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
February 11, 2016
Commission File Number 001-10888
TOTAL S.A.
(Translation of registrants name into English)
2, place Jean Millier
La Défense 6
92400 Courbevoie
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
(If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .)
THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NOS. 333-203476, 333-203476-01, 333-203476-02 AND 333-203476-03) OF TOTAL S.A., TOTAL CAPITAL INTERNATIONAL, TOTAL CAPITAL CANADA LTD. AND TOTAL CAPITAL AND THE REGISTRATION STATEMENTS ON FORM S-8 (333-144415, 333-150365, 333-169828, 333-172832, 333-183144, 333-185168 AND 333-199735) OF TOTAL S.A., AND TO BE PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED.
TOTAL S.A. is providing on this Form 6-K its results for the fourth quarter of 2015 and the year ended December 31, 2015, and a description of certain recent developments relating to its business, as well as a capitalization table as of December 31, 2015, and a ratio of earnings to fixed charges for each of the five years ended December 31, 2015, 2014, 2013, 2012 and 2011, together with the computation of the ratio of earnings to fixed charges.
EX-99.1: Results for the Fourth Quarter of 2015 and the Year Ended December 31, 2015 |
EX-99.2: Recent Developments |
EX-99.3: Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness |
EX-99.4: Computation of Ratio of Earnings to Fixed Charges |
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TOTAL S.A. | ||||||||
Date: February 11, 2016 | By: | /s/ HUMBERT DE WENDEL | ||||||
Name: | Humbert de WENDEL | |||||||
Title: | Treasurer |
Exhibit 99.1 | Results for the Fourth Quarter of 2015 and the Year Ended December 31, 2015 | |
Exhibit 99.2 | Recent Developments | |
Exhibit 99.3 | Ratio of Earnings to Fixed Charges and Capitalization and Indebtedness | |
Exhibit 99.4 | Computation of Ratio of Earnings to Fixed Charges |
Exhibit 99.1
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The financial information in this Form 6-K concerning TOTAL S.A. and its subsidiaries and affiliates (collectively, TOTAL or the Group) with respect to the fourth quarter of 2015 and the year ended December 31, 2015, has been derived from TOTALs unaudited consolidated financial statements for the fourth quarter of 2015 and year ended December 31, 2015. The following discussion should be read in conjunction with the unaudited interim consolidated financial statements provided elsewhere in this exhibit and with the information, including the audited financial statements and related notes, in TOTALs Annual Report on Form 20-F for the year ended December 31, 2014, filed with the Securities and Exchange Commission (SEC) on March 26, 2015, as amended on March 27, 2015.
A. KEY FIGURES FROM THE CONSOLIDATED ACCOUNTS OF TOTAL*
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
in millions of dollars |
2015 | 2014 | 2015 vs 2014 |
|||||||||||||||||||||
37,749 | 40,580 | 52,511 | -28% | Sales |
165,357 | 236,122 | -30% | |||||||||||||||||||||
Adjusted net operating income from business segments |
||||||||||||||||||||||||||||
748 | 1,107 | 1,596 | -53% | Upstream |
4,774 | 10,504 | -55% | |||||||||||||||||||||
1,007 | 1,433 | 956 | +5% | Refining & Chemicals |
4,889 | 2,489 | +96% | |||||||||||||||||||||
530 | 423 | 245 | x2.2 | Marketing & Services |
1,699 | 1,254 | +35% | |||||||||||||||||||||
600 | 486 | 464 | +29% | Equity in net income (loss) of affiliates |
2,361 | 2,662 | -11% | |||||||||||||||||||||
(0.71) | 0.45 | (2.47) | +71% | Fully-diluted earnings per share ($) |
2.16 | 1.86 | +16% | |||||||||||||||||||||
2,329 | 2,312 | 2,287 | +2% | Fully-diluted weighted-average shares (millions) |
2,304 | 2,281 | +1% | |||||||||||||||||||||
(1,626) | 1,079 | (5,658) | +71% | Net income (Group share) |
5,087 | 4,244 | +20% | |||||||||||||||||||||
6,594 | 6,040 | 8,152 | -19% | Investments** |
28,033 | 30,509 | -8% | |||||||||||||||||||||
2,297 | 410 | 1,689 | +36% | Divestments |
7,584 | 6,190 | +23% | |||||||||||||||||||||
4,289 | 5,630 | 6,409 | -33% | Net investments*** |
20,360 | 24,140 | -16% | |||||||||||||||||||||
4,838 | 5,989 | 7,354 | -34% | Cash flow from operations |
19,946 | 25,608 | -22% |
* | Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. See Analysis of business segment results below for further details. |
** | Including acquisitions. |
*** | Net investments = investments including acquisitions asset sales other transactions with non-controlling interests. |
B. ANALYSIS OF BUSINESS SEGMENT RESULTS
The financial information for each business segment is reported on the same basis as that used internally by the chief operating decision maker in assessing segment performance and the allocation of segment resources. Due to their particular nature or significance, certain transactions qualified as special items are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may also be qualified as special items although they may have occurred in prior years or are likely to recur in following years.
In accordance with IAS 2, the Group values inventories of petroleum products in the financial statements according to the First-In, First-Out (FIFO) method and other inventories using the weighted-average cost method. Under the FIFO method, the cost of inventory is based on the historic cost of acquisition or manufacture rather than the current replacement cost. In volatile energy markets, this can have a significant distorting effect on the reported income. Accordingly, the adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method in order to facilitate the comparability of the Groups results with those of its competitors and to help illustrate the operating performance of these segments excluding the impact of oil price changes on the replacement of inventories. In the replacement cost method, which approximates the Last-In, First-Out (LIFO) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results under the FIFO and replacement cost methods.
1
The effect of changes in fair value presented as an adjustment item reflects, for trading inventories and storage contracts, differences between internal measures of performance used by TOTALs management and the accounting for these transactions under IFRS, which requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories recorded at their fair value based on forward prices. Furthermore, TOTAL, in its trading activities, enters into storage contracts, the future effects of which are recorded at fair value in the Groups internal economic performance. IFRS, by requiring accounting for storage contracts on an accrual basis, precludes recognition of this fair value effect.
The adjusted business segment results (adjusted operating income and adjusted net operating income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value. For further information on the adjustments affecting operating income on a segment-by-segment basis, and for a reconciliation of segment figures to figures reported in TOTALs consolidated interim financial statements, see pages 21-27 of this exhibit.
The Group measures performance at the segment level on the basis of net operating income and adjusted net operating income. Net operating income comprises operating income of the relevant segment after deducting the amortization and the depreciation of intangible assets other than leasehold rights, translation adjustments and gains or losses on the sale of assets, as well as all other income and expenses related to capital employed (dividends from non-consolidated companies, income from equity affiliates and capitalized interest expenses) and after income taxes applicable to the above. The income and expenses not included in net operating income that are included in net income are interest expenses related to long-term liabilities net of interest earned on cash and cash equivalents, after applicable income taxes (net cost of net debt and non-controlling interests). Adjusted net operating income excludes the effect of the adjustments (special items and the inventory valuation effect) described above.
B.1. | Upstream segment |
Ø | Environment liquids and gas price realizations* |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
2015 | 2014 | 2015 vs 2014 |
||||||||||||||||||||||
43.8 | 50.5 | 76.6 | -43% | Brent ($/b) |
52.4 | 99.0 | -47% | |||||||||||||||||||||
38.1 | 44.0 | 61.7 | -38% | Average liquids price ($/b) |
47.4 | 89.4 | -47% | |||||||||||||||||||||
4.45 | 4.47 | 6.29 | -29% | Average gas price ($/Mbtu) |
4.75 | 6.57 | -28% | |||||||||||||||||||||
33.1 | 36.6 | 50.5 | -34% | Average hydrocarbons price ($/boe) |
39.2 | 66.2 | -41% |
* | Consolidated subsidiaries, excluding fixed margins. |
Ø | Production |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
hydrocarbon production |
2015 | 2014 | 2015 vs 2014 |
|||||||||||||||||||||
2,352 | 2,342 | 2,229 | +6% | Combined production (kboe/d) |
2,347 | 2,146 | +9% | |||||||||||||||||||||
1,251 | 1,241 | 1,077 | +16% | Liquids (kb/d) |
1,237 | 1,034 | +20% | |||||||||||||||||||||
5,993 | 6,003 | 6,219 | -4% | Gas (Mcf/d) |
6,054 | 6,063 | |
In the fourth quarter 2015, hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d), an increase of 5.5% compared to the fourth quarter 2014, due to the following:
| +4% for new project start ups and ramp ups, notably GLNG, West Franklin Phase 2, Eldfisk II and Termokarstovoye; |
| +6% due to portfolio changes, mainly the extension of the ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan; |
| -5% due to shutdowns in Yemen and in Libya; and |
| the price effect(1) offset natural field decline. |
(1) | The price effect refers to the impact of changing hydrocarbon prices on entitlement volumes from production sharing and buyback contracts. For example, as the price of oil or gas increases above certain pre-determined levels, TOTALs share of production normally decreases. |
2
For the full-year 2015, hydrocarbon production was 2,347 kboe/d, an increase of 9.4% compared to 2014, due to the following:
| +6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye; |
| +6% due to portfolio changes mentioned above; |
| -4% due to shutdowns in Yemen and in Libya; and |
| +1% due to the price effect and field performance, net of natural field decline. |
Ø | Reserves |
Year-end reserves |
2015 | 2014 | 2015 vs 2014 |
|||||||||
Hydrocarbon reserves (Mboe) |
11,580 | 11,523 | | |||||||||
Liquids (Mb) |
5,605 | 5,303 | +6% | |||||||||
Gas (Bcf) |
32,206 | 33,590 | -4% |
Proved reserves based on the SEC rules (based on Brent at $54.17/b) were 11,580 Mboe on December 31, 2015. Based on the 2015 average production rate, the reserve life is more than thirteen years.
The 2015 proved reserve replacement rate(1), based on SEC rules, was 107%, notably due to the extension of the ADCO concession.
Ø | Results |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
in millions of dollars |
2015 | 2014 | 2015 vs 2014 |
|||||||||||||||||||||
3,457 | 3,660 | 5,415 | -36% | Non-Group sales |
16,840 | 23,484 | -28% | |||||||||||||||||||||
(5,106) | 325 | (4,191) | -22% | Operating income |
(2,941) | 10,494 | n/a | |||||||||||||||||||||
5,511 | 669 | 6,365 | -13% | Adjustments affecting operating income |
7,866 | 6,662 | +18% | |||||||||||||||||||||
405 | 994 | 2,174 | -81% | Adjusted operating income* |
4,925 | 17,156 | -71% | |||||||||||||||||||||
55.1% | 33.8% | 57.0% | Effective tax rate** |
45.5% | 57.1% | |||||||||||||||||||||||
748 | 1,107 | 1,596 | -53% | Adjusted net operating income* |
4,774 | 10,504 | -55% | |||||||||||||||||||||
415 | 316 | 533 | -22% | Includes adjusted income from equity affiliates |
1,723 | 2,859 | -40% | |||||||||||||||||||||
5,293 | 5,173 | 6,287 | -16% | Investments |
24,270 | 26,520 | -8% | |||||||||||||||||||||
1,402 | 272 | 1,473 | -5% | Divestments |
3,215 | 5,764 | -44% | |||||||||||||||||||||
2,624 | 2,320 | 2,608 | +1% | Cash flow from operating activities |
11,182 | 16,666 | -33% |
* | Detail of adjustment items shown in the business segment information starting on page 21 of this exhibit. |
** | Defined as: tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income). |
Adjusted net operating income from the Upstream segment was:
| $748 million in the fourth quarter 2015, a decrease of 53% compared to the fourth quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production and a decrease in operating costs; and |
| $4,774 million for the full-year 2015, a decrease of 55% compared to 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production, a decrease in operating costs, and a lower effective tax rate. |
Adjusted net operating income for the Upstream segment excludes special items. In the fourth quarter 2015, the exclusion of special items had a positive impact on the segments adjusted net operating income of $3,955 million, which includes an impairment on Gladstone LNG in Australia, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process and the impairment of exploration projects that will not be developed, compared to a positive impact of $5,038 million in the fourth quarter 2014, consisting essentially of asset impairments of oil sands in Canada, unconventional gas notably in the United States and certain other assets in the Upstream segment.
Technical costs for consolidated subsidiaries, calculated in accordance with ASC 932(2), were $23.0/boe in 2015 compared to $28.3/boe in 2014. This reduction is essentially due to the execution of the Groups program to reduce operating costs (which decreased from $9.9/boe to $7.4/boe) and lower depreciation (portfolio effect).
(1) | Change in reserves excluding production, i.e., (revisions + discoveries, extensions + acquisitions divestments) / production for the period. |
(2) | FASB Accounting Standards Codification Topic 932, Extractive industries Oil and Gas. |
3
B.2. | Refining & Chemicals segment |
Ø | Refinery throughput and utilization rates* |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
2015 | 2014 | 2015 vs 2014 |
||||||||||||||||||||||
1,931 | 1,973 | 1,887 | +2% | Total refinery throughput (kb/d) |
1,938 | 1,775 | +9% | |||||||||||||||||||||
682 | 662 | 632 | +8% | France |
674 | 639 | +5% | |||||||||||||||||||||
831 | 891 | 852 | -2% | Rest of Europe |
849 | 794 | +7% | |||||||||||||||||||||
418 | 420 | 403 | +4% | Rest of world |
415 | 342 | +21% | |||||||||||||||||||||
Utilization rates** |
||||||||||||||||||||||||||||
87% | 87% | 82% | Based on crude only |
86% | 77% | |||||||||||||||||||||||
88% | 90% | 86% | Based on crude and other feedstock |
89% | 81% |
* | Includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Services segment. |
** | Based on distillation capacity at the beginning of the year. |
Refinery throughput:
| increased by 2% in the fourth quarter 2015 compared to the fourth quarter 2014, due to strong industrial performance, despite the partial shutdown of the Antwerp platform for planned maintenance; and |
| increased by 9% in 2015 compared to 2014. Measures to improve availability in Europe resulted in a high utilization rate of 89%. The segment also benefited from the ramp up of the SATORP refinery in Saudi Arabia. |
Ø | Results |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
in millions of dollars except European refining margin indicator (ERMI) |
2015 | 2014 | 2015 vs 2014 |
|||||||||||||||||||||
38.1 | 54.8 | 27.6 | +38% | ERMI ($/t) |
48.5 | 18.7 | x2.6 | |||||||||||||||||||||
15,969 | 17,397 | 23,025 | -31% | Non-Group sales |
70,623 | 106,124 | -33% | |||||||||||||||||||||
529 | 790 | (2,756) | n/a | Operating income |
4,544 | (1,691) | n/a | |||||||||||||||||||||
468 | 923 | 3,825 | -88% | Adjustments affecting operating income |
1,105 | 4,430 | -75% | |||||||||||||||||||||
997 | 1,713 | 1,069 | -7% | Adjusted operating income* |
5,649 | 2,739 | x2.1 | |||||||||||||||||||||
1,007 | 1,433 | 956 | +5% | Adjusted net operating income* |
4,889 | 2,489 | x2.0 | |||||||||||||||||||||
117 | 128 | 155 | -25% | Contribution of Specialty chemicals** |
496 | 629 | -21% | |||||||||||||||||||||
586 | 358 | 875 | -33% | Investments |
1,843 | 2,022 | -9% | |||||||||||||||||||||
836 | 12 | 157 | x5.3 | Divestments |
3,488 | 192 | x18 | |||||||||||||||||||||
2,127 | 2,291 | 3,113 | -32% | Cash flow from operating activities |
6,432 | 6,302 | +2% |
* | Detail of adjustment items shown in the business segment information starting on page 21 of this exhibit. |
** | Hutchinson and Atotech; Bostik until February 2015. |
In 2015, the Refining & Chemicals segment benefited from a favorable environment, notably in Europe. The Groups European refining margin indicator (ERMI) averaged $48.5/t in 2015 compared to $18.7/t in 2014, mainly due to strong demand for gasoline. Petrochemical margins in Europe increased in 2015 due to strong demand for polymers and the decrease in raw material costs.
Adjusted net operating income from the Refining & Chemicals segment was:
| $1,007 million in the fourth quarter 2015, an increase of 5% compared to the fourth quarter 2014 in a globally favorable environment; and |
| $4,889 million for the full-year 2015, twice the level of 2014, due to strong industrial performance during a period of high margins and cost reduction programs. |
Adjusted net operating income for the Refining & Chemicals segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2015, the exclusion of the inventory valuation effect had a positive impact on the segments adjusted net operating income of $247 million, compared to a positive impact in the fourth quarter 2014 of $1,710 million, which was mainly due a reduction in stock. The exclusion of special items in the fourth quarter 2015 had a negative impact on the segments adjusted net operating income of $454 million compared to a positive impact of $1,466 million in the fourth quarter 2014, consisting essentially of impairments of European refining assets.
4
B.3. | Marketing & Services segment |
Ø | Petroleum product sales |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs |
sales in kb/d* |
2015 | 2014 | 2015 vs | |||||||||||||||||
1,797 | 1,825 | 1,810 | -1% | Total Marketing & Services sales |
1,818 | 1,769 | +3% | |||||||||||||||||
1,065 | 1,103 | 1,132 | -6% | Europe |
1,092 | 1,100 | -1% | |||||||||||||||||
732 | 722 | 678 | +8% | Rest of world |
726 | 669 | +9% |
* | Excludes trading and bulk refining sales, which are reported under the Refining & Chemicals segment (see page 8 of this exhibit); includes share of TotalErg. |
Petroleum product sales were:
| Stable in the fourth quarter 2015 compared to the fourth quarter 2014. The strong sales in growth markets were partially offset by portfolio changes in Europe due to the sale of Totalgaz and Total Suisse; and |
| 3% higher in 2015 compared to 2014. In addition to strong growth in Africa, the sector benefited from its strategic repositioning in Europe and a market stimulated by lower prices. |
Ø | Results |
4Q15 | 3Q15 | 4Q14 | 4Q15 vs |
in millions of dollars |
2015 | 2014 | 2015 vs | |||||||||||||||||
18,326 | 19,522 | 24,079 | -24% | Non-Group sales |
77,887 | 106,509 | -27% | |||||||||||||||||
529 | 298 | 22 | x24 | Operating income |
1,758 | 1,158 | +52% | |||||||||||||||||
162 | 199 | 440 | -63% | Adjustments affecting operating income |
340 | 551 | -38% | |||||||||||||||||
691 | 497 | 462 | +50% | Adjusted operating income* |
2,098 | 1,709 | +23% | |||||||||||||||||
530 | 423 | 245 | x2.2 | Adjusted net operating income* |
1,699 | 1,254 | +35% | |||||||||||||||||
277 | (82) | (15) | n/a | Contribution of New Energies |
108 | 10 | x10.8 | |||||||||||||||||
689 | 501 | 941 | -27% | Investments |
1,841 | 1,818 | +1% | |||||||||||||||||
56 | 121 | 53 | +6% | Divestments |
856 | 163 | x5.3 | |||||||||||||||||
289 | 1,011 | 1,627 | -82% | Cash flow from operating activities |
2,323 | 2,721 | -15% |
* | Detail of adjustment items shown in the business segment information starting on page 21 of this exhibit. |
Adjusted net operating income from the Marketing & Services segment was:
| $530 million in the fourth quarter 2015, more than double compared to the fourth quarter 2014, mainly due to the contribution of New Energies, related to the completion of the Quinto solar farm in the United States; and |
| $1,699 million for the full-year 2015, an increase of 35% compared to 2014, benefiting from the increase in sales and margins in a favorable environment and the contribution of SunPower. |
Adjusted net operating income for the Marketing & Services segment excludes any after-tax inventory valuation effect and special items. In the fourth quarter 2015, the exclusion of the inventory valuation effect had a positive impact on the segments adjusted net operating income of $68 million, compared to a positive impact of $321 million in the fourth quarter 2014, which was mainly due a reduction in stock. The exclusion of special items in the fourth quarter 2015 had a positive impact on the segments adjusted net operating income of $165 million compared to a positive impact of $110 million in the fourth quarter 2014.
5
C. | GROUP RESULTS |
Ø | Net income (Group share) |
Net income (Group share) was:
| -$1,626 million in the fourth quarter 2015 compared to -$5,658 million in the fourth quarter 2014, an increase of 71% mainly due to less negative impacts on net income (Group share) of special items and the after-tax inventory valuation effect (as detailed below), with the weaker Upstream performance, due to lower hydrocarbon prices, being partially offset by solid Downstream results; and |
| $5,087 million for the full-year 2015 compared to $4,244 million in 2014, an increase of 20% mainly due to less negative impacts on net income (Group share) of special items and the after-tax inventory valuation effect (as detailed below), with the strong performance of the Groups integrated model and its cost reduction program being demonstrated despite the 47% drop in the Brent price. |
Adjustment items(1) had a negative impact on net income (Group share) of $3,701 million in the fourth quarter 2015. This includes an impairment on Gladstone LNG in Australia, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect. In the fourth quarter 2014, total adjustments affecting net income (Group share) were -$8,459 million, including impairments of oil sands in Canada, unconventional gas notably in the United States, refining in Europe and certain other assets in the Upstream and a negative inventory effect.
The adjustment items had a negative impact on net income (Group share) of $5,431 million in 2015. This includes impairments on Fort Hills in Canada and Gladstone LNG in Australia as well as in Libya, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect. In 2014, total adjustments affecting net income (Group share) were -$8,593 million, including impairments of oil sands in Canada, unconventional gas notably in the United States, refining in Europe and certain other assets in the Upstream, and a negative inventory effect, which were partially offset by a gain on asset sales, including for the Groups interests in Shah Deniz in Azerbaijan and GTT.
The number of fully-diluted shares was 2,336 million on December 31, 2015, compared to 2,285 million on December 31, 2014.
Ø | Divestments acquisitions |
Asset sales were:
| $2,101 million in the fourth quarter 2015, comprised notably of the sales of the Schwedt refinery, the Géosel oil storage facility and partial interests in Laggan-Tormore and Fort Hills, compared to $1,269 million in the fourth quarter 2014; and |
| $5,968 million for the full-year 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz, the Schwedt refinery, the Géosel oil storage facility, coal mining assets in South Africa, and partial interests in Laggan-Tormore and Fort Hills, compared to $4,650 million for the full-year 2014. |
Acquisitions were:
| $33 million in the fourth quarter 2015, compared to $730 million in the fourth quarter 2014; and |
| $3,441 million for the full-year 2015, comprised mainly of the extension of the ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek in Russia, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States, compared to $2,539 million for the full-year 2014. |
Ø | Cash flow |
The Groups net cash flow(2) was:
| $549 million in the fourth quarter 2015 compared to $945 million in the fourth quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by strong Downstream results and the decrease in investments; and |
(1) | Details shown on page 10 of this exhibit. |
(2) | Net cash flow = cash flow from operations net investments (including other transactions with non-controlling interests). |
6
| -$414 million for the full-year 2015 compared to $1,468 million for the full-year 2014. The decrease in net investments partially offset the decrease in cash flow from operations in the context of a 47% lower Brent price. |
D. | PROPOSED DIVIDEND |
After closing the 2015 accounts, the Board of Directors decided on February 10, 2016, to propose to the Annual Shareholders Meeting on May 24, 2016 an annual dividend of 2.44/share for 2015, stable compared to 2014.
Taking into account the interim dividends of 0.61/share for the first three quarters of 2015, a remaining dividend of the same amount of 0.61/share is therefore proposed. The Board of Directors will also propose to the Annual Shareholders Meeting that shareholders have the option of receiving the remaining 2015 dividend payment in cash or in new shares of the company, benefiting from a 10% discount, consistent with the first three 2015 interim dividends. Pending approval at the Annual Shareholders Meeting, the ex-dividend date would be June 6, 2016, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for June 23, 2016.
E. | SUMMARY AND OUTLOOK |
In 2015, the return on equity for the Group was 11.5%. TOTAL resisted the drop in prices by leveraging the effectiveness of its integrated model and its strong operational performance. The Group will further pursue this strategy and all of the necessary actions will continue to be implemented to reduce costs and maintain a solid balance sheet, demonstrating once again the Groups capacity to adapt.
In 2016, the Group will reduce its organic Capex to around $19 billion, a reduction of more than 15% compared to 2015. This marks a transition to a sustainable level of investments of $17-19 billion from 2017 onwards. The cost reduction program launched in 2014 will be reinforced, enabling Opex savings of $2.4 billion in 2016 and underpinning the objective of more than $3 billion in 2017. The asset sales program will continue in line with the plan, with $4 billion expected in 2016, the same level as 2015.
In the Upstream, five major start ups are planned in 2016. The first of these, Laggan-Tormore, took place on February 8. Production is expected to grow by 4% in 2016 compared to 2015, following more than 9% in 2015 compared to 2014, confirming the growth target of 5% per year on average between 2014 and 2019.
In the Downstream, the target to reduce European refining capacity by 20% will be achieved by end-2016, one year ahead of the initial plan announced in 2012. The cessation of traditional refining activities at La Mède in view of its conversion to a bio-refinery, the restructuring of the Lindsey refinery and the modernization of the Antwerp refinery will be finalized before the end of the year, with the first benefits expected from 2017.
The strategy implemented by the Group in 2015 based on its four priorities of Safety, Delivery, Costs and Cash, will continue in 2016, notably for the benefit of its shareholders.
FORWARD-LOOKING STATEMENTS
This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of TOTAL and on the information currently available to such management. Forward-looking statements include information concerning forecasts, projections, anticipated synergies, and other information concerning possible or assumed future results of TOTAL, and may be preceded by, followed by, or otherwise include the words believes, expects, anticipates, intends, plans, targets, estimates or similar expressions.
Forward-looking statements are not assurances of results or values. They involve risks, uncertainties and assumptions. TOTALs future results and share value may differ materially from those expressed in these forward-looking statements. Many of the factors that will determine these results and values are beyond TOTALs ability to control or predict. Except for its ongoing obligations to disclose material information as required by applicable securities laws, TOTAL does not have any intention or obligation to update forward-looking statements after the distribution of this document, even if new information, future events or other circumstances have made them incorrect or misleading.
You should understand that various factors, certain of which are discussed elsewhere in this document and in the documents referred to in, or incorporated by reference into, this document, could affect the future results of TOTAL and could cause results to differ materially from those expressed in such forward-looking statements, including:
| material adverse changes in general economic conditions or in the markets served by TOTAL, including changes in the prices of oil, natural gas, refined products, petrochemical products and other chemicals; |
7
| changes in currency exchange rates and currency devaluations; |
| the success and the economic efficiency of oil and natural gas exploration, development and production programs, including without limitation, those that are not controlled and/or operated by TOTAL; |
| uncertainties about estimates of changes in proven and potential reserves and the capabilities of production facilities; |
| uncertainties about the ability to control unit costs in exploration, production, refining and marketing (including refining margins) and chemicals; |
| changes in the current capital expenditure plans of TOTAL; |
| the ability of TOTAL to realize anticipated cost savings, synergies and operating efficiencies; |
| the financial resources of competitors; |
| changes in laws and regulations, including tax and environmental laws and industrial safety regulations; |
| the quality of future opportunities that may be presented to or pursued by TOTAL; |
| the ability to generate cash flow or obtain financing to fund growth and the cost of such financing and liquidity conditions in the capital markets generally; |
| the ability to obtain governmental or regulatory approvals; |
| the ability to respond to challenges in international markets, including political or economic conditions, including international armed conflict, and trade and regulatory matters; |
| the ability to complete and integrate appropriate acquisitions, strategic alliances and joint ventures; |
| changes in the political environment that adversely affect exploration, production licenses and contractual rights or impose minimum drilling obligations, price controls, nationalization or expropriation, and regulation of refining and marketing, chemicals and power generating activities; |
| the possibility that other unpredictable events such as labor disputes or industrial accidents will adversely affect the business of TOTAL; and |
| the risk that TOTAL will inadequately hedge the price of crude oil or finished products. |
For additional factors, you should read the information set forth under Item 3. Risk Factors, Item 4. Information on the Company Other Matters, Item 5. Operating and Financial Review and Prospects and Item 11. Quantitative and Qualitative Disclosures about Market Risk in TOTALs Form 20-F for the year ended December 31, 2014.
8
OPERATING INFORMATION BY SEGMENT
| Upstream |
4Q15 |
3Q15 | 4Q14 | 4Q15 vs 4Q14 |
Combined liquids and gas production by |
2015 | 2014 | 2015 vs 2014 | |||||||||||||||||||||||||||||||||||
381 | 364 | 393 | -3% | Europe | 374 | 364 | +3% | |||||||||||||||||||||||||||||||||||
676 | 685 | 690 | -2% | Africa | 678 | 657 | +3% | |||||||||||||||||||||||||||||||||||
465 | 486 | 391 | +19% | Middle East | 492 | 391 | +26% | |||||||||||||||||||||||||||||||||||
110 | 96 | 99 | +11% | North America | 103 | 90 | +14% | |||||||||||||||||||||||||||||||||||
145 | 153 | 151 | -4% | South America | 152 | 157 | -3% | |||||||||||||||||||||||||||||||||||
275 | 245 | 235 | +17% | Asia-Pacific | 258 | 238 | +8% | |||||||||||||||||||||||||||||||||||
300 | 313 | 270 | +11% | CIS | 290 | 249 | +16% | |||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||
2,352 | 2,342 | 2,229 | +6% | Total production | 2,347 | 2,146 | +9% | |||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
544 | 574 | 594 | -8% | Includes equity affiliates |
559 | 571 | -2% | |||||||||||||||||||||||||||||||||||
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
Liquids production by region (kb/d) |
2015 | 2014 | 2015 vs 2014 | |||||||||||||||||||||||||||||||||||
163 | 159 | 168 | -3% | Europe | 161 | 165 | -2% | |||||||||||||||||||||||||||||||||||
545 | 542 | 558 | -2% | Africa | 542 | 522 | +4% | |||||||||||||||||||||||||||||||||||
341 | 359 | 185 | +84% | Middle East | 351 | 192 | +83% | |||||||||||||||||||||||||||||||||||
56 | 45 | 45 | +24% | North America | 48 | 39 | +23% | |||||||||||||||||||||||||||||||||||
44 | 46 | 49 | -10% | South America | 47 | 50 | -6% | |||||||||||||||||||||||||||||||||||
37 | 30 | 33 | +12% | Asia-Pacific | 34 | 30 | +13% | |||||||||||||||||||||||||||||||||||
65 | 60 | 39 | +67% | CIS | 54 | 36 | +50% | |||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
1,251 | 1,241 | 1,077 | +16% | Total production | 1,237 | 1,034 | +20% | |||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
220 | 230 | 197 | +11% | Includes equity affiliates |
219 | 200 | +9% | |||||||||||||||||||||||||||||||||||
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
Gas production by region (Mcf/d) |
2015 | 2014 | 2015 vs 2014 | |||||||||||||||||||||||||||||||||||
1,179 | 1,115 | 1,224 | -4% | Europe | 1,161 | 1,089 | +7% | |||||||||||||||||||||||||||||||||||
639 | 719 | 674 | -5% | Africa | 677 | 693 | -2% | |||||||||||||||||||||||||||||||||||
686 | 708 | 1,113 | -38% | Middle East | 778 | 1,084 | -28% | |||||||||||||||||||||||||||||||||||
305 | 280 | 305 | | North America | 308 | 285 | +8% | |||||||||||||||||||||||||||||||||||
564 | 598 | 573 | -2% | South America | 588 | 599 | -2% | |||||||||||||||||||||||||||||||||||
1,364 | 1,240 | 1,144 | +19% | Asia-Pacific | 1,290 | 1,178 | +10% | |||||||||||||||||||||||||||||||||||
1,256 | 1,343 | 1,186 | +6% | CIS | 1,252 | 1,135 | +10% | |||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
5,993 | 6,003 | 6,219 | -4% | Total production | 6,054 | 6,063 | | |||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||
1,739 | 1,850 | 2,064 | -16% | Includes equity affiliates |
1,828 | 1,998 | -8% | |||||||||||||||||||||||||||||||||||
4Q15 | 3Q15 | 4Q14 | 4Q15 vs 4Q14 |
Liquefied natural gas |
2015 | 2014 | 2015 vs 2014 | |||||||||||||||||||||||||||||||||||
2.48 | 2.53 | 3.06 | -19% | LNG sales* (Mt) | 10.22 | 12.15 | -16% |
* | Sales, Group share, excluding trading; 2014 and 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 and 2015 SEC coefficients, respectively. |
| Downstream (Refining & Chemicals and Marketing & Services) |
4Q15 | 3Q15* | 4Q14 | 4Q15 vs 4Q14 |
Refined product sales by region (kb/d)** |
2015 | 2014 | 2015 vs 2014 | |||||||||||||||||||||||||||||||||||
2,298 | 2,264 | 2,112 | +9% | Europe | 2,184 | 2,047 | +7% | |||||||||||||||||||||||||||||||||||
547 | 611 | 606 | -10% | Africa | 619 | 552 | +12% | |||||||||||||||||||||||||||||||||||
489 | 585 | 482 | +1% | Americas | 570 | 558 | +2% | |||||||||||||||||||||||||||||||||||
620 | 612 | 660 | -6% | Rest of world | 632 | 612 | +3% | |||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||
3,954 | 4,072 | 3,860 | +2% | Total consolidated sales | 4,005 | 3,769 | +6% | |||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||
688 | 648 | 628 | +9% | Includes bulk sales |
649 | 615 | +6% | |||||||||||||||||||||||||||||||||||
1,469 | 1,599 | 1,421 | +3% | Includes trading |
1,538 | 1,385 | +11% |
* | 3Q15 volumes restated. |
** | Includes share of TotalErg. |
9
ADJUSTMENT ITEMS
| Adjustments to operating income |
4Q15 |
3Q15 | 4Q14 | in millions of dollars |
2015 | 2014 | |||||||||||||||||||||||||
(5,677) | (654) | (7,812) | Special items affecting operating income | (8,182) | (8,205) | |||||||||||||||||||||||||
|
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|
|
|
|
|
|
||||||||||||||||||||
(48) | | | Restructuring charges |
(48) | | |||||||||||||||||||||||||
(4,933) | (650) | (7,817) | Impairments |
(6,877) | (7,979) | |||||||||||||||||||||||||
(696) | (4) | 5 | Other |
(1,257) | (226) | |||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
||||||||||||||||||||
(464) | (1,127) | (2,842) | Pre-tax inventory effect: FIFO vs. replacement cost | (1,113) | (3,469) | |||||||||||||||||||||||||
|
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||||||||||||||||||||
| (10) | 24 | Effect of changes in fair value | (16) | 31 | |||||||||||||||||||||||||
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|
|
|
|
|
|
||||||||||||||||||||
(6,141) | (1,791) | (10,630) | Total adjustments affecting operating income | (9,311) | (11,643) |
| Adjustments to net income (Group share) |
4Q15 |
3Q15 | 4Q14 | in millions of dollars |
2015 | 2014 | |||||||||||||||||||||||||
(3,386) | (912) | (6,485) | Special items affecting net income (Group share) | (4,675) | (6,165) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
579 | (98) | 30 | Gain (loss) on asset sales |
1,810 | 1,209 | |||||||||||||||||||||||||
(29) | (12) | (8) | Restructuring charges |
(72) | (20) | |||||||||||||||||||||||||
(3,443) | (650) | (6,450) | Impairments |
(5,447) | (7,063) | |||||||||||||||||||||||||
(493) | (152) | (57) | Other |
(966) | (291) | |||||||||||||||||||||||||
|
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|
|
|
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|
|
|
|
|
||||||||||||||||||||
(315) | (760) | (1,993) | After-tax inventory effect: FIFO vs. replacement cost | (747) | (2,453) | |||||||||||||||||||||||||
|
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||||||||||||||||||||
| (5) | 19 | Effect of changes in fair value | (9) | 25 | |||||||||||||||||||||||||
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|
||||||||||||||||||||
(3,701) | (1,677) | (8,459) | Total adjustments affecting net income | (5,431) | (8,593) |
INVESTMENTS DIVESTMENTS
4Q15 |
3Q15 | 4Q14 | 4Q15 vs 4Q14 |
in millions of dollars |
2015 | 2014 | 2015 vs 2014 |
|||||||||||||||||||||
6,365 | 5,394 | 7,002 | -9% | Investments excluding acquisitions |
22,976 | 26,430 | -13% | |||||||||||||||||||||
232 | 170 | 422 | -45% | Capitalized exploration |
1,198 | 1,616 | -26% | |||||||||||||||||||||
553 | 523 | 565 | -2% | Increase in non-current loans |
2,260 | 2,769 | -18% | |||||||||||||||||||||
(196) | (15) | (420) | -53% | Repayment of non-current loans |
(1,616) | (1,540) | +5% | |||||||||||||||||||||
33 | 631 | 730 | -95% | Acquisitions | 3,441 | 2,539 | +36% | |||||||||||||||||||||
2,101 | 395 | 1,269 | +66% | Asset sales | 5,968 | 4,650 | +28% | |||||||||||||||||||||
8 | | 54 | -85% | Other transactions with non-controlling interests |
89 | 179 | -50% | |||||||||||||||||||||
4,289 | 5,630 | 6,409 | -33% | Net investments* | 20,360 | 24,140 | -16% |
* | Net investments = investments including acquisitions asset sales other transactions with non-controlling interests. |
10
NET-DEBT-TO-EQUITY RATIO
in millions of dollars |
12/31/2015 | 9/30/2015 | 12/31/2014 | |||||||||||||||
Current borrowings |
12,488 | 13,296 | 10,942 | |||||||||||||||
Net current financial assets |
(6,019) | (3,246) | (1,113) | |||||||||||||||
Net financial assets classified as held for sale |
141 | 94 | (56) | |||||||||||||||
Non-current financial debt |
44,464 | 42,873 | 45,481 | |||||||||||||||
Hedging instruments of non-current debt |
(1,219) | (1,221) | (1,319) | |||||||||||||||
Cash and cash equivalents |
(23,269) | (25,858) | (25,181) | |||||||||||||||
|
|
|
|
|
|
|
||||||||||||
Net debt |
26,586 | 25,938 | 28,754 | |||||||||||||||
|
|
|
|
|
|
|
||||||||||||
Shareholders equity |
92,494 | 96,093 | 90,330 | |||||||||||||||
Estimated dividend payable |
(1,545) | (1,573) | (1,686) | |||||||||||||||
Non-controlling interests |
2,915 | 3,068 | 3,201 | |||||||||||||||
|
|
|
|
|
|
|
||||||||||||
Equity |
93,864 | 97,588 | 91,845 | |||||||||||||||
|
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|
|
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|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
Net-debt-to-equity ratio |
28.3% | 26.6% | 31.3% | |||||||||||||||
|
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|
|
|
|
|
RETURN ON AVERAGE CAPITAL EMPLOYED
| Full-year 2015 |
in millions of dollars |
Upstream | Refining & Chemicals |
Marketing & Services |
|||||||||
Adjusted net operating income |
4,774 | 4,889 | 1,699 | |||||||||
Capital employed at 12/31/2014* |
100,497 | 13,451 | 8,825 | |||||||||
Capital employed at 12/31/2015* |
105,580 | 10,407 | 8,415 | |||||||||
ROACE |
4.6% | 41.0% | 19.7% | |||||||||
* At replacement cost (excluding after-tax inventory effect).
Twelve months ended September 30, 2015 |
||||||||||||
in millions of dollars |
Upstream | Refining & Chemicals |
Marketing & Services |
|||||||||
Adjusted net operating income |
5,622 | 4,838 | 1,414 | |||||||||
Capital employed at 9/30/2014* |
104,488 | 17,611 | 9,633 | |||||||||
Capital employed at 9/30/2015* |
108,425 | 11,319 | 7,865 | |||||||||
ROACE |
5.3% | 33.4% | 16.2% | |||||||||
* At replacement cost (excluding after-tax inventory effect).
Full-year 2014 |
||||||||||||
in millions of dollars |
Upstream | Refining & Chemicals |
Marketing & Services |
|||||||||
Adjusted net operating income |
10,504 | 2,489 | 1,254 | |||||||||
Capital employed at 12/31/2013* |
95,529 | 19,752 | 10,051 | |||||||||
Capital employed at 12/31/2014* |
100,497 | 13,451 | 8,825 | |||||||||
ROACE |
10.7% | 15.0% | 13.3% |
* | At replacement cost (excluding after-tax inventory effect). |
11
MAIN INDICATORS
Chart updated around the middle of the month following the end of each quarter.
/$ | ERMI* ($/t)** | Brent ($/b) | Average liquids price ($/b)*** |
Average gas price ($/Mbtu)*** |
||||||||||||||||
Fourth quarter 2015 |
1.10 | 38.1 | 43.8 | 38.1 | 4.45 | |||||||||||||||
Third quarter 2015 |
1.11 | 54.8 | 50.5 | 44.0 | 4.47 | |||||||||||||||
Second quarter 2015 |
1.11 | 54.1 | 61.9 | 58.2 | 4.67 | |||||||||||||||
First quarter 2015 |
1.13 | 47.1 | 53.9 | 49.5 | 5.38 | |||||||||||||||
Fourth quarter 2014 |
1.25 | 27.6 | 76.6 | 61.7 | 6.29 |
* | The European Refining Margin Indicator (ERMI) is a Group indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by the Group in any period because of the Groups particular refinery configurations, product mix effects or other company-specific operating conditions. |
** | $1/t = $0.136/b. |
*** | Consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting/underlifting position valued at market price. |
Disclaimer: data is based on TOTALs reporting, is not audited and is subject to change.
12
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a) |
4th quarter 2015 |
3rd quarter 2015 |
4th quarter 2014 |
|||||||||
Sales |
37,749 | 40,580 | 52,511 | |||||||||
Excise taxes |
(5,457 | ) | (5,683 | ) | (5,777 | ) | ||||||
Revenues from sales |
32,292 | 34,897 | 46,734 | |||||||||
Purchases, net of inventory variation |
(21,874 | ) | (24,240 | ) | (35,644 | ) | ||||||
Other operating expenses |
(6,248 | ) | (5,794 | ) | (6,831 | ) | ||||||
Exploration costs |
(727 | ) | (275 | ) | (611 | ) | ||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,672 | ) | (3,345 | ) | (10,900 | ) | ||||||
Other income |
833 | 430 | 740 | |||||||||
Other expense |
(298 | ) | (441 | ) | (487 | ) | ||||||
Financial interest on debt |
(241 | ) | (233 | ) | (108 | ) | ||||||
Financial income from marketable securities & cash equivalents |
25 | 10 | 28 | |||||||||
Cost of net debt |
(216 | ) | (223 | ) | (80 | ) | ||||||
Other financial income |
300 | 185 | 219 | |||||||||
Other financial expense |
(171 | ) | (154 | ) | (168 | ) | ||||||
Equity in net income (loss) of affiliates |
600 | 486 | 464 | |||||||||
Income taxes |
1,381 | (461 | ) | 722 | ||||||||
Consolidated net income |
(1,800 | ) | 1,065 | (5,842 | ) | |||||||
Group share |
(1,626 | ) | 1,079 | (5,658 | ) | |||||||
Non-controlling interests |
(174 | ) | (14 | ) | (184 | ) | ||||||
Earnings per share ($) |
(0.72 | ) | 0.45 | (2.49 | ) | |||||||
Fully-diluted earnings per share ($) |
(0.71 | ) | 0.45 | (2.47 | ) |
(a) | Except for per share amounts. |
13
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) |
4th quarter 2015 |
3rd quarter 2015 |
4th quarter 2014 |
|||||||||
Consolidated net income |
(1,800) | 1,065 | (5,842) | |||||||||
Other comprehensive income |
||||||||||||
Actuarial gains and losses |
358 | 46 | 99 | |||||||||
Tax effect |
(140) | (21) | 11 | |||||||||
Currency translation adjustment generated by the parent company |
(2,171) | 132 | (2,562) | |||||||||
Items not potentially reclassifiable to profit and loss |
(1,953) | 157 | (2,452) | |||||||||
Currency translation adjustment |
604 | (736) | 980 | |||||||||
Available for sale financial assets |
16 | (3) | (5) | |||||||||
Cash flow hedge |
4 | (95) | (12) | |||||||||
Share of other comprehensive income of equity affiliates, net amount |
(95) | (626) | (1,242) | |||||||||
Other |
- | - | 3 | |||||||||
Tax effect |
(7) | 31 | 10 | |||||||||
Items potentially reclassifiable to profit and loss |
522 | (1,429) | (266) | |||||||||
Total other comprehensive income (net amount) |
(1,431) | (1,272) | (2,718) | |||||||||
Comprehensive income |
(3,231) | (207) | (8,560) | |||||||||
Group share |
(3,033) | (167) | (8,365) | |||||||||
Non-controlling interests |
(198) | (40) | (195) |
14
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
(M$) (a) | Year 2015
|
Year 2014
|
||||||
Sales |
165,357 | 236,122 | ||||||
Excise taxes |
(21,936 | ) | (24,104 | ) | ||||
Revenues from sales |
143,421 | 212,018 | ||||||
Purchases, net of inventory variation |
(96,671 | ) | (152,975 | ) | ||||
Other operating expenses |
(24,345 | ) | (28,349 | ) | ||||
Exploration costs |
(1,991 | ) | (1,964 | ) | ||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(17,720 | ) | (19,656 | ) | ||||
Other income |
3,606 | 2,577 | ||||||
Other expense |
(1,577 | ) | (954 | ) | ||||
Financial interest on debt |
(967 | ) | (748 | ) | ||||
Financial income from marketable securities & cash equivalents |
94 | 108 | ||||||
Cost of net debt |
(873 | ) | (640 | ) | ||||
Other financial income |
882 | 821 | ||||||
Other financial expense |
(654 | ) | (676 | ) | ||||
Equity in net income (loss) of affiliates |
2,361 | 2,662 | ||||||
Income taxes |
(1,653 | ) | (8,614 | ) | ||||
Consolidated net income |
4,786 | 4,250 | ||||||
Group share |
5,087 | 4,244 | ||||||
Non-controlling interests |
(301 | ) | 6 | |||||
Earnings per share ($) |
2.17 | 1.87 | ||||||
Fully-diluted earnings per share ($) |
2.16 | 1.86 |
(a) | Except for per share amounts. |
15
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) | Year 2015
|
Year 2014
|
||||||
Consolidated net income |
4,786 | 4,250 | ||||||
Other comprehensive income |
||||||||
Actuarial gains and losses |
557 | (1,526) | ||||||
Tax effect |
(278) | 580 | ||||||
Currency translation adjustment generated by the parent company |
(7,268) | (9,039) | ||||||
Items not potentially reclassifiable to profit and loss |
(6,989) | (9,985) | ||||||
Currency translation adjustment |
2,456 | 4,245 | ||||||
Available for sale financial assets |
9 | (29) | ||||||
Cash flow hedge |
(185) | 97 | ||||||
Share of other comprehensive income of equity affiliates, net amount |
120 | (1,538) | ||||||
Other |
1 | 3 | ||||||
Tax effect |
53 | (18) | ||||||
Items potentially reclassifiable to profit and loss |
2,454 | 2,760 | ||||||
Total other comprehensive income (net amount) |
(4,535) | (7,225) | ||||||
Comprehensive income |
251 | (2,975) | ||||||
Group share |
633 | (2,938) | ||||||
Non-controlling interests |
(382) | (37) |
16
CONSOLIDATED BALANCE SHEET
TOTAL
(M$) | December 31, 2015 |
September 30, (unaudited) |
December 31, |
|||||||||
ASSETS |
||||||||||||
Non-current assets |
||||||||||||
Intangible assets, net |
14,549 | 15,639 | 14,682 | |||||||||
Property, plant and equipment, net |
109,518 | 108,886 | 106,876 | |||||||||
Equity affiliates : investments and loans |
19,384 | 19,200 | 19,274 | |||||||||
Other investments |
1,241 | 1,227 | 1,399 | |||||||||
Hedging instruments of non-current financial debt |
1,219 | 1,221 | 1,319 | |||||||||
Deferred income taxes |
3,982 | 3,439 | 4,079 | |||||||||
Other non-current assets |
4,355 | 4,292 | 4,192 | |||||||||
Total non-current assets
|
154,248 | 153,904 | 151,821 | |||||||||
Current assets |
||||||||||||
Inventories, net |
13,116 | 14,773 | 15,196 | |||||||||
Accounts receivable, net |
10,629 | 12,306 | 15,704 | |||||||||
Other current assets |
15,843 | 15,102 | 15,702 | |||||||||
Current financial assets |
6,190 | 3,448 | 1,293 | |||||||||
Cash and cash equivalents |
23,269 | 25,858 | 25,181 | |||||||||
Assets classified as held for sale |
1,189 | 3,734 | 4,901 | |||||||||
Total current assets
|
70,236 | 75,221 | 77,977 | |||||||||
Total assets |
224,484 | 229,125 | 229,798 | |||||||||
LIABILITIES & SHAREHOLDERS EQUITY |
||||||||||||
Shareholders equity |
||||||||||||
Common shares |
7,670 | 7,602 | 7,518 | |||||||||
Paid-in surplus and retained earnings |
101,528 | 103,519 | 94,646 | |||||||||
Currency translation adjustment |
(12,119 | ) | (10,443 | ) | (7,480 | ) | ||||||
Treasury shares |
(4,585 | ) | (4,585 | ) | (4,354 | ) | ||||||
Total shareholders equity - Group share
|
92,494 | 96,093 | 90,330 | |||||||||
Non-controlling interests
|
2,915 | 3,068 | 3,201 | |||||||||
Total shareholders equity
|
95,409 | 99,161 | 93,531 | |||||||||
Non-current liabilities |
||||||||||||
Deferred income taxes |
12,360 | 12,836 | 14,810 | |||||||||
Employee benefits |
3,774 | 4,312 | 4,758 | |||||||||
Provisions and other non-current liabilities |
17,502 | 17,053 | 17,545 | |||||||||
Non-current financial debt |
44,464 | 42,873 | 45,481 | |||||||||
Total non-current liabilities
|
78,100 | 77,074 | 82,594 | |||||||||
Current liabilities |
||||||||||||
Accounts payable |
20,928 | 20,003 | 24,150 | |||||||||
Other creditors and accrued liabilities |
16,884 | 17,991 | 16,641 | |||||||||
Current borrowings |
12,488 | 13,296 | 10,942 | |||||||||
Other current financial liabilities |
171 | 202 | 180 | |||||||||
Liabilities directly associated with the assets classified as held for sale |
504 | 1,398 | 1,760 | |||||||||
Total current liabilities
|
50,975 | 52,890 | 53,673 | |||||||||
Total liabilities and shareholders equity |
224,484 | 229,125 | 229,798 |
17
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) | 4th quarter 2015
|
3rd quarter 2015
|
4th quarter 2014
|
|||||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||||||
Consolidated net income |
(1,800 | ) | 1,065 | (5,842 | ) | |||||||
Depreciation, depletion, amortization and impairment |
8,278 | 3,519 | 11,310 | |||||||||
Non-current liabilities, valuation allowances and deferred taxes |
(1,862 | ) | (540 | ) | (2,329 | ) | ||||||
Impact of coverage of pension benefit plans |
- | - | - | |||||||||
(Gains) losses on disposals of assets |
(665 | ) | 22 | (460 | ) | |||||||
Undistributed affiliates equity earnings |
39 | (61 | ) | 403 | ||||||||
(Increase) decrease in working capital |
937 | 2,057 | 4,475 | |||||||||
Other changes, net |
(89 | ) | (73 | ) | (203 | ) | ||||||
Cash flow from operating activities |
4,838 | 5,989 | 7,354 | |||||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||||||
Intangible assets and property, plant and equipment additions |
(5,919 | ) | (5,266 | ) | (7,339 | ) | ||||||
Acquisitions of subsidiaries, net of cash acquired |
(42 | ) | (76 | ) | (56 | ) | ||||||
Investments in equity affiliates and other securities |
(80 | ) | (175 | ) | (192 | ) | ||||||
Increase in non-current loans |
(553 | ) | (523 | ) | (565 | ) | ||||||
Total expenditures |
(6,594 | ) | (6,040 | ) | (8,152 | ) | ||||||
Proceeds from disposals of intangible assets and property, plant and equipment |
1,437 | 6 | 874 | |||||||||
Proceeds from disposals of subsidiaries, net of cash sold |
58 | 289 | 136 | |||||||||
Proceeds from disposals of non-current investments |
606 | 100 | 259 | |||||||||
Repayment of non-current loans |
196 | 15 | 420 | |||||||||
Total divestments |
2,297 | 410 | 1,689 | |||||||||
Cash flow used in investing activities |
(4,297 | ) | (5,630 | ) | (6,463 | ) | ||||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||||||
Issuance (repayment) of shares: |
||||||||||||
- Parent company shareholders |
31 | 4 | 30 | |||||||||
- Treasury shares |
- | (237 | ) | - | ||||||||
Dividends paid: |
||||||||||||
- Parent company shareholders |
(592 | ) | (681 | ) | (1,735 | ) | ||||||
- Non-controlling interests |
(3 | ) | (25 | ) | (1 | ) | ||||||
Issuance of perpetual subordinated notes |
- | - | - | |||||||||
Payments on perpetual subordinated notes |
- | - | - | |||||||||
Other transactions with non-controlling interests |
8 | - | 54 | |||||||||
Net issuance (repayment) of non-current debt |
2,039 | 356 | 3,647 | |||||||||
Increase (decrease) in current borrowings |
(531 | ) | 23 | (928 | ) | |||||||
Increase (decrease) in current financial assets and liabilities |
(3,320 | ) | (1,096 | ) | (255 | ) | ||||||
Cash flow used in financing activities |
(2,368 | ) | (1,656 | ) | 812 | |||||||
Net increase (decrease) in cash and cash equivalents |
(1,827 | ) | (1,297 | ) | 1,703 | |||||||
Effect of exchange rates |
(762 | ) | (167 | ) | (829 | ) | ||||||
Cash and cash equivalents at the beginning of the period |
25,858 | 27,322 | 24,307 | |||||||||
Cash and cash equivalents at the end of the period |
23,269 | 25,858 | 25,181 |
18
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) | Year 2015
|
Year 2014
|
||||||
CASH FLOW FROM OPERATING ACTIVITIES |
||||||||
Consolidated net income |
4,786 | 4,250 | ||||||
Depreciation, depletion, amortization and impairment |
19,334 | 20,859 | ||||||
Non-current liabilities, valuation allowances and deferred taxes |
(2,563 | ) | (1,980 | ) | ||||
Impact of coverage of pension benefit plans |
- | - | ||||||
(Gains) losses on disposals of assets |
(2,459 | ) | (1,979 | ) | ||||
Undistributed affiliates equity earnings |
(311 | ) | 29 | |||||
(Increase) decrease in working capital |
1,683 | 4,480 | ||||||
Other changes, net |
(524 | ) | (51 | ) | ||||
Cash flow from operating activities |
19,946 | 25,608 | ||||||
CASH FLOW USED IN INVESTING ACTIVITIES |
||||||||
Intangible assets and property, plant and equipment additions |
(25,132 | ) | (26,320 | ) | ||||
Acquisitions of subsidiaries, net of cash acquired |
(128 | ) | (471 | ) | ||||
Investments in equity affiliates and other securities |
(513 | ) | (949 | ) | ||||
Increase in non-current loans |
(2,260 | ) | (2,769 | ) | ||||
Total expenditures |
(28,033 | ) | (30,509 | ) | ||||
Proceeds from disposals of intangible assets and property, plant and equipment |
2,623 | 3,442 | ||||||
Proceeds from disposals of subsidiaries, net of cash sold |
2,508 | 136 | ||||||
Proceeds from disposals of non-current investments |
837 | 1,072 | ||||||
Repayment of non-current loans |
1,616 | 1,540 | ||||||
Total divestments |
7,584 | 6,190 | ||||||
Cash flow used in investing activities |
(20,449 | ) | (24,319 | ) | ||||
CASH FLOW USED IN FINANCING ACTIVITIES |
||||||||
Issuance (repayment) of shares: |
||||||||
- Parent company shareholders |
485 | 420 | ||||||
- Treasury shares |
(237 | ) | (289 | ) | ||||
Dividends paid: |
||||||||
- Parent company shareholders |
(2,845 | ) | (7,308 | ) | ||||
- Non-controlling interests |
(100 | ) | (154 | ) | ||||
Issuance of perpetual subordinated notes |
5,616 | - | ||||||
Payments on perpetual subordinated notes |
- | - | ||||||
Other transactions with non-controlling interests |
89 | 179 | ||||||
Net issuance (repayment) of non-current debt |
4,166 | 15,786 | ||||||
Increase (decrease) in current borrowings |
(597 | ) | (2,374 | ) | ||||
Increase (decrease) in current financial assets and liabilities |
(5,517 | ) | (351 | ) | ||||
Cash flow used in financing activities |
1,060 | 5,909 | ||||||
Net increase (decrease) in cash and cash equivalents |
557 | 7,198 | ||||||
Effect of exchange rates |
(2,469 | ) | (2,217 | ) | ||||
Cash and cash equivalents at the beginning of the period |
25,181 | 20,200 | ||||||
Cash and cash equivalents at the end of the period |
23,269 | 25,181 |
19
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
TOTAL
(unaudited)
Common shares issued | Paid-in | Currency translation adjustment |
Treasury shares | Shareholders Group share |
Non- controlling |
Total shareholders equity |
||||||||||||||||||||||||||||||
(M$)
|
Number | Amount | surplus and retained earnings |
Number | Amount | |||||||||||||||||||||||||||||||
As of January 1, 2014 |
2,377,678,160 | 7,493 | 98,254 | (1,203 | ) | (109,214,448 | ) | (4,303 | ) | 100,241 | 3,138 | 103,379 | ||||||||||||||||||||||||
Net income 2014 |
- | - | 4,244 | - | - | - | 4,244 | 6 | 4,250 | |||||||||||||||||||||||||||
Other comprehensive Income |
- | - | (907 | ) | (6,275 | ) | - | - | (7,182 | ) | (43 | ) | (7,225 | ) | ||||||||||||||||||||||
Comprehensive Income |
- | - | 3,337 | (6,275 | ) | - | - | (2,938 | ) | (37 | ) | (2,975 | ) | |||||||||||||||||||||||
Dividend |
- | - | (7,378 | ) | - | - | - | (7,378 | ) | (154 | ) | (7,532 | ) | |||||||||||||||||||||||
Issuance of common shares |
7,589,365 | 25 | 395 | - | - | - | 420 | - | 420 | |||||||||||||||||||||||||||
Purchase of treasury shares |
- | - | - | - | (4,386,300 | ) | (283 | ) | (283 | ) | - | (283 | ) | |||||||||||||||||||||||
Sale of treasury shares (1) |
- | - | (232 | ) | - | 4,239,335 | 232 | - | - | - | ||||||||||||||||||||||||||
Share-based payments |
- | - | 114 | - | - | - | 114 | - | 114 | |||||||||||||||||||||||||||
Share cancellation |
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Other operations with non-controlling interests |
- | - | 148 | (2 | ) | - | - | 146 | 195 | 341 | ||||||||||||||||||||||||||
Other items |
- | - | 8 | - | - | - | 8 | 59 | 67 | |||||||||||||||||||||||||||
As of December 31, 2014 |
2,385,267,525 | 7,518 | 94,646 | (7,480 | ) | (109,361,413 | ) | (4,354 | ) | 90,330 | 3,201 | 93,531 | ||||||||||||||||||||||||
Net income 2015 |
- | - | 5,087 | - | - | - | 5,087 | (301 | ) | 4,786 | ||||||||||||||||||||||||||
Other comprehensive Income |
- | - | 185 | (4,639 | ) | - | - | (4,454 | ) | (81 | ) | (4,535 | ) | |||||||||||||||||||||||
Comprehensive Income |
- | - | 5,272 | (4,639 | ) | - | - | 633 | (382 | ) | 251 | |||||||||||||||||||||||||
Dividend |
- | - | (6,303 | ) | - | - | - | (6,303 | ) | (100 | ) | (6,403 | ) | |||||||||||||||||||||||
Issuance of common shares |
54,790,358 | 152 | 2,159 | - | - | - | 2,311 | - | 2,311 | |||||||||||||||||||||||||||
Purchase of treasury shares |
- | - | - | - | (4,711,935 | ) | (237 | ) | (237 | ) | - | (237 | ) | |||||||||||||||||||||||
Sale of treasury shares (1) |
- | - | (6 | ) | - | 105,590 | 6 | - | - | - | ||||||||||||||||||||||||||
Share-based payments |
- | - | 101 | - | - | - | 101 | - | 101 | |||||||||||||||||||||||||||
Share cancellation |
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Issuance of perpetual subordinated notes |
- | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||||||||||||||||||||
Payments on perpetual subordinated notes |
- | - | (114 | ) | - | - | - | (114 | ) | - | (114 | ) | ||||||||||||||||||||||||
Other operations with non-controlling interests |
- | - | 23 | - | - | - | 23 | 64 | 87 | |||||||||||||||||||||||||||
Other items |
- | - | 134 | - | - | - | 134 | 132 | 266 | |||||||||||||||||||||||||||
As of December 31, 2015 |
2,440,057,883 | 7,670 | 101,528 | (12,119 | ) | (113,967,758 | ) | (4,585 | ) | 92,494 | 2,915 | 95,409 |
(1) | Treasury shares related to the restricted stock grants. |
20
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2015 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
3,457 | 15,969 | 18,326 | (3 | ) | - | 37,749 | |||||||||||||||||
Intersegment sales |
4,342 | 5,532 | 215 | 59 | (10,148 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,073 | ) | (4,384 | ) | - | - | (5,457 | ) | |||||||||||||||
Revenues from sales |
7,799 | 20,428 | 14,157 | 56 | (10,148 | ) | 32,292 | |||||||||||||||||
Operating expenses |
(5,716 | ) | (19,606 | ) | (13,445 | ) | (230 | ) | 10,148 | (28,849 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(7,189 | ) | (293 | ) | (183 | ) | (7 | ) | - | (7,672 | ) | |||||||||||||
Operating income |
(5,106 | ) | 529 | 529 | (181 | ) | - | (4,229 | ) | |||||||||||||||
Equity in net income (loss) of affiliates and other items |
571 | 759 | (97 | ) | 31 | - | 1,264 | |||||||||||||||||
Tax on net operating income |
1,328 | (74 | ) | (135 | ) | 218 | - | 1,337 | ||||||||||||||||
Net operating income |
(3,207 | ) | 1,214 | 297 | 68 | - | (1,628 | ) | ||||||||||||||||
Net cost of net debt |
(172 | ) | ||||||||||||||||||||||
Non-controlling interests |
174 | |||||||||||||||||||||||
Net income |
(1,626 | ) | ||||||||||||||||||||||
4th quarter 2015 (adjustments) (a) (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(205 | ) | - | - | - | - | (205 | ) | ||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | ||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | ||||||||||||||||||
Revenues from sales |
(205 | ) | - | - | - | - | (205 | ) | ||||||||||||||||
Operating expenses |
(413 | ) | (429 | ) | (161 | ) | - | - | (1,003 | ) | ||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(4,893 | ) | (39 | ) | (1 | ) | - | - | (4,933 | ) | ||||||||||||||
Operating income (b) |
(5,511 | ) | (468 | ) | (162 | ) | - | - | (6,141 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
(58 | ) | 596 | (116 | ) | (19 | ) | - | 403 | |||||||||||||||
Tax on net operating income |
1,614 | 79 | 45 | 7 | - | 1,745 | ||||||||||||||||||
Net operating income (b) |
(3,955 | ) | 207 | (233 | ) | (12 | ) | - | (3,993 | ) | ||||||||||||||
Net cost of net debt |
(11 | ) | ||||||||||||||||||||||
Non-controlling interests |
303 | |||||||||||||||||||||||
Net income |
(3,701 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||
(b) Of which inventory valuation effect |
|
|||||||||||||||||||||||
On operating income |
- | (359 | ) | (105 | ) | - | ||||||||||||||||||
On net operating income |
- | (247 | ) | (68 | ) | - | ||||||||||||||||||
4th quarter 2015 (adjusted) (M$) (a)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
3,662 | 15,969 | 18,326 | (3 | ) | - | 37,954 | |||||||||||||||||
Intersegment sales |
4,342 | 5,532 | 215 | 59 | (10,148 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,073 | ) | (4,384 | ) | - | - | (5,457 | ) | |||||||||||||||
Revenues from sales |
8,004 | 20,428 | 14,157 | 56 | (10,148 | ) | 32,497 | |||||||||||||||||
Operating expenses |
(5,303 | ) | (19,177 | ) | (13,284 | ) | (230 | ) | 10,148 | (27,846 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,296 | ) | (254 | ) | (182 | ) | (7 | ) | - | (2,739 | ) | |||||||||||||
Adjusted operating income |
405 | 997 | 691 | (181 | ) | - | 1,912 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
629 | 163 | 19 | 50 | - | 861 | ||||||||||||||||||
Tax on net operating income |
(286 | ) | (153 | ) | (180 | ) | 211 | - | (408 | ) | ||||||||||||||
Adjusted net operating income |
748 | 1,007 | 530 | 80 | - | 2,365 | ||||||||||||||||||
Net cost of net debt |
(161 | ) | ||||||||||||||||||||||
Non-controlling interests |
(129 | ) | ||||||||||||||||||||||
Adjusted net income |
2,075 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
0.88 | |||||||||||||||||||||||
(a) Except for earnings per share. |
|
|||||||||||||||||||||||
4th quarter 2015 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
5,293 | 586 | 689 | 26 | - | 6,594 | ||||||||||||||||||
Total divestments |
1,402 | 836 | 56 | 3 | - | 2,297 | ||||||||||||||||||
Cash flow from operating activities |
2,624 | 2,127 | 289 | (202 | ) | - | 4,838 |
21
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
3rd quarter 2015 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
3,660 | 17,397 | 19,522 | 1 | - | 40,580 | ||||||||||||||||||
Intersegment sales |
4,280 | 6,912 | 201 | 51 | (11,444 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,094 | ) | (4,589 | ) | - | - | (5,683 | ) | |||||||||||||||
Revenues from sales |
7,940 | 23,215 | 15,134 | 52 | (11,444 | ) | 34,897 | |||||||||||||||||
Operating expenses |
(4,717 | ) | (22,169 | ) | (14,651 | ) | (216 | ) | 11,444 | (30,309 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,898 | ) | (256 | ) | (185 | ) | (6 | ) | - | (3,345 | ) | |||||||||||||
Operating income |
325 | 790 | 298 | (170 | ) | - | 1,243 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
360 | 152 | (29 | ) | 23 | - | 506 | |||||||||||||||||
Tax on net operating income |
(345 | ) | (152 | ) | (126 | ) | 128 | - | (495 | ) | ||||||||||||||
Net operating income |
340 | 790 | 143 | (19 | ) | - | 1,254 | |||||||||||||||||
Net cost of net debt |
(189 | ) | ||||||||||||||||||||||
Non-controlling interests |
14 | |||||||||||||||||||||||
Net income |
1,079 | |||||||||||||||||||||||
3rd quarter 2015 (adjustments) (a) (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(10 | ) | - | - | - | - | (10 | ) | ||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | ||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | ||||||||||||||||||
Revenues from sales |
(10 | ) | - | - | - | - | (10 | ) | ||||||||||||||||
Operating expenses |
(9 | ) | (923 | ) | (199 | ) | - | - | (1,131 | ) | ||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(650 | ) | - | - | - | - | (650 | ) | ||||||||||||||||
Operating income (b) |
(669 | ) | (923 | ) | (199 | ) | - | - | (1,791 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
(151 | ) | (14 | ) | (145 | ) | - | - | (310 | ) | ||||||||||||||
Tax on net operating income |
53 | 294 | 64 | - | - | 411 | ||||||||||||||||||
Net operating income (b) |
(767 | ) | (643 | ) | (280 | ) | - | - | (1,690 | ) | ||||||||||||||
Net cost of net debt |
- | |||||||||||||||||||||||
Non-controlling interests |
13 | |||||||||||||||||||||||
Net income |
(1,677 | ) | ||||||||||||||||||||||
(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 |
- | (934 | ) | (193 | ) | - | ||||||||||||||||||
On net operating income |
- | (631 | ) | (139 | ) | - | ||||||||||||||||||
3rd quarter 2015 (adjusted) (M$) (a)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
3,670 | 17,397 | 19,522 | 1 | - | 40,590 | ||||||||||||||||||
Intersegment sales |
4,280 | 6,912 | 201 | 51 | (11,444 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,094 | ) | (4,589 | ) | - | - | (5,683 | ) | |||||||||||||||
Revenues from sales |
7,950 | 23,215 | 15,134 | 52 | (11,444 | ) | 34,907 | |||||||||||||||||
Operating expenses |
(4,708 | ) | (21,246 | ) | (14,452 | ) | (216 | ) | 11,444 | (29,178 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,248 | ) | (256 | ) | (185 | ) | (6 | ) | - | (2,695 | ) | |||||||||||||
Adjusted operating income |
994 | 1,713 | 497 | (170 | ) | - | 3,034 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
511 | 166 | 116 | 23 | - | 816 | ||||||||||||||||||
Tax on net operating income |
(398 | ) | (446 | ) | (190 | ) | 128 | - | (906 | ) | ||||||||||||||
Adjusted net operating income |
1,107 | 1,433 | 423 | (19 | ) | - | 2,944 | |||||||||||||||||
Net cost of net debt |
(189 | ) | ||||||||||||||||||||||
Non-controlling interests |
1 | |||||||||||||||||||||||
Adjusted net income |
2,756 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.17 | |||||||||||||||||||||||
(a) Except for earnings per share. |
|
|||||||||||||||||||||||
3rd quarter 2015 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
5,173 | 358 | 501 | 8 | - | 6,040 | ||||||||||||||||||
Total divestments |
272 | 12 | 121 | 5 | - | 410 | ||||||||||||||||||
Cash flow from operating activities |
2,320 | 2,291 | 1,011 | 367 | - | 5,989 |
22
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
4th quarter 2014 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
5,415 | 23,025 | 24,079 | (8 | ) | - | 52,511 | |||||||||||||||||
Intersegment sales |
6,130 | 9,323 | 339 | 74 | (15,866 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,117 | ) | (4,660 | ) | - | - | (5,777 | ) | |||||||||||||||
Revenues from sales |
11,545 | 31,231 | 19,758 | 66 | (15,866 | ) | 46,734 | |||||||||||||||||
Operating expenses |
(6,784 | ) | (32,248 | ) | (19,534 | ) | (386 | ) | 15,866 | (43,086 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(8,952 | ) | (1,739 | ) | (202 | ) | (7 | ) | - | (10,900 | ) | |||||||||||||
Operating income |
(4,191 | ) | (2,756 | ) | 22 | (327 | ) | - | (7,252 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
958 | (70 | ) | (195 | ) | 75 | - | 768 | ||||||||||||||||
Tax on net operating income |
(209 | ) | 606 | (13 | ) | 315 | - | 699 | ||||||||||||||||
Net operating income |
(3,442 | ) | (2,220 | ) | (186 | ) | 63 | - | (5,785 | ) | ||||||||||||||
Net cost of net debt |
(57 | ) | ||||||||||||||||||||||
Non-controlling interests |
184 | |||||||||||||||||||||||
Net income |
(5,658 | ) | ||||||||||||||||||||||
4th quarter 2014 (adjustments) (a) (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
24 | - | - | - | - | 24 | ||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | ||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | ||||||||||||||||||
Revenues from sales |
24 | - | - | - | - | 24 | ||||||||||||||||||
Operating expenses |
30 | (2,427 | ) | (440 | ) | - | - | (2,837 | ) | |||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,419 | ) | (1,398 | ) | - | - | - | (7,817 | ) | |||||||||||||||
Operating income (b) |
(6,365 | ) | (3,825 | ) | (440 | ) | - | - | (10,630 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
171 | (197 | ) | (131 | ) | - | - | (157 | ) | |||||||||||||||
Tax on net operating income |
1,156 | 846 | 140 | - | - | 2,142 | ||||||||||||||||||
Net operating income (b) |
(5,038 | ) | (3,176 | ) | (431 | ) | - | - | (8,645 | ) | ||||||||||||||
Net cost of net debt |
- | |||||||||||||||||||||||
Non-controlling interests |
186 | |||||||||||||||||||||||
Net income |
(8,459 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||
(b) Of which inventory valuation effect |
|
|||||||||||||||||||||||
On operating income |
- | (2,406 | ) | (436 | ) | - | ||||||||||||||||||
On net operating income |
- | (1,710 | ) | (321 | ) | - | ||||||||||||||||||
4th quarter 2014 (adjusted) (M$) (a)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
5,391 | 23,025 | 24,079 | (8 | ) | - | 52,487 | |||||||||||||||||
Intersegment sales |
6,130 | 9,323 | 339 | 74 | (15,866 | ) | - | |||||||||||||||||
Excise taxes |
- | (1,117 | ) | (4,660 | ) | - | - | (5,777 | ) | |||||||||||||||
Revenues from sales |
11,521 | 31,231 | 19,758 | 66 | (15,866 | ) | 46,710 | |||||||||||||||||
Operating expenses |
(6,814 | ) | (29,821 | ) | (19,094 | ) | (386 | ) | 15,866 | (40,249 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,533 | ) | (341 | ) | (202 | ) | (7 | ) | - | (3,083 | ) | |||||||||||||
Adjusted operating income |
2,174 | 1,069 | 462 | (327 | ) | - | 3,378 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
787 | 127 | (64 | ) | 75 | - | 925 | |||||||||||||||||
Tax on net operating income |
(1,365 | ) | (240 | ) | (153 | ) | 315 | - | (1,443 | ) | ||||||||||||||
Adjusted net operating income |
1,596 | 956 | 245 | 63 | - | 2,860 | ||||||||||||||||||
Net cost of net debt |
(57 | ) | ||||||||||||||||||||||
Non-controlling interests |
(2 | ) | ||||||||||||||||||||||
Adjusted net income |
2,801 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
1.22 | |||||||||||||||||||||||
(a) Except for earnings per share. |
|
|||||||||||||||||||||||
4th quarter 2014 (M$)
|
Upstream | Refining & Chemicals |
Marketing &
|
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
6,287 | 875 | 941 | 49 | - | 8,152 | ||||||||||||||||||
Total divestments |
1,473 | 157 | 53 | 6 | - | 1,689 | ||||||||||||||||||
Cash flow from operating activities |
2,608 | 3,113 | 1,627 | 6 | - | 7,354 |
23
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2015 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
16,840 | 70,623 | 77,887 | 7 | - | 165,357 | ||||||||||||||||||
Intersegment sales |
17,927 | 26,794 | 911 | 218 | (45,850 | ) | - | |||||||||||||||||
Excise taxes |
- | (4,107 | ) | (17,829 | ) | - | - | (21,936 | ) | |||||||||||||||
Revenues from sales |
34,767 | 93,310 | 60,969 | 225 | (45,850 | ) | 143,421 | |||||||||||||||||
Operating expenses |
(21,851 | ) | (87,674 | ) | (58,467 | ) | (865 | ) | 45,850 | (123,007 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(15,857 | ) | (1,092 | ) | (744 | ) | (27 | ) | - | (17,720 | ) | |||||||||||||
Operating income |
(2,941 | ) | 4,544 | 1,758 | (667 | ) | - | 2,694 | ||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,019 | 1,780 | 297 | 522 | - | 4,618 | ||||||||||||||||||
Tax on net operating income |
(294 | ) | (1,105 | ) | (585 | ) | 171 | - | (1,813 | ) | ||||||||||||||
Net operating income |
(1,216 | ) | 5,219 | 1,470 | 26 | - | 5,499 | |||||||||||||||||
Net cost of net debt |
(713 | ) | ||||||||||||||||||||||
Non-controlling interests |
301 | |||||||||||||||||||||||
Net income |
5,087 | |||||||||||||||||||||||
Year 2015 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
(519 | ) | - | - | - | - | (519 | ) | ||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | ||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | ||||||||||||||||||
Revenues from sales |
(519 | ) | - | - | - | - | (519 | ) | ||||||||||||||||
Operating expenses |
(564 | ) | (1,035 | ) | (316 | ) | - | - | (1,915 | ) | ||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,783 | ) | (70 | ) | (24 | ) | - | - | (6,877 | ) | ||||||||||||||
Operating income (b) |
(7,866 | ) | (1,105 | ) | (340 | ) | - | - | (9,311 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
(264 | ) | 1,172 | 24 | (19 | ) | - | 913 | ||||||||||||||||
Tax on net operating income |
2,140 | 263 | 87 | 7 | - | 2,497 | ||||||||||||||||||
Net operating income (b) |
(5,990 | ) | 330 | (229 | ) | (12 | ) | - | (5,901 | ) | ||||||||||||||
Net cost of net debt |
(11 | ) | ||||||||||||||||||||||
Non-controlling interests |
481 | |||||||||||||||||||||||
Net income |
(5,431 | ) | ||||||||||||||||||||||
(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 |
- | (859 | ) | (254 | ) | - | ||||||||||||||||||
On net operating income |
- | (590 | ) | (169 | ) | - | ||||||||||||||||||
Year 2015 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
17,359 | 70,623 | 77,887 | 7 | - | 165,876 | ||||||||||||||||||
Intersegment sales |
17,927 | 26,794 | 911 | 218 | (45,850 | ) | - | |||||||||||||||||
Excise taxes |
- | (4,107 | ) | (17,829 | ) | - | - | (21,936 | ) | |||||||||||||||
Revenues from sales |
35,286 | 93,310 | 60,969 | 225 | (45,850 | ) | 143,940 | |||||||||||||||||
Operating expenses |
(21,287 | ) | (86,639 | ) | (58,151 | ) | (865 | ) | 45,850 | (121,092 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(9,074 | ) | (1,022 | ) | (720 | ) | (27 | ) | - | (10,843 | ) | |||||||||||||
Adjusted operating income |
4,925 | 5,649 | 2,098 | (667 | ) | - | 12,005 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
2,283 | 608 | 273 | 541 | - | 3,705 | ||||||||||||||||||
Tax on net operating income |
(2,434 | ) | (1,368 | ) | (672 | ) | 164 | - | (4,310 | ) | ||||||||||||||
Adjusted net operating income |
4,774 | 4,889 | 1,699 | 38 | - | 11,400 | ||||||||||||||||||
Net cost of net debt |
(702 | ) | ||||||||||||||||||||||
Non-controlling interests |
(180 | ) | ||||||||||||||||||||||
Adjusted net income |
10,518 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
4.51 | |||||||||||||||||||||||
(a) Except for earnings per share. |
|
|||||||||||||||||||||||
Year 2015 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
24,270 | 1,843 | 1,841 | 79 | - | 28,033 | ||||||||||||||||||
Total divestments |
3,215 | 3,488 | 856 | 25 | - | 7,584 | ||||||||||||||||||
Cash flow from operating activities |
11,182 | 6,432 | 2,323 | 9 | - | 19,946 |
24
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
Year 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
23,484 | 106,124 | 106,509 | 5 | - | 236,122 | ||||||||||||||||||
Intersegment sales |
29,183 | 44,950 | 1,615 | 236 | (75,984 | ) | - | |||||||||||||||||
Excise taxes |
- | (4,850 | ) | (19,254 | ) | - | - | (24,104 | ) | |||||||||||||||
Revenues from sales |
52,667 | 146,224 | 88,870 | 241 | (75,984 | ) | 212,018 | |||||||||||||||||
Operating expenses |
(26,235 | ) | (145,014 | ) | (86,931 | ) | (1,092 | ) | 75,984 | (183,288 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(15,938 | ) | (2,901 | ) | (781 | ) | (36 | ) | - | (19,656 | ) | |||||||||||||
Operating income |
10,494 | (1,691 | ) | 1,158 | (887 | ) | - | 9,074 | ||||||||||||||||
Equity in net income (loss) of affiliates and other items |
4,302 | 90 | (140 | ) | 178 | - | 4,430 | |||||||||||||||||
Tax on net operating income |
(8,799 | ) | 391 | (344 | ) | (8 | ) | - | (8,760 | ) | ||||||||||||||
Net operating income |
5,997 | (1,210 | ) | 674 | (717 | ) | - | 4,744 | ||||||||||||||||
Net cost of net debt |
(494 | ) | ||||||||||||||||||||||
Non-controlling interests |
(6 | ) | ||||||||||||||||||||||
Net income |
4,244 | |||||||||||||||||||||||
Year 2014 (adjustments) (a) (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
31 | - | - | - | - | 31 | ||||||||||||||||||
Intersegment sales |
- | - | - | - | - | - | ||||||||||||||||||
Excise taxes |
- | - | - | - | - | - | ||||||||||||||||||
Revenues from sales |
31 | - | - | - | - | 31 | ||||||||||||||||||
Operating expenses |
(164 | ) | (2,980 | ) | (551 | ) | - | - | (3,695 | ) | ||||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(6,529 | ) | (1,450 | ) | - | - | - | (7,979 | ) | |||||||||||||||
Operating income (b) |
(6,662 | ) | (4,430 | ) | (551 | ) | - | - | (11,643 | ) | ||||||||||||||
Equity in net income (loss) of affiliates and other items |
883 | (282 | ) | (203 | ) | - | - | 398 | ||||||||||||||||
Tax on net operating income |
1,272 | 1,013 | 174 | - | - | 2,459 | ||||||||||||||||||
Net operating income (b) |
(4,507 | ) | (3,699 | ) | (580 | ) | - | - | (8,786 | ) | ||||||||||||||
Net cost of net debt |
- | |||||||||||||||||||||||
Non-controlling interests |
193 | |||||||||||||||||||||||
Net income |
(8,593 | ) | ||||||||||||||||||||||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
|
|||||||||||||||||||||||
(b) Of which inventory valuation effect |
|
|||||||||||||||||||||||
On operating income |
- | (2,944 | ) | (525 | ) | - | ||||||||||||||||||
On net operating income |
- | (2,114 | ) | (384 | ) | - | ||||||||||||||||||
Year 2014 (adjusted) (M$) (a) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Non-Group sales |
23,453 | 106,124 | 106,509 | 5 | - | 236,091 | ||||||||||||||||||
Intersegment sales |
29,183 | 44,950 | 1,615 | 236 | (75,984 | ) | - | |||||||||||||||||
Excise taxes |
- | (4,850 | ) | (19,254 | ) | - | - | (24,104 | ) | |||||||||||||||
Revenues from sales |
52,636 | 146,224 | 88,870 | 241 | (75,984 | ) | 211,987 | |||||||||||||||||
Operating expenses |
(26,071 | ) | (142,034 | ) | (86,380 | ) | (1,092 | ) | 75,984 | (179,593 | ) | |||||||||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(9,409 | ) | (1,451 | ) | (781 | ) | (36 | ) | - | (11,677 | ) | |||||||||||||
Adjusted operating income |
17,156 | 2,739 | 1,709 | (887 | ) | - | 20,717 | |||||||||||||||||
Equity in net income (loss) of affiliates and other items |
3,419 | 372 | 63 | 178 | - | 4,032 | ||||||||||||||||||
Tax on net operating income |
(10,071 | ) | (622 | ) | (518 | ) | (8 | ) | - | (11,219 | ) | |||||||||||||
Adjusted net operating income |
10,504 | 2,489 | 1,254 | (717 | ) | - | 13,530 | |||||||||||||||||
Net cost of net debt |
(494 | ) | ||||||||||||||||||||||
Non-controlling interests |
(199 | ) | ||||||||||||||||||||||
Adjusted net income |
12,837 | |||||||||||||||||||||||
Adjusted fully-diluted earnings per share ($) |
5.63 | |||||||||||||||||||||||
(a) Except for earnings per share. |
|
|||||||||||||||||||||||
Year 2014 (M$) |
Upstream | Refining & Chemicals |
Marketing & Services
|
Corporate | Intercompany | Total | ||||||||||||||||||
Total expenditures |
26,520 | 2,022 | 1,818 | 149 | - | 30,509 | ||||||||||||||||||
Total divestments |
5,764 | 192 | 163 | 71 | - | 6,190 | ||||||||||||||||||
Cash flow from operating activities |
16,666 | 6,302 | 2,721 | (81 | ) | - | 25,608 |
25
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
4th quarter 2015 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
37,954 | (205 | ) | 37,749 | ||||||||
Excise taxes |
(5,457 | ) | - | (5,457 | ) | |||||||
Revenues from sales |
32,497 | (205 | ) | 32,292 | ||||||||
Purchases, net of inventory variation |
(21,410 | ) | (464 | ) | (21,874 | ) | ||||||
Other operating expenses |
(6,063 | ) | (185 | ) | (6,248 | ) | ||||||
Exploration costs |
(373 | ) | (354 | ) | (727 | ) | ||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(2,739 | ) | (4,933 | ) | (7,672 | ) | ||||||
Other income |
169 | 664 | 833 | |||||||||
Other expense |
(47 | ) | (251 | ) | (298 | ) | ||||||
Financial interest on debt |
(230 | ) | (11 | ) | (241 | ) | ||||||
Financial income from marketable securities & cash equivalents |
25 | - | 25 | |||||||||
Cost of net debt |
(205 | ) | (11 | ) | (216 | ) | ||||||
Other financial income |
300 | - | 300 | |||||||||
Other financial expense |
(171 | ) | - | (171 | ) | |||||||
Equity in net income (loss) of affiliates |
610 | (10 | ) | 600 | ||||||||
Income taxes |
(364 | ) | 1,745 | 1,381 | ||||||||
Consolidated net income |
2,204 | (4,004 | ) | (1,800 | ) | |||||||
Group share |
2,075 | (3,701 | ) | (1,626 | ) | |||||||
Non-controlling interests |
129 | (303 | ) | (174 | ) |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
4th quarter 2014 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
52,487 | 24 | 52,511 | |||||||||
Excise taxes |
(5,777 | ) | - | (5,777 | ) | |||||||
Revenues from sales |
46,710 | 24 | 46,734 | |||||||||
Purchases, net of inventory variation |
(32,802 | ) | (2,842 | ) | (35,644 | ) | ||||||
Other operating expenses |
(6,836 | ) | 5 | (6,831 | ) | |||||||
Exploration costs |
(611 | ) | - | (611 | ) | |||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(3,083 | ) | (7,817 | ) | (10,900 | ) | ||||||
Other income |
515 | 225 | 740 | |||||||||
Other expense |
(294 | ) | (193 | ) | (487 | ) | ||||||
Financial interest on debt |
(108 | ) | - | (108 | ) | |||||||
Financial income from marketable securities & cash equivalents |
28 | - | 28 | |||||||||
Cost of net debt |
(80 | ) | - | (80 | ) | |||||||
Other financial income |
219 | - | 219 | |||||||||
Other financial expense |
(168 | ) | - | (168 | ) | |||||||
Equity in net income (loss) of affiliates |
653 | (189 | ) | 464 | ||||||||
Income taxes |
(1,420 | ) | 2,142 | 722 | ||||||||
Consolidated net income |
2,803 | (8,645 | ) | (5,842 | ) | |||||||
Group share |
2,801 | (8,459 | ) | (5,658 | ) | |||||||
Non-controlling interests |
2 | (186 | ) | (184 | ) |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
26
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
Year 2015 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
165,876 | (519 | ) | 165,357 | ||||||||
Excise taxes |
(21,936 | ) | - | (21,936 | ) | |||||||
Revenues from sales |
143,940 | (519 | ) | 143,421 | ||||||||
Purchases, net of inventory variation |
(95,558 | ) | (1,113 | ) | (96,671 | ) | ||||||
Other operating expenses |
(23,984 | ) | (361 | ) | (24,345 | ) | ||||||
Exploration costs |
(1,550 | ) | (441 | ) | (1,991 | ) | ||||||
Depreciation, depletion and impairment of tangible assets and mineral interests |
(10,843 | ) | (6,877 | ) | (17,720 | ) | ||||||
Other income |
1,468 | 2,138 | 3,606 | |||||||||
Other expense |
(405 | ) | (1,172 | ) | (1,577 | ) | ||||||
Financial interest on debt |
(956 | ) | (11 | ) | (967 | ) | ||||||
Financial income from marketable securities & cash equivalents |
94 | - | 94 | |||||||||
Cost of net debt |
(862 | ) | (11 | ) | (873 | ) | ||||||
Other financial income |
882 | - | 882 | |||||||||
Other financial expense |
(654 | ) | - | (654 | ) | |||||||
Equity in net income (loss) of affiliates |
2,414 | (53 | ) | 2,361 | ||||||||
Income taxes |
(4,150 | ) | 2,497 | (1,653 | ) | |||||||
Consolidated net income |
10,698 | (5,912 | ) | 4,786 | ||||||||
Group share |
10,518 | (5,431 | ) | 5,087 | ||||||||
Non-controlling interests |
180 | (481 | ) | (301 | ) |
(a) | Adjustments include special items, inventory valuation effect and the effect of changes in fair value. |
Year 2014 (M$) |
Adjusted | Adjustments (a) | Consolidated statement of income |
|||||||||
Sales |
236,091 | 31 | 236,122 | |||||||||
Excise taxes |
(24,104 | ) | - | (24,104 | ) | |||||||
Revenues from sales |
211,987 | 31 | 212,018 | |||||||||
Purchases, net of inventory variation |
(149,506 | ) | (3,469 | ) | (152,975 | ) | ||||||
Other operating expenses |
(28,123 | ) | (226 | ) | (28,349 | ) | ||||||
Exploration costs |
(1,964 | ) | - | (1,964 | ) | |||||||
Depreciation, depletion and impairment 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. |
27
Exhibit 99.2
RECENT DEVELOPMENTS
TOTAL proposes a fourth quarter 2015 dividend of 0.61/share and the option to receive the dividend in shares at a 10% discount
The Board of Directors of TOTAL met on February 10, 2016, and agreed to propose to the Annual Shareholders Meeting on May 24, 2016, a 2015 annual dividend of 2.44/share, stable compared to the 2014 annual dividend. This corresponds to a fourth quarter 2015 dividend of 0.61/share, unchanged compared to the previous three 2015 interim quarterly dividends.
The Board will also propose to the Annual Shareholders Meeting the alternative for shareholders to receive the fourth quarter 2015 dividend in cash or in new shares of the company discounted by 10%.
Subject to approval at the shareholders meeting:
| the ex-dividend date for the fourth quarter dividend will be June 6, 2016; |
| the price of each new share will be equal to 90% of the average opening TOTAL S.A. price on the Euronext Paris over the 20 trading days preceding the shareholders meeting, reduced by the amount of the fourth quarter dividend, and rounded up to the nearest euro centime; |
| the payment of the dividend in cash or the delivery of shares issued in lieu of the cash dividend is set for June 23, 2016. |
American Depositary Receipts (ADRs) will receive the final quarterly installment of the 2015 dividend in dollars based on the then-prevailing exchange rate according to the following timetable:
| ADR ex-dividend date: June 1, 2016 |
| ADR record date: June 3, 2016 |
| ADR distribution date for cash or shares issued in lieu of the cash dividend: July 1, 2016 |
Registered ADR holders may also contact JP Morgan Chase Bank for additional information. Non-registered ADR holders should contact their broker, financial intermediary, bank or financial institution for additional information.
UK: TOTAL starts-up production at Laggan-Tormore in the West of Shetland
On February 8, 2016, TOTAL S.A. (including its subsidiaries and affiliates, TOTAL or the Group) announced the start-up of production from the Laggan and Tormore gas and condensate fields, located in 600 meters of water in the West of Shetland area. The fields will produce 90,000 barrels of oil equivalent per day (boe/d).
The Laggan-Tormore development consists of a 140 kilometer tie-back of four subsea wells to the new onshore Shetland Gas Plant which has a capacity of 500 million standard cubic feet per day. Following treatment at the gas plant, the gas is exported to the mainland via the Shetland Island Regional Gas Export System (SIRGE) and the condensates are exported via the Sullom Voe Terminal.
Total E&P UK operates Laggan-Tormore with a 60% interest alongside partners DONG E&P (UK) Limited (20%) and SSE E&P UK Limited (20%).
TOTAL signs Heads of Agreement to supply LNG to ENN in China
On February 4, 2016, TOTAL announced the signature of a binding Heads of Agreement with ENN LNG Trading for the delivery of 0.5 million tons per year of liquefied natural gas (LNG) for a period of 10 years. The deliveries will be sourced from TOTALs global LNG portfolio and are expected to begin in 2018 upon completion of ENNs Zhoushan LNG receiving terminal.
Total Energy Ventures invests in two distributed solar energy start-ups
On February 2, 2016, TOTAL announced that Total Energy Ventures (TEV), its venture capital fund that invests in start-ups, acquired an interest in Off Grid Electric and Powerhive. Both companies offer solar solutions for use in rural areas that are off-grid or have limited access to the grid in emerging markets, especially in Africa.
Based in Arusha, Tanzania, and San Francisco, California, Off Grid Electric develops and markets distributed solar home systems and battery storage to power LED lights, mobile phone chargers and, optionally, small electronic appliances. The company provides light to more than 10,000 new customers each month. Off Grid Electric anticipates reaching 1 million people in Tanzania by 2017 and also plans to expand into other countries in the region.
1
Based in San Francisco, California, Powerhive develops and operates solar microgrids with battery storage and local distribution. The company supplies electricity to several hundred homes and businesses in off-grid rural communities. In 2015, it announced the launch of its first commercial-scale project for roughly 100 microgrids to supply 90,000 households in western Kenya.
Solar energy gives customers access to flexible, clean energy at affordable prices. Solar systems and microgrids are important components in sustainable distributed energy infrastructure and help drive economic development in rural regions. The solutions marketed by Off Grid Electric and Powerhive are based on mobile money payment.
TOTAL signs long-term agreements to supply LNG to state-owned Indonesian company Pertamina
On February 2, 2016, TOTAL announced the signature of long-term LNG sale and purchase agreements with state-owned Indonesian company Pertamina for the supply of LNG volumes increasing from 0.4 to 1 million tons per year over a period of 15 years beginning 2020.
Under the terms of the agreements, TOTAL will purchase from 2020 around 0.4 million tons per year of Pertaminas contracted LNG volumes from Corpus Christi LNG, currently under construction in the United States. In parallel, TOTAL will supply from its global portfolio to Pertamina a volume growing over time from 0.4 to 1 million tons per year of LNG.
Audience of Patrick Pouyanné with Hassan Rouhani
On January 28, 2016, Patrick Pouyanné, Chairman and CEO of TOTAL, had an audience with Hassan Rouhani, President of Iran, to exchange on TOTALs perspectives in Iran.
The meeting was followed by the signature of a Memorandum of Understanding (MOU) between TOTAL and the National Iranian Oil Company (NIOC) as well as framework agreement for the purchase of crude oil, in particular for French and European refineries. Following the MOU, NIOC will provide the technical data on some gas and oil projects, so that TOTAL can assess potential developments in Iran.
Dominican Republic: TOTAL acquires the countrys main retail network and establishes its leadership in the Caribbean
On January 27, 2016, TOTAL announced the reinforcement of its Marketing & Services presence in the Caribbean with the acquisition from Putney Capital Management of a majority 70% interest in the leading Dominican fuel retailer. The transaction includes a well established network of 130 stations, along with significant commercial oil products and lubricants sales positions.
Putney Capital Management will continue to play an important role as TOTALs local partner in the Dominican Republic, retaining a 30% stake.
The joint venture will be named Total Dominicana and managed as part of TOTALs network of 600 service stations throughout nine countries in the Caribbean. TOTAL has been present in the region for more than forty years and holds leading positions in major Caribbean markets such as Puerto Rico, Haiti, Jamaica and the French West Indies.
Russia: TOTAL transfers 20% interest and operatorship of Kharyaga to Zarubezhneft
On January 21, 2016, TOTAL and Zarubezhneft announced their agreement to adjust their participation in the Kharyaga Production Sharing Agreement whereby TOTAL will transfer a 20% interest together with operatorship to Zarubezhneft. Following the completion of the transaction TOTAL will retain a 20% interest in Kharyaga alongside Zarubezhneft (40%, operator), Statoil (30%) and Nenets Oil Company (10%). The transaction is subject to the approval of the Russian authorities.
Russia remains a key country for the Group. TOTAL has ambitious plans for the future through its established partnership with Novatek and the ongoing Yamal LNG project, commented Arnaud Breuillac, President Total Exploration & Production.
The Kharyaga PSA involves the development of objects 2 and 3 of the Kharyaga oil field in the Nenets Autonomous District, with production of 30,000 barrels of oil per day. The project is technically challenging, with complex geology, heterogeneous carbonate reservoirs, waxy oil and a high content of H2S in associated gas. Since its start up in 1999, the project has safely produced a cumulative 15 million tons of oil and generated $3 billion for Russia.
Results of the option to receive the second quarter 2015 interim dividend in shares
The Board of Directors of TOTAL met on December 16, 2015, and declared a second quarter 2015 interim dividend of 0.61 per share and offered, under the conditions set by the fourth resolution at the Ordinary General Meeting of May 29, 2015, the option for shareholders to receive the second quarter 2015 interim dividend in cash or in new shares of the Company.
2
The period for exercising the option ran from December 21, 2015 to January 6, 2016. At the end of the option period, 38% of rights were exercised in favor of receiving the payment for the second quarter 2015 interim dividend in shares.
13,945,709 new shares will be issued, representing 0.57% of the Companys share capital on the basis of the share capital of December 31, 2015. The share price for the new shares to be issued as payment of the second quarter 2015 interim dividend was set at 39.77 on December 16, 2015.
The settlement and delivery of the new shares as well as their admission to trading on the Euronext Paris occurred on January 14, 2016. The shares will carry immediate dividend rights and will be fully assimilated with existing shares already listed.
The total remaining cash dividend to be paid to shareholders who did not elect to receive the second quarter 2015 interim dividend in shares amounted to 918 million and the date for the payment in cash was set for January 14, 2016.
TOTALS Board of Directors elects Patrick Pouyanné as Chairman and Chief Executive Officer and appoints Lead Independent Director
At its meeting on December 16, 2015, TOTALs Board of Directors elected Patrick Pouyanné, Chief Executive Officer of TOTAL since October 22, 2014 and director since May 29, 2015, Chairman of the Board of Directors. As announced on October 22, 2014, Mr. Pouyanné therefore becomes Chairman and Chief Executive Officer of TOTAL, following the Boards decision to recombine the two roles.
He succeeds Thierry Desmarest, whose term as Chairman of the Board of Directors expired on December 18, 2015, in line with the age limits specified in the Groups bylaws. Thierry Desmarest, Honorary Chairman, will remain as a director until the Annual Shareholders Meeting on May 24, 2016.
In addition, upon the recommendation of the Chairman and Chief Executive Officer, the Board of Directors has decided to create the position of Lead Independent Director. The Lead Independent Director will in particular oversee the efficient running of the companys governance structure, will chair the Governance and Ethics Committee and will be a key contact for shareholders on issues related to the Board of Directors responsibilities.
Patricia Barbizet, an independent director since 2008, has been appointed by the Board of Directors as Lead Independent Director. In this capacity, she will chair the Governance and Ethics Committee. She will also be a member of the Compensation Committee.
In addition, as part of this revised governance structure:
| Marie-Christine Coisne-Roquette, independent director since 2011, will chair the Audit Committee. |
| Gérard Lamarche, independent director since 2012, will chair the Compensation Committee. |
These appointments took effect on December 19, 2015.
As of December 19, 2015, the members of TOTALs Board of Directors are:
| Patrick Pouyanné, Chairman |
| Thierry Desmarest, Honorary Chairman |
| Patrick Artus |
| Patricia Barbizet, Lead Independent Director |
| Marc Blanc |
| Gunnar Brock |
| Marie-Christine Coisne-Roquette |
| Paul Desmarais Jr. |
| Anne-Marie Idrac |
| Charles Keller |
| Barbara Kux |
| Gérard Lamarche |
3
Congo: TOTAL starts up Moho Phase 1b deep offshore project
On December 11, 2015, TOTAL announced that it has brought on stream the Moho Phase 1b project, located 75 kilometers off the coast of Pointe-Noire in the Republic of the Congo. The project is operated by TOTAL and has a production capacity of 40,000 boe/d.
Moho Phase 1b is our ninth start-up since the beginning of the year and will contribute to our strong production growth in the years to come, commented Arnaud Breuillac, President Exploration & Production. Moho Phase 1b, located in water depths ranging from 750 to 1,200 meters, involves the drilling of 11 new subsea wells and the installation of the two most powerful subsea multiphase pumps in the world. It is tied back to the existing Floating Production Unit (FPU) of the Moho Bilondo field, producing since 2008.
The nearby Moho Nord development, launched concurrently with Moho Phase 1b in 2013, is ongoing and will add a further 100,000 boe/d of capacity.
Moho Phase 1b and Moho Nord are part of the Moho Bilondo license operated by Total E&P Congo with a 53.5% participating interest. The other partners are Chevron Overseas (Congo) Limited (31.5%) and the Société Nationale des Pétroles du Congo (15.0%).
TOTAL successfully places $1.2 billion synthetic bond financing
On November 25, 2015, TOTAL announced the successful placement of a new debt financing of $1.2 billion through a structure combining the issue of cash-settled convertible bonds with the purchase of cash-settled call options to hedge TOTALs exposure to the exercise of the conversion rights under the bonds. The synthetic bond financing resulting from these two products has no dilution impact on the equity.
The transaction enables TOTAL to access a new investor base and to benefit from improved financing terms compared to a senior bond issuance.
The bonds will mature on December 2, 2022, be issued at par, will bear a coupon of 0.50% and have a conversion price including a premium of 20% above the reference share price. This reference share price will be determined as the arithmetic average of TOTALs daily volume weighted average share price on the Euronext Paris converted in dollars over a period of ten consecutive trading days on the Euronext Paris, commencing on November 26, 2015.
TOTAL intends to use the net proceeds of the transaction of the bonds for general corporate purposes.
The book-runners will enter into transactions to hedge their respective positions under the call options, including transactions to be conducted during the period when the reference share price will be determined.
Memorandum of intent signed for rail line to bypass the Donges refinery in France
The French government, authorities for the Pays de la Loire region, the Loire-Atlantique department and the Municipality of Saint Nazaire, railway system operator SNCF Réseau and TOTAL signed on November 5, 2015 a memorandum of intent to build a rail line to bypass the Donges refinery in western France.
A critical step in moving forward with the planned work at the Donges refinery, the memorandum of intent:
| Recognizes that building the bypass is crucial to developing the economy of the Loire estuary, securing the future of the Donges site and ensuring the safety of rail passengers. |
| Confirms the principle of shared financing, with each party the French government, local authorities and TOTAL paying one-third of the full cost of the bypass project, estimated at 150 million in all. |
Establishes a schedule for implementing the bypass project. It is expected to be confirmed as being in the public interest in 2017, with the rail line completed and carrying traffic in 2021.
4
Exhibit 99.3
RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
The following table shows the ratios of earnings to fixed charges for TOTAL S.A. and its subsidiaries and affiliates (collectively, TOTAL or the Group), computed based on information used in the preparation of our consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board and as adopted by the European Union, for the fiscal years ended December 31, 2015, 2014, 2013, 2012 and 2011.
Years Ended December 31, | ||||||||||
2015 |
2014 |
2013* |
2012** |
2011** | ||||||
For the Group (IFRS) |
4.76 | 10.91 | 19.57 | 24.35 | 27.55 |
* | Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014. |
** | Figures for 2012 and 2011 have been restated pursuant to the retrospective application of the revised accounting standard IAS 19 from January 1, 2013. |
Earnings for the computations above under IFRS were calculated by adding pre-tax income from continuing operations before adjustment for minority interests in consolidated subsidiaries or income or loss from equity investees, fixed charges and distributed income of equity investees. Fixed charges for the computations above consist of interest (including capitalized interest) on all indebtedness, amortization of debt discount and expense and that portion of rental expense representative of the interest factor.
1
CAPITALIZATION AND INDEBTEDNESS OF TOTAL
(unaudited)
The following table sets out the unaudited consolidated capitalization and long-term indebtedness, as well as short-term indebtedness, of the Group as of December 31, 2015, prepared on the basis of IFRS. Currency amounts are expressed in U.S. dollars (dollars or $) or in euros (euros or ).
At December 31, 2015 |
||||
(in millions of dollars) | ||||
Current financial debt, including current portion of non-current financial debt |
||||
Current portion of non-current financial debt |
4,652 | |||
Current financial debt |
7,836 | |||
Current portion of financial instruments for interest rate swaps liabilities |
128 | |||
Other current financial instruments liabilities |
44 | |||
Financial liabilities directly associated with assets held for sale |
161 | |||
|
|
|||
Total current financial debt |
12,821 | |||
|
|
|||
Non-current financial debt |
44,464 | |||
Non-controlling interests |
2,915 | |||
Shareholders equity |
||||
Common shares |
7,670 | |||
Paid-in surplus and retained earnings |
101,528 | |||
Currency translation adjustment |
(12,119 | ) | ||
Treasury shares |
(4,585 | ) | ||
|
|
|||
Total shareholders equity Group share |
92,494 | |||
|
|
|||
Total capitalization and non-current indebtedness |
139,873 | |||
|
|
As of December 31, 2015, TOTAL had an authorized share capital of 3,467,448,093 ordinary shares with a par value of 2.50 per share, and an issued share capital of 2,440,057,883 ordinary shares (including 113,967,758 treasury shares from shareholders equity).
As of December 31, 2015, approximately $655 million of TOTALs non-current financial debt was secured and approximately $43,809 million was unsecured, and all of TOTALs current financial debt of $7,836 million was unsecured. As of December 31, 2015, TOTAL had no outstanding guarantees from third parties relating to its consolidated indebtedness. For more information about TOTALs commitments and contingencies, see Note 23 of the Notes to TOTALs audited Consolidated Financial Statements in its Annual Report on Form 20-F for the year ended December 31, 2014, filed with the Securities and Exchange Commission on March 26, 2015, as amended on March 27, 2015.
On February 10, 2016, the Board of Directors of TOTAL S.A. decided to propose at the May 24, 2016 Annual Shareholders Meeting a final dividend of 0.61 per share for the fourth quarter of 2015, representing approximately 1.5 billion (approximately $1.7 billion using the /$ exchange rate on February 5, 2016 of 1 = $1.1131 as released by the Board of Governors of the Federal Reserve System on February 8, 2016), to be paid on July 1, 2016.(1)
Except as disclosed herein, there have been no material changes in the consolidated capitalization, indebtedness and contingent liabilities of TOTAL since December 31, 2015.
(1) | The ex-dividend date for the remainder of the 2015 dividend would be June 6, 2016; for the ADR (NYSE: TOT), the ex-dividend date would be June 1, 2016. |
2
Exhibit 99.4
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(unaudited)
Years Ended December 31, | ||||||||||||||||||||
(Amounts in millions of dollars) |
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
Net income(a)(b) |
5,087 | 4,244 | 11,228 | 13,648 | 17,400 | |||||||||||||||
Income tax expenses(a)(b) |
1,653 | 8,614 | 14,767 | 16,747 | 19,614 | |||||||||||||||
Non-controlling interests |
(301 | ) | 6 | 293 | 188 | 424 | ||||||||||||||
Equity in income of affiliates (in excess of)/ less than dividends received |
(311 | ) | 29 | (775 | ) | 272 | (149 | ) | ||||||||||||
Interest expensed |
742 | 536 | 656 | 649 | 862 | |||||||||||||||
Estimate of the interest within rental expense |
477 | 406 | 357 | 334 | 299 | |||||||||||||||
Amortization of capitalized interest |
174 | 160 | 135 | 205 | 280 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total(a)(b) |
7,521 | 13,995 | 26,661 | 32,043 | 38,730 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Interest expensed |
742 | 536 | 656 | 649 | 862 | |||||||||||||||
Capitalized interest |
362 | 341 | 349 | 333 | 245 | |||||||||||||||
Estimate of the interest within rental expense |
477 | 406 | 357 | 334 | 299 | |||||||||||||||
Preference security dividend requirements of consolidated subsidiaries |
| | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fixed charges |
1,581 | 1,283 | 1,362 | 1,316 | 1,406 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratio of earnings to fixed charges(a)(b) |
4.76 | 10.91 | 19.57 | 24.35 | 27.55 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | Figures for 2013 have been restated pursuant to the retrospective application of the accounting interpretation IFRIC 21 from January 1, 2014. |
(b) | Figures for 2012 and 2011 have been restated pursuant to the retrospective application of the revised accounting standard IAS 19 from January 1, 2013. |