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Shareholders' equity and share-based payments (Tables)
12 Months Ended
Dec. 31, 2017
Shareholders' equity and share-based payments  
Schedule of variation of the share capital

 

 

 

 

 

As of December 31, 2014

    

 

    

2,385,267,525

Shares issued in connection with:

 

Capital increase reserved for employees

 

10,479,410

 

 

Capital increase within stock dividend (2014 remainder and first interim dividend for 2015)

 

42,841,342

 

 

Exercise of TOTAL share subscription options

 

1,469,606

As of December 31, 2015 (a)

 

  

 

2,440,057,883

Shares issued in connection with:

 

Capital increase within stock dividend (second interim dividend for 2015, third interim dividend for 2015, 2015 remainder and first interim dividend for 2016)

 

88,401,329

 

 

Exercise of TOTAL share subscription options

 

2,237,918

 

 

Cancellation of treasury shares

 

(100,331,268)

As of December 31, 2016 (b)

 

  

 

2,430,365,862

Shares issued in connection with:

 

Capital increase reserved for employees

 

9,532,190

 

 

Capital increase within stock dividend (second interim dividend for 2016, third interim dividend for 2016, 2016 remainder and first interim dividend for 2017)

 

86,442,256

 

 

Exercise of TOTAL share subscription options

 

2,649,308

As of December 31, 2017 (c)

 

  

 

2,528,989,616

 

(a)

Including 113,967,758 treasury shares deducted from consolidated shareholders’ equity.

(b)

Including 10,587,822 treasury shares deducted from consolidated shareholders’ equity.

(c)

Including 8,376,756 treasury shares deducted from consolidated shareholders’ equity.

Schedule of TOTAL shares held by TOTAL S.A. and Group subsidiaries

 

 

 

 

 

 

 

 

As of December 31,

    

2017

    

2016

    

2015

    

Number of treasury shares

 

8,376,756

 

10,587,822

 

13,636,490

 

Percentage of share capital

 

0.33

%  

0.44

%  

0.56

%

 

 

 

 

 

 

 

 

Of which shares allocated to TOTAL share grant plans for Group employees

 

8,345,847

 

10,555,887

 

13,603,525

 

Of which shares intended to be allocated to new TOTAL share purchase option plans or to new share grant plans

 

30,909

 

31,935

 

32,965

 

 

TOTAL shares held by Group subsidiaries

 

 

 

 

 

 

 

 

As of December 31,

    

2017

    

2016

    

2015

 

Number of shares held by Group subsidiaries

  

 —

  

 —

  

100,331,268

  

Percentage of share capital

  

 —

  

 —

 

4.11

%

 

  

 

  

 

  

 

  

Of which shares held by a consolidated subsidiary, Total Nucléaire, 100% indirectly controlled by TOTAL S.A.

  

 —

  

 —

  

2,023,672

  

Of which shares held by subsidiaries of Elf Aquitaine (Financière Valorgest, Sogapar and Fingestval), 100% indirectly controlled by TOTAL S.A.

  

 —

  

 —

  

98,307,596

  

 

Schedule of weighted-average shares and diluted shares used to calculate earnings per share and fully-diluted earnings per share

 

 

 

 

 

 

 

   

    

2017

    

2016

    

2015

Number of shares as of January 1,

  

2,430,365,862

 

2,440,057,883

 

2,385,267,525

Number of shares issued during the year (pro rated)

  

 

 

  

 

  

Exercise of TOTAL share subscription options

  

1,198,036

 

538,621

 

662,351

Exercise of TOTAL share purchase options

  

 —

 

 —

 

 —

TOTAL performance shares

  

1,105,796

 

1,524,172

 

103,131

Capital increase reserved for employees

  

6,354,793

 

 —

 

6,986,273

Capital increase within stock dividend

  

53,365,971

 

51,029,237

 

13,343,379

Buyback of treasury shares on December 15, 2016

  

 —

 

4,180,470

 

 —

Cancellation of treasury shares on December 15, 2016

  

 —

 

(4,180,470)

 

 —

TOTAL shares held by TOTAL S.A. or by its subsidiaries and deducted from shareholders’ equity

  

(10,587,822)

 

(113,967,758)

 

(111,324,719)

Weighted-average number of shares

  

2,481,802,636

 

2,379,182,155

 

2,295,037,940

Dilutive effect

  

 

 

  

 

  

TOTAL share subscription and purchase options

  

727,864

 

630,474

 

1,168,644

TOTAL performance shares

  

10,238,411

 

9,058,264

 

7,647,690

Capital increase reserved for employees

  

1,987,502

 

843,043

 

581,268

Weighted-average number of diluted shares

  

2,494,756,413

 

2,389,713,936

 

2,304,435,542

 

Detail of other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended December 31,

    

 

    

 

    

 

    

 

    

 

    

 

(M$)

 

2017

 

2016

 

2015

Actuarial gains and losses

 

 

 

823

 

 

 

(371)

 

 

 

557

Tax effect

 

 

 

(390)

 

 

 

55

 

 

 

(278)

Currency translation adjustment generated by the parent company

 

 

 

9,316

 

 

 

(1,548)

 

 

 

(7,268)

Sub-total items not potentially reclassifiable to profit & loss

 

 

 

9,749

 

 

 

(1,864)

 

 

 

(6,989)

Currency translation adjustment

 

 

 

(2,578)

 

 

 

(1,098)

 

 

 

2,456

– Unrealized gain/(loss) of the period

 

(2,408)

 

 

 

(543)

 

 

 

3,032

 

 

– Less gain/(loss) included in net income

 

170

 

 

 

555

 

 

 

576

 

 

Available for sale financial assets

 

 

 

7

 

 

 

4

 

 

 

9

– Unrealized gain/(loss) of the period

 

7

 

 

 

4

 

 

 

10

 

 

– Less gain/(loss) included in net income

 

 

 

 

 

 

 

1

 

 

Cash flow hedge

 

 

 

324

 

 

 

239

 

 

 

(185)

– Unrealized gain/(loss) of the period

 

584

 

 

 

186

 

 

 

(390)

 

 

– Less gain/(loss) included in net income

 

260

 

 

 

(53)

 

 

 

(205)

 

 

Share of other comprehensive income of equity affiliates, net amount

 

 

 

(677)

 

 

 

935

 

 

 

120

– Unrealized gain/(loss) of the period

 

(655)

 

 

 

933

 

 

 

118

 

 

– Less gain/(loss) included in net income

 

22

 

 

 

(2)

 

 

 

(2)

 

 

Other

 

 

 

 

 

 

1

 

 

 

1

Tax effect

 

 

 

(100)

 

 

 

(76)

 

 

 

53

Sub-total items potentially reclassifiable to profit & loss

 

 

 

(3,024)

 

 

 

5

 

 

 

2,454

Total other comprehensive income, net amount

 

 

 

6,725

 

 

 

(1,859)

 

 

 

(4,535)

 

The currency translation adjustment by currency is detailed in the following table:

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2017

    

 

    

 

    

Pound

    

 

    

Other

(M$)

 

Total

 

Euro

 

sterling

 

Ruble

 

currencies

Currency translation adjustment generated by the parent company

 

9,316

 

9,316

 

 —

 

 —

 

 —

Currency translation adjustment

 

(2,578)

 

(3,275)

 

462

 

 3

 

232

Currency translation adjustment of equity affiliates

 

(730)

 

(1,099)

 

(25)

 

207

 

187

Total currency translation adjustment recognized in comprehensive income

 

6,008

 

4,943

 

436

 

210

 

419

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2016

    

 

    

 

    

Pound

    

 

    

Other

(M$)

 

Total

 

Euro

 

sterling

 

Ruble

 

currencies

Currency translation adjustment generated by the parent company

 

(1,548)

 

(1,548)

 

 —

 

 —

 

 —

Currency translation adjustment

 

(1,098)

 

(184)

 

(887)

 

 7

 

(34)

Currency translation adjustment of equity affiliates

 

890

 

223

 

54

 

643

 

(30)

Total currency translation adjustment recognized in comprehensive income

 

(1,756)

 

(1,509)

 

(833)

 

650

 

(64)

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015

    

 

    

 

    

Pound

    

 

    

Other

(M$)

 

Total

 

Euro

 

sterling

 

Ruble

 

currencies

Currency translation adjustment generated by the parent company

 

(7,268)

 

(7,268)

 

 —

 

 —

 

 —

Currency translation adjustment

 

2,456

 

3,318

 

(267)

 

(3)

 

(592)

Currency translation adjustment of equity affiliates

 

87

 

903

 

16

 

(718)

 

(114)

Total currency translation adjustment recognized in comprehensive income

 

(4,725)

 

(3,047)

 

(251)

 

(721)

 

(706)

 

Tax effects relating to each component of other comprehensive income are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

2015

For the year ended December 31,

    

Pre-tax

    

Tax

    

Net

    

Pre-tax

    

Tax

    

Net

    

Pre-tax

    

Tax

    

Net

(M$)

 

amount

 

effect

 

amount

 

amount

 

effect

 

amount

 

amount

 

effect

 

amount

Actuarial gains and losses

 

823

 

(390)

 

433

 

(371)

 

55

 

(316)

 

557

 

(278)

 

279

Currency translation adjustment generated by the parent company

 

9,316

 

 —

 

9,316

 

(1,548)

 

 —

 

(1,548)

 

(7,268)

 

 —

 

(7,268)

Sub-total items not potentially reclassifiable to profit & loss

 

10,139

 

(390)

 

9,749

 

(1,919)

 

55

 

(1,864)

 

(6,711)

 

(278)

 

(6,989)

Currency translation adjustment

 

(2,578)

 

 —

 

(2,578)

 

(1,098)

 

 —

 

(1,098)

 

2,456

 

 —

 

2,456

Available for sale financial assets

 

 7

 

(3)

 

 4

 

 4

 

 —

 

 4

 

 9

 

(5)

 

 4

Cash flow hedge

 

324

 

(97)

 

227

 

239

 

(76)

 

163

 

(185)

 

58

 

(127)

Share of other comprehensive income of equity affiliates, net amount

 

(677)

 

 —

 

(677)

 

935

 

 —

 

935

 

120

 

 —

 

120

Other

 

 —

 

 —

 

 —

 

 1

 

 —

 

 1

 

 1

 

 —

 

 1

Sub-total items potentially reclassifiable to profit & loss

 

(2,924)

 

(100)

 

(3,024)

 

81

 

(76)

 

 5

 

2,401

 

53

 

2,454

Total other comprehensive income

 

7,215

 

(490)

 

6,725

 

(1,838)

 

(21)

 

(1,859)

 

(4,310)

 

(225)

 

(4,535)

 

Schedule of share-based payment expense

 

 

 

 

 

 

 

As of December 31,

    

 

    

 

    

 

(M$)

 

2017

 

2016

 

2015

Total restricted shares plans

 

135

 

113

 

71

SunPower plans

 

31

 

28

 

78

Capital increase reserved for employees

 

16

 

 —

 

30

Total

 

182

 

141

 

179

 

TOTAL share subscription option plans  
Shareholders' equity and share-based payments  
Summary of share subscription option plans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

    

 

    

 

    

 

    

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

exercise

 

 

 

 

 

 

 

 

 

 

 

 

 

 

price

 

 

2007 Plan

 

2008 Plan

 

2009 Plan

 

2010 Plan

 

2011 Plan

 

Total

 

(in euros)

Date of the shareholders’ meeting

 

5/11/2007

 

5/11/2007

 

5/11/2007

 

5/21/2010

 

5/21/2010

 

  

 

  

Date of the award(a)

 

7/17/2007

 

10/9/2008

 

9/15/2009

 

9/14/2010

 

9/14/2011

 

  

 

  

Strike price

 

60.10

 

42.90

 

39.90

 

38.20

 

33.00

 

  

 

  

Expiry date

 

7/17/2015

 

10/9/2016

 

9/15/2017

 

9/14/2018

 

9/14/2019

 

  

 

  

Number of options(b)

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Existing options as of January 1, 2015

 

5,847,965

 

3,215,884

 

3,011,269

 

3,701,218

 

859,075

 

16,635,411

 

46.85

Granted

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

Cancelled(b)

 

(5,847,965)

 

 —

 

 —

 

 —

 

 —

 

(5,847,965)

 

60.10

Exercised

 

 —

 

(654,382)

 

(300,486)

 

(377,972)

 

(136,766)

 

(1,469,606)

 

40.16

Existing options as of January 1, 2016

 

 —

 

2,561,502

 

2,710,783

 

3,323,246

 

722,309

 

9,317,840

 

39.58

Granted

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

Cancelled(b)

 

 —

 

(1,794,304)

 

 —

 

 —

 

 —

 

(1,794,304)

 

42.90

Exercised

 

 —

 

(767,198)

 

(931,730)

 

(443,009)

 

(95,981)

 

(2,237,918)

 

40.30

Existing options as of January 1, 2017

 

 —

 

 —

 

1,779,053

 

2,880,237

 

626,328

 

5,285,618

 

38.16

Granted

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

 

 —

Cancelled(b)

 

 —

 

 —

 

(195,370)

 

 —

 

 —

 

(195,370)

 

39.90

Exercised

 

 —

 

 —

 

(1,583,683)

 

(929,865)

 

(135,760)

 

(2,649,308)

 

38.95

Existing options as of December 31, 2017

 

 —

 

 —

 

 —

 

1,950,372

 

490,568

 

2,440,940

 

37.15

 

(a)

The grant date is the date of the Board meeting awarding the share subscription options, except for the grant of October 9, 2008, decided by the Board on September 9, 2008.

(b)

Out of the options canceled in 2015, 2016 and 2017, 5,847,965 options that were not exercised expired on July 17, 2015 due to the expiry of the 2007 plan, 1,794,304 options that were not exercised expired on October 9, 2016 due to the expiry of the 2008 plan and 195,370 options that were not exercised expired on September 15, 2017 due to expiry of 2009 plan.

TOTAL performance-based restricted share grants  
Shareholders' equity and share-based payments  
Summary of performance share grants and restricted stock activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

2013 Plan

    

2014 Plan

    

2015 Plan

    

2016 Plan

    

2017 Plan

    

Total

Date of the shareholders’ meeting

 

5/13/2011

 

5/16/2014

 

5/16/2014

 

5/24/2016

 

5/24/2016

 

  

Date of the award

 

7/25/2013

 

7/29/2014

 

07/28/2015

 

7/27/2016

 

7/26/2017

 

  

Date of the final award (end of the vesting period)

 

7/26/2016

 

7/30/2017

 

07/29/2018

 

7/28/2019

 

7/27/2020

 

  

Transfer authorized as from

 

7/26/2018

 

7/30/2019

 

07/29/2020

 

7/29/2021

 

7/28/2022

 

  

Grant date IFRS 2 fair value

 

32.64

44.66

35.90

35.37

35.57

  

Number of performance shares

 

  

 

  

 

  

 

  

 

  

 

  

Outstanding as of January 1, 2015

 

4,434,460

 

4,475,030

 

 —

 

 —

 

 —

 

8,909,490

Notified

 

 —

 

 —

 

4,761,935

 

 —

 

 —

 

4,761,935

Cancelled

 

(28,230)

 

(22,630)

 

(1,430)

 

 —

 

 —

 

(52,290)

Finally granted

 

(55,400)

 

(49,940)

 

 —

 

 —

 

 —

 

(105,340)

Outstanding as of January 1, 2016

 

4,350,830

 

4,402,460

 

4,760,505

 

 —

 

 —

 

13,513,795

Notified

 

 —

 

 —

 

 —

 

5,639,400

 

 —

 

5,639,400

Cancelled (a)

 

(1,303,506)

 

(37,100)

 

(29,170)

 

(1,730)

 

 —

 

(1,371,506)

Finally granted (a)

 

(3,047,324)

 

(860)

 

(600)

 

(110)

 

 —

 

(3,048,894)

Outstanding as of January 1, 2017

 

 —

 

4,364,500

 

4,730,735

 

5,637,560

 

 —

 

14,732,795

Notified

 

 —

 

 —

 

 —

 

 —

 

5,679,949

 

5,679,949

Cancelled

 

 —

 

(2,157,820)

 

(31,480)

 

(29,050)

 

(910)

 

(2,219,260)

Finally granted

 

 —

 

(2,206,680)

 

(1,950)

 

(1,410)

 

 —

 

(2,210,040)

Outstanding as of December 31, 2017

 

 —

 

 —

 

4,697,305

 

5,607,100

 

5,679,039

 

15,983,444

 

(a)

The number of performance shares finally granted in 2016 has been adjusted by 226 performance shares granted in 2017.

SunPower plans  
Shareholders' equity and share-based payments  
Summary of performance share grants and restricted stock activities

 

 

 

 

 

 

 

Restricted Stock Awards and Units

 

    

 

    

Weighted-Average

 

 

Shares

 

Grant Date Fair Value

 

 

(in thousands)

 

Per  Share (in dollars) (a)

Outstanding as of December 28, 2014

 

6,555

 

18.88

Granted

 

2,695

 

29.77

Vested (b)

 

(3,560)

 

15.31

Forfeited

 

(627)

 

22.99

Outstanding as of January 3, 2016

 

5,063

 

26.68

Granted

 

4,978

 

18.81

Vested (b)

 

(2,837)

 

23.47

Forfeited

 

(1,057)

 

26.30

Outstanding as of January 1, 2017

 

6,147

 

21.85

Granted

 

4,863

 

6.76

Vested (b)

 

(1,738)

 

25.87

Forfeited

 

(1,979)

 

18.15

Outstanding as of January 1, 2018

 

7,293

 

21.85

 

(a)SunPower estimates the fair value of the restricted stock unit awards as the stock price on the grant date.

(b)Restricted stock awards and units vested include shares withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.

Capital increase reserved for employees  
Shareholders' equity and share-based payments  
Schedule of assumptions used for valuation of the cost

 

 

 

For the year ended December 31,

    

2017

Date of the Board of Directors meeting that decided the issue

 

July 27, 2016

Subscription price (€) (a)

 

38.10

Share price at the reference date (€) (b)

 

46.98

Number of shares (in millions)

 

9.35

Risk free interest rate (%) (c)

 

0.13

Employees loan financing rate (%) (d)

 

5.02

Non transferability cost (% of the reference’s share price)

 

20.62

Expenses ($ million)

 

16.00

 

(a)Average of the closing TOTAL share prices during the twenty trading days prior to the subscription period, after deduction of a 20% discount.

(b)Share price on March 15, 2017, date on which the Chief Executive Officer set the subscription period.

(c)Zero coupon Euro swap rate at 5 years.

(d)The employees’ loan financing rate is based on a 5 year consumer’s credit rate.