||
Dividends paid: |
||||||||||||||||||||
- Parent company shareholders |
(1,760 | ) | (1,772 | ) | (1,775 | ) | (1,821 | ) | (7,128 | ) | ||||||||||
- Non-controlling interests |
(2 | ) | (92 | ) | (13 | ) | (49 | ) | (156 | ) | ||||||||||
Other transactions with non-controlling interests |
471 | (7 | ) | 50 | 1,639 | 2,153 | ||||||||||||||
Net issuance (repayment) of non-current debt |
3,765 | 734 | 4,466 | 2,137 | 11,102 | |||||||||||||||
Increase (decrease) in current borrowings |
(4,268 | ) | (894 | ) | (2,457 | ) | (1,418 | ) | (9,037 | ) | ||||||||||
Increase (decrease) in current financial assets and liabilities |
1,178 | 6 | 66 | 48 | 1,298 | |||||||||||||||
Cash flow used in financing activities |
(616 | ) | (1,593 | ) | 125 | 563 | (1,521 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) in cash and cash equivalents |
(2,794 | ) | (2,464 | ) | 4,455 | (237 | ) | (1,040 | ) | |||||||||||
Effect of exchange rates |
(437 | ) | 404 | 538 | 326 | 831 | ||||||||||||||
Cash and cash equivalents at the beginning of the period |
20,409 | 17,178 | 15,118 | 20,111 | 20,409 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Cash and cash equivalents at the end of the period |
17,178 | 15,118 | 20,111 | 20,200 | 20,200 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
16
Consolidated statement of changes in shareholders equity
TOTAL
(unaudited)
Common shares issued | Paid-in surplus and retained earnings |
Currency translation adjustment |
Treasury shares | Shareholders equity - Group Share |
Non-controlling interests |
Total shareholders equity |
||||||||||||||||||||||||||||||
(M$) |
Number | Amount | Number | Amount | ||||||||||||||||||||||||||||||||
As of January 1, 2013 |
2,365,933,146 | 7,454 | 92,485 | (1,696 | ) | (108,391,639 | ) | (4,274 | ) | 93,969 | 1,689 | 95,658 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 1st quarter 2013 |
| | 1,948 | | | | 1,948 | 67 | 2,015 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 111 | (1,519 | ) | | | (1,408 | ) | (28 | ) | (1,436 | ) | |||||||||||||||||||||||
Comprehensive Income |
| | 2,059 | (1,519 | ) | | | 540 | 39 | 579 | ||||||||||||||||||||||||||
Dividend |
| | | | | | | (2 | ) | (2 | ) | |||||||||||||||||||||||||
Issuance of common shares |
480 | | | | | | | | | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | | | | | | |||||||||||||||||||||||||||
Sale of treasury shares(a) |
| | | | 220 | | | | | |||||||||||||||||||||||||||
Share-based payments |
| | 55 | | | | 55 | | 55 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | (87 | ) | | | | (87 | ) | 558 | 471 | |||||||||||||||||||||||||
Other items |
| | 47 | | | | 47 | 2 | 49 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of March 31, 2013 |
2,365,933,626 | 7,454 | 94,559 | (3,215 | ) | (108,391,419 | ) | (4,274 | ) | 94,524 | 2,286 | 96,810 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 2nd quarter 2013 |
| | 3,364 | | | | 3,364 | 49 | 3,413 | |||||||||||||||||||||||||||
Other comprehensive income |
| | (148 | ) | 152 | | | 4 | (18 | ) | (14 | ) | ||||||||||||||||||||||||
Comprehensive Income |
| | 3,216 | 152 | | | 3,368 | 31 | 3,399 | |||||||||||||||||||||||||||
Dividend |
| | (3,526 | ) | | | | (3,526 | ) | (92 | ) | (3,618 | ) | |||||||||||||||||||||||
Issuance of common shares |
10,802,365 | 36 | 396 | | | | 432 | | 432 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | | | | | | |||||||||||||||||||||||||||
Sale of treasury shares(a) |
| | | | 760 | | | | | |||||||||||||||||||||||||||
Share-based payments |
| | 42 | | | | 42 | | 42 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | (5 | ) | | | | (5 | ) | (2 | ) | (7 | ) | |||||||||||||||||||||||
Other items |
| | (45 | ) | | | | (45 | ) | 2 | (43 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of June 30, 2013 |
2,376,735,991 | 7,490 | 94,637 | (3,063 | ) | (108,390,659 | ) | (4,274 | ) | 94,790 | 2,225 | 97,015 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 3rd quarter 2013 |
| | 3,682 | | | | 3,682 | 84 | 3,766 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 60 | 1,367 | | | 1,427 | (4 | ) | 1,423 | ||||||||||||||||||||||||||
Comprehensive Income |
| | 3,742 | 1,367 | | | 5,109 | 80 | 5,189 | |||||||||||||||||||||||||||
Dividend |
| | (1,774 | ) | | | | (1,774 | ) | (13 | ) | (1,787 | ) | |||||||||||||||||||||||
Issuance of common |
460,188 | 1 | 23 | | | | 24 | | 24 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (4,414,200 | ) | (236 | ) | (236 | ) | | (236 | ) | |||||||||||||||||||||||
Sale of treasury shares(a) |
| | (210 | ) | | 3,589,661 | 210 | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 51 | | | | 51 | | 51 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | (28 | ) | 1 | | | (27 | ) | 31 | 4 | |||||||||||||||||||||||||
Other items |
| | 1 | | | | 1 | 5 | 6 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of September 30, 2013 |
2,377,196,179 | 7,491 | 96,442 | (1,695 | ) | (109,215,198 | ) | (4,300 | ) | 97,938 | 2,328 | 100,266 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 4th quarter 2013 |
| | 2,234 | | | | 2,234 | 93 | 2,327 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 450 | 492 | | | 942 | (6 | ) | 936 | ||||||||||||||||||||||||||
Comprehensive Income |
| | 2,684 | 492 | | | 3,176 | 87 | 3,263 | |||||||||||||||||||||||||||
Dividend |
| | (1,816 | ) | | | | (1,816 | ) | (49 | ) | (1,865 | ) | |||||||||||||||||||||||
Issuance of common shares |
481,981 | 2 | 27 | | | | 29 | | 29 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | | (2 | ) | (2 | ) | | (2 | ) | ||||||||||||||||||||||||
Sale of treasury shares(a) |
| | 1 | | 750 | (1 | ) | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 41 | | | | 41 | | 41 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 869 | | | | 869 | 768 | 1,637 | |||||||||||||||||||||||||||
Other items |
| | 6 | | | | 6 | 4 | 10 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, 2013 |
2,377,678,160 | 7,493 | 98,254 | (1,203 | ) | (109,214,448 | ) | (4,303 | ) | 100,241 | 3,138 | 103,379 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of January 1, 2013 |
2,365,933,146 | 7,454 | 92,485 | (1,696 | ) | (108,391,639 | ) | (4,274 | ) | 93,969 | 1,689 | 95,658 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income 2013 |
| | 11,228 | | | | 11,228 | 293 | 11,521 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 473 | 492 | | | 965 | (56 | ) | 909 | ||||||||||||||||||||||||||
Comprehensive Income |
| | 11,701 | 492 | | | 12,193 | 237 | 12,430 | |||||||||||||||||||||||||||
Dividend |
| | (7,116 | ) | | | | (7,116 | ) | (156 | ) | (7,272 | ) | |||||||||||||||||||||||
Issuance of common shares |
11,745,014 | 39 | 446 | | | | 485 | | 485 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (4,414,200 | ) | (238 | ) | (238 | ) | | (238 | ) | |||||||||||||||||||||||
Sale of treasury shares(a) |
| | (209 | ) | | 3,591,391 | 209 | | | | ||||||||||||||||||||||||||
Share-based payments |
| | 189 | | | | 189 | | 189 | |||||||||||||||||||||||||||
Share cancellation |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 749 | 1 | | | 750 | 1,355 | 2,105 | |||||||||||||||||||||||||||
Other items |
| | 9 | | | | 9 | 13 | 22 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As of December 31, 2013 |
2,377,678,160 | 7,493 | 98,254 | (1,203 | ) | (109,214,448 | ) | (4,303 | ) | 100,241 | 3,138 | 103,379 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Treasury shares related to the restricted stock grants. |
17
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
1st quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
7,199 | 28,549 | 27,732 | 81 | | 63,561 | ||||||||||||||||||
Intersegment sales |
9,687 | 13,092 | 143 | 67 | (22,989 | ) | | |||||||||||||||||
Excise taxes |
| (1,096 | ) | (4,445 | ) | | | (5,541 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
16,886 | 40,545 | 23,430 | 148 | (22,989 | ) | 58,020 | |||||||||||||||||
Operating expenses |
(8,076 | ) | (39,809 | ) | (22,750 | ) | (273 | ) | 22,989 | (47,919 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,258 | ) | (393 | ) | (192 | ) | (10 | ) | | (2,853 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
6,552 | 343 | 488 | (135 | ) | | 7,248 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
(1,116 | ) | 95 | (43 | ) | 1 | | (1,063 | ) | |||||||||||||||
Tax on net operating income |
(3,824 | ) | (71 | ) | (144 | ) | 29 | | (4,010 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
1,612 | 367 | 301 | (105 | ) | | 2,175 | |||||||||||||||||
Net cost of net debt |
(160 | ) | ||||||||||||||||||||||
Non-controlling interests |
(67 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
1,948 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
1st quarter 2013 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
3 | | | | | 3 | ||||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
3 | | | | | 3 | ||||||||||||||||||
Operating expenses |
| (90 | ) | (28 | ) | | | (118 | ) | |||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
| (5 | ) | | | | (5 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
3 | (95 | ) | (28 | ) | | | (120 | ) | |||||||||||||||
Equity in net income (loss) of affiliates and other items |
(1,875 | ) | (13 | ) | (13 | ) | | | (1,901 | ) | ||||||||||||||
Tax on net operating income |
227 | 38 | 10 | | | 275 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
(1,645 | ) | (70 | ) | (31 | ) | | | (1,746 | ) | ||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
(4 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
(1,750 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
|
| |||||||||||||||||||||||
On operating income |
| (88 | ) | (28 | ) | | ||||||||||||||||||
On net operating income |
| (46 | ) | (18 | ) | | ||||||||||||||||||
1st quarter 2013 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
7,196 | 28,549 | 27,732 | 81 | | 63,558 | ||||||||||||||||||
Intersegment sales |
9,687 | 13,092 | 143 | 67 | (22,989 | ) | | |||||||||||||||||
Excise taxes |
| (1,096 | ) | (4,445 | ) | | | (5,541 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
16,883 | 40,545 | 23,430 | 148 | (22,989 | ) | 58,017 | |||||||||||||||||
Operating expenses |
(8,076 | ) | (39,719 | ) | (22,722 | ) | (273 | ) | 22,989 | (47,801 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,258 | ) | (388 | ) | (192 | ) | (10 | ) | | (2,848 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
6,549 | 438 | 516 | (135 | ) | | 7,368 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
759 | 108 | (30 | ) | 1 | | 838 | |||||||||||||||||
Tax on net operating income |
(4,051 | ) | (109 | ) | (154 | ) | 29 | | (4,285 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
3,257 | 437 | 332 | (105 | ) | | 3,921 | |||||||||||||||||
Net cost of net debt |
(160 | ) | ||||||||||||||||||||||
Non-controlling interests |
(63 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
3,698 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.63 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
| |||||||||||||||||||||||
1st quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
6,941 | 703 | 246 | 14 | | 7,904 | ||||||||||||||||||
Total divestments |
718 | 36 | 50 | 9 | | 813 | ||||||||||||||||||
Cash flow from operating activities |
5,481 | (382 | ) | (120 | ) | (66 | ) | | 4,913 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
18
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
2nd quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
6,240 | 28,160 | 26,851 | 94 | | 61,345 | ||||||||||||||||||
Intersegment sales |
8,508 | 12,809 | 1,058 | 35 | (22,410 | ) | | |||||||||||||||||
Excise taxes |
| (1,091 | ) | (4,748 | ) | | | (5,839 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
14,748 | 39,878 | 23,161 | 129 | (22,410 | ) | 55,506 | |||||||||||||||||
Operating expenses |
(7,195 | ) | (39,672 | ) | (22,541 | ) | (275 | ) | 22,410 | (47,273 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(1,974 | ) | (390 | ) | (160 | ) | (10 | ) | | (2,534 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
5,579 | (184 | ) | 460 | (156 | ) | | 5,699 | ||||||||||||||||
Equity in net income (loss) of affiliates and other items |
1,022 | 62 | 51 | 28 | | 1,163 | ||||||||||||||||||
Tax on net operating income |
(3,160 | ) | 88 | (138 | ) | (57 | ) | | (3,267 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
3,441 | (34 | ) | 373 | (185 | ) | | 3,595 | ||||||||||||||||
Net cost of net debt |
(182 | ) | ||||||||||||||||||||||
Non-controlling interests |
(49 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
3,364 | |||||||||||||||||||||||
2nd quarter 2013 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(42 | ) | | | | | (42 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
(42 | ) | | | | | (42 | ) | ||||||||||||||||
Operating expenses |
| (704 | ) | (107 | ) | | | (811 | ) | |||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(42 | ) | (704 | ) | (107 | ) | | | (853 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
331 | (48 | ) | | | | 283 | |||||||||||||||||
Tax on net operating income |
111 | 200 | 34 | | | 345 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
400 | (552 | ) | (73 | ) | | | (225 | ) | |||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
8 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
(217 | ) |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
(b) | Of which inventory valuation effect |
On operating income |
| (655 | ) | (107 | ) | | ||||||||||||||||||
On net operating income |
| (460 | ) | (73 | ) | | ||||||||||||||||||
2nd quarter 2013 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
6,282 | 28,160 | 26,851 | 94 | | 61,387 | ||||||||||||||||||
Intersegment sales |
8,508 | 12,809 | 1,058 | 35 | (22,410 | ) | | |||||||||||||||||
Excise taxes |
| (1,091 | ) | (4,748 | ) | | | (5,839 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
14,790 | 39,878 | 23,161 | 129 | (22,410 | ) | 55,548 | |||||||||||||||||
Operating expenses |
(7,195 | ) | (38,968 | ) | (22,434 | ) | (275 | ) | 22,410 | (46,462 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(1,974 | ) | (390 | ) | (160 | ) | (10 | ) | | (2,534 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
5,621 | 520 | 567 | (156 | ) | | 6,552 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
691 | 110 | 51 | 28 | | 880 | ||||||||||||||||||
Tax on net operating income |
(3,271 | ) | (112 | ) | (172 | ) | (57 | ) | | (3,612 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
3,041 | 518 | 446 | (185 | ) | | 3,820 | |||||||||||||||||
Net cost of net debt |
(182 | ) | ||||||||||||||||||||||
Non-controlling interests |
(57 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
3,581 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.57 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
||||||||||||||||||||||||
2nd quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
6,603 | 499 | 318 | 39 | | 7,459 | ||||||||||||||||||
Total divestments |
1,456 | 272 | 16 | 6 | | 1,750 | ||||||||||||||||||
Cash flow from operating activities |
2,764 | 1,713 | 542 | (181 | ) | | 4,838 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
19
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
5,938 | 28,161 | 27,912 | (167 | ) | | 61,844 | |||||||||||||||||
Intersegment sales |
9,237 | 13,334 | 570 | 18 | (23,159 | ) | | |||||||||||||||||
Excise taxes |
| (1,290 | ) | (4,878 | ) | | | (6,168 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
15,175 | 40,205 | 23,604 | (149 | ) | (23,159 | ) | 55,676 | ||||||||||||||||
Operating expenses |
(7,106 | ) | (39,601 | ) | (22,826 | ) | 54 | 23,159 | (46,320 | ) | ||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(3,106 | ) | (377 | ) | (180 | ) | (10 | ) | | (3,673 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
4,963 | 227 | 598 | (105 | ) | | 5,683 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
1,974 | 99 | 85 | (66 | ) | | 2,092 | |||||||||||||||||
Tax on net operating income |
(3,396 | ) | (243 | ) | (156 | ) | (43 | ) | | (3,838 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
3,541 | 83 | 527 | (214 | ) | | 3,937 | |||||||||||||||||
Net cost of net debt |
(171 | ) | ||||||||||||||||||||||
Non-controlling interests |
(84 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
3,682 | |||||||||||||||||||||||
3rd quarter 2013 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Operating expenses |
(113 | ) | (153 | ) | 54 | | | (212 | ) | |||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(855 | ) | (7 | ) | | | | (862 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(980 | ) | (160 | ) | 54 | | | (1,086 | ) | |||||||||||||||
Equity in net income (loss) of affiliates and other items |
1,239 | (5 | ) | 40 | (34 | ) | | 1,240 | ||||||||||||||||
Tax on net operating income |
195 | (213 | ) | (14 | ) | (45 | ) | | (77 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
454 | (378 | ) | 80 | (79 | ) | | 77 | ||||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
(23 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
54 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
(b) | Of which inventory valuation effect |
On operating income |
| (153 | ) | 93 | | |||||||||||||||||||
On net operating income |
| (84 | ) | 65 | | |||||||||||||||||||
3rd quarter 2013 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
5,950 | 28,161 | 27,912 | (167 | ) | | 61,856 | |||||||||||||||||
Intersegment sales |
9,237 | 13,334 | 570 | 18 | (23,159 | ) | | |||||||||||||||||
Excise taxes |
| (1,290 | ) | (4,878 | ) | | | (6,168 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
15,187 | 40,205 | 23,604 | (149 | ) | (23,159 | ) | 55,688 | ||||||||||||||||
Operating expenses |
(6,993 | ) | (39,448 | ) | (22,880 | ) | 54 | 23,159 | (46,108 | ) | ||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,251 | ) | (370 | ) | (180 | ) | (10 | ) | | (2,811 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
5,943 | 387 | 544 | (105 | ) | | 6,769 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
735 | 104 | 45 | (32 | ) | | 852 | |||||||||||||||||
Tax on net operating income |
(3,591 | ) | (30 | ) | (142 | ) | 2 | | (3,761 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
3,087 | 461 | 447 | (135 | ) | | 3,860 | |||||||||||||||||
Net cost of net debt |
(171 | ) | ||||||||||||||||||||||
Non-controlling interests |
(61 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
3,628 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.59 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
||||||||||||||||||||||||
3rd quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
6,708 | 550 | 430 | 63 | | 7,751 | ||||||||||||||||||
Total divestments |
2,800 | 12 | 57 | 28 | | 2,897 | ||||||||||||||||||
Cash flow from operating activities |
6,302 | 1,113 | 1,693 | 76 | | 9,184 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
20
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
6,990 | 29,613 | 28,378 | (6 | ) | | 64,975 | |||||||||||||||||
Intersegment sales |
10,218 | 13,040 | 388 | 57 | (23,703 | ) | | |||||||||||||||||
Excise taxes |
| (1,337 | ) | (4,871 | ) | | | (6,208 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
17,208 | 41,316 | 23,895 | 51 | (23,703 | ) | 58,767 | |||||||||||||||||
Operating expenses |
(9,498 | ) | (40,949 | ) | (23,226 | ) | (300 | ) | 23,703 | (50,270 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,146 | ) | (576 | ) | (201 | ) | (11 | ) | | (2,934 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income |
5,564 | (209 | ) | 468 | (260 | ) | | 5,563 | ||||||||||||||||
Equity in net income (loss) of affiliates and other items |
808 | (75 | ) | (38 | ) | 12 | | 707 | ||||||||||||||||
Tax on net operating income |
(3,326 | ) | (386 | ) | (122 | ) | 42 | | (3,792 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income |
3,046 | (670 | ) | 308 | (206 | ) | | 2,478 | ||||||||||||||||
Net cost of net debt |
(151 | ) | ||||||||||||||||||||||
Non-controlling interests |
(93 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
2,234 | |||||||||||||||||||||||
4th quarter 2013 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(23 | ) | | | | | (23 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
(23 | ) | | | | | (23 | ) | ||||||||||||||||
Operating expenses |
| (458 | ) | (53 | ) | | | (511 | ) | |||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
| (172 | ) | (4 | ) | | | (176 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating income (b) |
(23 | ) | (630 | ) | (57 | ) | | | (710 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
| (202 | ) | (23 | ) | | | (225 | ) | |||||||||||||||
Tax on net operating income |
4 | (279 | ) | 59 | | | (216 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net operating income (b) |
(19 | ) | (1,111 | ) | (21 | ) | | | (1,151 | ) | ||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
| |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Net income |
(1,151 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect
|
| |||||||||||||||||||||||
On operating income |
| (82 | ) | (45 | ) | | ||||||||||||||||||
On net operating income |
| (66 | ) | (37 | ) | | ||||||||||||||||||
4th quarter 2013 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
7,013 | 29,613 | 28,378 | (6 | ) | | 64,998 | |||||||||||||||||
Intersegment sales |
10,218 | 13,040 | 388 | 57 | (23,703 | ) | | |||||||||||||||||
Excise taxes |
| (1,337 | ) | (4,871 | ) | | | (6,208 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Revenues from sales |
17,231 | 41,316 | 23,895 | 51 | (23,703 | ) | 58,790 | |||||||||||||||||
Operating expenses |
(9,498 | ) | (40,491 | ) | (23,173 | ) | (300 | ) | 23,703 | (49,759 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,146 | ) | (404 | ) | (197 | ) | (11 | ) | | (2,758 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted operating income |
5,587 | 421 | 525 | (260 | ) | | 6,273 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
808 | 127 | (15 | ) | 12 | | 932 | |||||||||||||||||
Tax on net operating income |
(3,330 | ) | (107 | ) | (181 | ) | 42 | | (3,576 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Adjusted net operating income |
3,065 | 441 | 329 | (206 | ) | | 3,629 | |||||||||||||||||
Net cost of net debt |
(151 | ) | ||||||||||||||||||||||
Non-controlling interests |
(93 | ) | ||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted net income |
3,385 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.49 | |||||||||||||||||||||||
|
|
|||||||||||||||||||||||
(a) Except for earnings per share. |
||||||||||||||||||||||||
4th quarter 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
9,498 | 956 | 820 | 43 | | 11,317 | ||||||||||||||||||
Total divestments |
812 | 45 | 63 | 19 | | 939 | ||||||||||||||||||
Cash flow from operating activities |
7,310 | 1,816 | 442 | 10 | | 9,578 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
21
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
1st quarter 2013 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
63,558 | 3 | 63,561 | |||||||||
Excise taxes |
(5,541 | ) | | (5,541 | ) | |||||||
Revenues from sales |
58,017 | 3 | 58,020 | |||||||||
Purchases, net of inventory variation |
(40,203 | ) | (116 | ) | (40,319 | ) | ||||||
Other operating expenses |
(7,192 | ) | (2 | ) | (7,194 | ) | ||||||
Exploration costs |
(406 | ) | | (406 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,848 | ) | (5 | ) | (2,853 | ) | ||||||
Other income |
42 | | 42 | |||||||||
Other expense |
(127 | ) | (1,894 | ) | (2,021 | ) | ||||||
Financial interest on debt |
(223 | ) | | (223 | ) | |||||||
Financial income from marketable securities & cash equivalents |
28 | | 28 | |||||||||
Cost of net debt |
(195 | ) | | (195 | ) | |||||||
Other financial income |
136 | | 136 | |||||||||
Other financial expense |
(169 | ) | | (169 | ) | |||||||
Equity in net income (loss) of affiliates |
956 | (7 | ) | 949 | ||||||||
Income taxes |
(4,250 | ) | 275 | (3,975 | ) | |||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
3,761 | (1,746 | ) | 2,015 | ||||||||
Group share |
3,698 | (1,750 | ) | 1,948 | ||||||||
Non-controlling interests |
63 | 4 | 67 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
2nd quarter 2013 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
61,387 | (42 | ) | 61,345 | ||||||||
Excise taxes |
(5,839 | ) | | (5,839 | ) | |||||||
Revenues from sales |
55,548 | (42 | ) | 55,506 | ||||||||
Purchases, net of inventory variation |
(38,869 | ) | (762 | ) | (39,631 | ) | ||||||
Other operating expenses |
(7,239 | ) | (49 | ) | (7,288 | ) | ||||||
Exploration costs |
(354 | ) | | (354 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,534 | ) | | (2,534 | ) | |||||||
Other income |
131 | 331 | 462 | |||||||||
Other expense |
(89 | ) | (31 | ) | (120 | ) | ||||||
Financial interest on debt |
(238 | ) | | (238 | ) | |||||||
Financial income from marketable securities & cash equivalents |
18 | | 18 | |||||||||
Cost of net debt |
(220 | ) | | (220 | ) | |||||||
Other financial income |
206 | | 206 | |||||||||
Other financial expense |
(179 | ) | | (179 | ) | |||||||
Equity in net income (loss) of affiliates |
811 | (17 | ) | 794 | ||||||||
Income taxes |
(3,574 | ) | 345 | (3,229 | ) | |||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
3,638 | (225 | ) | 3,413 | ||||||||
Group share |
3,581 | (217 | ) | 3,364 | ||||||||
Non-controlling interests |
57 | (8 | ) | 49 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
22
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
3rd quarter 2013 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
61,856 | (12 | ) | 61,844 | ||||||||
Excise taxes |
(6,168 | ) | | (6,168 | ) | |||||||
Revenues from sales |
55,688 | (12 | ) | 55,676 | ||||||||
Purchases, net of inventory variation |
(38,847 | ) | (60 | ) | (38,907 | ) | ||||||
Other operating expenses |
(6,510 | ) | (152 | ) | (6,662 | ) | ||||||
Exploration costs |
(751 | ) | | (751 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,811 | ) | (862 | ) | (3,673 | ) | ||||||
Other income |
186 | 1,312 | 1,498 | |||||||||
Other expense |
(129 | ) | (84 | ) | (213 | ) | ||||||
Financial interest on debt |
(211 | ) | | (211 | ) | |||||||
Financial income from marketable securities & cash equivalents |
13 | | 13 | |||||||||
Cost of net debt |
(198 | ) | | (198 | ) | |||||||
Other financial income |
182 | | 182 | |||||||||
Other financial expense |
(203 | ) | | (203 | ) | |||||||
Equity in net income (loss) of affiliates |
816 | 12 | 828 | |||||||||
Income taxes |
(3,734 | ) | (77 | ) | (3,811 | ) | ||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
3,689 | 77 | 3,766 | |||||||||
Group share |
3,628 | 54 | 3,682 | |||||||||
Non-controlling interests |
61 | 23 | 84 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
4th quarter 2013 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
64,998 | (23 | ) | 64,975 | ||||||||
Excise taxes |
(6,208 | ) | | (6,208 | ) | |||||||
Revenues from sales |
58,790 | (23 | ) | 58,767 | ||||||||
Purchases, net of inventory variation |
(41,865 | ) | (127 | ) | (41,992 | ) | ||||||
Other operating expenses |
(7,236 | ) | (384 | ) | (7,620 | ) | ||||||
Exploration costs |
(658 | ) | | (658 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(2,758 | ) | (176 | ) | (2,934 | ) | ||||||
Other income |
288 | | 288 | |||||||||
Other expense |
(229 | ) | (217 | ) | (446 | ) | ||||||
Financial interest on debt |
(217 | ) | | (217 | ) | |||||||
Financial income from marketable securities & cash equivalents |
26 | | 26 | |||||||||
Cost of net debt |
(191 | ) | | (191 | ) | |||||||
Other financial income |
172 | | 172 | |||||||||
Other financial expense |
(151 | ) | | (151 | ) | |||||||
Equity in net income (loss) of affiliates |
852 | (8 | ) | 844 | ||||||||
Income taxes |
(3,536 | ) | (216 | ) | (3,752 | ) | ||||||
|
|
|
|
|
|
|||||||
Consolidated net income |
3,478 | (1,151 | ) | 2,327 | ||||||||
Group share |
3,385 | (1,151 | ) | 2,234 | ||||||||
Non-controlling interests |
93 | | 93 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
23
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL INFORMATION IN U.S. DOLLARS
The unaudited consolidated financial information in U.S. dollars of TOTAL S.A. (TOTAL) and its subsidiaries (the Group, with TOTAL and Group used interchangeably herein) included in this Exhibit has been prepared on the basis of IFRS (International Financial Reporting Standards) as adopted by the European Union and IFRS as issued by the IASB (International Accounting Standard Board).
Change in presentation currency of the Consolidated Financial Statements
In order to make the financial information of TOTAL more readable by better reflecting the performance of its activities mainly carried out in U.S. dollars, TOTAL has changed, effective January 1, 2014, the presentation currency of the Groups Consolidated Financial Statements from the Euro to the US Dollar. The statutory financial statements of TOTAL S.A., the parent company of the Group, remain prepared in euro. The dividend paid remains fixed in euro.
Following this change in accounting policy, the comparative consolidated financial statements are presented in U.S. dollars.
Currency translation adjustments have been set to zero as of January 1, 2004, the date of transition to IFRS. Cumulative currency translation adjustments are presented as if the Group had used the US Dollar as the presentation currency of its Consolidated Financial Statements since that date.
The change in the presentation currency will have the following effects on the Groups Consolidated Financial Statements:
| The different components of assets and liabilities in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro closing rate applicable at the end of the reporting period. The same methodology is applied for shareholders equity as a whole. As a result, the change in presentation currency has no impact on the different components of assets and liabilities, shareholders equity as a whole or the net-debt-to-equity ratio(1). |
(1) | Net-debt-to-equity ratio = net debt (the sum of current borrowings, other current financial liabilities and non-current financial debt, net of current financial assets, net financial assets and liabilities related to assets classified in accordance with IFRS 5 as non-current assets held for sale, hedging instruments on non-current financial debt and cash and cash equivalents) divided by the sum of shareholders equity and non-controlling interests after expected dividends payable. |
24
| The recalculation of currency translation adjustments in dollars has an impact on the distribution of shareholders equity for comparative periods between currency translation adjustment and other components of equity and on other comprehensive income at year end 2011, 2012 and 2013 as set out in the following tables: |
December 31, 2013 |
Historical consolidated financial statements in million euros |
Historical consolidated financial statements in million dollars(a) |
Restatements(b) | Impact of applying interpretation IFRIC 21 |
Consolidated financial statements in million dollars |
|||||||||||||||
Shareholders equity |
||||||||||||||||||||
Common shares |
5,944 | 8,197 | (704 | ) | 7,493 | |||||||||||||||
Paid-in surplus and retained earnings |
74,449 | 102,673 | (4,488 | ) | 69 | 98,254 | ||||||||||||||
Currency translation adjustment |
(4,385 | ) | (6,047 | ) | 4,840 | 4 | (1,203 | ) | ||||||||||||
Treasury shares |
(3,379 | ) | (4,660 | ) | 357 | (4,303 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders equity - Group Share |
72,629 | 100,163 | 5 | 73 | 100,241 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Conversion at the closing exchange rate applicable at the end of the reporting period (0.72511/$). |
(b) | Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.72511/$). |
December 31, 2012 |
Historical consolidated financial statements in million euros |
Historical consolidated financial statements in million dollars(a) |
Restatements(b) | Impact of applying interpretation IFRIC 21 |
Consolidated financial statements in million dollars |
|||||||||||||||
Shareholders equity |
||||||||||||||||||||
Common shares |
5,915 | 7,804 | (350 | ) | 7,454 | |||||||||||||||
Paid-in surplus and retained earnings |
70,116 | 92,511 | (72 | ) | 46 | 92,485 | ||||||||||||||
Currency translation adjustment |
(1,504 | ) | (1,984 | ) | 287 | 1 | (1,696 | ) | ||||||||||||
Treasury shares |
(3,342 | ) | (4,409 | ) | 135 | (4,274 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders equity - Group Share |
71,185 | 93,922 | | 47 | 93,969 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Conversion at the closing exchange rate applicable at the end of the reporting period (0.75792/$). |
(b) | Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.75792/$). |
December 31, 2011 |
Historical consolidated financial statements in million euros |
Historical consolidated financial statements in million dollars(a) |
Restatements(b) | Impact of applying interpretation IFRIC 21 |
Consolidated financial statements in million dollars |
|||||||||||||||
Shareholders equity |
||||||||||||||||||||
Common shares |
5,909 | 7,646 | (199 | ) | 7,447 | |||||||||||||||
Paid-in surplus and retained earnings |
65,430 | 84,660 | 1,755 | 46 | 86,461 | |||||||||||||||
Currency translation adjustment |
(1,004 | ) | (1,299 | ) | (1,585 | ) | (2,884 | ) | ||||||||||||
Treasury shares |
(3,390 | ) | (4,386 | ) | 29 | (4,357 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total shareholders equity - Group Share |
66,945 | 86,621 | | 46 | 86,667 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Conversion at the closing exchange rate applicable at the end of the reporting period (0.772857/$). |
(b) | Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (0.772857/$). |
25
| Statement of income and statement of cash flow amounts in dollars correspond to the amounts published in Euros converted at the US Dollar/Euro average rate of the reporting period. The reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets has an impact on net income for the years 2011, 2012 and 2013 as set out in the following table: |
Net income, Group share |
Historical consolidated financial statements in million euros |
Historical consolidated financial statements in million dollars(a) |
Restatements(b) | Impact of applying interpretation IFRIC 21 |
Consolidated financial statements in million dollars |
|||||||||||||||
2013 |
8,440 | 11,209 | (5 | ) | 24 | 11,228 | ||||||||||||||
2012 |
10,609 | 13,630 | 18 | | 13,648 | |||||||||||||||
2011 |
12,309 | 17,134 | 266 | | 17,400 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Conversion at the average exchange rate, i.e., 0.752945/$ in 2013, 0.778338/$ in 2012 and 0.718414/$ in 2011. |
(b) | Reclassification on the disposal of foreign operations from equity to profit or loss of the cumulative amount of exchange differences relating to the disposed assets. |
Excluding the above reclassification adjustments, the change in presentation currency has no impact on TOTALs net income for comparative periods. Such reclassification adjustments are not included in adjusted net operating income for the business segments, and are also excluded from adjusted net income.
| Return on average capital employed (ROACE) and return on equity (ROE) for comparative periods presented in euro are converted to dollars by dividing the applicable statement of income item (converted at the US Dollar/Euro average rate for the reporting period) by the applicable balance sheet item (converted at the US Dollar/Euro closing rate applicable at the end of the reporting period). The difference between average exchange rates and closing exchange rates has an insignificant effect on ROACE and ROE. |
| As the functional currency of the parent company of the Group remains the Euro, translation adjustments resulting from translation to the US Dollar are presented in the new line item Currency translation adjustment generated by the parent company included in Items not potentially reclassifiable to profit and loss of the statement of Other Comprehensive Income. These translation adjustments are presented in the line item Currency Translation Adjustment of the balance sheet. |
Application of interpretation IFRIC 21 Levies
In May 2013, the IASB issued the interpretation IFRIC 21 Levies. This interpretation is applicable retrospectively for annual periods beginning on or after January 1, 2014. The text indicates that the obligating event for the recognition of a liability is the activity described in the relevant legislation that triggers the payment of the levy. Comparative Consolidated Financial Statements have been restated accordingly.
The impact on shareholders equity as of January 1, 2011, is +$46 million. The impact on statements of income for 2011 and 2012 is not significant. Net income, Group share, for 2013 is increased by $24 million (1st quarter: -$83 million, 2nd quarter: +$48 million, 3rd quarter: +$37 million, 4th quarter: +$22 million).
In 2014, application of IFRIC 21 will have a similar effect as in 2013 due to the accounting of levies in the statement of income of the first quarter.
26