UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
March 4, 2015
Commission File Number 001-10888
TOTAL S.A.
(Translation of registrants name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F þ Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No þ
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
TOTAL S.A. (TOTAL) is providing on this Form 6-K its consolidated financial statements for the year ended December 31, 2014, and the notes thereto, together with the report of Ernst & Young Audit and KPMG S.A. thereon. The information contained in this Form 6-K should be read in conjunction with the discussion of the financial information concerning TOTAL and its subsidiaries and affiliates with respect to the fourth quarter and year ended December 31, 2014, in TOTALs Form 6-K filed with the Securities and Exchange Commission (the SEC) on February 12, 2015.
EX-99.1: Report of Independent Registered Public Accounting Firms
EX-99.2: Consolidated Financial Statements for the year ended December 31, 2014, and Notes thereto
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TOTAL S.A. | ||
By: |
/s/ HUMBERT DE WENDEL | |
Name: Humbert de WENDEL Title: Treasurer |
Date: March 4, 2015
Exhibit 99.1 | Report of Independent Registered Public Accounting Firms | |
Exhibit 99.2 | Consolidated Financial Statements for the year ended December 31, 2014, and Notes thereto |
KPMG Audit
Le Belvédère 1 Cours Valmy CS 50034 92923 Paris La Défense Cedex France |
ERNST & YOUNG Audit
1/2, place des Saisons 92400 Courbevoie Paris La Défense 1 France |
TOTAL S.A.
Registered office: 2, place Jean Millier La Défense 6 - 92400 Courbevoie - France
Report of Independent Registered Public Accounting Firms on the Consolidated Financial Statements
Year ended December 31, 2014
The Board of Directors and Shareholders,
We have audited the accompanying consolidated balance sheets of TOTAL S.A. and subsidiaries (the Company) as of December 31, 2014, 2013 and 2012, and the related consolidated statements of income, comprehensive income, cash flows and changes in shareholders equity for each of the years in the three-year period ended December 31, 2014. These consolidated financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2014, 2013 and 2012, and the consolidated results of its operations and its consolidated cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with International Financial Reporting Standards as adopted by the European Union and in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
As discussed in the Introduction to the notes to the consolidated financial statements, the Company has changed the presentation currency of the consolidated financial statements from the euro to the U.S. dollar.
Paris La Défense, March 2, 2015
KPMG Audit | ERNST & YOUNG Audit |
/s/ MICHEL PIETTE |
/s/ VALÉRIE BESSON |
/s/ YVON SALAÜN |
/s/ LAURENT MIANNAY | |||||||||
Michel Piette | Valérie Besson | Yvon Salaün | Laurent Miannay | |||||||||
Partner | Partner | Partner | Partner |
Consolidated statement of income
TOTAL
For the year ended December 31, (M$)(a) | 2014 | 2013 | 2012 | |||||||||||||
Sales |
(notes 4 & 5 | ) | 236,122 | 251,725 | 257,037 | |||||||||||
Excise taxes |
(24,104 | ) | (23,756 | ) | (22,821 | ) | ||||||||||
Revenues from sales |
212,018 | 227,969 | 234,216 | |||||||||||||
Purchases, net of inventory variation |
(note 6 | ) | (152,975 | ) | (160,849 | ) | (162,908 | ) | ||||||||
Other operating expenses |
(note 6 | ) | (28,349 | ) | (28,764 | ) | (29,273 | ) | ||||||||
Exploration costs |
(note 6 | ) | (1,964 | ) | (2,169 | ) | (1,857 | ) | ||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(19,656 | ) | (11,994 | ) | (12,237 | ) | ||||||||||
Other income |
(note 7 | ) | 2,577 | 2,290 | 1,897 | |||||||||||
Other expense |
(note 7 | ) | (954 | ) | (2,800 | ) | (1,178 | ) | ||||||||
Financial interest on debt |
(748 | ) | (889 | ) | (863 | ) | ||||||||||
Financial income from marketable securities & cash equivalents |
108 | 85 | 128 | |||||||||||||
Cost of net debt |
(note 29 | ) | (640 | ) | (804 | ) | (735 | ) | ||||||||
Other financial income |
(note 8 | ) | 821 | 696 | 717 | |||||||||||
Other financial expense |
(note 8 | ) | (676 | ) | (702 | ) | (641 | ) | ||||||||
Equity in net income (loss) of affiliates |
(note 12 | ) | 2,662 | 3,415 | 2,582 | |||||||||||
Income taxes |
(note 9 | ) | (8,614 | ) | (14,767 | ) | (16,747 | ) | ||||||||
Consolidated net income |
4,250 | 11,521 | 13,836 | |||||||||||||
Group share |
4,244 | 11,228 | 13,648 | |||||||||||||
Non-controlling interests |
6 | 293 | 188 | |||||||||||||
Earnings per share ($) |
1.87 | 4.96 | 6.05 | |||||||||||||
Fully-diluted earnings per share ($) |
1.86 | 4.94 | 6.02 |
(a) | Except for per share amounts. |
1
Consolidated statement of comprehensive income
TOTAL
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Consolidated net income |
4,250 | 11,521 | 13,836 | |||||||||
Other comprehensive income |
||||||||||||
Actuarial gains and losses |
(1,526 | ) | 682 | (1,171 | ) | |||||||
Tax effect |
580 | (287 | ) | 465 | ||||||||
Currency translation adjustment generated by the parent company |
(9,039 | ) | 3,129 | 1,324 | ||||||||
Items not potentially reclassifiable to profit and loss |
(9,985 | ) | 3,524 | 618 | ||||||||
Currency translation adjustment |
4,245 | (1,925 | ) | (397 | ) | |||||||
Available for sale financial assets |
(29 | ) | 33 | (435 | ) | |||||||
Cash flow hedge |
97 | 156 | 83 | |||||||||
Share of other comprehensive income of equity affiliates, net amount |
(1,538 | ) | (805 | ) | 249 | |||||||
Other |
3 | (12 | ) | (18 | ) | |||||||
Tax effect |
(18 | ) | (62 | ) | 82 | |||||||
Items potentially reclassifiable to profit and loss |
2,760 | (2,615 | ) | (436 | ) | |||||||
Total other comprehensive income (net amount) (note 17) |
(7,225 | ) | 909 | 182 | ||||||||
Comprehensive income |
(2,975 | ) | 12,430 | 14,018 | ||||||||
Group share |
(2,938 | ) | 12,193 | 13,848 | ||||||||
Non-controlling interests |
(37 | ) | 237 | 170 |
2
Consolidated balance sheet
TOTAL
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||||||
ASSETS |
||||||||||||||||
Non-current assets |
||||||||||||||||
Intangible assets, net |
(notes 5 & 10 | ) | 14,682 | 18,395 | 16,965 | |||||||||||
Property, plant and equipment, net |
(notes 5 & 11 | ) | 106,876 | 104,480 | 91,477 | |||||||||||
Equity affiliates: investments and loans |
(note 12 | ) | 19,274 | 20,417 | 18,153 | |||||||||||
Other investments |
(note 13 | ) | 1,399 | 1,666 | 1,571 | |||||||||||
Hedging instruments of non-current financial debt |
(note 20 | ) | 1,319 | 1,418 | 2,145 | |||||||||||
Deferred income taxes |
(note 9 | ) | 4,079 | 3,838 | 2,982 | |||||||||||
Other non-current assets |
(note 14 | ) | 4,192 | 4,406 | 3,513 | |||||||||||
Total non-current assets |
151,821 | 154,620 | 136,806 | |||||||||||||
Current assets |
||||||||||||||||
Inventories, net |
(note 15 | ) | 15,196 | 22,097 | 22,954 | |||||||||||
Accounts receivable, net |
(note 16 | ) | 15,704 | 23,422 | 25,339 | |||||||||||
Other current assets |
(note 16 | ) | 15,702 | 14,892 | 13,307 | |||||||||||
Current financial assets |
(note 20 | ) | 1,293 | 739 | 2,061 | |||||||||||
Cash and cash equivalents |
(note 27 | ) | 25,181 | 20,200 | 20,409 | |||||||||||
Assets classified as held for sale |
(note 34 | ) | 4,901 | 3,253 | 5,010 | |||||||||||
Total current assets |
77,977 | 84,603 | 89,080 | |||||||||||||
Total assets |
229,798 | 239,223 | 225,886 | |||||||||||||
LIABILITIES & SHAREHOLDERS EQUITY |
||||||||||||||||
Shareholders equity |
||||||||||||||||
Common shares |
7,518 | 7,493 | 7,454 | |||||||||||||
Paid-in surplus and retained earnings |
94,646 | 98,254 | 92,485 | |||||||||||||
Currency translation adjustment |
(7,480 | ) | (1,203 | ) | (1,696 | ) | ||||||||||
Treasury shares |
(4,354 | ) | (4,303 | ) | (4,274 | ) | ||||||||||
Total shareholders equity Group share |
(note 17 | ) | 90,330 | 100,241 | 93,969 | |||||||||||
Non-controlling interests |
3,201 | 3,138 | 1,689 | |||||||||||||
Total shareholders equity |
93,531 | 103,379 | 95,658 | |||||||||||||
Non-current liabilities |
||||||||||||||||
Deferred income taxes |
(note 9 | ) | 14,810 | 17,850 | 16,006 | |||||||||||
Employee benefits |
(note 18 | ) | 4,758 | 4,235 | 4,939 | |||||||||||
Provisions and other non-current liabilities |
(note 19 | ) | 17,545 | 17,517 | 15,285 | |||||||||||
Non-current financial debt |
(note 20 | ) | 45,481 | 34,574 | 29,392 | |||||||||||
Total non-current liabilities |
82,594 | 74,176 | 65,622 | |||||||||||||
Current liabilities |
||||||||||||||||
Accounts payable |
24,150 | 30,282 | 28,563 | |||||||||||||
Other creditors and accrued liabilities |
(note 21 | ) | 16,641 | 18,948 | 19,316 | |||||||||||
Current borrowings |
(note 20 | ) | 10,942 | 11,193 | 14,535 | |||||||||||
Other current financial liabilities |
(note 20 | ) | 180 | 381 | 232 | |||||||||||
Liabilities directly associated with the assets classified as held for sale |
(note 34 | ) | 1,760 | 864 | 1,960 | |||||||||||
Total current liabilities |
53,673 | 61,668 | 64,606 | |||||||||||||
Total liabilities and shareholders equity |
229,798 | 239,223 | 225,886 |
3
Consolidated statement of cash flow
TOTAL
(note 27)
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||||||
Consolidated net income |
4,250 | 11,521 | 13,836 | |||||||||
Depreciation, depletion and amortization |
20,859 | 13,358 | 13,466 | |||||||||
Non-current liabilities, valuation allowances, and deferred taxes |
(1,980 | ) | 1,567 | 1,889 | ||||||||
Impact of coverage of pension benefit plans |
| | (465 | ) | ||||||||
(Gains) losses on disposals of assets |
(1,979 | ) | (80 | ) | (1,715 | ) | ||||||
Undistributed affiliates equity earnings |
29 | (775 | ) | 272 | ||||||||
(Increase) decrease in working capital |
4,480 | 2,525 | 1,392 | |||||||||
Other changes, net |
(51 | ) | 397 | 183 | ||||||||
Cash flow from operating activities |
25,608 | 28,513 | 28,858 | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||||||
Intangible assets and property, plant and equipment additions |
(26,320 | ) | (29,748 | ) | (25,574 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired |
(471 | ) | (21 | ) | (245 | ) | ||||||
Investments in equity affiliates and other securities |
(949 | ) | (1,756 | ) | (1,152 | ) | ||||||
Increase in non-current loans |
(2,769 | ) | (2,906 | ) | (2,504 | ) | ||||||
Total expenditures |
(30,509 | ) | (34,431 | ) | (29,475 | ) | ||||||
Proceeds from disposals of intangible assets and property, plant and equipment |
3,442 | 1,766 | 1,822 | |||||||||
Proceeds from disposals of subsidiaries, net of cash sold |
136 | 2,654 | 452 | |||||||||
Proceeds from disposals of non-current investments |
1,072 | 330 | 3,618 | |||||||||
Repayment of non-current loans |
1,540 | 1,649 | 1,651 | |||||||||
Total divestments |
6,190 | 6,399 | 7,543 | |||||||||
Cash flow used in investing activities |
(24,319 | ) | (28,032 | ) | (21,932 | ) | ||||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||||||
Issuance (repayment) of shares: |
||||||||||||
Parent company shareholders |
420 | 485 | 41 | |||||||||
Treasury shares |
(289 | ) | (238 | ) | (88 | ) | ||||||
Dividends paid: |
||||||||||||
Parent company shareholders |
(7,308 | ) | (7,128 | ) | (6,660 | ) | ||||||
Non-controlling interests |
(154 | ) | (156 | ) | (133 | ) | ||||||
Other transactions with non-controlling interests |
179 | 2,153 | | |||||||||
Net issuance (repayment) of non-current debt |
15,786 | 11,102 | 6,780 | |||||||||
Increase (decrease) in current borrowings |
(2,374 | ) | (9,037 | ) | (3,540 | ) | ||||||
Increase (decrease) in current financial assets and liabilities |
(351 | ) | 1,298 | (1,217 | ) | |||||||
Cash flow used in financing activities |
5,909 | (1,521 | ) | (4,817 | ) | |||||||
Net increase (decrease) in cash and cash equivalents |
7,198 | (1,040 | ) | 2,109 | ||||||||
Effect of exchange rates |
(2,217 | ) | 831 | 153 | ||||||||
Cash and cash equivalents at the beginning of the period |
20,200 | 20,409 | 18,147 | |||||||||
Cash and cash equivalents at the end of the period |
25,181 | 20,200 | 20,409 |
4
Consolidated statement of changes in shareholders equity
TOTAL
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, 2012 |
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 (Note 17) |
| | (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 (Note 17) |
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 (Note 25) |
| | 188 | | | | 188 | | 188 | |||||||||||||||||||||||||||
Share cancellation (Note 17) |
| | | | | | | | | |||||||||||||||||||||||||||
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 (Note 17) |
| | 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 (Note 17) |
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 (Note 25) |
| | 189 | | | | 189 | | 189 | |||||||||||||||||||||||||||
Share cancellation (Note 17) |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 749 | 1 | | | 750 | 1,355 | 2,105 | |||||||||||||||||||||||||||
Other items |
| | 9 | | | | 9 | 13 | 22 | |||||||||||||||||||||||||||
As of December 31, 2013 |
2,377,678,160 | 7,493 | 98,254 | (1,203 | ) | (109,214,448 | ) | (4,303 | ) | 100,241 | 3,138 | 103,379 | ||||||||||||||||||||||||
Net income 2014 |
| | 4,244 | | | | 4,244 | 6 | 4,250 | |||||||||||||||||||||||||||
Other comprehensive income (Note 17) |
| | (907 | ) | (6,275 | ) | | | (7,182 | ) | (43 | ) | (7,225 | ) | ||||||||||||||||||||||
Comprehensive income |
| | 3,337 | (6,275 | ) | | | (2,938 | ) | (37 | ) | (2,975 | ) | |||||||||||||||||||||||
Dividend |
| | (7,378 | ) | | | | (7,378 | ) | (154 | ) | (7,532 | ) | |||||||||||||||||||||||
Issuance of common shares (Note 17) |
7,589,365 | 25 | 395 | | | | 420 | | 420 | |||||||||||||||||||||||||||
Purchase of treasury shares |
| | | | (4,386,300 | ) | (283 | ) | (283 | ) | | (283 | ) | |||||||||||||||||||||||
Sale of treasury shares(a) |
| | (232 | ) | | 4,239,335 | 232 | | | | ||||||||||||||||||||||||||
Share-based payments (Note 25) |
| | 114 | | | | 114 | | 114 | |||||||||||||||||||||||||||
Share cancellation (Note 17) |
| | | | | | | | | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
| | 148 | (2 | ) | | | 146 | 195 | 341 | ||||||||||||||||||||||||||
Other items |
| | 8 | | | | 8 | 59 | 67 | |||||||||||||||||||||||||||
As of December 31, 2014 |
2,385,267,525 | 7,518 | 94,646 | (7,480 | ) | (109,361,413 | ) | (4,354 | ) | 90,330 | 3,201 | 93,531 |
(a) | Treasury shares related to the restricted stock grants. |
5
TOTAL
Notes to the Consolidated Financial Statements
6
7
8
9
10
11
12
13
14
15
16
17
18
A) | Information by business segment |
For the year ended December 31, 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
23,484 | 106,124 | 106,509 | 5 | | 236,122 | ||||||||||||||||||
Intersegment sales |
29,183 | 44,950 | 1,615 | 236 | (75,984 | ) | | |||||||||||||||||
Excise taxes |
| (4,850 | ) | (19,254 | ) | | | (24,104 | ) | |||||||||||||||
Revenues from sales |
52,667 | 146,224 | 88,870 | 241 | (75,984 | ) | 212,018 | |||||||||||||||||
Operating expenses |
(26,235 | ) | (145,014 | ) | (86,931 | ) | (1,092 | ) | 75,984 | (183,288 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(15,938 | ) | (2,901 | ) | (781 | ) | (36 | ) | | (19,656 | ) | |||||||||||||
Operating income |
10,494 | (1,691 | ) | 1,158 | (887 | ) | | 9,074 | ||||||||||||||||
Equity in net income (loss) of affiliates and other items |
4,302 | 90 | (140 | ) | 178 | | 4,430 | |||||||||||||||||
Tax on net operating income |
(8,799 | ) | 391 | (344 | ) | (8 | ) | | (8,760 | ) | ||||||||||||||
Net operating income |
5,997 | (1,210 | ) | 674 | (717 | ) | | 4,744 | ||||||||||||||||
Net cost of net debt |
(494 | ) | ||||||||||||||||||||||
Non-controlling interests |
(6 | ) | ||||||||||||||||||||||
Net income |
4,244 | |||||||||||||||||||||||
For the
year ended December 31, 2014 (adjustments(a)) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
31 | | | | | 31 | ||||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
Revenues from sales |
31 | | | | | 31 | ||||||||||||||||||
Operating expenses |
(164 | ) | (2,980 | ) | (551 | ) | | | (3,695 | ) | ||||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(6,529 | ) | (1,450 | ) | | | | (7,979 | ) | |||||||||||||||
Operating income(b) |
(6,662 | ) | (4,430 | ) | (551 | ) | | | (11,643 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
883 | (282 | ) | (203 | ) | | | 398 | ||||||||||||||||
Tax on net operating income |
1,272 | 1,013 | 174 | | | 2,459 | ||||||||||||||||||
Net operating income(b) |
(4,507 | ) | (3,699 | ) | (580 | ) | | | (8,786 | ) | ||||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
193 | |||||||||||||||||||||||
Net income |
(8,593 | ) | ||||||||||||||||||||||
|
||||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||
(b) Of which inventory valuation effect |
||||||||||||||||||||||||
On operating income |
| (2,944 | ) | (525 | ) | | ||||||||||||||||||
On net operating income |
| (2,114 | ) | (384 | ) | |
19
For the year ended December 31, 2014 (adjusted) (M$)(a) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
23,453 | 106,124 | 106,509 | 5 | | 236,091 | ||||||||||||||||||
Intersegment sales |
29,183 | 44,950 | 1,615 | 236 | (75,984 | ) | | |||||||||||||||||
Excise taxes |
| (4,850 | ) | (19,254 | ) | | | (24,104 | ) | |||||||||||||||
Revenues from sales |
52,636 | 146,224 | 88,870 | 241 | (75,984 | ) | 211,987 | |||||||||||||||||
Operating expenses |
(26,071 | ) | (142,034 | ) | (86,380 | ) | (1,092 | ) | 75,984 | (179,593 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(9,409 | ) | (1,451 | ) | (781 | ) | (36 | ) | | (11,677 | ) | |||||||||||||
Adjusted operating income |
17,156 | 2,739 | 1,709 | (887 | ) | | 20,717 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
3,419 | 372 | 63 | 178 | | 4,032 | ||||||||||||||||||
Tax on net operating income |
(10,071 | ) | (622 | ) | (518 | ) | (8 | ) | | (11,219 | ) | |||||||||||||
Adjusted net operating income |
10,504 | 2,489 | 1,254 | (717 | ) | | 13,530 | |||||||||||||||||
Net cost of net debt |
(494 | ) | ||||||||||||||||||||||
Non-controlling interests |
(199 | ) | ||||||||||||||||||||||
Adjusted net income |
12,837 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
5.63 |
(a) | Except for earnings per share. |
For the year ended December 31, 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
26,520 | 2,022 | 1,818 | 149 | | 30,509 | ||||||||||||||||||
Total divestments |
5,764 | 192 | 163 | 71 | | 6,190 | ||||||||||||||||||
Cash flow from operating activities |
16,666 | 6,302 | 2,721 | (81 | ) | | 25,608 | |||||||||||||||||
Balance sheet as of December 31, 2014 |
||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net |
105,273 | 9,512 | 6,443 | 330 | | 121,558 | ||||||||||||||||||
Investments & loans in equity affiliates |
14,921 | 3,516 | 837 | | | 19,274 | ||||||||||||||||||
Other non-current assets |
6,711 | 959 | 1,849 | 151 | | 9,670 | ||||||||||||||||||
Working capital |
2,015 | 4,041 | 2,141 | (2,386 | ) | | 5,811 | |||||||||||||||||
Provisions and other non-current liabilities |
(30,385 | ) | (4,290 | ) | (2,097 | ) | (341 | ) | | (37,113 | ) | |||||||||||||
Assets and liabilities classified as held for sale |
1,962 | 1,032 | 91 | | | 3,085 | ||||||||||||||||||
Capital Employed (balance sheet) |
100,497 | 14,770 | 9,264 | (2,246 | ) | | 122,285 | |||||||||||||||||
Less inventory valuation effect |
| (1,319 | ) | (439 | ) | (1 | ) | | (1,759 | ) | ||||||||||||||
Capital Employed (Business segment information) |
100,497 | 13,451 | 8,825 | (2,247 | ) | | 120,526 | |||||||||||||||||
ROACE as a percentage |
11% | 15% | 13% | | | 11% |
20
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 | ) | |
21
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$) | Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
29,750 | 2,708 | 1,814 | 159 | | 34,431 | ||||||||||||||||||
Total divestments |
5,786 | 365 | 186 | 62 | | 6,399 | ||||||||||||||||||
Cash flow from operating activities |
21,857 | 4,260 | 2,557 | (161 | ) | | 28,513 | |||||||||||||||||
Balance sheet as of December 31, 2013 |
||||||||||||||||||||||||
Property, plant and equipment, intangible assets, net |
103,667 | 12,407 | 6,441 | 360 | | 122,875 | ||||||||||||||||||
Investments & loans in equity affiliates |
15,862 | 3,542 | 1,013 | | | 20,417 | ||||||||||||||||||
Other non-current assets |
5,691 | 1,427 | 2,014 | 778 | | 9,910 | ||||||||||||||||||
Working capital |
(327 | ) | 10,458 | 3,779 | (2,729 | ) | | 11,181 | ||||||||||||||||
Provisions and other non-current liabilities |
(31,574 | ) | (4,437 | ) | (2,303 | ) | (1,288 | ) | | (39,602 | ) | |||||||||||||
Assets and liabilities classified as held for sale |
2,210 | | | | | 2,210 | ||||||||||||||||||
Capital Employed (balance sheet) |
95,529 | 23,397 | 10,944 | (2,879 | ) | | 126,991 | |||||||||||||||||
Less inventory valuation effect |
| (3,645 | ) | (893 | ) | (2 | ) | | (4,540 | ) | ||||||||||||||
Capital Employed (Business segment information) |
95,529 | 19,752 | 10,051 | (2,881 | ) | | 122,451 | |||||||||||||||||
ROACE as a percentage |
14% | 9% | 16% | | | 13% |
22
For the year ended December 31, 2012 (M$) |
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$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Intersegment sales |
| | | | | | ||||||||||||||||||
Excise taxes |
| | | | | | ||||||||||||||||||
Revenues from sales |
(12 | ) | | | | | (12 | ) | ||||||||||||||||
Operating expenses |
(752 | ) | (257 | ) | (294 | ) | (115 | ) | | (1,418 | ) | |||||||||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(1,538 | ) | (266 | ) | (87 | ) | | | (1,891 | ) | ||||||||||||||
Operating income(b) |
(2,302 | ) | (523 | ) | (381 | ) | (115 | ) | | (3,321 | ) | |||||||||||||
Equity in net income (loss) of affiliates and other items |
326 | (51 | ) | (154 | ) | 188 | | 309 | ||||||||||||||||
Tax on net operating income |
817 | 90 | 85 | (139 | ) | | 853 | |||||||||||||||||
Net operating income(b) |
(1,159 | ) | (484 | ) | (450 | ) | (66 | ) | | (2,159 | ) | |||||||||||||
Net cost of net debt |
| |||||||||||||||||||||||
Non-controlling interests |
35 | |||||||||||||||||||||||
Net income |
(2,124 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
| |||||||||||||||||||||||
(b) Of which inventory valuation effect |
| |||||||||||||||||||||||
On operating income |
| (230) | (71) | | ||||||||||||||||||||
On net operating income |
| (149) | (50) | |
23
For the year ended December 31, 2012 (adjusted) (M$)(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% |
24
The ROE is calculated as follows:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Adjusted net income Group share |
12,837 | 14,292 | 15,772 | |||||||||
Adjusted non-controlling interests |
199 | 274 | 223 | |||||||||
Adjusted consolidated net income |
13,036 | 14,566 | 15,995 | |||||||||
Shareholders equity Group share |
90,330 | 100,241 | 93,969 | |||||||||
Distribution of the income based on existing shares at the closing date |
(1,686 | ) | (1,908 | ) | (1,757 | ) | ||||||
Non-controlling interests |
3,201 | 3,138 | 1,689 | |||||||||
Adjusted shareholders equity(a) |
91,845 | 101,471 | 93,901 | |||||||||
ROE |
13.5% | 14.9% | 17.7% |
(a) | Adjusted shareholders equity as of December 31, 2011 amounted to $86,748 million. |
C) | Reconciliation of the information by business segment with Consolidated Financial Statements |
The table below presents the impact of adjustment items on the consolidated statement of income:
For the year ended December 31, 2014 (M$) | Adjusted | Adjustments(a) | Consolidated statement of income |
|||||||||
Sales |
236,091 | 31 | 236,122 | |||||||||
Excise taxes |
(24,104 | ) | | (24,104 | ) | |||||||
Revenues from sales |
211,987 | 31 | 212,018 | |||||||||
Purchases, net of inventory variation |
(149,506 | ) | (3,469 | ) | (152,975 | ) | ||||||
Other operating expenses |
(28,123 | ) | (226 | ) | (28,349 | ) | ||||||
Exploration costs |
(1,964 | ) | | (1,964 | ) | |||||||
Depreciation, depletion and amortization of tangible assets and mineral interests |
(11,677 | ) | (7,979 | ) | (19,656 | ) | ||||||
Other income |
1,272 | 1,305 | 2,577 | |||||||||
Other expense |
(700 | ) | (254 | ) | (954 | ) | ||||||
Financial interest on debt |
(748 | ) | | (748 | ) | |||||||
Financial income from marketable securities & cash equivalents |
108 | | 108 | |||||||||
Cost of net debt |
(640 | ) | | (640 | ) | |||||||
Other financial income |
821 | | 821 | |||||||||
Other financial expense |
(676 | ) | | (676 | ) | |||||||
Equity in net income (loss) of affiliates |
3,315 | (653 | ) | 2,662 | ||||||||
Income taxes |
(11,073 | ) | 2,459 | (8,614 | ) | |||||||
Consolidated net income |
13,036 | (8,786 | ) | 4,250 | ||||||||
Group share |
12,837 | (8,593 | ) | 4,244 | ||||||||
Non-controlling interests |
199 | (193 | ) | 6 |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
25
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. |
26
D) | Adjustment items by business segment |
The adjustment items to income as per Note 2 to the Consolidated Financial Statements are detailed as follows:
Adjustments to operating income For the year ended December 31, 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (2,944 | ) | (525 | ) | | (3,469 | ) | ||||||||||||
Effect of changes in fair value |
31 | | | | 31 | |||||||||||||||
Restructuring charges |
| | | | | |||||||||||||||
Asset impairment charges |
(6,529 | ) | (1,450 | ) | | | (7,979 | ) | ||||||||||||
Other items |
(164 | ) | (36 | ) | (26 | ) | | (226 | ) | |||||||||||
Total |
(6,662 | ) | (4,430 | ) | (551 | ) | | (11,643 | ) |
Adjustments to net income, Group share For the year ended December 31, 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (2,114 | ) | (339 | ) | | (2,453 | ) | ||||||||||||
Effect of changes in fair value |
25 | | | | 25 | |||||||||||||||
Restructuring charges |
| (13 | ) | (7 | ) | | (20 | ) | ||||||||||||
Asset impairment charges |
(5,514 | ) | (1,409 | ) | (140 | ) | | (7,063 | ) | |||||||||||
Gains (losses) on disposals of assets |
1,314 | (105 | ) | | | 1,209 | ||||||||||||||
Other items |
(193 | ) | (58 | ) | (40 | ) | | (291 | ) | |||||||||||
Total |
(4,368 | ) | (3,699 | ) | (526 | ) | | (8,593 | ) |
Adjustments to operating income For the year ended December 31, 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (978 | ) | (87 | ) | | (1,065 | ) | ||||||||||||
Effect of changes in fair value |
(74 | ) | | | | (74 | ) | |||||||||||||
Restructuring charges |
| (373 | ) | (3 | ) | | (376 | ) | ||||||||||||
Asset impairment charges |
(855 | ) | (184 | ) | (4 | ) | | (1,043 | ) | |||||||||||
Other items |
(113 | ) | (54 | ) | (44 | ) | | (211 | ) | |||||||||||
Total |
(1,042 | ) | (1,589 | ) | (138 | ) | | (2,769 | ) |
Adjustments to net income, Group share For the year ended December 31, 2013 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (656 | ) | (72 | ) | | (728 | ) | ||||||||||||
Effect of changes in fair value |
(58 | ) | | | | (58 | ) | |||||||||||||
Restructuring charges |
| (537 | ) | (30 | ) | | (567 | ) | ||||||||||||
Asset impairment charges |
(581 | ) | (183 | ) | (9 | ) | | (773 | ) | |||||||||||
Gains (losses) on disposals of assets |
(58 | ) | (59 | ) | | | (117 | ) | ||||||||||||
Other items |
(113 | ) | (676 | ) | 47 | (79 | ) | (821 | ) | |||||||||||
Total |
(810 | ) | (2,111 | ) | (64 | ) | (79 | ) | (3,064 | ) |
Adjustments to operating income For the year ended December 31, 2012 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (230 | ) | (71 | ) | | (301 | ) | ||||||||||||
Effect of changes in fair value |
(12 | ) | | | | (12 | ) | |||||||||||||
Restructuring charges |
| (3 | ) | | | (3 | ) | |||||||||||||
Asset impairment charges |
(1,538 | ) | (266 | ) | (87 | ) | | (1,891 | ) | |||||||||||
Other items |
(752 | ) | (24 | ) | (223 | ) | (115 | ) | (1,114 | ) | ||||||||||
Total |
(2,302 | ) | (523 | ) | (381 | ) | (115 | ) | (3,321 | ) |
Adjustments to net income, Group share For the year ended December 31, 2012 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services |
Corporate | Total | |||||||||||||||
Inventory valuation effect |
| (149 | ) | (52 | ) | | (201 | ) | ||||||||||||
Effect of changes in fair value |
(9 | ) | | | | (9 | ) | |||||||||||||
Restructuring charges |
| (31 | ) | (68 | ) | | (99 | ) | ||||||||||||
Asset impairment charges |
(985 | ) | (247 | ) | (155 | ) | (39 | ) | (1,426 | ) | ||||||||||
Gains (losses) on disposals of assets |
326 | | | 438 | 764 | |||||||||||||||
Other items |
(491 | ) | (57 | ) | (140 | ) | (465 | ) | (1,153 | ) | ||||||||||
Total |
(1,159 | ) | (484 | ) | (415 | ) | (66 | ) | (2,124 | ) |
27
28
5) Information by geographical area
(M$) | France | Rest of Europe |
North America |
Africa | Rest of the world |
Total | ||||||||||||||||||
For the year ended December 31, 2014 |
||||||||||||||||||||||||
Non-Group sales |
51,471 | 114,747 | 23,766 | 23,281 | 22,857 | 236,122 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net |
4,350 | 25,137 | 16,064 | 41,405 | 34,602 | 121,558 | ||||||||||||||||||
Capital expenditures |
1,266 | 5,880 | 3,658 | 9,798 | 9,907 | 30,509 | ||||||||||||||||||
For the year ended December 31, 2013 |
||||||||||||||||||||||||
Non-Group sales |
57,650 | 128,661 | 22,332 | 23,146 | 19,936 | 251,725 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net |
6,251 | 26,840 | 19,588 | 37,847 | 32,349 | 122,875 | ||||||||||||||||||
Capital expenditures |
1,772 | 6,289 | 4,157 | 10,705 | 11,508 | 34,431 | ||||||||||||||||||
For the year ended December 31, 2012 |
||||||||||||||||||||||||
Non-Group sales |
59,077 | 133,439 | 22,675 | 23,025 | 18,821 | 257,037 | ||||||||||||||||||
Property, plant and equipment, intangible assets, net |
6,017 | 23,349 | 20,082 | 32,983 | 26,011 | 108,442 | ||||||||||||||||||
Capital expenditures |
2,041 | 5,660 | 4,045 | 9,346 | 8,383 | 29,475 |
6) Operating expenses
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Purchases, net of inventory variation(a)(b) |
(152,975 | ) | (160,849 | ) | (162,908 | ) | ||||||
Exploration costs |
(1,964 | ) | (2,169 | ) | (1,857 | ) | ||||||
Other operating expenses(c) |
(28,349 | ) | (28,764 | ) | (29,273 | ) | ||||||
of which non-current operating liabilities (allowances) reversals |
717 | 184 | 560 | |||||||||
of which current operating liabilities (allowances) reversals |
(147 | ) | 6 | (65 | ) | |||||||
Operating expenses |
(183,288 | ) | (191,782 | ) | (194,038 | ) |
(a) | Includes taxes paid on oil and gas production in the Upstream segment, namely royalties. |
(b) | The Group values under / over lifting at market value. |
(c) | Principally composed of production and administrative costs (see in particular the payroll costs as detailed in Note 26 to the Consolidated Financial Statements Payroll and staff). Also includes for 2012 an amount of $226 million for the exceptional contribution of 4% on the value of the oil stocks established by the second corrective finance act for 2012 in France. This exceptional contribution was due by every person, with the exception of the state, owning volumes of certain types of petroleum products situated in the territory of metropolitan France. |
29
30
Income taxes are detailed as follows:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Current income taxes |
(10,904 | ) | (13,607 | ) | (15,970 | ) | ||||||
Deferred income taxes |
2,290 | (1,160 | ) | (777 | ) | |||||||
Total income taxes |
(8,614 | ) | (14,767 | ) | (16,747 | ) |
Before netting deferred tax assets and liabilities by fiscal entity, the components of deferred tax balances are as follows:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Net operating losses and tax carry forwards |
5,213 | 4,586 | 2,965 | |||||||||
Employee benefits |
1,770 | 1,641 | 2,089 | |||||||||
Other temporary non-deductible provisions |
6,258 | 5,992 | 5,011 | |||||||||
Differences in depreciations |
(18,129 | ) | (20,948 | ) | (18,582 | ) | ||||||
Other temporary tax deductions |
(2,542 | ) | (3,267 | ) | (3,558 | ) | ||||||
Valuation allowance |
(3,301 | ) | (2,016 | ) | (949 | ) | ||||||
Net deferred tax liability |
(10,731 | ) | (14,012 | ) | (13,024 | ) |
Carried forward tax losses on net operating losses in the table above for $5,213 million as of December 31, 2014, includes notably France for $1,283 million, the United Kingdom for $1,128 million, Canada for $739 million and Belgium for $736 million.
The impairment of deferred tax assets in the table above for $3,301 million as of December 31, 2014, relates notably to Congo for an amount of $1,030 million, to France for an amount of $939 million and to Belgium for an amount of $415 million.
After netting deferred tax assets and liabilities by fiscal entity, deferred taxes are presented on the balance sheet as follows:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Deferred tax assets, non-current |
4,079 | 3,838 | 2,982 | |||||||||
Deferred tax liabilities, non-current |
(14,810 | ) | (17,850 | ) | (16,006 | ) | ||||||
Net amount |
(10,731 | ) | (14,012 | ) | (13,024 | ) |
The net deferred tax variation in the balance sheet is analyzed as follows:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Opening balance |
(14,012 | ) | (13,024 | ) | (12,687 | ) | ||||||
Deferred tax on income |
2,290 | (1,160 | ) | (777 | ) | |||||||
Deferred tax on shareholders equity(a) |
562 | (349 | ) | 547 | ||||||||
Changes in scope of consolidation(b) |
356 | 153 | 89 | |||||||||
Currency translation adjustment |
73 | 368 | (196 | ) | ||||||||
Closing balance |
(10,731 | ) | (14,012 | ) | (13,024 | ) |
(a) | This amount includes mainly deferred taxes on actuarial gains and losses, current income taxes and deferred taxes for changes in fair value of listed securities classified as financial assets available for sale, as well as deferred taxes related to the cash flow hedge (see Note 17 to the Consolidated Financial Statements). |
(b) | Changes in scope of consolidation include, as of December 31, 2014, the impact of reclassifications in assets classified as held for sale and liabilities directly associated with the assets classified as held for sale for $256 million. |
Reconciliation between provision for income taxes and pre-tax income:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Consolidated net income |
4,250 | 11,521 | 13,836 | |||||||||
Provision for income taxes |
8,614 | 14,767 | 16,747 | |||||||||
Pre-tax income |
12,864 | 26,288 | 30,583 | |||||||||
French statutory tax rate |
38.00% | 38.00% | 36.10% | |||||||||
Theoretical tax charge |
(4,888 | ) | (9,989 | ) | (11,040 | ) | ||||||
Difference between French and foreign income tax rates |
(4,256 | ) | (6,131 | ) | (7,637 | ) | ||||||
Tax effect of equity in income (loss) of affiliates |
1,012 | 1,298 | 933 | |||||||||
Permanent differences |
833 | 1,130 | 1,048 | |||||||||
Adjustments on prior years income taxes |
33 | | 105 | |||||||||
Adjustments on deferred tax related to changes in tax rates |
(1 | ) | 3 | (89 | ) | |||||||
Changes in valuation allowance of deferred tax assets |
(1,347 | ) | (1,078 | ) | (67 | ) | ||||||
Net provision for income taxes |
(8,614 | ) | (14,767 | ) | (16,747 | ) |
31
The difference between the French tax rate and the tax rates of foreign subsidiaries is mainly due to the taxation of profits made by the Group in countries where it conducts its exploration and production activities at higher tax rates than French tax rates.
The French statutory tax rate includes the standard corporate tax rate (33.33%) and additional applicable taxes that bring the overall tax rate to 38.00% in 2014 (versus 38.00% in 2013 and 36.10% in 2012).
Permanent differences are mainly due to impairment of goodwill and to dividends from non-consolidated companies as well as the specific taxation rules applicable to certain activities.
Net operating losses and carried forward tax credits
Deferred tax assets related to carried forward tax credits on net operating losses expire in the following years:
2014 | 2013 | 2012 | ||||||||||||||||||||||
As of December 31, (M$) |
Basis | Tax | Basis | Tax | Basis | Tax | ||||||||||||||||||
2013 |
| | | | 417 | 198 | ||||||||||||||||||
2014 |
| | 491 | 236 | 329 | 153 | ||||||||||||||||||
2015 |
443 | 218 | 372 | 178 | 221 | 99 | ||||||||||||||||||
2016 |
306 | 151 | 226 | 105 | 34 | 11 | ||||||||||||||||||
2017(a) |
623 | 229 | 565 | 185 | 4,206 | 1,282 | ||||||||||||||||||
2018(b) |
424 | 143 | 4,435 | 1,332 | | | ||||||||||||||||||
2019 and after |
3,313 | 899 | | | | | ||||||||||||||||||
Unlimited |
9,906 | 3,573 | 7,593 | 2,550 | 4,022 | 1,222 | ||||||||||||||||||
Total |
15,015 | 5,213 | 13,682 | 4,586 | 9,229 | 2,965 |
(a) | Net operating losses and carried forward tax credits in 2017 and after for 2012. |
(b) | Net operating losses and carried forward tax credits in 2018 and after for 2013. |
10) Intangible assets
As of December 31, 2014 (M$) | Cost | Amortization and impairment |
Net | |||||||||
Goodwill |
1,639 | (1,020 | ) | 619 | ||||||||
Proved mineral interests |
12,215 | (5,514 | ) | 6,701 | ||||||||
Unproved mineral interests |
10,673 | (4,498 | ) | 6,175 | ||||||||
Other intangible assets |
4,387 | (3,200 | ) | 1,187 | ||||||||
Total intangible assets |
28,914 | (14,232 | ) | 14,682 |
As of December 31, 2013 (M$) | Cost | Amortization and impairment |
Net | |||||||||
Goodwill |
2,512 | (1,263 | ) | 1,249 | ||||||||
Proved mineral interests |
12,309 | (5,003 | ) | 7,306 | ||||||||
Unproved mineral interests |
10,430 | (1,785 | ) | 8,645 | ||||||||
Other intangible assets |
4,978 | (3,783 | ) | 1,195 | ||||||||
Total intangible assets |
30,229 | (11,834 | ) | 18,395 |
As of December 31, 2012 (M$) | Cost | Amortization and impairment |
Net | |||||||||
Goodwill |
2,449 | (1,275 | ) | 1,174 | ||||||||
Proved mineral interests |
11,614 | (4,343 | ) | 7,271 | ||||||||
Unproved mineral interests |
8,465 | (1,204 | ) | 7,261 | ||||||||
Other intangible assets |
4,714 | (3,455 | ) | 1,259 | ||||||||
Total intangible assets |
27,242 | (10,277 | ) | 16,965 |
Changes in net intangible assets are analyzed in the following table:
(M$) | Net amount as of January 1, |
Acquisitions | Disposals | Amortization and impairment |
Currency translation adjustment |
Other | Net amount as of December 31, |
|||||||||||||||||||||
2014 |
18,395 | 1,000 | (178 | ) | (3,920 | ) | (276 | ) | (339 | ) | 14,682 | |||||||||||||||||
2013 |
16,965 | 3,648 | (388 | ) | (1,527 | ) | (10 | ) | (293 | ) | 18,395 | |||||||||||||||||
2012 |
16,062 | 3,169 | (75 | ) | (1,849 | ) | 122 | (464 | ) | 16,965 |
32
A summary of changes in the carrying amount of goodwill by business segment for the year ended December 31, 2014 is as follows:
(M$) | Net goodwill as of January 1, 2014 |
Increases | Impairments | Other | Net goodwill as of December 31, 2014 |
|||||||||||||||
Upstream |
4 | | | (4 | ) | | ||||||||||||||
Refining & Chemicals |
1,123 | | | (638 | ) | 485 | ||||||||||||||
Marketing & Services |
88 | 34 | (2 | ) | (16 | ) | 104 | |||||||||||||
Corporate |
34 | | | (4 | ) | 30 | ||||||||||||||
Total |
1,249 | 34 | (2 | ) | (662 | ) | 619 |
11) Property, plant and equipment
As of December 31, 2014 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Upstream properties |
||||||||||||
Proved properties |
139,294 | (86,326 | ) | 52,968 | ||||||||
Unproved properties |
2,153 | | 2,153 | |||||||||
Work in progress |
38,698 | (1,574 | ) | 37,124 | ||||||||
Subtotal |
180,145 | (87,900 | ) | 92,245 | ||||||||
Other property, plant and equipment |
||||||||||||
Land |
1,683 | (613 | ) | 1,070 | ||||||||
Machinery, plant and equipment (including transportation equipment) |
30,966 | (24,874 | ) | 6,092 | ||||||||
Buildings |
8,141 | (5,291 | ) | 2,850 | ||||||||
Work in progress |
2,367 | (324 | ) | 2,043 | ||||||||
Other |
8,673 | (6,097 | ) | 2,576 | ||||||||
Subtotal |
51,830 | (37,199 | ) | 14,631 | ||||||||
Total property, plant and equipment |
231,975 | (125,099 | ) | 106,876 |
As of December 31, 2013 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Upstream properties |
||||||||||||
Proved properties |
134,512 | (83,423 | ) | 51,089 | ||||||||
Unproved properties |
1,432 | | 1,432 | |||||||||
Work in progress |
34,668 | (56 | ) | 34,612 | ||||||||
Subtotal |
170,612 | (83,479 | ) | 87,133 | ||||||||
Other property, plant and equipment |
||||||||||||
Land |
1,846 | (582 | ) | 1,264 | ||||||||
Machinery, plant and equipment (including transportation equipment) |
35,215 | (26,903 | ) | 8,312 | ||||||||
Buildings |
9,050 | (5,870 | ) | 3,180 | ||||||||
Work in progress |
2,318 | (465 | ) | 1,853 | ||||||||
Other |
9,717 | (6,979 | ) | 2,738 | ||||||||
Subtotal |
58,146 | (40,799 | ) | 17,347 | ||||||||
Total property, plant and equipment |
228,758 | (124,278 | ) | 104,480 |
33
As of December 31, 2012 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Upstream properties |
||||||||||||
Proved properties |
115,971 | (76,303 | ) | 39,668 | ||||||||
Unproved properties |
302 | | 302 | |||||||||
Work in progress |
35,155 | (227 | ) | 34,928 | ||||||||
Subtotal |
151,428 | (76,530 | ) | 74,898 | ||||||||
Other property, plant and equipment |
||||||||||||
Land |
1,787 | (537 | ) | 1,250 | ||||||||
Machinery, plant and equipment (including transportation equipment) |
33,645 | (25,673 | ) | 7,972 | ||||||||
Buildings |
8,562 | (5,505 | ) | 3,057 | ||||||||
Work in progress |
2,285 | (365 | ) | 1,920 | ||||||||
Other |
9,029 | (6,649 | ) | 2,380 | ||||||||
Subtotal |
55,308 | (38,729 | ) | 16,579 | ||||||||
Total property, plant and equipment |
206,736 | (115,259 | ) | 91,477 |
Changes in net property, plant and equipment are analyzed in the following table:
(M$) | Net amount as of January 1, |
Acquisitions | Disposals | Depreciation and impairment |
Currency translation adjustment |
Other | Net amount as of December 31, |
|||||||||||||||||||||
2014 |
104,480 | 25,320 | (2,211 | ) | (16,939 | ) | (4,438 | ) | 664 | 106,876 | ||||||||||||||||||
2013 |
91,477 | 26,100 | (2,828 | ) | (11,831 | ) | (361 | ) | 1,923 | 104,480 | ||||||||||||||||||
2012 |
83,400 | 22,405 | (813 | ) | (11,617 | ) | 1,286 | (3,184 | ) | 91,477 |
34
Property, plant and equipment presented above include the following amounts for facilities and equipment under finance leases that have been capitalized:
As of December 31, 2014 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Machinery, plant and equipment |
520 | (443 | ) | 77 | ||||||||
Buildings |
72 | (45 | ) | 27 | ||||||||
Other |
245 | (29 | ) | 216 | ||||||||
Total |
837 | (517 | ) | 320 | ||||||||
As of December 31, 2013 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Machinery, plant and equipment |
519 | (417 | ) | 102 | ||||||||
Buildings |
72 | (35 | ) | 37 | ||||||||
Other |
263 | (17 | ) | 246 | ||||||||
Total |
854 | (469 | ) | 385 | ||||||||
As of December 31, 2012 (M$) | Cost | Depreciation and impairment |
Net | |||||||||
Machinery, plant and equipment |
502 | (378 | ) | 124 | ||||||||
Buildings |
69 | (33 | ) | 36 | ||||||||
Other |
267 | (3 | ) | 264 | ||||||||
Total |
838 | (414 | ) | 424 |
12) Equity affiliates: investments and loans
The contribution of equity affiliates in the consolidated balance sheet, consolidated statement of income and consolidated statement of comprehensive income is presented below:
Equity value As of December 31, (M$) |
2014 | 2013 | 2012 |
|||||||||
Total Associates |
11,632 | 13,717 | 12,374 | |||||||||
Total Joint ventures |
3,016 | 3,146 | 2,665 | |||||||||
Total |
14,648 | 16,863 | 15,039 | |||||||||
Loans |
4,626 | 3,554 | 3,114 | |||||||||
Total |
19,274 | 20,417 | 18,153 |
Equity share in profit/(loss) As of December 31, (M$) |
2014 | 2013 | 2012 | |||||||||
Total Associates |
2,786 | 3,238 | 2,520 | |||||||||
Total Joint ventures |
(124 | ) | 177 | 62 | ||||||||
Total |
2,662 | 3,415 | 2,582 |
Other comprehensive income As of December 31, (M$) |
2014 | 2013 | 2012 | |||||||||
Total Associates |
(1,532 | ) | (669 | ) | 134 | |||||||
Total Joint ventures |
(6 | ) | (136 | ) | 115 | |||||||
Total |
(1,538 | ) | (805 | ) | 249 |
In cases where the Group holds less than 20% of the voting rights in another entity, the determination of whether the Group exercises significant influence is also based on other facts and circumstances i.e. representation on the board of directors or an equivalent governing body of the entity, participation in policy-making processes, including participation in decisions relating to dividends or other distributions, significant transactions between the investor and the entity, exchange of management personnel, or provision of essential technical information.
35
Information (100% gross) relating to significant associates is as follows:
Upstream
Novatek(a) | Liquefaction entities | PetroCedeño | ||||||||||||||||||||||||||||||||||
(M$) | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Non current assets |
9,551 | 13,617 | 11,465 | 33,909 | 31,680 | 30,751 | 6,458 | 6,263 | 6,074 | |||||||||||||||||||||||||||
Current assets |
1,648 | 2,829 | 1,652 | 9,007 | 7,684 | 7,480 | 10,033 | 5,059 | 4,499 | |||||||||||||||||||||||||||
Total Assets |
11,199 | 16,446 | 13,117 | 42,916 | 39,364 | 38,231 | 16,491 | 11,322 | 10,573 | |||||||||||||||||||||||||||
Shareholders equity |
7,135 | 10,683 | 9,289 | 25,090 | 23,256 | 20,919 | 5,597 | 5,581 | 5,578 | |||||||||||||||||||||||||||
Non current liabilities |
3,352 | 4,934 | 2,718 | 10,876 | 11,474 | 12,686 | 274 | 186 | 208 | |||||||||||||||||||||||||||
Current liabilities |
712 | 829 | 1,110 | 6,950 | 4,634 | 4,626 | 10,620 | 5,555 | 4,787 | |||||||||||||||||||||||||||
Total Liabilities |
11,199 | 16,446 | 13,117 | 42,916 | 39,364 | 38,231 | 16,491 | 11,322 | 10,573 | |||||||||||||||||||||||||||
Revenue from sales |
9,222 | 9,355 | 7,019 | 39,502 | 38,728 | 38,296 | 3,644 | 4,117 | 4,707 | |||||||||||||||||||||||||||
Net income |
2,759 | 2,647 | 3,744 | 14,269 | 14,381 | 13,941 | 343 | 600 | 522 | |||||||||||||||||||||||||||
Other comprehensive income |
(5,431 | ) | (697 | ) | 372 | | | | | | | |||||||||||||||||||||||||
% owned |
18.24% | 16.96% | 15.34% | 30.32% | 30.32% | 30.32% | ||||||||||||||||||||||||||||||
Revaluation identifiable assets on equity afiliates |
1,944 | 3,545 | 3,608 | | | | | | | |||||||||||||||||||||||||||
Equity value |
3,245 | 5,357 | 5,034 | 4,130 | 3,625 | 3,049 | 1,697 | 1,692 | 1,692 | |||||||||||||||||||||||||||
Equity share in profit/(loss) |
193 | 221 | 43 | 2,125 | 2,027 | 1,769 | 104 | 182 | 158 | |||||||||||||||||||||||||||
Equity other comprehensive income |
(1,844 | ) | (621 | ) | 143 | 200 | (21 | ) | (1 | ) | | | | |||||||||||||||||||||||
Dividends paid to the Group |
126 | 102 | 89 | 1,687 | 1,579 | 1,908 | 99 | 182 | 60 |
(a) | Information includes estimates at the date of Totals financial statements. |
Novatek, listed in Moscow and London, is the 2nd largest producer of natural gas in Russia. The Group share of Novateks market value amounted to $4,234 million as at December 31, 2014. Novatek is consolidated by the equity method. Total considers, in fact, that it exercises significant influence particularly via its representation on the board of directors of Novatek and its interest in the major project of Yamal LNG.
The Groups interests in associates operating liquefaction plants are combined. The amounts include investments in; Nigeria LNG (15.00%), Angola LNG Ltd. (13.60%), Yemen LNG Co (39.62%), Qatargas (10.00%), Qatar Liquefied Gas Company Limited II Train B (16.70%), Oman LNG (5.54%), Brass LNG (20.48%) and Abu Dhabi Gas Lc (5.00%).
PetroCedeño produces and upgrades extra-heavy crude oil in Venezuela.
Refining & Chemicals
Saudi Aramco Total Refining & Petrochemicals |
Qatar | |||||||||||||||||||||||
(M$) |
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Non current assets |
12,654 | 12,356 | 10,380 | 3,020 | 2,867 | 2,561 | ||||||||||||||||||
Current assets |
1,250 | 1,331 | 98 | 1,385 | 1,277 | 1,086 | ||||||||||||||||||
Total Assets |
13,904 | 13,687 | 10,478 | 4,405 | 4,144 | 3,647 | ||||||||||||||||||
Shareholders equity |
1,672 | 1,485 | 623 | 2,930 | 2,629 | 2,271 | ||||||||||||||||||
Non current liabilities |
9,584 | 10,441 | 9,253 | 409 | 481 | 905 | ||||||||||||||||||
Current liabilities |
2,648 | 1,761 | 602 | 1,066 | 1,034 | 471 | ||||||||||||||||||
Total Liabilities |
13,904 | 13,687 | 10,478 | 4,405 | 4,144 | 3,647 | ||||||||||||||||||
Revenue from sales |
7,061 | | | 1,817 | 2,161 | 1,858 | ||||||||||||||||||
Net income |
(113 | ) | (89 | ) | (99 | ) | 875 | 1,009 | 925 | |||||||||||||||
Other comprehensive income |
| | | | | 3 | ||||||||||||||||||
% owned |
37.50% | 37.50% | 37.50% | |||||||||||||||||||||
Revaluation identifiable assets on equity affiliates |
| | | | | | ||||||||||||||||||
Equity value |
627 | 557 | 233 | 850 | 798 | 678 | ||||||||||||||||||
Equity share in profit/(loss) |
(42 | ) | (33 | ) | (37 | ) | 312 | 346 | 301 | |||||||||||||||
Equity other comprehensive income |
89 | (35 | ) | (3 | ) | 25 | (8 | ) | | |||||||||||||||
Dividends paid to the Group |
| | | 261 | 224 | 114 |
36
Saudi Aramco Total Refining & Petrochemicals is an entity including a refinery in Jubail, Saudi Arabia, with a capacity of 400,000 barrels/day with integrated petrochemical units which commenced production in June 2014.
The Groups interests in associates of the Refining & Chemicals segment, operating steam crackers and polyethylene lines in Qatar have been combined: Qatar Petrochemical Company Ltd. (20.00%) and Qatofin (49.09%).
The information (100% gross) relating to significant joint ventures is as follows:
Liquefaction entities (Upstream) |
Samsung Total Petrochemicals (Refining & Chemicals) |
|||||||||||||||||||||||
(M$) |
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Non current assets |
23,326 | 12,569 | 4,521 | 3,754 | 3,785 | 2,668 | ||||||||||||||||||
Current assets excluding cash and cash equivalents |
731 | 52 | 131 | 1,972 | 1,335 | 1,211 | ||||||||||||||||||
Cash and cash equivalents |
516 | 359 | 189 | 149 | 157 | 119 | ||||||||||||||||||
Total Assets |
24,573 | 12,980 | 4,841 | 5,875 | 5,277 | 3,998 | ||||||||||||||||||
Shareholders equity |
1,198 | 862 | 1,193 | 2,323 | 2,336 | 2,000 | ||||||||||||||||||
Other non current liabilities |
225 | 7 | 7 | 126 | 83 | 69 | ||||||||||||||||||
Non current financial debts |
21,596 | 10,696 | 2,463 | 1,793 | 1,382 | 900 | ||||||||||||||||||
Other current liabilities |
1,269 | 1,415 | 1,178 | 705 | 706 | 617 | ||||||||||||||||||
Current financial debts |
285 | | | 928 | 770 | 412 | ||||||||||||||||||
Total Liabilities |
24,573 | 12,980 | 4,841 | 5,875 | 5,277 | 3,998 | ||||||||||||||||||
Revenue from sales |
5 | 7 | | 8,366 | 7,188 | 6,429 | ||||||||||||||||||
Depreciation and amortization |
(5 | ) | | | (223 | ) | (199 | ) | (213 | ) | ||||||||||||||
Interest income |
2 | | | 1 | | | ||||||||||||||||||
Interest expense |
(1 | ) | | | (45 | ) | (21 | ) | (33 | ) | ||||||||||||||
Income taxes |
50 | | | (114 | ) | (98 | ) | (75 | ) | |||||||||||||||
Net income |
36 | (93 | ) | (81 | ) | 79 | 377 | 175 | ||||||||||||||||
Other comprehensive income |
| (295 | ) | 58 | (94 | ) | 47 | 152 | ||||||||||||||||
% owned |
50.00% | 50.00% | 50.00% | |||||||||||||||||||||
Revaluation identifiable assets on equity affiliates |
874 | 978 | 774 | | | | ||||||||||||||||||
Equity value |
1,130 | 1,164 | 1,030 | 1,161 | 1,169 | 1,000 | ||||||||||||||||||
Equity share in profit/(loss) |
10 | (21 | ) | (16 | ) | 40 | 189 | 87 | ||||||||||||||||
Equity other comprehensive income |
(26 | ) | (137 | ) | 55 | (24 | ) | 14 | 59 | |||||||||||||||
Dividends paid to the Group |
| | | | 45 | 76 |
The Groups interests in joint ventures operating liquefaction plants have been combined. The amounts include investments in Yamal LNG in Russia (20.01% direct holding) and Ichthys LNG in Australia (30.00%).
In Group share, the main aggregated financial items in equity consolidated affiliates which have not been presented individually are as follows:
2014 | 2013 | 2012 | ||||||||||||||||||||||
As of December 31, (M$) |
Associates | Joint ventures |
Associates | Joint ventures |
Associates | Joint ventures |
||||||||||||||||||
Non Current assets |
3,502 | 1,456 | 4,018 | 1,460 | 3,314 | 942 | ||||||||||||||||||
Current assets |
1,478 | 1,283 | 1,498 | 1,521 | 1,223 | 1,320 | ||||||||||||||||||
Total Assets |
4,980 | 2,739 | 5,516 | 2,981 | 4,537 | 2,262 | ||||||||||||||||||
Shareholders equity |
1,083 | 725 | 1,688 | 813 | 1,689 | 634 | ||||||||||||||||||
Non current liabilities |
2,348 | 877 | 2,227 | 1,050 | 1,725 | 694 | ||||||||||||||||||
Current liabilities |
1,549 | 1,137 | 1,601 | 1,118 | 1,123 | 934 | ||||||||||||||||||
Total Liabilities |
4,980 | 2,739 | 5,516 | 2,981 | 4,537 | 2,262 |
37
2014 | 2013 | 2012 | ||||||||||||||||||||||
For the year ended December 31, (M$) |
Associates | Joint ventures |
Associates | Joint ventures |
Associates | Joint ventures |
||||||||||||||||||
Revenues from sales |
4,124 | 4,473 | 3,910 | 5,512 | 3,834 | 5,054 | ||||||||||||||||||
Net income |
95 | (175 | ) | 495 | 9 | 287 | (10 | ) | ||||||||||||||||
Other comprehensive income |
(2 | ) | 44 | 16 | (13 | ) | (4 | ) | | |||||||||||||||
Equity value |
1,083 | 725 | 1,688 | 813 | 1,689 | 634 | ||||||||||||||||||
Dividends paid to the Group |
470 | 43 | 446 | 48 | 546 | 41 |
13) Other investments
The investments detailed below are classified as Financial assets available for sale (see Note 1 paragraph M(ii) to the Consolidated Financial Statements).
As of December 31, 2014 (M$) |
Carrying amount |
Unrealized gain (loss) |
Balance
sheet value |
|||||||||
Areva(a) |
44 | (4 | ) | 40 | ||||||||
Other publicly traded equity securities |
21 | 23 | 44 | |||||||||
Total publicly traded equity securities(b) |
65 | 19 | 84 | |||||||||
BBPP |
62 | | 62 | |||||||||
BTC Limited |
132 | | 132 | |||||||||
Other equity securities |
1,121 | | 1,121 | |||||||||
Total other equity securities(b) |
1,315 | | 1,315 | |||||||||
Other investments |
1,380 | 19 | 1,399 |
As of December 31, 2013 (M$) |
Carrying amount |
Unrealized gain (loss) |
Balance
sheet value |
|||||||||
Areva(a) |
51 | 44 | 95 | |||||||||
Olympia Energy Fund energy investment fund |
50 | (10 | ) | 40 | ||||||||
Other publicly traded equity securities |
10 | 15 | 25 | |||||||||
Total publicly traded equity securities(b) |
111 | 49 | 160 | |||||||||
BBPP |
80 | | 80 | |||||||||
BTC Limited |
144 | | 144 | |||||||||
Other equity securities |
1,282 | | 1,282 | |||||||||
Total other equity securities(b) |
1,506 | | 1,506 | |||||||||
Other investments |
1,617 | 49 | 1,666 |
As of December 31, 2012 (M$) |
Carrying amount |
Unrealized gain (loss) |
Balance
sheet value |
|||||||||
Areva(a) |
50 | 13 | 63 | |||||||||
Olympia Energy Fund energy investment fund |
50 | (8 | ) | 42 | ||||||||
Other publicly traded equity securities |
6 | 10 | 16 | |||||||||
Total publicly traded equity securities(b) |
106 | 15 | 121 | |||||||||
BBPP |
80 | | 80 | |||||||||
Ocensa |
110 | | 110 | |||||||||
BTC Limited |
157 | | 157 | |||||||||
Other equity securities |
1,103 | | 1,103 | |||||||||
Total other equity securities(b) |
1,450 | | 1,450 | |||||||||
Other investments |
1,556 | 15 | 1,571 |
(a) | Unrealized gain based on the investment certificate. |
(b) | Including cumulative impairments of $856 million in 2014, $995 million in 2013 and $882 million in 2012. |
38
14) Other non-current assets
As of December 31, 2014 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Loans and advances(a) |
3,998 | (672 | ) | 3,326 | ||||||||
Other |
866 | | 866 | |||||||||
Total |
4,864 | (672 | ) | 4,192 |
As of December 31, 2013 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Loans and advances(a) |
4,073 | (498 | ) | 3,575 | ||||||||
Other |
831 | | 831 | |||||||||
Total |
4,904 | (498 | ) | 4,406 |
As of December 31, 2012 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Loans and advances(a) |
3,421 | (509 | ) | 2,912 | ||||||||
Other |
601 | | 601 | |||||||||
Total |
4,022 | (509 | ) | 3,513 |
(a) | Excluding loans to equity affiliates. |
Changes in the valuation allowance on loans and advances are detailed as follows:
For the year ended December 31, (M$) |
Valuation allowance as of January 1, |
Increases | Decreases | Currency translation adjustment and other variations |
Valuation allowance as of December 31, |
|||||||||||||||
2014 |
(498 | ) | (63 | ) | 102 | (213 | ) | (672 | ) | |||||||||||
2013 |
(509 | ) | (21 | ) | 9 | 23 | (498 | ) | ||||||||||||
2012 |
(516 | ) | (21 | ) | 23 | 5 | (509 | ) |
15) Inventories
As of December 31, 2014 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Crude oil and natural gas |
2,697 | (188 | ) | 2,509 | ||||||||
Refined products |
5,922 | (422 | ) | 5,500 | ||||||||
Chemicals products |
1,119 | (85 | ) | 1,034 | ||||||||
Trading inventories |
2,950 | | 2,950 | |||||||||
Other inventories |
3,903 | (700 | ) | 3,203 | ||||||||
Total |
16,591 | (1,395 | ) | 15,196 |
As of December 31, 2013 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Crude oil and natural gas |
4,515 | (25 | ) | 4,490 | ||||||||
Refined products |
8,868 | (153 | ) | 8,715 | ||||||||
Chemicals products |
1,616 | (108 | ) | 1,508 | ||||||||
Trading inventories |
4,401 | | 4,401 | |||||||||
Other inventories |
3,719 | (736 | ) | 2,983 | ||||||||
Total |
23,119 | (1,022 | ) | 22,097 |
As of December 31, 2012 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Crude oil and natural gas |
4,016 | (22 | ) | 3,994 | ||||||||
Refined products |
9,459 | (114 | ) | 9,345 | ||||||||
Chemicals products |
1,900 | (124 | ) | 1,776 | ||||||||
Trading inventories |
4,990 | | 4,990 | |||||||||
Other inventories |
3,457 | (608 | ) | 2,849 | ||||||||
Total |
23,822 | (868 | ) | 22,954 |
39
Changes in the valuation allowance on inventories are as follows:
For the year ended December 31, (M$) |
Valuation allowance as of January 1, |
Increase (net) | Currency translation adjustment and other variations |
Valuation allowance as of December 31, |
||||||||||||
2014 |
(1,022 | ) | (495 | ) | 122 | (1,395 | ) | |||||||||
2013 |
(868 | ) | (158 | ) | 4 | (1,022 | ) | |||||||||
2012 |
(736 | ) | (123 | ) | (9 | ) | (868 | ) |
16) Accounts receivable and other current assets
As of December 31, 2014 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Accounts receivable |
16,306 | (602 | ) | 15,704 | ||||||||
Recoverable taxes |
3,242 | | 3,242 | |||||||||
Other operating receivables |
11,159 | (367 | ) | 10,792 | ||||||||
Prepaid expenses |
1,609 | | 1,609 | |||||||||
Other current assets |
59 | | 59 | |||||||||
Other current assets |
16,069 | (367 | ) | 15,702 |
As of December 31, 2013 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Accounts receivable |
24,165 | (743 | ) | 23,422 | ||||||||
Recoverable taxes |
3,423 | | 3,423 | |||||||||
Other operating receivables |
10,071 | (154 | ) | 9,917 | ||||||||
Prepaid expenses |
1,482 | | 1,482 | |||||||||
Other current assets |
70 | | 70 | |||||||||
Other current assets |
15,046 | (154 | ) | 14,892 |
As of December 31, 2012 (M$) |
Gross value | Valuation allowance |
Net value | |||||||||
Accounts receivable |
25,962 | (623 | ) | 25,339 | ||||||||
Recoverable taxes |
3,689 | | 3,689 | |||||||||
Other operating receivables |
8,466 | (340 | ) | 8,126 | ||||||||
Prepaid expenses |
1,432 | | 1,432 | |||||||||
Other current assets |
60 | | 60 | |||||||||
Other current assets |
13,647 | (340 | ) | 13,307 |
Changes in the valuation allowance on Accounts receivable and Other current assets are as follows:
For the year ended December 31, (M$) |
Valuation allowance as of January 1, |
Increase (net) |
Currency translation adjustments and other variations |
Valuation allowance as of December 31, |
||||||||||||
Accounts receivable |
||||||||||||||||
2014 |
(743 | ) | 46 | 95 | (602 | ) | ||||||||||
2013 |
(623 | ) | (117 | ) | (3 | ) | (743 | ) | ||||||||
2012 |
(625 | ) | (72 | ) | 74 | (623 | ) | |||||||||
Other current assets |
||||||||||||||||
2014 |
(154 | ) | (221 | ) | 8 | (367 | ) | |||||||||
2013 |
(340 | ) | 163 | 23 | (154 | ) | ||||||||||
2012 |
(365 | ) | 33 | (8 | ) | (340 | ) |
40
17) Shareholders equity
Variation of the share capital
As of December 31, 2011 | 2,363,767,313 | |||||
Shares issued in connection with: |
Capital increase as part of the global free share plan intended for the Group employees | 1,366,950 | ||||
Exercise of TOTAL share subscription options | 798,883 | |||||
As of December 31, 2012 | 2,365,933,146 | |||||
Shares issued in connection with: |
Capital increase reserved for employees | 10,802,215 | ||||
Exercise of TOTAL share subscription options | 942,799 | |||||
As of December 31, 2013 | 2,377,678,160 | |||||
Shares issued in connection with: |
Capital increase as part of the global free share plan intended for the Group employees | 666,575 | ||||
Exercise of TOTAL share subscription options | 6,922,790 | |||||
As of December 31, 2014(a) | 2,385,267,525 |
(a) | Including 109,361,413 treasury shares deducted from consolidated shareholders equity. |
41
The variation of both weighted-average number of shares and weighted-average number of diluted shares respectively used in the calculation of earnings per share and fully-diluted earnings per share is detailed as follows:
2014 | 2013 | 2012 | ||||||||||
Number of shares as of January 1, |
2,377,678,160 | 2,365,933,146 | 2,363,767,313 | |||||||||
Number of shares issued during the year (pro rated) |
||||||||||||
Exercise of TOTAL share subscription options |
3,768,183 | 248,606 | 663,429 | |||||||||
Exercise of TOTAL share purchase options |
| | | |||||||||
TOTAL performance shares |
2,121,605 | 1,197,228 | 991,126 | |||||||||
Global free TOTAL share plan(a) |
333,637 | 227 | 683,868 | |||||||||
Capital increase reserved for employees |
| 7,201,477 | | |||||||||
TOTAL shares held by TOTAL S.A. or by its subsidiaries and deducted from shareholders equity |
(111,042,073 | ) | (110,230,889 | ) | (110,304,173 | ) | ||||||
Weighted-average number of shares |
2,272,859,512 | 2,264,349,795 | 2,255,801,563 | |||||||||
Dilutive effect |
||||||||||||
TOTAL share subscription and purchase options |
2,119,759 | 554,224 | 247,527 | |||||||||
TOTAL performance shares |
3,578,225 | 4,924,693 | 7,748,805 | |||||||||
Global free TOTAL share plan(a) |
353,054 | 852,057 | 1,703,554 | |||||||||
Capital increase reserved for employees |
2,093,601 | 862,889 | 1,134,296 | |||||||||
Weighted-average number of diluted shares |
2,281,004,151 | 2,271,543,658 | 2,266,635,745 |
(a) | The Board of Directors approved on May 21, 2010 the implementation and conditions of a global free share plan intended for the Group employees. |
42
43
Other comprehensive income
Detail of other comprehensive income showing both items potentially reclassifiable and those not potentially reclassifiable from equity to net income is presented in the table below:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Actuarial gains and loses |
(1,526 | ) | 682 | (1,171 | ) | |||||||||||||||||||
Tax effect |
580 | (287 | ) | 465 | ||||||||||||||||||||
Currency translation adjustment generated by the parent company |
(9,039 | ) | 3,129 | 1,324 | ||||||||||||||||||||
Subtotal items not potentially reclassifiable to profit & loss |
(9,985 | ) | 3,524 | 618 | ||||||||||||||||||||
Currency translation adjustment |
4,245 | (1,925 | ) | (397 | ) | |||||||||||||||||||
Unrealized gain/(loss) of the period |
4,413 | (1,972 | ) | (392 | ) | |||||||||||||||||||
Less gain/(loss) included in net income |
168 | (47 | ) | 5 | ||||||||||||||||||||
Available for sale financial assets |
(29 | ) | 33 | (435 | ) | |||||||||||||||||||
Unrealized gain/(loss) of the period |
(39 | ) | 33 | 80 | ||||||||||||||||||||
Less gain/(loss) included in net income |
(10 | ) | | 515 | ||||||||||||||||||||
Cash flow hedge |
97 | 156 | 83 | |||||||||||||||||||||
Unrealized gain/(loss) of the period |
(198 | ) | 242 | 195 | ||||||||||||||||||||
Less gain/(loss) included in net income |
(295 | ) | 86 | 112 | ||||||||||||||||||||
Share of other comprehensive income of equity affiliates, net amount |
(1,538 | ) | (805 | ) | 249 | |||||||||||||||||||
Other |
3 | (12 | ) | (18 | ) | |||||||||||||||||||
Unrealized gain/(loss) of the period |
3 | (12 | ) | (18 | ) | |||||||||||||||||||
Less gain/(loss) included in net income |
| | | |||||||||||||||||||||
Tax effect |
(18 | ) | (62 | ) | 82 | |||||||||||||||||||
Subtotal items potentially reclassifiable to profit & loss |
2,760 | (2,615 | ) | (436 | ) | |||||||||||||||||||
Total other comprehensive income, net amount |
(7,225 | ) | 909 | 182 |
44
The currency translation adjustment by currency is detailed in the following table:
As of December 31, 2014 (M$) | Total | Euro | Pound sterling |
Ruble | Other currencies |
|||||||||||||||
Currency translation adjustment generated by the parent company |
(9,039 | ) | (9,039 | ) | | | | |||||||||||||
Currency translation adjustment |
4,245 | 5,474 | (372 | ) | (22 | ) | (835 | ) | ||||||||||||
Currency translation adjustment of equity affiliates |
(1,521 | ) | 1,127 | 21 | (2,586 | ) | (83 | ) | ||||||||||||
Total currency translation adjustment recognized in comprehensive income |
(6,315 | ) | (2,438 | ) | (351 | ) | (2,608 | ) | (918 | ) |
As of December 31, 2013 (M$) | Total | Euro | Pound sterling |
Ruble | Other currencies |
|||||||||||||||
Currency translation adjustment generated by the parent company |
3,129 | 3,129 | | | | |||||||||||||||
Currency translation adjustment |
(1,925 | ) | (1,632 | ) | 153 | (2 | ) | (444 | ) | |||||||||||
Currency translation adjustment of equity affiliates |
(768 | ) | (329 | ) | (8 | ) | (441 | ) | 10 | |||||||||||
Total currency translation adjustment recognized in comprehensive income |
436 | 1,168 | 145 | (443 | ) | (434 | ) |
As of December 31, 2012 (M$) | Total | Euro | Pound sterling |
Ruble | Other currencies |
|||||||||||||||
Currency translation adjustment generated by the parent company |
1,324 | 1,324 | | | | |||||||||||||||
Currency translation adjustment |
(397 | ) | (829 | ) | 254 | | 178 | |||||||||||||
Currency translation adjustment of equity affiliates |
247 | (127 | ) | (15 | ) | 301 | 88 | |||||||||||||
Total currency translation adjustment recognized in comprehensive income |
1,174 | 368 | 239 | 301 | 266 |
Tax effects relating to each component of other comprehensive income are as follows:
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
For the year ended December 31, (M$) |
Pre-tax amount |
Tax effect |
Net amount |
Pre-tax amount |
Tax effect |
Net amount |
Pre-tax amount |
Tax effect |
Net amount |
|||||||||||||||||||||||||||
Actuarial gains and losses |
(1,526 | ) | 580 | (946 | ) | 682 | (287 | ) | 395 | (1,171 | ) | 465 | (706 | ) | ||||||||||||||||||||||
Currency translation adjustment generated by the parent company |
(9,039 | ) | (9,039 | ) | 3,129 | 3,129 | 1,324 | 1,324 | ||||||||||||||||||||||||||||
Subtotal items not potentially reclassifiable to profit & loss |
(10,565 | ) | 580 | (9,985 | ) | 3,811 | (287 | ) | 3,524 | 153 | 465 | 618 | ||||||||||||||||||||||||
Currency translation adjustment |
4,245 | | 4,245 | (1,925 | ) | | (1,925 | ) | (397 | ) | | (397 | ) | |||||||||||||||||||||||
Available for sale financial assets |
(29 | ) | 15 | (14 | ) | 33 | (8 | ) | 25 | (435 | ) | 115 | (320 | ) | ||||||||||||||||||||||
Cash flow hedge |
97 | (33 | ) | 64 | 156 | (54 | ) | 102 | 83 | (33 | ) | 50 | ||||||||||||||||||||||||
Share of other comprehensive income of equity affiliates, net amount |
(1,538 | ) | | (1,538 | ) | (805 | ) | | (805 | ) | 249 | | 249 | |||||||||||||||||||||||
Other |
3 | | 3 | (12 | ) | | (12 | ) | (18 | ) | | (18 | ) | |||||||||||||||||||||||
Subtotal items potentially reclassifiable to profit & loss |
2,778 | (18 | ) | 2,760 | (2,553 | ) | (62 | ) | (2,615 | ) | (518 | ) | 82 | (436 | ) | |||||||||||||||||||||
Total other comprehensive income |
(7,787 | ) | 562 | (7,225 | ) | 1,258 | (349 | ) | 909 | (365 | ) | 547 | 182 |
Non-controlling interests
As of December 31, 2014, no subsidiary has non-controlling interests that would have a material effect on the Group financial statements.
18) Employee benefits obligations
Liabilities for employee benefits obligations consist of the following:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Pension benefits liabilities |
3,751 | 3,095 | 3,656 | |||||||||
Other benefits liabilities |
757 | 788 | 927 | |||||||||
Restructuring reserves (early retirement plans) |
250 | 352 | 356 | |||||||||
Total |
4,758 | 4,235 | 4,939 | |||||||||
Net liabilities relating to assets held for sale |
208 | | 12 |
45
Change in benefit obligations and plan assets
The fair value of the defined benefit obligation and plan assets in the Consolidated Financial Statements is detailed as follows:
Pension benefits | Other benefits | |||||||||||||||||||||||
As of December 31, (M$) |
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Change in benefit obligation |
||||||||||||||||||||||||
Benefit obligation at beginning of year |
14,310 | 14,372 | 12,061 | 788 | 927 | 813 | ||||||||||||||||||
Current service cost |
281 | 290 | 231 | 16 | 21 | 18 | ||||||||||||||||||
Interest cost |
560 | 515 | 551 | 31 | 31 | 37 | ||||||||||||||||||
Past service cost |
(84 | ) | 12 | 262 | (4 | ) | (68 | ) | 10 | |||||||||||||||
Settlements |
1 | (90 | ) | | | (1 | ) | | ||||||||||||||||
Plan participants contributions |
11 | 10 | 12 | | | | ||||||||||||||||||
Benefits paid |
(694 | ) | (717 | ) | (705 | ) | (38 | ) | (45 | ) | (47 | ) | ||||||||||||
Actuarial losses (gains) |
1,281 | (362 | ) | 1,563 | 127 | (92 | ) | 75 | ||||||||||||||||
Foreign currency translation and other |
(1,369 | ) | 280 | 397 | (75 | ) | 15 | 21 | ||||||||||||||||
Benefit obligation at year-end |
14,297 | 14,310 | 14,372 | 845 | 788 | 927 | ||||||||||||||||||
Of which plans entirely or partially funded |
13,448 | 13,283 | 13,086 | | | | ||||||||||||||||||
Of which plans not funded |
849 | 1,027 | 1,286 | 845 | 788 | 927 | ||||||||||||||||||
Change in fair value of plan assets |
||||||||||||||||||||||||
Fair value of plan assets at beginning of year |
(11,293 | ) | (10,750 | ) | (9,094 | ) | | | | |||||||||||||||
Interest income |
(463 | ) | (408 | ) | (435 | ) | | | | |||||||||||||||
Actuarial losses (gains) |
111 | (249 | ) | (470 | ) | | | | ||||||||||||||||
Settlements |
| 91 | | | | | ||||||||||||||||||
Plan participants contributions |
(11 | ) | (10 | ) | (12 | ) | | | | |||||||||||||||
Employer contributions |
(384 | ) | (298 | ) | (1,011 | ) | | | | |||||||||||||||
Benefits paid |
563 | 602 | 580 | | | | ||||||||||||||||||
Foreign currency translation and other |
979 | (271 | ) | (308 | ) | | | | ||||||||||||||||
Fair value of plan assets at year-end |
(10,498 | ) | (11,293 | ) | (10,750 | ) | | | | |||||||||||||||
Unfunded status |
3,799 | 3,017 | 3,622 | 845 | 788 | 927 | ||||||||||||||||||
Asset ceiling |
34 | 29 | 20 | | | | ||||||||||||||||||
Net recognized amount |
3,833 | 3,046 | 3,642 | 845 | 788 | 927 | ||||||||||||||||||
Pension benefits and other benefits liabilities |
3,751 | 3,095 | 3,656 | 757 | 788 | 927 | ||||||||||||||||||
Other non-current assets |
(38 | ) | (49 | ) | (26 | ) | | | | |||||||||||||||
Net benefit liabilities relating to assets held for sale |
120 | | 12 | 88 | | |
46
The amounts recognized in the consolidated income statement and the consolidated statement of comprehensive income for defined benefit plans are detailed as follows:
Pension benefits | Other benefits | |||||||||||||||||||||||
For the year ended December 31, (M$) |
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
Current service cost |
281 | 290 | 231 | 16 | 21 | 18 | ||||||||||||||||||
Past service cost |
(84 | ) | 12 | 262 | (4 | ) | (68 | ) | 10 | |||||||||||||||
Settlements |
1 | 1 | | | (1 | ) | | |||||||||||||||||
Net interest cost |
97 | 107 | 116 | 31 | 31 | 37 | ||||||||||||||||||
Benefit amounts recognized on Profit & Loss |
295 | 410 | 609 | 43 | (17 | ) | 65 | |||||||||||||||||
Actuarial (Gains) Losses |
||||||||||||||||||||||||
* Effect of changes in demographic assumptions |
178 | 5 | 41 | 18 | (9 | ) | (1 | ) | ||||||||||||||||
* Effect of changes in financial assumptions |
1,295 | (299 | ) | 1,323 | 129 | (68 | ) | 86 | ||||||||||||||||
* Effect of experience adjustments |
(192 | ) | (68 | ) | 199 | (20 | ) | (15 | ) | (10 | ) | |||||||||||||
* Actual return on plan assets (excluding interest income) |
111 | (249 | ) | (470 | ) | | | | ||||||||||||||||
Effect of asset ceiling |
7 | 21 | 3 | | | | ||||||||||||||||||
Benefit amounts recognized on Equity |
1,399 | (590 | ) | 1,096 | 127 | (92 | ) | 75 | ||||||||||||||||
Total benefit amounts recognized on other comprehensive income |
1,694 | (180 | ) | 1,705 | 170 | (109 | ) | 140 |
The past service cost recognized in 2012 for $262 million is mainly due to the amendment of certain French plans.
Expected future cash out flow
The average duration of accrued benefits is approximately 15 years for defined pension benefits and 18 years for other benefits. The Group expects to pay contributions of $212 million in respect of funded pension plans in 2015.
Estimated future benefits either financed from plan assets or directly paid by the employer are detailed as follows:
Estimated future payments (M$) | Pension benefits | Other benefits | ||||||
2015 |
768 | 34 | ||||||
2016 |
759 | 35 | ||||||
2017 |
967 | 35 | ||||||
2018 |
747 | 35 | ||||||
2019 |
792 | 36 | ||||||
2020-2024 |
4,202 | 181 |
Type of assets
Asset allocation | Pension benefits | |||||||||||
As of December 31, | 2014 | 2013 | 2012 | |||||||||
Equity securities |
29 | % | 30 | % | 29% | |||||||
Debt securities |
43 | % | 64 | % | 64% | |||||||
Monetary |
3 | % | 2 | % | 3% | |||||||
Annuity contracts |
21 | % | | | ||||||||
Real estate |
4 | % | 4 | % | 4% |
Investments on equity and debt markets are quoted on active markets.
An annuity purchase transaction (buy-in) was completed during 2014 to cover the risks for part of the beneficiaries population in the United Kingdom. This investment resulted in an actuarial loss of $(471) million recognized in other comprehensive income.
47
Main actuarial assumptions and sensitivity analysis
Assumptions
used to determine benefits obligations |
Pension benefits | Other benefits | ||||||||||||||||||||||||
As of December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Discount rate (weighted average for all regions) |
3.06 | % | 4.14 | % | 3.79 | % | 3.12 | % | 4.14 | % | 3.82 | % | ||||||||||||||
Of which Euro zone | 1.95 | % | 3.40 | % | 3.20 | % | 2.22 | % | 3.44 | % | 3.19 | % | ||||||||||||||
Of which United States | 4.00 | % | 4.74 | % | 4.00 | % | 4.00 | % | 4.71 | % | 4.00 | % | ||||||||||||||
Of which United Kingdom | 3.75 | % | 4.50 | % | 4.25 | % | | | | |||||||||||||||||
Inflation rate (weighted average for all regions) |
2.44 | % | 2.67 | % | 2.24 | % | | | | |||||||||||||||||
Of which Euro zone | 1.75 | % | 2.00 | % | 2.00 | % | | | | |||||||||||||||||
Of which United Kingdom | 3.25 | % | 3.50 | % | 2.75 | % | | | |
The discount rate retained is determined by reference to the high quality rates for AA-rated corporate bonds for a duration equivalent to that of the obligations. It derives from a benchmark per monetary area of different market data at the closing date.
A 0.5% increase or decrease in discount rates all other things being equal would have the following approximate impact on the benefit obligation:
(M$) | 0.5% increase | 0.5% decrease | ||||||
Benefit obligation as of December 31, 2014 |
(1,031 | ) | 1,167 |
A 0.5% increase or decrease in inflation rates all other things being equalwould have the following approximate impact on the benefit obligation:
(M$) | 0.5% increase | 0.5% decrease | ||||||
Benefit obligation as of December 31, 2014 |
718 | (636 | ) |
19) Provisions and other non-current liabilities
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Litigations and accrued penalty claims |
1,040 | 862 | 1,227 | |||||||||
Provisions for environmental contingencies |
994 | 1,160 | 733 | |||||||||
Asset retirement obligations |
13,121 | 12,808 | 10,059 | |||||||||
Other non-current provisions |
1,528 | 1,522 | 1,357 | |||||||||
Other non-current liabilities |
862 | 1,165 | 1,909 | |||||||||
Total |
17,545 | 17,517 | 15,285 |
48
Changes in provisions and other non-current liabilities
Changes in provisions and other non-current liabilities are as follows:
(M$) | As of January 1, |
Allowances | Reversals | Currency translation adjustment |
Other | As of December 31, |
||||||||||||||||||
2014 |
17,517 | 1,463 | (1,029 | ) | (1,228 | ) | 822 | 17,545 | ||||||||||||||||
2013 |
15,285 | 1,738 | (1,347 | ) | (64 | ) | 1,905 | 17,517 | ||||||||||||||||
2012 |
14,114 | 1,564 | (1,140 | ) | 363 | 384 | 15,285 |
49
Changes in the asset retirement obligation
Changes in the asset retirement obligation are as follows:
(M$) | As of January 1, |
Accretion | Revision in estimates |
New obligations |
Spending on existing obligations |
Currency translation adjustment |
Other | As of December 31, |
||||||||||||||||||||||||
2014 |
12,808 | 543 | 1,007 | 359 | (440 | ) | (902 | ) | (254 | ) | 13,121 | |||||||||||||||||||||
2013 |
10,059 | 584 | 2,196 | 552 | (381 | ) | (156 | ) | (46 | ) | 12,808 | |||||||||||||||||||||
2012 |
8,907 | 520 | 236 | 149 | (403 | ) | 307 | 343 | 10,059 |
20) Financial debt and related financial instruments
A) | Non-current financial debt and related financial instruments |
As of December 31, 2014 (M$) (Assets) / Liabilities |
Secured | Unsecured | Total | |||||||||
Non-current financial debt |
798 | 44,683 | 45,481 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) |
| 944 | 944 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) |
| (1,319 | ) | (1,319 | ) | |||||||
Non-current financial debt net of hedging instruments |
798 | 43,364 | 44,162 | |||||||||
Bonds after fair value hedge |
| 36,558 | 36,558 | |||||||||
Fixed rate bonds and bonds after cash flow hedge |
| 6,155 | 6,155 | |||||||||
Bank and other, floating rate |
265 | 395 | 660 | |||||||||
Bank and other, fixed rate |
215 | 256 | 471 | |||||||||
Financial lease obligations |
318 | | 318 | |||||||||
Non-current financial debt net of hedging instruments |
798 | 43,364 | 44,162 |
(a) | See the description of these hedging instruments in Notes 1 paragraph M(iii) Long-term financing, 28 and 29 to the Consolidated Financial Statements. |
50
As of December 31, 2013 (M$) (Assets) / Liabilities |
Secured | Unsecured | Total | |||||||||
Non-current financial debt |
717 | 33,857 | 34,574 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) |
| 325 | 325 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) |
| (1,418 | ) | (1,418 | ) | |||||||
Non-current financial debt net of hedging instruments |
717 | 32,439 | 33,156 | |||||||||
Bonds after fair value hedge |
| 25,965 | 25,965 | |||||||||
Fixed rate bonds and bonds after cash flow hedge |
| 6,079 | 6,079 | |||||||||
Bank and other, floating rate |
173 | 247 | 420 | |||||||||
Bank and other, fixed rate |
158 | 148 | 306 | |||||||||
Financial lease obligations |
386 | | 386 | |||||||||
Non-current financial debt net of hedging instruments |
717 | 32,439 | 33,156 |
(a) | See the description of these hedging instruments in Notes 1 paragraph M(iii) Long-term financing, 28 and 29 to the Consolidated Financial Statements. |
As of December 31, 2012 (M$) (Assets) / Liabilities |
Secured | Unsecured | Total | |||||||||
Non-current financial debt |
941 | 28,451 | 29,392 | |||||||||
of which hedging instruments of non-current financial debt (liabilities) |
| 14 | 14 | |||||||||
Hedging instruments of non-current financial debt (assets)(a) |
| (2,145 | ) | (2,145 | ) | |||||||
Non-current financial debt net of hedging instruments |
941 | 26,306 | 27,247 | |||||||||
Bonds after fair value hedge |
| 20,095 | 20,095 | |||||||||
Fixed rate bonds and bonds after cash flow hedge |
| 5,943 | 5,943 | |||||||||
Bank and other, floating rate |
404 | 38 | 442 | |||||||||
Bank and other, fixed rate |
107 | 221 | 328 | |||||||||
Financial lease obligations |
430 | 9 | 439 | |||||||||
Non-current financial debt net of hedging instruments |
941 | 26,306 | 27,247 |
(a) | See the description of these hedging instruments in Notes 1 paragraph M(iii) Long-term financing, 28 and 29 to the Consolidated Financial Statements. |
51
The fair value of bonds, as of December 31, 2014, after taking into account currency and interest rates swaps, is detailed as follows:
Bonds after fair value hedge (M$) |
Currency of issuance |
Fair value after hedging as of December 31, 2014 |
Fair value after hedging as of December 31, 2013 |
Fair value after hedging as of December 31, 2012 |
Range of maturities |
Range of initial rate before hedging instruments |
||||||||||||||||||
Bond |
FRF | | | 168 | 2013 | 5.000% | ||||||||||||||||||
Bond |
USD | 16,385 | 12,733 | 8,833 | 2013 to 2024 | 0.750% to 5.750% | ||||||||||||||||||
Bond |
USD | 2,385 | 2,553 | 1,728 | 2013 to 2020 | |
USLIBOR 3 month + 0.03% to
USLIBOR |
| ||||||||||||||||
Bond |
CHF | 2,161 | 2,234 | 2,863 | 2013 to 2024 | 1.010% to 3.135% | ||||||||||||||||||
Bond |
NZD | 251 | 138 | 137 | 2014 to 2020 | 4.750% to 6.750% | ||||||||||||||||||
Bond |
AUD | 1,689 | 1,309 | 1,457 | 2013 to 2021 | 3.750% to 7.500% | ||||||||||||||||||
Bond |
EUR | 12,127 | 7,956 | 6,613 | 2013 to 2044 | 1.125% to 4.875% | ||||||||||||||||||
Bond |
EUR | 1,638 | 390 | | 2020 | |
EURIBOR 3 month + 0.30% to EURIBOR |
| ||||||||||||||||
Bond |
CAD | 288 | 339 | 244 | 2014 to 2020 | 2.000% to 2.500% | ||||||||||||||||||
Bond |
GBP | 1,662 | 1,241 | 1,899 | 2013 to 2020 | 2.250% to 5.500% | ||||||||||||||||||
Bond |
GBP | 468 | | | 2019 | |
GBLIB3M + 0.30% |
| ||||||||||||||||
Bond |
JPY | | 110 | 106 | 2014 | 1.505% to 1.723% | ||||||||||||||||||
Bond |
JPY | | | 197 | 2013 | |
EURIBOR 6 month + 0.008% |
| ||||||||||||||||
Bond |
NOK | 566 | 565 | 462 | 2016 to 2018 | 2.250% to 4.000% | ||||||||||||||||||
Bond |
HKD | 213 | 150 | 144 | 2014 to 2025 | 2.920% to 4.180% | ||||||||||||||||||
Bond |
SEK | 95 | 94 | 91 | 2016 | 3.625% | ||||||||||||||||||
Current portion (less than one year) |
(4,068 | ) | (4,545 | ) | (5,545 | ) | ||||||||||||||||||
Total Principal Financing Entities (a)+(b)+(c) |
35,860 | 25,267 | 19,397 | |||||||||||||||||||||
Other Consolidated Subsidiaries |
|
698 | 698 | 698 | ||||||||||||||||||||
Total bonds after fair value hedge |
|
36,558 | 25,965 | 20,095 |
Bonds after cash flow hedge and fixed rate bonds (M$) |
Currency of issuance |
Fair value after hedging as of December 31, 2014 |
Fair value after hedging as of December 31, 2013 |
Fair value after hedging as of December 31, 2012 |
Range of maturities |
Range of initial rate before hedging instruments |
||||||||||||||||||
Bond |
EUR | 1,986 | 2,007 | 2,147 | 2019 to 2024 | 4.875% to 5.125% | ||||||||||||||||||
Bond |
USD | 3,750 | 3,749 | 3,250 | 2020 to 2023 | 2.750% to 4.450% | ||||||||||||||||||
Bond |
CNY | 172 | 177 | | 2018 | 3.750% | ||||||||||||||||||
Current portion (less than one year) |
| | | |||||||||||||||||||||
Total Principal Financing Entities (a)+(b)+(c) |
5,908 | 5,933 | 5,397 | |||||||||||||||||||||
Other Consolidated Subsidiaries |
247 | 146 | 546 | |||||||||||||||||||||
Total bonds after cash flow hedge and fixed rate bonds |
6,155 | 6,079 | 5,943 |
All debt securities issued through the following subsidiaries are fully and unconditionally guaranteed by TOTAL S.A. as to payment of principal, premium, if any, interest and any other amounts due:
(a) | TOTAL CAPITAL is a wholly-owned indirect subsidiary of TOTAL S.A. (with the exception of one share held by each member of its Board of Directors). It acts as a financing vehicle for the Group. |
(b) | TOTAL CAPITAL CANADA Ltd. is a wholly-owned direct subsidiary of TOTAL S.A. It acts as a financing vehicle for the activities of the Group in Canada. |
(c) | TOTAL CAPITAL INTERNATIONAL is a wholly-owned direct subsidiary of TOTAL S.A. It acts as a financing vehicle for the Group. |
52
Loan repayment schedule (excluding current portion)
As of December 31, 2014 (M$) |
Non-current financial debt |
of which hedging instruments of non-current financial debt (liabilities) |
Hedging instruments of non-current financial debt (assets) |
Non-current financial debt net of hedging instruments |
% | |||||||||||||||
2016 |
4,987 | 73 | (194 | ) | 4,793 | 11% | ||||||||||||||
2017 |
4,689 | 132 | (142 | ) | 4,547 | 10% | ||||||||||||||
2018 |
4,784 | 108 | (333 | ) | 4,451 | 10% | ||||||||||||||
2019 |
4,973 | 62 | (208 | ) | 4,765 | 11% | ||||||||||||||
2020 and beyond |
26,048 | 569 | (442 | ) | 25,606 | 58% | ||||||||||||||
Total |
45,481 | 944 | (1,319 | ) | 44,162 | 100% | ||||||||||||||
As of
December 31, 2013 (M$) |
Non-current financial debt |
of which hedging instruments of non-current financial debt (liabilities) |
Hedging instruments of non-current financial debt (assets) |
Non-current financial debt net of hedging instruments |
% | |||||||||||||||
2015 |
4,999 | 4 | (352 | ) | 4,647 | 14% | ||||||||||||||
2016 |
4,745 | 26 | (217 | ) | 4,528 | 14% | ||||||||||||||
2017 |
4,267 | 77 | (108 | ) | 4,159 | 12% | ||||||||||||||
2018 |
4,670 | 51 | (309 | ) | 4,361 | 13% | ||||||||||||||
2019 and beyond |
15,893 | 167 | (432 | ) | 15,461 | 47% | ||||||||||||||
Total |
34,574 | 325 | (1,418 | ) | 33,156 | 100% | ||||||||||||||
As of
December 31, 2012 (M$) |
Non-current financial debt |
of which hedging instruments of non- current financial debt (liabilities) |
Hedging instruments of non-current financial debt (assets) |
Non-current financial debt net of hedging instruments |
% | |||||||||||||||
2014 |
5,493 | 1 | (437 | ) | 5,056 | 19% | ||||||||||||||
2015 |
5,150 | 10 | (578 | ) | 4,572 | 17% | ||||||||||||||
2016 |
3,081 | | (277 | ) | 2,804 | 10% | ||||||||||||||
2017 |
4,321 | | (197 | ) | 4,124 | 15% | ||||||||||||||
2018 and beyond |
11,347 | 3 | (656 | ) | 10,691 | 39% | ||||||||||||||
Total |
29,392 | 14 | (2,145 | ) | 27,247 | 100% |
Analysis by currency and interest rate
These analyses take into account interest rate and foreign currency swaps to hedge non-current financial debt.
As of December 31, (M$) | 2014 | % | 2013 | % | 2012 | % | ||||||||||||||||||
U.S. Dollar |
41,369 | 94% | 27,908 | 84% | 18,060 | 66% | ||||||||||||||||||
Euro |
2,428 | 5% | 4,885 | 15% | 7,445 | 27% | ||||||||||||||||||
Other currencies |
365 | 1% | 363 | 1% | 1,742 | 7% | ||||||||||||||||||
Total |
44,162 | 100% | 33,156 | 100% | 27,247 | 100% |
As of December 31, (M$) | 2014 | % | 2013 | % | 2012 | % | ||||||||||||||||||
Fixed rate |
6,944 | 16% | 6,771 | 20% | 6,710 | 25% | ||||||||||||||||||
Floating rate |
37,218 | 84% | 26,385 | 80% | 20,537 | 75% | ||||||||||||||||||
Total |
44,162 | 100% | 33,156 | 100% | 27,247 | 100% |
53
B) | Current financial assets and liabilities |
Current borrowings consist mainly of commercial paper or treasury bills or drawings on bank loans. These instruments bear interest at rates that are close to market rates.
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
(Assets) / Liabilities |
||||||||||||
Current financial debt(a) |
6,164 | 5,780 | 8,434 | |||||||||
Current portion of non-current financial debt |
4,778 | 5,413 | 6,101 | |||||||||
Current borrowings (note 28) |
10,942 | 11,193 | 14,535 | |||||||||
Current portion of hedging instruments of debt (liabilities) |
133 | 314 | 111 | |||||||||
Other current financial instruments (liabilities) |
47 | 67 | 121 | |||||||||
Other current financial liabilities (note 28) |
180 | 381 | 232 | |||||||||
Current deposits beyond three months |
(469 | ) | (161 | ) | (1,442 | ) | ||||||
Current portion of hedging instruments of debt (assets) |
(460 | ) | (469 | ) | (568 | ) | ||||||
Other current financial instruments (assets) |
(364 | ) | (109 | ) | (51 | ) | ||||||
Current financial assets (note 28) |
(1,293 | ) | (739 | ) | (2,061 | ) | ||||||
Current borrowings and related financial assets and liabilities, net |
9,829 | 10,835 | 12,706 |
(a) | As of December 31, 2014, December 31, 2013 and December 31, 2012, the current financial debt includes a commercial paper program in Total Capital Canada Ltd. Total Capital Canada Ltd. is a wholly-owned direct subsidiary of TOTAL S.A. It acts as a financing vehicle for the activities of the Group in Canada. Its debt securities are fully and unconditionally guaranteed by TOTAL S.A. as to payment of principal, premium, if any, interest and any other amounts due. |
C) | Net-debt-to-equity ratio |
For its internal and external communication needs, the Group calculates a debt ratio by dividing its net financial debt by equity. Adjusted shareholders equity for the year ended December 31, 2014 is calculated after payment of a dividend of 2.44 per share, subject to approval by the shareholders meeting on May 29, 2015.
The net-debt-to-equity ratio is calculated as follows:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
(Assets) / Liabilities |
||||||||||||
Current borrowings |
10,942 | 11,193 | 14,535 | |||||||||
Other current financial liabilities |
180 | 381 | 232 | |||||||||
Current financial assets |
(1,293 | ) | (739 | ) | (2,061 | ) | ||||||
Net financial assets and liabilities held for sale or exchange |
(56 | ) | (179 | ) | 997 | |||||||
Non-current financial debt |
45,481 | 34,574 | 29,392 | |||||||||
Hedging instruments on non-current financial debt |
(1,319 | ) | (1,418 | ) | (2,145 | ) | ||||||
Cash and cash equivalents |
(25,181 | ) | (20,200 | ) | (20,409 | ) | ||||||
Net financial debt |
28,754 | 23,612 | 20,541 | |||||||||
Shareholders equity Group share |
90,330 | 100,241 | 93,969 | |||||||||
Distribution of the income based on existing shares at the closing date |
(1,686 | ) | (1,908 | ) | (1,757 | ) | ||||||
Non-controlling interests |
3,201 | 3,138 | 1,689 | |||||||||
Adjusted shareholders equity |
91,845 | 101,471 | 93,901 | |||||||||
Net-debt-to-equity ratio |
31.3% | 23.3% | 21.9% |
21) Other creditors and accrued liabilities
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Accruals and deferred income |
469 | 299 | 316 | |||||||||
Payable to States (including taxes and duties) |
6,894 | 8,885 | 9,727 | |||||||||
Payroll |
1,343 | 1,573 | 1,489 | |||||||||
Other operating liabilities |
7,935 | 8,191 | 7,784 | |||||||||
Total |
16,641 | 18,948 | 19,316 |
As of December 31, 2014, the heading Other operating liabilities includes mainly the third quarterly interim dividend for the fiscal year 2014 for $1,718 million. This interim dividend will be paid in March 2015.
As of December 31, 2013, the heading Other operating liabilities includes mainly the third quarterly interim dividend for the fiscal year 2013 for $1,877 million. This interim dividend was paid in March 2014.
As of December 31, 2012, the heading Other operating liabilities includes mainly the third quarterly interim dividend for the fiscal year 2012 for $1,755 million. This interim dividend was paid on March 2013.
54
55
23) Commitments and contingencies
Maturity and installments | ||||||||||||||||
As of December 31, 2014 (M$) |
Total | Less than 1 year |
Between 1 and 5 years |
More than 5 years |
||||||||||||
Non-current debt obligations net of hedging instruments (note 20) |
43,844 | | 18,458 | 25,386 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments (note 20) |
4,411 | 4,411 | | | ||||||||||||
Finance lease obligations (note 22) |
358 | 40 | 98 | 220 | ||||||||||||
Asset retirement obligations (note 19) |
13,121 | 651 | 2,430 | 10,040 | ||||||||||||
Contractual obligations recorded in the balance sheet |
61,734 | 5,102 | 20,986 | 35,646 | ||||||||||||
Operating lease obligations (note 22) |
5,620 | 1,218 | 2,727 | 1,675 | ||||||||||||
Purchase obligations |
160,837 | 19,987 | 33,908 | 106,942 | ||||||||||||
Contractual obligations not recorded in the balance sheet |
166,457 | 21,205 | 36,635 | 108,617 | ||||||||||||
Total of contractual obligations |
228,191 | 26,307 | 57,621 | 144,263 | ||||||||||||
Guarantees given for excise taxes |
2,382 | 1,855 | 91 | 436 | ||||||||||||
Guarantees given against borrowings |
10,192 | 140 | 3,784 | 6,268 | ||||||||||||
Indemnities related to sales of businesses |
396 | 121 | 110 | 165 | ||||||||||||
Guarantees of current liabilities |
635 | 144 | 165 | 326 | ||||||||||||
Guarantees to customers / suppliers |
5,599 | 2,564 | 168 | 2,867 | ||||||||||||
Letters of credit |
1,552 | 1,138 | 3 | 411 | ||||||||||||
Other operating commitments |
4,762 | 1,455 | 2,700 | 607 | ||||||||||||
Total of other commitments given |
25,518 | 7,417 | 7,021 | 11,080 | ||||||||||||
Mortgages and liens received |
418 | 17 | 4 | 397 | ||||||||||||
Sales obligations |
110,949 | 9,287 | 33,629 | 68,033 | ||||||||||||
Other commitments received |
7,081 | 3,321 | 1,388 | 2,372 | ||||||||||||
Total of commitments received |
118,448 | 12,625 | 35,021 | 70,802 | ||||||||||||
Of which commitments given relating to joint ventures |
57,439 | 298 | 1,915 | 55,226 |
Maturity and installments | ||||||||||||||||
As of December 31, 2013 (M$) |
Total |
Less than 1 year |
Between 1 and 5 years |
More than 5 years |
||||||||||||
Non-current debt obligations net of hedging instruments (note 20) |
32,770 | | 17,545 | 15,225 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments (note 20) |
5,218 | 5,218 | | | ||||||||||||
Finance lease obligations (note 22) |
426 | 40 | 150 | 236 | ||||||||||||
Asset retirement obligations (note 19) |
12,808 | 735 | 2,368 | 9,705 | ||||||||||||
Contractual obligations recorded in the balance sheet |
51,222 | 5,993 | 20,063 | 25,166 | ||||||||||||
Operating lease obligations (note 22) |
5,596 | 1,113 | 2,864 | 1,619 | ||||||||||||
Purchase obligations |
118,982 | 20,060 | 34,013 | 64,909 | ||||||||||||
Contractual obligations not recorded in the balance sheet |
124,578 | 21,173 | 36,877 | 66,528 | ||||||||||||
Total of contractual obligations |
175,800 | 27,166 | 56,940 | 91,694 | ||||||||||||
Guarantees given for excise taxes |
2,444 | 2,048 | 102 | 294 | ||||||||||||
Guarantees given against borrowings |
8,276 | 110 | 3,706 | 4,460 | ||||||||||||
Indemnities related to sales of businesses |
320 | 7 | 135 | 178 | ||||||||||||
Guarantees of current liabilities |
724 | 123 | 233 | 368 | ||||||||||||
Guarantees to customers / suppliers |
4,865 | 2,120 | 190 | 2,555 | ||||||||||||
Letters of credit |
2,360 | 1,863 | 225 | 272 | ||||||||||||
Other operating commitments |
4,197 | 1,364 | 960 | 1,873 | ||||||||||||
Total of other commitments given |
23,186 | 7,635 | 5,551 | 10,000 | ||||||||||||
Mortgages and liens received |
389 | 21 | 1 | 367 | ||||||||||||
Sales obligations |
135,463 | 10,515 | 38,702 | 86,246 | ||||||||||||
Other commitments received |
8,193 | 4,428 | 1,750 | 2,015 | ||||||||||||
Total of commitments received |
144,045 | 14,964 | 40,453 | 88,628 | ||||||||||||
Of which commitments given relating to joint ventures |
11,151 | 98 | 553 | 10,500 |
56
Maturity and installments | ||||||||||||||||
As of December 31, 2012 (M$) |
Total | Less than 1 year |
Between 1 and 5 years |
More than 5 years |
||||||||||||
Non-current debt obligations net of hedging instruments (note 20) |
26,808 | | 16,368 | 10,440 | ||||||||||||
Current portion of non-current debt obligations net of hedging instruments (note 20) |
5,608 | 5,608 | | | ||||||||||||
Finance lease obligations (note 22) |
475 | 36 | 188 | 251 | ||||||||||||
Asset retirement obligations (note 19) |
10,059 | 537 | 1,885 | 7,637 | ||||||||||||
Contractual obligations recorded in the balance sheet |
42,950 | 6,181 | 18,441 | 18,328 | ||||||||||||
Operating lease obligations (note 22) |
4,767 | 1,031 | 2,455 | 1,281 | ||||||||||||
Purchase obligations |
109,799 | 15,839 | 27,824 | 66,136 | ||||||||||||
Contractual obligations not recorded in the balance sheet |
114,566 | 16,870 | 30,279 | 67,417 | ||||||||||||
Total of contractual obligations |
157,516 | 23,051 | 48,720 | 85,745 | ||||||||||||
Guarantees given for excise taxes |
2,210 | 1,988 | 93 | 129 | ||||||||||||
Guarantees given against borrowings |
5,214 | 154 | 3,556 | 1,504 | ||||||||||||
Indemnities related to sales of businesses |
255 | 5 | 65 | 185 | ||||||||||||
Guarantees of current liabilities |
532 | 175 | 139 | 218 | ||||||||||||
Guarantees to customers / suppliers |
4,731 | 2,615 | 149 | 1,967 | ||||||||||||
Letters of credit |
3,032 | 2,355 | 333 | 344 | ||||||||||||
Other operating commitments |
3,508 | 993 | 926 | 1,589 | ||||||||||||
Total of other commitments given |
19,482 | 8,285 | 5,261 | 5,936 | ||||||||||||
Mortgages and liens received |
574 | 154 | 11 | 409 | ||||||||||||
Sales obligations |
106,230 | 9,785 | 34,485 | 61,960 | ||||||||||||
Other commitments received |
7,341 | 4,572 | 1,133 | 1,636 | ||||||||||||
Total of commitments received |
114,145 | 14,511 | 35,629 | 64,005 | ||||||||||||
Of which commitments given relating to joint ventures |
9,250 | | 191 | 9,059 |
57
58
24) Related parties
The main transactions and receivable and payable balances with related parties (principally non-consolidated subsidiaries and equity consolidated affiliates) are detailed as follows:
As of December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Balance sheet |
||||||||||||
Receivables |
||||||||||||
Debtors and other debtors |
697 | 845 | 852 | |||||||||
Loans (excl. loans to equity affiliates) |
155 | 470 | 505 | |||||||||
Payables |
||||||||||||
Creditors and other creditors |
1,199 | 1,208 | 941 | |||||||||
Debts |
14 | 18 | 12 | |||||||||
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Statement of income |
||||||||||||
Sales |
4,308 | 5,133 | 5,086 | |||||||||
Purchases |
9,890 | 7,271 | 7,350 | |||||||||
Financial expense |
| | | |||||||||
Financial income |
16 | 139 | 136 |
Compensation for the administration and management bodies
The aggregate amount of direct and indirect compensation accounted for by the French and foreign affiliates of the Company, for the executive officers of TOTAL (the members of the Management Committee and the Treasurer) and for the members of the Board of Directors who are employees of the Group as of December 31, is detailed as follows:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Number of people |
31 | 31 | 34 | |||||||||
Direct or indirect compensation |
28.3 | 29.4 | 27.4 | |||||||||
Pension expenses(a) |
6.8 | 13.3 | 16.1 | |||||||||
Other long-term benefits expenses |
| | | |||||||||
Termination benefits expenses |
| | | |||||||||
Share-based payments expense (IFRS 2)(b) |
9.0 | 15.7 | 13.6 |
(a) | The benefits provided for executive officers and certain members of the Board of Directors, employees and former employees of the Group, include severance to be paid on retirement, supplementary pension schemes and insurance plans, which represent $233.7 million provisioned as of December 31, 2014 (against $260.2 million as of December 31, 2013 and $239.2 million as of December 31, 2012). |
(b) | Share-based payments expense computed for the executive officers and the members of the Board of Directors who are employees of the Group as described in Note 25 paragraph E to the Consolidated Financial Statements and based on the principles of IFRS 2 Share-based payments described in Note 1 paragraph E to the Consolidated Financial Statements. |
The compensation allocated to members of the board of directors for directors fees totaled $1.78 million in 2014 (against $1.66 million in 2013 and $1.41 million in 2012).
59
25) Share-based payments
A. | TOTAL share subscription option plans |
2004 Plan | 2005 Plan | 2006 Plan | 2007 Plan | 2008 Plan | 2009 Plan | 2010 Plan | 2011 Plan | Total | Weighted average exercise price (in euros) |
|||||||||||||||||||||||||||||||
Date of the shareholders meeting |
05/14/2004 | 05/14/2004 | 05/14/2004 | 05/11/2007 | 05/11/2007 | 05/11/2007 | 05/21/2010 | 05/21/2010 | ||||||||||||||||||||||||||||||||
Date of the award(a) |
07/20/2004 | 07/19/2005 | 07/18/2006 | 07/17/2007 | 10/09/2008 | 09/15/2009 | 09/14/2010 | 09/14/2011 | ||||||||||||||||||||||||||||||||
Exercise price until May 23, 2006 |
39.85 | 49.73 | | | | | | | ||||||||||||||||||||||||||||||||
Exercise price since May 24, 2006 |
39.30 | 49.04 | 50.60 | 60.10 | 42.90 | 39.90 | 38.20 | 33.00 | ||||||||||||||||||||||||||||||||
Expiry date |
07/20/2012 | 07/19/2013 | 07/18/2014 | 07/17/2015 | 10/09/2016 | 09/15/2017 | 09/14/2018 | 09/14/2019 | ||||||||||||||||||||||||||||||||
Number of options(c) |
||||||||||||||||||||||||||||||||||||||||
Existing options as of January 1, 2012 |
12,094,524 | 6,162,536 | 5,623,506 | 5,850,365 | 4,335,698 | 4,357,800 | 4,700,043 | 1,508,440 | 44,632,912 | 44.87 | ||||||||||||||||||||||||||||||
Granted |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Cancelled(c) |
(11,351,931 | ) | (2,516 | ) | (1,980 | ) | (1,380 | ) | (3,600 | ) | (2,700 | ) | (4,140 | ) | (3,400 | ) | (11,371,647 | ) | 39.31 | |||||||||||||||||||||
Exercised |
(742,593 | ) | | | | (1,630 | ) | (20,200 | ) | (34,460 | ) | | (798,883 | ) | 39.28 | |||||||||||||||||||||||||
Existing options as of January 1, 2013 |
| 6,160,020 | 5,621,526 | 5,848,985 | 4,330,468 | 4,334,900 | 4,661,443 | 1,505,040 | 32,462,382 | 46.96 | ||||||||||||||||||||||||||||||
Granted |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Cancelled(c) |
| (6,159,390 | ) | (900 | ) | (1,020 | ) | (360 | ) | (1,080 | ) | (720 | ) | | (6,163,470 | ) | 49.04 | |||||||||||||||||||||||
Exercised |
| (630 | ) | | | (110,910 | ) | (344,442 | ) | (122,871 | ) | (363,946 | ) | (942,799 | ) | 37.37 | ||||||||||||||||||||||||
Existing options as of January 1, 2014 |
| | 5,620,626 | 5,847,965 | 4,219,198 | 3,989,378 | 4,537,852 | 1,141,094 | 25,356,113 | 46.82 | ||||||||||||||||||||||||||||||
Granted |
| | | | | | | | | | ||||||||||||||||||||||||||||||
Cancelled(c) |
| | (1,797,912 | ) | | | | | | (1,797,912 | ) | 50.60 | ||||||||||||||||||||||||||||
Exercised |
| | (3,822,714 | ) | | (1,003,314 | ) | (978,109 | ) | (836,634 | ) | (282,019 | ) | (6,922,790 | ) | 45.76 | ||||||||||||||||||||||||
Existing options as of December 31, 2014 |
| | | 5,847,965 | 3,215,884 | 3,011,269 | 3,701,218 | 859,075 | 16,635,411 | 46.85 |
(a) | The grant date is the date of the Board meeting awarding the share subscription options, except for the grant of October 9, 2008, decided by the Board on September 9, 2008. |
(b) | In order to take into account the four-for-one stock split on May 18, 2006, the exercise prices of TOTAL subscription shares of the plans in force at that date were multiplied by 0.25 and the number of options awarded, outstanding, canceled or exercised before May 23, 2006 included was multiplied by four. Moreover, following the spin-off of Arkema, the exercise prices of TOTAL subscription shares of these plans were multiplied by an adjustment factor equal to 0.986147 effective as of May 24, 2006. |
(c) | Out of the options canceled in 2012, 2013 and 2014, 11,351,931 options that were not exercised expired on July 20, 2012 due to the expiry of the 2004 Plan and 6,158,662 options that were not exercised expired on July 19, 2013 due to the expiry of the 2005 Plan. and 1,797,912 options that were not exercised expired on July 18, 2014 due to the expiry of the 2006 Plan. |
60
B. | TOTAL performance share grants |
TOTAL performance share grants | 2010 Plan | 2011 Plan | 2012 Plan | 2013 Plan | 2014 Plan | Total | ||||||||||||||||||
Date of the shareholders meeting |
05/16/2008 | 05/13/2011 | 05/13/2011 | 05/13/2011 | 05/16/2014 | |||||||||||||||||||
Date of the award |
09/14/2010 | 09/14/2011 | 07/26/2012 | 07/25/2013 | 07/29/2014 | |||||||||||||||||||
Date of the final award (end of the vesting period) |
09/15/2012 | 09/15/2013 | 07/27/2014 | 07/26/2016 | 07/30/2017 | |||||||||||||||||||
Transfer authorized as from |
09/15/2014 | 09/15/2015 | 07/27/2016 | 07/26/2018 | 07/30/2019 | |||||||||||||||||||
Number of performance shares |
||||||||||||||||||||||||
Outstanding as of January 1, 2012 |
2,988,051 | 3,630,191 | | | | 6,618,242 | ||||||||||||||||||
Notified |
| | 4,295,930 | | | 4,295,930 | ||||||||||||||||||
Cancelled |
(32,650 | ) | (18,855 | ) | | | | (51,505 | ) | |||||||||||||||
Finally granted |
(2,955,401 | ) | (5,530 | ) | | | | (2,960,931 | ) | |||||||||||||||
Outstanding as of January 1, 2013 |
| 3,605,806 | 4,295,930 | | | 7,901,736 | ||||||||||||||||||
Notified |
| | | 4,464,200 | | 4,464,200 | ||||||||||||||||||
Cancelled |
| (14,970 | ) | (17,340 | ) | (3,810 | ) | | (36,120 | ) | ||||||||||||||
Finally granted |
| (3,590,836 | ) | (180 | ) | | | (3,591,016 | ) | |||||||||||||||
Outstanding as of January 1, 2014 |
| | 4,278,410 | 4,460,390 | | 8,738,800 | ||||||||||||||||||
Notified |
| | | | 4,486,300 | 4,486,300 | ||||||||||||||||||
Cancelled |
| | (43,320 | ) | (22,360 | ) | (11,270 | ) | (76,950 | ) | ||||||||||||||
Finally granted |
| | (4,235,090 | ) | (3,570 | ) | | (4,238,660 | ) | |||||||||||||||
Outstanding as of December 31, 2014 |
| | | 4,434,460 | 4,475,030 | 8,909,490 |
61
62
The Chairman and Chief Executive Officer acknowledged on July 2, 2012, the issuance and the award of 1,366,950 shares to the beneficiaries designated at the end of the 2-year acquisition period. The Chairman and Chief Executive Officer acknowledged on July 1, 2014, the issuance and the award of 666,575 shares to the beneficiaries designated at the end of the 4-year acquisition period.
2011 Plan (2+2) |
2011 Plan (4+0) |
Total | ||||||||||
Date of the shareholders meeting |
05/16/2008 | 05/16/2008 | ||||||||||
Date of the award(a) |
06/30/2010 | 06/30/2010 | ||||||||||
Date of the final award |
07/01/2012 | 07/01/2014 | ||||||||||
Transfer authorized as from |
07/01/2014 | 07/01/2014 | ||||||||||
Number of free shares |
||||||||||||
Outstanding as of January 1, 2012 |
1,479,000 | 1,015,525 | 2,494,525 | |||||||||
Notified |
| | | |||||||||
Cancelled |
(111,725 | ) | (40,275 | ) | (152,000 | ) | ||||||
Finally granted(b) |
(1,367,275 | ) | (350 | ) | (1,367,625 | ) | ||||||
Outstanding as of January 1, 2013 |
| 974,900 | 974,900 | |||||||||
Notified |
| | | |||||||||
Cancelled |
100 | (101,150 | ) | (101,050 | ) | |||||||
Finally granted(b) |
(100 | ) | (275 | ) | (375 | ) | ||||||
Outstanding as of January 1, 2014 |
| 873,475 | 873,475 | |||||||||
Notified |
| | | |||||||||
Cancelled |
| (206,225 | ) | (206,225 | ) | |||||||
Finally granted(c) |
| (667,250 | ) | (667,250 | ) | |||||||
Outstanding as of December 31, 2014 |
| | |
(a) | The June 30, 2010, grant was decided by the Board of Directors on May 21, 2010. |
(b) | Final grant July 2, 2012 of 1,366,950 shares to the designated beneficiaries at the end of the 2-year acquisition period. |
(c) | Final grant July 1, 2014 of 666,575 shares to the designated beneficiaries at the end of the 4-year acquisition period. |
63
The following table summarizes SunPowers stock option activities:
Outstanding Stock Options | ||||||||||||||||
Shares (in thousands) |
Weighted-Average Exercise Price (in dollars) |
Weighted-Average Remaining (in years) |
Aggregate (in thousands |
|||||||||||||
Outstanding and exercisable as |
210 | 41.44 | 2.51 | 1,036 |
The following table summarizes SunPowers non-vested stock options and restricted stock activities thereafter:
Stock Options | Restricted Stock Awards and Units | |||||||||||||||
Shares (in thousands) |
Weighted-Average Exercise Price Per Share (in dollars) |
Shares (in thousands) |
Weighted-Average Grant Date Fair Value Per Share (in dollars)(a) |
|||||||||||||
Outstanding as of January 1, 2012 |
43 | 48.33 | 7,370 | 13.25 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Granted |
| | 5,638 | 5.93 | ||||||||||||
Vested(b) |
(30 | ) | 57.79 | (2,845 | ) | 13.94 | ||||||||||
Forfeited |
(13 | ) | 24.72 | (1,587 | ) | 11.52 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of December 30, 2012 |
| | 8,576 | 8.53 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Granted |
| | 5,607 | 15.88 | ||||||||||||
Vested(b) |
| | (3,583 | ) | 9.48 | |||||||||||
Forfeited |
| | (1,008 | ) | 10.10 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of December 29, 2013 |
| | 9,592 | 12.26 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Granted |
| | 2,187 | 31.80 | ||||||||||||
Vested(b) |
| | (4,432 | ) | 11.61 | |||||||||||
Forfeited |
| | (792 | ) | 15.00 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Outstanding as of December 28, 2014 |
| | 6,555 | 18.88 |
(a) | The Company estimates the fair value of the restricted stock unit awards as the stock price on the grant date. |
(b) | Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. |
64
65
66
28) Financial assets and liabilities analysis per instrument class and strategy
The financial assets and liabilities disclosed in the balance sheet are detailed as follows:
Financial instruments related to financing and operational activities | Other financial instruments |
Total | Fair value |
|||||||||||||||||||||||||||||||||||||
Amortized cost |
Fair value | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 (M$) Assets / (Liabilities) | Available for sale(a) |
Held for trading |
Financial debt(b) |
Hedging of Financial Debt |
Cash flow hedge |
Net investment hedge and other |
||||||||||||||||||||||||||||||||||
Equity affiliates: loans |
4,626 | | | | | | | | 4,626 | 4,626 | ||||||||||||||||||||||||||||||
Other investments |
| 1,399 | | | | | | | 1,399 | 1,399 | ||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt |
| | | | 1,084 | 235 | | | 1,319 | 1,319 | ||||||||||||||||||||||||||||||
Other non-current assets |
3,326 | | | | | | | | 3,326 | 3,326 | ||||||||||||||||||||||||||||||
Accounts receivable, net(c) |
| | | | | | | 15,704 | 15,704 | 15,704 | ||||||||||||||||||||||||||||||
Other operating receivables |
| | 2,502 | | | 7 | | 8,283 | 10,792 | 10,792 | ||||||||||||||||||||||||||||||
Current financial assets |
469 | | 364 | | 460 | | | | 1,293 | 1,293 | ||||||||||||||||||||||||||||||
Cash and cash equivalents |
| | | | | | | 25,181 | 25,181 | 25,181 | ||||||||||||||||||||||||||||||
Total financial assets |
8,421 | 1,399 | 2,866 | | 1,544 | 242 | | 49,168 | 63,640 | 63,640 | ||||||||||||||||||||||||||||||
Total non-financial assets |
| | | | | | | | 166,158 | | ||||||||||||||||||||||||||||||
Total assets |
| | | | | | | | 229,798 | | ||||||||||||||||||||||||||||||
Non-current financial debt |
(7,179 | ) | | | (37,355 | ) | (944 | ) | (3 | ) | | | (45,481 | ) | (46,472 | ) | ||||||||||||||||||||||||
Accounts payable(c) |
| | | | | | | (24,150 | ) | (24,150 | ) | (24,150 | ) | |||||||||||||||||||||||||||
Other operating liabilities |
| | (1,073 | ) | | | (4 | ) | | (6,858 | ) | (7,935 | ) | (7,935 | ) | |||||||||||||||||||||||||
Current borrowings |
(6,241 | ) | | | (4,701 | ) | | | | | (10,942 | ) | (10,942 | ) | ||||||||||||||||||||||||||
Other current financial liabilities |
| | (47 | ) | | (133 | ) | | | | (180 | ) | (180 | ) | ||||||||||||||||||||||||||
Total financial liabilities |
(13,420 | ) | | (1,120 | ) | (42,056 | ) | (1,077 | ) | (7 | ) | | (31,008 | ) | (88,688 | ) | (89,679 | ) | ||||||||||||||||||||||
Total non-financial liabilities |
| | | | | | | | (141,110 | ) | | |||||||||||||||||||||||||||||
Total liabilities |
| | | | | | | | (229,798 | ) | |
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
(c) | The impact of offsetting on accounts receivable, net is $(1,970) million and $+1,970 million on accounts payable. |
67
Financial instruments related to financing and trading activities | Other financial instruments |
Total | Fair value |
|||||||||||||||||||||||||||||||||||||
Amortized cost |
Fair value | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2013 (M$) Assets / (Liabilities) | Available for sale(a) |
Held for trading |
Financial debt(b) |
Hedging of Financial Debt |
Cash flow hedge |
Net investment hedge and other |
||||||||||||||||||||||||||||||||||
Equity affiliates: loans |
3,554 | | | | | | | | 3,554 | 3,554 | ||||||||||||||||||||||||||||||
Other investments |
| 1,666 | | | | | | | 1,666 | 1,666 | ||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt |
| | | | 1,204 | 214 | | | 1,418 | 1,418 | ||||||||||||||||||||||||||||||
Other non-current assets |
3,575 | | | | | | | | 3,575 | 3,575 | ||||||||||||||||||||||||||||||
Accounts receivable, net(c) |
| | | | | | | 23,422 | 23,422 | 23,422 | ||||||||||||||||||||||||||||||
Other operating receivables |
| | 1,278 | | | | | 8,639 | 9,917 | 9,917 | ||||||||||||||||||||||||||||||
Current financial assets |
161 | | 108 | | 469 | 1 | | | 739 | 739 | ||||||||||||||||||||||||||||||
Cash and cash equivalents |
| | | | | | | 20,200 | 20,200 | 20,200 | ||||||||||||||||||||||||||||||
Total financial assets |
7,290 | 1,666 | 1,386 | | 1,673 | 215 | | 52,261 | 64,491 | 64,491 | ||||||||||||||||||||||||||||||
Total non-financial assets |
| | | | | | | | 174,732 | | ||||||||||||||||||||||||||||||
Total assets |
| | | | | | | | 239,223 | | ||||||||||||||||||||||||||||||
Non-current financial debt |
(6,985 | ) | | | (27,264 | ) | (325 | ) | | | | (34,574 | ) | (35,401 | ) | |||||||||||||||||||||||||
Accounts payable(c) |
| | | | | | | (30,282 | ) | (30,282 | ) | (30,282 | ) | |||||||||||||||||||||||||||
Other operating liabilities |
| | (848 | ) | | | (26 | ) | | (7,317 | ) | (8,191 | ) | (8,191 | ) | |||||||||||||||||||||||||
Current borrowings |
(5,901 | ) | | | (5,292 | ) | | | | | (11,193 | ) | (11,193 | ) | ||||||||||||||||||||||||||
Other current financial liabilities |
| | (61 | ) | | (314 | ) | (6 | ) | | | (381 | ) | (381 | ) | |||||||||||||||||||||||||
Total financial liabilities |
(12,886 | ) | | (909 | ) | (32,556 | ) | (639 | ) | (32 | ) | | (37,599 | ) | (84,621 | ) | (85,448 | ) | ||||||||||||||||||||||
Total non-financial liabilities |
| | | | | | | | (154,602 | ) | | |||||||||||||||||||||||||||||
Total liabilities |
| | | | | | | | (239,223 | ) | |
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
(c) | The impact of offsetting on accounts receivable, net is $(3,458) million and $+3,458 million on accounts payable. |
68
Financial instruments related to financing and trading activities | Other financial instruments |
Total | Fair value |
|||||||||||||||||||||||||||||||||||||
Amortized cost |
Fair value | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2012(M$) Assets / (Liabilities) |
Available for sale(a) |
Held for trading |
Financial debt(b) |
Hedging of Financial Debt |
Cash flow hedge |
Net investment hedge and other |
||||||||||||||||||||||||||||||||||
Equity affiliates: loans |
3,114 | | | | | | | | 3,114 | 3,114 | ||||||||||||||||||||||||||||||
Other investments |
| 1,571 | | | | | | | 1,571 | 1,571 | ||||||||||||||||||||||||||||||
Hedging instruments of non-current financial debt |
| | | | 2,066 | 79 | | | 2,145 | 2,145 | ||||||||||||||||||||||||||||||
Other non-current assets |
2,912 | | | | | | | | 2,912 | 2,912 | ||||||||||||||||||||||||||||||
Accounts receivable, net(c) |
| | | | | | | 25,339 | 25,339 | 25,339 | ||||||||||||||||||||||||||||||
Other operating receivables |
| | 899 | | | | | 7,227 | 8,126 | 8,126 | ||||||||||||||||||||||||||||||
Current financial assets |
1,442 | | 50 | | 568 | 1 | | | 2,061 | 2,061 | ||||||||||||||||||||||||||||||
Cash and cash equivalents |
| | | | | | | 20,409 | 20,409 | 20,409 | ||||||||||||||||||||||||||||||
Total financial assets |
7,468 | 1,571 | 949 | | 2,634 | 80 | | 52,975 | 65,677 | 65,677 | ||||||||||||||||||||||||||||||
Total non-financial assets |
| | | | | | | | 160,209 | | ||||||||||||||||||||||||||||||
Total assets |
| | | | | | | | 225,886 | | ||||||||||||||||||||||||||||||
Non-current financial debt |
(6,712 | ) | | | (22,666 | ) | (14 | ) | | | | (29,392 | ) | (29,651 | ) | |||||||||||||||||||||||||
Accounts payable(c) |
| | | | | | | (28,563 | ) | (28,563 | ) | (28,563 | ) | |||||||||||||||||||||||||||
Other operating liabilities |
| | (602 | ) | | | (13 | ) | | (7,169 | ) | (7,784 | ) | (7,784 | ) | |||||||||||||||||||||||||
Current borrowings |
(8,955 | ) | | | (5,580 | ) | | | | | (14,535 | ) | (14,535 | ) | ||||||||||||||||||||||||||
Other current financial liabilities |
| | (116 | ) | | (111 | ) | (5 | ) | | | (232 | ) | (232 | ) | |||||||||||||||||||||||||
Total financial liabilities |
(15,667 | ) | | (718 | ) | (28,246 | ) | (125 | ) | (18 | ) | | (35,732 | ) | (80,506 | ) | (80,765 | ) | ||||||||||||||||||||||
Total non-financial liabilities |
| | | | | | | | (145,380 | ) | | |||||||||||||||||||||||||||||
Total liabilities |
| | | | | | | | (225,886 | ) | |
(a) | Financial assets available for sale are measured at their fair value except for unlisted securities (see Note 1 paragraph M(ii) and Note 13 to the Consolidated Financial Statements). |
(b) | The financial debt is adjusted to the hedged risks value (currency and interest rate) as part of hedge accounting (see Note 1 paragraph M(iii) to the Consolidated Financial Statements). |
(c) | The impact of offsetting on accounts receivable, net is $(1,428) million and $+1,428 million on accounts payable. |
69
Net investment hedge
These instruments are recorded directly in other comprehensive income under Currency translation adjustments. The variations of the period are detailed in the table below:
For the year ended December 31, (M$) | As of January 1, | Variations | Disposals | As of December 31 | ||||||||||||
2014 |
(367 | ) | (144 | ) | | (511 | ) | |||||||||
2013 |
(384 | ) | 17 | | (367 | ) | ||||||||||
2012 |
(135 | ) | (249 | ) | | (384 | ) |
70
As of December 31, 2014, 2013 and 2012 the Group had no open forward contracts under these hedging instruments.
Cash flow hedge
The impact on the statement of income and on equity of the hedging instruments qualified as cash flow hedges is detailed as follows:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Profit (Loss) recorded in equity during the period |
97 | 156 | 83 | |||||||||
Recycled amount from equity to the income statement during the period |
(295 | ) | 86 | 112 |
As of December 31, 2014, 2013 and 2012, the ineffective portion of these financial instruments is equal to zero.
C) | Maturity of derivative instruments |
The maturity of the notional amounts of derivative instruments, excluding the commodity contracts, is detailed in the following table:
Notional value(a) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2014 (M$) Assets / (Liabilities) |
Fair value |
Total | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 and after |
||||||||||||||||||||||||
Fair value hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(944 | ) | 21,546 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
1,084 | 14,946 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
140 | 36,492 | | 3,505 | 4,490 | 5,018 | 3,255 | 20,224 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
(133 | ) | 1,004 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
460 | 4,163 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
327 | 5,167 | 5,167 | | | | | | ||||||||||||||||||||||||
Cash flow hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(3 | ) | 247 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
235 | 2,221 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
232 | 2,468 | | | | | 969 | 1,499 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Swaps hedging investments (liabilities) |
(4 | ) | 45 | | | | | | | |||||||||||||||||||||||
Swaps hedging investments (assets) |
7 | 146 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging investments (assets and liabilities) |
3 | 191 | 191 | | | | | | ||||||||||||||||||||||||
Net investment hedge |
||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
| | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging net investments |
| | | | | | | | ||||||||||||||||||||||||
Held for trading |
||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) |
10 | 14,537 | | | | | | | ||||||||||||||||||||||||
Other interest rate swaps (liabilities) |
(8 | ) | 11,443 | | | | | | | |||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) |
2 | 25,980 | 25,720 | 109 | 83 | 68 | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
354 | 14,584 | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
(39 | ) | 1,970 | | | | | | | |||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) |
315 | 16,554 | 16,106 | 308 | 89 | 45 | 1 | 5 |
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
71
Notional value(a) | ||||||||||||||||||||||||||||||||
For the year ended December 31, 2013 (M$) Assets / (Liabilities) |
Fair value |
Total | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 and after |
||||||||||||||||||||||||
Fair value hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(325 | ) | 10,316 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
1,204 | 16,764 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
879 | 27,080 | | 4,703 | 3,594 | 4,096 | 5,170 | 9,517 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
(314 | ) | 1,884 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
469 | 3,852 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
155 | 5,736 | 5,736 | | | | | | ||||||||||||||||||||||||
Cash flow hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
214 | 2,220 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
214 | 2,220 | | | | | | 2,220 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
(6 | ) | 166 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
1 | 132 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
(5 | ) | 298 | 270 | 28 | | | | | |||||||||||||||||||||||
Swaps hedging investments (liabilities) |
(26 | ) | 197 | | | | | | | |||||||||||||||||||||||
Swaps hedging investments (assets) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging investments (assets and liabilities) |
(26 | ) | 197 | 182 | 15 | | | | | |||||||||||||||||||||||
Net investment hedge |
||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
| | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging net investments |
| | | | | | | | ||||||||||||||||||||||||
Held for trading |
||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) |
3 | 5,645 | | | | | | | ||||||||||||||||||||||||
Other interest rate swaps (liabilities) |
(4 | ) | 15,606 | | | | | | | |||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) |
(1 | ) | 21,251 | 20,862 | 119 | 114 | 86 | 70 | | |||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
105 | 6,576 | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
(57 | ) | 6,119 | | | | | | | |||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) |
48 | 12,695 | 12,336 | 268 | 58 | 14 | 19 | |
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
72
For the year ended December 31, 2012 (M$) Assets / (Liabilities) |
Notional value(a) | |||||||||||||||||||||||||||||||
Fair value |
Total | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 and after |
|||||||||||||||||||||||||
Fair value hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(14 | ) | 2,292 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
2,066 | 20,359 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
2,052 | 22,651 | | 5,548 | 4,667 | 2,768 | 4,057 | 5,611 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
(111 | ) | 780 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
568 | 4,768 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
457 | 5,548 | 5,548 | | | | | | ||||||||||||||||||||||||
Cash flow hedge |
||||||||||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (assets) |
79 | 2,221 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
79 | 2,221 | | | | | | 2,221 | ||||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (liabilities) |
(5 | ) | 195 | | | | | | | |||||||||||||||||||||||
Swaps hedging fixed-rates bonds (current portion) (assets) |
1 | 25 | | | | | | | ||||||||||||||||||||||||
Total swaps hedging fixed-rates bonds (current portion) (assets and liabilities) |
(4 | ) | 220 | 220 | | | | | | |||||||||||||||||||||||
Swaps hedging investments (liabilities) |
(13 | ) | 683 | | | | | | | |||||||||||||||||||||||
Swaps hedging investments (assets) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging investments (assets and liabilities) |
(13 | ) | 683 | 481 | 186 | 16 | | | | |||||||||||||||||||||||
Net investment hedge |
||||||||||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
| | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
| | | | | | | | ||||||||||||||||||||||||
Total swaps hedging net investments |
| | | | | | | | ||||||||||||||||||||||||
Held for trading |
||||||||||||||||||||||||||||||||
Other interest rate swaps (assets) |
3 | 14,568 | | | | | | | ||||||||||||||||||||||||
Other interest rate swaps (liabilities) |
(3 | ) | 12,328 | | | | | | | |||||||||||||||||||||||
Total other interest rate swaps (assets and liabilities) |
| 26,896 | 26,339 | 175 | 116 | 112 | 84 | 70 | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (assets) |
47 | 6,291 | | | | | | | ||||||||||||||||||||||||
Currency swaps and forward exchange contracts (liabilities) |
(113 | ) | 16,128 | | | | | | | |||||||||||||||||||||||
Total currency swaps and forward exchange contracts (assets and liabilities) |
(66 | ) | 22,419 | 22,135 | 245 | (20 | ) | 21 | 21 | 17 |
(a) | These amounts set the levels of notional commitment and are not indicative of a contingent gain or loss. |
D) | Fair value hierarchy |
The fair value hierarchy for financial instruments, excluding commodity contracts, is as follows:
As of December 31, 2014 (M$) | Quoted prices in active markets for identical assets (level 1) |
Prices based on (level 2) |
Prices based on (level 3) |
Total | ||||||||||||
Fair value hedge instruments |
| 467 | | 467 | ||||||||||||
Cash flow hedge instruments |
| 235 | | 235 | ||||||||||||
Net investment hedge instruments |
| | | | ||||||||||||
Assets and liabilities held for trading |
| 317 | | 317 | ||||||||||||
Assets available for sale |
84 | | | 84 | ||||||||||||
Total |
84 | 1,019 | | 1,103 |
73
As of December 31, 2013 (M$) | Quoted prices in active markets for identical assets (level 1) |
Prices based on (level 2) |
Prices based on (level 3) |
Total | ||||||||||||
Fair value hedge instruments |
| 1,034 | | 1,034 | ||||||||||||
Cash flow hedge instruments |
| 183 | | 183 | ||||||||||||
Net investment hedge instruments |
| | | | ||||||||||||
Assets and liabilities held for trading |
| 47 | | 47 | ||||||||||||
Assets available for sale |
160 | | | 160 | ||||||||||||
Total |
160 | 1,264 | | 1,424 |
As of December 31, 2012 (M$) | Quoted prices in active markets for identical assets (level 1) |
Prices based on (level 2) |
Prices based on (level 3) |
Total | ||||||||||||
Fair value hedge instruments |
| 2,509 | | 2,509 | ||||||||||||
Cash flow hedge instruments |
| 62 | | 62 | ||||||||||||
Net investment hedge instruments |
| | | | ||||||||||||
Assets and liabilities held for trading |
| (66 | ) | | (66 | ) | ||||||||||
Assets available for sale |
121 | | | 121 | ||||||||||||
Total |
121 | 2,505 | | 2,626 |
The description of each fair value level is presented in Note 1 paragraph M(v) to the Consolidated Financial Statements.
74
30) Financial instruments related to commodity contracts
Financial instruments related to oil, gas and power activities as well as related currency derivatives are recorded at fair value under Other current assets or Other creditors and accrued liabilities depending on whether they are assets or liabilities.
As of December 31, 2014 (M$) Assets / (Liabilities) |
Gross value before offsetting assets |
Gross value before offsetting liabilities |
Amounts offset assets(c) |
Amounts offset liabilities(c) |
Net balance sheet value presented assets |
Net balance sheet value presented liabilities |
Other amounts not offset |
Net carrying amount |
Fair value(b) | |||||||||||||||||||||||||||
Crude oil, petroleum products and freight rates activities |
||||||||||||||||||||||||||||||||||||
Petroleum products and crude oil swaps |
1,505 | (465 | ) | (384 | ) | 384 | 1,121 | (81 | ) | | 1,040 | 1,040 | ||||||||||||||||||||||||
Freight rate swaps |
| | | | | | | | | |||||||||||||||||||||||||||
Forwards(a) |
168 | (197 | ) | (56 | ) | 56 | 112 | (141 | ) | | (29 | ) | (29 | ) | ||||||||||||||||||||||
Options |
928 | (1,224 | ) | (790 | ) | 790 | 138 | (434 | ) | | (296 | ) | (296 | ) | ||||||||||||||||||||||
Futures |
5 | | | | 5 | | | 5 | 5 | |||||||||||||||||||||||||||
Options on futures |
307 | (130 | ) | (130 | ) | 130 | 177 | | | 177 | 177 | |||||||||||||||||||||||||
Other / Collateral |
| | | | | | (505 | ) | (505 | ) | (505 | ) | ||||||||||||||||||||||||
Total crude oil, petroleum products and freight rates |
2,913 | (2,016 | ) | (1,360 | ) | 1,360 | 1,553 | (656 | ) | (505 | ) | 392 | 392 | |||||||||||||||||||||||
Gas & Power activities |
||||||||||||||||||||||||||||||||||||
Swaps |
138 | (41 | ) | (19 | ) | 19 | 119 | (22 | ) | | 97 | 97 | ||||||||||||||||||||||||
Forwards(a) |
1,110 | (671 | ) | (278 | ) | 278 | 832 | (393 | ) | | 439 | 439 | ||||||||||||||||||||||||
Options |
5 | (9 | ) | (7 | ) | 7 | (2 | ) | (2 | ) | | (4 | ) | (4 | ) | |||||||||||||||||||||
Futures |
| | | | | | | | | |||||||||||||||||||||||||||
Other / Collateral |
| | | | | | (89 | ) | (89 | ) | (89 | ) | ||||||||||||||||||||||||
Total Gas & Power |
1,253 | (721 | ) | (304 | ) | 304 | 949 | (417 | ) | (89 | ) | 443 | 443 | |||||||||||||||||||||||
Total |
4,166 | (2,737 | ) | (1,664 | ) | 1,664 | 2,502 | (1,073 | ) | (594 | ) | 835 | 835 | |||||||||||||||||||||||
Total of fair value non recognized in the balance sheet |
|
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. |
(c) | Amounts offset in accordance with IAS 32. |
75
As of December 31, 2013 (M$) Assets / (Liabilities) |
Gross value before offsetting assets |
Gross value before offsetting liabilities |
Amounts offset assets(c) |
Amounts offset liabilities(c) |
Net balance sheet value presented assets |
Net balance sheet value presented liabilities |
Other amounts not offset |
Net carrying amount |
Fair value(b) | |||||||||||||||||||||||||||
Crude oil, petroleum products and freight rates activities |
||||||||||||||||||||||||||||||||||||
Petroleum products and crude oil swaps |
94 | (204 | ) | (79 | ) | 79 | 15 | (125 | ) | | (110 | ) | (110 | ) | ||||||||||||||||||||||
Freight rate swaps |
| | | | | | | | | |||||||||||||||||||||||||||
Forwards(a) |
58 | (57 | ) | (8 | ) | 8 | 50 | (49 | ) | | 1 | 1 | ||||||||||||||||||||||||
Options |
198 | (234 | ) | (62 | ) | 62 | 136 | (172 | ) | | (36 | ) | (36 | ) | ||||||||||||||||||||||
Futures |
7 | (1 | ) | | | 7 | (1 | ) | | 6 | 6 | |||||||||||||||||||||||||
Options on futures |
68 | (57 | ) | (57 | ) | 57 | 11 | | | 11 | 11 | |||||||||||||||||||||||||
Other / Collateral |
| | | | | | 96 | 96 | 96 | |||||||||||||||||||||||||||
Total crude oil, petroleum products and freight rates |
425 | (553 | ) | (206 | ) | 206 | 219 | (347 | ) | 96 | (32 | ) | (32 | ) | ||||||||||||||||||||||
Gas & Power activities |
||||||||||||||||||||||||||||||||||||
Swaps |
69 | (21 | ) | (11 | ) | 11 | 58 | (10 | ) | | 48 | 48 | ||||||||||||||||||||||||
Forwards(a) |
1,052 | (530 | ) | (40 | ) | 40 | 1,012 | (490 | ) | | 522 | 522 | ||||||||||||||||||||||||
Options |
| (12 | ) | (11 | ) | 11 | (11 | ) | (1 | ) | | (12 | ) | (12 | ) | |||||||||||||||||||||
Futures |
| | | | | | | | | |||||||||||||||||||||||||||
Other / Collateral |
| | | | | | 16 | 16 | 16 | |||||||||||||||||||||||||||
Total Gas & Power |
1,121 | (563 | ) | (62 | ) | 62 | 1,059 | (501 | ) | 16 | 574 | 574 | ||||||||||||||||||||||||
Total |
1,546 | (1,116 | ) | (268 | ) | 268 | 1,278 | (848 | ) | 112 | 542 | 542 | ||||||||||||||||||||||||
Total of fair value non recognized in the balance sheet |
|
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. |
(c) | Amounts offset in accordance with IAS 32. |
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As of December 31, 2012 (M$) Assets / (Liabilities) |
Gross value before offsetting assets |
Gross value before offsetting liabilities |
Amounts offset assets(c) |
Amounts offset liabilities(c) |
Net balance sheet value presented assets |
Net balance sheet value presented liabilities |
Other amounts not offset |
Net carrying amount |
Fair value(b) | |||||||||||||||||||||||||||
Crude oil, petroleum products and freight rates activities |
||||||||||||||||||||||||||||||||||||
Petroleum products and crude oil swaps |
188 | (222 | ) | (119 | ) | 119 | 69 | (103 | ) | | (34 | ) | (34 | ) | ||||||||||||||||||||||
Freight rate swaps |
| | | | | | | | | |||||||||||||||||||||||||||
Forwards(a) |
9 | (12 | ) | (4 | ) | 4 | 5 | (8 | ) | | (3 | ) | (3 | ) | ||||||||||||||||||||||
Options |
305 | (329 | ) | (298 | ) | 298 | 7 | (31 | ) | | (24 | ) | (24 | ) | ||||||||||||||||||||||
Futures |
| (8 | ) | | | | (8 | ) | | (8 | ) | (8 | ) | |||||||||||||||||||||||
Options on futures |
85 | (78 | ) | (78 | ) | 78 | 7 | | | 7 | 7 | |||||||||||||||||||||||||
Other / Collateral |
| | | | | | 29 | 29 | 29 | |||||||||||||||||||||||||||
Total crude oil, petroleum products and freight rates |
587 | (649 | ) | (499 | ) | 499 | 88 | (150 | ) | 29 | (33 | ) | (33 | ) | ||||||||||||||||||||||
Gas & Power activities |
||||||||||||||||||||||||||||||||||||
Swaps |
71 | (93 | ) | (57 | ) | 57 | 14 | (36 | ) | | (22 | ) | (22 | ) | ||||||||||||||||||||||
Forwards(a) |
860 | (476 | ) | (63 | ) | 63 | 797 | (413 | ) | | 384 | 384 | ||||||||||||||||||||||||
Options |
15 | (18 | ) | (15 | ) | 15 | | (3 | ) | | (3 | ) | (3 | ) | ||||||||||||||||||||||
Futures |
| | | | | | | | | |||||||||||||||||||||||||||
Other / Collateral |
| | | | | | 41 | 41 | 41 | |||||||||||||||||||||||||||
Total Gas & Power |
946 | (587 | ) | (135 | ) | 135 | 811 | (452 | ) | 41 | 400 | 400 | ||||||||||||||||||||||||
Total |
1,533 | (1,236 | ) | (634 | ) | 634 | 899 | (602 | ) | 70 | 367 | 367 | ||||||||||||||||||||||||
Total of fair value non recognized in the balance sheet |
|
(a) | Forwards: contracts resulting in physical delivery are accounted for as derivative commodity contracts and included in the amounts shown. |
(b) | When the fair value of derivatives listed on an organized exchange market (futures, options on futures and swaps) is offset with the margin call received or paid in the balance sheet, this fair value is set to zero. |
(c) | Amounts offset in accordance with IAS 32. |
77
Most commitments on crude oil and refined products have a short term maturity (less than one year). The maturity of most Gas & Power energy derivatives is less than three years forward.
The changes in fair value of financial instruments related to commodity contracts are detailed as follows:
For the year ended December 31, (M$) | Fair value as of January 1, |
Impact on income |
Settled contracts |
Other | Fair value as of December 31, |
|||||||||||||||
Crude oil, petroleum products and freight rates activities |
||||||||||||||||||||
2014 |
(128 | ) | 2,471 | (1,445 | ) | (1 | ) | 897 | ||||||||||||
2013 |
(62 | ) | 2,266 | (2,330 | ) | (2 | ) | (128 | ) | |||||||||||
2012 |
(48 | ) | 2,176 | (2,191 | ) | 1 | (62 | ) | ||||||||||||
Gas & Power activities |
||||||||||||||||||||
2014 |
558 | 922 | (909 | ) | (39 | ) | 532 | |||||||||||||
2013 |
359 | 624 | (375 | ) | (50 | ) | 558 | |||||||||||||
2012 |
655 | 755 | (1,060 | ) | 9 | 359 |
The fair value hierarchy for financial instruments related to commodity contracts is as follows:
As of December 31, 2014 (M$) | Quoted prices in active markets for assets (level 1) |
Prices based on (level 2) |
Prices based on data (level 3) |
Total | ||||||||||||
Crude oil, petroleum products and freight rates activities |
239 | 658 | | 897 | ||||||||||||
Gas & Power activities |
92 | 440 | | 532 | ||||||||||||
Total |
331 | 1,098 | | 1,429 |
As of December 31, 2013 (M$) | Quoted prices in active markets for assets (level 1) |
Prices based on (level 2) |
Prices based on data (level 3) |
Total | ||||||||||||
Crude oil, petroleum products and freight rates activities |
21 | (149 | ) | | (128 | ) | ||||||||||
Gas & Power activities |
| 558 | | 558 | ||||||||||||
Total |
21 | 409 | | 430 |
As of December 31, 2012 (M$) | Quoted prices in active markets for assets (level 1) |
Prices based on (level 2) |
Prices based on data (level 3) |
Total | ||||||||||||
Crude oil, petroleum products and freight rates activities |
7 | (69 | ) | | (62 | ) | ||||||||||
Gas & Power activities |
(69 | ) | 428 | | 359 | |||||||||||
Total |
(62 | ) | 359 | | 297 |
The description of each fair value level is presented in Note 1 paragraph M(v) to the Consolidated Financial Statements.
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Sensitivity analysis on interest rate and foreign exchange risk
The tables below present the potential impact of an increase or decrease of 10 basis points on the interest rate yield curves for each of the currencies on the fair value of the current financial instruments as of December 31, 2014, 2013 and 2012.
Change in fair value due to a change in interest rate by |
||||||||||||||||
Assets / (Liabilities) (M$) | Carrying amount |
Estimated fair value |
+ 10 basis points |
- 10 basis points |
||||||||||||
As of December 31, 2014 |
||||||||||||||||
Bonds (non-current portion, before swaps) |
(43,088 | ) | (44,079 | ) | 292 | (286 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(944 | ) | (944 | ) | | | ||||||||||
Swaps hedging fixed-rates bonds (assets) |
1,319 | 1,319 | | | ||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
375 | 375 | (153 | ) | 149 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) |
4,411 | 4,411 | 5 | (4 | ) | |||||||||||
Other interest rates swaps |
2 | 2 | 3 | (3 | ) | |||||||||||
Currency swaps and forward exchange contracts |
318 | 318 | | | ||||||||||||
As of December 31, 2013 |
||||||||||||||||
Bonds (non-current portion, before swaps) |
(33,138 | ) | (33,966 | ) | 54 | (54 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(325 | ) | (325 | ) | | | ||||||||||
Swaps hedging fixed-rates bonds (assets) |
1,418 | 1,418 | | | ||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
1,092 | 1,092 | (39 | ) | 37 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) |
5,218 | 5,218 | 6 | (6 | ) | |||||||||||
Other interest rates swaps |
(1 | ) | (1 | ) | (1 | ) | 1 | |||||||||
Currency swaps and forward exchange contracts |
17 | 17 | | | ||||||||||||
As of December 31, 2012 |
||||||||||||||||
Bonds (non-current portion, before swaps) |
(28,163 | ) | (28,426 | ) | 128 | (128 | ) | |||||||||
Swaps hedging fixed-rates bonds (liabilities) |
(15 | ) | (15 | ) | | | ||||||||||
Swaps hedging fixed-rates bonds (assets) |
2,145 | 2,145 | | | ||||||||||||
Total swaps hedging fixed-rates bonds (assets and liabilities) |
2,131 | 2,131 | (76 | ) | 76 | |||||||||||
Current portion of non-current debt after swap (excluding capital lease obligations) |
5,608 | 5,608 | 5 | (5 | ) | |||||||||||
Other interest rates swaps |
| | 3 | (3 | ) | |||||||||||
Currency swaps and forward exchange contracts |
(66 | ) | (66 | ) | | |
The impact of changes in interest rates on the cost of net debt before tax is as follows:
For the year ended December 31, (M$) | 2014 | 2013 | 2012 | |||||||||
Cost of net debt |
(640 | ) | (804 | ) | (735 | ) | ||||||
Interest rate translation of : |
||||||||||||
+ 10 basis points |
(19 | ) | (15 | ) | (14 | ) | ||||||
- 10 basis points |
19 | 15 | 14 | |||||||||
+ 100 basis points |
(193 | ) | (150 | ) | (136 | ) | ||||||
- 100 basis points |
193 | 150 | 136 |
As a result of the policy for the management of currency exposure previously described, the Groups sensitivity to currency exposure is primarily influenced by the net equity of the subsidiaries whose functional currency is the euro and the ruble, and to a lesser extent, the pound sterling, the Norwegian krone.
81
This sensitivity is reflected in the historical evolution of the currency translation adjustment recorded in the statement of changes in consolidated shareholders equity which, over the course of the last three years, is essentially related to the fluctuation of the euro, the ruble and the pound sterling and is set forth in the table below:
Dollar / Euro exchange rates |
Dollar / Pound sterling |
Dollar / Ruble exchange rates | ||||||||||||||||
December 31, 2014 |
0.82 | 0.64 | 59.58 | |||||||||||||||
December 31, 2013 |
0.73 | 0.60 | 32.87 | |||||||||||||||
December 31, 2012 |
0.76 | 0.62 | 30.57 |
As of December 31, 2014 (M$) | Total | Euro | Dollar | Pound sterling |
Ruble | Other currencies |
||||||||||||||||||
Shareholders equity at historical exchange rate |
97,810 | 26,056 | 50,179 | 6,762 | 6,489 | 8,324 | ||||||||||||||||||
Currency translation adjustment before net investment hedge |
(7,480 | ) | (2,290 | ) | | (894 | ) | (3,215 | ) | (1,081 | ) | |||||||||||||
Net investment hedge open instruments |
| | | | | | ||||||||||||||||||
Shareholders equity at exchange rate as of December 31, 2014 |
90,330 | 23,766 | 50,179 | 5,868 | 3,274 | 7,243 | ||||||||||||||||||
As of December 31, 2013 (M$) | Total | Euro | Dollar | Pound sterling |
Ruble | Other currencies |
||||||||||||||||||
Shareholders equity at historical exchange rate |
101,444 | 30,444 | 50,053 | 6,776 | 6,960 | 7,211 | ||||||||||||||||||
Currency translation adjustment before net investment hedge |
(1,203 | ) | 148 | | (543 | ) | (607 | ) | (201 | ) | ||||||||||||||
Net investment hedge open instruments |
| | | | | | ||||||||||||||||||
Shareholders equity at exchange rate as of December 31, 2013 |
100,241 | 30,592 | 50,053 | 6,233 | 6,353 | 7,010 | ||||||||||||||||||
As of December 31, 2012 (M$) | Total | Euro | Dollar | Pound sterling |
Ruble | Other currencies |
||||||||||||||||||
Shareholders equity at historical exchange rate |
95,665 | 32,299 | 41,821 | 6,673 | 6,147 | 8,725 | ||||||||||||||||||
Currency translation adjustment before net investment hedge |
(1,696 | ) | (1,020 | ) | | (688 | ) | (164 | ) | 176 | ||||||||||||||
Net investment hedge open instruments |
| | | | | | ||||||||||||||||||
Shareholders equity at exchange rate as of December 31, 2012 |
93,969 | 31,279 | 41,821 | 5,985 | 5,983 | 8,901 |
Stock market risk
The Group holds interests in a number of publicly-traded companies (see Notes 12 and 13 to the Consolidated Financial Statements). The market value of these holdings fluctuates due to various factors, including stock market trends, valuations of the sectors in which the companies operate, and the economic and financial condition of each individual company.
Liquidity risk
TOTAL S.A. has confirmed lines of credit granted by international banks, which are calculated to allow it to manage its short-term liquidity needs as required.
As of December 31, 2014, these lines of credit amounted to $10,514 million, of which $10,514 million was unused. The agreements for the lines of credit granted to TOTAL S.A. do not contain conditions related to the Companys financial ratios, to its financial ratings from specialized agencies, or to the occurrence of events that could have a material adverse effect on its financial position. As of December 31, 2014, the aggregate amount of the principal confirmed lines of credit granted by international banks to Group companies, including TOTAL S.A., was $11,064 million, of which $10,764 million was unused. The lines of credit granted to Group companies other than TOTAL S.A. are not intended to finance the Groups general needs; they are intended to finance either the general needs of the borrowing subsidiary or a specific project.
82
The following tables show the maturity of the financial assets and liabilities of the Group as of December 31, 2014, 2013 and 2012 (see Note 20 to the Consolidated Financial Statements).
As of December 31, 2014 (M$) Assets/(Liabilities) |
Less than one year |
1-2 years | 2-3 years | 3-4 years | 4-5 years | More than 5 years |
Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) |
| (4,793 | ) | (4,547 | ) | (4,451 | ) | (4,765 | ) | (25,606 | ) | (44,162 | ) | |||||||||||||||
Current borrowings |
(10,942 | ) | | | | | | (10,942 | ) | |||||||||||||||||||
Other current financial liabilities |
(180 | ) | | | | | | (180 | ) | |||||||||||||||||||
Current financial assets |
1,293 | | | | | | 1,293 | |||||||||||||||||||||
Assets and liabilities available for sale or exchange |
56 | | | | | | 56 | |||||||||||||||||||||
Cash and cash equivalents |
25,181 | | | | | | 25,181 | |||||||||||||||||||||
Net amount before financial expense |
15,408 | (4,793 | ) | (4,547 | ) | (4,451 | ) | (4,765 | ) | (25,606 | ) | (28,754 | ) | |||||||||||||||
Financial expense on non-current financial debt |
(901 | ) | (833 | ) | (783 | ) | (718 | ) | (624 | ) | (1,960 | ) | (5,819 | ) | ||||||||||||||
Interest differential on swaps |
369 | 167 | (31 | ) | (127 | ) | (154 | ) | (790 | ) | (566 | ) | ||||||||||||||||
Net amount |
14,876 | (5,459 | ) | (5,361 | ) | (5,296 | ) | (5,543 | ) | (28,356 | ) | (35,139 | ) | |||||||||||||||
As of December 31, 2013 (M$) Assets/(Liabilities) |
Less than one year |
1-2 years | 2-3 years | 3-4 years | 4-5 years | More than 5 years |
Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) |
| (4,647 | ) | (4,528 | ) | (4,159 | ) | (4,361 | ) | (15,461 | ) | (33,156 | ) | |||||||||||||||
Current borrowings |
(11,193 | ) | | | | | | (11,193 | ) | |||||||||||||||||||
Other current financial liabilities |
(381 | ) | | | | | | (381 | ) | |||||||||||||||||||
Current financial assets |
739 | | | | | | 739 | |||||||||||||||||||||
Assets and liabilities available for sale or exchange |
179 | | | | | | 179 | |||||||||||||||||||||
Cash and cash equivalents |
20,200 | | | | | | 20,200 | |||||||||||||||||||||
Net amount before financial expense |
9,544 | (4,647 | ) | (4,528 | ) | (4,159 | ) | (4,361 | ) | (15,461 | ) | (23,612 | ) | |||||||||||||||
Financial expense on non-current financial debt |
(1,005 | ) | (912 | ) | (764 | ) | (701 | ) | (616 | ) | (1,783 | ) | (5,781 | ) | ||||||||||||||
Interest differential on swaps |
483 | 392 | 138 | (33 | ) | (110 | ) | (710 | ) | 160 | ||||||||||||||||||
Net amount |
9,022 | (5,167 | ) | (5,154 | ) | (4,893 | ) | (5,087 | ) | (17,954 | ) | (29,233 | ) | |||||||||||||||
As of December 31, 2012 (M$) Assets/(Liabilities) |
Less than one year |
1-2 years | 2-3 years | 3-4 years | 4-5 years | More than 5 years |
Total | |||||||||||||||||||||
Non-current financial debt (notional value excluding interests) |
| (5,056 | ) | (4,572 | ) | (2,804 | ) | (4,124 | ) | (10,691 | ) | (27,247 | ) | |||||||||||||||
Current borrowings |
(14,535 | ) | | | | | | (14,535 | ) | |||||||||||||||||||
Other current financial liabilities |
(232 | ) | | | | | | (232 | ) | |||||||||||||||||||
Current financial assets |
2,061 | | | | | | 2,061 | |||||||||||||||||||||
Assets and liabilities available for sale or exchange |
(997 | ) | | | | | | (997 | ) | |||||||||||||||||||
Cash and cash equivalents |
20,409 | | | | | | 20,409 | |||||||||||||||||||||
Net amount before financial expense |
6,706 | (5,056 | ) | (4,572 | ) | (2,804 | ) | (4,124 | ) | (10,691 | ) | (20,541 | ) | |||||||||||||||
Financial expense on non-current financial debt |
(984 | ) | (824 | ) | (685 | ) | (534 | ) | (464 | ) | (1,423 | ) | (4,914 | ) | ||||||||||||||
Interest differential on swaps |
490 | 443 | 297 | 140 | 82 | (47 | ) | 1,405 | ||||||||||||||||||||
Net amount |
6,212 | (5,437 | ) | (4,960 | ) | (3,198 | ) | (4,506 | ) | (12,161 | ) | (24,050 | ) |
In addition, the Group guarantees bank debt and finance lease obligations of certain non-consolidated companies and equity affiliates. A payment would be triggered by failure of the guaranteed party to fulfill its obligation covered by the guarantee, and no assets are held as collateral for these guarantees. Maturity dates and amounts are set forth in Note 23 to the Consolidated Financial Statements (Guarantees given against borrowings).
The Group also guarantees the current liabilities of certain non-consolidated companies. Performance under these guarantees would be triggered by a financial default of these entities. Maturity dates and amounts are set forth in Note 23 to the Consolidated Financial Statements (Guarantees of current liabilities).
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85
86
(1) | Arkema is used in this section to designate those companies of the Arkema group whose ultimate parent company is Arkema S.A. Arkema became an independent company after being spun-off from TOTAL S.A. in May 2006. |
87
88
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90
35) Consolidation scope
As of December 31, 2014, 903 entities are consolidated of which 818 are fully consolidated and 85 are accounted for under equity method (E).
The table below sets forth the main Group consolidated entities:
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
Upstream |
ABU DHABI GAS INDUSTRIES LIMITED | 15.00 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | ||||||
ABU DHABI GAS LIQUEFACTION COMPANY LTD | 5.00 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||
ABU DHABI MARINE AREAS LIMITED | 33.33 | % | E | UNITED KINGDOM | UNITED ARAB EMIRATES | |||||||
ABU DHABI PETROLEUM COMPANY LIMITED | 23.75 | % | E | UNITED KINGDOM | UNITED ARAB EMIRATES | |||||||
ANGOLA BLOCK 14 B.V. | 50.01 | % | NETHERLANDS | ANGOLA | ||||||||
ANGOLA LNG LIMITED | 13.60 | % | E | BERMUDA | ANGOLA | |||||||
ANGOLA LNG SUPPLY SERVICES LLC | 13.60 | % | E | UNITED STATES | UNITED STATES | |||||||
BONNY GAS TRANSPORT LIMITED | 15.00 | % | E | BERMUDA | NIGERIA | |||||||
BRASS HOLDINGS S.A.R.L. | 100.00 | % | LUXEMBOURG | LUXEMBOURG | ||||||||
BRASS LNG LTD | 20.48 | % | E | NIGERIA | NIGERIA | |||||||
CDF ENERGIE | 100.00 | % | FRANCE | FRANCE | ||||||||
CEPSA GAS COMERCIALIZADORA SA | 35.00 | % | E | SPAIN | SPAIN | |||||||
DEER CREEK PIPELINES LIMITED | 75.00 | % | CANADA | CANADA | ||||||||
DOLPHIN ENERGY LIMITED | 24.50 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||
DORSTFONTEIN COAL MINES (PROPRIETARY) LIMITED | 74.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
E. F. OIL AND GAS LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
EASTERN POWER AND ELECTRIC COMPANY LIMITED | 28.00 | % | E | THAILAND | THAILAND | |||||||
ELF EXPLORATION PRODUCTION | 100.00 | % | FRANCE | FRANCE | ||||||||
ELF EXPLORATION UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
ELF HYDROCARBONS LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
ELF PETROLEUM IRAN | 100.00 | % | FRANCE | IRAN | ||||||||
ELF PETROLEUM UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
ELOFF MINING COMPANY (PROPRIETARY) LTD | 51.01 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
FINA EXPLORATION LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
FINA PETROLEUM DEVELOPMENT LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
FINOSCA | 100.00 | % | COLOMBIA | COLOMBIA | ||||||||
FORZANDO COAL MINES (PROPRIETARY) LIMITED | 86.74 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
FOSMAX LNG | 27.50 | % | E | FRANCE | FRANCE | |||||||
GAS DEL LITORAL SRLCV | 25.00 | % | E | MEXICO | MEXICO | |||||||
GAS INVESTMENT AND SERVICES COMPANY LTD | 10.00 | % | E | UNITED KINGDOM | OMAN | |||||||
GEOMETHANE | 28.04 | % | E | FRANCE | FRANCE | |||||||
GEOSUD | 56.08 | % | E | FRANCE | FRANCE | |||||||
GULF TOTAL TRACTEBEL POWER COMPANY PSJC | 20.00 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||
HAZIRA LNG PRIVATE LIMITED | 26.00 | % | E | INDIA | INDIA | |||||||
HAZIRA PORT PRIVATE LIMITED | 26.00 | % | E | INDIA | INDIA | |||||||
ICHTHYS LNG PTY LTD | 30.00 | % | E | AUSTRALIA | AUSTRALIA | |||||||
ITHEMBA FARM PROPRIETARY LTD | 100.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
MABRUK OIL OPERATIONS | 100.00 | % | FRANCE | STATE OF LIBYA | ||||||||
MANYEKA COAL MINES (PROPRIETARY) LIMITED | 100.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
MASINKETA COAL MINES PROPRIETARY LIMITED | 74.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
MMAKAU COAL (PROPRIETARY) LIMITED | 49.00 | % | E | SOUTH AFRICA | SOUTH AFRICA | |||||||
MOATTAMA GAS TRANSPORTATION COMPANY LIMITED | 31.24 | % | E | BERMUDA | MYANMAR | |||||||
NATIONAL GAS SHIPPING COMPANY LTD. | 5.00 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||
NEWCASTLE COAL MINES (PROPRIETARY) LIMITED | 100.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
NIGERIA LNG LTD | 15.00 | % | E | NIGERIA | NIGERIA | |||||||
NORPIPE OIL AS | 34.93 | % | E | NORWAY | NORWAY | |||||||
NORPIPE PETROLEUM UK LTD | 32.87 | % | E | UNITED KINGDOM | NORWAY | |||||||
NORSEA PIPELINE LIMITED | 32.87 | % | E | UNITED KINGDOM | NORWAY | |||||||
NOVATEK | 18.24 | % | E | RUSSIAN FEDERATION | RUSSIAN FEDERATION | |||||||
OMAN LNG LLC | 5.54 | % | E | OMAN | OMAN | |||||||
PARS LNG LIMITED | 40.00 | % | E | BERMUDA | IRAN | |||||||
PETROCEDENO | 30.32 | % | E | VENEZUELA | VENEZUELA | |||||||
PRIVATE OIL HOLDINGS OMAN LTD | 10.00 | % | E | UNITED KINGDOM | OMAN |
91
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
QATAR LIQUEFIED GAS COMPANY LIMITED (II) | 16.70 | % | E | QATAR | QATAR | |||||||
QATARGAS LIQUEFIED GAS COMPANY LIMITED | 10.00 | % | E | QATAR | QATAR | |||||||
RUWAIS FERTILIZER INDUSTRIES LIMITED | 33.33 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||
SHTOKMAN DEVELOPMENT AG | 25.00 | % | E | SWITZERLAND | RUSSIAN FEDERATION | |||||||
SOUTH ASIA LPG PRIVATE LIMITED | 50.00 | % | E | INDIA | INDIA | |||||||
SOUTH HOOK CHP | 8.35 | % | E | UNITED KINGDOM | UNITED KINGDOM | |||||||
SOUTH HOOK LNG TERMINAL COMPANY LTD | 8.35 | % | E | UNITED KINGDOM | UNITED KINGDOM | |||||||
TERNEFTEGAS LLC | 58.30 | % | E | RUSSIAN FEDERATION | RUSSIAN FEDERATION | |||||||
TOTAL (BTC) B.V. | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL ABU AL BU KHOOSH | 100.00 | % | FRANCE | UNITED ARAB EMIRATES | ||||||||
TOTAL AUSTRAL | 100.00 | % | FRANCE | ARGENTINA | ||||||||
TOTAL COAL SOUTH AFRICA (PTY) LTD | 100.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
TOTAL COLOMBIA PIPELINE | 100.00 | % | FRANCE | COLOMBIA | ||||||||
TOTAL DOLPHIN MIDSTREAM LIMITED | 100.00 | % | BERMUDA | BERMUDA | ||||||||
TOTAL E&P ABSHERON BV | 100.00 | % | NETHERLANDS | AZERBAIJAN | ||||||||
TOTAL E&P ALGERIE | 100.00 | % | FRANCE | ALGERIA | ||||||||
TOTAL E&P AMBORIP VI | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P ANGOLA | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 15/06 LIMITED | 100.00 | % | BERMUDA | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 17.06 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 25 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 31 LIMITED | 100.00 | % | BAHAMAS | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 32 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 33 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 39 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ANGOLA BLOCK 40 | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL E&P ARAFURA SEA | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P ARUBA B.V. | 100.00 | % | NETHERLANDS | ARUBA | ||||||||
TOTAL E&P AUSTRALIA | 100.00 | % | FRANCE | AUSTRALIA | ||||||||
TOTAL E&P AUSTRALIA II | 100.00 | % | FRANCE | AUSTRALIA | ||||||||
TOTAL E&P AUSTRALIA III | 100.00 | % | FRANCE | AUSTRALIA | ||||||||
TOTAL E&P AZERBAIJAN BV | 100.00 | % | NETHERLANDS | AZERBAIJAN | ||||||||
TOTAL E&P BOLIVIE | 100.00 | % | FRANCE | BOLIVIA | ||||||||
TOTAL E&P BORNEO BV | 100.00 | % | NETHERLANDS | BRUNEI | ||||||||
TOTAL E&P BULGARIA B.V. | 100.00 | % | NETHERLANDS | BULGARIA | ||||||||
TOTAL E&P CAMBODGE | 100.00 | % | FRANCE | CAMBODIA | ||||||||
TOTAL E&P CANADA LTD | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL E&P CHINE | 100.00 | % | FRANCE | CHINA | ||||||||
TOTAL E&P COLOMBIE | 100.00 | % | FRANCE | COLOMBIA | ||||||||
TOTAL E&P CONGO | 85.00 | % | CONGO | CONGO | ||||||||
TOTAL E&P COTE DIVOIRE | 100.00 | % | FRANCE | IVORY COAST | ||||||||
TOTAL E&P COTE DIVOIRE CI-514 | 100.00 | % | FRANCE | IVORY COAST | ||||||||
TOTAL E&P COTE DIVOIRE CI-515 | 100.00 | % | FRANCE | IVORY COAST | ||||||||
TOTAL E&P COTE DIVOIRE CI-516 | 100.00 | % | FRANCE | IVORY COAST | ||||||||
TOTAL E&P CYPRUS B.V. | 100.00 | % | NETHERLANDS | CYPRUS | ||||||||
TOTAL E&P DEEP OFFSHORE BORNEO BV | 100.00 | % | NETHERLANDS | BRUNEI | ||||||||
TOTAL E&P DENMARK BV | 100.00 | % | NETHERLANDS | DENMARK | ||||||||
TOTAL E&P DO BRASIL LTDA | 100.00 | % | BRAZIL | BRAZIL | ||||||||
TOTAL E&P DOLPHIN UPSTREAM LIMITED | 100.00 | % | BERMUDA | QATAR | ||||||||
TOTAL E&P EAST EL BURULLUS OFFSHORE B.V. | 100.00 | % | NETHERLANDS | EGYPT | ||||||||
TOTAL E&P EGYPT BLOCK 2 B.V. | 100.00 | % | NETHERLANDS | EGYPT | ||||||||
TOTAL E&P EGYPTE | 100.00 | % | FRANCE | EGYPT | ||||||||
TOTAL E&P FRANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P GOLFE HOLDINGS LTD. | 100.00 | % | BERMUDA | BERMUDA | ||||||||
TOTAL E&P GOLFE LIMITED | 100.00 | % | UNITED ARAB EMIRATES | QATAR | ||||||||
TOTAL E&P GUYANE FRANCAISE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P HOLDING ICHTHYS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P HOLDINGS AUSTRALIA PTY | 100.00 | % | AUSTRALIA | AUSTRALIA | ||||||||
TOTAL E&P HOLDINGS RUSSIA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P HYDROCARBONS YEMEN B.V. | 100.00 | % | NETHERLANDS | YEMEN | ||||||||
TOTAL E&P ICHTHYS | 100.00 | % | FRANCE | AUSTRALIA | ||||||||
TOTAL E&P ICHTHYS B.V. | 100.00 | % | NETHERLANDS | AUSTRALIA | ||||||||
TOTAL E&P INDONESIA GMB KUTAI II | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P INDONESIA MENTAWAI B.V. | 100.00 | % | NETHERLANDS | INDONESIA | ||||||||
TOTAL E&P INDONESIA SOUTH MANDAR | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P INDONESIA TELEN B.V. | 100.00 | % | NETHERLANDS | INDONESIA |
92
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
TOTAL E&P INDONESIA WEST PAPUA | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P INDONESIE | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P IRAN | 100.00 | % | FRANCE | IRAN | ||||||||
TOTAL E&P IRAQ | 100.00 | % | FRANCE | IRAQ | ||||||||
TOTAL E&P ITALIA | 100.00 | % | ITALY | ITALY | ||||||||
TOTAL E&P KAZAKHSTAN | 100.00 | % | FRANCE | KAZAKHSTAN | ||||||||
TOTAL E&P KENYA B.V. | 100.00 | % | NETHERLANDS | KENYA | ||||||||
TOTAL E&P KURDISTAN REGION OF IRAQ (HARIR) B.V. | 100.00 | % | NETHERLANDS | IRAQ | ||||||||
TOTAL E&P KURDISTAN REGION OF IRAQ (SAFEN) B.V. | 100.00 | % | NETHERLANDS | IRAQ | ||||||||
TOTAL E&P KURDISTAN REGION OF IRAQ (TAZA) B.V. | 100.00 | % | NETHERLANDS | IRAQ | ||||||||
TOTAL E&P KURDISTAN REGION OF IRAQ B.V. | 100.00 | % | NETHERLANDS | IRAQ | ||||||||
TOTAL E&P KUTAI TIMUR | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P LIBYE | 100.00 | % | FRANCE | STATE OF LIBYA | ||||||||
TOTAL E&P LUBLIN B.V. | 100.00 | % | NETHERLANDS | POLAND | ||||||||
TOTAL E&P MADAGASCAR | 100.00 | % | FRANCE | MADAGASCAR | ||||||||
TOTAL E&P MALAYSIA | 100.00 | % | FRANCE | MALAYSIA | ||||||||
TOTAL E&P MAROC | 100.00 | % | FRANCE | MOROCCO | ||||||||
TOTAL E&P MAURITANIA BLOCK C9 B.V. | 100.00 | % | NETHERLANDS | MAURITANIA | ||||||||
TOTAL E&P MAURITANIE | 100.00 | % | FRANCE | MAURITANIA | ||||||||
TOTAL E&P MAURITANIE BLOCK TA29 B.V. | 100.00 | % | NETHERLANDS | MAURITANIA | ||||||||
TOTAL E&P MONTELIMAR | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P MOZAMBIQUE B.V. | 100.00 | % | NETHERLANDS | MOZAMBIQUE | ||||||||
TOTAL E&P MYANMAR | 100.00 | % | FRANCE | MYANMAR | ||||||||
TOTAL E&P NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL E&P NEW VENTURES INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL E&P NIGERIA DEEPWATER A LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER B LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER C LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER D LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER E LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER F LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER G LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA DEEPWATER H LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NIGERIA LTD | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL E&P NORGE AS | 100.00 | % | NORWAY | NORWAY | ||||||||
TOTAL E&P NURMUNAI | 100.00 | % | FRANCE | KAZAKHSTAN | ||||||||
TOTAL E&P OMAN | 100.00 | % | FRANCE | OMAN | ||||||||
TOTAL E&P OMAN PETROLEUM B.V. | 100.00 | % | NETHERLANDS | OMAN | ||||||||
TOTAL E&P PHILIPPINES B.V. | 100.00 | % | NETHERLANDS | PHILIPPINES | ||||||||
TOTAL E&P PNG 1 B.V. | 100.00 | % | NETHERLANDS | PAPUA NEW GUINEA | ||||||||
TOTAL E&P PNG 2 B.V. | 100.00 | % | NETHERLANDS | PAPUA NEW GUINEA | ||||||||
TOTAL E&P PNG 3 B.V. | 100.00 | % | NETHERLANDS | PAPUA NEW GUINEA | ||||||||
TOTAL E&P PNG 4 B.V. | 100.00 | % | NETHERLANDS | PAPUA NEW GUINEA | ||||||||
TOTAL E&P PNG 5 B.V. | 100.00 | % | NETHERLANDS | PAPUA NEW GUINEA | ||||||||
TOTAL E&P PNG LIMITED | 100.00 | % | PAPUA NEW GUINEA | PAPUA NEW GUINEA | ||||||||
TOTAL E&P POLAND B.V. | 100.00 | % | NETHERLANDS | POLAND | ||||||||
TOTAL E&P QATAR | 100.00 | % | FRANCE | QATAR | ||||||||
TOTAL E&P RDC | 100.00 | % | DEMOCRATIC REPUBLIC OF CONGO | DEMOCRATIC REPUBLIC OF CONGO | ||||||||
TOTAL E&P RESEARCH & TECHNOLOGY USA LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL E&P RUSSIE | 100.00 | % | FRANCE | RUSSIAN FEDERATION | ||||||||
TOTAL E&P SADANG | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P SAGERI | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P SEBUKU | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P SHTOKMAN | 100.00 | % | FRANCE | RUSSIAN FEDERATION | ||||||||
TOTAL E&P SOUTH AFRICA B.V. | 100.00 | % | NETHERLANDS | SOUTH AFRICA | ||||||||
TOTAL E&P SOUTH EAST MAHAKAM | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P SOUTH SAGERI | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL E&P SOUTH SUDAN | 100.00 | % | FRANCE | REPUBLIC OF SOUTH SUDAN | ||||||||
TOTAL E&P SYRIE | 100.00 | % | FRANCE | SYRIAN ARAB REPUBLIC | ||||||||
TOTAL E&P TAJIKISTAN B.V. | 100.00 | % | NETHERLANDS | TAJIKISTAN |
93
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
TOTAL E&P THAILAND | 100.00 | % | FRANCE | THAILAND | ||||||||
TOTAL E&P UGANDA BV | 100.00 | % | NETHERLANDS | UGANDA | ||||||||
TOTAL E&P UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL E&P URUGUAY B.V. | 100.00 | % | NETHERLANDS | URUGUAY | ||||||||
TOTAL E&P URUGUAY ONSHORE B.V. | 100.00 | % | NETHERLANDS | URUGUAY | ||||||||
TOTAL E&P USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL E&P USA OIL SHALE, LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL E&P WELL RESPONSE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P YAMAL | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL E&P YEMEN | 100.00 | % | FRANCE | YEMEN | ||||||||
TOTAL E&P YEMEN BLOCK 3 BV | 100.00 | % | NETHERLANDS | YEMEN | ||||||||
TOTAL ENERGIE GAZ | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL EXPLORATION MBRIDGE | 100.00 | % | NETHERLANDS | ANGOLA | ||||||||
TOTAL EXPLORATION PRODUCTION NIGERIA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL FACILITIES MANAGEMENT BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL GABON | 58.28 | % | GABON | GABON | ||||||||
TOTAL GAS & POWER ACTIFS INDUSTRIELS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GAS & POWER ASIA PRIVATE LIMITED | 100.00 | % | SINGAPORE | SINGAPORE | ||||||||
TOTAL GAS & POWER BRAZIL | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GAS & POWER CHARTERING LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL GAS & POWER INDIA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GAS & POWER LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL GAS & POWER NORTH AMERICA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL GAS & POWER SERVICES LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL GAS & POWER THAILAND | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GAS CONTRACTS LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL GAS PIPELINE USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL GAS SHALE EUROPE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GAS TRANSPORT VENTURES | 100.00 | % | FRANCE | AZERBAIJAN | ||||||||
TOTAL GAS Y ELECTRICIDAD ARGENTINA SA | 100.00 | % | ARGENTINA | ARGENTINA | ||||||||
TOTAL GASANDES | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GASS HANDEL NORGE AS | 100.00 | % | NORWAY | NORWAY | ||||||||
TOTAL GASTRANSPORT NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL GAZ ELECTRICITE HOLDINGS FRANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GLNG AUSTRALIA | 100.00 | % | FRANCE | AUSTRALIA | ||||||||
TOTAL HOLDING DOLPHIN AMONT LIMITED | 100.00 | % | BERMUDA | BERMUDA | ||||||||
TOTAL HOLDINGS INTERNATIONAL B.V. | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL HOLDINGS NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL LNG ANGOLA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL LNG NIGERIA LIMITED | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL LNG SUPPLY SERVICES USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL MIDSTREAM HOLDINGS UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL NNS LLC | 100.00 | % | UNITED STATES | UNITED KINGDOM | ||||||||
TOTAL OIL AND GAS SOUTH AMERICA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL OIL AND GAS VENEZUELA BV | 100.00 | % | NETHERLANDS | VENEZUELA | ||||||||
TOTAL PARS LNG | 100.00 | % | FRANCE | IRAN | ||||||||
TOTAL PARTICIPATIONS PETROLIERES GABON | 100.00 | % | GABON | GABON | ||||||||
TOTAL PETROLEUM ANGOLA | 100.00 | % | FRANCE | ANGOLA | ||||||||
TOTAL PROFILS PETROLIERS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL QATAR OIL AND GAS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL SCP S.A.R.L. | 100.00 | % | LUXEMBOURG | LUXEMBOURG | ||||||||
TOTAL SHTOKMAN BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL SOUTH PARS | 100.00 | % | FRANCE | IRAN | ||||||||
TOTAL TENGAH | 100.00 | % | FRANCE | INDONESIA | ||||||||
TOTAL TERMOKARSTOVOYE BV | 100.00 | % | NETHERLANDS | RUSSIAN FEDERATION | ||||||||
TOTAL TRACTEBEL EMIRATES O & M COMPANY | 50.00 | % | E | FRANCE | UNITED ARAB EMIRATES | |||||||
TOTAL TRACTEBEL EMIRATES POWER COMPANY | 50.00 | % | E | FRANCE | UNITED ARAB EMIRATES | |||||||
TOTAL UPSTREAM NIGERIA LIMITED | 100.00 | % | NIGERIA | NIGERIA | ||||||||
TOTAL UPSTREAM UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL VENEZUELA | 100.00 | % | FRANCE | VENEZUELA | ||||||||
TOTAL YEMEN LNG COMPANY LTD. | 100.00 | % | BERMUDA | BERMUDA |
94
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
TRANSPORTADORA DE GAS DEL MERCOSUR SA | 32.68 | % | E | ARGENTINA | ARGENTINA | |||||||
TUMELO COAL MINES PROPRIETARY LIMITED | 49.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
UNITAH COLORADO RESOURCES II, LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
YAMAL LNG | 30.95 | % | E | RUSSIAN FEDERATION | RUSSIAN FEDERATION | |||||||
YEMEN LNG COMPANY LTD | 39.62 | % | E | BERMUDA | YEMEN | |||||||
YPERGAS SA | 100.00 | % | VENEZUELA | VENEZUELA | ||||||||
Refining & Chemicals |
APPRYL SNC | 50.00 | % | FRANCE | FRANCE | |||||||
ARCHITECTURAL & STRUCTURAL ADHESIVES PTY LTD | 100.00 | % | AUSTRALIA | AUSTRALIA | ||||||||
ATLANTIC TRADING AND MARKETING INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
ATO FINDLEY DEUTSCHLAND GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
ATOTECH (CHINA) CHEMICALS LTD. | 100.00 | % | CHINA | CHINA | ||||||||
ATOTECH ASIA PACIFIC | 100.00 | % | HONG KONG | HONG KONG | ||||||||
ATOTECH BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
ATOTECH CANADA LTD | 100.00 | % | CANADA | CANADA | ||||||||
ATOTECH CZ | 100.00 | % | CZECH REPUBLIC | CZECH REPUBLIC | ||||||||
ATOTECH DE MEXICO | 100.00 | % | MEXICO | MEXICO | ||||||||
ATOTECH DEUTSCHLAND GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
ATOTECH DO BRASIL GALVANOTECNICA | 100.00 | % | BRAZIL | BRAZIL | ||||||||
ATOTECH ESPANA SA | 100.00 | % | SPAIN | SPAIN | ||||||||
ATOTECH FRANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
ATOTECH INDIA LTD | 100.00 | % | INDIA | INDIA | ||||||||
ATOTECH ISTANBUL KIMYA SANAYI TICARET LIMITED SIRKETI | 100.00 | % | TURKEY | TURKEY | ||||||||
ATOTECH ITALIA | 100.00 | % | ITALY | ITALY | ||||||||
ATOTECH JAPAN | 100.00 | % | JAPAN | JAPAN | ||||||||
ATOTECH KOREA LTD. | 100.00 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||
ATOTECH MALAYSIA SDN BHD | 100.00 | % | MALAYSIA | MALAYSIA | ||||||||
ATOTECH NEDERLAND B.V. | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
ATOTECH ÖSTERREICH GMBH | 100.00 | % | AUSTRIA | AUSTRIA | ||||||||
ATOTECH POLAND | 100.00 | % | POLAND | POLAND | ||||||||
ATOTECH SEA PTE | 100.00 | % | SINGAPORE | SINGAPORE | ||||||||
ATOTECH SERVICIOS DE MEXICO SA DE CV | 100.00 | % | MEXICO | MEXICO | ||||||||
ATOTECH SK | 100.00 | % | SLOVAKIA | SLOVAKIA | ||||||||
ATOTECH SKANDINAVIEN | 100.00 | % | SWEDEN | SWEDEN | ||||||||
ATOTECH SLOVENIJA, PROIZVODNJA KEMICNIH IZDELKOV, D.D. | 100.00 | % | SLOVENIA | SLOVENIA | ||||||||
ATOTECH TAIWAN | 100.00 | % | TAIWAN | TAIWAN | ||||||||
ATOTECH THAILAND | 100.00 | % | THAILAND | THAILAND | ||||||||
ATOTECH U.K. | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
ATOTECH USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
ATOTECH VIETNAM COMPANY LIMITED | 100.00 | % | VIETNAM | VIETNAM | ||||||||
BALZATEX SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
BARRY CONTROL AEROSPACE SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
BASF TOTAL PETROCHEMICALS LLC | 40.00 | % | UNITED STATES | UNITED STATES | ||||||||
BAY JUNCTION, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
BORRACHAS PORTALEGRE LTDA | 100.00 | % | PORTUGAL | PORTUGAL | ||||||||
BOSTIK (SHANGHAI) MANAGEMENT CO. LTD | 100.00 | % | CHINA | CHINA | ||||||||
BOSTIK (THAILAND) CO. LTD | 100.00 | % | THAILAND | THAILAND | ||||||||
BOSTIK A/S | 100.00 | % | DENMARK | DENMARK | ||||||||
BOSTIK AB | 100.00 | % | SWEDEN | SWEDEN | ||||||||
BOSTIK ARGENTINA SA | 100.00 | % | ARGENTINA | ARGENTINA | ||||||||
BOSTIK AS | 100.00 | % | NORWAY | NORWAY | ||||||||
BOSTIK AS | 100.00 | % | ESTONIA | ESTONIA | ||||||||
BOSTIK AUSTRALIA PTY LTD | 100.00 | % | AUSTRALIA | AUSTRALIA | ||||||||
BOSTIK BELUX NV SA | 100.00 | % | BELGIUM | BELGIUM | ||||||||
BOSTIK BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
BOSTIK CANADA LTD | 100.00 | % | CANADA | CANADA | ||||||||
BOSTIK EGYPT FOR PRODUCTION OF ADHESIVES S.A.E. | 100.00 | % | EGYPT | EGYPT | ||||||||
BOSTIK FINDLEY CHINA CO, LTD | 100.00 | % | CHINA | CHINA | ||||||||
BOSTIK FINDLEY HONG KONG COMPANY LIMITED | 100.00 | % | HONG KONG | HONG KONG | ||||||||
BOSTIK FINDLEY MALAYSIA SDN-BHD | 100.00 | % | MALAYSIA | MALAYSIA | ||||||||
BOSTIK GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
BOSTIK HOLDING BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
BOSTIK HOLDING HONG KONG LTD | 100.00 | % | HONG KONG | HONG KONG | ||||||||
BOSTIK HOLDING SA | 100.00 | % | FRANCE | FRANCE | ||||||||
BOSTIK INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
BOSTIK INDIA PRIVATE LTD | 100.00 | % | INDIA | INDIA |
95
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||||
BOSTIK INDUSTRIES LIMITED | 100.00 | % | IRELAND | IRELAND | ||||||||||
BOSTIK KOREA LIMITED | 100.00 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||||
BOSTIK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
BOSTIK MEXICANA SA DE CV | 100.00 | % | MEXICO | MEXICO | ||||||||||
BOSTIK NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||||
BOSTIK NEW ZEALAND LTD | 100.00 | % | NEW ZEALAND | NEW ZEALAND | ||||||||||
BOSTIK OBERURSEL GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
BOSTIK OOO | 100.00 | % | RUSSIAN FEDERATION | RUSSIAN FEDERATION | ||||||||||
BOSTIK OY | 100.00 | % | FINLAND | FINLAND | ||||||||||
BOSTIK PHILIPPINES, INC | 100.00 | % | PHILIPPINES | PHILIPPINES | ||||||||||
BOSTIK POLSKA SP Z.O.O | 99.50 | % | POLAND | POLAND | ||||||||||
BOSTIK SA | 100.00 | % | FRANCE | FRANCE | ||||||||||
BOSTIK SA (SPAIN) | 100.00 | % | SPAIN | SPAIN | ||||||||||
BOSTIK SIA | 100.00 | % | LETTONIA | LETTONIA | ||||||||||
BOSTIK UAB (LITHUANIA) | 100.00 | % | LITHUNIA | LITHUNIA | ||||||||||
BOSTIK UNIPESSOAL LDA | 100.00 | % | PORTUGAL | PORTUGAL | ||||||||||
BOSTIK VIETNAM COMPANY LIMITED | 100.00 | % | VIETNAM | VIETNAM | ||||||||||
BOSTIK-NITTA CO. LTD | 66.00 | % | JAPAN | JAPAN | ||||||||||
BUCKEYE PRODUCTS PIPELINE, L.P. | 14.66 | % | E | UNITED STATES | UNITED STATES | |||||||||
CAOUTCHOUCS MODERNES SAS | 100.00 | % | FRANCE | FRANCE | ||||||||||
CATELSA-CACERES SAU | 100.00 | % | SPAIN | SPAIN | ||||||||||
CATELSA-PARETS SLU | 100.00 | % | SPAIN | SPAIN | ||||||||||
CEKOMASTIK KIMYA SANAYI VE TICARET A.S | 100.00 | % | TURKEY | TURKEY | ||||||||||
CIE TUNISIENNE DU CAOUTCHOUC SARL | 100.00 | % | TUNISIA | TUNISIA | ||||||||||
COSDEN, LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
COS-MAR COMPANY | 50.00 | % | UNITED STATES | UNITED STATES | ||||||||||
CRAY VALLEY (GUANGZHOU) CHEMICAL CO., LTD | 100.00 | % | CHINA | CHINA | ||||||||||
CRAY VALLEY CZECH | 100.00 | % | CZECH REPUBLIC | CZECH REPUBLIC | ||||||||||
CRAY VALLEY HSC ASIA LIMITED | 100.00 | % | CHINA | CHINA | ||||||||||
CRAY VALLEY ITALIA S.R.L. | 100.00 | % | ITALY | ITALY | ||||||||||
CRAY VALLEY SA | 100.00 | % | FRANCE | FRANCE | ||||||||||
CSSACHARTERING AND SHIPPING SERVICES SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||||
DALIAN TOTAL CONSULTING CO LTD | 100.00 | % | CHINA | CHINA | ||||||||||
DALIAN WEST PACIFIC PETROCHEMICAL CO LTD (WEPEC) | 22.41 | % | E | CHINA | CHINA | |||||||||
ESPA SARL | 100.00 | % | FRANCE | FRANCE | ||||||||||
ETHYLENE EST | 99.98 | % | FRANCE | FRANCE | ||||||||||
FELUY IMMOBATI | 100.00 | % | BELGIUM | BELGIUM | ||||||||||
FINA TECHNOLOGY, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
FPL ENTERPRISES, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
GASKET (SUZHOU) VALVE COMPONENTS CO., LTD. | 100.00 | % | CHINA | CHINA | ||||||||||
GASKET INTERNATIONAL S.P.A. | 100.00 | % | ITALY | ITALY | ||||||||||
GEOSEL MANOSQUE | 53.40 | % | E | FRANCE | FRANCE | |||||||||
GRACE DEVELOPMENT LIMITED | 100.00 | % | HONG KONG | HONG KONG | ||||||||||
GRANDE PAROISSE SA | 100.00 | % | FRANCE | FRANCE | ||||||||||
GUANGZHOU SPHERE CHEMICALS LTD | 100.00 | % | CHINA | CHINA | ||||||||||
GULF COAST PIPE LINE, L.P. | 14.66 | % | E | UNITED STATES | UNITED STATES | |||||||||
HBA HUTCHINSON BRASIL AUTOMOTIVE LTDA | 100.00 | % | BRAZIL | BRAZIL | ||||||||||
HUTCHINSON POLYMERS SNC | 100.00 | % | FRANCE | FRANCE | ||||||||||
HUTCHINSON SRO | 100.00 | % | CZECH REPUBLIC | CZECH REPUBLIC | ||||||||||
HUTCHINSON (UK) LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
HUTCHINSON (WUHAN) AUTOMOTIVE RUBBER PRODUCTS COMPANY LTD | 100.00 | % | CHINA | CHINA | ||||||||||
HUTCHINSON AERONAUTIQUE & INDUSTRIE LIMITED | 100.00 | % | CANADA | CANADA | ||||||||||
HUTCHINSON AEROSERVICES GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
HUTCHINSON AEROSERVICES SAS | 100.00 | % | FRANCE | FRANCE | ||||||||||
HUTCHINSON AEROSERVICES SL | 100.00 | % | SPAIN | SPAIN | ||||||||||
HUTCHINSON AEROSPACE & INDUSTRY, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
HUTCHINSON AEROSPACE GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
HUTCHINSON AFTERMARKET USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
HUTCHINSON ANTIVIBRATION SYSTEMS, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||||
HUTCHINSON ARGENTINA SA | 100.00 | % | ARGENTINA | ARGENTINA | ||||||||||
HUTCHINSON AUTOPARTES DE MEXICO SA.DE CV | 100.00 | % | MEXICO | MEXICO | ||||||||||
HUTCHINSON BORRACHAS DE PORTUGAL LTDA | 100.00 | % | PORTUGAL | PORTUGAL | ||||||||||
HUTCHINSON CORPORATION | 100.00 | % | UNITED STATES | UNITED STATES |
96
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
HUTCHINSON DO BRASIL SA | 100.00 | % | BRAZIL | BRAZIL | ||||||||
HUTCHINSON FLEXIBLES AUTOMOBILE SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
HUTCHINSON FTS INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
HUTCHINSON GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
HUTCHINSON HOLDINGS UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
HUTCHINSON IBERIA, S.A. | 100.00 | % | SPAIN | SPAIN | ||||||||
HUTCHINSON INDUSTRIAL RUBBER PRODUCTS (SUZHOU) CO,LTD | 100.00 | % | CHINA | CHINA | ||||||||
HUTCHINSON INDUSTRIAS DEL CAUCHO SAU | 100.00 | % | SPAIN | SPAIN | ||||||||
HUTCHINSON INDUSTRIES INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
HUTCHINSON JAPAN CO., LTD | 100.00 | % | JAPAN | JAPAN | ||||||||
HUTCHINSON KOREA LIMITED | 100.00 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||
HUTCHINSON NICHIRIN BRAKE HOSES, S.L. | 70.00 | % | SPAIN | SPAIN | ||||||||
HUTCHINSON PALAMOS | 100.00 | % | SPAIN | SPAIN | ||||||||
HUTCHINSON POLAND SP ZO.O. | 100.00 | % | POLAND | POLAND | ||||||||
HUTCHINSON PORTO TUBOS FLEXIVEIS LTDA | 100.00 | % | PORTUGAL | PORTUGAL | ||||||||
HUTCHINSON SA | 100.00 | % | FRANCE | FRANCE | ||||||||
HUTCHINSON SALES CORPORATION | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
HUTCHINSON SANTE SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
HUTCHINSON SEAL DE MEXICO SA.DE CV. | 100.00 | % | MEXICO | MEXICO | ||||||||
HUTCHINSON SEALING SYSTEMS INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
HUTCHINSON SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
HUTCHINSON SRL (ITALIE) | 100.00 | % | ITALY | ITALY | ||||||||
HUTCHINSON SRL (ROUMANIE) | 100.00 | % | ROMANIA | ROMANIA | ||||||||
HUTCHINSON STOP-CHOC GMBH & CO. KG | 100.00 | % | GERMANY | GERMANY | ||||||||
HUTCHINSON SUISSE SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||
HUTCHINSON TRANSFERENCIA DE FLUIDOS SA.DE CV | 100.00 | % | MEXICO | MEXICO | ||||||||
HUTCHINSON TUNISIE SARL | 100.00 | % | TUNISIA | TUNISIA | ||||||||
INDUSTRIAS TECNICAS DE LA ESPUMA SL | 100.00 | % | SPAIN | SPAIN | ||||||||
INDUSTRIELLE DESMARQUOY SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
JEHIER SAS | 99.89 | % | FRANCE | FRANCE | ||||||||
JIANGSU BOSTIK ADHESIVE CO | 100.00 | % | CHINA | CHINA | ||||||||
JPR SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
KEUMAH FLOW CO LTD | 100.00 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||
KEUMHAN CO LTD | 100.00 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||
KEUMHAN VIETMAN CO., LIMITED | 100.00 | % | VIETNAM | VIETNAM | ||||||||
KTN KUNSTSTOFFTECHNIK NOBITZ GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
LA PORTE PIPELINE COMPANY, L.P. | 50.00 | % | E | UNITED STATES | UNITED STATES | |||||||
LA PORTE PIPELINE GP, L.L.C. | 50.00 | % | E | UNITED STATES | UNITED STATES | |||||||
LAFFAN REFINERY COMPANY LIMITED | 10.00 | % | E | QATAR | QATAR | |||||||
LE JOINT FRANCAIS SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
LEGACY SITE SERVICES LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
LES STRATIFIES SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
LJF(UK) LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
LONE WOLF LAND CO. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
LSS FUNDING INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
MACHEN LAND LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
MAPA SPONTEX INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
MEM BAUCHEMIE GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
MYDRIN SRL | 100.00 | % | ITALY | ITALY | ||||||||
NAPHTACHIMIE | 50.00 | % | FRANCE | FRANCE | ||||||||
OLUTEX OBERLAUSITZER LUFTFAHRTTEXTILIEN GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
PAMARGAN (MALTA) PRODUCTS LIMITED | 100.00 | % | MALTA | MALTA | ||||||||
PAMARGAN PRODUCTS LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
PAULSTRA SILENTBLOC SA | 100.00 | % | BELGIUM | BELGIUM | ||||||||
PAULSTRA SNC | 100.00 | % | FRANCE | FRANCE | ||||||||
PT BOSTIK INDONESIA | 100.00 | % | INDONESIA | INDONESIA | ||||||||
QATAR PETROCHEMICAL COMPANY Q.S.C. (QAPCO) | 20.00 | % | E | QATAR | QATAR | |||||||
QATOFIN COMPANY LIMITED | 49.09 | % | E | QATAR | QATAR | |||||||
RESILIUM | 100.00 | % | BELGIUM | BELGIUM | ||||||||
RETIA | 100.00 | % | FRANCE | FRANCE | ||||||||
RETIA USA LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
SAMSUNG TOTAL PETROCHEMICALS CO. LTD | 50.00 | % | E | REPUBLIC OF KOREA | REPUBLIC OF KOREA | |||||||
SAN JACINTO RAIL LIMITED | 17.00 | % | E | UNITED STATES | UNITED STATES |
97
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
SAUDI ARAMCO TOTAL REFINING AND PETROCHEMICAL COMPANY | 37.50 | % | E | SAUDI ARABIA | SAUDI ARABIA | |||||||
SIGMAKALON GROUP BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
SOCAP INTERNATIONAL LTD | 100.00 | % | BERMUDA | BERMUDA | ||||||||
SOCIETE MAROCAINE DES COLLES | 97.01 | % | MOROCCO | MOROCCO | ||||||||
SOVEREIGN CHEMICALS LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
STARQUARTZ INDUSTRIES, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
STILLMAN SEAL CORPORATION | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
STOP-CHOC (UK) LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TECHLAM SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
TEKBAU YAPI MALZEMELERI MADENCILIK SANAYI AS | 100.00 | % | TURKEY | TURKEY | ||||||||
TOTAL ACTIVITES MARITIMES | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL AUSTRALIA LIMITED | 100.00 | % | AUSTRALIA | AUSTRALIA | ||||||||
TOTAL DEUTSCHLAND GMBH* | 100.00 | % | GERMANY | GERMANY | ||||||||
TOTAL DOWNSTREAM UK PLC | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL EUROPEAN TRADING | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL INTERNATIONAL LIMITEDTOTINTER | 100.00 | % | BERMUDA | BERMUDA | ||||||||
TOTAL LAFFAN REFINERY | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL LAFFAN REFINERY II B.V. | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL LINDSEY OIL REFINERY LTD | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL OIL & GAS AUSTRALIA PTY LTD | 100.00 | % | AUSTRALIA | AUSTRALIA | ||||||||
TOTAL OLEFINS ANTWERP | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL OPSLAG EN PIJPLEIDING NEDERLAND NV | 55.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL PAR LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL PETROCHEMICALS & REFINING USA INC* | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL PETROCHEMICALS & REFINING SA/NV* | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL PETROCHEMICALS (CHINA) TRADING CO LTD | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL PETROCHEMICALS (FOSHAN) LTD | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL PETROCHEMICALS (HONG KONG) LTD | 100.00 | % | HONG KONG | HONG KONG | ||||||||
TOTAL PETROCHEMICALS (NINGBO) LTD | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL PETROCHEMICALS DEVELOPMENT FELUY | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL PETROCHEMICALS ECAUSSINNES | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL PETROCHEMICALS FELUY | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL PETROCHEMICALS FRANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL PETROCHEMICALS IBERICA | 100.00 | % | SPAIN | SPAIN | ||||||||
TOTAL PETROCHEMICALS PIPELINE USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL PETROCHEMICALS UK LTD | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL POLYMERS ANTWERP | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL RAFFINADERIJ ANTWERPEN NV | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL RAFFINAGE CHIMIE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL RAFFINAGE FRANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL RAFFINERIE MITTELDEUTSCHLAND GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
TOTAL REFINING & CHEMICALS SAUDI ARABIA SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL RESEARCH & TECHNOLOGY FELUY | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL SPLITTER USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL TRADING AND MARKETING CANADA LP | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL TRADING ASIA PTE LTD | 100.00 | % | SINGAPORE | SINGAPORE | ||||||||
TOTAL TRADING CANADA LIMITED | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL TRADING PRODUCTS SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||
TOTSA TOTAL OIL TRADING SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||
TRANSALPES SNC | 67.00 | % | FRANCE | FRANCE | ||||||||
TRANS-ETHYLENE | 99.98 | % | FRANCE | FRANCE | ||||||||
UAB ATOTECH-CHEMETA | 100.00 | % | LITHUNIA | LITHUNIA | ||||||||
USINA FORTALEZA INDUSTRIA E COMERCIO DE MASSA FINA LTDA | 100.00 | % | BRAZIL | BRAZIL | ||||||||
VIBRACHOC SAU | 100.00 | % | SPAIN | SPAIN | ||||||||
ZEELAND REFINERY N.V. | 55.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
Marketing & Services |
AETOLIA ENERGY SITE ANONYMI ENERGEIAKI ETAIREIA (DISTINCTIVE TIEL AETOLIA ENERGEIAKI ETAIREIA) | 41.84 | % | GREECE | GREECE | |||||||
AETOLIA ENERGY SITE MALTA LIMITED | 59.77 | % | MALTA | MALTA |
98
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||||
AIR TOTAL (SUISSE) SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||||
AIR TOTAL INTERNATIONAL SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||||
ALEXSUN 1 MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
ALEXSUN2 MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
ALMYROS ENERGY SOLUTION ANONYMI ENERGEIAKI ETAIREIA (DISTINCTIVE TITLE ALMYROS ENERGEIAKI A.E.) | 41.84 | % | GREECE | GREECE | ||||||||||
ALMYROS ENERGY SOLUTION MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
ALVEA | 100.00 | % | FRANCE | FRANCE | ||||||||||
AMYRIS INC. | 17.23 | % | E | UNITED STATES | UNITED STATES | |||||||||
ANTILLES GAZ | 100.00 | % | FRANCE | FRANCE | ||||||||||
ARDECHES SOLAIREDRAGA 1 | 59.77 | % | FRANCE | FRANCE | ||||||||||
ARISTEA | 51.00 | % | E | BELGIUM | BELGIUM | |||||||||
ARTECO | 49.99 | % | E | BELGIUM | BELGIUM | |||||||||
AS 24 | 100.00 | % | FRANCE | FRANCE | ||||||||||
AS 24 BELGIE NV | 100.00 | % | BELGIUM | BELGIUM | ||||||||||
AS 24 ESPANOLA SA | 100.00 | % | SPAIN | SPAIN | ||||||||||
AS 24 FUEL CARD LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
AS 24 POLSKA SP ZOO | 100.00 | % | POLAND | POLAND | ||||||||||
AS 24 TANKSERVICE GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
AUO SUNPOWER SDN. BHD. | 29.88 | % | E | MALAYSIA | MALAYSIA | |||||||||
BADENHORST PV 2 EQUITY CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
BADENHORST PV 2 HOLD CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
BEIT HAGEDI RENEWABLE ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
BERTOPHASE (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||||
BNB BLOOMFIELD SOLAR LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
CALDEO | 100.00 | % | FRANCE | FRANCE | ||||||||||
CHARENTE MARITIME SOLAIREST LEGER 1 | 59.77 | % | FRANCE | FRANCE | ||||||||||
CHARVET LA MURE BIANCO | 100.00 | % | FRANCE | FRANCE | ||||||||||
CLEAN ACQUISITION CO., LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
COMPAGNIE PETROLIERE DE LOUEST- CPO | 100.00 | % | FRANCE | FRANCE | ||||||||||
CORONA SANDS, LLC | 29.88 | % | UNITED STATES | UNITED STATES | ||||||||||
CPE ENERGIES | 100.00 | % | FRANCE | FRANCE | ||||||||||
CRISTAL MARKETING EGYPT | 80.78 | % | EGYPT | EGYPT | ||||||||||
DCA-MORY-SHIPP | 100.00 | % | FRANCE | FRANCE | ||||||||||
DEAAR PV EQUITY CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
DEAAR PV HOLD CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
DIAMOND ENERGY PTY LTD | 14.94 | % | E | AUSTRALIA | AUSTRALIA | |||||||||
DRAGONFLY SYSTEMS, INC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
EAU CHAUDE REUNION (ECR) | 50.00 | % | E | FRANCE | FRANCE | |||||||||
EGEDIS | 100.00 | % | FRANCE | FRANCE | ||||||||||
ELF LUBRICANTS (GUANGZHOU) CO LTD | 58.00 | % | CHINA | CHINA | ||||||||||
ELF OIL UK AVIATION LTD | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
ELF OIL UK PROPERTIES LTD | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
FILIPINAS THIRD MILLENIUM REALTY | 64.00 | % | PHILIPPINES | PHILIPPINES | ||||||||||
FIRST PHILEC SOLAR CORPORATION | 8.97 | % | E | PHILIPPINES | PHILIPPINES | |||||||||
FIWADO BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||||
GILAT RENEWABLE ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
GREENBOTICS, INC. | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
HEMATHIA SUCCESSFUL ANONYMI ENERGEIAKI ETAIREIA (DISTINCTIVE TITLE HEMATHIA SUCCESSFUL A.E.) | 41.84 | % | GREECE | GREECE | ||||||||||
HEMETHIA SUCCESSFUL LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
HIGH PLAINS RANCH I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
HUAXIA CPV (INNER MONGOLIA) POWER CO., LTD | 14.94 | % | E | CHINA | CHINA | |||||||||
IMMO ENERGIE | 59.77 | % | FRANCE | FRANCE | ||||||||||
INSTITUT PHOTOVOLTAIQUE DILE DE FRANCE (IPVF) | 43.00 | % | FRANCE | FRANCE | ||||||||||
JDA OVERSEAS HOLDINGS, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
KLIPGATS PV 3 EQUITY CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
KLIPGATS PV 3 HOLD CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
KLIPGATS PV 7 EQUITY CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
KLIPGATS PV 7 HOLD CO LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
KOZANI ENERGY ANONYMI ENERGEIAKI ETAIREIA (DISTINCTIVE TITLE KOZANI ENERGY S.A.) | 59.77 | % | GREECE | GREECE | ||||||||||
KOZANI ENERGY MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
LA DEFENSE FILIPINAS HOLDING CORPORATION | 40.00 | % | PHILIPPINES | PHILIPPINES |
99
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||||
LEMOORE STRATFORD LAND HOLDINGS IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
LUIS SOLAR, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
MARIVELES JOINT VENTURE CORP | 49.98 | % | PHILIPPINES | PHILIPPINES | ||||||||||
MICHEL MINERALÖLHANDEL GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
NATIONAL PETROLEUM REFINERS OF SOUTH AFRICA (PTY) LTD | 18.22 | % | E | SOUTH AFRICA | SOUTH AFRICA | |||||||||
NEVATIM GREEN ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
PARREY, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
PATISH (WEST) GREEN ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
PENINSULA LAND BAY REALTY CORPORATION | 31.94 | % | PHILIPPINES | PHILIPPINES | ||||||||||
PHOTOVOTAICA PARKA VEROIA ANONYMI ETAIREIA | 59.77 | % | GREECE | GREECE | ||||||||||
PLUTO ACQUISITION COMPANY LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
PRODUITS PETROLIERS STELA | 99.99 | % | FRANCE | FRANCE | ||||||||||
PV SALVADOR SPA | 20.00 | % | E | CHILE | CHILE | |||||||||
QUIMICA VASCA SA UNIPERSONAL | 100.00 | % | SPAIN | SPAIN | ||||||||||
RAY OF SUCCESS ANONYMI ENERGEIAKI ETAIREIA (DISTINCTIVE TITLE RAY OF SUCCESS A.E.) | 41.84 | % | GREECE | GREECE | ||||||||||
RAY OF SUCCESS MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||||
ROTEM SUNPOWER LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
SERVAUTO NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||||
SGULA (WEST) GREEN ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||||
SHAMS POWER COMPANY PJSC | 20.00 | % | E | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | |||||||||
SOCIETE ANONYME DE LA RAFFINERIE DES ANTILLES | 50.00 | % | E | FRANCE | FRANCE | |||||||||
SOCIETE DES TRANSPORTS PETROLIERS PAR PIPELINE | 35.50 | % | E | FRANCE | FRANCE | |||||||||
SOCIETE DEXPLOITATION DE CENTRALES PHOTOVOLTAIQUES 1 | 29.94 | % | FRANCE | FRANCE | ||||||||||
SOCIETE MAHORAISE DE STOCKAGE DE PRODUITS PETROLIERS | 100.00 | % | FRANCE | FRANCE | ||||||||||
SOCIETE POUR LEXPLOITATION DE LUSINE DE ROUEN | 98.98 | % | FRANCE | FRANCE | ||||||||||
SOCIETE URBAINE DES PETROLES | 100.00 | % | FRANCE | FRANCE | ||||||||||
S-OIL TOTAL LUBRICANTS CO LTD | 50.00 | % | E | REPUBLIC OF KOREA | REPUBLIC OF KOREA | |||||||||
SOLAR ASSURANCE CAPITAL PTY LTD | 59.77 | % | AUSTRALIA | AUSTRALIA | ||||||||||
SOLAR BEACON CALIFORNIA 1, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR GREENHOUSE I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA HMR-I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA II, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA V, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA VI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR ARIZONA VII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR BLYTHE MESA I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA VII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XIII PARENT, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XIX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XLIX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XV PARENT, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XVI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XVII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XVIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXIV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXIX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXVI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXVII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXVIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||||
SOLAR STAR CALIFORNIA XXXI, LLC | 59.77 | % | UNITED STATES | UNITED STATES |
100
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
SOLAR STAR CALIFORNIA XXXII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXIV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXIX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXVI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXVII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CALIFORNIA XXXVIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR COLORADO I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR COLORADO II, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR COLORADO III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR CONNECTICUT I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HAWAII I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HAWAII II, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HAWAII III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HAWAII IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HI AIR, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR HOLDING, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR NEW JERSEY III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR NEW JERSEY IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR NEW YORK I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR OCEANSIDE, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR PUERTO RICO I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR RANCHO CWD I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR TEXAS I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR TEXAS II, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR TEXAS III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR TEXAS IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR XI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLAR STAR YC, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SOLARBRIDGE TECHNOLOGIES, INC. | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SP CORDOBESA MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||
SP QUINTANA MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||
SPML LAND, INC. | 59.77 | % | PHILIPPINES | PHILIPPINES | ||||||||
SPWR ENERGIAS RENOVAVEIS UNIPESSOAL, LDA. | 59.77 | % | PORTUGAL | PORTUGAL | ||||||||
SPWR EW 2013-1, LLC | 0.60 | % | UNITED STATES | UNITED STATES | ||||||||
SPWR MS 2013-1, LLC | 29.88 | % | UNITED STATES | UNITED STATES | ||||||||
SPWR PP 2014-1, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SPWR SOLAR ENERGEIAKI HELLAS SINGLE MEMBER EPE | 59.77 | % | GREECE | GREECE | ||||||||
SPWR USB 2013-1, LLC | 0.60 | % | UNITED STATES | UNITED STATES | ||||||||
SPWR USB 2013-2, LLC | 0.60 | % | UNITED STATES | UNITED STATES | ||||||||
SPWR USB 2013-3, LLC | 0.60 | % | UNITED STATES | UNITED STATES | ||||||||
SSSA, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER ACCESS I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER ASSETCO, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER BEACON 1 HOLDINGS LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER BERMUDA HOLDINGS | 59.77 | % | BERMUDA | BERMUDA | ||||||||
SUNPOWER CAPITAL AUSTRALIA PTY LTD | 59.77 | % | AUSTRALIA | AUSTRALIA | ||||||||
SUNPOWER CAPITAL SERVICES, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER CAPITAL, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER COMMERCIAL FINANCE I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER COPPA HOLDINGS LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER CORP ISRAEL LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||
SUNPOWER CORPORATION | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER CORPORATION (SWITZERLAND) SARL | 59.77 | % | SWITZERLAND | SWITZERLAND | ||||||||
SUNPOWER CORPORATION AUSTRALIA PTY LTD | 59.77 | % | AUSTRALIA | AUSTRALIA | ||||||||
SUNPOWER CORPORATION LIMITED | 59.77 | % | HONG KONG | HONG KONG | ||||||||
SUNPOWER CORPORATION MALTA HOLDINGS LIMITED | 59.77 | % | MALTA | MALTA | ||||||||
SUNPOWER CORPORATION MEXICO, S. DE R.L. DE C.V. | 59.77 | % | MEXICO | MEXICO | ||||||||
SUNPOWER CORPORATION SOUTHERN AFRICA (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
SUNPOWER CORPORATION SPA | 59.77 | % | CHILE | CHILE | ||||||||
SUNPOWER CORPORATION UK LIMITED | 59.77 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
SUNPOWER CORPORATION, SYSTEMS | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER DEVCO, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER DEVELOPMENT COMPANY | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER ENERGY SYSTEMS (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA |
101
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
SUNPOWER ENERGY SYSTEMS CANADA CORPORATION | 59.77 | % | CANADA | CANADA | ||||||||
SUNPOWER ENERGY SYSTEMS KOREA | 59.77 | % | REPUBLIC OF KOREA | REPUBLIC OF KOREA | ||||||||
SUNPOWER ENERGY SYSTEMS SINGAPORE PTE LTD | 59.77 | % | SINGAPORE | SINGAPORE | ||||||||
SUNPOWER ENERGY SYSTEMS SOUTHERN AFRICA (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
SUNPOWER ENERGY SYSTEMS SPAIN, SL | 59.77 | % | SPAIN | SPAIN | ||||||||
SUNPOWER FOUNDATION | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER FRANCE SAS | 59.77 | % | FRANCE | FRANCE | ||||||||
SUNPOWER GMBH | 59.77 | % | GERMANY | GERMANY | ||||||||
SUNPOWER HOLDCO, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER ITALIA S.R.L. | 59.77 | % | ITALY | ITALY | ||||||||
SUNPOWER JAPAN KK | 59.77 | % | JAPAN | JAPAN | ||||||||
SUNPOWER MALTA LIMITED | 59.77 | % | MALTA | MALTA | ||||||||
SUNPOWER MANUFACTURING (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
SUNPOWER MANUFACTURING DE VERNEJOUL | 59.77 | % | FRANCE | FRANCE | ||||||||
SUNPOWER NORTH AMERICA, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER PHILIPPINES LTD. REGIONAL OPERATING HEADQUARTERS | 59.77 | % | CAYMAN ISLAND | PHILIPPINES | ||||||||
SUNPOWER PHILIPPINES MANUFACTURING LTD. | 59.77 | % | CAYMAN ISLAND | PHILIPPINES | ||||||||
SUNPOWER RESIDENTIAL I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOFTWARE I, INC. | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLAR ENERGY TECHNOLOGY (TIANJIN) CO., LTD | 59.77 | % | CHINA | CHINA | ||||||||
SUNPOWER SOLAR INDIA PRIVATE LIMITED | 59.77 | % | INDIA | INDIA | ||||||||
SUNPOWER SOLAR MALAYSIA SDN. BHD. | 59.77 | % | MALAYSIA | MALAYSIA | ||||||||
SUNPOWER SOLAR MONITORING, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM I, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM II, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM III, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM IV, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM IX, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM V, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM VI, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM VII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM VIII, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SOLARPROGRAM X, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
SUNPOWER SYSTEMS BELGIUM SPRL | 59.77 | % | BELGIUM | BELGIUM | ||||||||
SUNPOWER SYSTEMS HISPANIOLA SARL | 59.77 | % | DOMINICAN REPUBLIC | DOMINICAN REPUBLIC | ||||||||
SUNPOWER SYSTEMS MEXICO S. DE R.L. DE C.V. | 59.77 | % | MEXICO | MEXICO | ||||||||
SUNPOWER SYSTEMS SARL | 59.77 | % | SWITZERLAND | SWITZERLAND | ||||||||
SUNPOWER TECHNOLOGY LTD. | 59.77 | % | CAYMAN ISLAND | CAYMAN ISLANDS | ||||||||
SUNRAY ITALY S.R.L. | 59.77 | % | ITALY | ITALY | ||||||||
SUNRENTE INVESTISSEMENT FRANCE SAS | 59.77 | % | FRANCE | FRANCE | ||||||||
SUNRISE 1, LLC | 33.78 | % | UNITED STATES | UNITED STATES | ||||||||
SUNZIL | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL CARAIBES | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL MAYOTTE SAS | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL OCEAN INDIEN | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL PACIFIC | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL POLYNESIE | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL POLYNESIE SERVICES | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL SERVICES CARAIBES | 50.00 | % | E | FRANCE | FRANCE | |||||||
SUNZIL SERVICES OCEAN INDIEN | 50.00 | % | E | FRANCE | FRANCE | |||||||
SWINGLETREE OPERATIONS, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
TEMASOL | 59.77 | % | MOROCCO | MOROCCO | ||||||||
TENESOL DE MEXICO SA DE CV | 59.77 | % | MEXICO | MEXICO | ||||||||
TENESOL ENERGIE MAROC | 59.77 | % | MOROCCO | MOROCCO | ||||||||
TENESOL SAS | 59.77 | % | FRANCE | FRANCE | ||||||||
TENESOL SPV1 | 59.77 | % | FRANCE | FRANCE | ||||||||
TENESOL SPV2 | 59.77 | % | FRANCE | FRANCE | ||||||||
TENESOL TECHNOLOGIES | 59.77 | % | FRANCE | FRANCE | ||||||||
TENESOL VDP | 59.77 | % | FRANCE | FRANCE | ||||||||
TENESOL VENEZUELA | 59.77 | % | VENEZUELA | VENEZUELA | ||||||||
TILT SOLAR, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
TORIMODE (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA |
102
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||||
TORIPROX (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||||
TORISOL (PTY) LTD | 59.77 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||||
TOTAL (AFRICA) LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
TOTAL (FIJI) LIMITED | 100.00 | % | FIJI | FIJI | ||||||||||
TOTAL (TIANJIN) MANUFACTURING CO., LTD. | 100.00 | % | CHINA | CHINA | ||||||||||
TOTAL ABENGOA SOLAR EMIRATES INVESTMENT COMPANY BV | 50.00 | % | E | NETHERLANDS | UNITED ARAB EMIRATES | |||||||||
TOTAL ADDITIFS ET CARBURANTS SPECIAUX | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL AFRICA SA | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL AVIATION AND EXPORT LTD | 100.00 | % | ZAMBIE | ZAMBIE | ||||||||||
TOTAL BELGIUM | 100.00 | % | BELGIUM | BELGIUM | ||||||||||
TOTAL BITUMEN DEUTSCHLAND GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
TOTAL BITUMEN UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||||
TOTAL BOTSWANA (PTY) LTD | 50.10 | % | BOTSWANA | BOTSWANA | ||||||||||
TOTAL BURKINA | 100.00 | % | BURKINA FASO | BURKINA FASO | ||||||||||
TOTAL CAMBODGE | 100.00 | % | CAMBODIA | CAMBODIA | ||||||||||
TOTAL CAMEROUN | 67.01 | % | CAMEROON | CAMEROON | ||||||||||
TOTAL CARAIBES | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL CESKA REPUBLIKA S.R.O | 100.00 | % | CZECH REPUBLIC | CZECH REPUBLIC | ||||||||||
TOTAL CHINA INVESTMENT CO LTD | 100.00 | % | CHINA | CHINA | ||||||||||
TOTAL CONGO | 99.70 | % | CONGO | CONGO | ||||||||||
TOTAL CORSE | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL COTE DIVOIRE | 73.01 | % | IVORY COAST | IVORY COAST | ||||||||||
TOTAL DENMARK A/S | 100.00 | % | DENMARK | DENMARK | ||||||||||
TOTAL DEUTSCHLAND GMBH* | 100.00 | % | GERMANY | GERMANY | ||||||||||
TOTAL EGYPT | 80.78 | % | EGYPT | EGYPT | ||||||||||
TOTAL ENERGIE DEVELOPPEMENT | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL ENERGIE DO BRASIL | 59.77 | % | BRAZIL | BRAZIL | ||||||||||
TOTAL ENERGIE SOLAIRE CONCENTREE | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL ENERGIES NOUVELLES ACTIVITES USA | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL ESPANA SA | 100.00 | % | SPAIN | SPAIN | ||||||||||
TOTAL ESPECIALIDADES ARGENTINA | 100.00 | % | ARGENTINA | ARGENTINA | ||||||||||
TOTAL ETHIOPIA | 100.00 | % | ETHIOPIA | ETHIOPIA | ||||||||||
TOTAL FLUIDES | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL FREEPORT CORPORATION | 100.00 | % | PHILIPPINES | PHILIPPINES | ||||||||||
TOTAL FUELS WUHAN COMPANY LIMITED | 100.00 | % | CHINA | CHINA | ||||||||||
TOTAL GLASS LUBRICANTS EUROPE GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||||
TOTAL GUADELOUPE | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL GUINEA ECUATORIAL | 80.00 | % | EQUATORIAL GUINEA | EQUATORIAL GUINEA | ||||||||||
TOTAL GUINEE | 100.00 | % | GUINEA | GUINEA | ||||||||||
TOTAL HOLDING ASIE | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL HUNGARIA KFT | 100.00 | % | HUNGARY | HUNGARY | ||||||||||
TOTAL JAMAICA LTD | 100.00 | % | JAMAICA | JAMAICA | ||||||||||
TOTAL JORDAN | 100.00 | % | JORDAN | JORDAN | ||||||||||
TOTAL KENYA | 93.96 | % | KENYA | KENYA | ||||||||||
TOTAL LESOTHO (PTY) LTD | 50.10 | % | LESOTHO | LESOTHO | ||||||||||
TOTAL LIBAN | 100.00 | % | LEBANON | LEBANON | ||||||||||
TOTAL LIBERIA INC | 100.00 | % | LIBERIA | LIBERIA | ||||||||||
TOTAL LUBRICANTS (CHINA) CO LTD | 86.49 | % | CHINA | CHINA | ||||||||||
TOTAL LUBRICANTS TAIWAN, LTD. | 63.00 | % | TAIWAN | TAIWAN | ||||||||||
TOTAL LUBRIFIANTS | 99.98 | % | FRANCE | FRANCE | ||||||||||
TOTAL LUBRIFIANTS SERVICES AUTOMOBILE | 99.98 | % | FRANCE | FRANCE | ||||||||||
TOTAL LUXEMBOURG SA | 100.00 | % | LUXEMBOURG | LUXEMBOURG | ||||||||||
TOTAL MADAGASIKARA SA | 79.44 | % | MADAGASCAR | MADAGASCAR | ||||||||||
TOTAL MALI | 100.00 | % | MALI | MALI | ||||||||||
TOTAL MARINE FUELS | 100.00 | % | SINGAPORE | SINGAPORE | ||||||||||
TOTAL MARKETING EGYPT | 80.78 | % | EGYPT | EGYPT | ||||||||||
TOTAL MARKETING GABON | 90.00 | % | GABON | GABON | ||||||||||
TOTAL MARKETING MIDDLE EAST FREE ZONE | 100.00 | % | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | ||||||||||
TOTAL MARKETING SERVICES | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL MARKETING TCHAD | 100.00 | % | CHAD | CHAD | ||||||||||
TOTAL MARKETING UGANDA | 100.00 | % | UGANDA | UGANDA | ||||||||||
TOTAL MAROC | 70.00 | % | MOROCCO | MOROCCO | ||||||||||
TOTAL MAURITIUS | 55.00 | % | MAURITIUS | MAURITIUS | ||||||||||
TOTAL MAYOTTE | 100.00 | % | FRANCE | FRANCE | ||||||||||
TOTAL MEXICO SA DE CV | 100.00 | % | MEXICO | MEXICO | ||||||||||
TOTAL MINERALOEL UND CHEMIE GMBH | 100.00 | % | GERMANY | GERMANY |
103
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
TOTAL MINERALÖL GMBH | 100.00 | % | GERMANY | GERMANY | ||||||||
TOTAL MOZAMBIQUE | 100.00 | % | MOZAMBIQUE | MOZAMBIQUE | ||||||||
TOTAL NAMIBIA (PTY) LTD | 50.10 | % | NAMIBIA | NAMIBIA | ||||||||
TOTAL NEDERLAND NV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL NEW ENERGIES LTD | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL NEW ENERGIES USA, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL NEW ENERGIES VENTURES USA, INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL NIGER SA | 100.00 | % | NIGER | NIGER | ||||||||
TOTAL NIGERIA PLC | 61.72 | % | NIGERIA | NIGERIA | ||||||||
TOTAL NUEVAS ENERGIAS CHILE SPA | 100.00 | % | CHILE | CHILE | ||||||||
TOTAL OIL ASIA-PACIFIC PTE LTD | 100.00 | % | SINGAPORE | SINGAPORE | ||||||||
TOTAL OIL INDIA PVT LTD | 100.00 | % | INDIA | INDIA | ||||||||
TOTAL OIL PAKISTAN (PRIVATE) LIMITED | 100.00 | % | PAKISTAN | PAKISTAN | ||||||||
TOTAL OIL TURKIYE AS | 100.00 | % | TURKEY | TURKEY | ||||||||
TOTAL OUTRE MER | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL PACIFIQUE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL PARCO PAKISTAN LIMITED | 60.00 | % | PAKISTAN | PAKISTAN | ||||||||
TOTAL PETROLEUM (SHANGHAI) COMPANY LIMITED | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL PETROLEUM GHANA LIMITED | 76.74 | % | GHANA | GHANA | ||||||||
TOTAL PETROLEUM GUANGZHOU CO LTD | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL PETROLEUM PUERTO RICO CORP | 100.00 | % | PUERTO RICO | PUERTO RICO | ||||||||
TOTAL PHILIPPINES CORPORATION | 100.00 | % | PHILIPPINES | PHILIPPINES | ||||||||
TOTAL POLSKA | 100.00 | % | POLAND | POLAND | ||||||||
TOTAL POLYNESIE | 99.54 | % | FRANCE | FRANCE | ||||||||
TOTAL RDC | 60.00 | % | DEMOCRATIC REPUBLIC OF CONGO | DEMOCRATIC REPUBLIC OF CONGO | ||||||||
TOTAL REUNION | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL SENEGAL | 69.14 | % | SENEGAL | SENEGAL | ||||||||
TOTAL SINOCHEM FUELS COMPANY LTD | 49.00 | % | E | CHINA | CHINA | |||||||
TOTAL SINOCHEM OIL COMPANY LIMITED | 49.00 | % | E | CHINA | CHINA | |||||||
TOTAL SOUTH AFRICA (PTY) LTD | 50.10 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
TOTAL SPECIALTIES USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL SUPPLY MS SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||
TOTAL SWAZILAND (PTY) LTD | 50.10 | % | SWAZILAND | SWAZILAND | ||||||||
TOTAL TOGO | 76.72 | % | TOGO | TOGO | ||||||||
TOTAL TUNISIE | 100.00 | % | TUNISIA | TUNISIA | ||||||||
TOTAL UAE LLC | 49.00 | % | UNITED ARAB EMIRATES | UNITED ARAB EMIRATES | ||||||||
TOTAL UGANDA LIMITED | 100.00 | % | UGANDA | UGANDA | ||||||||
TOTAL UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL UNION OCEANE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL VOSTOK | 100.00 | % | RUSSIAN FEDERATION | RUSSIAN FEDERATION | ||||||||
TOTAL ZAMBIA | 100.00 | % | ZAMBIE | ZAMBIE | ||||||||
TOTALERG SPA | 49.00 | % | E | ITALY | ITALY | |||||||
TOTALGAZ | 100.00 | % | FRANCE | FRANCE | ||||||||
TYCZKA TOTALGAZ GMBH | 50.00 | % | E | GERMANY | GERMANY | |||||||
URIM GREEN ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||
WHIPPLETREE SOLAR LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
WHIRLWIND SOLAR STAR, LLC | 59.77 | % | UNITED STATES | UNITED STATES | ||||||||
ZRUHA GREEN ENERGIES LTD | 59.77 | % | ISRAEL | ISRAEL | ||||||||
Corporate |
ELF AQUITAINE | 100.00 | % | FRANCE | FRANCE | |||||||
ELF AQUITAINE FERTILISANTS | 100.00 | % | FRANCE | FRANCE | ||||||||
ELF AQUITAINE INC. | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
ELF FOREST PRODUCTS, LLC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
ETMOFINA | 100.00 | % | BELGIUM | BELGIUM | ||||||||
FINANCIERE VALORGEST | 100.00 | % | FRANCE | FRANCE | ||||||||
FINGESTVAL | 100.00 | % | FRANCE | FRANCE | ||||||||
OMNIUM REINSURANCE COMPANY SA | 100.00 | % | SWITZERLAND | SWITZERLAND | ||||||||
PAN INSURANCE LIMITED | 100.00 | % | IRELAND | IRELAND | ||||||||
SEPTENTRION PARTICIPATIONS | 100.00 | % | FRANCE | FRANCE | ||||||||
SOCAP SAS | 100.00 | % | FRANCE | FRANCE | ||||||||
SOCIETE CIVILE IMMOBILIERE CB2 | 100.00 | % | FRANCE | FRANCE | ||||||||
SOFAX BANQUE | 100.00 | % | FRANCE | FRANCE | ||||||||
SOGAPAR | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL OVERSEAS HOLDING (PTY) LTD | 100.00 | % | SOUTH AFRICA | SOUTH AFRICA | ||||||||
TOTAL AFFILIATES CAPITAL USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL AMERICAN SERVICES INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL CAPITAL | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL CAPITAL CANADA LTD. | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL CAPITAL INTERNATIONAL | 100.00 | % | FRANCE | FRANCE |
104
Business segment | Statutory corporate name | % Group interest |
Method | Country of incorporation | Country of operations | |||||||
TOTAL CORPORATE MANAGEMENT (BEIJING) COMPANY LIMITED | 100.00 | % | CHINA | CHINA | ||||||||
TOTAL DELAWARE INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL E&P HOLDINGS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL ENERGY VENTURES EUROPE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL ENERGY VENTURES INTERNATIONAL | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL FINANCE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL FINANCE CORPORATE SERVICES LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL FINANCE GLOBAL SERVICES SA | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL FINANCE INTERNATIONAL LTD | 100.00 | % | BERMUDA | BERMUDA | ||||||||
TOTAL FINANCE NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL FINANCE USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL FUNDING NEDERLAND BV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL GESTION FILIALES | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GESTION USA | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GLOBAL SERVICES | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL GLOBAL SERVICES BELGIUM SA | 99.80 | % | BELGIUM | BELGIUM | ||||||||
TOTAL HOLDING ALLEMAGNE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL HOLDINGS EUROPE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL HOLDINGS UK LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM | ||||||||
TOTAL HOLDINGS USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL INTERNATIONAL NV | 100.00 | % | NETHERLANDS | NETHERLANDS | ||||||||
TOTAL NUCLEAIRE | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL OPERATIONS CANADA LTD | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL PARTICIPATIONS | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL PETROCHEMICALS & REFINING USA INC* | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL PETROCHEMICALS & REFINING SA/NV* | 100.00 | % | BELGIUM | BELGIUM | ||||||||
TOTAL PETROCHEMICALS SECURITY USA INC | 100.00 | % | UNITED STATES | UNITED STATES | ||||||||
TOTAL RESOURCES (CANADA) LIMITED | 100.00 | % | CANADA | CANADA | ||||||||
TOTAL SA | FRANCE | FRANCE | ||||||||||
TOTAL TREASURY | 100.00 | % | FRANCE | FRANCE | ||||||||
TOTAL UK FINANCE LIMITED | 100.00 | % | UNITED KINGDOM | UNITED KINGDOM |
* | Multi-segment entities |
105