EX-99.1

EX-99.1 2 d136603dex991.htm EX-99.1 EX-99.1

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 TOTAL’s 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 TOTAL’s 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 (except earnings per share and number of shares)	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 Group’s 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.

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 TOTAL’s 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 Group’s 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 TOTAL’s 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

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.

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, TOTAL’s share of production normally decreases.

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.

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.

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 segment’s 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 Group’s 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.

B.2.

Refining & Chemicals segment

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.

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 Group’s 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 segment’s 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 segment’s 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.

B.3.

Marketing & Services segment

Petroleum product sales

4Q15

3Q15

4Q14

4Q15 vs
4Q14

sales in kb/d^*

2015

2014

2015 vs
2014

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.

Results


4Q15		3Q15		4Q14		4Q15 vs 4Q14	in millions of dollars	2015		2014		2015 vs 2014
	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 segment’s 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 segment’s adjusted net operating income of $165 million compared to a positive impact of $110 million in the fourth quarter 2014.

C.	GROUP RESULTS

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 Group’s 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 Group’s 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.

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.

Cash flow

The Group’s 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).

•

-$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 Group’s 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. TOTAL’s 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 TOTAL’s 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;

•

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 TOTAL’s Form 20-F for the year ended December 31, 2014.

OPERATING INFORMATION BY SEGMENT

•

Upstream


4Q15		3Q15		4Q14		4Q15 vs 4Q14		Combined liquids and gas production by region (kboe/d)	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%

	2,352		2,342		2,229		+6%	Total production		2,347		2,146		+9%

	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%

	1,251		1,241		1,077		+16%	Total production		1,237		1,034		+20%

	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%

	5,993		6,003		6,219		-4%	Total production		6,054		6,063		—

	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%

3,954

4,072

3,860

+2%

Total consolidated sales

4,005

3,769

+6%

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.

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)

	(48)		—		—	• Restructuring charges		(48)		—
	(4,933)		(650)		(7,817)	• Impairments		(6,877)		(7,979)
	(696)		(4)		5	• Other		(1,257)		(226)

	(464)		(1,127)		(2,842)	Pre-tax inventory effect: FIFO vs. replacement cost		(1,113)		(3,469)

	—		(10)		24	Effect of changes in fair value		(16)		31

	(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)

	(315)		(760)		(1,993)	After-tax inventory effect: FIFO vs. replacement cost		(747)		(2,453)

	—		(5)		19	Effect of changes in fair value		(9)		25

	(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.

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



Net-debt-to-equity ratio		28.3%		26.6%		31.3%

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).

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 Group’s 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 TOTAL’s reporting, is not audited and is subject to change.

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited)


(M$) ^(a)	4^th quarter 2015			3^rd quarter 2015			4^th 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.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited)


(M$)	4^thquarter 2015		3^rdquarter 2015		4^thquarter 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)

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.

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)

CONSOLIDATED BALANCE SHEET

TOTAL


(M$)	December 31, 2015			September 30, 2015 (unaudited)			December 31, 2014

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

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited)


(M$)	4^thquarter 2015			3^rdquarter 2015			4^thquarter 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

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

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

TOTAL

(unaudited)


	Common shares issued				Paid-in			Currency translation adjustment			Treasury shares						Shareholders’ equity- Group share			Non- controlling interests			Total shareholders’ equity
(M$)	Number		Amount		surplus and retained earnings			Currency translation adjustment			Number			Amount			Shareholders’ equity- Group share			Non- controlling interests			Total shareholders’ equity
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.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)


4^thquarter 2015 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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	)


4^thquarter 2015 (adjustments) ^(a) (M$)	Upstream			Refining & Chemicals			Marketing & Services			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	)		-


4^thquarter 2015 (adjusted) (M$) ^(a)	Upstream			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		3,662			15,969			18,326			(3	)		-			37,954
Intersegment sales		4,342			5,532			215			59			(10,148	)		-
Excise taxes		-			(1,073	)		(4,384	)		-			-			(5,457	)
Revenues from sales		8,004			20,428			14,157			56			(10,148	)		32,497
Operating expenses		(5,303	)		(19,177	)		(13,284	)		(230	)		10,148			(27,846	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,296	)		(254	)		(182	)		(7	)		-			(2,739	)
Adjusted operating income		405			997			691			(181	)		-			1,912
Equity in net income (loss) of affiliates and other items		629			163			19			50			-			861
Tax on net operating income		(286	)		(153	)		(180	)		211			-			(408	)
Adjusted net operating income		748			1,007			530			80			-			2,365
Net cost of net debt																	(161	)
Non-controlling interests																	(129	)
Adjusted net income																	2,075
Adjusted fully-diluted earnings per share ($)																	0.88
(a) Except for earnings per share.


4^thquarter 2015 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)


3^rdquarter 2015 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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


3^rdquarter 2015 (adjustments) ^(a) (M$)	Upstream			Refining & Chemicals			Marketing & Services			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	)		-


3^rdquarter 2015 (adjusted) (M$) ^(a)	Upstream			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		3,670			17,397			19,522			1			-			40,590
Intersegment sales		4,280			6,912			201			51			(11,444	)		-
Excise taxes		-			(1,094	)		(4,589	)		-			-			(5,683	)
Revenues from sales		7,950			23,215			15,134			52			(11,444	)		34,907
Operating expenses		(4,708	)		(21,246	)		(14,452	)		(216	)		11,444			(29,178	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,248	)		(256	)		(185	)		(6	)		-			(2,695	)
Adjusted operating income		994			1,713			497			(170	)		-			3,034
Equity in net income (loss) of affiliates and other items		511			166			116			23			-			816
Tax on net operating income		(398	)		(446	)		(190	)		128			-			(906	)
Adjusted net operating income		1,107			1,433			423			(19	)		-			2,944
Net cost of net debt																	(189	)
Non-controlling interests																	1
Adjusted net income																	2,756
Adjusted fully-diluted earnings per share ($)																	1.17
(a) Except for earnings per share.


3^rdquarter 2015 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)


4^thquarter 2014 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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	)


4^thquarter 2014 (adjustments) ^(a) (M$)	Upstream			Refining & Chemicals			Marketing & Services			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	)		-


^4thquarter 2014 (adjusted) (M$) ^(a)	Upstream			Refining & Chemicals			Marketing & Services			Corporate			Intercompany			Total
Non-Group sales		5,391			23,025			24,079			(8	)		-			52,487
Intersegment sales		6,130			9,323			339			74			(15,866	)		-
Excise taxes		-			(1,117	)		(4,660	)		-			-			(5,777	)
Revenues from sales		11,521			31,231			19,758			66			(15,866	)		46,710
Operating expenses		(6,814	)		(29,821	)		(19,094	)		(386	)		15,866			(40,249	)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,533	)		(341	)		(202	)		(7	)		-			(3,083	)
Adjusted operating income		2,174			1,069			462			(327	)		-			3,378
Equity in net income (loss) of affiliates and other items		787			127			(64	)		75			-			925
Tax on net operating income		(1,365	)		(240	)		(153	)		315			-			(1,443	)
Adjusted net operating income		1,596			956			245			63			-			2,860
Net cost of net debt																	(57	)
Non-controlling interests																	(2	)
Adjusted net income																	2,801
Adjusted fully-diluted earnings per share ($)																	1.22
(a) Except for earnings per share.


4^thquarter 2014 (M$)	Upstream			Refining & Chemicals			Marketing & Services			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

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

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

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited)


4^thquarter 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.


4^thquarter 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.

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.