EX-99.1 2 d708820dex991.htm EXHIBIT 99.1 Exhibit 99.1

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
shares

    460,188        1        23        —          —          —          24        —          24   

Purchase of treasury shares

    —          —          —          —          (4,414,200     (236     (236     —          (236

Sale of treasury shares(a)

    —          —          (210     —          3,589,661        210        —          —          —     

Share-based payments

    —          —          51        —          —          —          51        —          51   

Share cancellation

    —          —          —          —          —          —          —          —          —     

Other operations with non-controlling interests

    —          —          (28     1        —          —          (27     31        4   

Other items

    —          —          1        —          —          —          1        5        6   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As of September 30, 2013

    2,377,196,179        7,491        96,442        (1,695     (109,215,198     (4,300     97,938        2,328        100,266   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income 4th quarter 2013

    —          —          2,234        —          —          —          2,234        93        2,327   

Other comprehensive income

    —          —          450        492        —          —          942        (6     936   

Comprehensive Income

    —          —          2,684        492        —          —          3,176        87        3,263   

Dividend

    —          —          (1,816     —          —          —          (1,816     (49     (1,865

Issuance of common shares

    481,981        2        27        —          —          —          29        —          29   

Purchase of treasury shares

    —          —          —          —          —          (2     (2     —          (2

Sale of treasury shares(a)

    —          —          1        —          750        (1     —          —          —     

Share-based payments

    —          —          41        —          —          —          41        —          41   

Share cancellation

    —          —          —          —          —          —          —          —          —     

Other operations with non-controlling interests

    —          —          869        —          —          —          869        768        1,637   

Other items

    —          —          6        —          —          —          6        4        10   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As of December 31, 2013

    2,377,678,160        7,493        98,254        (1,203     (109,214,448     (4,303     100,241        3,138        103,379   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As of January 1, 2013

    2,365,933,146        7,454        92,485        (1,696     (108,391,639     (4,274     93,969        1,689        95,658   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net income 2013

    —          —          11,228        —          —          —          11,228        293        11,521   

Other comprehensive income

    —          —          473        492        —          —          965        (56     909   

Comprehensive Income

    —          —          11,701        492        —          —          12,193        237        12,430   

Dividend

    —          —          (7,116     —          —          —          (7,116     (156     (7,272

Issuance of common shares

    11,745,014        39        446        —          —          —          485        —          485   

Purchase of treasury shares

    —          —          —          —          (4,414,200     (238     (238     —          (238

Sale of treasury shares(a)

    —          —          (209     —          3,591,391        209        —          —          —     

Share-based payments

    —          —          189        —          —          —          189        —          189   

Share cancellation

    —          —          —          —          —          —          —          —          —     

Other operations with non-controlling interests

    —          —          749        1        —          —          750        1,355        2,105   

Other items

    —          —          9        —          —          —          9        13        22   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

As of December 31, 2013

    2,377,678,160        7,493        98,254        (1,203     (109,214,448     (4,303     100,241        3,138        103,379   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

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 Group’s 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 Group’s 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/$).
  (b) Differences between historical exchange rates and the closing exchange rate applicable at the end of the reporting period (€0.772857/$).

 

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    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 TOTAL’s 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.

 

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