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0001419783-07-000002.txt : 20071206
0001419783-07-000002.hdr.sgml : 20071206
20071206121823
ACCESSION NUMBER: 0001419783-07-000002
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 21
CONFORMED PERIOD OF REPORT: 20071206
FILED AS OF DATE: 20071206
DATE AS OF CHANGE: 20071206
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: TOTAL SA
CENTRAL INDEX KEY: 0000879764
STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311]
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-10888
FILM NUMBER: 071288681
BUSINESS ADDRESS:
STREET 1: 2 PLACE DE LA COUPOLE
STREET 2: LA DEFENSE 92078
CITY: PARIS FRANCE
STATE: I0
ZIP: 00000
BUSINESS PHONE: 2129693300
MAIL ADDRESS:
STREET 1: 2 PLACE DE LA COUPOLE
STREET 2: LA DEFENSE 92078
CITY: PARIS FRANCE
STATE: I0
ZIP: 00000
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL FINA ELF SA
DATE OF NAME CHANGE: 20001010
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL FINA SA
DATE OF NAME CHANGE: 19990713
FORMER COMPANY:
FORMER CONFORMED NAME: TOTAL
DATE OF NAME CHANGE: 19960103
6-K
1
y01850e6vk.htm
6-K
TOTAL
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13-a16 OR 15-d16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: November 2007
Commission File Number: 1-10888
TOTAL S.A.
(Translation of registrants name into English)
2, place de la Coupole
92078 Paris La Défense Cedex
France
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F þ Form 40-F o
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 the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934. Yes o No þ
If Yes is marked, indicate below the file number assigned to the registrant in connection with
Rule 12g3-2(b): 82- ___.
TABLE OF CONTENTS
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SIGNATURES |
EXHIBIT INDEX |
EX-99.1 12 Deepwater Gulf of Mexico Blocks,USA |
EX-99.2 Three Permits Northeast of Ichthys, Australian Offshore |
EX-99.3 Bongkot Field, Thailand |
EX-99.4 3rd Quarter 2007 Results, Total |
EX-99.5 3rd Quarter 2007 Financial Results, Total Gabon |
EX-99.6 Discovery, Mer Tres Profonde Sud Ultra-Deep Offshore Block, Congo |
EX-99.7 Exploration License, Chile |
EX-99.8 Photovoltech: New Production Line and Further Solar Energy Investment |
EX-99.9 Total Energy & Education Seminar |
EX-99.10 Total Serves French SME Development, China |
EX-99.11 10% Interest in Canada's Joslyn Oil Sands Project Assigned to INPEX |
EX-99.12 Sisi-Nubi Gas Fields Come on Stream, Indonesia |
SIGNATURES
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.
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TOTAL S.A.
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Date: December 6, 2007 |
By: |
/s/ Charles Paris de Bollardière
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Name : Charles PARIS de BOLLARDIERE |
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Title : Treasurer |
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]
EXHIBIT INDEX
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Ø
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EXHIBIT 99.1:
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United States: Total Obtains 12 Deepwater Gulf of Mexico Blocks (October 19, 2007). |
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Ø
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EXHIBIT 99.2:
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Australian offshore: Total acquires three permits northeast of Ichthys (October 26, 2007). |
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Ø
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EXHIBIT 99.3:
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Thailand: Production Period Extended on Bongkot Field and New Development to be Launched
(November 5, 2007). |
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Ø
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EXHIBIT 99.4:
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Third Quarter 2007 Results (November 7, 2007). |
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Ø
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EXHIBIT 99.5:
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Total Gabon Third Quarter 2007 Financial Results (November 15, 2007). |
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Ø
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EXHIBIT 99.6:
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New Discovery in the Mer Très Profonde Sud Ultra-Deep Offshore Block in the Congo (November
16, 2007). |
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Ø
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EXHIBIT 99.7:
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Total enters in Chile with the award of one exploration license (November 21, 2007). |
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Ø
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EXHIBIT 99.8:
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Photovoltech Inaugurates New Production Line and Approves Further Solar Energy
(November 21, 2007). |
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Ø
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EXHIBIT 99.9
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52 University Professors from Around the World Come to Paris for the Total Energy &
Education Seminar (November 22, 2007). |
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Ø
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EXHIBIT 99.10:
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Total Serves French SME Development in China through Its Local Business
Support Programme (November 23, 2007). |
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Ø
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EXHIBIT 99.11:
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Total assigns a 10% Interest in Canadas
Joslyn Oil Sands Project to INPEX (November
27, 2007). |
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Ø
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EXHIBIT 99.12:
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Sisi-Nubi Gas Fields Come on Stream in
Indonesia (November 29, 2007). |
Ø
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EX-99.1
2
y01850exv99w1.htm
EX-99.1 12 DEEPWATER GULF OF MEXICO BLOCKS,USA
exv99w1
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News Release
Communiqué de Pressee |
Exhibit 99.1
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
United States: Total Obtains 12 Deepwater Gulf of Mexico Blocks
Paris, October 19, 2007 Total announces that its wholly owned subsidiary,
Total E&P USA Inc., was the high bidder on 12 deep and ultra-deep water
exploration blocks in the Central and Eastern Gulf of Mexico Lease Sale 205.
Total E&P USA Inc. will operate five blocks in the Garden Banks area, three
blocks in the Green Canyon and four blocks in Walkridge with a 100% working
interest. All twelve leases are around 25 square kilometres each. Award of
these blocks is subject to final approval by the Minerals Management
Service.
This acquisition follows the acquisition of twenty blocks last year in the
same areas of the Gulf of Mexico. It is in accordance with the companys
strategy to strengthen its portfolio in the Gulf of Mexico on focusing
exploration efforts on prospects with high long-term potential.
Total E&P in the United States
Total has been present in exploration and production in the United States
since 1957 and produced 15,000 barrels of oil equivalent per day in equity
share in 2006. The Group has finalized beginning of 2006 an agreement to
swap four onshore fields in the South of Texas against a 17% interest in the
Tahiti field in the deep waters of the Gulf of Mexico.
Total sold its interest at the beginning of 2007 in the Camden Hills and
Acacongua fields, as well as in the Canyon Express pipeline, wishing by
these cessions to concentrate on exploration with high long-term potential.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.2
3
y01850exv99w2.htm
EX-99.2 THREE PERMITS NORTHEAST OF ICHTHYS, AUSTRALIAN OFFSHORE
exv99w2
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News Release
Communiqué de Pressee |
Exhibit 99.2
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Australian offshore: Total acquires three permits northeast of Ichthys
Paris, October 26, 2007 Total announces the acquisition of a 40% interest
in three exploration permits northeast of Ichthys on the Australian Browse
Basin jointly with Inpex (60%, operator). These interests were held by
ConocoPhillips. This acquisition is subject to the approval of the
Australian authorities.
Covering a respective area of 1 628, 1 220 and 667 square kilometres, Blocks
WA-341P, WA-343P and WA-344P are located roughly 200 kilometres offshore, in
water depths varying from 50 to 250 metres.
These new acquisitions further illustrate Totals commitment to
strengthening its presence offshore the northwest of Australia, a region
with rich gas reserves. The Group now has interests in 15 permits on
Australias North West Shelf, most of them situated in Browse Basin, where
the Group has a 24% interest in the WA-285P permit containing the Ichthys
field. The Ichthys liquefied natural gas project, currently under study,
should come on stream early next decade.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.3
4
y01850exv99w3.htm
EX-99.3 BONGKOT FIELD, THAILAND
exv99w3
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News Release
Communiqué de Pressee |
Exhibit 99.3
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Thailand: Production Period Extended on Bongkot Field and New Development to be Launched
Paris, November 5, 2007 Total announces that the Thai authorities have
approved the extension for ten years of the production period for Bongkot,
the largest gas field in Thailand. Bongkot consists of Blocks B15, B16, and
B17. With the extension, the Joint Venture partners are entitled to continue
to produce gas and condensate from Block B15 until 2022 and from Blocks B16
and B17 until 2023.
Existing developments on Bongkot were concentrated in the northern part of
the licence (Greater Bongkot North). The Bongkot Field currently produces
approximately 600 million cubic feet per day of natural gas and 18,000
barrels per day of condensate (about 20% of national gas consumption in
Thailand). Three new gas discoveries should enter production in 2009 in the
Greater Bongkot North (GBN) zone, allowing to extend the production plateau
of GBN.
After the success of four delineation wells drilled in 2007 in the Greater
Bongkot South (GBS) zone, the Government decision to extend the production
period should enable to launch a new development on this area in 2008 after
an agreement is reached on the commercial terms on gas sales.
This development will consist of a production platform, a living quarters
platform and a number of wellhead platforms. It should increase the
production volume by 300 million cubic feet per day, which will push Bongkot
production capacity to approximately 900 million cubic feet per day at the
beginning of the next decade.
Bongkot has been on production since 1993, it is operated by PTT Exploration
and Production Plc. (PTTEP), with a 44.45% interest. The remaining stakes
are owned by Total (33.33%) and BG Asia Pacific Pte. Limited (22.22%).
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Totals upstream in Thailand
The Groups primary asset in Thailand is the Bongkot gas and condensates
field (33.33%) where its share of production reached 41,000 barrels of oil
equivalent per day in 2006.
Total is also active in power and cogeneration in Thailand and owns 28 % of
Easter Power and Electric Company Ltd (EPEC) which has operated since 2003
the combined cycle gas power plant of Bang Bo, with a capacity of 350 MW
Total Exploration & Production in the Asia-Pacific Region
At 253,000 barrels of oil equivalent per day, the Asia-Pacific region
accounted for 11% of the Groups total production in 2006. Total is
primarily active in Indonesia, where it has operated the Mahakam block with
partner Inpex since 1970 and is one of the countrys leading producers of
liquefied natural gas.
The Group recently strengthened and diversified its mining domain by taking
new permits in Australia, Indonesia, Bangladesh and Vietnam. It also
acquired a 24% stake in Australias Ichthys LNG project, in partnership with
Inpex, and signed a contract with China National Petroleum Corporation to
appraise, develop and produce natural gas resources in the South Sulige
block in China.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.4
5
y01850exv99w4.htm
EX-99.4 3RD QUARTER 2007 RESULTS, TOTAL
exv99w4
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News Release
Communiqué de Presse |
Exhibit 99.4
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Paris, November 7, 2007
Third quarter 2007 adjusted net income
An increase of 4% to 4.13 billion dollars1
A decrease of 3% to 3.00 billion euros
Main results 1-2
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Third quarter 2007 adjusted net income 3 |
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3.00 |
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billion euros |
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-3 |
% |
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4.13 |
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billion dollars |
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+4 |
% |
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1.32 |
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euros per share |
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-2 |
% |
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1.82 |
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dollars per share |
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+5 |
% |
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Nine months 2007 adjusted net income 3 |
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9.10 |
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billion euros |
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-8 |
% |
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12.23 |
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billion dollars |
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3.99 |
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euros per share |
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-6 |
% |
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5.37 |
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dollars per share |
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+2 |
% |
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Nine months 2007 net income (Group share) |
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9.58 |
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billion euros |
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Highlights since the start of the third quarter 2007
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Upstream production increased by 2.5% in the third quarter 20072 |
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Started production of Dolphin in Qatar and Snohvit in Norway |
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Launched development of offshore field Ofon Phase II in Nigeria |
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Agreement with Gazprom to study the development of Phase 1 of the giant Shtokman field in
Russia |
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Continued exploration success |
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Significant discoveries on MTPS in Congo, on Blocks 32 and 14 in Angola, on Tormore in
West of Shetlands area and on Mahakam in Indonesia |
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§ |
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Additional acreage in Nigeria, Australia, Vietnam and the Gulf of Mexico |
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Agreements to divest interests in the Interconnector pipeline and the Milford Haven
refinery in the UK |
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Started construction of new desulphurization units at the Lindsey refinery in the UK and
the Leuna refinery in Germany |
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Started up two expansion projects for petrochemicals at Qapco in Qatar and Daesan in
Korea |
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Partnership with Sonatrach to develop a petrochemicals complex in Algeria that includes
an ethane cracker |
The Board of Directors of Total, led by Chairman Thierry Desmarest, met on November 6, 2007 to
review the third quarter 2007 accounts. Adjusted net income was 3,004 million euros (M), a
decrease of 3% compared to the third quarter 2006. Commenting on the results, CEO Christophe de
Margerie said :
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1 |
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dollar amounts represent euro amounts converted at the
average exchange rate for the period (1.3738 $/ in the third quarter 2007,
1.2743 $/ in the third quarter 2006, 1.3481 $/ in the second quarter 2007,
1.3443 $/ in the first nine months 2007 and 1.2447 $/ in the first nine
months 2006) |
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2 |
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percent changes are relative to the third quarter 2006 |
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3 |
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adjusted net income = net income using replacement cost
(Group share) adjusted for special items and excluding Totals share of
amortization of intangibles related to the Sanofi-Aventis merger. Third quarter
2007 net income (Group share) was 3,121 million euros |
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
« Compared to the third quarter 2006, the environment in the third quarter 2007 was mixed. While
the Brent oil price increased by 7% to nearly 75 $/b, the dollar fell by 7% relative to the euro.
The average natural gas price was weaker, primarily as a result of lower UK spot prices. European
refining margins fell by 17% to a more moderate level. The environment for Chemicals remained
generally satisfactory.
In this context, Total was the best performer among the majors. In dollars, adjusted net income
increased by 4% compared to the same quarter a year ago. Total benefited from the return to
production growth, the high quality of its asset portfolio, and its efforts to limit the impact of
cost inflation. The return on average capital employed (ROACE) for Total was 24% over the past
twelve months.
Total continues to deliver on its organic growth strategy and is demonstrating the confidence it
has in creating long-term shareholder value by increasing the 2007 interim dividend by 15% in
euros.
While market tensions tighten, Total reaffirms its commitment to contribute to satisfying energy
demand over the long term, while giving a high priority to the preservation of the environment,
safety and the acceptability of its operations with a responsible approach and strict respect of
its Code of Conduct. »
Key figures and consolidated accounts of Total 4
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3Q07 |
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9M07 |
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vs |
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in millions of euros, |
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vs |
3Q07 |
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2Q07 |
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3Q06 |
|
3Q06 |
|
except earnings per share and number of shares |
|
9M07 |
|
9M06 |
|
9M06 |
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39,430 |
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39,094 |
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38,357 |
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+3 |
% |
|
Sales |
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115,567 |
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117,369 |
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|
-2 |
% |
|
5,770 |
|
|
|
5,756 |
|
|
|
6,352 |
|
|
|
-9 |
% |
|
Adjusted operating income from business segments |
|
|
17,255 |
|
|
|
19,712 |
|
|
|
-12 |
% |
|
3,000 |
|
|
|
3,081 |
|
|
|
3,079 |
|
|
|
-3 |
% |
|
Adjusted net operating income from business segments |
|
|
9,029 |
|
|
|
9,688 |
|
|
|
-7 |
% |
|
2,227 |
|
|
|
2,092 |
|
|
|
2,033 |
|
|
|
+10 |
% |
|
Upstream |
|
|
6,280 |
|
|
|
6,824 |
|
|
|
-8 |
% |
|
526 |
|
|
|
755 |
|
|
|
798 |
|
|
|
-34 |
% |
|
Downstream |
|
|
1,989 |
|
|
|
2,235 |
|
|
|
-11 |
% |
|
247 |
|
|
|
234 |
|
|
|
248 |
|
|
|
|
|
|
Chemicals |
|
|
760 |
|
|
|
629 |
|
|
|
+21 |
% |
|
3,004 |
|
|
|
3,100 |
|
|
|
3,111 |
|
|
|
-3 |
% |
|
Adjusted net income |
|
|
9,096 |
|
|
|
9,848 |
|
|
|
-8 |
% |
|
1.32 |
|
|
|
1.36 |
|
|
|
1.35 |
|
|
|
-2 |
% |
|
Adjusted fully-diluted earnings per share (euros) |
|
|
3.99 |
|
|
|
4.24 |
|
|
|
-6 |
% |
|
2,272.6 |
|
|
|
2,278.4 |
|
|
|
2,302.3 |
|
|
|
-1 |
% |
|
Fully-diluted weighted-average shares (millions) |
|
|
2,277.3 |
|
|
|
2,320.4 |
|
|
|
-2 |
% |
|
3,121 |
|
|
|
3,411 |
|
|
|
2,419 |
|
|
|
+29 |
% |
|
Net income (Group share) |
|
|
9,581 |
|
|
|
9,543 |
|
|
|
|
|
|
2,590 |
|
|
|
2,690 |
|
|
|
2,667 |
|
|
|
-3 |
% |
|
Investments |
|
|
7,694 |
|
|
|
8,196 |
|
|
|
-6 |
% |
|
109 |
|
|
|
222 |
|
|
|
186 |
|
|
|
-41 |
% |
|
Divestments (at selling price) |
|
|
575 |
|
|
|
1,207 |
|
|
|
-52 |
% |
|
3,549 |
|
|
|
3,589 |
|
|
|
5,053 |
|
|
|
-30 |
% |
|
Cash flow from operations |
|
|
13,526 |
|
|
|
13,938 |
|
|
|
-3 |
% |
|
4,260 |
|
|
|
4,563 |
|
|
|
4,397 |
|
|
|
-3 |
% |
|
Adjusted cash flow from operations |
|
|
12,939 |
|
|
|
13,362 |
|
|
|
-3 |
% |
|
|
|
4 |
|
adjusted income (adjusted operating income, adjusted
net operating income and adjusted net income) is defined as income using
replacement cost, adjusted for special items and excluding Totals equity share
of amortization of intangibles related to the Sanofi-Aventis merger; adjusted
cash flow from operations is defined as cash flow from operations before
changes in working capital at replacement cost; adjustment items are listed on
page 15 |
2
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Third quarter 2007 results
> Operating income
In the third quarter 2007, the average Brent price rose to 74.7 $/b, an increase of 7% compared to
the third quarter 2006 and 9% compared to the second quarter 2007. Totals average realized price
of natural gas fell by 14% compared to the third quarter 2006 and by 2% compared to the second
quarter 2007.
The European refining margin indicator (TRCV) was 23.9 $/t on average, a decrease of 17% compared
to the third quarter 2006 and 44% compared to the particularly high margins of the second quarter
2007.
European petrochemical margins were higher compared to the third quarter 2006 and second quarter
2007, except for the margin for aromatics, which decreased substantially in the third quarter 2007.
The euro-dollar exchange rate was 1.37 $/ in the third quarter 2007 compared to 1.27 $/ in the
third quarter 2006 and 1.35 $/ in the second quarter 2007, representing decreases of 7% and 2%,
respectively, in the value of the dollar.
In this context, adjusted operating income from the business segments was 5,770 M, a decrease of
9% compared to the third quarter 20065 or, expressed in dollars, a decrease of 2%.
Adjusted net operating income from the business segments was to 3,000 M, or a decrease of 3%
compared to the third quarter 2006.
Expressed in dollars, adjusted net operating income from the business segments was 4,121 M$, an
increase of 5% compared to the third quarter 2006. Excluding the charge of 143 M for the increase
in UK petroleum taxes related to the first half of 2006 from the third quarter 2006 results, the
adjusted net operating income from the business segments expressed in dollars was stable compared
to the third quarter 2006.
> Net income
Adjusted net income was 3,004 M in the third quarter 2007 compared to 3,111 M
in the third
quarter 2006. This excludes the after-tax inventory effect, special items, and the Groups equity
share of the amortization of intangibles related to the Sanofi-Aventis merger.
|
|
|
The after-tax inventory effect had a positive impact of 139 M in the third quarter 2007
and a negative impact of 478 M in the third quarter 2006. |
|
|
|
|
Special items had a positive effect on net income of 55 M in the third quarter 2007 and
were comprised of 75 M for the equity share of a deferred tax adjustment by Sanofi-Aventis
which was partially offset by a 20 M restructuring provision in Downstream. In the third
quarter 2006, special items had a negative effect on net income of 132 M, composed
primarily of a 71 M charge for deferred taxes related to the UK petroleum tax increase and
special charges related to restructuring in the Chemicals segment. |
|
|
|
|
The Groups share of the amortization of intangibles related to the Sanofi-Aventis merger
had a negative impact on net income of 77 M in the third quarter 2007 and 82 M in the
third quarter 2006. |
Reported net income was 3,121 M compared to 2,419 M in the third quarter 2006.
The effective tax rate6 for the Group was 55.1% in the third quarter compared to 54.0%
in the second quarter 2007 and 55.6% in the third quarter 2006.
|
|
|
5 |
|
there were no special items affecting operating income
from the business segments in the third quarter 2007; in the third quarter
2006, special items were composed of charges in Chemicals |
|
6 |
|
defined as: (tax on adjusted net operating income) /
(adjusted net operating income income from equity affiliates, dividends
received from investments and impairments of acquisition goodwill + tax on
adjusted net operating income) |
3
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
In the third quarter 2007, the Group bought back 9.4 million7 of its shares for 532 M.
Adjusted earnings per share, based on 2,272.6 million fully-diluted weighted-average shares, was
1.32 euros in the third quarter 2007, a decrease of 2% compared to the third quarter 2006.
Expressed in dollars, adjusted earnings per share rose to 1.82, an increase of 5% compared to the
third quarter 2006.
> Investments divestments
Investments in the third quarter 2007 were 2,590 M compared to 2,667 M in
the third quarter 2006.
The third quarter 2007 investments include 94 M of acquisitions related primarily to new permits.
Divestments in the third quarter 2007 were 109 M.
Expressed in dollars, investments in the third quarter 2007 increased by 5% to 3.6 billion.
Net investments were 3.4 billion dollars (B$) in the third quarter 2007 compared to 3.2 B$ in the
third quarter 2006.
> Cash flow
Cash flow from operations was 3,549 M, a decrease of 30% compared to the third quarter 2006,
mainly due to an increase in working capital.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement
cost) decreased by 3% to 4,260 M. Expressed in dollars, adjusted cash flow increased by 4% to 5.9
B$.
The net-debt-to-equity ratio was 24% at September 30, 2007 compared to 26% at June 30, 2007 and 26%
at September 30, 20068, in line with the target range of the Group.
|
|
|
7 |
|
includes 2.4 million shares purchased to cover the
program of restricted share grants for employees per the Board of Directors
decision on July 17, 2007 |
|
8 |
|
calculations shown on page 16 |
4
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Nine months 2007 results
> Operating income
Compared to the first nine months of 2006, the oil market environment for the first nine months of
2007 was marked by an average Brent price stable at 67 $/b and a 12% decrease in the average
realized price for natural gas.
The European refining margin indicator increased by 8% to 33.3 $/t.
Petrochemical margins increased, with higher margins in Europe that were partially offset by lower
margins in the US.
The euro-dollar exchange rate was 1.34 $/ compared to 1.24 $/ for the first
nine months of 2006,
representing a decline of 7% in the dollar.
In this context, adjusted operating income from the business segments was 17,255 M, a decrease of
12% compared to the first nine months of 20069.
Adjusted net operating income from the business segments was 9,029 M compared to 9,688 M for the
first nine months of 2006, a decrease of 7%. The lower percentage decrease relative to the decrease
in operating income is due in part to a larger contribution from equity affiliates.
Expressed in dollars, adjusted net operating income from the business segments was 12.1 B$, an
increase of 1% compared to the first nine months of 2006.
> Net income
Adjusted net income was 9,096 M compared to 9,848 M for the first nine months
of 2006, a decrease
of 8%. This excludes the after-tax inventory effect, special items, and the Groups equity share of
the amortization of intangibles related to the Sanofi-Aventis merger.
|
|
|
The after-tax inventory effect had a positive impact on net income of 755 M in the first
nine months of 2007 and 78 M in the same period last year. |
|
|
|
|
Special items had a negative impact on net income of 45 M in the first nine months of
2007 and 132 M in the first nine months of 200610. |
|
|
|
|
The Groups share of the amortization of intangibles related to the Sanofi-Aventis merger
had a negative impact on net income of 225 M in the first nine months of 2007 and 251 M in
the same period last year. |
Reported net income was 9,581 M compared to 9,543 M for the first nine months
of 2006.
The effective tax rate for the Group was 54.4% in the first nine months of 2007 compared to 55.5%
in the first nine months of 2006.
In the first nine months of 2007, the Group bought back 23.4 million of its shares11 for
1,287 M. The number of fully-diluted shares as of September 30, 2007 was 2,271.0 million compared
to 2,278.6 million on June 30, 2007 and 2,294.6 million on September 30, 2006. The Group continued
to buy back shares in October 2007, acquiring 4.0 million shares for 222 M.
Adjusted earnings per share, calculated based on 2,277.3 million fully-diluted weighted-average
shares, declined by 6% to 3.99 euros from 4.24 euros in the first nine months of 2006, a lower
percentage decrease than for adjusted net income thanks to the accretive effect of the share
buybacks.
Expressed in dollars, adjusted earnings per share rose to 5.37, an increase of 2% compared to the
first nine months of 2006.
|
|
|
9 |
|
there were no special items affecting operating income
from the business segments in the first nine months of 2007; special items
affecting operating income from the business segments had a negative impact of
177 M in the first nine months of 2006 ; detail of these elements shown on
page 15 |
|
10 |
|
calculations shown on page 15 |
|
11 |
|
includes 2.4 million shares purchased to cover the
program of restricted share grants for employees per the Board of Directors
decision on July 17, 2007 |
5
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
> Investments divestments
Investments were 7,694 M compared to 8,196 M in the first nine months of 2006.
Investments in the
first nine months of 2007 included acquisitions of 161 M related primarily to new permits.
Divestments in the first nine months of 2007 were 575 M compared to 1,207 M in the first nine
months of 2006. Divestments in the first nine months of 2007 include the sale of Canyon Express and
the Aconcagua field in the Gulf of Mexico, certain interests in Norway, and targeted divestitures
in Downstream and Specialty Chemicals.
Expressed in dollars, investments in the first nine months of 2007 were 10.3 billion compared to
10.2 billion in the same period last year.
Net investments in the first nine months of 2007 were 9.6 B$ compared to 8.7 B$ in the first nine
months of 2006.
> Cash flow
Cash flow from operations was 13,526 M, a decrease of 3% compared to the first nine months of
2006.
Adjusted cash flow (cash flow from operations before changes in working capital at replacement
cost) was 12,939 M, a decrease of 3%.
Expressed in dollars, adjusted cash flow increased by 5% to 17.4 B$.
Net cash flow12 for the Group was 6,407 M compared to 6,949 M for the first nine
months of 2006. Expressed in dollars, net cash flow for the Group was 8.6 B$, stable compared to
the first nine months of 2006.
|
|
|
12 |
|
net cash flow = cash flow from operations +
divestments investments |
6
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Analysis of business segment results
Upstream
> Environment liquids and gas price realizations *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
|
|
9M07 |
|
9M06 |
|
9M06 |
|
|
74.7 |
|
|
|
68.8 |
|
|
|
69.5 |
|
|
|
+7 |
% |
|
Brent ($/b) |
|
|
67.1 |
|
|
|
67.0 |
|
|
|
|
|
|
71.4 |
|
|
|
65.7 |
|
|
|
65.4 |
|
|
|
+9 |
% |
|
Average liquids price ($/b) |
|
|
63.8 |
|
|
|
63.4 |
|
|
|
+1 |
% |
|
4.83 |
|
|
|
4.94 |
|
|
|
5.59 |
|
|
|
-14 |
% |
|
Average gas price ($/Mbtu) |
|
|
5.16 |
|
|
|
5.84 |
|
|
|
-12 |
% |
|
55.4 |
|
|
|
52.5 |
|
|
|
53.2 |
|
|
|
+4 |
% |
|
Average hydrocarbons price ($/boe) |
|
|
51.7 |
|
|
|
52.6 |
|
|
|
-2 |
% |
|
|
|
* |
|
consolidated subsidiaries, excluding fixed margin and buy-back contracts |
The increase in Totals average realized liquids price was greater than the increase in the Brent
price for both the third quarter and the first nine months of 2007 compared to the same periods in
2006.
The average realized price for Totals natural gas was substantially lower in both the third
quarter 2007 and the first nine months of 2007, mainly due to a sharp decline in the UK spot price.
> Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
Hydrocarbon production |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
2,352 |
|
|
|
2,322 |
|
|
|
2,294 |
|
|
|
+3 |
% |
|
Combined production (kboe/d) |
|
|
2,368 |
|
|
|
2,341 |
|
|
|
+1 |
% |
|
1,481 |
|
|
|
1,475 |
|
|
|
1,485 |
|
|
|
|
|
|
Liquids (kb/d) |
|
|
1,502 |
|
|
|
1,503 |
|
|
|
|
|
|
4,741 |
|
|
|
4,599 |
|
|
|
4,411 |
|
|
|
+7 |
% |
|
Gas (Mcfd) |
|
|
4,707 |
|
|
|
4,568 |
|
|
|
+3 |
% |
Hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d) in the third
quarter 2007 compared to 2,294 kboe/d in the third quarter 2006, an increase of 2.5% mainly as a
result of:
|
|
|
+6.5% from net growth, primarily from start-ups and ramp-ups of new projects, such as
Dalia, Rosa, Dolphin and Shah Deniz, partially offset by declines, |
|
|
|
|
-1.5% from the impact of the May 2007 fire on the Nkossa platform in Congo, |
|
|
|
|
-1% from the price effect13 and OPEC reduction, |
|
|
|
|
-1.5% from changes in the portfolio. |
Excluding the price effect, OPEC reductions and portfolio changes, underlying production growth was
5% between the third quarter 2007 and third quarter 2006.
In the first nine months of 2007, the Groups average production was 2,368 kboe/d, an increase of
more than 1% compared to the same period last year, mainly as a result of :
|
|
|
+4.5% from net growth, primarily from start-ups and ramp-ups of new projects, such as
Dalia, Rosa, BBLT, Dolphin and Shah Deniz, partially offset by declines, |
|
|
|
|
-1% from the impact of the May 2007 fire on the Nkossa platform in Congo, |
|
|
|
|
-1.5% from the price effect13 and OPEC reduction, |
|
|
|
|
-1% from changes in the portfolio. |
|
|
|
13 |
|
impact of changing hydrocarbon prices on entitlement volumes |
7
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
> Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
in millions of euros |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
4,861 |
|
|
|
4,440 |
|
|
|
5,000 |
|
|
|
-3 |
% |
|
Adjusted operating income * |
|
|
13,676 |
|
|
|
15,977 |
|
|
|
-14 |
% |
|
2,227 |
|
|
|
2,092 |
|
|
|
2,033 |
|
|
|
+10 |
% |
|
Adjusted net operating income * |
|
|
6,280 |
|
|
|
6,824 |
|
|
|
-8 |
% |
|
183 |
|
|
|
202 |
|
|
|
172 |
|
|
|
+6 |
% |
|
Includes income from equity affiliates |
|
|
560 |
|
|
|
470 |
|
|
|
+19 |
% |
|
1,981 |
|
|
|
2,109 |
|
|
|
2,073 |
|
|
|
-4 |
% |
|
Investments |
|
|
6,079 |
|
|
|
6,363 |
|
|
|
-4 |
% |
|
63 |
|
|
|
191 |
|
|
|
80 |
|
|
|
-21 |
% |
|
Divestments at selling price |
|
|
427 |
|
|
|
935 |
|
|
|
-54 |
% |
|
1,697 |
|
|
|
3,312 |
|
|
|
2,534 |
|
|
|
-33 |
% |
|
Cash flow |
|
|
9,344 |
|
|
|
9,736 |
|
|
|
-4 |
% |
|
3,297 |
|
|
|
3,011 |
|
|
|
3,099 |
|
|
|
+6 |
% |
|
Adjusted cash flow |
|
|
9,274 |
|
|
|
9,779 |
|
|
|
-5 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information |
Adjusted net operating income from the Upstream segment was 2,227 M in the third quarter 2007
compared to 2,033 M in the third quarter 2006, an increase of 10%. In the third quarter 2006,
there was a 143 M charge for the increase in UK petroleum taxes related to the first half of 2006.
Expressed in dollars, adjusted net operating income increased by 18% compared to the third quarter
2006. Excluding the third quarter 2006 charge for the increase in UK petroleum taxes related to the
first half of 2006, adjusted net operating income from the business segments in the third quarter
2007, expressed in dollars, increased by 10% compared to the third quarter 2006. This reflects
mainly the benefits of higher oil and gas price realizations and the increase in production,
partially offset by higher operating costs and higher amortization expenses linked to new
start-ups.
The effective tax rate for the Upstream segment was 59.3% compared to 63.7% in the third quarter
2006 and 59.9% in the second quarter 2007. The third quarter 2006 charge for the increase in UK
petroleum taxes related to the first half of 2006 had an impact of close to 3% on the effective tax
rate.
The return on average capital employed (ROACE14) for the Upstream segment for the twelve
months ended September 30, 2007 was 32% compared to 33% for the twelve months ended June 30, 2007.
|
|
|
14 |
|
calculated based on adjusted net operating income and
average capital employed, using replacement cost, as shown on page 17 |
8
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Downstream
> Refinery throughput and utilization rates
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
Refinery throughput (kb/d) |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
2,471 |
|
|
|
2,354 |
|
|
|
2,533 |
|
|
|
-2 |
% |
|
Total refinery throughput (kb/d) * |
|
|
2,415 |
|
|
|
2,462 |
|
|
|
-2 |
% |
|
915 |
|
|
|
936 |
|
|
|
976 |
|
|
|
-6 |
% |
|
France |
|
|
947 |
|
|
|
922 |
|
|
|
+3 |
% |
|
1,253 |
|
|
|
1,112 |
|
|
|
1,257 |
|
|
|
|
|
|
Rest of Europe* |
|
|
1,177 |
|
|
|
1,228 |
|
|
|
-4 |
% |
|
303 |
|
|
|
306 |
|
|
|
300 |
|
|
|
+1 |
% |
|
Rest of world |
|
|
291 |
|
|
|
312 |
|
|
|
-7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilization rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
88 |
% |
|
|
85 |
% |
|
|
92 |
% |
|
|
|
|
|
Based on crude only |
|
|
86 |
% |
|
|
88 |
% |
|
|
|
|
|
92 |
% |
|
|
87 |
% |
|
|
94 |
% |
|
|
|
|
|
Based on crude and other feedstock * |
|
|
89 |
% |
|
|
91 |
% |
|
|
|
|
|
|
|
* |
|
includes share of Cepsa |
In the third quarter 2007, there were planned partial turnarounds at the Normandy and Lindsey
refineries.
A major turnaround of the steam-cracker at the Port Arthur refinery was started near the end of
the third quarter 2006.
In the second quarter 2007, there were planned shutdowns for maintenance at the Donges, Antwerp,
Vlessingen, Flanders and Rome refineries.
> Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
in millions of euros |
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
(except European refining margin indicator) |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
23.9 |
|
|
|
42.8 |
|
|
|
28.7 |
|
|
|
-17 |
% |
|
European refining margin indicator TRCV ($/t) |
|
|
33.3 |
|
|
|
30.9 |
|
|
|
+8 |
% |
|
566 |
|
|
|
1,004 |
|
|
|
1,002 |
|
|
|
-44 |
% |
|
Adjusted operating income * |
|
|
2,543 |
|
|
|
2,894 |
|
|
|
-12 |
% |
|
526 |
|
|
|
755 |
|
|
|
798 |
|
|
|
-34 |
% |
|
Adjusted net operating income * |
|
|
1,989 |
|
|
|
2,235 |
|
|
|
-11 |
% |
|
63 |
|
|
|
75 |
|
|
|
64 |
|
|
|
-2 |
% |
|
Includes income from equity affiliates |
|
|
201 |
|
|
|
206 |
|
|
|
-2 |
% |
|
381 |
|
|
|
401 |
|
|
|
383 |
|
|
|
-1 |
% |
|
Investments |
|
|
1,026 |
|
|
|
1,072 |
|
|
|
-4 |
% |
|
27 |
|
|
|
28 |
|
|
|
90 |
|
|
|
-70 |
% |
|
Divestments at selling price |
|
|
77 |
|
|
|
153 |
|
|
|
-50 |
% |
|
439 |
|
|
|
1 432 |
|
|
|
1,180 |
|
|
|
-63 |
% |
|
Cash flow |
|
|
3,776 |
|
|
|
3,365 |
|
|
|
+12 |
% |
|
743 |
|
|
|
999 |
|
|
|
1,142 |
|
|
|
-35 |
% |
|
Adjusted cash flow |
|
|
2,781 |
|
|
|
3,060 |
|
|
|
-9 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information |
Refining margins in the third quarter 2007 averaged 23.9 $/t, down 17% compared to the third
quarter 2006 and down 44% compared to particularly high level of the second quarter 2007.
Adjusted net operating income from the Downstream segment was 526 M in the third quarter 2007
compared to 798 M in the third quarter 2006, a decrease of 34%.
The decrease reflects mainly the lower refining margins, the impact of a weaker dollar relative to
the euro, and the lack of favorable market effects that benefited the Downstream segment in the
third quarter 2006.
In percentage terms, the decrease in third quarter 2007 adjusted net operating income was lower
than the decrease in adjusted operating income. For the nine months, the decrease in adjusted net
operating income was in line with the decrease in adjusted operating income.
The ROACE for Downstream for the twelve months ended September 30, 2007 was 22% compared to 25% for
the twelve months ended June 30, 2007.
9
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Chemicals
> Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
in millions of euros |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
4,856 |
|
|
|
5,070 |
|
|
|
4,849 |
|
|
|
|
|
|
Sales |
|
|
14,921 |
|
|
|
14,503 |
|
|
|
+3 |
% |
|
3,071 |
|
|
|
3,202 |
|
|
|
3,135 |
|
|
|
-2 |
% |
|
Base chemicals |
|
|
9,424 |
|
|
|
9,120 |
|
|
|
+3 |
% |
|
1,785 |
|
|
|
1,868 |
|
|
|
1,713 |
|
|
|
+4 |
% |
|
Specialties |
|
|
5,497 |
|
|
|
5,382 |
|
|
|
+2 |
% |
|
343 |
|
|
|
312 |
|
|
|
350 |
|
|
|
-2 |
% |
|
Adjusted operating income * |
|
|
1 036 |
|
|
|
841 |
|
|
|
+23 |
% |
|
247 |
|
|
|
234 |
|
|
|
248 |
|
|
|
|
|
|
Adjusted net operating income * |
|
|
760 |
|
|
|
629 |
|
|
|
+21 |
% |
|
140 |
|
|
|
110 |
|
|
|
155 |
|
|
|
-10 |
% |
|
Base chemicals |
|
|
439 |
|
|
|
318 |
|
|
|
+38 |
% |
|
99 |
|
|
|
124 |
|
|
|
87 |
|
|
|
+14 |
% |
|
Specialties |
|
|
316 |
|
|
|
299 |
|
|
|
+6 |
% |
|
200 |
|
|
|
173 |
|
|
|
202 |
|
|
|
-1 |
% |
|
Investments |
|
|
546 |
|
|
|
702 |
|
|
|
-22 |
% |
|
15 |
|
|
|
1 |
|
|
|
4 |
|
|
|
x4 |
|
|
Divestments at selling price |
|
|
63 |
|
|
|
99 |
|
|
|
-36 |
% |
|
217 |
|
|
|
254 |
|
|
|
291 |
|
|
|
-25 |
% |
|
Cash flow |
|
|
578 |
|
|
|
247 |
|
|
|
+134 |
% |
|
300 |
|
|
|
302 |
|
|
|
329 |
|
|
|
-9 |
% |
|
Adjusted cash flow |
|
|
931 |
|
|
|
889 |
|
|
|
+5 |
% |
|
|
|
* |
|
detail of adjustment items shown in business segment information |
Third quarter 2007 sales for the Chemicals segment were 4,856 M, stable compared to the third
quarter 2006.
Adjusted net operating income for Base Chemicals was 140 M despite a substantial decline in the
margins for aromatics in the quarter.
Specialties continue to benefit from global economic growth and performed well in the quarter,
with a 14% increase in adjusted net operating income compared to the third quarter 2006.
The ROACE for the Chemicals segment for the twelve months ended September 30, 2007 was 14%, stable
compared to the twelve months ended June 30, 2007.
10
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Summary and outlook
The ROACE for the twelve months ended September 30, 2007 was 24% at the Group level and 26% at the
level of the business segments compared to 25% and 28% respectively for the twelve months ended
June 30, 2007.
The return on equity for the twelve months ended September 30, 2007 was 29%.
The Group maintains its net-debt-to-equity ratio around its target range of 25-30%.
The investment program of approximately 16 B$ (excluding acquisitions) for 2007 is in line with
the target.
Total will pay an interim dividend of 1 per share on November 16, 200715, a 15%
increase compared to the 2006 interim dividend. Expressed in dollars, the increase is more than
25%.
In the Upstream segment, Total confirms its production growth target of 4% per year on average
between 2006 and 2010 based on a projected Brent oil price environment of 60$/b. The growth will
be driven mainly by seven major Total-operated projects, including three that have started
producing recently and four that are being developed in line with expectations. The growth will be
particularly high in the LNG business, where sales16 are expected to grow by 13% per
year on average over the period.
In Refining, the Group is pursuing its strategy to upgrade its refining system by investing in
more conversion and desulphurization capacity. Certain development projects, designed to supply
growing markets, are currently under study.
In Petrochemicals, Total is pursuing its strategy to improve its competitiveness in Europe, to
strengthen its position in Asia and to develop projects with ethane-based feedstock in the Middle
East and North Africa.
Since the start of the fourth quarter 2007, oil prices have hit new record levels notably as a
result of persistent tension on market supply. Refining margins have remained around the average
of the third quarter 2007, and conversion margins have remained robust.
The return to growth in production confirmed during the third quarter, the successful execution of
major projects, the strong management and investment discipline, and the success of exploration
and negotiations for access to new reserves support the outlook of profitable growth of Total for
the coming years and for the longer term.
¨ ¨ ¨
To listen to the conference call with CFO Robert Castaigne and financial analysts today at 15:00
(Paris time) please call +44 (0)207 098 0692 in Europe or +1 866 907 5923 in the US (access code :
Total) or log on to the company website
www.total.com. For a replay, dial +44 (0)207 075 3214 in
Europe or 1 866 828 2261 in the US (code : 206514).
|
|
|
15 |
|
per the Board of Directors decision on September 4,
2007 |
|
16 |
|
Total share, excluding trading |
11
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
The September 30, 2007 notes to the consolidated accounts are available on the Total web site
(www.total.com). This document may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results
of operations, business, strategy and plans of Total. Such statements are based on a number of
assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors,
including currency fluctuations, the price of petroleum products, the ability to realize cost
reductions and operating efficiencies without unduly disrupting business operations, environmental
regulatory considerations and general economic and business conditions. Total does not assume any
obligation to update publicly any forward-looking statement, whether as a result of new
information, future events or otherwise. Further information on factors which could affect the
companys financial results is provided in documents filed by the Group and its affiliates with the
French Autorité des Marchés Financiers and the US Securities and Exchange Commission.
Business segment information is presented in accordance with the Group internal reporting system
used by the Chief operating decision maker to measure performance and allocate resources
internally. 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, certain
transactions such as restructuring costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as special items although they may
have occurred within prior years or are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are also presented according to the
replacement cost method. This method is used to assess the segments performance and ensure the
comparability of the segments results with those of its
competitors, mainly North American.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the
variation of inventory values in the income statement is determined by the average price of the
period rather than the historical value. The inventory valuation effect is the difference between
the results according to FIFO (First-In, First-Out) and replacement cost.
In this framework, performance measures such as adjusted operating income, adjusted net operating
income and adjusted net income are defined as incomes using replacement cost, adjusted for special
items and excluding Totals equity share of the amortization of intangibles related to the
Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and
the comparison of income between periods.
12
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Main operating information by segment
Third quarter and first nine months 2007
l Upstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
Combined liquids and gas |
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
production by region (kboe/d) |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
628 |
|
|
|
644 |
|
|
|
674 |
|
|
|
-7 |
% |
|
Europe |
|
|
672 |
|
|
|
720 |
|
|
|
-7 |
% |
|
811 |
|
|
|
795 |
|
|
|
716 |
|
|
|
+13 |
% |
|
Africa |
|
|
797 |
|
|
|
717 |
|
|
|
+11 |
% |
|
18 |
|
|
|
21 |
|
|
|
17 |
|
|
|
+6 |
% |
|
North America |
|
|
22 |
|
|
|
12 |
|
|
|
+83 |
% |
|
252 |
|
|
|
247 |
|
|
|
250 |
|
|
|
+1 |
% |
|
Far East |
|
|
252 |
|
|
|
251 |
|
|
|
|
|
|
393 |
|
|
|
359 |
|
|
|
396 |
|
|
|
-1 |
% |
|
Middle East |
|
|
384 |
|
|
|
403 |
|
|
|
-5 |
% |
|
228 |
|
|
|
243 |
|
|
|
234 |
|
|
|
-3 |
% |
|
South America |
|
|
226 |
|
|
|
231 |
|
|
|
-2 |
% |
|
22 |
|
|
|
13 |
|
|
|
7 |
|
|
|
x3 |
|
|
Rest of world |
|
|
15 |
|
|
|
7 |
|
|
|
x2 |
|
|
2,352 |
|
|
|
2,322 |
|
|
|
2,294 |
|
|
|
+3 |
% |
|
Total production |
|
|
2,368 |
|
|
|
2,341 |
|
|
|
+1 |
% |
|
317 |
|
|
|
310 |
|
|
|
342 |
|
|
|
-7 |
% |
|
Includes equity and
non-consolidated affiliates |
|
|
322 |
|
|
|
339 |
|
|
|
-5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
Liquids production by region (kb/d) |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
313 |
|
|
|
315 |
|
|
|
354 |
|
|
|
-12 |
% |
|
Europe |
|
|
333 |
|
|
|
363 |
|
|
|
-8 |
% |
|
689 |
|
|
|
670 |
|
|
|
620 |
|
|
|
+11 |
% |
|
Africa |
|
|
680 |
|
|
|
626 |
|
|
|
+9 |
% |
|
11 |
|
|
|
15 |
|
|
|
7 |
|
|
|
+57 |
% |
|
North America |
|
|
14 |
|
|
|
3 |
|
|
|
x5 |
|
|
29 |
|
|
|
28 |
|
|
|
28 |
|
|
|
+4 |
% |
|
Far East |
|
|
29 |
|
|
|
29 |
|
|
|
|
|
|
322 |
|
|
|
308 |
|
|
|
345 |
|
|
|
-7 |
% |
|
Middle East |
|
|
324 |
|
|
|
351 |
|
|
|
-8 |
% |
|
107 |
|
|
|
130 |
|
|
|
124 |
|
|
|
-14 |
% |
|
South America |
|
|
113 |
|
|
|
124 |
|
|
|
-9 |
% |
|
10 |
|
|
|
9 |
|
|
|
7 |
|
|
|
+43 |
% |
|
Rest of world |
|
|
9 |
|
|
|
7 |
|
|
|
+29 |
% |
|
1,481 |
|
|
|
1,475 |
|
|
|
1,485 |
|
|
|
|
|
|
Total production |
|
|
1,502 |
|
|
|
1,503 |
|
|
|
|
|
|
262 |
|
|
|
262 |
|
|
|
292 |
|
|
|
-10 |
% |
|
Includes equity and non-consolidated affiliates |
|
|
269 |
|
|
|
288 |
|
|
|
-7 |
% |
13
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
Gas production by region (Mcfd) |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
1,710 |
|
|
|
1,785 |
|
|
|
1,738 |
|
|
|
-2 |
% |
|
Europe |
|
|
1,837 |
|
|
|
1,935 |
|
|
|
-5 |
% |
|
630 |
|
|
|
640 |
|
|
|
509 |
|
|
|
+24 |
% |
|
Africa |
|
|
604 |
|
|
|
478 |
|
|
|
+26 |
% |
|
32 |
|
|
|
33 |
|
|
|
48 |
|
|
|
-33 |
% |
|
North America |
|
|
36 |
|
|
|
48 |
|
|
|
-25 |
% |
|
1,251 |
|
|
|
1,228 |
|
|
|
1,240 |
|
|
|
+1 |
% |
|
Far East |
|
|
1,247 |
|
|
|
1,237 |
|
|
|
+1 |
% |
|
384 |
|
|
|
267 |
|
|
|
272 |
|
|
|
+41 |
% |
|
Middle East |
|
|
326 |
|
|
|
278 |
|
|
|
+17 |
% |
|
669 |
|
|
|
625 |
|
|
|
602 |
|
|
|
+11 |
% |
|
South America |
|
|
625 |
|
|
|
590 |
|
|
|
+6 |
% |
|
65 |
|
|
|
21 |
|
|
|
2 |
|
|
|
x33 |
|
|
Rest of world |
|
|
32 |
|
|
|
2 |
|
|
|
x16 |
|
|
4,741 |
|
|
|
4,599 |
|
|
|
4,411 |
|
|
|
+7 |
% |
|
Total production |
|
|
4,707 |
|
|
|
4,568 |
|
|
|
+3 |
% |
|
289 |
|
|
|
255 |
|
|
|
266 |
|
|
|
+9 |
% |
|
Includes equity and non-consolidated affiliates |
|
|
286 |
|
|
|
272 |
|
|
|
+5 |
% |
l Downstream
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
|
|
|
|
|
|
9M07 |
|
|
|
|
|
|
|
|
|
|
|
|
vs |
|
|
|
|
|
|
|
|
|
|
|
vs |
3Q07 |
|
2Q07 |
|
3Q06 |
|
3Q06 |
|
Refined products sales by region (kb/d)* |
|
9M07 |
|
9M06 |
|
9M06 |
|
|
2,305 |
|
|
|
2,185 |
|
|
|
2,268 |
|
|
|
+2 |
% |
|
Europe |
|
|
2,265 |
|
|
|
2,274 |
|
|
|
|
|
|
292 |
|
|
|
283 |
|
|
|
289 |
|
|
|
+1 |
% |
|
Africa |
|
|
286 |
|
|
|
271 |
|
|
|
+6 |
% |
|
403 |
|
|
|
170 |
|
|
|
319 |
|
|
|
+26 |
% |
|
Americas |
|
|
274 |
|
|
|
318 |
|
|
|
-14 |
% |
|
148 |
|
|
|
144 |
|
|
|
121 |
|
|
|
+22 |
% |
|
Rest of world |
|
|
144 |
|
|
|
133 |
|
|
|
+8 |
% |
|
3,148 |
|
|
|
2,782 |
|
|
|
2,997 |
|
|
|
+5 |
% |
|
Total consolidated sales |
|
|
2,969 |
|
|
|
2,996 |
|
|
|
-1 |
% |
|
790 |
|
|
|
1,010 |
|
|
|
774 |
|
|
|
+2 |
% |
|
Trading (balancing and export sales) |
|
|
878 |
|
|
|
806 |
|
|
|
+9 |
% |
|
3,938 |
|
|
|
3,792 |
|
|
|
3,771 |
|
|
|
+4 |
% |
|
Total refined products sales |
|
|
3,847 |
|
|
|
3,802 |
|
|
|
+1 |
% |
|
|
|
* |
|
includes equity share in Cepsa |
14
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Adjustment items
l Adjustments to operating income from the business segments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
2Q07 |
|
3Q06 |
|
in millions of euros |
|
9M07 |
|
9M06 |
|
|
|
|
|
|
|
|
(122 |
) |
|
Special items affecting operating income from the
business segments |
|
|
|
|
|
|
(177 |
) |
|
|
|
|
|
|
|
(10 |
) |
|
Restructuring charges |
|
|
|
|
|
|
(33 |
) |
|
|
|
|
|
|
|
(50 |
) |
|
Impairments |
|
|
|
|
|
|
(50 |
) |
|
|
|
|
|
|
|
(62 |
) |
|
Other |
|
|
|
|
|
|
(94 |
) |
210 |
|
|
719 |
|
|
|
(681 |
) |
|
Pre-tax inventory effect : FIFO vs. replacement cost |
|
|
1,103 |
|
|
|
75 |
|
210 |
|
|
719 |
|
|
|
(803 |
) |
|
Total adjustments
affecting operating income from the business segments |
|
|
1,103 |
|
|
|
(102 |
) |
l Adjustments to net income (Group share)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q07 |
|
2Q07 |
|
3Q06 |
|
in millions of euros |
|
9M07 |
|
9M06 |
|
55 |
|
|
(100 |
) |
|
|
(132 |
) |
|
Special items affecting net income (Group share) |
|
|
(45 |
) |
|
|
(132 |
) |
75 |
|
|
|
|
|
|
(2 |
) |
|
Equity share of special items recorded by Sanofi-Aventis |
|
|
75 |
|
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
Gain on asset sales |
|
|
|
|
|
|
130 |
|
(20) |
|
|
|
|
|
|
(80 |
) |
|
Restructuring charges |
|
|
(20 |
) |
|
|
(139 |
) |
|
|
|
|
|
|
|
(32 |
) |
|
Impairments |
|
|
|
|
|
|
(32 |
) |
|
|
|
(100 |
) |
|
|
(18 |
) |
|
Other |
|
|
(100 |
) |
|
|
(56 |
) |
(77) |
|
|
(72 |
) |
|
|
(82 |
) |
|
Adjustment related to the
Sanofi-Aventis merger* (share of amortization of intangible
assets) |
|
|
(225 |
) |
|
|
(251 |
) |
139 |
|
|
483 |
|
|
|
(478 |
) |
|
After-tax inventory effect : FIFO vs. replacement cost |
|
|
755 |
|
|
|
78 |
|
117 |
|
|
311 |
|
|
|
(692 |
) |
|
Total adjustments to net income |
|
|
485 |
|
|
|
(305 |
) |
|
|
|
* |
|
based on 13% participation in Sanofi-Aventis at 09/30/2007, 06/30/2007 and
09/30/2006 |
15
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Net-debt-to-equity ratio
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
9/30/2007 |
|
6/30/2007 |
|
9/30/2006 |
|
Current borrowings |
|
|
9,194 |
|
|
|
9,809 |
|
|
|
11,426 |
|
Net current financial assets |
|
|
(10,870 |
) |
|
|
(10,790 |
) |
|
|
(10,899 |
) |
Non-current financial debt |
|
|
15,103 |
|
|
|
15,045 |
|
|
|
12,994 |
|
Hedging
instruments of non-current debt |
|
|
(434 |
) |
|
|
(287 |
) |
|
|
(526 |
) |
Cash and cash equivalents |
|
|
(2,812 |
) |
|
|
(2,858 |
) |
|
|
(2,575 |
) |
Net debt |
|
|
10,181 |
|
|
|
10,919 |
|
|
|
10,420 |
|
Shareholders equity |
|
|
42,818 |
|
|
|
43,657 |
|
|
|
41,761 |
|
Estimated dividend payable* |
|
|
(906 |
) |
|
|
(2,110 |
) |
|
|
(2,756 |
) |
Minority interests |
|
|
851 |
|
|
|
817 |
|
|
|
863 |
|
Equity |
|
|
42,763 |
|
|
|
42,364 |
|
|
|
39,868 |
|
Net-debt-to-equity ratio |
|
|
23.8 |
% |
|
|
25.8 |
% |
|
|
26.1 |
% |
|
|
|
* |
|
as of 9/30/2007, based on a 2007 dividend of 1.87 /share of 2.5 of par value, less the amount
of the interim dividend of 1 /share or 2,252 M per the Board of Directors decision on 9/04/2007
to be paid 11/16/2007 |
2007 sensitivities *
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impact on operating |
|
Impact on net |
|
|
Scenario |
|
|
Change |
|
|
income (e) |
|
operating income (e) |
|
/ $ |
|
|
1.25 $/ |
|
|
+0.1 $per |
|
|
-2.2 B |
|
|
|
-1.1 B |
|
Brent |
|
|
60 $/b |
|
|
|
+1 $/b |
|
|
|
+0.38 B |
|
|
|
+0.15 B |
|
European refining
margin indicator
TRCV |
|
|
30 $/t |
|
|
|
+1 $/t + |
|
|
|
0.09 B |
|
|
|
+0.06 B |
|
|
|
|
* |
|
sensitivities revised once per year upon publication of the previous year fourth quarter results |
16
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Return on average capital employed
l For the twelve months September 30, 2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals** |
|
Sectors |
|
Group*** |
|
Adjusted net operating income |
|
|
8,165 |
|
|
|
2,538 |
|
|
|
1,015 |
|
|
|
11,718 |
|
|
|
12,434 |
|
Capital employed at 9/30/2006* |
|
|
24,561 |
|
|
|
11,431 |
|
|
|
7,257 |
|
|
|
43,249 |
|
|
|
50,371 |
|
Capital employed at 9/30/2007* |
|
|
26,863 |
|
|
|
11,446 |
|
|
|
7,305 |
|
|
|
45,614 |
|
|
|
53,243 |
|
ROACE |
|
|
31.8 |
% |
|
|
22.2 |
% |
|
|
13.9 |
% |
|
|
26.4 |
% |
|
|
24.0 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect)
|
|
** |
|
capital employed for Chemicals reduced for the Toulouse-AZF provision of 85 M pre-tax at
9/30/2006 and 139
M pre-tax at
9/30/2007
|
|
*** |
|
capital employed for the Group adjusted for the amount payable for the interim dividend
(2,252M) |
l For the full year 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals** |
|
Sectors |
|
Group |
|
Adjusted net operating income |
|
|
8,709 |
|
|
|
2,784 |
|
|
|
884 |
|
|
|
12,377 |
|
|
|
13,162 |
|
Capital employed at 12/31/2005* |
|
|
23,522 |
|
|
|
11,421 |
|
|
|
6,885 |
|
|
|
41,828 |
|
|
|
49,341 |
|
Capital employed at 12/31/2006* |
|
|
25,543 |
|
|
|
12,384 |
|
|
|
6,920 |
|
|
|
44,847 |
|
|
|
52,263 |
|
ROACE |
|
|
35.5 |
% |
|
|
23.4 |
% |
|
|
12.8 |
% |
|
|
28.6 |
% |
|
|
25.9 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect) |
|
** |
|
capital employed for Chemicals reduced for the Toulouse-AZF provision of 133 M pre-tax at
12/31/2005 and 176
M pre-tax at 12/31/2006 and for the Arkema-capital employed of 2,235 M at
12/31/2005. |
l For the twelve months ended September 30, 2006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
in millions of euros |
|
Upstream |
|
Downstream |
|
Chemicals** |
|
Sectors |
|
Group |
|
Adjusted net operating income |
|
|
8,956 |
|
|
|
3,034 |
|
|
|
951 |
|
|
|
12,941 |
|
|
|
13,680 |
|
Capital employed at 9/30/2005* |
|
|
21,663 |
|
|
|
10,017 |
|
|
|
6,837 |
|
|
|
38,517 |
|
|
|
45,273 |
|
Capital employed at 9/30/2006* |
|
|
24,561 |
|
|
|
11,431 |
|
|
|
7,257 |
|
|
|
43,249 |
|
|
|
50,371 |
|
ROACE |
|
|
38.8 |
% |
|
|
28.3 |
% |
|
|
13.5 |
% |
|
|
31.7 |
% |
|
|
28.6 |
% |
|
|
|
* |
|
at replacement cost (excluding after-tax inventory effect)
|
|
** |
|
capital employed for Chemicals reduced for the Arkema-capital employed of 2,268 M at
9/30/2005 and the Toulouse-AZF provision of 45
M pre-tax at
9/30/2005 and 85 M pre-tax at
9/30/2006 |
17
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
(in millions of euros) (1) |
|
2007 |
|
|
2007 |
|
|
2006 |
|
|
Sales |
|
|
39,430 |
|
|
|
39,094 |
|
|
|
38,357 |
|
Excise taxes |
|
|
(5,479 |
) |
|
|
(5,595 |
) |
|
|
(4,829 |
) |
Revenues from sales |
|
|
33,951 |
|
|
|
33,499 |
|
|
|
33,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(22,580 |
) |
|
|
(21,385 |
) |
|
|
(21,642 |
) |
Other operating expenses |
|
|
(4,060 |
) |
|
|
(4,139 |
) |
|
|
(5,001 |
) |
Exploration costs |
|
|
(135 |
) |
|
|
(255 |
) |
|
|
(159 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,310 |
) |
|
|
(1,365 |
) |
|
|
(1,299 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(114 |
) |
|
|
(120 |
) |
|
|
(122 |
) |
Business segments * |
|
|
5,980 |
|
|
|
6,475 |
|
|
|
5,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
5,866 |
|
|
|
6,355 |
|
|
|
5,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
123 |
|
|
|
60 |
|
|
|
56 |
|
Other expense |
|
|
(64 |
) |
|
|
(102 |
) |
|
|
(161 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(455 |
) |
|
|
(447 |
) |
|
|
(545 |
) |
Financial income from marketable securities and cash equivalents |
|
|
324 |
|
|
|
337 |
|
|
|
381 |
|
Cost of net debt |
|
|
(131 |
) |
|
|
(110 |
) |
|
|
(164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
155 |
|
|
|
209 |
|
|
|
144 |
|
Other financial expense |
|
|
(70 |
) |
|
|
(74 |
) |
|
|
(74 |
) |
Income taxes |
|
|
(3,185 |
) |
|
|
(3,292 |
) |
|
|
(3,262 |
) |
Equity in income (loss) of affiliates |
|
|
509 |
|
|
|
449 |
|
|
|
529 |
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
3,203 |
|
|
|
3,495 |
|
|
|
2,495 |
|
Consolidated net income from discontinued operations (Arkema) |
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
Consolidated net income |
|
|
3,203 |
|
|
|
3,495 |
|
|
|
2,482 |
|
|
Group share ** |
|
|
3,121 |
|
|
|
3,411 |
|
|
|
2,419 |
|
Minority interests |
|
|
82 |
|
|
|
84 |
|
|
|
63 |
|
|
Earnings per share (euros) |
|
|
1.38 |
|
|
|
1.51 |
|
|
|
1.06 |
|
|
Fully-diluted earnings per share (euros) *** |
|
|
1.37 |
|
|
|
1.50 |
|
|
|
1.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Adjusted operating income from business segments |
|
|
5,770 |
|
|
|
5,756 |
|
|
|
6,352 |
|
|
Adjusted net operating income from business segments |
|
|
3,000 |
|
|
|
3,081 |
|
|
|
3,079 |
|
|
** Adjusted net income |
|
|
3,004 |
|
|
|
3,100 |
|
|
|
3,111 |
|
|
*** Adjusted fully-diluted earnings per share (euros) |
|
|
1.32 |
|
|
|
1.36 |
|
|
|
1.35 |
|
|
|
|
|
(1) |
|
Except for earnings per share |
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
9 months |
|
|
9 months |
|
(in millions of euros) (1) |
|
2007 |
|
|
2006 |
|
|
Sales |
|
|
115,567 |
|
|
|
117,369 |
|
Excise taxes |
|
|
(16,440 |
) |
|
|
(14,577 |
) |
Revenues from sales |
|
|
99,127 |
|
|
|
102,792 |
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(63,674 |
) |
|
|
(64,471 |
) |
Other operating expenses |
|
|
(12,851 |
) |
|
|
(14,923 |
) |
Exploration costs |
|
|
(604 |
) |
|
|
(420 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(3,975 |
) |
|
|
(3,742 |
) |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
Corporate |
|
|
(335 |
) |
|
|
(374 |
) |
Business segments * |
|
|
18,358 |
|
|
|
19,610 |
|
|
Total operating income |
|
|
18,023 |
|
|
|
19,236 |
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
279 |
|
|
|
389 |
|
Other expense |
|
|
(230 |
) |
|
|
(404 |
) |
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(1,332 |
) |
|
|
(1,260 |
) |
Financial income from marketable securities and cash equivalents |
|
|
955 |
|
|
|
992 |
|
Cost of net debt |
|
|
(377 |
) |
|
|
(268 |
) |
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
492 |
|
|
|
451 |
|
Other financial expense |
|
|
(211 |
) |
|
|
(194 |
) |
Income taxes |
|
|
(9,567 |
) |
|
|
(10,719 |
) |
Equity in income (loss) of affiliates |
|
|
1,427 |
|
|
|
1,349 |
|
|
Consolidated net income from continuing operations (Group without Arkema) |
|
|
9,836 |
|
|
|
9,840 |
|
Consolidated net income from discontinued operations (Arkema) |
|
|
|
|
|
|
(5 |
) |
|
Consolidated net income |
|
|
9,836 |
|
|
|
9,835 |
|
|
Group share ** |
|
|
9,581 |
|
|
|
9,543 |
|
Minority interests |
|
|
255 |
|
|
|
292 |
|
|
Earnings per share (euros) |
|
|
4.24 |
|
|
|
4.15 |
|
|
Fully-diluted earnings per share (euros) *** |
|
|
4.21 |
|
|
|
4.11 |
|
|
|
|
|
|
|
|
|
|
|
* Adjusted operating income from business segments |
|
|
17,255 |
|
|
|
19,712 |
|
|
Adjusted net operating income from business segments |
|
|
9,029 |
|
|
|
9,688 |
|
|
** Adjusted net income |
|
|
9,096 |
|
|
|
9,848 |
|
|
*** Adjusted fully-diluted earnings per share (euros) |
|
|
3.99 |
|
|
|
4.24 |
|
|
|
|
|
(1) |
|
Except for earnings per share |
CONSOLIDATED BALANCE SHEET
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
June 30, |
|
|
December 31, |
|
|
September 30, |
|
|
|
2007 |
|
|
2007 |
|
|
2006 |
|
|
2006 |
|
(in millions of euros) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets, net |
|
|
4,831 |
|
|
|
4,729 |
|
|
|
4,705 |
|
|
|
4,608 |
|
Property, plant and equipment, net |
|
|
42,109 |
|
|
|
42,090 |
|
|
|
40,576 |
|
|
|
39,809 |
|
Equity affiliates : investments and loans |
|
|
13,661 |
|
|
|
13,619 |
|
|
|
13,331 |
|
|
|
13,275 |
|
Other investments |
|
|
1,343 |
|
|
|
1,385 |
|
|
|
1,250 |
|
|
|
1,635 |
|
Hedging instruments of non-current financial debt |
|
|
434 |
|
|
|
287 |
|
|
|
486 |
|
|
|
526 |
|
Other non-current assets |
|
|
1,756 |
|
|
|
1,801 |
|
|
|
2,088 |
|
|
|
2,204 |
|
|
Total non-current assets |
|
|
64,134 |
|
|
|
63,911 |
|
|
|
62,436 |
|
|
|
62,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories, net |
|
|
12,580 |
|
|
|
12,009 |
|
|
|
11,746 |
|
|
|
11,531 |
|
Accounts receivable, net |
|
|
18,200 |
|
|
|
17,024 |
|
|
|
17,393 |
|
|
|
16,981 |
|
Prepaid expenses and other current assets |
|
|
7,142 |
|
|
|
7,155 |
|
|
|
7,247 |
|
|
|
7,182 |
|
Current financial assets |
|
|
11,072 |
|
|
|
10,883 |
|
|
|
3,908 |
|
|
|
10,930 |
|
Cash and cash equivalents |
|
|
2,812 |
|
|
|
2,858 |
|
|
|
2,493 |
|
|
|
2,575 |
|
|
Total current assets |
|
|
51,806 |
|
|
|
49,929 |
|
|
|
42,787 |
|
|
|
49,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
115,940 |
|
|
|
113,840 |
|
|
|
105,223 |
|
|
|
111,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES & SHAREHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares |
|
|
5,987 |
|
|
|
5,983 |
|
|
|
6,064 |
|
|
|
6,063 |
|
Paid-in surplus and retained earnings |
|
|
45,052 |
|
|
|
44,238 |
|
|
|
41,460 |
|
|
|
41,367 |
|
Cumulative translation adjustment |
|
|
(3,161 |
) |
|
|
(1,885 |
) |
|
|
(1,383 |
) |
|
|
(501 |
) |
Treasury shares |
|
|
(5,060 |
) |
|
|
(4,679 |
) |
|
|
(5,820 |
) |
|
|
(5,168 |
) |
|
Total shareholders equity Group Share |
|
|
42,818 |
|
|
|
43,657 |
|
|
|
40,321 |
|
|
|
41,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
851 |
|
|
|
817 |
|
|
|
827 |
|
|
|
863 |
|
|
Total shareholders equity |
|
|
43,669 |
|
|
|
44,474 |
|
|
|
41,148 |
|
|
|
42,624 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
7,555 |
|
|
|
7,442 |
|
|
|
7,139 |
|
|
|
7,133 |
|
Employee benefits |
|
|
2,813 |
|
|
|
2,814 |
|
|
|
2,773 |
|
|
|
3,076 |
|
Other non-current liabilities |
|
|
6,295 |
|
|
|
6,359 |
|
|
|
6,467 |
|
|
|
6,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-current liabilities |
|
|
16,663 |
|
|
|
16,615 |
|
|
|
16,379 |
|
|
|
16,317 |
|
|
Non-current financial debt |
|
|
15,103 |
|
|
|
15,045 |
|
|
|
14,174 |
|
|
|
12,994 |
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
14,841 |
|
|
|
14,418 |
|
|
|
15,080 |
|
|
|
13,338 |
|
Other creditors and accrued liabilities |
|
|
16,268 |
|
|
|
13,386 |
|
|
|
12,509 |
|
|
|
14,526 |
|
Current borrowings |
|
|
9,194 |
|
|
|
9,809 |
|
|
|
5,858 |
|
|
|
11,426 |
|
Other current financial liabilities |
|
|
202 |
|
|
|
93 |
|
|
|
75 |
|
|
|
31 |
|
|
Total current liabilities |
|
|
40,505 |
|
|
|
37,706 |
|
|
|
33,522 |
|
|
|
39,321 |
|
|
Total liabilities and shareholders equity |
|
|
115,940 |
|
|
|
113,840 |
|
|
|
105,223 |
|
|
|
111,256 |
|
CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter |
|
|
2nd quarter |
|
|
3rd quarter |
|
(in millions of euros) |
|
2007 |
|
|
2007 |
|
|
2006 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
|
3,203 |
|
|
|
3,495 |
|
|
|
2,482 |
|
Depreciation, depletion and amortization |
|
|
1,405 |
|
|
|
1,495 |
|
|
|
1,502 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
|
235 |
|
|
|
315 |
|
|
|
67 |
|
Impact of coverage of pension benefit plans |
|
|
|
|
|
|
|
|
|
|
|
|
(Gains) Losses on sales of assets |
|
|
(117 |
) |
|
|
(66 |
) |
|
|
(56 |
) |
Undistributed affiliates equity earnings |
|
|
(306 |
) |
|
|
1 |
|
|
|
(380 |
) |
(Increase) decrease in operating assets and liabilities |
|
|
(921 |
) |
|
|
(1,693 |
) |
|
|
1,337 |
|
Other changes, net |
|
|
50 |
|
|
|
42 |
|
|
|
101 |
|
|
Cash flow from operating activities |
|
|
3,549 |
|
|
|
3,589 |
|
|
|
5,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
|
(2,458 |
) |
|
|
(2,509 |
) |
|
|
(2,275 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
|
|
|
|
|
|
|
|
|
(25 |
) |
Investments in equity affiliates and other securities |
|
|
(40 |
) |
|
|
(47 |
) |
|
|
(77 |
) |
Increase in non-current loans |
|
|
(92 |
) |
|
|
(134 |
) |
|
|
(290 |
) |
|
Total expenditures |
|
|
(2,590 |
) |
|
|
(2,690 |
) |
|
|
(2,667 |
) |
Proceeds from sale of intangible assets and property, plant and equipment |
|
|
17 |
|
|
|
18 |
|
|
|
20 |
|
Proceeds from sale of subsidiaries, net of cash sold |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of non-current investments |
|
|
26 |
|
|
|
64 |
|
|
|
75 |
|
Repayment of non-current loans |
|
|
66 |
|
|
|
140 |
|
|
|
91 |
|
|
Total divestitures |
|
|
109 |
|
|
|
222 |
|
|
|
186 |
|
|
Cash flow used in investing activies |
|
|
(2,481 |
) |
|
|
(2,468 |
) |
|
|
(2,481 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
|
|
|
|
|
- parent companys shareholders |
|
|
48 |
|
|
|
10 |
|
|
|
10 |
|
- treasury shares |
|
|
(491 |
) |
|
|
(295 |
) |
|
|
(1,085 |
) |
- minority shareholders |
|
|
(2 |
) |
|
|
|
|
|
|
2 |
|
Cash dividends paid: |
|
|
|
|
|
|
|
|
|
|
|
|
- parent companys shareholders |
|
|
|
|
|
|
(2,262 |
) |
|
|
|
|
- minority shareholders |
|
|
(2 |
) |
|
|
(133 |
) |
|
|
|
|
Net issuance (repayment) of non-current debt |
|
|
321 |
|
|
|
1,309 |
|
|
|
682 |
|
Increase (Decrease) in current borrowings |
|
|
(143 |
) |
|
|
(135 |
) |
|
|
(3,662 |
) |
Increase (Decrease) in current financial assets and liabilities |
|
|
(517 |
) |
|
|
138 |
|
|
|
(95 |
) |
Other changes, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow used in financing activities |
|
|
(785 |
) |
|
|
(1,368 |
) |
|
|
(4,148 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
283 |
|
|
|
(247 |
) |
|
|
(1,576 |
) |
Effect of exchange rates and changes in reporting entity |
|
|
(329 |
) |
|
|
143 |
|
|
|
245 |
|
Cash and cash equivalents at the beginning of the period |
|
|
2,858 |
|
|
|
2,962 |
|
|
|
3,906 |
|
|
Cash and cash equivalents at the end of the period |
|
|
2,812 |
|
|
|
2,858 |
|
|
|
2,575 |
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
9 months |
|
|
9 months |
|
(in millions of euros) |
|
2007 |
|
|
2006 |
|
|
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income |
|
|
9,836 |
|
|
|
9,835 |
|
Depreciation, depletion and amortization |
|
|
4,338 |
|
|
|
4,345 |
|
Non-current liabilities, valuation allowances and deferred taxes |
|
|
523 |
|
|
|
244 |
|
Impact of coverage of pension benefit plans |
|
|
|
|
|
|
(37 |
) |
(Gains) Losses on sales of assets |
|
|
(258 |
) |
|
|
(389 |
) |
Undistributed affiliates equity earnings |
|
|
(635 |
) |
|
|
(644 |
) |
(Increase) decrease in operating assets and liabilities |
|
|
(516 |
) |
|
|
501 |
|
Other changes, net |
|
|
238 |
|
|
|
83 |
|
|
Cash flow from operating activities |
|
|
13,526 |
|
|
|
13,938 |
|
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible assets and property, plant and equipment additions |
|
|
(7,090 |
) |
|
|
(6,869 |
) |
Acquisitions of subsidiaries, net of cash acquired |
|
|
(20 |
) |
|
|
(105 |
) |
Investments in equity affiliates and other securities |
|
|
(187 |
) |
|
|
(200 |
) |
Increase in non-current loans |
|
|
(397 |
) |
|
|
(1,022 |
) |
|
Total expenditures |
|
|
(7,694 |
) |
|
|
(8,196 |
) |
Proceeds from sale of intangible assets and property, plant and equipment |
|
|
107 |
|
|
|
329 |
|
Proceeds from sale of subsidiaries, net of cash sold |
|
|
|
|
|
|
|
|
Proceeds from sale of non-current investments |
|
|
109 |
|
|
|
164 |
|
Repayment of non-current loans |
|
|
359 |
|
|
|
714 |
|
|
Total divestitures |
|
|
575 |
|
|
|
1,207 |
|
|
Cash flow used in investing activies |
|
|
(7,119 |
) |
|
|
(6,989 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOW USED IN FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance (repayment) of shares: |
|
|
|
|
|
|
|
|
- parent companys shareholders |
|
|
63 |
|
|
|
488 |
|
- treasury shares |
|
|
(1,059 |
) |
|
|
(3,171 |
) |
- minority shareholders |
|
|
(2 |
) |
|
|
15 |
|
Cash dividends paid: |
|
|
|
|
|
|
|
|
- parent companys shareholders |
|
|
(2,262 |
) |
|
|
(2,022 |
) |
- minority shareholders |
|
|
(164 |
) |
|
|
(230 |
) |
Net issuance (repayment) of non-current debt |
|
|
2,734 |
|
|
|
1,807 |
|
Increase (Decrease) in current borrowings |
|
|
2,364 |
|
|
|
5,911 |
|
Increase (Decrease) in current financial assets and liabilities |
|
|
(7,485 |
) |
|
|
(10,791 |
) |
Other changes, net |
|
|
|
|
|
|
|
|
|
Cash flow used in financing activities |
|
|
(5,810 |
) |
|
|
(7,993 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
597 |
|
|
|
(1,044 |
) |
Effect of exchange rates and changes in reporting entity |
|
|
(278 |
) |
|
|
(699 |
) |
Cash and cash equivalents at the beginning of the period |
|
|
2,493 |
|
|
|
4,318 |
|
|
Cash and cash equivalents at the end of the period |
|
|
2,812 |
|
|
|
2,575 |
|
|
Nine months 2006 statement of cash flows includes the sub-group Arkema which has been spun-off on May 18, 2006.
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Paid-in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
surplus and |
|
|
Cumulative |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issued |
|
retained |
|
|
translation |
|
|
|
Treasury shares |
|
Shareholders |
|
|
Minority |
|
|
Total |
|
(in millions of euros) |
|
Number |
|
|
Amount |
|
|
earnings |
|
|
adjustment |
|
|
Number |
|
|
Amount |
|
|
equity |
|
|
interests |
|
|
equity |
|
|
As of January 1, 2006 |
|
|
615,116,296 |
|
|
|
6,151 |
|
|
|
37,504 |
|
|
|
1,421 |
|
|
|
(34,249,332 |
) |
|
|
(4,431 |
) |
|
|
40,645 |
|
|
|
838 |
|
|
|
41,483 |
|
|
Net income for the first nine months |
|
|
|
|
|
|
|
|
|
|
9,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,543 |
|
|
|
292 |
|
|
|
9,835 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
159 |
|
|
|
(1,713 |
) |
|
|
|
|
|
|
|
|
|
|
(1,554 |
) |
|
|
(29 |
) |
|
|
(1,583 |
) |
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
9,702 |
|
|
|
(1,713 |
) |
|
|
|
|
|
|
|
|
|
|
7,989 |
|
|
|
263 |
|
|
|
8,252 |
|
Four-for-one split of shares par value |
|
|
1,845,348,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(102,747,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Spin-off of Arkema |
|
|
|
|
|
|
|
|
|
|
(2,045 |
) |
|
|
(209 |
) |
|
|
|
|
|
|
|
|
|
|
(2,254 |
) |
|
|
(8 |
) |
|
|
(2,262 |
) |
Dividend |
|
|
|
|
|
|
|
|
|
|
(2,022 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,022 |
) |
|
|
(230 |
) |
|
|
(2,252 |
) |
Issuance of common shares |
|
|
11,750,640 |
|
|
|
29 |
|
|
|
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
482 |
|
|
|
|
|
|
|
482 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(64,295,684 |
) |
|
|
(3,346 |
) |
|
|
(3,346 |
) |
|
|
|
|
|
|
(3,346 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,678,367 |
|
|
|
151 |
|
|
|
151 |
|
|
|
|
|
|
|
151 |
|
Share-based payments |
|
|
|
|
|
|
|
|
|
|
116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
116 |
|
|
|
|
|
|
|
116 |
|
Transactions with shareholders |
|
|
1,857,099,528 |
|
|
|
29 |
|
|
|
(3,498 |
) |
|
|
(209 |
) |
|
|
(162,365,313 |
) |
|
|
(3,195 |
) |
|
|
(6,873 |
) |
|
|
(238 |
) |
|
|
(7,111 |
) |
Cancellation of repurchased shares |
|
|
(47,020,000 |
) |
|
|
(117 |
) |
|
|
(2,341 |
) |
|
|
|
|
|
|
47,020,000 |
|
|
|
2,458 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2006 |
|
|
2,425,195,824 |
|
|
|
6,063 |
|
|
|
41,367 |
|
|
|
(501 |
) |
|
|
(149,594,645 |
) |
|
|
(5,168 |
) |
|
|
41,761 |
|
|
|
863 |
|
|
|
42,624 |
|
|
Net income for the fourth quarter |
|
|
|
|
|
|
|
|
|
|
2,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,225 |
|
|
|
75 |
|
|
|
2,300 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
(196 |
) |
|
|
(882 |
) |
|
|
|
|
|
|
|
|
|
|
(1,078 |
) |
|
|
(15 |
) |
|
|
(1,093 |
) |
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
2,029 |
|
|
|
(882 |
) |
|
|
|
|
|
|
|
|
|
|
1,147 |
|
|
|
60 |
|
|
|
1,207 |
|
Spin-off of Arkema |
|
|
|
|
|
|
|
|
|
|
(16 |
) |
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend |
|
|
|
|
|
|
|
|
|
|
(1,977 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,977 |
) |
|
|
(96 |
) |
|
|
(2,073 |
) |
Issuance of common shares |
|
|
572,129 |
|
|
|
1 |
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
17 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13,925,000 |
) |
|
|
(749 |
) |
|
|
(749 |
) |
|
|
|
|
|
|
(749 |
) |
Sale of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,318,938 |
|
|
|
81 |
|
|
|
81 |
|
|
|
|
|
|
|
81 |
|
Share-based payments |
|
|
|
|
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
41 |
|
Transactions with shareholders |
|
|
572,129 |
|
|
|
1 |
|
|
|
(1,936 |
) |
|
|
|
|
|
|
(11,606,062 |
) |
|
|
(652 |
) |
|
|
(2,587 |
) |
|
|
(96 |
) |
|
|
(2,683 |
) |
Cancellation of repurchased shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2006 |
|
|
2,425,767,953 |
|
|
|
6,064 |
|
|
|
41,460 |
|
|
|
(1,383 |
) |
|
|
(161,200,707 |
) |
|
|
(5,820 |
) |
|
|
40,321 |
|
|
|
827 |
|
|
|
41,148 |
|
|
Net income for the first nine months |
|
|
|
|
|
|
|
|
|
|
9,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,581 |
|
|
|
255 |
|
|
|
9,836 |
|
Items recognized directly in equity |
|
|
|
|
|
|
|
|
|
|
75 |
|
|
|
(1,778 |
) |
|
|
|
|
|
|
|
|
|
|
(1,703 |
) |
|
|
(67 |
) |
|
|
(1,770 |
) |
Total excluding transactions with shareholders |
|
|
|
|
|
|
|
|
|
|
9,656 |
|
|
|
(1,778 |
) |
|
|
|
|
|
|
|
|
|
|
7,878 |
|
|
|
188 |
|
|
|
8,066 |
|
Dividend |
|
|
|
|
|
|
|
|
|
|
(4,514 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,514 |
) |
|
|
(164 |
) |
|
|
(4,678 |
) |
Issuance of common shares |
|
|
2,039,726 |
|
|
|
5 |
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
63 |
|
Purchase of treasury shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(23,387,355 |
) |
|
|
(1,287 |
) |
|
|
(1,287 |
) |
|
|
|
|
|
|
(1,287 |
) |
Sale and grant of treasury shares (1) |
|
|
|
|
|
|
|
|
|
|
(82 |
) |
|
|
|
|
|
|
8,288,463 |
|
|
|
313 |
|
|
|
231 |
|
|
|
|
|
|
|
231 |
|
Share-based payments |
|
|
|
|
|
|
|
|
|
|
126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126 |
|
|
|
|
|
|
|
126 |
|
Transactions with shareholders |
|
|
2,039,726 |
|
|
|
5 |
|
|
|
(4,412 |
) |
|
|
|
|
|
|
(15,098,892 |
) |
|
|
(974 |
) |
|
|
(5,381 |
) |
|
|
(164 |
) |
|
|
(5,545 |
) |
Cancellation of repurchased shares |
|
|
(33,005,000 |
) |
|
|
(82 |
) |
|
|
(1,652 |
) |
|
|
|
|
|
|
33,005,000 |
|
|
|
1,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2007 |
|
|
2,394,802,679 |
|
|
|
5,987 |
|
|
|
45,052 |
|
|
|
(3,161 |
) |
|
|
(143,294,599 |
) |
|
|
(5,060 |
) |
|
|
42,818 |
|
|
|
851 |
|
|
|
43,669 |
|
|
|
|
|
(1) |
|
Treasury shares related to the stock option purchase plans and restricted stock grants. |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,143 |
|
|
|
30,430 |
|
|
|
4,856 |
|
|
|
1 |
|
|
|
|
|
|
|
39,430 |
|
Intersegment sales |
|
|
5,453 |
|
|
|
1,124 |
|
|
|
326 |
|
|
|
58 |
|
|
|
(6,961 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,479 |
) |
|
Revenues from sales |
|
|
9,596 |
|
|
|
26,075 |
|
|
|
5,182 |
|
|
|
59 |
|
|
|
(6,961 |
) |
|
|
33,951 |
|
Operating expenses |
|
|
(3,845 |
) |
|
|
(25,000 |
) |
|
|
(4,726 |
) |
|
|
(165 |
) |
|
|
6,961 |
|
|
|
(26,775 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(890 |
) |
|
|
(288 |
) |
|
|
(124 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
(1,310 |
) |
|
Operating income |
|
|
4,861 |
|
|
|
787 |
|
|
|
332 |
|
|
|
(114 |
) |
|
|
|
|
|
|
5,866 |
|
Equity in income (loss) of affiliates and other items |
|
|
309 |
|
|
|
76 |
|
|
|
6 |
|
|
|
262 |
|
|
|
|
|
|
|
653 |
|
Tax on net operating income |
|
|
(2,943 |
) |
|
|
(207 |
) |
|
|
(100 |
) |
|
|
12 |
|
|
|
|
|
|
|
(3,238 |
) |
|
Net operating income |
|
|
2,227 |
|
|
|
656 |
|
|
|
238 |
|
|
|
160 |
|
|
|
|
|
|
|
3,281 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(82 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,121 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2007 (adjustments) (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
221 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
210 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) |
|
|
|
|
|
|
221 |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
210 |
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
(34 |
) |
|
|
(1 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
(37 |
) |
Tax on net operating income |
|
|
|
|
|
|
(57 |
) |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
(54 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
130 |
|
|
|
(9 |
) |
|
|
(2 |
) |
|
|
|
|
|
|
119 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
117 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of
intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
221 |
|
|
|
(11 |
) |
|
|
|
|
On net operating income |
|
|
|
|
|
|
150 |
|
|
|
(9 |
) |
|
|
|
|
(2) Of which equity share of amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(77 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2007 (adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,143 |
|
|
|
30,430 |
|
|
|
4,856 |
|
|
|
1 |
|
|
|
|
|
|
|
39,430 |
|
Intersegment sales |
|
|
5,453 |
|
|
|
1,124 |
|
|
|
326 |
|
|
|
58 |
|
|
|
(6,961 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,479 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,479 |
) |
|
Revenues from sales |
|
|
9,596 |
|
|
|
26,075 |
|
|
|
5,182 |
|
|
|
59 |
|
|
|
(6,961 |
) |
|
|
33,951 |
|
Operating expenses |
|
|
(3,845 |
) |
|
|
(25,221 |
) |
|
|
(4,715 |
) |
|
|
(165 |
) |
|
|
6,961 |
|
|
|
(26,985 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(890 |
) |
|
|
(288 |
) |
|
|
(124 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
(1,310 |
) |
|
Adjusted operating income |
|
|
4,861 |
|
|
|
566 |
|
|
|
343 |
|
|
|
(114 |
) |
|
|
|
|
|
|
5,656 |
|
Equity in income (loss) of affiliates and other items |
|
|
309 |
|
|
|
110 |
|
|
|
7 |
|
|
|
264 |
|
|
|
|
|
|
|
690 |
|
Tax on net operating income |
|
|
(2,943 |
) |
|
|
(150 |
) |
|
|
(103 |
) |
|
|
12 |
|
|
|
|
|
|
|
(3,184 |
) |
|
Adjusted net operating income |
|
|
2,227 |
|
|
|
526 |
|
|
|
247 |
|
|
|
162 |
|
|
|
|
|
|
|
3,162 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(78 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(80 |
) |
|
Adjusted net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,004 |
|
Adjusted net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
1,981 |
|
|
|
381 |
|
|
|
200 |
|
|
|
28 |
|
|
|
|
|
|
|
2,590 |
|
Divestitures at selling price |
|
|
63 |
|
|
|
27 |
|
|
|
15 |
|
|
|
4 |
|
|
|
|
|
|
|
109 |
|
Cash flow from operating activities |
|
|
1,697 |
|
|
|
439 |
|
|
|
217 |
|
|
|
1,196 |
|
|
|
|
|
|
|
3,549 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,456 |
|
|
|
29,562 |
|
|
|
5,070 |
|
|
|
6 |
|
|
|
|
|
|
|
39,094 |
|
Intersegment sales |
|
|
5,073 |
|
|
|
1,201 |
|
|
|
269 |
|
|
|
25 |
|
|
|
(6,568 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,595 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,595 |
) |
|
Revenues from sales |
|
|
9,529 |
|
|
|
25,168 |
|
|
|
5,339 |
|
|
|
31 |
|
|
|
(6,568 |
) |
|
|
33,499 |
|
Operating expenses |
|
|
(4,148 |
) |
|
|
(23,244 |
) |
|
|
(4,812 |
) |
|
|
(143 |
) |
|
|
6,568 |
|
|
|
(25,779 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(941 |
) |
|
|
(297 |
) |
|
|
(119 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
(1,365 |
) |
|
Operating income |
|
|
4,440 |
|
|
|
1,627 |
|
|
|
408 |
|
|
|
(120 |
) |
|
|
|
|
|
|
6,355 |
|
Equity in income (loss) of affiliates and other items |
|
|
397 |
|
|
|
72 |
|
|
|
14 |
|
|
|
59 |
|
|
|
|
|
|
|
542 |
|
Tax on net operating income |
|
|
(2,745 |
) |
|
|
(519 |
) |
|
|
(123 |
) |
|
|
51 |
|
|
|
|
|
|
|
(3,336 |
) |
|
Net operating income |
|
|
2,092 |
|
|
|
1,180 |
|
|
|
299 |
|
|
|
(10 |
) |
|
|
|
|
|
|
3,561 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(66 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(84 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,411 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2007 (adjustments) (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
623 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
719 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) |
|
|
|
|
|
|
623 |
|
|
|
96 |
|
|
|
|
|
|
|
|
|
|
|
719 |
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
6 |
|
|
|
1 |
|
|
|
(172 |
) |
|
|
|
|
|
|
(165 |
) |
Tax on net operating income |
|
|
|
|
|
|
(204 |
) |
|
|
(32 |
) |
|
|
|
|
|
|
|
|
|
|
(236 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
425 |
|
|
|
65 |
|
|
|
(172 |
) |
|
|
|
|
|
|
318 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
311 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of
intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
623 |
|
|
|
96 |
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
425 |
|
|
|
65 |
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(72 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2007 (adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,456 |
|
|
|
29,562 |
|
|
|
5,070 |
|
|
|
6 |
|
|
|
|
|
|
|
39,094 |
|
Intersegment sales |
|
|
5,073 |
|
|
|
1,201 |
|
|
|
269 |
|
|
|
25 |
|
|
|
(6,568 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(5,595 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,595 |
) |
|
Revenues from sales |
|
|
9,529 |
|
|
|
25,168 |
|
|
|
5,339 |
|
|
|
31 |
|
|
|
(6,568 |
) |
|
|
33,499 |
|
Operating expenses |
|
|
(4,148 |
) |
|
|
(23,867 |
) |
|
|
(4,908 |
) |
|
|
(143 |
) |
|
|
6,568 |
|
|
|
(26,498 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(941 |
) |
|
|
(297 |
) |
|
|
(119 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
(1,365 |
) |
|
Adjusted operating income |
|
|
4,440 |
|
|
|
1,004 |
|
|
|
312 |
|
|
|
(120 |
) |
|
|
|
|
|
|
5,636 |
|
Equity in income (loss) of affiliates and other items |
|
|
397 |
|
|
|
66 |
|
|
|
13 |
|
|
|
231 |
|
|
|
|
|
|
|
707 |
|
Tax on net operating income |
|
|
(2,745 |
) |
|
|
(315 |
) |
|
|
(91 |
) |
|
|
51 |
|
|
|
|
|
|
|
(3,100 |
) |
|
Adjusted net operating income |
|
|
2,092 |
|
|
|
755 |
|
|
|
234 |
|
|
|
162 |
|
|
|
|
|
|
|
3,243 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(66 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(77 |
) |
|
Adjusted net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,100 |
|
Adjusted net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd quarter 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
2,109 |
|
|
|
401 |
|
|
|
173 |
|
|
|
7 |
|
|
|
|
|
|
|
2,690 |
|
Divestitures at selling price |
|
|
191 |
|
|
|
28 |
|
|
|
1 |
|
|
|
2 |
|
|
|
|
|
|
|
222 |
|
Cash flow from operating activities |
|
|
3,312 |
|
|
|
1,432 |
|
|
|
254 |
|
|
|
(1,409 |
) |
|
|
|
|
|
|
3,589 |
|
|
BUSINESS
SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,684 |
|
|
|
28,818 |
|
|
|
4,849 |
|
|
|
6 |
|
|
|
|
|
|
|
38,357 |
|
Intersegment sales |
|
|
4,782 |
|
|
|
1,292 |
|
|
|
362 |
|
|
|
40 |
|
|
|
(6,476 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(4,829 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,829 |
) |
|
Revenues from sales |
|
|
9,466 |
|
|
|
25,281 |
|
|
|
5,211 |
|
|
|
46 |
|
|
|
(6,476 |
) |
|
|
33,528 |
|
Operating expenses |
|
|
(3,631 |
) |
|
|
(24,665 |
) |
|
|
(4,823 |
) |
|
|
(159 |
) |
|
|
6,476 |
|
|
|
(26,802 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(835 |
) |
|
|
(272 |
) |
|
|
(183 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(1,299 |
) |
|
Operating income |
|
|
5,000 |
|
|
|
344 |
|
|
|
205 |
|
|
|
(122 |
) |
|
|
|
|
|
|
5,427 |
|
Equity in income (loss) of affiliates and other items |
|
|
252 |
|
|
|
84 |
|
|
|
(94 |
) |
|
|
252 |
|
|
|
|
|
|
|
494 |
|
Tax on net operating income |
|
|
(3,304 |
) |
|
|
(94 |
) |
|
|
(25 |
) |
|
|
108 |
|
|
|
|
|
|
|
(3,315 |
) |
|
Net operating income |
|
|
1,948 |
|
|
|
334 |
|
|
|
86 |
|
|
|
238 |
|
|
|
|
|
|
|
2,606 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(111 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(63 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,432 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,419 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2006 (adjustments) (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
(658 |
) |
|
|
(95 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(762 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
(50 |
) |
|
Operating income (1) |
|
|
|
|
|
|
(658 |
) |
|
|
(145 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(812 |
) |
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
(5 |
) |
|
|
(99 |
) |
|
|
12 |
|
|
|
|
|
|
|
(92 |
) |
Tax on net operating income |
|
|
(85 |
) |
|
|
199 |
|
|
|
82 |
|
|
|
2 |
|
|
|
|
|
|
|
198 |
|
|
Net operating income (1) |
|
|
(85 |
) |
|
|
(464 |
) |
|
|
(162 |
) |
|
|
5 |
|
|
|
|
|
|
|
(706 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(692 |
) |
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(692 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization
of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
(658 |
) |
|
|
(23 |
) |
|
|
|
|
On net operating income |
|
|
|
|
|
|
(464 |
) |
|
|
(14 |
) |
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
(83 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2006 (adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
4,684 |
|
|
|
28,818 |
|
|
|
4,849 |
|
|
|
6 |
|
|
|
|
|
|
|
38,357 |
|
Intersegment sales |
|
|
4,782 |
|
|
|
1,292 |
|
|
|
362 |
|
|
|
40 |
|
|
|
(6,476 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(4,829 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,829 |
) |
|
Revenues from sales |
|
|
9,466 |
|
|
|
25,281 |
|
|
|
5,211 |
|
|
|
46 |
|
|
|
(6,476 |
) |
|
|
33,528 |
|
Operating expenses |
|
|
(3,631 |
) |
|
|
(24,007 |
) |
|
|
(4,728 |
) |
|
|
(150 |
) |
|
|
6,476 |
|
|
|
(26,040 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(835 |
) |
|
|
(272 |
) |
|
|
(133 |
) |
|
|
(9 |
) |
|
|
|
|
|
|
(1,249 |
) |
|
Adjusted operating income |
|
|
5,000 |
|
|
|
1,002 |
|
|
|
350 |
|
|
|
(113 |
) |
|
|
|
|
|
|
6,239 |
|
Equity in income (loss) of affiliates and other items |
|
|
252 |
|
|
|
89 |
|
|
|
5 |
|
|
|
240 |
|
|
|
|
|
|
|
586 |
|
Tax on net operating income |
|
|
(3,219 |
) |
|
|
(293 |
) |
|
|
(107 |
) |
|
|
106 |
|
|
|
|
|
|
|
(3,513 |
) |
|
Adjusted net operating income |
|
|
2,033 |
|
|
|
798 |
|
|
|
248 |
|
|
|
233 |
|
|
|
|
|
|
|
3,312 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(111 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(77 |
) |
|
Adjusted net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,124 |
|
Adjusted net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
2,073 |
|
|
|
383 |
|
|
|
202 |
|
|
|
9 |
|
|
|
|
|
|
|
2,667 |
|
Divestitures at selling price |
|
|
80 |
|
|
|
90 |
|
|
|
4 |
|
|
|
12 |
|
|
|
|
|
|
|
186 |
|
Cash flow from operating activities |
|
|
2,534 |
|
|
|
1,180 |
|
|
|
291 |
|
|
|
1,048 |
|
|
|
|
|
|
|
5,053 |
|
|
BUSINESS
SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
13,833 |
|
|
|
86,793 |
|
|
|
14,921 |
|
|
|
20 |
|
|
|
|
|
|
|
115,567 |
|
Intersegment sales |
|
|
15,269 |
|
|
|
3,568 |
|
|
|
827 |
|
|
|
125 |
|
|
|
(19,789 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(16,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,440 |
) |
|
Revenues from sales |
|
|
29,102 |
|
|
|
73,921 |
|
|
|
15,748 |
|
|
|
145 |
|
|
|
(19,789 |
) |
|
|
99,127 |
|
Operating expenses |
|
|
(12,717 |
) |
|
|
(69,551 |
) |
|
|
(14,193 |
) |
|
|
(457 |
) |
|
|
19,789 |
|
|
|
(77,129 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,709 |
) |
|
|
(876 |
) |
|
|
(367 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
(3,975 |
) |
|
Operating income |
|
|
13,676 |
|
|
|
3,494 |
|
|
|
1,188 |
|
|
|
(335 |
) |
|
|
|
|
|
|
18,023 |
|
Equity in income (loss) of affiliates and other items |
|
|
976 |
|
|
|
202 |
|
|
|
43 |
|
|
|
536 |
|
|
|
|
|
|
|
1,757 |
|
Tax on net operating income |
|
|
(8,372 |
) |
|
|
(1,063 |
) |
|
|
(371 |
) |
|
|
95 |
|
|
|
|
|
|
|
(9,711 |
) |
|
Net operating income |
|
|
6,280 |
|
|
|
2,633 |
|
|
|
860 |
|
|
|
296 |
|
|
|
|
|
|
|
10,069 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(233 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(255 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,581 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2007 (adjustments) (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
951 |
|
|
|
152 |
|
|
|
|
|
|
|
|
|
|
|
1,103 |
|
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (1) |
|
|
|
|
|
|
951 |
|
|
|
152 |
|
|
|
|
|
|
|
|
|
|
|
1,103 |
|
Equity in income (loss) of affiliates and other items (2) |
|
|
|
|
|
|
(10 |
) |
|
|
(1 |
) |
|
|
(250 |
) |
|
|
|
|
|
|
(261 |
) |
Tax on net operating income |
|
|
|
|
|
|
(297 |
) |
|
|
(51 |
) |
|
|
|
|
|
|
|
|
|
|
(348 |
) |
|
Net operating income (1) |
|
|
|
|
|
|
644 |
|
|
|
100 |
|
|
|
(250 |
) |
|
|
|
|
|
|
494 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
485 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
485 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of
intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
951 |
|
|
|
152 |
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
664 |
|
|
|
100 |
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2007 (adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
13,833 |
|
|
|
86,793 |
|
|
|
14,921 |
|
|
|
20 |
|
|
|
|
|
|
|
115,567 |
|
Intersegment sales |
|
|
15,269 |
|
|
|
3,568 |
|
|
|
827 |
|
|
|
125 |
|
|
|
(19,789 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(16,440 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,440 |
) |
|
Revenues from sales |
|
|
29,102 |
|
|
|
73,921 |
|
|
|
15,748 |
|
|
|
145 |
|
|
|
(19,789 |
) |
|
|
99,127 |
|
Operating expenses |
|
|
(12,717 |
) |
|
|
(70,502 |
) |
|
|
(14,345 |
) |
|
|
(457 |
) |
|
|
19,789 |
|
|
|
(78,232 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,709 |
) |
|
|
(876 |
) |
|
|
(367 |
) |
|
|
(23 |
) |
|
|
|
|
|
|
(3,975 |
) |
|
Adjusted operating income |
|
|
13,676 |
|
|
|
2,543 |
|
|
|
1,036 |
|
|
|
(335 |
) |
|
|
|
|
|
|
16,920 |
|
Equity in income (loss) of affiliates and other items |
|
|
976 |
|
|
|
212 |
|
|
|
44 |
|
|
|
786 |
|
|
|
|
|
|
|
2,018 |
|
Tax on net operating income |
|
|
(8,372 |
) |
|
|
(766 |
) |
|
|
(320 |
) |
|
|
95 |
|
|
|
|
|
|
|
(9,363 |
) |
|
Adjusted net operating income |
|
|
6,280 |
|
|
|
1,989 |
|
|
|
760 |
|
|
|
546 |
|
|
|
|
|
|
|
9,575 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(233 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(246 |
) |
|
Adjusted net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,096 |
|
Adjusted net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
6,079 |
|
|
|
1,026 |
|
|
|
546 |
|
|
|
43 |
|
|
|
|
|
|
|
7,694 |
|
Divestitures at selling price |
|
|
427 |
|
|
|
77 |
|
|
|
63 |
|
|
|
8 |
|
|
|
|
|
|
|
575 |
|
Cash flow from operating activities |
|
|
9,344 |
|
|
|
3,776 |
|
|
|
578 |
|
|
|
(172 |
) |
|
|
|
|
|
|
13,526 |
|
|
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
15,822 |
|
|
|
87,026 |
|
|
|
14,503 |
|
|
|
18 |
|
|
|
|
|
|
|
117,369 |
|
Intersegment sales |
|
|
15,621 |
|
|
|
3,883 |
|
|
|
957 |
|
|
|
127 |
|
|
|
(20,588 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(14,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,577 |
) |
|
Revenues from sales |
|
|
31,443 |
|
|
|
76,332 |
|
|
|
15,460 |
|
|
|
145 |
|
|
|
(20,588 |
) |
|
|
102,792 |
|
Operating expenses |
|
|
(13,013 |
) |
|
|
(72,617 |
) |
|
|
(14,281 |
) |
|
|
(491 |
) |
|
|
20,588 |
|
|
|
(79,814 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,453 |
) |
|
|
(815 |
) |
|
|
(446 |
) |
|
|
(28 |
) |
|
|
|
|
|
|
(3,742 |
) |
|
Operating income |
|
|
15,977 |
|
|
|
2,900 |
|
|
|
733 |
|
|
|
(374 |
) |
|
|
|
|
|
|
19,236 |
|
Equity in income (loss) of affiliates and other items |
|
|
887 |
|
|
|
233 |
|
|
|
(121 |
) |
|
|
592 |
|
|
|
|
|
|
|
1,591 |
|
Tax on net operating income |
|
|
(9,995 |
) |
|
|
(861 |
) |
|
|
(153 |
) |
|
|
192 |
|
|
|
|
|
|
|
(10,817 |
) |
|
Net operating income |
|
|
6,869 |
|
|
|
2,272 |
|
|
|
459 |
|
|
|
410 |
|
|
|
|
|
|
|
10,010 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(170 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(292 |
) |
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,548 |
|
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2006 (adjustments) (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise taxes |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues from sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
6 |
|
|
|
(58 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
(72 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
|
|
|
|
|
|
|
|
(50 |
) |
|
|
|
|
|
|
|
|
|
|
(50 |
) |
|
Operating income (1) |
|
|
|
|
|
|
6 |
|
|
|
(108 |
) |
|
|
(20 |
) |
|
|
|
|
|
|
(122 |
) |
Equity in income (loss) of affiliates and other items (2) |
|
|
195 |
|
|
|
23 |
|
|
|
(149 |
) |
|
|
(191 |
) |
|
|
|
|
|
|
(122 |
) |
Tax on net operating income |
|
|
(150 |
) |
|
|
8 |
|
|
|
87 |
|
|
|
6 |
|
|
|
|
|
|
|
(49 |
) |
|
Net operating income (1) |
|
|
45 |
|
|
|
37 |
|
|
|
(170 |
) |
|
|
(205 |
) |
|
|
|
|
|
|
(293 |
) |
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
Net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(286 |
) |
Net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(19 |
) |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(305 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) Adjustments include special items, inventory valuation effect and equity share of
amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Of which inventory valuation effect |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
On operating income |
|
|
|
|
|
|
6 |
|
|
|
69 |
|
|
|
|
|
On net operating income |
|
|
|
|
|
|
37 |
|
|
|
49 |
|
|
|
|
|
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(253 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2006 (adjusted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Non-Group sales |
|
|
15,822 |
|
|
|
87,026 |
|
|
|
14,503 |
|
|
|
18 |
|
|
|
|
|
|
|
117,369 |
|
Intersegment sales |
|
|
15,621 |
|
|
|
3,883 |
|
|
|
957 |
|
|
|
127 |
|
|
|
(20,588 |
) |
|
|
|
|
Excise taxes |
|
|
|
|
|
|
(14,577 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,577 |
) |
|
Revenues from sales |
|
|
31,443 |
|
|
|
76,332 |
|
|
|
15,460 |
|
|
|
145 |
|
|
|
(20,588 |
) |
|
|
102,792 |
|
Operating expenses |
|
|
(13,013 |
) |
|
|
(72,623 |
) |
|
|
(14,223 |
) |
|
|
(471 |
) |
|
|
20,588 |
|
|
|
(79,742 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(2,453 |
) |
|
|
(815 |
) |
|
|
(396 |
) |
|
|
(28 |
) |
|
|
|
|
|
|
(3,692 |
) |
|
Adjusted operating income |
|
|
15,977 |
|
|
|
2,894 |
|
|
|
841 |
|
|
|
(354 |
) |
|
|
|
|
|
|
19,358 |
|
Equity in income (loss) of affiliates and other items |
|
|
692 |
|
|
|
210 |
|
|
|
28 |
|
|
|
783 |
|
|
|
|
|
|
|
1,713 |
|
Tax on net operating income |
|
|
(9,845 |
) |
|
|
(869 |
) |
|
|
(240 |
) |
|
|
186 |
|
|
|
|
|
|
|
(10,768 |
) |
|
Adjusted net operating income |
|
|
6,824 |
|
|
|
2,235 |
|
|
|
629 |
|
|
|
615 |
|
|
|
|
|
|
|
10,303 |
|
Net cost of net debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(170 |
) |
Minority interests |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(299 |
) |
|
Adjusted net income from continuing operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,834 |
|
Adjusted net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
Ajusted net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions of euros) |
|
Upstream |
|
|
Downstream |
|
|
Chemicals |
|
|
Corporate |
|
|
Intercompany |
|
|
Total |
|
|
Total expenditures |
|
|
6,363 |
|
|
|
1,072 |
|
|
|
702 |
|
|
|
59 |
|
|
|
|
|
|
|
8,196 |
|
Divestitures at selling price |
|
|
935 |
|
|
|
153 |
|
|
|
99 |
|
|
|
20 |
|
|
|
|
|
|
|
1,207 |
|
Cash flow from operating activities |
|
|
9,736 |
|
|
|
3,365 |
|
|
|
247 |
|
|
|
590 |
|
|
|
|
|
|
|
13,938 |
|
|
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2006 |
|
9 months 2007 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
(in millions of euros) |
|
Adjusted |
|
|
Adjustments |
|
|
statement of income |
|
Adjusted |
|
|
Sales |
|
|
115,567 |
|
|
|
|
|
|
|
115,567 |
|
|
117,369 |
|
Excise taxes |
|
|
(16,440 |
) |
|
|
|
|
|
|
(16,440 |
) |
|
(14,577 |
) |
Revenues from sales |
|
|
99,127 |
|
|
|
|
|
|
|
99,127 |
|
|
102,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(64,777 |
) |
|
|
1,103 |
|
|
|
(63,674 |
) |
|
(64,546 |
) |
Other operating expenses |
|
|
(12,851 |
) |
|
|
|
|
|
|
(12,851 |
) |
|
(14,776 |
) |
Exploration costs |
|
|
(604 |
) |
|
|
|
|
|
|
(604 |
) |
|
(420 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(3,975 |
) |
|
|
|
|
|
|
(3,975 |
) |
|
(3,692 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(335 |
) |
|
|
|
|
|
|
(335 |
) |
|
(354 |
) |
Business segments |
|
|
17,255 |
|
|
|
1,103 |
|
|
|
18,358 |
|
|
19,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating income |
|
|
16,920 |
|
|
|
1,103 |
|
|
|
18,023 |
|
|
19,358 |
|
|
Other income |
|
|
279 |
|
|
|
|
|
|
|
279 |
|
|
194 |
|
Other expense |
|
|
(100 |
) |
|
|
(130 |
) |
|
|
(230 |
) |
|
(202 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(1,332 |
) |
|
|
|
|
|
|
(1,332 |
) |
|
(1,260 |
) |
Financial income from marketable securities and cash equivalents |
|
|
955 |
|
|
|
|
|
|
|
955 |
|
|
992 |
|
Cost of net debt |
|
|
(377 |
) |
|
|
|
|
|
|
(377 |
) |
|
(268 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
492 |
|
|
|
|
|
|
|
492 |
|
|
451 |
|
Other financial expense |
|
|
(211 |
) |
|
|
|
|
|
|
(211 |
) |
|
(194 |
) |
Income taxes |
|
|
(9,219 |
) |
|
|
(348 |
) |
|
|
(9,567 |
) |
|
(10,670 |
) |
Equity in income (loss) of affiliates |
|
|
1,558 |
|
|
|
(131 |
) |
|
|
1,427 |
|
|
1,464 |
|
|
Consolidated net income from continuing operations |
|
|
9,342 |
|
|
|
494 |
|
|
|
9,836 |
|
|
10,133 |
|
Consolidated net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
Consolidated net income |
|
|
9,342 |
|
|
|
494 |
|
|
|
9,836 |
|
|
10,147 |
|
Group share |
|
|
9,096 |
|
|
|
485 |
|
|
|
9,581 |
|
|
9,848 |
|
Minority interests |
|
|
246 |
|
|
|
9 |
|
|
|
255 |
|
|
299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter
2006 |
|
3rd quarter 2007 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
(in millions of euros) |
|
Adjusted |
|
|
Adjustments |
|
|
statement of income |
|
Adjusted |
|
|
Sales |
|
|
39,430 |
|
|
|
|
|
|
|
39,430 |
|
|
38,357 |
|
Excise taxes |
|
|
(5,479 |
) |
|
|
|
|
|
|
(5,479 |
) |
|
(4,829 |
) |
Revenues from sales |
|
|
33,951 |
|
|
|
|
|
|
|
33,951 |
|
|
33,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(22,790 |
) |
|
|
210 |
|
|
|
(22,580 |
) |
|
(20,961 |
) |
Other operating expenses |
|
|
(4,060 |
) |
|
|
|
|
|
|
(4,060 |
) |
|
(4,920 |
) |
Exploration costs |
|
|
(135 |
) |
|
|
|
|
|
|
(135 |
) |
|
(159 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,310 |
) |
|
|
|
|
|
|
(1,310 |
) |
|
(1,249 |
) |
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(114 |
) |
|
|
|
|
|
|
(114 |
) |
|
(113 |
) |
Business segments |
|
|
5,770 |
|
|
|
210 |
|
|
|
5,980 |
|
|
6,352 |
|
|
Total operating income |
|
|
5,656 |
|
|
|
210 |
|
|
|
5,866 |
|
|
6,239 |
|
|
Other income |
|
|
123 |
|
|
|
|
|
|
|
123 |
|
|
55 |
|
Other expense |
|
|
(34 |
) |
|
|
(30 |
) |
|
|
(64 |
) |
|
(9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(455 |
) |
|
|
|
|
|
|
(455 |
) |
|
(545 |
) |
Financial income from marketable securities and cash equivalents |
|
|
324 |
|
|
|
|
|
|
|
324 |
|
|
381 |
|
Cost of net debt |
|
|
(131 |
) |
|
|
|
|
|
|
(131 |
) |
|
(164 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
155 |
|
|
|
|
|
|
|
155 |
|
|
144 |
|
Other financial expense |
|
|
(70 |
) |
|
|
|
|
|
|
(70 |
) |
|
(74 |
) |
Income taxes |
|
|
(3,131 |
) |
|
|
(54 |
) |
|
|
(3,185 |
) |
|
(3,460 |
) |
Equity in income (loss) of affiliates |
|
|
516 |
|
|
|
(7 |
) |
|
|
509 |
|
|
470 |
|
|
Consolidated net income from continuing operations |
|
|
3,084 |
|
|
|
119 |
|
|
|
3,203 |
|
|
3,201 |
|
Consolidated net income from discontinued operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
(13 |
) |
|
Consolidated net income |
|
|
3,084 |
|
|
|
119 |
|
|
|
3,203 |
|
|
3,188 |
|
Group share |
|
|
3,004 |
|
|
|
117 |
|
|
|
3,121 |
|
|
3,111 |
|
Minority interests |
|
|
80 |
|
|
|
2 |
|
|
|
82 |
|
|
77 |
|
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2005 |
|
9 months 2006 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
(in millions of euros) |
|
Adjusted |
|
|
Adjustments |
|
|
statement of income |
|
Adjusted |
|
|
Sales |
|
|
117,369 |
|
|
|
|
|
|
|
117,369 |
|
|
99,042 |
|
Excise taxes |
|
|
(14,577 |
) |
|
|
|
|
|
|
(14,577 |
) |
|
(15,503 |
) |
Revenues from sales |
|
|
102,792 |
|
|
|
|
|
|
|
102,792 |
|
|
83,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(64,546 |
) |
|
|
75 |
|
|
|
(64,471 |
) |
|
(50,399 |
) |
Other operating expenses |
|
|
(14,776 |
) |
|
|
(147 |
) |
|
|
(14,923 |
) |
|
(12,424 |
) |
Unsuccessful exploration costs |
|
|
(420 |
) |
|
|
|
|
|
|
(420 |
) |
|
(277 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(3,692 |
) |
|
|
(50 |
) |
|
|
(3,742 |
) |
|
(3,593 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(354 |
) |
|
|
(20 |
) |
|
|
(374 |
) |
|
(254 |
) |
Business segments |
|
|
19,712 |
|
|
|
(102 |
) |
|
|
19,610 |
|
|
17,100 |
|
|
Total operating income |
|
|
19,358 |
|
|
|
(122 |
) |
|
|
19,236 |
|
|
16,846 |
|
|
Other income |
|
|
194 |
|
|
|
195 |
|
|
|
389 |
|
|
88 |
|
Other expense |
|
|
(202 |
) |
|
|
(202 |
) |
|
|
(404 |
) |
|
(105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(1,260 |
) |
|
|
|
|
|
|
(1,260 |
) |
|
(844 |
) |
Financial income from marketable securities and cash equivalents |
|
|
992 |
|
|
|
|
|
|
|
992 |
|
|
650 |
|
Cost of net debt |
|
|
(268 |
) |
|
|
|
|
|
|
(268 |
) |
|
(194 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
451 |
|
|
|
|
|
|
|
451 |
|
|
297 |
|
Other financial expense |
|
|
(194 |
) |
|
|
|
|
|
|
(194 |
) |
|
(194 |
) |
Income taxes |
|
|
(10,670 |
) |
|
|
(49 |
) |
|
|
(10,719 |
) |
|
(8,908 |
) |
Equity in income (loss) of affiliates |
|
|
1,464 |
|
|
|
(115 |
) |
|
|
1,349 |
|
|
1,249 |
|
|
Consolidated net income from continuing operations |
|
|
10,133 |
|
|
|
(293 |
) |
|
|
9,840 |
|
|
9,079 |
|
Consolidated net income from discontinued operations |
|
|
14 |
|
|
|
(19 |
) |
|
|
(5 |
) |
|
133 |
|
|
Consolidated net income |
|
|
10,147 |
|
|
|
(312 |
) |
|
|
9,835 |
|
|
9,212 |
|
Group share |
|
|
9,848 |
|
|
|
(305 |
) |
|
|
9,543 |
|
|
8,951 |
|
Minority interests |
|
|
299 |
|
|
|
(7 |
) |
|
|
292 |
|
|
261 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd quarter 2005 |
|
3rd quarter 2006 |
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
(in millions of euros) |
|
Adjusted |
|
|
Adjustments |
|
|
statement of income |
|
Adjusted |
|
|
Sales |
|
|
38,357 |
|
|
|
|
|
|
|
38,357 |
|
|
37,055 |
|
Excise taxes |
|
|
(4,829 |
) |
|
|
|
|
|
|
(4,829 |
) |
|
(5,206 |
) |
Revenues from sales |
|
|
33,528 |
|
|
|
|
|
|
|
33,528 |
|
|
31,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases, net of inventory variation |
|
|
(20,961 |
) |
|
|
(681 |
) |
|
|
(21,642 |
) |
|
(20,603 |
) |
Other operating expenses |
|
|
(4,920 |
) |
|
|
(81 |
) |
|
|
(5,001 |
) |
|
(3,721 |
) |
Unsuccessful exploration costs |
|
|
(159 |
) |
|
|
|
|
|
|
(159 |
) |
|
(113 |
) |
Depreciation, depletion, and amortization of tangible assets and leasehold rights |
|
|
(1,249 |
) |
|
|
(50 |
) |
|
|
(1,299 |
) |
|
(1,213 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
(113 |
) |
|
|
(9 |
) |
|
|
(122 |
) |
|
(89 |
) |
Business segments |
|
|
6,352 |
|
|
|
(803 |
) |
|
|
5,549 |
|
|
6,288 |
|
|
Total operating income |
|
|
6,239 |
|
|
|
(812 |
) |
|
|
5,427 |
|
|
6,199 |
|
|
Other income |
|
|
55 |
|
|
|
1 |
|
|
|
56 |
|
|
3 |
|
Other expense |
|
|
(9 |
) |
|
|
(152 |
) |
|
|
(161 |
) |
|
(28 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial interest on debt |
|
|
(545 |
) |
|
|
|
|
|
|
(545 |
) |
|
(314 |
) |
Financial income from marketable securities and cash equivalents |
|
|
381 |
|
|
|
|
|
|
|
381 |
|
|
254 |
|
Cost of net debt |
|
|
(164 |
) |
|
|
|
|
|
|
(164 |
) |
|
(60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial income |
|
|
144 |
|
|
|
|
|
|
|
144 |
|
|
98 |
|
Other financial expense |
|
|
(74 |
) |
|
|
|
|
|
|
(74 |
) |
|
(76 |
) |
Income taxes |
|
|
(3,460 |
) |
|
|
198 |
|
|
|
(3,262 |
) |
|
(3,399 |
) |
Equity in income (loss) of affiliates |
|
|
470 |
|
|
|
59 |
|
|
|
529 |
|
|
458 |
|
|
Consolidated net income from continuing operations |
|
|
3,201 |
|
|
|
(706 |
) |
|
|
2,495 |
|
|
3,195 |
|
Consolidated net income from discontinued operations |
|
|
(13 |
) |
|
|
|
|
|
|
(13 |
) |
|
31 |
|
|
Consolidated net income |
|
|
3,188 |
|
|
|
(706 |
) |
|
|
2,482 |
|
|
3,226
|
|
Group share |
|
|
3,111 |
|
|
|
(692 |
) |
|
|
2,419 |
|
|
3,126
|
|
Minority interests |
|
|
77 |
|
|
|
(14 |
) |
|
|
63 |
|
|
100
|
|
EX-99.5
6
y01850exv99w5.htm
EX-99.5 3RD QUARTER 2007 FINANCIAL RESULTS, TOTAL GABON
exv99w5
Exhibit 99.5
A limited company incorporated in Gabon with a Board of directors and share capital of $76,500,000
Headquarters: Boulevard Hourcq Port-Gentil BP 525, The Republic of Gabon
www.total-gabon.com
Registered in Port-Gentil: 2000 B 00011
PRESS RELEASE
Third-Quarter 2007 Financial Results
Port-Gentil November 15, 2007
Nine months 2007 Main Financial Indicators
|
|
|
|
|
(in $ million) |
|
Nine months 2007 |
Sales |
|
|
1,039.2 |
|
Funds generated from operations |
|
|
376.3 |
|
Capital expenditure |
|
|
256.5 |
|
Net income |
|
|
259.5 |
|
Sales Comparison
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in $ million) |
|
Q3 2007 |
|
Q2 2007 |
|
Q1 2007 |
|
Q3 2006 |
Sales |
|
|
333.3 |
|
|
|
363.1 |
|
|
|
342.9 |
|
|
|
220.7 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine months |
|
Nine months |
(in $ million) |
|
2007 |
|
2006 |
Aggregate sales |
|
|
1,039.2 |
|
|
|
936.5 |
|
Production
Crude oil production from Total Gabon interests1
|
|
|
(1) |
|
Including the tax oil reverting to the Republic of Gabon under production sharing contracts. |
(thousands of barrels per day)
Crude oil production from fields operated by Total Gabon
(thousands of barrels per day)
|
|
Third-Quarter and nine months 2007 results |
|
|
|
Net Income |
|
|
|
Total Gabons net income for the first nine months of 2007 amounted to $259.5 million. |
|
|
|
Sales |
|
|
|
The selling price of the crude oil (Mandji and Rabi Light) marketed by Total Gabon averaged
$61.84 per barrel in the first nine months of 2007, compared to $61.78 in the prior-year
period. Third-quarter sales rose to $333.3 million, versus $220.7 million in the same period
in 2006. The strong increase can be attributed to the fact that crude inventories were high
at September 30, 2006 and were not sold until the following month. Sales for the first nine
months of 2007 stood at $1,039.2 million, compared with $936.5 million for the first nine
months of 2006. The sales figure for the first nine months of 2007 was boosted by additional
revenue from third party transportation operations. |
|
|
|
Production |
|
|
|
Total Gabons net share of operated and non-operated oil produced (including the tax
reverting to the Republic as per the profit sharing contracts) amounted to 64.7 thousand
barrels per day in the first nine months 2007, compared to 67.6 thousand barrels per day in
the first nine months of 2006. The 4.3% decrease in production can be attributed primarily to
the natural decline of fields, which was not fully offset by new production or well
workovers. The availability of facilities remained similar to that in 2006. |
|
|
|
Capital Expenditure |
|
|
|
At $256.5 million, capital expenditure related to oil operations in the first nine months of
2007 includes primarily the expenditure related to the beginning of Anguille field
redevelopment project, works on Port-Gentil Ocean and Torpille fields and the signature bonus
for the renewal of the Convention dEtablissement. |
|
|
|
Funds generated from operations |
|
|
|
Funds generated from operations at September 30, 2007 stood at $376.3 million. |
|
|
Third-Quarter 2007 Highlights |
|
|
|
Operated Activities |
|
|
|
Renewal of the Convention dEtablissement |
|
|
|
Total Gabons Convention dEtablissement was renewed for a further 25 years with the July 5,
2007 signature of Supplemental Agreement 31. The Convention dEtablissement defines, among
other things, the legal and tax system governing Total Gabons concessions, operating licenses
and crude transportation installations. The system was thoroughly updated to promote exploration
and development of oil and gas resources (in particular through additional development of mature
fields), and to support oil and gas production in Gabon. |
|
|
|
The main provisions to encourage exploration and development spendings will apply in full
effective January 1, 2008 and partly to the capital expenditure since July 1, 2007. |
|
|
|
Mature Fields |
|
|
|
Total Gabon is continuing to implement a major reservoir study and development program that
mainly covers the fields in the Mandji asset. The studies will assess the residual potential of
producing fields and surrounding areas and evaluate the processes and technologies that could
profitably enhance the recovery rate. |
|
|
|
In this framework and particularly for the first phase of the Anguille field redevelopment, Total
Gabon is pursuing a significant drilling and well workover program. In the third quarter, two
wells were worked over and four new wells drilled, two of them in the Anguille field. |
|
|
|
To ensure the production of these additional reserves, Total Gabon has engaged, on top of the
regular installations and equipment maintenance program, a sustained inspection and refurbishment
program to ensure the long-term viability of its installations. During the third quarter, work
continued on commissioning new digital operating systems for facilities. |
|
|
|
Exploration for New Reserves |
|
|
|
Total Gabons exploration operations on new and recently acquired acreage encompassed: |
|
|
|
Continuing preparations for the 2,000-kilometer 2D seismic survey scheduled for early 2008 on the Diaba license. |
|
|
|
Engineering design studies for drilling and associated stimulation for the well scheduled for early 2008 on the Aloumbe
license. |
|
|
|
Non-Operated Activities (Rabi-Kounga Field) |
|
|
|
Geosciences studies to prepare a new phase for further development of the Rabi-Kounga field moved
forward satisfactorily in third-quarter 2007. |
|
|
|
Conducted alongside these medium and long-term studies, the new drilling program begun in the
first half of 2007 resumed in late August with the drilling of a new well. |
|
|
|
In addition, a systematic review of Rabi-Koungas installations and operating procedures led to
an action plan designed to improve their reliability, nominal capacity and operability. |
T www.total-gabon.com
|
|
Contact Presse : Patricia MARIE : + 33 (0) 1 47 44 45 90 |
EX-99.6
7
y01850exv99w6.htm
EX-99.6 DISCOVERY, MER TRES PROFONDE SUD ULTRA-DEEP OFFSHORE BLOCK, CONGO
exv99w6
|
|
|
|
|
|
|
|
News Release
Communiqué de Pressee |
|
|
|
Exhibit 99.6
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
New Discovery in the Mer Très Profonde Sud Ultra-Deep Offshore Block
in the Congo
Paris, November 16, 2007 Total announces a new oil discovery in the
ultra-deep offshore Mer Très Profonde Sud (MTPS) block, which lies
approximately 185 kilometres offshore the Republic of the Congo in a water
depth of 2,120 metres.
Drilled to a total depth of 4,110 metres, the Persée Nord Est Marine-1
discovery well found six oil reservoir levels in the Miocene.
Following Andromède in 2000, Pégase Nord in 2004, Aurige Nord in 2006 and
Cassiopée Est in 2007, this new drilling success is the fifth oil discovery
in the MTPS permit. It strengthens Totals exploration strategy in the
Republic of the Congo, aimed at building an economically viable development
cluster in this ultra-deepwater permit.
Field development studies for the cluster will begin once the related
resources are assessed.
Awarded in May 1997, the MTPS block extends over more than 5,000 square
kilometres, with water depths ranging from 1,300 to 3,000 metres. Through
its subsidiary Total E&P Congo, Total is the operator with a 40% interest,
alongside partners ENI Congo (30%) and Esso Exploration and Production Congo
(Mer Très Profonde Sud) Limited (30%).
Total in the Congo
Present in the Republic of the Congo since 1968, Total has operated half of
the exploration wells drilled in the Congo, brought 11 of the 17 producing
fields on stream and discovered 65% of the initially identified reserves.
The Kikouala, Yangga, Sendji and Tchibouela developments drove the ramp-up
of production in the country in the 1980s. This positive momentum was
sustained over the following decade with a very active exploration strategy
and continuous investment in developing new shallow offshore fields. The
Nkossa field, with the largest concrete barge FPU ever built, was brought on
stream in 1996, marking a major milestone for Total (operator, 53.5%) in
terms of production growth in Congo.
In recent years, Total has leveraged its comprehensive expertise to enhance
recovery from mature fields and stem their natural decline. It has also
successfully accessed deepwater reservoirs and will bring the Congos first
deep offshore field, Moho-Bilondo, on stream in 2008. Operated by Total with
a 53.5% interest, the field is expected to produce roughly 90,000 barrels in
100% per day at plateau. In addition, Total is continuing work to appraise
three oil reservoirs discovered in the northern area of the Moho-Bilondo
permit in spring 2007.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.7
8
y01850exv99w7.htm
EX-99.7 EXPLORATION LICENSE, CHILE
exv99w7
|
|
|
|
|
News Release
Communiqué de Pressee |
|
|
|
Exhibit 99.7
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total enters in Chile with the award of one exploration license
Paris, November 21, 2007 Total announces that it has been awarded the
Otway exploration license it applied for under the 2007 Exploration
Licensing Round of the Chiles Minister of Mine.
Total will have a 100% interest in Otway Block. Covering an area of
5,965 square kilometres, this block is located in the foothills domain of
the Magallanes Basin, immediately West to Punta Arenas, and around
160 kilometres West to onshore installations of Total Austral in Tierra del
Fuego (Argentina).
Under the terms of the contract, which should be signed in the coming
months, Phase 1 of exploration will be launched in 2008 and will include
1,500 square kilometres of 3D seismic acquisition followed by the drilling
of two wells.
Totals entry into Chile is in line with its strategy of diversifying its
exploration assets.
Total Exploration & Production in South America:
At 225,000 barrels of oil equivalent per day, the South America region
accounted for almost 10% of the Groups total production in 2006. Total is
primarily active in Argentina, where it is one of the countrys leading
operators of natural gas production and in Venezuela. It also has interests
in Bolivia, Columbia, Brazil and Trinidad.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in more than 130 countries.
Its 95,000 employees put their expertise to work in every part of the industry exploration and
production of oil and natural gas, refining and marketing, gas trading and electricity. Total is
working to keep the world supplied with energy, both today and tomorrow. The Group is also a first
rank player in chemicals. www.total.com
EX-99.8
9
y01850exv99w8.htm
EX-99.8 PHOTOVOLTECH: NEW PRODUCTION LINE AND FURTHER SOLAR ENERGY INVESTMENT
exv99w8
Exhibit 99.8
Photovoltech Inaugurates New Production Line
and Approves Further Solar Energy Investment
Total
Philippe Gateau
+33 (0)1 47 44 47 05
philippe.gateau@total.com
Suez
Caroline Lambrinidis
+33 (0)1 40 06 66 54
caroline.lambrinidis@suez.com
IMEC
Katrien Marent
+32 (0)16 28 18 80
katrien.marent@imec.be
Photovoltech
Johan Nijs
+32 (0)16 80 58 51
johan.nijs@photovoltech.be
Tienen, Belgium, November 21, 2007 Photovoltech, a European leader in photovoltaic cell
production, today inaugurated a new production line at a ceremony attended by Kris Peeters,
Minister-President of Flanders, Christophe de Margerie, C.E.O. of Total, and Gérard Mestrallet,
Chairman and C.E.O. of SUEZ. Built at a cost of 30 million, the new line raises Photovoltechs
total production capacity to 80 MWp1 a year from 20 MWp. The company is owned by Total,
SUEZ and Imec2.
Taking advantage of the opportunity provided by the inauguration, Photovoltech also announced a
further investment of 45 million to increase total production capacity to 140 MWp by 2009. Around
60 jobs will be created.
Ambitious photovoltaic solar energy plans are critical for the planet, said Christophe de
Margerie. Photovoltech is one of the pillars on which we intend to build a world-class business
across the entire photovoltaic solar energy chain.
Renewable energies are a priority for Europe and for SUEZ, commented Gérard Mestrallet. They
will help to respond to the key challenge of the futuredelivering reliable, environmentally
friendly, competitively-priced energy. Photovoltechs solar energy expertise is an invaluable asset
for our Group.
The strong growth outlook for solar energy in Europe means that Photovoltech can confidently
continue to increase its photovoltaic cell production capacity, which is expected to give the
company a 4% to 5% share of the global market in 2015.
Photovoltech was created in December 2001 by Total, SUEZ (through Electrabel) and Imec, which today
hold respective interests of 47.8%, 47.8% including Soltechs stake, and 4.4%. The photovoltaic
cells are manufactured using Imec-developed technology. Photovoltech reported revenue of 40
million in 2006.
1. MWp: |
|
A peak megawatt is equivalent to one million peak watts. The peak watt is the unit used
to measure the standardized power output of a photovoltaic cell or module under standard test
conditions. |
|
2. Imec: |
|
Interuniversity MicroElectronics Center, Europes leading independent research center
in the field of microelectronics. |
EX-99.9
10
y01850exv99w9.htm
EX-99.9 TOTAL ENERGY & EDUCATION SEMINAR
exv99w9
|
|
|
Exhibit 99.9
|
|
News Release
Communiqué de Pressee |
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
52 University Professors From Around The World Come To Paris
For the Total Energy & Education Seminar
Paris, November 22, 2007 From November 25 to 30, Université Total will
welcome for the first time 52 professors from 44 universities in 21
countries* for a week of conferences and discussions on energy and
education. The participants, most of whom specialize in scientific fields
related to energy, or in economics or management, will share their views
with some 20 Total senior executives and outside experts.
Issues to be addressed during the seminar include the future of energy,
climate change, relations between universities and companies in the area of
research and the impact of globalization on education and human resources
management. We devised this innovative program in response to a request
from a handful of professors, explains Nathalie Fokart, Director of
Université Total. Very quickly we realized that there was strong demand in
both the academic and corporate worlds for an opportunity to exchange views
on these major issues and discuss future skills requirements.
The Total Energy & Education Seminar builds on existing initiatives launched
by Total to help its subsidiaries around the world develop their relations
with universities, which are a key training ground for Totals businesses.
One example is the Total Summer School for university students, founded in
2006. The Summer Schools second session, in July 2007, attracted 102
students of 24 different nationalities for a week of discussion on the
future of energy, climate change and corporate social responsibility.
Says Jean-Jacques Guilbaud, President of Human Resources & Corporate
Communications at Total: These new forums for discussion with students and
teachers make an important contribution to the Groups international
development. Total now recruits nearly 70% of its managers outside France,
from more than 80 different countries. To be an employer of
choice in these countries and integrate diversity into the highest levels of
management, we need to be constantly aware of peoples expectations and
perceptions of our enterprise.
*21 countries will be represented at the first Total Energy and Education
Seminar: Algeria, Angola, Argentina, Canada, China, France, Germany, India,
Indonesia, Iran, Iraq, Italy, Libya, Nigeria, Norway, Russia, South Africa,
Spain, Turkey, United Kingdom and Venezuela.
* * * * *
The Total Energy & Education Seminar is a programme of Université Total
(www.universite.total.com). Total founded a corporate university in 2005 to
create forums for reflection and discussion on issues that can have an
impact on the future of its businesses and to strengthen its ties with the
academic world.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.10
11
y01850exv99w10.htm
EX-99.10 TOTAL SERVES FRENCH SME DEVELOPMENT, CHINA
exv99w10
|
|
|
Exhibit 99.10 |
|
News Release
Communiqué de Pressee |
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Franklin BOITIER
Tél. : +33 (0)1 47 44 59 81
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total Serves French SME Development in China
through Its Local Business Support Programme
Paris, November 23, 2007 On Sunday, November 25 in Beijing, Total will
join the French Chamber of Commerce and Industry in China (CCIFC) in
announcing the winners of the 2007 SMEs in China Awards (Prix PME-Chine).
Created to encourage the development of French small and medium-sized
enterprises (SMEs) in China, the awards recognize the boldness,
professionalism and perseverance of SMEs and entrepreneurs that have
successfully launched sustainable businesses in the country.
Total is sponsoring a new award this year to recognize a second business or
entrepreneur. The winner will receive the Groups help, including office
facilities and accommodation, in pursuing development projects. This is just
one of several methods that Total has adopted to help drive economic growth
in its host regions.
In China, Total already hosts VIE* co-op placement participants from seven
French SMEs that will also be able to take advantage of the Groups presence
at Ubifrances France-China Forum on November 26 and 27 to raise their
profiles. In addition, a business and prospecting mission in September
allowed six French SMEs from the nutrition, health and wellness industry to
improve their knowledge of the market and evaluate export opportunities and
potential partnerships with Chinese companies. Similarly, Total will soon be
offering support to Chinese SMEs planning to set up business in France.
These initiatives are the backbone of the local business support programme
that Total created to help SMEs start up or expand in its host countries or
regions. In the last two years, Total has helped more than 600 SMEs
worldwide by providing them with technological, financial or international
expansion assistance. Today, in addition to initiatives in France, the local
business support program actively backs SMEs in Angola, Cambodia and the
Congo, and has projects underway in Belgium, Germany and Italy.
* Volunteer for International Experience
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
Total has been present in China for 28 years, and is active in exploration
and production, especially for natural gas, refining and marketing, and
chemicals. Total currently has 30 companies and 4,000 employees in China.
www.cn.total.com
EX-99.11
12
y01850exv99w11.htm
EX-99.11 10% INTEREST IN CANADA'S JOSLYN OIL SANDS PROJECT ASSIGNED TO INPEX
exv99w11
|
|
|
Exhibit 99.11
|
|
News Release
Communiqué de Pressee |
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Total assigns a 10% Interest in Canadas Joslyn Oil Sands
Project to INPEX
Paris, November 27, 2007 - Total today announces that it has assigned a 10%
interest in the Joslyn project to INPEX Canada, a subsidiary of Japanese oil
company INPEX Corporation.
Located around 60 kilometres northwest of Fort McMurray in the Athabasca
region of the Canadian province of Alberta, the Joslyn oil sands project is
operated by Total. The first phase of the Joslyn project entered commercial
production in late 2006, the bitumen is recovered using steam assisted
gravity drainage (SAGD) technology, which involves injecting steam deep into
the oil sands. Production should reach 10,000 barrels per day at plateau by
2009.
At the same time, work is under way to prepare the mining operations phase,
with production scheduled to begin by the middle of next decade. An
application for the first 100,000 barrels of bitumen per day of the surface
mining project was submitted to the regulatory agencies in February 2006.
The production potential of the surface mining phases and of SAGD technology
is currently estimated at 230 000 barrels per day by the end of next decade.
The assignment of a 10% interest to INPEX covers the production lease and
the associated pipeline system. INPEX also has a right to participate in the
construction of the upgrader announced by Total in May 2007.
Total is delighted to be working with INPEX again. We have partnered for
more than 30 years, especially in Indonesia and Australia, said Yves-Louis
Darricarrère,
President, Total Exploration & Production. This latest venture offers us an
additional advantage for the development of our projects in Alberta and
bolsters our partnership with INPEX.
Under this agreement, the Joslyn project partners will be Total (operator,
74%), INPEX Canada, Ltd. (10%), EnerMark Inc. (15%) and Laricina Energy Ltd.
(1%).
Total in Canada
Total also has a 50% interest in the Surmont lease, which is being developed
using SAGD technology. Phase 1 production will start by the end of the year,
rising to 100,000 barrels per day in phase 2 by 2012. Future phases are also
under study, which should lift production above 200,000 barrels per day.
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
In addition, Total has interests in neighboring blocks and has initiated the
process to build an upgrader in the Edmonton area. Phase 1 of the upgrader
should produce 130,000 barrels per day of light sweet synthetic crude and
could be commissioned before 2015.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
EX-99.12
13
y01850exv99w12.htm
EX-99.12 SISI-NUBI GAS FIELDS COME ON STREAM, INDONESIA
exv99w12
|
|
|
Exhibit 99.12
|
|
News Release
Communiqué de Pressee |
2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax: + 33 (0) 1 47 44 68 21
Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Patricia MARIE
Tel. : + 33 (0) 1 47 44 45 90
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Burkhard REUSS
Tel. : + 33 (0) 1 47 44 21 19
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 981 907 382,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Sisi-Nubi Gas Fields Come on Stream in Indonesia
Paris, November 29, 2007 Total announces that phase 1 of the Sisi-Nubi gas
fields offshore East Kalimantan in Indonesia has come on stream. Lying
roughly 25 kilometres from the Mahakam Delta in 60 to 90 metres water
depths, the two fields are located in the Total-operated Mahakam and Tengah
blocks.
This first phase development of Sisi-Nubi includes the installation of three
wellhead platforms, a reception facility and a subsea pipeline gathering
network, all completed on schedule and within budget. Gas and condensate is
then sent to the existing Tunu processing centre. From there gas is then
piped to the Bontang LNG plant and condensates to the export terminal at
Senipah.
Both fields are characterised by multiple layers of poorly consolidated
sands, and the 27 development wells to be drilled to complete phase 1
require advanced drilling techniques. Development drilling started in
September 2007 and will enable to reach production plateau of some 350
million cubic feet per day (10 million cubic metres per day) within the next
18 months. Further development phases are foreseen later to extend the
plateau period.
Total operates nearly 2.6 billion cubic feet per day of gas production from
the Mahakam block. Output will be maintained at this level at least through
the early years of the next decade thanks to Sisi-Nubis production. The
Mahakam block is also a top-tier oil and condensate producer, with output of
nearly 90,000 barrels per day.
Total operates the Sisi-Nubi fields with a 47.9% interest, alongside INPEX
(47.9%) and Pertamina (4.2%).
Present in Indonesia since 1968, Total is the countrys leading gas
producer. Production has grown steadily since 1999, and the Groups operated
production now supplies 80% of the feed gas for the Bontang liquefaction
plant from the Mahakam block with the Tambora, Tunu and Peciko gas fields.
* * * * * *
Total is one of the worlds major oil and gas groups, with activities in
more than 130 countries. Its 95,000 employees put their expertise to work in
every part of the industry exploration and production of oil and natural
gas, refining and marketing, gas trading and electricity. Total is working
to keep the world supplied with energy, both today and tomorrow. The Group
is also a first rank player in chemicals. www.total.com
GRAPHIC
14
y01850y0185000.gif
GRAPHIC
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