EX-99.6 7 u02053exhibit99w6.htm EX 99.6: 3RD QUARTER 2008 RESULTS OF TOTAL exhibit99w6
Exhibit 99.6
News Release
Communiqué de Presse

(TOTAL LOGO)
TOTAL
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
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Isabelle DESMET
Tel. : + 33 (0) 1 47 44 37 76
Paul FLOREN
Tel. : + 33 (0) 1 47 44 45 91
Christine de CHAMPEAUX
Tel. : + 33 (0) 1 47 44 47 49
Kevin CHURCH
Tél. : + 33 (0) 1 47 44 70 62
Michaël CROCHET-VOUREY
Tel. : + 33 (0) 1 47 44 81 33
Sandra DANTE
Tel. : + 33 (0) 1 47 44 46 07
Philippe GATEAU
Tel. : + 33 (0) 1 47 44 47 05
Alain LIGAIRE
Tél. : +33(0)1 47 44 81 48
Elisabeth de REALS
Tel. : + 33 (0) 1 47 44 51 55
Lisa WYLER
Tel. : +33 (0) 1 47 44 38 16
TOTAL S.A.
Capital 5 926 006 207,50 euros
542 051 180 R.C.S. Nanterre
www.total.com
Paris, November 5, 2008
Third quarter 2008 results
    Main results1-2
 
             
•
  Third quarter adjusted net income3   4.1 billion euros   +35%
 
      6.1 billion dollars   +48%
 
            
 
      1.81 euros per share   +37%
 
      2.73 dollars per share   +50%
 
            
•
  First nine months adjusted net income   11.0 billion euros   +21%
 
      16.8 billion dollars   +37%
 
            
•
  First nine months net income (Group share)   11.4 billion euros   +19%
    Highlights since the beginning of the third quarter 2008
 
•   Third quarter 2008 Upstream production of 2,231 kboe/d, a decrease of 5% or 2.5% excluding the price effect1
  §   Contribution from new projects, such as Dolphin, Moho Bilondo and Jura
 
  §   Large negative impacts this quarter related to additional security issues in Nigeria and technical incidents in Libya and the North Sea
•   Launched a project to increase capacity on OML 58 in Nigeria
 
•   Major success delineating the West Franklin field in the UK North Sea increased production potential to 45 kboe/d from 20 kboe/d and resources to 200 Mboe from 80 Mboe with a development using existing infrastructure
 
•   New discoveries in Australia in the Browse Basin, north of Ichthys, in Angola on Block 15/06, in Norway and in Brunei
 
•   Added exploration acreage in Yemen, Bolivia and in the Gulf of Mexico
 
•   Acquired Goal Petroleum and started up the K5F field in the Netherlands
 
•   Strengthened position in heavy oil to prepare for the long term by acquiring Synenco in Canada and a 60% interest in Madagascar’s giant Bemolanga field
 
•   Signed agreements with national oil companies in Syria and Libya strengthening the long-term presence of Total in these countries
 
•   Developing new sources of energy : approved investment to double Photovoltech’s production capacity for solar cells and started production of a « methanol to olefins » pilot project at Feluy in Belgium
 
•   Announced the 2008 interim dividend of 1.14 € per share
 
1   percent changes are relative to the same period 2007.
 
2   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.5050 $/€ in the third quarter 2008, 1.3738 $/€ in the third quarter 2007, 1.5622 $/€ in the second quarter 2008, 1.5217 $/€ in the first nine months of 2008, and 1.3443 $/€ in the first nine months of 2007.
 
3   adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of amortization of intangibles related to the Sanofi-Aventis merger. Net income (Group share) for the third quarter 2008 was 3,050 M€, a decrease of 2% compared to the third quarter 2007.


 

 

  §   An increase of 14%1, in line with Total’s competitive dividend growth policy
The Board of Directors of Total, led by Chairman Thierry Desmarest, met on November 4, 2008 and reviewed the third quarter 2008 accounts.
Adjusted net income rose to 4,070 million euros (M€), an increase of 35% compared to the third quarter 2007 and 9% compared to the second quarter 2008.
Commenting on the results, CEO Christophe de Margerie said :
« After reaching close to 150 dollars per barrel in July, the price of Brent suffered a severe correction and settled to an average price for the quarter of 115 dollars per barrel. The decrease in the price of oil accelerated in the month of October, mainly due to concerns about the global economy. Refining margins in Europe hit high levels and petrochemical margins recovered, benefiting from the decrease in the price of naphtha during the quarter. At the same time, the dollar appreciated relative to the euro.
In this very high price environment, Total’s adjusted fully-diluted earnings per share expressed in dollars increased by 50% compared to the third quarter 2007 and 6% compared to the previous quarter. Cash flow expressed in dollars increased by 126% and the net-debt-to-equity ratio was reduced to 15%. Profitability of the business segments was 29.5%.
This performance demonstrates once again the quality of Total’s integrated portfolio. This quarter the Upstream benefited from high oil and gas prices. However, the contribution of new production from Jura in the North Sea and Moho Bilondo in Congo were unable to offset the price effect, the impacts of technical problems in Libya and in the North Sea, production outages related to additional security problems in Nigeria, and the normal decline on producing fields. Downstream and Chemicals also benefited from a favorable environment despite a decrease in demand linked to global economic conditions and continued to implement self-help programs.
The 14% increase in the 2008 interim dividend announced at the beginning of September demonstrates the confidence of the Group in its strategy. Total confirms its ability to pursue a policy of competitive dividend growth even in a less favorable environment.
For the future, the Group can rely on its strong balance sheet, a cost base that is among the lowest in the industry and its strict management discipline. The many strengths of Total allow it to pursue its strategy for growth and to continue to create value for all of its stakeholders. »
¨  ¨  ¨


2

 

l Key figures and consolidated accounts of Total4
                                                         
                        3Q08                       9M08
                        vs   in millions of euros                   vs
3Q08   2Q08   3Q07   3Q07   except earnings per share and number of shares   9M08   9M07   9M07
 
  48,849       48,200       39,430       +24 %  
Sales
     141,262       115,567       +22 %
 
  8,083       7,786       5,770       +40 %  
Adjusted operating income from business segments
     22,988       17,255       +33 %
 
  4,063       3,756       3,000       +35 %  
Adjusted net operating income from business segments
     11,019       9,029       +22 %
 
  2,899       3,099       2,227       +30 %  
     • Upstream
     8,729       6,280       +39 %
  901       587       526       +71 %  
     • Downstream
     1,799       1,989       -10 %
  263       70       247       +6 %  
     • Chemicals
     491       760       -35 %
 
  4,070       3,723       3,004       +35 %  
Adjusted net income
     11,047       9,096       +21 %
 
  1.81       1.65       1.32       +37 %  
Adjusted fully-diluted earnings per share (euros)
     4.91       3.99       +23 %
 
  2,244.3       2,252.9       2,272.6       -1 %  
Fully-diluted weighted-average shares (millions)
     2,250.4       2,277.3       -1 %
 
  3,050       4,732       3,121       -2 %  
Net income (Group share)
     11,384       9,581       +19 %
 
  3,371       2,868       2,590       +30 %  
Investments
     8,882       7,694       +15 %
 
  718       726       109       x6.6    
Divestments
     1,642       575       +186 %
 
  7,338       1,922       3,549       +107 %  
Cash flow from operating activities
     14,576       13,526       +8 %
 
  5,642       4,798       4,260       +32 %  
Adjusted cash flow
     14,771       12,939       +14 %
 
                                                         
                        3Q08                       9M08
                        vs   in millions of dollars5                   vs
3Q08   2Q08   3Q07   3Q07   except earnings per share and number of shares   9M08   9M07   9M07
 
  73,518       75,298       54,169       +36 %  
Sales
     214,958       155,357       +38 %
 
  12,165       12,163       7,927       +53 %  
Adjusted operating income from business segments
     34,981       23,196       +51 %
 
  6,115       5,868       4,121       +48 %  
Adjusted net operating income from business segments
     16,768       12,138       +38 %
 
  4,363       4,841       3,059       +43 %  
     • Upstream
     13,283       8,442       +57 %
 
  1,356       917       723       +88 %  
     • Downstream
     2,738       2,674       +2 %
 
  396       109       339       +17 %  
     • Chemicals
     747       1,022       -27 %
 
  6,125       5,816       4,127       +48 %  
Adjusted net income
     16,810       12,228       +37 %
 
  2.73       2.58       1.82       +50 %  
Adjusted fully-diluted earnings per share (dollars)
     7.47       5.37       +39 %
 
  2,244.3       2,252.9       2,272.6       -1 %  
Fully-diluted weighted-average shares (millions)
     2,250.4       2,277.3       -1 %
 
  4,590       7,392       4,288       +7 %  
Net income (Group share)
     17,323       12,880       +34 %
 
  5,073       4,480       3,558       +43 %  
Investments
     13,516       10,343       +31 %
 
  1,081       1,134       150       x7.2    
Divestments
     2,499       773       +223 %
 
  11,044       3,003       4,876       +126 %  
Cash flow from operating activities
     22,180       18,183       +22 %
 
  8,491       7,495       5,852       +45 %  
Adjusted cash flow
     22,477       17,394       +29 %
 
 
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 Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger; adjusted cash flow is defined as cash flow from operating activities at replacement cost before changes in working capital; adjustment items are listed on page 17.
 
5   dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

3

 

l Third quarter 2008 results
     > Operating income
In the third quarter 2008, the Brent price averaged 115.1 $/b, an increase of 54% compared to the third quarter 2007 and a decrease of 5% compared to the second quarter 2008. The TRCV European refining margin indicator averaged 45 $/t over the quarter, an increase of 88% compared to the third quarter 2007 and an increase of 12% compared to the second quarter 2008.
Petrochemical margins rebounded despite the decrease in demand, benefiting from a drop in naphtha prices over the quarter.
The average euro-dollar exchange rate was 1.51 $/€ in the third quarter 2008 compared to 1.37 $/€ in the third quarter 2007 and 1.56 $/€ in the second quarter 2008.
In this context, adjusted operating income from the business segments was 8,083 M€, an increase of 40% compared to the third quarter 20076, or expressed in dollars an increase of 53%.
The effective tax rate7 for the business segments was 56.0% in the third quarter 2008 compared to 57.7% in the second quarter 2008 and 54.4% in the third quarter 2007. The sequential decrease in the rate is essentially due to the increase in the share of the Downstream and Chemicals segments in the results. The increase in the rate compared to the third quarter 2007 is essentially due to the higher average effective tax rate for the Upstream segment.
Adjusted net operating income from the business segments rose to 4,063 M€ compared to 3,000 M€ in the third quarter 2007, an increase of 35%.
The smaller increase, compared to the percentage increase in operating income, is essentially due to the increase in the effective tax rate between the two quarters.
Expressed in dollars, adjusted net operating income from the business segments was 6.1 billion dollars (B$), an increase of 48% compared to the third quarter 2007.
     > Net income
Adjusted net income was 4,070 M€ compared to 3,004 M€ in the third quarter 2007, an increase of 35%. Expressed in dollars, adjusted net income increased by 48%.
This excludes the after-tax inventory effect, special items, and the Group’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger.
•   The after-tax inventory effect had a negative impact on net income of 752 M€ in the third quarter 2008 and a positive impact of 139 M€ in the third quarter 2007.
•   Special items had a negative impact on net income of 190 M€ in the third quarter 2008, essentially due to the impact of contract renegotiations in Libya, and a positive impact of 55 M€8 in the third quarter 2007.
•   The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 78 M€ in the third quarter 2008 and a negative impact of 77 M€ in the third quarter 2007.
Net income (Group share) was 3,050 M€ compared to 3,121 M€ in the third quarter 2007.
In the third quarter 2008, the Group bought back 8 million of its shares for 376 M€.
Adjusted fully-diluted earnings per share, based on 2,244.3 million fully-diluted weighted-average shares rose to 1.81 euros from 1.32 euros in the third quarter 2007, an increase of 37%.
Expressed in dollars, adjusted fully-diluted earnings per share increased by 50% to 2.73.
 
6   there were no special items affecting operating income from the business segments in the third quarters of 2007 and 2008.
 
7   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).
 
8   detail shown on page 17.

4

 

     > Investments – divestments
Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 2,774 M€ (4.2 B$) in the third quarter 2008 compared to 2,456 M€ (3.4 B$) in the third quarter 2007.
Acquisitions were 421 M€ (0.6 B$) in the third quarter 2008, mainly for the acquisitions of Synenco in Canada and a 60% share of the Bemolanga permit in Madagascar.
Third quarter 2008 asset sales were 524 M€ (0.8 B$), reflecting essentially sales of Sanofi-Aventis shares.
Net investments9 were 4.0 B$ in the third quarter 2008.
     > Cash flow
Cash flow from operating activities was 7,338 M€ in the third quarter 2008, an increase of 107% compared to third quarter 2007. Expressed in dollars, cash flow from operating activities was 11 B$, an increase of 126%.
Cash flow benefited from a decrease in working capital requirements of 2,889 M€ linked essentially to the decrease in hydrocarbon prices over the quarter.
Adjusted cash flow10 was 5,642 M€, an increase of 32%. Expressed in dollars, adjusted cash flow was 8.5 B$, an increase of 45%.
Net cash flow11 was 4,685 M€ compared to 1,068 M€ in the third quarter 2007. Expressed in dollars, net cash flow was 7.1 B$ in the third quarter 2008.
 
9   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
10   adjusted cash flow = cash flow from operating activities at replacement cost before changes in working capital.
 
11   net cash flow = cash flow from operating activities + divestments – investments.

5

 

l Results for the first nine months of 2008
     > Operating income
Compared to the first nine months of 2007, the oil environment of the first nine months of 2008 was marked by a 66% increase in the average Brent price to 111.1 $/b. The TRCV European refining margin indicator increased by 10% to 36.6 $/t. The environment for Total’s petrochemicals was hurt by falling demand in the Atlantic Basin and in the second quarter 2008 by very weak petrochemical margins.
The average euro-dollar exchange rate was 1.52 $/€ compared to 1.34 $/€ for the first nine months of 2007.
In this context, adjusted operating income from the business segments was 22,988 M€, or an increase of 33% compared to the first nine months of 200712.
The effective tax rate for the business segments was 57.6% compared to 54.0% for the first nine months of 2007, mainly due to the higher contribution from Upstream.
Adjusted net operating income from the business segments was 11,019 M€ compared to 9,029 M€ for the first nine months of 2007, an increase of 22%. The smaller increase, compared to the percentage increase in adjusted operating income, is essentially due to the increase in the effective tax rate between the two periods.
Expressed in dollars, adjusted net operating income from the business segments increased by 38%.
     > Net income
Adjusted net income increased by 21% to 11,047 M€ from 9,096 M€ in the first nine months of 2007.
This excludes the after-tax inventory effect, special items, and the Group’s 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 676 M€ in the first nine months of 2008 and a positive impact of 755 M€ in the first nine months of 2007.
•   Special items had a negative impact on net income of 112 M€ in the first nine months of 2008 and a negative impact of 45 M€ in the first nine months of 200713.
•   The Group’s share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 227 M€ in the first nine months of 2008 and a negative impact of 225 M€ in the first nine months of 2007.
Net income (Group share) was 11,384 M€ compared to 9,581 M€ in the first nine months of 2007.
In the first nine months of 2008, the Group bought back 24 million of its shares for 1,194 M€. There were 2,238.3 million fully-diluted shares outstanding on September 30, 2008 compared to 2,271.0 on September 30, 2007. The Group continued to buy back shares in October 2008, acquiring 3.6 million shares for 145 M€.
Adjusted fully-diluted earnings per share, based on 2,250.4 million fully-diluted weighted-average shares rose to 4.91 euros compared to 3.99 euros in the first nine months of 2007, an increase of 23%.
Expressed in dollars, adjusted fully-diluted earnings per share increased by 39% to 7.47 in the first nine months of 2008 from 5.37 in the first nine months of 2007.
 
12   there were no special items affecting operating income from the business segments in the first nine months of 2008 and 2007.
 
13   detail shown on page 17.

6

 

     > Investments – divestments
Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 7,363 M€ (11.2 B$) in the first nine months of 2008 compared to 7,252 M€ (9.7 B$) in the first nine months of 2007.
Acquisitions were 516 M€ (0.8 B$) in the first nine months of 2008, essentially for the acquisition of Synenco in Canada, a 60% interest in the Bemolanga permit in Madagascar and new permits in Nigeria.
Asset sales in the first nine months of 2008 were 719 M€ (1.1 B$), reflecting mainly sales of Sanofi-Aventis shares.
Net investments14 were 11.0 B$ in the first nine months of 2008.
     > Cash flow
Cash flow from operating activities was 14,576 M€ in the first nine months of 2008, an increase of 8% compared to the first nine months of 2007. Expressed in dollars, this represented an increase of 22% to 22.2 B$.
Adjusted cash flow15 was 14,771 M€, an increase of 14%. Expressed in dollars, adjusted cash flow was 22.5 B$, an increase of 29% compared to the first nine months of 2007.
Net cash flow16 for the Group was 7,336 M€ compared to 6,407 M€ for the first nine months of 2007. Expressed in dollars, net cash flow was 11.2 B$, an increase of 30% compared to the first nine months of 2007.
The net-debt-to-equity ratio decreased to 15% on September 30, 2008 from 25% on June 30, 2008 and 24% on September 30, 200717.
 
14   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
 
15   adjusted cash flow = cash flow from operations at replacement cost before changes in working capital.
 
16   net cash flow = cash flow from operations + divestments – investments.
 
17   detail shown on page 18.

7

 

l Analysis of business segment results
Upstream
     > Environment – liquids and gas price realizations*
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07       9M08   9M07   9M07
 
  115.1       121.2       74.7     +54%  
Brent ($/b)
     111.1       67.1     +66%
 
  107.8       114.9       71.4     +51%  
Average liquids price ($/b)
     104.4       63.8     +64%
 
  8.05       7.29       4.83     +67%  
Average gas price ($/Mbtu)
     7.31       5.16     +42%
 
  83.9       87.3       55.4     +51%  
Average hydrocarbons price ($/boe)
     80.4       51.7     +56%
 
 
*   consolidated subsidiaries, excluding fixed margin and buy-back contracts.
Compared to the same periods in 2007, Total’s average realized liquids price increased by 51% and 64% respectively in the third quarter and the first nine months of 2008. The average realized natural gas price increased by 67% and 42% respectively.
     > Production
                                                 
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   Hydrocarbon production   9M08   9M07   9M07
 
  2,231       2,353       2,352     -5.1%  
Combined production (kboe/d)
    2,336       2,368     -1.4%
 
  1,409       1,471       1,481     -4.9%  
     • Liquids (kb/d)
    1,463       1,502     -2.6%
 
  4,471       4,772       4,741     -5.7%  
     • Gas (Mcf/d)
    4,743       4,707     +0.8%
 
In the third quarter 2008, hydrocarbon production was 2,231 thousand barrels of oil equivalent per day (kboe/d), a decrease of 5% compared to the third quarter 2007, mainly as a result of :
•   +2% of growth from start-ups and ramp-ups of major new projects, including Dolphin, Moho Bilondo and Jura, net of the normal decline on producing fields,
•   -3.5% for unscheduled shutdowns on the Al Jurf field in Libya since May 2008 and on the Bruce and Alwyn fields in the North Sea in the summer,
•   -1% related to disruptions in Nigeria due to security issues,
•   -2.5% for the price effect18.
In the first nine months of 2008, hydrocarbon production was 2,336 kboe/d, a decrease of close to 1.5% compared to the first nine months of 2007, mainly as a result of :
•   +4% of growth from start-ups and ramp-ups of major new projects, including Dalia, Rosa and Dolphin, net of the normal decline on producing fields,
•   -2.5% for unscheduled shutdowns on the Elgin Franklin field in February, the Al Jurf field since May and the Bruce and Alwyn fields in the summer,
•   -2.5% for the price effect 18,
•   -0.5% for changes in the portfolio.
Underlying production growth for the first nine months, excluding the price effect and changes in the portfolio, was +1.5%.
 
18   impact of changing hydrocarbon prices on entitlement volumes.

8

 

     > Results
                                                 
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   in millions of euros   9M08   9M07   9M07
 
  6,525       6,964       4,861     +34%  
Adjusted operating income*
    19,912       13,676     +46%
 
  2,899       3,099       2,227     +30%  
Adjusted net operating income*
    8,729       6,280     +39%
 
  368       317       183     +101%  
     •includes income from equity affiliates
    967       560     +73%
 
  2,480       2,076       1,981     +25%  
Investments
    6,734       6,079     +11%
 
  188       565       63     +198%  
Divestments
    860       427     +101%
 
  3,732       3,643       1,697     +120%  
Cash flow from operating activities
    11,626       9,344     +24%
 
  3,715       3,904       3,297     +13%  
Adjusted cash flow
    11,464       9,274     +24%
 
 
*   detail of adjustment items shown in business segment information.
Adjusted net operating income for the Upstream segment was 2,899 M€ in the third quarter 2008 compared to 2,227 M€ in the third quarter 2007, an increase of 30%.
Expressed in dollars, adjusted net operating income for the Upstream segment increased by 43%, reflecting essentially the impact of higher hydrocarbon prices that were partially offset by lower production volumes.
Compared to the third quarter 2007, the increase in income from equity affiliates was mainly due to changing the method of consolidation for PetroCedeño effective December 31, 2007 and the increase in income from equity affiliates in the LNG business.
The effective tax rate for the Upstream segment was 61.7% compared to 61.2% in the second quarter 2008 and 59.3% in the third quarter 2007.
The return on average capital employed (ROACE19) for the Upstream segment for the twelve months ended September 30, 2008 was 39.6%. For the twelve months ended June 30, 2008 it was 41.0% and for the full year 2007 it was 33.6%.
 
19   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

9

 

Downstream
    > Refinery throughput and utilization rates*
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07       9M08   9M07   9M07
 
  2,393       2,297       2,471       -3 %  
Total refinery throughput (kb/d)
     2,360       2,415       -2 %
 
  1,013       932       915       +11 %  
•   France
     959       947       +1 %
  1,168       1,055       1,253       -7 %  
•  Rest of Europe
     1,130       1,177       -4 %
  212       310       303       -30 %  
•  Rest of world
     271       291       -7 %
 
                               
Utilization rates
                        
 
  89 %     85 %     88 %          
•  Based on crude only
     87 %     86 %        
  92 %     88 %     92 %          
•  Based on crude and other feedstock
     91 %     89 %        
 
 
*   includes share of CEPSA.
Third quarter 2008 refinery throughput decreased by 3% compared to the third quarter 2007. Excluding the impact of the sale in November 2007 of the Milford Haven refinery in the UK, refinery throughput was stable. Compared to the second quarter 2008, throughput volumes increased by 4%, despite the negative 3% impact of the hurricane-related shutdown of the Gulf coast Port Arthur refinery.
The third quarter 2008 utilization rates based on crude only and based on crude and other feedstocks were 89% and 92% respectively, stable compared to the third quarter 2007 and notably higher compared to the second quarter 2008.
Refinery turnarounds in the third quarter 2008 were limited to a scheduled partial shutdown of the Feyzin refinery that began at the end of September.
The third quarter 2007 included scheduled partial shutdowns of the Lindsey and Normandy refineries.
The second quarter 2008 included a scheduled complete shutdown of the Leuna refinery and scheduled partial shutdowns of the Normandy and Grandpuit refineries.
Turnaround activity scheduled for the fourth quarter 2008 is limited to partial shutdowns of the Feyzin and Provence refineries.
    > Results
                                                         
                        3Q08                       9M08
                        vs   in millions of euros                   vs
3Q08   2Q08   3Q07   3Q07   except TRCV refining margins   9M08   9M07   9M07
 
  45.0       40.2       23.9       +88 %  
European refining margin indicator — TRCV ($/t)
     36.6       33.3       +10 %
 
  1,215       744       566       +115 %  
Adjusted operating income*
     2,457       2,543       -3 %
 
  901       587       526       +71 %  
Adjusted net operating income*
     1,799       1,989       -10 %
  39       15       63       -38 %  
•  includes income from equity affiliates
     56       201       -72 %
 
  638       514       381       +67 %  
Investments
     1,446       1,026       +41 %
 
  46       128       27       +70 %  
Divestments
     198       77       +157 %
 
  2,731       (1,391 )     439       x6.2    
Cash flow from operating activities
     2,508       3,776       -34 %
 
  1,466       623       743       +97 %  
Adjusted cash flow
     2,609       2,781       -6 %
 
 
*   detail of adjustment items shown in business segment information.

10

 

The TRCV European refining margin indicator was 45 $/t in the third quarter 2008, an increase of 88% compared to the third quarter 2007 and 12% compared to the second quarter 2008.
Adjusted net operating income for the Downstream segment was 901 M€ in the third quarter 2008, an increase of 71% compared to the third quarter 2007 and 53% compared to the second quarter 2008.
Expressed in dollars, adjusted net operating income for the Downstream segment was 1,356 M$, an increase of 88% compared to the third quarter 2007 and 48% compared to the second quarter 2008.
The decrease in income from equity affiliates in the third quarter 2008 compared to the third quarter 2007 was mainly due to losses incurred through Total’s participation in Wepec, its affiliate for refining in China.
The ROACE20 for the Downstream segment for the twelve months ended September 30, 2008 was 19.5%. For the twelve months ended June 30, 2008 it was 16.0% and for the full year 2007 it was 20.6%.
 
20   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

11

 

Chemicals
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   in millions of euros   9M08   9M07   9M07
 
  5,431       5,478       4,856       +12 %  
Sales
     16,138       14,921       +8 %
 
  3,675       3,632       3,071       +20 %  
•  Base chemicals
     10,727       9,424       +14 %
 
  1,756       1,846       1,785       -2 %  
•   Specialties
     5,411       5,497       -2 %
 
                               
 
                        
  343       78       343       —    
Adjusted operating income*
     619       1,036       -40 %
 
  263       70       247       +6 %  
Adjusted net operating income*
     491       760       -35 %
 
  176       -23       140       +26 %  
•  Base chemicals
     214       439       -51 %
 
  89       97       99       -10 %  
•  Specialties
     284       316       -10 %
 
                               
 
                        
  212       221       200       +6 %  
Investments
     597       546       +9 %
 
  14       12       15       -7 %  
Divestments
     33       63       -48 %
 
  14       169       217       -94 %  
Cash flow from operating activities
     (19 )     578     na  
 
  352       152       300       +17 %  
Adjusted cash flow
     770       931       -17 %
 
 
*   detail of adjustment items shown in business segment information.
Petrochemical margins rebounded in the third quarter 2008, benefiting from a decrease in the price of naphtha over the quarter. Sales volumes for polymers, however, continued to reflect weaker demand in the Atlantic Basin.
In the third quarter 2008, sales for the Chemicals segment were 5,431 M€.
Adjusted net operating income for the Chemicals segment was 263 M€, an increase of 6% compared to the third quarter 2007.
The increase in the results for Base chemicals was primarily due to the increasing contribution from production based on ethane feedstock.
The results of the Specialties continued to be satisfactory despite a slowdown in the economic environment.
The ROACE21 for the Chemicals segment for the twelve months ended September 30, 2008 was 7.5%. For the twelve months ended June 30, 2008, it was 7.7% and for the full year 2007 it was 12.1%.
 
21   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

12

 

l Summary and outlook
The ROACE22 for the twelve months ended September 30, 2008 was 27% for the Group and 29% for the business segments compared respectively to 25% and 29% for the twelve months ended June 30, 2008 and 24% and 27% for the full year 2007.
Return on equity for the twelve months ended September 30, 2008 was 31%.
Total will pay the 2008 interim dividend of 1.14 € per share23 on November 19, 200824, an increase of 14% compared to the 2007 interim dividend.
Implementation of the 2008 investment program of 19 B$25 is progressing as planned.
The Group continued to strengthen its balance sheet by reducing its net-debt-to-equity ratio to 15.4% at the end of September 2008. In parallel, Total is maintaining a high level of liquidity and pursuing a policy of progressively divesting non-strategic holdings.
Since the start of the fourth quarter 2008, the Brent oil price has fallen to around 60 $/b. European refining margins have pulled well back from the September highs but remain near the level of the third quarter average.
Major project developments are progressing generally in line with targets. Five significant new projects are expected to start production in 2009, including Akpo in Nigeria, Yemen LNG and Qatargas II.
Total reaffirms its view of higher oil prices in the medium to long term, supported by a tight supply-demand balance. In the short term, OPEC action and certain issues affecting oil production in a number of producing countries should allow supply and demand to remain in balance, largely as a function of adjusting the supply to weaker levels of demand.
The Group’s strength is in the consistency of its long-term strategy, its discipline, the quality of its integrated portfolio and the competitive advantage of its low technical costs.
Total has the financial strength and flexibility to continue to develop the company within the framework of its strict decision criteria and to maintain competitive dividend growth even through a prolonged period of weakness in the environment.
¨  ¨  ¨
To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 043 2441 in Europe or +1 866 907 5928 in the U.S. (access code : Total). For a replay through November 14, please consult the website or call +44 (0)207 075 3214 in Europe or 1 866 828 2261 in the US (code : 230 340).
 
22   calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
 
23   approved by the Board of Directors on September 9, 2008
 
24   the ex-dividend date for the interim dividend on 2008 shares will be November 14, 2008
 
25   based on 1 € = $1.50 for 2008, includes net investments in equity affiliates and non-consolidated companies, excludes acquisitions

13

 

l Board reviews October 6, 2008 AFEP-MEDEF recommendations
At its meeting on November 4, 2008, the Board of Directors reviewed the recommendations, dated October 6, 2008, of the AFEP-MEDEF regarding compensation for executive directors of listed companies.
The Board concluded that these recommendations were consistent with the corporate governance principles of Total.
The Board then decided that, starting with the current fiscal year, the AFEP-MEDEF code, modified to take into account these recommendations, will be the basis for the preparation of the report required by Article L. 225-37 of the French Commercial Code.
The September 30, 2008 notes to the condensed 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 company’s 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 Total’s 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.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92078 Paris, La Défense cedex, France or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

14

 

Operating information by segment
Third quarter and first nine months 2008
l Upstream
                                                         
                        3Q08                       9M08
                        vs   Combined liquids and gas                   vs
3Q08   2Q08   3Q07   3Q07   production by region (kboe/d)   9M08   9M07   9M07
 
  553       601       628       -12 %  
Europe
     593       672       -12 %
 
  753       796       811       -7 %  
Africa
     801       797       +1 %
 
  13       14       18       -28 %  
North America
     14       22       -36 %
 
  247       246       252       -2 %  
Far East
     248       252       -2 %
 
  430       433       393       +9 %  
Middle East
     433       384       +13 %
 
  212       236       228       -7 %  
South America
     221       226       -2 %
 
  23       27       22       +5 %  
Rest of world
     26       15       +73 %
 
  2,231       2,353       2,352       -5 %  
Total production
     2,336       2,368       -1 %
 
  398       418       317       +26 %  
Includes equity and non-consolidated affiliates
     404       322       +25 %
 
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   Liquids production by region (kb/d)   9M08   9M07   9M07
 
  288       299       313       -8 %  
Europe
     295       333       -11 %
 
  633       667       689       -8 %  
Africa
     670       680       -1 %
 
  10       11       11       -9 %  
North America
     11       14       -21 %
 
  28       27       29       -3 %  
Far East
     28       29       -3 %
 
  330       331       322       +2 %  
Middle East
     332       324       +2 %
 
  109       125       107       +2 %  
South America
     115       113       +2 %
 
  11       11       10       +10 %  
Rest of world
     12       9       +33 %
 
  1,409       1,471       1,481       -5 %  
Total production
     1,463       1,502       -3 %
 
  344       366       262       +31 %  
Includes equity and non-consolidated affiliates
     350       269       +30 %
 

15

 

                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   Gas production by region (Mcf/d)   9M08   9M07   9M07
 
  1,442       1,639       1,710       -16 %  
Europe
     1,618       1,837       -12 %
 
  621       667       630       -1 %  
Africa
     659       604       +9 %
 
  12       19       32       -63 %  
North America
     18       36       -50 %
 
  1,210       1,210       1,251       -3 %  
Far East
     1,222       1,247       -2 %
 
  552       548       384       +44 %  
Middle East
     560       326       +72 %
 
  569       610       669       -15 %  
South America
     589       625       -6 %
 
  65       79       65       —    
Rest of world
     77       32       +141 %
 
  4,471       4,772       4,741       -6 %  
Total production
     4,743       4,707       +1 %
 
  290       281       289       —    
Includes equity and non-consolidated affiliates
     293       286       +2 %
 
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   Liquefied natural gas   9M08   9M07   9M07
 
  2.32       2.21       2.31       —    
LNG sales (Mt)*
     6.90       6.74       +2 %
 
 
*   sales, Group share, excluding trading ; estimated volumes for Bontang in Indonesia based on 2007 SEC coefficient. ; 1 Mt/y = approx. 133 Mcf/d.
l Downstream
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   Refined products sales by region (kb/d)*   9M08   9M07   9M07
 
  2,161       1,999       2,305       -6 %  
Europe
     2,102       2,265       -7 %
 
  279       280       292       -4 %  
Africa
     279       286       -2 %
 
  136       220       194       -30 %  
Americas**
     170       189       -10 %
 
  147       143       148       -1 %  
Rest of world
     145       144       +1 %
 
  2,723       2,642       2,939       -7 %  
Total consolidated sales
     2,696       2,884       -7 %
 
  992       956       790       +26 %  
Trading
     964       878       +10 %
 
  3,715       3,598       3,729       —    
Total refined product sales
     3,660       3,762       -3 %
 
 
*   includes share of CEPSA.
 
**   third quarter 2007 restated to reflect a change in the method of calculating volumes for Port Arthur.

16

 

Adjustment items
l Adjustments to operating income from business segments
                                         
3Q08   2Q08   3Q07   in millions of euros   9M08   9M07
 
  —       —       —    
Special items affecting operating income from the business segments
     —       —  
 
  —       —       —    
•   Restructuring charges
     —       —  
  —       —       —    
•   Impairments
     —       —  
  —       —       —    
•  Other
     —       —  
 
  (1,193 )     1,687       210    
Pre-tax inventory effect : FIFO vs. replacement cost
     869       1,103  
 
  (1,193 )     1,687       210    
Total adjustments affecting operating income from the business segments
     869       1,103  
 
l Adjustments to net income (Group share)
                                         
3Q08   2Q08   3Q07   in millions of euros   9M08   9M07
 
  (190 )     (67 )     55    
Special items affecting net income (Group share)
     (112 )     (45 )
 
  —       —       75    
•  Equity share of special items recorded by Sanofi-Aventis
     —       75  
  50       2       —    
•  Gain on asset sales
     197       —  
  (4 )     (44 )     (20 )  
•  Restructuring charges
     (48 )     (20 )
  (34 )     —       —    
•  Impairments
     (34 )     —  
  (202 )     (25 )     —    
•  Other
     (227 )     (100 )
 
  (78 )     (78 )     (77 )  
Adjustment related to the Sanofi-Aventis merger* (share of amortization of intangible assets)
     (227 )     (225 )
 
  (752 )     1,154       139    
After-tax inventory effect : FIFO vs. replacement cost
     676       755  
 
  (1,020 )     1,009       117    
Total adjustments to net income
     337       485  
 
 
*   based on Total’s share in Sanofi-Aventis of 12.4% at 9/30/2008 and 13.2% at 9/30/2007 and 6/30/2008.
Investments — Divestments
                                                         
                        3Q08                       9M08
                        vs                       vs
3Q08   2Q08   3Q07   3Q07   in millions of euros   9M08   9M07   9M07
 
  2,774       2,091       2,456       +13 %  
Investments excluding acquisitions*
     7,363       7,252       +2 %
 
  212       205       234       -9 %  
•  Capitalized exploration
     589       637       -8 %
 
  (56 )     (522 )     52     na    
•  Net investments in equity affiliates and non-consolidated companies
     (466 )     116     na  
 
  421       47       94       x4.5    
Acquisitions
     516       161       x3.2  
 
  524       120       43       x12.2    
Asset sales
     719       216       x3.3  
 
  2,653       2,142       2,481       +7 %  
Net investments**
     7,240       7,119       +2 %
 
 
*   includes net investments in equity affiliates and non-consolidated companies.
 
**   net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.

17

 

Net-debt-to-equity ratio
                         
in millions of euros   9/30/2008   6/30/2008   9/30/2007
 
Current borrowings
     5,378       4,795       9,194  
 
Net current financial assets
     (230 )     (49 )     (10,870 )
 
Non-current financial debt
     16,347       14,777       15,103  
 
Hedging instruments of non-current debt
     (406 )     (540 )     (434 )
 
Cash and cash equivalents
     (13,231 )     (7,245 )     (2,812 )
 
Net debt
     7,858       11,738       10,181  
 
Shareholders equity
     50,801       48,273       42,818  
 
Estimated dividend payable*
     (920 )     (2,315 )     (906 )
 
Minority interests
     1,001       855       851  
 
Equity
     50,882       46,813       42,763  
 
Net-debt-to-equity ratio
     15.4 %     25.1 %     23.8 %
 
 
*   for 9/30/2008, based on a 2008 dividend equal to the 2007 dividend of 2.07 €/share, after deducting the interim dividend of 1.14 € per share approved by the Board of Directors on September 9, 2008.
Effective tax rates
                                         
3Q08   2Q08   3Q07   Average tax rates*   9M08   9M07
 
61.7%
     61.2 %     59.3 %   Upstream     61.8 %     59.8 %
 
55.9%
     57.8 %     55.1 %   Group     57.6 %     54.4 %
 
 
*   tax on adjusted net operating income / (adjusted net operating income – income from affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).
2008 Sensitivities*
                 
            Impact on adjusted   Impact on adjusted
            operating   net operating
    Scenario   Change   income(e)   income(e)
 
€-$
  1.50 $/€   +0.1 $  per €   -1.5 B€   -0.8 B€
 
Brent
  80 $/b   +1 $/b   +0.28 B€ / 0.42 B$   +0.12 B€ / 0.18 B$
 
European refining margins TRCV
  33 $/t   +1 $/t   +0.08 B€ / 0.12 B$   +0.05 B€ / 0.08 B$
 
 
*   sensitivities revised once per year upon publication of the previous year fourth quarter results. The impact of the €-$ sensitivity on the adjusted operating income and the adjusted net operating income attributable to the Upstream segment are approximately 70% and 60% respectively, and the remaining impact of the €-$ sensitivity is essentially split between the Downstream and Chemicals segments.

18

 

Return on average capital employed
l For the twelve months ended September 30, 2008
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group***
 
Adjusted net operating income
     11,298       2,345       578       14,221       14,915  
Capital employed at 9/30/2007*
     26,863       11,446       7,305       45,614       53,243  
Capital employed at 9/30/2008*
     30,184       12,649       8,107       50,940       58,165  
 
 
                                        
ROACE
     39.6 %     19.5 %     7.5 %     29.5 %     26.8 %
 
 
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 139 M€ pre-tax at 9/30/2007 and 121 M€ pre-tax at 9/30/2008.
 
***   capital employed for the Group adjusted for the amount payable for the interim dividend approved in September 2008 (2,545 M€).
l For the twelve months ended June 30 2008
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Segments   Group
 
Adjusted net operating income
     10,626       1,970       562       13,158       13,810  
Capital employed at 6/30/2007*
     25,218       11,204       7,264       43,686       52,645  
Capital employed at 6/30/2008*
     26,676       13,491       7,394       47,561       56,107  
 
 
                                        
ROACE
     41.0 %     16.0 %     7.7 %     28.8 %     25.4 %
 
 
*   at replacement cost (excluding after-tax inventory effect).
 
**   capital employed for Chemicals reduced for the Toulouse-AZF provision of 146 M€ pre-tax at 6/30/2007 and 126 M€ pre-tax at 6/30/2008.
l For the twelve months ended September 30, 2007
                                         
in millions of euros   Upstream   Downstream   Chemicals**   Segments   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 approved in September 2007 (2,252 M€).

19

 

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
                         
    3rd quarter     2nd quarter     3rd quarter  
(M€) (a)   2008     2008     2007  
 
Sales
     48,849       48,200       39,430  
Excise taxes
     (4,810 )     (4,900 )     (5,479 )
Revenues from sales
     44,039       43,300       33,951  
 
                        
Purchases, net of inventory variation
     (31,054 )     (27,958 )     (22,580 )
Other operating expenses
     (4,708 )     (4,439 )     (4,060 )
Exploration costs
     (144 )     (203 )     (135 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (1,329 )     (1,384 )     (1,310 )
Other income
     107       15       123  
Other expense
     (262 )     (121 )     (64 )
 
                        
Financial interest on debt
     (241 )     (204 )     (455 )
Financial income from marketable securities and cash equivalents
     114       113       324  
Cost of net debt
     (127 )     (91 )     (131 )
Other financial income
     140       229       155  
Other financial expense
     (79 )     (80 )     (70 )
 
                        
Income taxes
     (4,038 )     (4,931 )     (3,185 )
 
                        
Equity in income (loss) of affiliates
     606       538       509  
 
Consolidated net income
     3,151       4,875       3,203  
 
Group share **
     3,050       4,732       3,121  
Minority interests
     101       143       82  
 
Earnings per share (euros)
     1.36       2.12       1.38  
 
Fully-diluted earnings per share (euros) ***
     1.36       2.10       1.37  
 
 
**       Adjusted net income
     4,070       3,723       3,004  
 
***      Adjusted fully-diluted earnings per share (euros)
     1.81       1.65       1.32  
 
 
(a)   Except for earnings per share

 

 

CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
                 
    9 months     9 months  
(M€) (a)   2008     2007  
 
Sales
     141,262       115,567  
Excise taxes
     (14,636 )     (16,440 )
Revenues from sales
     126,626       99,127  
 
                
Purchases, net of inventory variation
     (84,631 )     (63,674 )
Other operating expenses
     (13,979 )     (12,851 )
Exploration costs
     (537 )     (604 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (4,007 )     (3,975 )
Other income
     275       279  
Other expense
     (431 )     (230 )
 
                
Financial interest on debt
     (702 )     (1,332 )
Financial income from marketable securities and cash equivalents
     356       955  
Cost of net debt
     (346 )     (377 )
Other financial income
     485       492  
Other financial expense
     (230 )     (211 )
 
                
Income taxes
     (13,186 )     (9,567 )
 
                
Equity in income (loss) of affiliates
     1,690       1,427  
 
Consolidated net income
     11,729       9,836  
 
Group share **
     11,384       9,581  
Minority interests
     345       255  
 
Earnings per share (euros)
     5.09       4.24  
 
Fully-diluted earnings per share (euros) ***
     5.06       4.21  
 
 
                
 
**       Adjusted net income
     11,047       9,096  
 
***      Adjusted fully-diluted earnings per share (euros)
     4.91       3.99  
 
 
(a)   Except for earnings per share

 

 

CONSOLIDATED BALANCE SHEET
TOTAL
                                 
    September 30, 2008     June 30, 2008     December 31, 2007     September 30, 2007  
(M€)   (unaudited)     (unaudited)             (unaudited)  
 
ASSETS
                                
 
                                
Non-current assets
                                
Intangible assets, net
     5,099       4,381       4,650       4,831  
Property, plant and equipment, net
     45,001       41,756       41,467       42,109  
Equity affiliates: investments and loans
     15,175       14,524       15,280       13,661  
Other investments
     1,293       1,246       1,291       1,343  
Hedging instruments of non-current financial debt
     406       540       460       434  
Other non-current assets
     2,196       2,179       2,155       1,756  
 
 
                                
Total non-current assets
     69,170       64,626       65,303       64,134  
 
                                
 
 
                                
Current assets
                                
Inventories, net
     15,500       17,185       13,851       12,580  
Accounts receivable, net
     19,983       21,856       19,129       18,200  
Other current assets
     9,061       9,644       8,006       7,142  
Current financial assets
     293       223       1,264       11,072  
Cash and cash equivalents
     13,231       7,245       5,988       2,812  
 
 
                                
Total current assets
     58,068       56,153       48,238       51,806  
 
                                
 
 
                                
Total assets
     127,238       120,779       113,541       115,940  
 
                                
LIABILITIES & SHAREHOLDERS’ EQUITY
                                
 
                                
Shareholders’ equity
                                
Common shares
     5,929       6,003       5,989       5,987  
Paid-in surplus and retained earnings
     53,800       55,024       48,797       45,052  
Currency translation adjustment
     (4,063 )     (6,483 )     (4,396 )     (3,161 )
Treasury shares
     (4,865 )     (6,271 )     (5,532 )     (5,060 )
 
 
                                
Total shareholders’ equity — Group Share
     50,801       48,273       44,858       42,818  
 
                                
 
 
                                
Minority interests
     1,001       855       842       851  
 
                                
 
 
                                
Total shareholders’ equity
     51,802       49,128       45,700       43,669  
 
                                
 
 
                                
Non-current liabilities
                                
Deferred income taxes
     8,275       7,748       7,933       7,555  
Employee benefits
     2,580       2,533       2,527       2,813  
Other non-current liabilities
     6,857       6,567       6,843       6,295  
 
 
                                
Total non-current liabilities
     17,712       16,848       17,303       16,663  
 
                                
 
 
                                
Non-current financial debt
     16,347       14,777       14,876       15,103  
 
                                
 
 
                                
Current liabilities
                                
Accounts payable
     17,390       19,297       18,183       14,841  
Other creditors and accrued liabilities
     18,546       15,760       12,806       16,268  
Current borrowings
     5,378       4,795       4,613       9,194  
Other current financial liabilities
     63       174       60       202  
 
 
                                
Total current liabilities
     41,377       40,026       35,662       40,505  
 
                                
 
 
                                
Total Liabilities and shareholders’ equity
     127,238       120,779       113,541       115,940  

 

 

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
                         
    3rd quarter     2nd quarter     3rd quarter  
(M€)   2008     2008     2007  
 
CASH FLOW FROM OPERATING ACTIVITIES
                        
 
                        
Consolidated net income
     3,151       4,875       3,203  
Depreciation, depletion and amortization
     1,457       1,482       1,405  
Non-current liabilities, valuation allowances and deferred taxes
     242       32       235  
Impact of coverage of pension benefit plans
     —       —       —  
(Gains) Losses on disposals of assets
     (61 )     (15 )     (117 )
Undistributed affiliates’ equity earnings
     (376 )     104       (306 )
(Increase) decrease in operating assets and liabilities
     2,889       (4,563 )     (921 )
Other changes, net
     36       7       50  
 
Cash flow from operating activities
     7,338       1,922       3,549  
 
                        
CASH FLOW USED IN INVESTING ACTIVITIES
                        
 
                        
Intangible assets and property, plant and equipment additions
     (2,928 )     (2,619 )     (2,458 )
Acquisitions of subsidiaries, net of cash acquired
     (191 )     —       —  
Investments in equity affiliates and other securities
     (132 )     (41 )     (40 )
Increase in non-current loans
     (120 )     (208 )     (92 )
 
Total expenditures
     (3,371 )     (2,868 )     (2,590 )
Proceeds from disposal of intangible assets and property, plant and equipment
     35       16       17  
Proceeds from disposal of subsidiaries, net of cash sold
     4       84       —  
Proceeds from disposal of non-current investments
     485       20       26  
Repayment of non-current loans
     194       606       66  
 
Total divestments
     718       726       109  
 
Cash flow used in investing activities
     (2,653 )     (2,142 )     (2,481 )
 
                        
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
                        
 
                        
Issuance (Repayment) of shares:
                        
- Parent company shareholders
     16       233       48  
- Treasury shares
     (334 )     (284 )     (491 )
- Minority shareholders
     (1 )     —       (2 )
Cash dividends paid to:
                        
- Parent company shareholders
     —       (2,404 )     —  
- Minority shareholders
     1       (127 )     (2 )
Net issuance (repayment) of non-current debt
     1,379       1,562       321  
Increase (Decrease) in current borrowings
     25       55       (143 )
Increase (Decrease) in current financial assets and liabilities
     4       (18 )     (517 )
Cash flow from (used in) financing activities
     1,090       (983 )     (785 )
 
Net increase (decrease) in cash and cash equivalents
     5,775       (1,203 )     283  
Effect of exchange rates and changes in scope of consolidation
     211       107       (329 )
Cash and cash equivalents at the beginning of the period
     7,245       8,341       2,858  
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
     13,231       7,245       2,812  
 

 

 

CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
                 
    9 months     9 months  
(M€)   2008     2007  
 
CASH FLOW FROM OPERATING ACTIVITIES
                
 
                
Consolidated net income
     11,729       9,836  
Depreciation, depletion and amortization
     4,344       4,338  
Non-current liabilities, valuation allowances and deferred taxes
     285       523  
Impact of coverage of pension benefit plans
     —       —  
(Gains) Losses on disposals of assets
     (229 )     (258 )
Undistributed affiliates’ equity earnings
     (574 )     (635 )
(Increase) decrease in operating assets and liabilities
     (1,064 )     (516 )
Other changes, net
     85       238  
 
Cash flow from operating activities
     14,576       13,526  
 
                
CASH FLOW USED IN INVESTING ACTIVITIES
                
 
                
Intangible assets and property, plant and equipment additions
     (7,874 )     (7,090 )
Acquisitions of subsidiaries, net of cash acquired
     (191 )     (20 )
Investments in equity affiliates and other securities
     (280 )     (187 )
Increase in non-current loans
     (537 )     (397 )
 
Total expenditures
     (8,882 )     (7,694 )
Proceeds from disposal of intangible assets and property, plant and equipment
     57       107  
Proceeds from disposal of subsidiaries, net of cash sold
     88       —  
Proceeds from disposal of non-current investments
     574       109  
Repayment of non-current loans
     923       359  
 
Total divestments
     1,642       575  
 
Cash flow used in investing activities
     (7,240 )     (7,119 )
 
                
CASH FLOW FROM (USED IN) FINANCING ACTIVITIES
                
 
                
Issuance (Repayment) of shares:
                
- Parent company shareholders
     258       63  
- Treasury shares
     (1,045 )     (1,059 )
- Minority shareholders
     (10 )     (2 )
Cash dividends paid to:
                
- Parent company shareholders
     (2,404 )     (2,262 )
- Minority shareholders
     (127 )     (164 )
Net issuance (repayment) of non-current debt
     3,444       2,734  
Increase (Decrease) in current borrowings
     (807 )     2,364  
Increase (Decrease) in current financial assets and liabilities
     821       (7,485 )
Cash flow from (used in) financing activities
     130       (5,810 )
 
Net increase in cash and cash equivalents
     7,466       597  
Effect of exchange rates and changes in scope of consolidation
     (223 )     (278 )
Cash and cash equivalents at the beginning of the period
     5,988       2,493  
 
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD
     13,231       2,812  
 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
TOTAL
(unaudited)
                                                                         
                    Paid-in                                
                    surplus and     Currency                          
    Common shares issued     retained     translation     Treasury shares     Shareholders’     Minority     Total  
(M€)   Number     Amount     earnings     adjustment     Number     Amount     equity     interests     equity  
 
As of January 1, 2007
     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 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 )
 
Share cancellation
     (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  
 
Net income for the fourth quarter
     —       —       3,600       —       —       —       3,600       99       3,699  
 
Items recognized directly in equity
     —       —       42       (1,235 )     —       —       (1,193 )     (44 )     (1,237 )
 
Total excluding transactions with shareholders
     —       —       3,642       (1,235 )     —       —       2,407       55       2,462  
 
Dividend
     —       —       4       —       —       —       4       (64 )     (60 )
 
Issuance of common shares
     729,418       2       24       —       —       —       26       —       26  
 
Purchase of treasury shares
     —       —       —       —       (9,000,000 )     (500 )     (500 )     —       (500 )
 
Sale of treasury shares (1)
     —       —       5       —       873,367       28       33       —       33  
 
Share-based payments
     —       —       70       —       —       —       70       —       70  
 
Transactions with shareholders
     729,418       2       103       —       (8,126,633 )     (472 )     (367 )     (64 )     (431 )
 
Share cancellation
     —       —       —       —       —       —       —       —       —  
 
As of December 31, 2007
     2,395,532,097       5,989       48,797       (4,396 )     (151,421,232 )     (5,532 )     44,858       842       45,700  
 
Net income for the first nine months
     —       —       11,384       —       —       —       11,384       345       11,729  
 
Items recognized directly in equity
     —       —       (153 )     333       —       —       180       (59 )     121  
 
Total excluding transactions with shareholders
     —       —       11,231       333       —       —       11,564       286       11,850  
 
Dividend
     —       —       (4,949 )     —       —       —       (4,949 )     (127 )     (5,076 )
 
Issuance of common shares
     6,103,524       15       243       —       —       —       258       —       258  
 
Purchase of treasury shares
     —       —       —       —       (24,000,000 )     (1,194 )     (1,194 )     —       (1,194 )
 
Sale of treasury shares (1)
     —       —       (71 )     —       5,917,729       220       149       —       149  
 
Share-based payments
     —       —       115       —       —       —       115       —       115  
 
Transactions with shareholders
     6,103,524       15       (4,662 )     —       (18,082,271 )     (974 )     (5,621 )     (127 )     (5,748 )
 
Share cancellation
     (30,000,000 )     (75 )     (1,566 )     —       30,000,000       1,641       —       —       —  
 
As of September 30, 2008
     2,371,635,621       5,929       53,800       (4,063 )     (139,503,503 )     (4,865 )     50,801       1,001       51,802  
 
 
(1)   Treasury shares related to the stock option purchase plans and restricted stock grants

 

 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)
                                                 
3rd quarter 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,396       38,008       5,431       14       —       48,849  
Intersegment sales
     7,055       1,714       339       35       (9,143 )     —  
Excise taxes
     —       (4,810 )     —       —       —       (4,810 )
 
Revenues from sales
     12,451       34,912       5,770       49       (9,143 )     44,039  
Operating expenses
     (5,030 )     (34,444 )     (5,449 )     (126 )     9,143       (35,906 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (896 )     (298 )     (126 )     (9 )     —       (1,329 )
 
Operating income
     6,525       170       195       (86 )     —       6,804  
Equity in income (loss) of affiliates and other items
     197       114       24       177       —       512  
Tax on net operating income
     (4,031 )     (52 )     (55 )     57       —       (4,081 )
 
Net operating income
     2,691       232       164       148       —       3,235  
Net cost of net debt
                                             (84 )
Minority interests
                                             (101 )
 
Net income
                                             3,050  
                                                 
3rd quarter 2008 (adjustments) (*)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales Intersegment sales Excise taxes
                                                
 
Revenues from sales
                                                
Operating expenses
     —       (1,045 )     (148 )     —               (1,193 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     —       —       —       —               —  
 
Operating income (a)
     —       (1,045 )     (148 )     —               (1,193 )
Equity in income (loss) of affiliates and other items (b)
     (208 )     33       (1 )     (54 )             (230 )
Tax on net operating income
     —       343       50       (2 )             391  
 
Net operating income (a)
     (208 )     (669 )     (99 )     (56 )             (1,032 )
Net cost of net debt
                                             —  
Minority interests
                                             12  
 
Net income
                                             (1,020 )
 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to
     the Sanofi-Aventis merger
                                 
(a) Of which inventory valuation effect
                                
      On operating income
     —       (1,045)     (148)     —    
      On net operating income
     —       (665)     (99)     —    
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
     —       —         —         (78)
                                                 
3rd quarter 2008 (adjusted)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,396       38,008       5,431       14       —       48,849  
Intersegment sales
     7,055       1,714       339       35       (9,143 )     —  
Excise taxes
     —       (4,810 )     —       —       —       (4,810 )
 
Revenues from sales
     12,451       34,912       5,770       49       (9,143 )     44,039  
Operating expenses
     (5,030 )     (33,399 )     (5,301 )     (126 )     9,143       (34,713 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (896 )     (298 )     (126 )     (9 )     —       (1,329 )
 
Adjusted operating income
     6,525       1,215       343       (86 )     —       7,997  
Equity in income (loss) of affiliates and other items
     405       81       25       231       —       742  
Tax on net operating income
     (4,031 )     (395 )     (105 )     59       —       (4,472 )
 
Adjusted net operating income
     2,899       901       263       204       —       4,267  
Net cost of net debt
                                             (84 )
Minority interests
                                             (113 )
 
Ajusted net income
                                             4,070  
                                                 
3rd quarter 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     2,480       638       212       41               3,371  
Total divestments
     188       46       14       470               718  
Cash flow from operating activities
     3,732       2,731       14       861               7,338  
 

 

 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)
                                                 
2nd quarter 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,739       36,990       5,478       (7 )     —       48,200  
Intersegment sales
     7,862       1,497       449       37       (9,845 )     —  
Excise taxes
     —       (4,900 )     —       —       —       (4,900 )
 
Revenues from sales
     13,601       33,587       5,927       30       (9,845 )     43,300  
Operating expenses
     (5,679 )     (31,095 )     (5,491 )     (180 )     9,845       (32,600 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (958 )     (291 )     (128 )     (7 )     —       (1,384 )
 
Operating income
     6,964       2,201       308       (157 )     —       9,316  
Equity in income (loss) of affiliates and other items
     439       20       (11 )     133       —       581  
Tax on net operating income
     (4,304 )     (651 )     (88 )     78       —       (4,965 )
 
Net operating income
     3,099       1,570       209       54       —       4,932  
Net cost of net debt
                                             (57 )
Minority interests
                                             (143 )
 
Net income
                                             4,732  
                                                 
2nd quarter 2008 (adjustments) (*)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                               
Intersegment sales
                                               
Excise taxes
                                                
 
Revenues from sales
                                                
Operating expenses
     —       1,457       230       —               1,687  
Depreciation, depletion, and amortization of tangible assets and mineral interests
     —       —       —       —               —  
 
Operating income (a)
     —       1,457       230       —               1,687  
Equity in income (loss) of affiliates and other items (b)
     —       (10 )     (22 )     (96 )             (128 )
Tax on net operating income
     —       (464 )     (69 )     —               (533 )
 
Net operating income (a)
     —       983       139       (96 )             1,026  
Net cost of net debt
                                             —  
Minority interests
                                             (17 )
 
Net income
                                             1,009  
 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to
    the Sanofi-Aventis merger
                                 
(a) Of which inventory valuation effect
                                
      On operating income
     —       1,457       230       —    
      On net operating income
     —       1,018       153       —    
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
     —       —       —       (78)
                                                 
2nd quarter 2008 (adjusted)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,739       36,990       5,478       (7 )     —       48,200  
Intersegment sales
     7,862       1,497       449       37       (9,845 )     —  
Excise taxes
     —       (4,900 )     —       —       —       (4,900 )
 
Revenues from sales
     13,601       33,587       5,927       30       (9,845 )     43,300  
Operating expenses
     (5,679 )     (32,552 )     (5,721 )     (180 )     9,845       (34,287 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (958 )     (291 )     (128 )     (7 )     —       (1,384 )
 
Adjusted operating income
     6,964       744       78       (157 )     —       7,629  
Equity in income (loss) of affiliates and other items
     439       30       11       229       —       709  
Tax on net operating income
     (4,304 )     (187 )     (19 )     78       —       (4,432 )
 
Adjusted net operating income
     3,099       587       70       150       —       3,906  
Net cost of net debt
                                             (57 )
Minority interests
                                             (126 )
 
Ajusted net income
                                             3,723  
                                                 
2nd quarter 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     2,076       514       221       57               2,868  
Total divestments
     565       128       12       21               726  
Cash flow from operating activities
     3,643       (1,391 )     169       (499 )             1,922  
 

 

 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)
                                                 
3rd quarter 2007                                    
(M€)   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 mineral interests
     (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
                                             3,121  
                                                 
3rd quarter 2007 (adjustments) (*)                                    
(M€)   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 mineral interests
     —       —       —       —               —  
 
Operating income (a)
     —       221       (11 )     —               210  
Equity in income (loss) of affiliates and other items (b)
     —       (34 )     (1 )     (2 )             (37 )
Tax on net operating income
     —       (57 )     3       —               (54 )
 
Net operating income (a)
     —       130       (9 )     (2 )             119  
Net cost of net debt
                                             —  
Minority interests
                                             (2 )
 
Net income
                                             117  
 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to      the Sanofi-Aventis merger
                                 
(a) Of which inventory valuation effect
                                
      On operating income
     —       221       (11)     —    
      On net operating income
     —       150       (9)     —    
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
     —       —         —         (77)
                                                 
3rd quarter 2007 (adjusted)                                    
(M€)   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 mineral interests
     (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 )
 
Ajusted net income
                                             3,004  
 
3rd quarter 2007                                      
(M€)   Upstream   Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     1,981       381       200       28               2,590  
Total divestments
     63       27       15       4               109  
Cash flow from operating activities
     1,697       439       217       1,196               3,549  
 

 

 

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)
                                                 
9 months 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     17,331       107,778       16,138       15       —       141,262  
Intersegment sales
     21,035       4,764       1,045       105       (26,949 )     —  
Excise taxes
     —       (14,636 )     —       —       —       (14,636 )
 
Revenues from sales
     38,366       97,906       17,183       120       (26,949 )     126,626  
Operating expenses
     (15,727 )     (93,790 )     (16,097 )     (482 )     26,949       (99,147 )
Depreciation, depletion, and amortization of tangible
assets and mineral interests
     (2,727 )     (874 )     (383 )     (23 )     —       (4,007 )
 
Operating income
     19,912       3,242       703       (385 )     —       23,472  
Equity in income (loss) of affiliates and other items
     1,101       101       27       560       —       1,789  
Tax on net operating income
     (12,362 )     (950 )     (198 )     207       —       (13,303 )
 
Net operating income
     8,651       2,393       532       382       —       11,958  
Net cost of net debt
                                             (229 )
Minority interests
                                             (345 )
 
Net income
                                             11,384  
                                                 
9 months 2008 (adjustments) (*)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales Intersegment sales Excise taxes
                                                
 
Revenues from sales
                                                
Operating expenses
     —       785       84       —               869  
Depreciation, depletion, and amortization of tangible assets and mineral interests
     —       —       —       —               —  
 
Operating income (a)
     —       785       84       —               869  
Equity in income (loss) of affiliates and other items (b)
     (78 )     48       (23 )     (206 )             (259 )
Tax on net operating income
     —       (239 )     (20 )     (2 )             (261 )
 
Net operating income (a)
     (78 )     594       41       (208 )             349  
Net cost of net debt
                                             —  
Minority interests
                                             (12 )
 
Net income
                                             337  
 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to
    the Sanofi-Aventis merger
                                 
(a) Of which inventory valuation effect
                                
      On operating income
     —       785       84       —    
      On net operating income
     —       633       55       —    
(b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
     —       —       —       (227)
                                                 
9 months 2008 (adjusted)                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     17,331       107,778       16,138       15       —       141,262  
Intersegment sales
     21,035       4,764       1,045       105       (26,949 )     —  
Excise taxes
     —       (14,636 )     —       —       —       (14,636 )
 
Revenues from sales
     38,366       97,906       17,183       120       (26,949 )     126,626  
Operating expenses
     (15,727 )     (94,575 )     (16,181 )     (482 )     26,949       (100,016 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (2,727 )     (874 )     (383 )     (23 )     —       (4,007 )
 
Adjusted operating income
     19,912       2,457       619       (385 )     —       22,603  
Equity in income (loss) of affiliates and other items
     1,179       53       50       766       —       2,048  
Tax on net operating income
     (12,362 )     (711 )     (178 )     209       —       (13,042 )
 
Adjusted net operating income
     8,729       1,799       491       590       —       11,609  
Net cost of net debt
                                             (229 )
Minority interests
                                             (333 )
 
Ajusted net income
                                             11,047  
 
9 months 2008                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     6,734       1,446       597       105               8,882  
Total divestments
     860       198       33       551               1,642  
Cash flow from operating activities
     11,626       2,508       (19 )     461               14,576  
 

 

 

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                                                 
9 months 2007                                    
(M€)   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 mineral interests
     (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
                                             9,581  
                                                 
9 months 2007 (adjustments) (*)                                    
(M€)   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 mineral interests
     —       —       —       —               —  
 
Operating income (a)
     —       951       152       —               1,103  
Equity in income (loss) of affiliates and other items (b)
     —       (10 )     (1 )     (250 )             (261 )
Tax on net operating income
     —       (297 )     (51 )     —               (348 )
 
Net operating income (a)
     —       644       100       (250 )             494  
Net cost of net debt
                                             —  
Minority interests
                                             (9 )
 
Net income
                                             485  
 
(*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to
    the Sanofi-Aventis merger
                                 
(a) Of which inventory valuation effect
                                
      On operating income
     —       951       152       —    
      On net operating income
     —       664       100       —    
b) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger
     —       —       —       (225)
                                                 
9 months 2007 (adjusted)                                    
(M€)   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 mineral interests
     (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 )
 
Ajusted net income
                                             9,096  
                                                 
9 months 2007                                    
(M€)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     6,079       1,026       546       43               7,694  
Total divestments
     427       77       63       8               575  
Cash flow from operating activities
     9,344       3,776       578       (172 )             13,526  
 

 

 

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                                                 
3rd quarter 2007                                    
(en millions d’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 mineral interests
     (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
                                             3,121  
                                                 
3rd quarter 2007 (adjustments) (*)                                    
(en millions d’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 mineral interests
     —       —       —       —               —  
 
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
                                             117  
 
                                                 
(*)   Les éléments d’ajustement incluent les éléments non récurrents, l’effet de stock et la quote-part des amortissements des
    immobilisations incorporelles liés à la fusion Sanofi-Aventis
 
                                                
(1) Dont effet stock
                                                
Sur le résultat opérationnel
     —       221       (11 )     —                  
Sur le résultat opérationnel net
     —       150       (9 )     —                  
(2) Dont quote-part des amortissements des immobilisations incorporelles liés à la fusion Sanofi-Aventis
     —       —       —       (77 )                
                                                 
3rd quarter 2007 (adjusted)                                    
(en millions d’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 mineral interests
     (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 )
 
Ajusted net income
                                             3,004  
                                                 
3rd quarter 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     1,981       381       200       28               2,590  
Total divestments
     63       27       15       4               109  
Cash flow from operating activities
     1,697       439       217       1,196               3,549  
         

 

 

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                                                 
1st half 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     9,690       56,363       10,065       19       —       76,137  
Intersegment sales
     9,816       2,444       501       67       (12,828 )     —  
Excise taxes
     —       (10,961 )     —       —       —       (10,961 )
 
Revenues from sales
     19,506       47,846       10,566       86       (12,828 )     65,176  
Operating expenses
     (8,872 )     (44,551 )     (9,467 )     (292 )     12,828       (50,354 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (1,819 )     (588 )     (243 )     (15 )     —       (2,665 )
 
Operating income
     8,815       2,707       856       (221 )     —       12,157  
Equity in income (loss) of affiliates and other items
     667       126       37       274       —       1,104  
Tax on net operating income
     (5,429 )     (856 )     (271 )     83       —       (6,473 )
 
Net operating income
     4,053       1,977       622       136       —       6,788  
Net cost of net debt
                                             (155 )
Minority interests
                                             (173 )
 
Net income
                                             6,460  
                                                 
1st half 2007 (adjustments) (*)                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                                
Intersegment sales
                                                
Excise taxes
                                                
 
Revenues from sales
                                             —  
Operating expenses
     —       730       163       —               893  
Depreciation, depletion, and amortization of tangible assets and mineral interests
     —       —       —       —               —  
 
Operating income (1)
     —       730       163       —               893  
Equity in income (loss) of affiliates and other items (2)
     —       24       —       (248 )             (224 )
Tax on net operating income
     —       (240 )     (54 )     —               (294 )
 
Net operating income (1)
     —       514       109       (248 )             375  
Net cost of net debt
                                             —  
Minority interests
                                             (7 )
 
Net income
                                             368  
 
(*) Les éléments d’ajustement incluent les éléments non récurrents, l’effet de stock et la quote-part des amortissements des immobilisations incorporelles liés à la fusion Sanofi-Aventis
 
                                                
(1) Dont effet stock
                                                
—
     —       730       163       —                  
Sur le résultat opérationnel net
     —       514       109       —                  
(2) Dont quote-part des amortissements des immobilisations incorporelles liés à la fusion Sanofi-Aventis
     —       —       —       (148 )                
                                                 
1st half 2007 (adjusted)                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     9,690       56,363       10,065       19       —       76,137  
Intersegment sales
     9,816       2,444       501       67       (12,828 )     —  
Excise taxes
     —       (10,961 )     —       —       —       (10,961 )
 
Revenues from sales
     19,506       47,846       10,566       86       (12,828 )     65,176  
Operating expenses
     (8,872 )     (45,281 )     (9,630 )     (292 )     12,828       (51,247 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (1,819 )     (588 )     (243 )     (15 )     —       (2,665 )
 
Adjusted operating income
     8,815       1,977       693       (221 )     —       11,264  
Equity in income (loss) of affiliates and other items
     667       102       37       522       —       1,328  
Tax on net operating income
     (5,429 )     (616 )     (217 )     83       —       (6,179 )
 
Adjusted net operating income
     4,053       1,463       513       384       —       6,413  
Net cost of net debt
                                             (155 )
Minority interests
                                             (166 )
 
Ajusted net income
                                             6,092  
                                                 
1st half 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     4,098       645       346       15               5,104  
Total divestments
     364       50       48       4               466  
Cash flow from operating activities
     7,647       3,337       361       (1,368 )             9,977  
 

 

 

BUSINESS SEGMENT INFORMATION

TOTAL
(unaudited)
                                                 
2nd quarter 2007                                    
(en millions d’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 mineral interests
     (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
                                             3,411  
                                                 
2nd quarter 2007 (adjustments) (*)                                    
(en millions d’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 mineral interests
     —       —       —       —               —  
 
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
                                             311  
 
 
(*) Les éléments d’ajustement incluent les éléments non récurrents, l’effet de stock et la quote-part des amortissements des immobilisations incorporelles liés à la fusion Sanofi-Aventis
 
                                                
(1) Dont effet stock
                                                
Sur le résultat opérationnel
     —       623       96       —                  
Sur le résultat opérationnel net
     —       425       65       —                  
(2) Dont quote-part des amortissements des immobilisations incorporelles
     —       —       —       (72 )                
liés à la fusion Sanofi-Aventis
                                                
                                                 
2nd quarter 2007 (adjusted)                                    
(en millions d’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 mineral interests
     (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 )
 
Ajusted net income
                                             3,100  
                                                 
2nd quarter 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     2,109       401       173       7               2,690  
Total divestments
     191       28       1       2               222  
Cash flow from operating activities
     3,312       1,432       254       (1,409 )             3,589  
 

 

 

INFORMATIONS PAR SECTEUR D’ACTIVITE

TOTAL
(unaudited)
                                                 
1st quarter 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,234       26,801       4,995       13       —       37,043  
Intersegment sales
     4,743       1,243       232       42       (6,260 )     —  
Excise taxes
     —       (5,366 )     —       —       —       (5,366 )
 
Revenues from sales
     9,977       22,678       5,227       55       (6,260 )     31,677  
Operating expenses
     (4,724 )     (21,307 )     (4,655 )     (149 )     6,260       (24,575 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (878 )     (291 )     (124 )     (7 )     —       (1,300 )
 
Operating income
     4,375       1,080       448       (101 )     —       5,802  
Equity in income (loss) of affiliates and other items
     270       54       23       215       —       562  
Tax on net operating income
     (2,684 )     (337 )     (148 )     32       —       (3,137 )
 
Net operating income
     1,961       797       323       146       —       3,227  
Net cost of net debt
                                             (89 )
Minority interests
                                             (89 )
 
Net income
                                             3,049  
                                                 
1st quarter 2007 (adjustments) (*)                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
                                                
Intersegment sales
                                                
Excise taxes
                                                
 
Revenues from sales
                                                
Operating expenses
     —       107       67       —               174  
Depreciation, depletion, and amortization of tangible assets and mineral interests
     —       —       —       —               —  
 
Operating income (1)
     —       107       67       —               174  
Equity in income (loss) of affiliates and other items (2)
     —       18       (1 )     (76 )             (59 )
Tax on net operating income
     —       (36 )     (22 )     —               (58 )
 
Net operating income (1)
     —       89       44       (76 )             57  
Net cost of net debt
                                             —  
Minority interests
                                             —  
 
Net income
                                             57  
 
                                                 
(*) Les éléments d’ajustement incluent les éléments non récurrents, l’effet de stock et la quote-part des amortissements des immobilisations incorporelles liés à la fusion Sanofi-Aventis
 
                                                
(1) Dont effet stock
                                                
Sur le résultat opérationnel
     —       107       67       —                  
Sur le résultat opérationnel net
     —       89       44       —                  
(2) Dont quote-part des amortissements des immobilisations incorporelles
     —       —       —       (76 )                
liés à la fusion Sanofi-Aventis
                                                
                                                 
1st quarter 2007 (adjusted)                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Non-Group sales
     5,234       26,801       4,995       13       —       37,043  
Intersegment sales
     4,743       1,243       232       42       (6,260 )     —  
Excise taxes
     —       (5,366 )     —       —       —       (5,366 )
 
Revenues from sales
     9,977       22,678       5,227       55       (6,260 )     31,677  
Operating expenses
     (4,724 )     (21,414 )     (4,722 )     (149 )     6,260       (24,749 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (878 )     (291 )     (124 )     (7 )     —       (1,300 )
 
Adjusted operating income
     4,375       973       381       (101 )     —       5,628  
Equity in income (loss) of affiliates and other items
     270       36       24       291       —       621  
Tax on net operating income
     (2,684 )     (301 )     (126 )     32       —       (3,079 )
 
Adjusted net operating income
     1,961       708       279       222       —       3,170  
Net cost of net debt
                                             (89 )
Minority interests
                                             (89 )
 
Ajusted net income
                                             2,992  
                                                 
1st quarter 2007                                    
(en millions d’euros)   Upstream     Downstream     Chemicals     Corporate     Intercompany     Total  
 
Total expenditures
     1,989       244       173       8               2,414  
Total divestments
     173       22       47       2               244  
Cash flow from operating activities
     4,335       1,905       107       41               6,388  
 

 

 

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
                         
9 months 2008                   Consolidated  
(M€)   Ajusted     Adjustments     statement of income  
 
Sales
     141,262       —       141,262  
Excise taxes
     (14,636 )     —       (14,636 )
Revenues from sales
     126,626       —       126,626  
 
                        
Purchases, net of inventory variation
     (85,500 )     869       (84,631 )
Other operating expenses
     (13,979 )     —       (13,979 )
Exploration costs
     (537 )     —       (537 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (4,007 )     —       (4,007 )
Other income
     76       199       275  
Other expense
     (129 )     (302 )     (431 )
 
                        
Financial interest on debt
     (702 )     —       (702 )
Financial income from marketable securities and cash equivalents
     356       —       356  
Cost of net debt
     (346 )     —       (346 )
Other financial income
     485       —       485  
Other financial expense
     (230 )     —       (230 )
 
                        
Income taxes
     (12,925 )     (261 )     (13,186 )
 
                        
Equity in income (loss) of affiliates
     1,846       (156 )     1,690  
 
Consolidated net income
     11,380       349       11,729  
Group share
     11,047       337       11,384  
Minority interests
     333       12       345  
                         
9 months 2007                   Consolidated  
(M€)   Ajusted     Adjustments     statement of income  
 
Sales
     115,567       —       115,567  
Excise taxes
     (16,440 )     —       (16,440 )
Revenues from sales
     99,127       —       99,127  
 
                        
Purchases, net of inventory variation
     (64,777 )     1,103       (63,674 )
Other operating expenses
     (12,851 )     —       (12,851 )
Exploration costs
     (604 )     —       (604 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (3,975 )     —       (3,975 )
Other income
     279       —       279  
Other expense
     (100 )     (130 )     (230 )
 
                        
Financial interest on debt
     (1,332 )     —       (1,332 )
Financial income from marketable securities and cash equivalents
     955       —       955  
Cost of net debt
     (377 )     —       (377 )
Other financial income
     492       —       492  
Other financial expense
     (211 )     —       (211 )
 
                        
Income taxes
     (9,219 )     (348 )     (9,567 )
 
                        
Equity in income (loss) of affiliates
     1,558       (131 )     1,427  
 
Consolidated net income
     9,342       494       9,836  
Group share
     9,096       485       9,581  
Minority interests
     246       9       255  

 

 

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL
(unaudited)
                         
3rd quarter 2008                   Consolidated  
(M€)   Ajusted     Adjustments     statement of income  
 
Sales
     48,849       —       48,849  
Excise taxes
     (4,810 )     —       (4,810 )
Revenues from sales
     44,039       —       44,039  
 
                        
Purchases, net of inventory variation
     (29,861 )     (1,193 )     (31,054 )
Other operating expenses
     (4,708 )     —       (4,708 )
Exploration costs
     (144 )     —       (144 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (1,329 )     —       (1,329 )
Other income
     55       52       107  
Other expense
     (55 )     (207 )     (262 )
 
                        
Financial interest on debt
     (241 )     —       (241 )
Financial income from marketable securities and cash equivalents
     114       —       114  
Cost of net debt
     (127 )     —       (127 )
Other financial income
     140       —       140  
Other financial expense
     (79 )     —       (79 )
 
                        
Income taxes
     (4,429 )     391       (4,038 )
 
                        
Equity in income (loss) of affiliates
     681       (75 )     606  
 
Consolidated net income
     4,183       (1,032 )     3,151  
Group share
     4,070       (1,020 )     3,050  
Minority interests
     113       (12 )     101  
                         
3rd quarter 2007                   Consolidated  
(M€)   Ajusted     Adjustments     statement of income  
 
Sales
     39,430       —       39,430  
Excise taxes
     (5,479 )     —       (5,479 )
Revenues from sales
     33,951       —       33,951  
 
                        
Purchases, net of inventory variation
     (22,790 )     210       (22,580 )
Other operating expenses
     (4,060 )     —       (4,060 )
Exploration costs
     (135 )     —       (135 )
Depreciation, depletion, and amortization of tangible assets and mineral interests
     (1,310 )     —       (1,310 )
Other income
     123       —       123  
Other expense
     (34 )     (30 )     (64 )
 
                        
Financial interest on debt
     (455 )     —       (455 )
Financial income from marketable securities and cash equivalents
     324       —       324  
Cost of net debt
     (131 )     —       (131 )
Other financial income
     155       —       155  
Other financial expense
     (70 )     —       (70 )
 
                        
Income taxes
     (3,131 )     (54 )     (3,185 )
 
                        
Equity in income (loss) of affiliates
     516       (7 )     509  
 
Consolidated net income
     3,084       119       3,203  
Group share
     3,004       117       3,121  
Minority interests
     80       2       82