3rd Quarter Results

TOTAL S.A.

TotalÂ (Paris:FP) (LSE:TTA) (NYSE:TOT):

Â	Â	3Q16	Â	Change vs 3Q15	Â	9M16	Â	Change vs 9M15
Â	Â	Â	Â	Â	Â	Â	Â	Â
Adjusted net income¹	Â	Â	Â	Â	Â	Â	Â	Â
- in billions of dollars (B$)	Â	2.1	Â	-25%	Â	5.9	Â	-30%
- in dollars per share	Â	0.84	Â	-28%	Â	2.42	Â	-34%
Â	Â	Â	Â	Â	Â	Â	Â	Â
Operating cash flow before working capital changes¹ (B$)	Â	4.5	Â	-11%	Â	12.2	Â	-19%
Net income² of 2.0 B$ in 3Q16 Net-debt-to-equity ratio of 31% at September 30, 2016 Hydrocarbon production of 2,443 kboe/d in the third quarter 2016 3Q16 interim dividend of 0.61 â‚¬/share payable in April 2017³

Totalâ€™s Board of Directors met on October 27, 2016, to review the Groupâ€™s third quarter accounts. Commenting on the results, Chairman and CEO Patrick PouyannÃ© said:

â€œTotal once again reported solid quarterly results with adjusted net income of $2.1 billion and operating cash flow before working capital changes of $4.5 billion. The Group increased cash flow by 13% compared to the second quarter 2016 despite a 27% reduction in European refining margins and flat Brent prices.
Total continues to benefit from its integrated business model and is responding effectively to short-term challenges due to good operational performance and strong cost discipline.
In the Upstream, production increased by more than 4% compared to a year ago. Following the start up of Laggan-Tormore, Vega Pleyade and Angola LNG in the first half of the year, Incahuasi was put on stream in August and Kashagan in October. The five major projects of the year are thus all in production.
The Downstream contribution remained strong during the third quarter despite the decrease in European refining margins, and cash flow generation over the first 9 months was $5 billion, in line with the target for the year.
Discipline on cost control continued. Organic investments were $4.1 billion in the third quarter, and the Group plans to invest $18 billion in 2016. Operating costs continue to fall and savings are expected to increase to more than $2.7 billion in 2016, or 10% above the objective set at the start of the year.
In addition, the sale of Atotech for $3.2 billion in cash, or close to 12 times Ebitda, was part of the Groupâ€™s portfolio management strategy to align its asset base with its ambitions and contributes to achieving the $10 billion asset sale program for 2015-17.
Finally, the net debt to equity ratio is stable at 30.6%, confirming the priority given to maintaining a strong balance sheet.â€

Key figures⁴

3Q16

2Q16

3Q15

3Q16
vs
3Q15

In millions of dollars, except effective tax rate,
earnings per share and number of shares

9M16

9M15

9M16
vs
9M15

37,412

37,215

40,580

-8%

Sales

107,468

127,608

-16%

2,237

1,979

3,204

-30%

Adjusted operating income from business segments

5,986

10,579

-43%

2,339

2,523

2,963

-21%

Adjusted net operating income from business segments

6,740

9,077

-26%

877

1,127

1,107

-21%

Upstream

2,502

4,026

-38%

917

1,018

1,433

-36%

Refining & Chemicals

3,063

3,882

-21%

545

378

423

+29%

Marketing & Services

1,175

1,169

+1%

515

797

493

+4%

Contribution of equity affiliates to adjusted net income

1,811

1,804

21.5%

21.8%

27.2%

Group effective tax rate⁵*

22.0%

35.5%

2,070

2,174

2,756

-25%

Adjusted net income

5,880

8,443

-30%

0.84

0.90

1.17

-28%

Adjusted fully-diluted earnings per share (dollars)

2.42

3.64

-34%

0.76

0.79

1.06

-28%

Adjusted fully-diluted earnings per share (euros)*

2.17

3.27

-34%

2,404

2,379

2,312

+4%

Fully-diluted weighted-average shares (millions)

2,375

2,295

+3%

1,954

2,088

1,079

+81%

Net income (Group share)

5,648

6,713

-16%

5,201

4,566

6,040

-14%

Investments⁶

14,675

21,439

-32%

192

773

410

-53%

Divestments

1,950

5,287

-63%

5,116

3,790

5,630

-9%

Net investments⁷

12,829

16,071

-20%

4,082

4,059

5,394

-24%

Organic investments⁸

12,756

16,611

-23%

4,522

4,000

5,059

-11%

Operating cash flow before working capital changes⁹

12,230

15,011

-19%

4,740

2,882

5,989

-21%

Cash flow from operations

9,503

15,108

-37%

* Average â‚¬-$ exchange rate: 1.1166 in the third quarter 2016 and 1.1162 in the first nine months 2016.

Highlights since the beginning of the third quarter 2016¹⁰

Started up production on the Incahuasi gas field in Bolivia with a capacity of 50 thousand barrels of oil equivalent per day (kboe/d)
Re-started production on the giant Kashagan field in Kazakhstan with a nameplate capacity of 370 kb/d
Exercised pre-emption right to acquire Barnett shale gas assets with a capacity of about 65 kboe/d in 2016
Oil discovery in the Black Sea (Bulgaria) opening a new play, and acquisition of the CI-605 license in Ivory Coast
Successful appraisal of the giant deep offshore Owowo field in Nigeria (discovered by Total in 2012)
Sale of specialty chemicals unit Atotech for $3.2 billion, or close to 12 times Ebitda
Signed an agreement to supply 0.4 million tons of LNG per year to Chugoku Electric in Japan for a period of 17 years

Analysis of business segments

Upstream

> Environment â€“ liquids and gas price realizations*

3Q16

2Q16

3Q15

3Q16
vs
3Q15

9M16

9M15

9M16
vs
9M15

45.9

45.6

50.5

-9%

Brent ($/b)

41.9

55.3

-24%

41.4

43.0

44.0

-6%

Average liquids price ($/b)

38.4

50.5

-24%

3.45

3.43

4.47

-23%

Average gas price ($/Mbtu)

3.45

4.85

-29%

32.4

33.0

36.6

-11%

Average hydrocarbon price ($/boe)

30.6

41.3

-26%

* Consolidated subsidiaries, excluding fixed margins.

> Production

3Q16

2Q16

3Q15

3Q16
vs
3Q15

Hydrocarbon production

9M16

9M15

9M16
vs
9M15

2,443

2,424

2,342

+4%

Combined production (kboe/d)

2,449

2,345

+4%

1,290

1,253

1,241

+4%

Liquids (kb/d)

1,276

1,232

+4%

6,286

6,466

6,003

+5%

Gas (Mcf/d)

6,397

6,074

+5%

Hydrocarbon production was 2,443 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2016, an increase of 4.3% compared to the third quarter 2015, due to the following:

+7% due to new start ups and ramp ups, notably Laggan-Tormore, Vega Pleyade, Surmont Phase 2, Moho Phase 1b, Gladstone LNG and Incahuasi;
-2% due to the security situation in Nigeria and wild fires in Canada;
-1% due to natural field decline and maintenance operations, partially offset by a positive PSC price effect and good performance of new wells.

In the first nine months 2016, hydrocarbon production was 2,449 kboe/d, an increase of 4.4% compared to the first nine months 2015, due to the following:

+5% due to new start ups and ramp ups, notably Laggan-Tormore, Termokarstovoye, Surmont Phase 2, Moho Phase 1b, Gladstone LNG and Vega Pleyade;
-2% due to the security situation in Nigeria and Yemen, and wild fires in Canada;
+1% due to the PSC price effect and operational performance offsetting natural field decline.

> Results

3Q16

2Q16

3Q15

3Q16
vs
3Q15

In millions of dollars, except effective tax rate

9M16

9M15

9M16
vs
9M15

781

580

994

-21%

Adjusted operating income*

1,503

4,520

-67%

28.1%

3.2%

33.8%

Effective tax rate**

14.1%

44.5%

877

1,127

1,107

-21%

Adjusted net operating income*

2,502

4,026

-38%

260

452

316

-18%

including income from equity affiliates

981

1,308

-25%

3,648

3,539

5,173

-29%

Investments

11,424

18,977

-40%

129

448

272

-53%

Divestments

1,492

1,813

-18%

3,356

3,261

4,676

-28%

Organic investments

10,764

15,400

-30%

2,751

2,281

2,736

+1%

Operating cash flow before working capital changes

6,863

8,665

-21%

2,380

983

2,320

+3%

Cash flow from operations

5,476

8,558

-36%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments- impairment of goodwill + tax on adjusted net operating income).

In the third quarter 2016, Upstream operating cash flow before working capital changes was 2,751 M$, an increase of 21% compared to the second quarter 2016 in an unchanged price environment, notably due to the ramps ups of new production with higher margins and the decrease in operating costs.

In the first nine months 2016, Upstream operating cash flow before working capital changes was 6,863 M$, a decrease of 21% compared to the first nine months 2015, essentially due to the decrease in hydrocarbon prices, partially offset by the increase in production and decrease in operating costs.

Upstream adjusted net operating income was:

877 M$ in the third quarter 2016, a decrease of 21% compared to the third quarter 2015, essentially due to the decrease in the average hydrocarbon price, partially offset by the increase in production and decrease in operating costs;
2,502 M$ in the first nine months 2016, a decrease of 38% compared to the first nine months 2015. The increase in production combined with the decrease in operating costs and exploration expenses as well as the lower effective tax rate partially offset the decrease in the average hydrocarbon price.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q16

2Q16

3Q15

3Q16
vs
3Q15

9M16

9M15

9M16
vs
9M15

1,947

1,795

2,061

-6%

Total refinery throughput (kb/d)

1,949

2,024

-4%

681

522

662

+3%

France

653

671

-3%

771

803

891

-13%

Rest of Europe

806

853

-6%

495

470

508

-3%

Rest of world

490

500

-2%

Utlization rates**

85%

77%

87%

Based on crude only

84%

86%

87%

80%

90%

Based on crude and other feedstock

87%

88%

* Includes share of TotalErg, as well as refineries in Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

decreased by 6% in the third quarter 2016 compared to the third quarter 2015, due to a higher level of maintenance and the sale of the Schwedt refinery in the fourth quarter 2015;
decreased by 4% in the first nine months 2016 compared to the first nine months 2015, mainly due to outages in Europe and the United States in the second quarter and the sale of the Schwedt refinery.

> Results

3Q16

2Q16

3Q15

3Q16
vs
3Q15

In millions of dollars
except the ERMI

9M16

9M15

9M16
vs
9M15

25.5

54.8

-53%

European refining margin indicator - ERMI ($/t)

31.9

-39%

891

965

1,713

-48%

Adjusted operating income*

3,153

4,652

-32%

917

1,018

1,433

-36%

Adjusted net operating income*

3,063

3,882

-21%

150

150

128

+17%

including Specialty Chemicals**

416

379

+10%

550

480

358

+54%

Investments

1,289

1,257

+3%

+75%

Divestments

2,652

-97%

399

457

348

+15%

Organic investments

1,088

333

x3.2

1,052

1,138

1,797

-41%

Operating cash flow before working capital changes

3,509

4,743

-26%

1,698

1,560

2,291

-26%

Cash flow from operations

2,837

4,305

-34%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Hutchinson and Atotech, Bostik until February 2015.

The Groupâ€™s European refining margin indicator (ERMI) was impacted by high inventory levels, falling to 25.5 $/t in the third quarter 2016, a 53% decrease compared to the third quarter 2015. The petrochemical environment remained favorable, even though margins were down compared to the third quarter 2015.

Refining & Chemicals adjusted net operating income was:

917 M$ in the third quarter 2016, a decrease of only 36% compared to the third quarter 2015 despite the strong decrease in refining margins and lower petrochemical margins, due to the reduction in breakeven and the strong operational performance of the Groupâ€™s major integrated platforms;
3,063 M$ in the first nine months 2016, a decrease of 21% compared to the first nine months 2015 due to the less favorable environment.

Marketing & Services

> Petroleum product sales

3Q16

2Q16

3Q15*

3Q16
vs
3Q15

Sales in kb/d**

9M16

9M15*

9M16
vs
9M15

1,814

1,793

1,839

-1%

Total Marketing & Services sales

1,788

1,825

-2%

1,113

1,074

1,121

-1%

Europe

1,083

1,101

-2%

701

719

718

-2%

Rest of world

705

724

-3%

* 2015 data restated.
** Excludes trading and bulk refining sales, includes share of TotalErg.

In the third quarter 2016, petroleum product sales decreased by 1% compared to the third quarter 2015, mainly due to the sale of the marketing network in Turkey in the second quarter 2016.

In the first nine months 2016, refined product sales decreased by 2% compared to the first nine months 2015, essentially due to the disposal of mature assets or assets lacking critical mass. Excluding the portfolio effects, retail network sales and sales of land-based lubricants increased by nearly 4%.

> Results

3Q16

2Q16

3Q15

3Q16
vs
3Q15

In millions of dollars

9M16

9M15*

9M16
vs
9M15

17,964

17,305

19,522

-8%

Sales

50,702

59,561

-15%

565

434

497

+14%

Adjusted operating income*

1,330

1,407

-5%

545

378

423

+29%

Adjusted net operating income*

1,175

1,169

+1%

100

(43)

(82)

including New Energies

(169)

1,175

339

501

x2.3

Investments

1,904

1,152

+65%

296

121

-67%

Divestments

373

800

-53%

322

329

365

-12%

Organic investments

872

832

+5%

600

511

518

+16%

Operating cash flow before working capital changes

1,473

1,467

495

(15)

1,011

-51%

Cash flow from operations

720

2,034

-65%

* Details on adjustment items are shown in the business segment information annex to financial statements.

Marketing & Services adjusted net operating income was:

545 M$ in the third quarter 2016, a 29% increase compared to the third quarter 2015, due to a strong contribution from New Energies with the sale of the Henrietta solar farm in the United States;
1,175 M$ in the first nine months 2016, stable compared to the first nine months 2015. The impact of assets sales was offset by the contribution from New Energies in the third quarter.

At 1.2 B$, investments were sharply higher in the third quarter 2016 compared to the third quarter 2015 due to the acquisition of Saft for 1 B$. Organic investments, however, decreased by 12% over the same period.

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

2,339 M$ in the third quarter 2016, a decrease of 21% compared to the third quarter 2015, mainly due to lower average hydrocarbon prices in the Upstream and lower refining margins;
6,740 M$ in the first nine months of 2016, a decrease of 26% compared to the first nine months 2015 for the same reasons.

The effective tax rate¹¹ for the business segments was:

23.5% in the third quarter 2016 compared to 29.8% in the third quarter 2015, mainly due to the lower effective tax rate in the Upstream;
22.5% in the first nine months 2016 compared to 35.0% in the first nine months 2015, for the same reason.

> Net income (Group share)

Adjusted net income, evolving in line with the net operating income, was:

2,070 M$ in the third quarter 2016 compared to 2,756 M$ in the third quarter 2015, a decrease of 25%;
5,880 M$ in the first nine months 2016 compared to 8,443 M$ in the first nine months 2015, a decrease of 30%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹².

Total adjustments affecting net income (Group share)¹³ were:

-116 M$ in the third quarter 2016;
-232 M$ in the first nine months 2016, including mainly the inventory effect, the gain on the sale of the FUKA gas pipeline network in the North Sea in the first quarter and the impairment of assets that were not developed in the second quarter 2016.

The number of fully-diluted shares was 2,407 million on September 30, 2016, and 2,310 million on September 30, 2015.

> Divestments â€“ acquisitions

Asset sales were:

91 M$ in the third quarter 2016;
1,448 M$ in the first nine months 2016, comprised mainly of the sales of the FUKA gas pipeline network in the North Sea and the retail network in Turkey.

Acquisitions were:

1,018 M$ in the third quarter 2016, comprised mainly of the acquisitions of Saft and Lampiris;
1,417 M$ in the first nine months 2016, comprised mainly of the acquisitions of Saft, Lampiris and a retail network in the Dominican Republic.

The impact on net cash flow from asset sales and acquisitions was -927 M$ in the third quarter 2016 compared to -236 M$ in the third quarter 2015. The impact was 31 M$ in the first nine months 2016 compared to 459 M$ in the first nine months 2015.

> Net cash flow

The Groupâ€™s net cash flow¹⁴ was:

-594 M$ in the third quarter 2016 compared to -571 M$ in the third quarter 2015 despite the 11% drop in Brent price, 53% decrease in refining margins and the Groupâ€™s higher acquisitions in the third quarter 2016. This performance is due to the resilience of cash flow generation and lower organic investments;
-599 M$ in the first nine months 2016 compared to -1,060 M$ in the first nine months 2015, an improvement despite the decrease in Brent price from 55 $/b to 42 $/b and a decrease of 39% in refining margins. Operating cash flow before working capital changes was 12.2 B$ compared to 15.0 B$ in the first nine months 2015 and net investments were 12.8 B$ compared to 16.1 B$ in the first nine months 2015, mainly due to the decrease in organic investments.

> Return on equity

Return on equity from October 1, 2015 to September 30, 2016 was 8.3%¹⁵.

Summary and outlook

Following the remarks by OPEC countries and Russia, Brent rose to around 50 $/b despite high inventory levels. With the market expected to remain volatile, Total is pursuing its efforts to lower its breakeven.

In the Upstream, the five major projects of the year have all been put on stream and production is ramping up. The production target of more than 4% growth in 2016 compared to 2015 is set to be achieved and the teams are focused on delivering the 2017-18 project start-ups. In 2017, production from projects started up since 2015 are expected to deliver 350 kboe/d net to Total and around 3 B$ in cash flow with Brent at 60 $/b, given that these new barrels have a higher average margin than existing production.

In the Downstream, refining margins have increased to 40 $/t at the beginning of the fourth quarter driven by a high level of maintenance as well as logistics constraints, resulting in tight gasoline market conditions. The petrochemical market remains favorable and the Groupâ€™s major platforms are well-positioned to benefit from this.

The Groupâ€™s cost reduction program is ahead of schedule, underlining its ability to deliver the 4 B$ savings target by 2018.

Given the capex guidance of 15-17 B$ from 2017 and increase in operating cash flow, the Groupâ€™s net cash flow is entering a growth phase. Operating cash flow before working capital changes should cover organic investments, including resource renewal, and dividend cash-out, with oil prices at 55 $/b in 2017. The discounted scrip dividend will be ended in 2017 if Brent is at 60 $/b.

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 13:00 (London time) please log on to total.com or call +44 (0)203 427 1914 in Europe or +1Â 646 254 3388 in the United States (access code: 1018478). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1Â 347Â 366Â 9565 in the United States (access code: 1018478).

Operating information by segment

Upstream*

3Q16

2Q16

3Q15

3Q16
vs
3Q15

Combined liquids and gas
production by region (kboe/d)

9M16

9M15

9M16
vs
9M15

720

770

677

+6%

Europe and Central Asia

759

658

+15%

649

634

646

Africa

638

639

529

505

525

+1%

Middle East and North Africa

522

541

-3%

285

251

249

+14%

Americas

265

255

+4%

261

264

245

+6%

Asia Pacific

265

253

+5%

2,443

2,424

2,342

+4%

Total production

2,449

2,345

+4%

592

627

574

+3%

including equity affiliates

613

565

+9%

3Q16

9M16

3Q16

2Q16

3Q15

Liquids production by region (kb/d)

9M16

9M15

3Q15

9M15

238

251

219

+9%

Europe and Central Asia

247

211

+17%

524

511

522

Africa

518

520

380

367

378

+1%

Middle East and North Africa

376

376

118

+29%

Americas

105

+13%

-4%

Asia Pacific

-6%

1,290

1,253

1,241

+4%

Total production

1,276

1,232

+4%

249

265

230

+8%

including equity affiliates

251

218

+15%

3Q16

9M16

3Q16

2Q16

3Q15

Gas production by region (Mcf/d)

9M16

9M15

3Q15

9M15

2,594

2,876

2,458

+6%

Europe and Central Asia

2,760

2,406

+15%

617

594

622

-1%

Africa

592

593

813

762

806

+1%

Middle East and North Africa

805

905

-11%

927

881

878

+6%

Americas

889

905

-2%

1,335

1,353

1,239

+8%

Asia Pacific

1,351

1,265

+7%

6,286

6,466

6,003

+5%

Total production

6,397

6,074

+5%

1,831

1,927

1,850

-1%

including equity affiliates

1,932

1,858

+4%

3Q16

9M16

3Q16

2Q16

3Q15

Liquefied natural gas

9M16

9M15

3Q15

9M15

2.69

2.76

2.53

+6%

LNG sales** (Mt)

8.09

7.74

+5%

* The regional reporting has been changed to reflect the Companyâ€™s internal organization. Historical data is available at total.com.
** Sales, Group share, excluding trading; 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2015 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)

3Q16

2Q16

3Q15*

3Q16
vs
3Q15

Petroleum product sales by region (kb/d)**

9M16

9M15*

9M16
vs
9M15

2,430

2,372

2,282

+6%

Europe

2,363

2,146

+10%

537

597

609

-12%

Africa

545

643

-15%

627

597

585

+7%

Americas

585

597

-2%

567

705

610

-7%

Rest of world

681

636

+7%

4,161

4,271

4,086

+2%

Total consolidated sales

4,174

4,022

+4%

706

717

648

+9%

Including bulk sales

707

636

+11%

1,641

1,761

1,599

+3%

Including trading

1,679

1,561

+8%

* 2015 data restated. **Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

3Q16	Â	2Q16	Â	3Q15	Â	In millions of dollars	Â	9M16	Â	9M15
(115)	Â	(633)	Â	(654)	Â	Special items affecting operating income	Â	(1,212)	Â	(2,505)
(15)	Â	(8)	Â	-	Â	Restructuring charges	Â	(34)	Â	-
-	Â	(200)	Â	(650)	Â	Impairments	Â	(200)	Â	(1,944)
(100)	Â	(425)	Â	(4)	Â	Other	Â	(978)	Â	(561)
(47)	Â	634	Â	(1,127)	Â	Pre-tax inventory effect: FIFO vs. replacement cost	Â	305	Â	(649)
(18)	Â	(6)	Â	(10)	Â	Effect of changes in fair value	Â	(21)	Â	(16)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(180)	Â	(5)	Â	(1,791)	Â	Total adjustments affecting operating income	Â	(928)	Â	(3,170)

> Adjustment to net income (Group share)

3Q16	Â	2Q16	Â	3Q15	Â	In millions of dollars	Â	9M16	Â	9M15
(98)	Â	(486)	Â	(912)	Â	Special items affecting net income (Group share)	Â	(434)	Â	(1,289)
(32)	Â	(14)	Â	(98)	Â	Gain (loss) on asset sales	Â	312	Â	1,231
(18)	Â	(2)	Â	(12)	Â	Restructuring charges	Â	(22)	Â	(43)
(33)	Â	(178)	Â	(650)	Â	Impairments	Â	(211)	Â	(2,004)
(15)	Â	(292)	Â	(152)	Â	Other	Â	(513)	Â	(473)
(5)	Â	405	Â	(760)	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	217	Â	(432)
(13)	Â	(5)	Â	(5)	Â	Effect of changes in fair value	Â	(15)	Â	(9)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(116)	Â	(86)	Â	(1,677)	Â	Total adjustments affecting net income	Â	(232)	Â	(1,730)

2016 Sensitivities*

	Â	Scenario	Â	Change	Â	Estimated impact on adjusted net operating income	Â	Estimated impact on cash flow
Dollar	Â	1.0 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-0.15 B$	Â	-0.1 B$
Brent	Â	50 $/b	Â	-10 $/b	Â	-2 B$	Â	-2 B$
European refining margin indicator (ERMI)	Â	35 $/t	Â	-10 $/t	Â	-0.5 B$	Â	-0.6 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. Sensitivities are estimates based on assumptions about the Groupâ€™s portfolio in 2016. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-â‚¬ sensitivity on adjusted net operating income is attributable 85% to Refining & Chemicals.

Investments - Divestments

3Q16

2Q16

3Q15

3Q16
vs
3Q15

In millions of dollars

9M16

9M15

9M16
vs
9M15

4,082

4,059

5,394

-24%

Organic investments

12,756

16,611

-23%

136

172

170

-20%

capitalized exploration

536

966

-45%

135

257

523

-74%

increase in non-current loans

964

1,707

-44%

(101)

(301)

(15)

x6,7

repayment of non-current loans

(502)

(1,420)

-65%

1,018

206

631

+61%

Acquisitions

1,417

3,408

-58%

472

395

-77%

Asset sales

1,448

3,867

-63%

(107)

Other transactions with non-controlling interests

(104)

5,116

3,790

5,630

-9%

Net investments

12,829

16,071

-20%

Net-debt-to-equity ratio	Â	Â	Â	Â	Â	Â
In millions of dollars	Â	9/30/2016	Â	6/30/2016	Â	9/30/2015
Current borrowings	Â	13,383	Â	13,789	Â	13,296
Net current financial assets	Â	(1,375)	Â	(1,628)	Â	(3,246)
Net financial assets classified as held for sale	Â	(81)	Â	(97)	Â	94
Non-current financial debt	Â	44,450	Â	41,668	Â	42,873
Hedging instruments of non-current debt	Â	(1,089)	Â	(1,251)	Â	(1,221)
Cash and cash equivalents	Â	(24,801)	Â	(22,653)	Â	(25,858)
Net debt	Â	30,487	Â	29,828	Â	25,938
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share	Â	98,168	Â	97,985	Â	96,093
Estimated dividend payable	Â	(1,629)	Â	(1,618)	Â	(1,573)
Non-controlling interests	Â	2,948	Â	2,904	Â	3,068
Adjusted shareholders' equity	Â	99,487	Â	99,271	Â	97,588
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	30.6%	Â	30.0%	Â	26.6%

Return on equity

In millions of dollars	Â	October 1, 2015 to September 30, 2016	Â	July 1, 2015 to June 30, 2016	Â	January 1, 2015 to December 31, 2015
Adjusted net income	Â	8,207	Â	8,817	Â	10,698
Average adjusted shareholders' equity	Â	98,538	Â	99,029	Â	92,854
Return on equity (ROE)	Â	8.3%	Â	8.9%	Â	11.5%

Return on average capital employed

> Twelve months ended September 30, 2016

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	3,250	Â	4,070	Â	1,705				8,968
Capital employed at 9/30/2015*		108,425		11,319		7,865				123,904
Capital employed at 9/30/2016*	Â	110,590	Â	12,030	Â	10,316				130,534
ROACE	Â	3.0%	Â	34.9%	Â	18.8%				7.0%

> Twelve months ended June 30, 2016

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	3,480	Â	4,586	Â	1,583				9,565
Capital employed at 06/30/2015*	Â	107,214	Â	12,013	Â	8,234				124,001
Capital employed at 06/30/2016*	Â	108,733	Â	12,249	Â	9,021				129,635
ROACE	Â	3.2%	Â	37.8%	Â	18.3%				7.5%

> Twelve months ended December 31, 2015

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	4,774	Â	4,889	Â	1,699				11,400
Capital employed at 12/31/2014*	Â	100,497	Â	13,451	Â	8,825				120,526
Capital employed at 12/31/2015*	Â	105,580	Â	10,407	Â	8,415				121,143
ROACE	Â	4.6%	Â	41.0%	Â	19.7%				9.4%

* At replacement cost (excluding after-tax inventory effect).

This press release presents the results for the third quarter 2016 and the first nine months 2016 from the consolidated financial statements of TOTAL S.A. as of September 30, 2016. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, 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. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

These adjustment items include:

(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTALâ€™s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Groupâ€™s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (â‚¬-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors â€“ The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as â€œpotential reservesâ€ or â€œresourcesâ€, that the SECâ€™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 NÂ° 1-10888, available from us at 2, place Jean Millier â€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website sec.gov.

¹ Definition on page 2.
² Group share.
³ The ex-dividend date will be March 20, 2017, and the payment date will be set for April 6, 2017.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 9.
⁵ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
⁶ Including acquisitions and increases in non-current loans.
⁷ Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
⁸ Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.
⁹ Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 13.
¹⁰ Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
¹¹ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
¹² Details shown on page 13.
¹³ Details shown on page 10 and in the annex to the financial statements.
¹⁴ Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
¹⁵ Details shown on page 12.

Total financial statements

Third quarter and first nine months 2016 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME TOTAL (unaudited)	Â		Â		Â
(M$) ^(a)	Â	3^rd quarter 2016 Â	Â	2^nd quarter 2016 Â	Â	3^rd quarter 2015 Â
Sales	Â	37,412	Â	37,215	Â	40,580
Excise taxes	Â	(5,587)	Â	(5,504)	Â	(5,683)
Revenues from sales	Â	31,825	Â	31,711	Â	34,897
Â	Â	Â	Â	Â	Â	Â
Purchases, net of inventory variation	Â	(21,223)	Â	(20,548)	Â	(24,240)
Other operating expenses	Â	(5,469)	Â	(5,906)	Â	(5,794)
Exploration costs	Â	(274)	Â	(536)	Â	(275)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(2,936)	Â	(2,968)	Â	(3,345)
Other income	Â	290	Â	172	Â	430
Other expense	Â	(351)	Â	(133)	Â	(441)
Â	Â	Â	Â	Â	Â	Â
Financial interest on debt	Â	(268)	Â	(267)	Â	(233)
Financial income and expense from cash & cash equivalents	Â	(5)	Â	1	Â	10
Cost of net debt	Â	(273)	Â	(266)	Â	(223)
Â	Â	Â	Â	Â	Â	Â
Other financial income	Â	265	Â	312	Â	185
Other financial expense	Â	(154)	Â	(166)	Â	(154)
Â	Â	Â	Â	Â	Â	Â
Equity in net income (loss) of affiliates	Â	531	Â	776	Â	486
Â	Â	Â	Â	Â	Â	Â
Income taxes	Â	(251)	Â	(330)	Â	(461)
Consolidated net income	Â	1,980	Â	2,118	Â	1,065
Group share	Â	1,954	Â	2,088	Â	1,079
Non-controlling interests	Â	26	Â	30	Â	(14)
Earnings per share ($)	Â	0.79	Â	0.86	Â	0.45
Fully-diluted earnings per share ($)	Â	0.79	Â	0.86	Â	0.45
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL (unaudited)	Â		Â		Â
(M$)	Â	3^rd quarter 2016 Â	Â	2^nd quarter 2016 Â	Â	3^rd quarter 2015 Â
Consolidated net income	Â	1,980	Â	2,118	Â	1,065
Other comprehensive income	Â	Â	Â	Â	Â	Â
Â	Â	Â	Â	Â	Â	Â
Actuarial gains and losses	Â	(363)	Â	(132)	Â	46
Tax effect	Â	47	Â	40	Â	(21)
Currency translation adjustment generated by the parent company	Â	439	Â	(2,113)	Â	132
Items not potentially reclassifiable to profit and loss	Â	123	Â	(2,205)	Â	157
Currency translation adjustment	Â	(362)	Â	589	Â	(736)
Available for sale financial assets	Â	15	Â	(4)	Â	(3)
Cash flow hedge	Â	113	Â	(66)	Â	(95)
Share of other comprehensive income of equity affiliates, net amount	Â	123	Â	355	Â	(626)
Other	Â	(3)	Â	-	Â	-
Tax effect	Â	(41)	Â	21	Â	31
Items potentially reclassifiable to profit and loss	Â	(155)	Â	895	Â	(1,429)
Total other comprehensive income (net amount)	Â	(32)	Â	(1,310)	Â	(1,272)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	1,948	Â	808	Â	(207)
Group share	Â	1,909	Â	795	Â	(167)
Non-controlling interests	Â	39	Â	13	Â	(40)

CONSOLIDATED STATEMENT OF INCOME TOTAL (unaudited)	Â		Â
(M$) ^(a)	Â	9 months 2016 Â	Â	9 months 2015 Â
Sales	Â	107,468	Â	127,608
Excise taxes	Â	(16,410)	Â	(16,479)
Revenues from sales	Â	91,058	Â	111,129
Â	Â	Â	Â	Â
Purchases, net of inventory variation	Â	(59,410)	Â	(74,797)
Other operating expenses	Â	(17,511)	Â	(18,097)
Exploration costs	Â	(1,004)	Â	(1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(8,584)	Â	(10,048)
Other income	Â	962	Â	2,773
Other expense	Â	(554)	Â	(1,279)
Â	Â	Â	Â	Â
Financial interest on debt	Â	(809)	Â	(726)
Financial income and expense from cash & cash equivalents	Â	6	Â	69
Cost of net debt	Â	(803)	Â	(657)
Â	Â	Â	Â	Â
Other financial income	Â	768	Â	582
Other financial expense	Â	(475)	Â	(483)
Equity in net income (loss) of affiliates	Â	1,805	Â	1,761
Â	Â	Â	Â	Â
Income taxes	Â	(533)	Â	(3,034)
Consolidated net income	Â	5,719	Â	6,586
Group share	Â	5,648	Â	6,713
Non-controlling interests	Â	71	Â	(127)
Earnings per share ($)	Â	2.33	Â	2.90
Fully-diluted earnings per share ($)	Â	2.32	Â	2.89
^(a)Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL (unaudited)	Â		Â
(M$)	Â	9 months 2016 Â	Â	9 months 2015 Â
Consolidated net income	Â	5,719	Â	6,586
Other comprehensive income	Â	Â	Â	Â
Â	Â	Â	Â	Â
Actuarial gains and losses	Â	(576)	Â	199
Tax effect	Â	119	Â	(138)
Currency translation adjustment generated by the parent company	Â	1,967	Â	(5,097)
Items not potentially reclassifiable to profit and loss	Â	1,510	Â	(5,036)
Currency translation adjustment	Â	(1,717)	Â	1,852
Available for sale financial assets	Â	1	Â	(7)
Cash flow hedge	Â	145	Â	(189)
Share of other comprehensive income of equity affiliates, net amount	Â	477	Â	215
Other	Â	-	Â	1
Tax effect	Â	(44)	Â	60
Items potentially reclassifiable to profit and loss	Â	(1,138)	Â	1,932
Total other comprehensive income (net amount)	Â	372	Â	(3,104)
Â	Â	Â	Â	Â
Comprehensive income	Â	6,091	Â	3,482
Group share	Â	6,012	Â	3,666
Non-controlling interests	Â	79	Â	(184)

CONSOLIDATED BALANCE SHEET TOTAL (unaudited)
(M$)	September 30, 2016 (unaudited) Â	June 30, 2016 (unaudited) Â	December 31, 2015 Â	September 30, 2015 (unaudited) Â
ASSETS
				Â
Non-current assets
Intangible assets, net	14,916	14,207	14,549	15,639
Property, plant and equipment, net	113,433	111,420	109,518	108,886
Equity affiliates : investments and loans	20,870	20,683	19,384	19,200
Other investments	1,565	1,411	1,241	1,227
Hedging instruments of non-current financial debt	1,089	1,251	1,219	1,221
Deferred income taxes	4,434	4,175	3,982	3,439
Other non-current assets	4,534	4,467	4,355	4,292
Total non-current assets	160,841	157,614	154,248	153,904
				Â
Current assets
Inventories, net	14,635	15,021	13,116	14,773
Accounts receivable, net	11,501	11,933	10,629	12,306
Other current assets	14,927	14,850	15,843	15,102
Current financial assets	1,755	2,018	6,190	3,448
Cash and cash equivalents	24,801	22,653	23,269	25,858
Assets classified as held for sale	1,045	1,257	1,189	3,734
Total current assets	68,664	67,732	70,236	75,221
Total assets	229,505	225,346	224,484	229,125
				Â
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares	7,849	7,846	7,670	7,602
Paid-in surplus and retained earnings	106,189	106,343	101,528	103,519
Currency translation adjustment	(11,448)	(11,619)	(12,119)	(10,443)
Treasury shares	(4,422)	(4,585)	(4,585)	(4,585)
Â	98,168	97,985	92,494	96,093
Non-controlling interests	2,948	2,904	2,915	3,068
Total shareholders' equity	101,116	100,889	95,409	99,161
				Â
Non-current liabilities
Deferred income taxes	11,390	11,345	12,360	12,836
Employee benefits	4,247	3,887	3,774	4,312
Provisions and other non-current liabilities	17,320	17,270	17,502	17,053
Non-current financial debt	44,450	41,668	44,464	42,873
Total non-current liabilities	77,407	74,170	78,100	77,074
				Â
Current liabilities
Accounts payable	19,799	20,478	20,928	20,003
Other creditors and accrued liabilities	16,895	14,983	16,884	17,991
Current borrowings	13,383	13,789	12,488	13,296
Other current financial liabilities	380	390	171	202
Liabilities directly associated with the assets classified as held for sale	525	647	504	1,398
Total current liabilities	50,982	50,287	50,975	52,890
Total liabilities & shareholders' equity	229,505	225,346	224,484	229,125

CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (unaudited)	Â		Â		Â
(M$)	Â	3^rd quarter 2016 Â	Â	2^nd quarter 2016 Â	Â	3^rd quarter 2015 Â
CASH FLOW FROM OPERATING ACTIVITIES	Â	Â	Â	Â	Â	Â
Consolidated net income	Â	1,980	Â	2,118	Â	1,065
Depreciation, depletion, amortization and impairment	Â	3,297	Â	3,361	Â	3,519
Non-current liabilities, valuation allowances and deferred taxes	Â	(539)	Â	(477)	Â	(540)
Impact of coverage of pension benefit plans	Â	-	Â	-	Â	-
(Gains) losses on disposals of assets	Â	94	Â	(48)	Â	22
Undistributed affiliates' equity earnings	Â	(192)	Â	(280)	Â	(61)
(Increase) decrease in working capital	Â	265	Â	(1,752)	Â	2,057
Other changes, net	Â	(165)	Â	(40)	Â	(73)
Cash flow from operating activities	Â	4,740	Â	2,882	Â	5,989
Â	Â	Â	Â	Â	Â	Â
CASH FLOW USED IN INVESTING ACTIVITIES	Â	Â	Â	Â	Â	Â
Â	Â	Â	Â	Â	Â	Â
Intangible assets and property, plant and equipment additions	Â	(4,124)	Â	(4,094)	Â	(5,266)
Acquisitions of subsidiaries, net of cash acquired	Â	(1,119)	Â	11	Â	(76)
Investments in equity affiliates and other securities	Â	177	Â	(226)	Â	(175)
Increase in non-current loans	Â	(135)	Â	(257)	Â	(523)
Total expenditures	Â	(5,201)	Â	(4,566)	Â	(6,040)
Proceeds from disposals of intangible assets and property, plant and equipment	Â	57	Â	200	Â	6
Proceeds from disposals of subsidiaries, net of cash sold	Â	-	Â	270	Â	289
Proceeds from disposals of non-current investments	Â	34	Â	2	Â	100
Repayment of non-current loans	Â	101	Â	301	Â	15
Total divestments	Â	192	Â	773	Â	410
Cash flow used in investing activities	Â	(5,009)	Â	(3,793)	Â	(5,630)
Â	Â	Â	Â	Â	Â	Â
CASH FLOW USED IN FINANCING ACTIVITIES	Â	Â	Â	Â	Â	Â
Â	Â	Â	Â	Â	Â	Â
Issuance (repayment) of shares:	Â	Â	Â	Â	Â	Â
- Parent company shareholders	Â	36	Â	4	Â	4
Â	Â	-	Â	-	Â	(237)
Dividends paid:	Â	Â	Â	Â	Â	Â
- Parent company shareholders	Â	-	Â	(1,173)	Â	(681)
- Non-controlling interests	Â	(2)	Â	(72)	Â	(25)
Issuance of perpetual subordinated notes	Â	-	Â	1,950	Â	-
Payments on perpetual subordinated notes	Â	-	Â	-	Â	-
Other transactions with non-controlling interests	Â	(107)	Â	3	Â	-
Net issuance (repayment) of non-current debt	Â	3,127	Â	400	Â	356
Increase (decrease) in current borrowings	Â	(909)	Â	1,011	Â	23
Increase (decrease) in current financial assets and liabilities	Â	257	Â	1,399	Â	(1,096)
Cash flow used in financing activities	Â	2,402	Â	3,522	Â	(1,656)
Net increase (decrease) in cash and cash equivalents	Â	2,133	Â	2,611	Â	(1,297)
Effect of exchange rates	Â	15	Â	(528)	Â	(167)
Cash and cash equivalents at the beginning of the period	Â	22,653	Â	20,570	Â	27,322
Cash and cash equivalents at the end of the period	Â	24,801	Â	22,653	Â	25,858

CONSOLIDATED STATEMENT OF CASH FLOW TOTAL (unaudited)	Â		Â
(M$)	Â	9 months 2016 Â	Â	9 months 2015 Â
CASH FLOW FROM OPERATING ACTIVITIES	Â	Â	Â	Â
Consolidated net income	Â	5,719	Â	6,586
Depreciation, depletion, amortization and impairment	Â	9,393	Â	11,056
Non-current liabilities, valuation allowances and deferred taxes	Â	(1,284)	Â	(701)
Impact of coverage of pension benefit plans	Â	-	Â	-
(Gains) losses on disposals of assets	Â	(321)	Â	(1,794)
Undistributed affiliates' equity earnings	Â	(708)	Â	(350)
(Increase) decrease in working capital	Â	(3,032)	Â	746
Other changes, net	Â	(264)	Â	(435)
Cash flow from operating activities	Â	9,503	Â	15,108
Â	Â	Â	Â	Â
CASH FLOW USED IN INVESTING ACTIVITIES	Â	Â	Â	Â
Â	Â	Â	Â	Â
Intangible assets and property, plant and equipment additions	Â	(12,364)	Â	(19,213)
Acquisitions of subsidiaries, net of cash acquired	Â	(1,241)	Â	(86)
Investments in equity affiliates and other securities	Â	(106)	Â	(433)
Increase in non-current loans	Â	(964)	Â	(1,707)
Total expenditures	Â	(14,675)	Â	(21,439)
Proceeds from disposals of intangible assets and property, plant and equipment	Â	1,049	Â	1,186
Proceeds from disposals of subsidiaries, net of cash sold	Â	270	Â	2,450
Proceeds from disposals of non-current investments	Â	129	Â	231
Repayment of non-current loans	Â	502	Â	1,420
Total divestments	Â	1,950	Â	5,287
Cash flow used in investing activities	Â	(12,725)	Â	(16,152)
Â	Â	Â	Â	Â
CASH FLOW USED IN FINANCING ACTIVITIES	Â	Â	Â	Â
Â	Â	Â	Â	Â
Issuance (repayment) of shares:	Â	Â	Â	Â
- Parent company shareholders	Â	40	Â	454
Â	Â	-	Â	(237)
Dividends paid:	Â	Â	Â	Â
- Parent company shareholders	Â	(2,127)	Â	(2,253)
- Non-controlling interests	Â	(77)	Â	(97)
Issuance of perpetual subordinated notes	Â	1,950	Â	5,616
Payments on perpetual subordinated notes	Â	(133)	Â	-
Other transactions with non-controlling interests	Â	(104)	Â	81
Net issuance (repayment) of non-current debt	Â	3,681	Â	2,127
Increase (decrease) in current borrowings	Â	(2,925)	Â	(66)
Increase (decrease) in current financial assets and liabilities	Â	4,402	Â	(2,197)
Cash flow used in financing activities	Â	4,707	Â	3,428
Net increase (decrease) in cash and cash equivalents	Â	1,485	Â	2,384
Effect of exchange rates	Â	47	Â	(1,707)
Cash and cash equivalents at the beginning of the period	Â	23,269	Â	25,181
Cash and cash equivalents at the end of the period	Â	24,801	Â	25,858

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)

Common shares issued

Paid-in
surplus and
retained
earnings

Currency
translation
adjustment

Treasury shares

Shareholders'
equity -
Group share

Non-
controlling
interests

Total
shareholders'
equity

(M$)

Number

Amount

Number

Amount

As of January 1, 2015

2,385,267,525

7,518

94,646

(7,480)

(109,361,413)

(4,354)

90,330

3,201

93,531

Net income of the first 9 months 2015

6,713

(127)

6,586

Other comprehensive Income

(84)

(2,963)

(3,047)

(57)

(3,104)

Comprehensive Income

6,629

(2,963)

3,666

(184)

3,482

Dividend

(4,740)

(97)

(4,837)

Issuance of common shares

29,822,264

1,241

1,325

Purchase of treasury shares

(4,711,935)

(237)

Sale of treasury shares ⁽¹⁾

(6)

103,270

Share-based payments

Share cancellation

5,616

Payments on perpetual subordinated notes

(80)

Other operations with non-controlling interests

Other items

187

As of September 30, 2015

2,415,089,789

7,602

103,519

(10,443)

(113,970,078)

(4,585)

96,093

3,068

99,161

Net income from October 1 to December 31, 2015

(1,626)

(174)

(1,800)

Other comprehensive Income

269

(1,676)

(1,407)

(24)

(1,431)

Comprehensive Income

(1,357)

(1,676)

(3,033)

(198)

(3,231)

Dividend

(1,563)

(3)

(1,566)

Issuance of common shares

24,968,094

918

986

Purchase of treasury shares

Sale of treasury shares ⁽¹⁾

2,320

Share-based payments

Share cancellation

Issuance of perpetual subordinated notes

Payments on perpetual subordinated notes

(34)

Other operations with non-controlling interests

Other items

As of December 31, 2015

2,440,057,883

7,670

101,528

(12,119)

(113,967,758)

(4,585)

92,494

2,915

95,409

Net income of the first 9 months 2016

5,648

5,719

Other comprehensive Income

(307)

671

364

372

Comprehensive Income

5,341

671

6,012

6,091

Dividend

(4,872)

(77)

(4,949)

Issuance of common shares

63,971,645

179

2,524

2,703

Purchase of treasury shares

Sale of treasury shares ⁽¹⁾

(163)

3,047,118

163

Share-based payments

Share cancellation

Issuance of perpetual subordinated notes

1,950

Payments on perpetual subordinated notes

(131)

Other operations with non-controlling interests

(100)

(41)

(141)

Other items

103

As of September 30, 2016

2,504,029,528

7,849

106,189

(11,448)

(110,920,640)

(4,422)

98,168

2,948

101,116

⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

3^rd quarter 2016
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,398

16,050

17,964

37,412

Intersegment sales

4,701

5,072

147

(9,994)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

8,099

20,247

13,399

(9,994)

31,825

Operating expenses

(4,954)

(19,101)

(12,708)

(197)

9,994

(26,966)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,480)

(251)

(194)

(11)

(2,936)

Operating income

665

895

497

(134)

1,923

Equity in net income (loss) of affiliates and other items

213

227

581

Tax on net operating income

(40)

(196)

(138)

(316)

Net operating income

838

926

416

2,188

Net cost of net debt

(208)

Non-controlling interests

(26)

Net income

1,954

3^rd quarter 2016 (adjustments) ^(a)
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(116)

Intersegment sales

Excise taxes

Revenues from sales

(116)

Operating expenses

(68)

(64)

Depreciation, depletion and impairment of tangible assets and mineral interests

Operating income^(b)

(116)

(68)

(180)

Equity in net income (loss) of affiliates and other items

(123)

(67)

(174)

Tax on net operating income

200

(11)

195

Net operating income^(b)

(39)

(129)

(159)

(6)

Non-controlling interests

Net income

(116)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(51)

On net operating income

(33)

3^rdquarter 2016 (adjusted)
(M$)^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,514

16,050

17,964

37,528

Intersegment sales

4,701

5,072

147

(9,994)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

8,215

20,247

13,399

(9,994)

31,941

Operating expenses

(4,954)

(19,105)

(12,640)

(197)

9,994

(26,902)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,480)

(251)

(194)

(11)

(2,936)

Adjusted operating income

781

891

565

(134)

2,103

Equity in net income (loss) of affiliates and other items

336

211

124

755

Tax on net operating income

(240)

(185)

(144)

(511)

Adjusted net operating income

877

917

545

2,347

Net cost of net debt

(202)

Non-controlling interests

(75)

Adjusted net income

2,070

Adjusted fully-diluted earnings per share ($)

0.84

(a) Except for earnings per share.

3^rd quarter 2016
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

3,648

550

1,175

(172)

5,201

Total divestments

129

192

Cash flow from operating activities

2,380

1,698

495

167

4,740

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

2^nd quarter 2016

(M$)

Upstream

Refining &
Chemicals

Marketing
& Services

Corporate

Intercompany

Total

Non-Group sales

3,344

16,567

17,305

(1)

37,215

Intersegment sales

4,159

5,540

208

(9,988)

Excise taxes

(924)

(4,580)

(5,504)

Revenues from sales

7,503

21,183

12,933

(9,988)

31,711

Operating expenses

(4,956)

(19,521)

(12,208)

(293)

9,988

(26,990)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,531)

(246)

(183)

(8)

(2,968)

Operating income

1,416

542

(221)

1,753

Equity in net income (loss) of affiliates and other items

569

260

961

Tax on net operating income

180

(379)

(190)

(8)

(397)

Net operating income

765

1,297

386

(131)

2,317

Net cost of net debt

(199)

Non-controlling interests

(30)

Net income

2,088

2^nd quarter 2016 (adjustments) ^(a)

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(6)

Intersegment sales

Excise taxes

Revenues from sales

(6)

Operating expenses

(358)

451

108

201

Depreciation, depletion and impairment of tangible assets and mineral interests

(200)

Operating income^(b)

(564)

451

108

(5)

Equity in net income (loss) of affiliates and other items

(27)

(62)

(89)

Tax on net operating income

202

(145)

(38)

Net operating income^(b)

(362)

279

(75)

(5)

Non-controlling interests

(6)

Net income

(86)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

516

118

On net operating income

331

2^ndquarter 2016 (adjusted)
(M$)^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,350

16,567

17,305

(1)

37,221

Intersegment sales

4,159

5,540

208

(9,988)

Excise taxes

(924)

(4,580)

(5,504)

Revenues from sales

7,509

21,183

12,933

(9,988)

31,717

Operating expenses

(4,598)

(19,972)

(12,316)

(293)

9,988

(27,191)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,331)

(246)

(183)

(8)

(2,768)

Adjusted operating income

580

965

434

(221)

1,758

Equity in net income (loss) of affiliates and other items

569

287

1,050

Tax on net operating income

(22)

(234)

(152)

(8)

(416)

Adjusted net operating income

1,127

1,018

378

(131)

2,392

Net cost of net debt

(194)

Non-controlling interests

(24)

Adjusted net income

2,174

Adjusted fully-diluted earnings per share ($)

0.90

(a) Except for earnings per share.

2^nd quarter 2016
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

3,539

480

339

208

4,566

Total divestments

448

296

773

Cash flow from operating activities

983

1,560

(15)

354

2,882

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

3^rd quarter 2015
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,660

17,397

19,522

40,580

Intersegment sales

4,280

6,912

201

(11,444)

Excise taxes

(1,094)

(4,589)

(5,683)

Revenues from sales

7,940

23,215

15,134

(11,444)

34,897

Operating expenses

(4,717)

(22,169)

(14,651)

(216)

11,444

(30,309)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,898)

(256)

(185)

(6)

(3,345)

Operating income

325

790

298

(170)

1,243

Equity in net income (loss) of affiliates and other items

360

152

(29)

506

Tax on net operating income

(345)

(152)

(126)

128

(495)

Net operating income

340

790

143

(19)

1,254

Net cost of net debt

(189)

Non-controlling interests

Net income

1,079

3^rd quarter 2015 (adjustments) ^(a)
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(10)

Intersegment sales

Excise taxes

Revenues from sales

(10)

Operating expenses

(9)

(923)

(199)

(1,131)

Depreciation, depletion and impairment of tangible assets and mineral interests

(650)

Operating income^(b)

(669)

(923)

(199)

(1,791)

Equity in net income (loss) of affiliates and other items

(151)

(14)

(145)

(310)

Tax on net operating income

294

411

Net operating income^(b)

(767)

(643)

(280)

(1,690)

Non-controlling interests

Net income

(1,677)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(934)

(193)

On net operating income

(631)

(139)

3^rdquarter 2015 (adjusted)
(M$)^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,670

17,397

19,522

40,590

Intersegment sales

4,280

6,912

201

(11,444)

Excise taxes

(1,094)

(4,589)

(5,683)

Revenues from sales

7,950

23,215

15,134

(11,444)

34,907

Operating expenses

(4,708)

(21,246)

(14,452)

(216)

11,444

(29,178)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,248)

(256)

(185)

(6)

(2,695)

Adjusted operating income

994

1,713

497

(170)

3,034

Equity in net income (loss) of affiliates and other items

511

166

116

816

Tax on net operating income

(398)

(446)

(190)

128

(906)

Adjusted net operating income

1,107

1,433

423

(19)

2,944

Net cost of net debt

(189)

Non-controlling interests

Adjusted net income

2,756

Adjusted fully-diluted earnings per share ($)

1.17

(a) Except for earnings per share.

3^rd quarter 2015
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

5,173

358

501

6,040

Total divestments

272

121

410

Cash flow from operating activities

2,320

2,291

1,011

367

5,989

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

9 months 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

10,208

46,555

50,702

107,468

Intersegment sales

12,122

14,760

487

225

(27,594)

Excise taxes

(2,760)

(13,650)

(16,410)

Revenues from sales

22,330

58,555

37,539

228

(27,594)

91,058

Operating expenses

(14,708)

(54,404)

(35,697)

(710)

27,594

(77,925)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,258)

(750)

(549)

(27)

(8,584)

Operating income

364

3,401

1,293

(509)

4,549

Equity in net income (loss) of affiliates and other items

1,452

664

105

285

2,506

Tax on net operating income

453

(851)

(408)

(719)

Net operating income

2,269

3,214

990

(137)

6,336

Net cost of net debt

(617)

Non-controlling interests

(71)

Net income

5,648

9 months 2016 (adjustments) ^(a)
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(248)

Intersegment sales

Excise taxes

Revenues from sales

(248)

Operating expenses

(691)

248

(37)

(480)

Depreciation, depletion and impairment of tangible assets and mineral interests

(200)

Operating income^(b)

(1,139)

248

(37)

(928)

Equity in net income (loss) of affiliates and other items

206

(11)

(146)

Tax on net operating income

700

(86)

(2)

612

Net operating income^(b)

(233)

151

(185)

(267)

(17)

Non-controlling interests

Net income

(232)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

315

(10)

On net operating income

219

9 months 2016 (adjusted)
(M$)^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

10,456

46,555

50,702

107,716

Intersegment sales

12,122

14,760

487

225

(27,594)

Excise taxes

(2,760)

(13,650)

(16,410)

Revenues from sales

22,578

58,555

37,539

228

(27,594)

91,306

Operating expenses

(14,017)

(54,652)

(35,660)

(710)

27,594

(77,445)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,058)

(750)

(549)

(27)

(8,384)

Adjusted operating income

1,503

3,153

1,330

(509)

5,477

Equity in net income (loss) of affiliates and other items

1,246

675

251

285

2,457

Tax on net operating income

(247)

(765)

(406)

(1,331)

Adjusted net operating income

2,502

3,063

1,175

(137)

6,603

Net cost of net debt

(600)

Non-controlling interests

(123)

Adjusted net income

5,880

Adjusted fully-diluted earnings per share ($)

2.42

(a) Except for earnings per share.

9 months 2016
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

11,424

1,289

1,904

14,675

Total divestments

1,492

373

1,950

Cash flow from operating activities

5,476

2,837

720

470

9,503

BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)

9 months 2015
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

13,383

54,654

59,561

127,608

Intersegment sales

13,585

21,262

696

159

(35,702)

Excise taxes

(3,034)

(13,445)

(16,479)

Revenues from sales

26,968

72,882

46,812

169

(35,702)

111,129

Operating expenses

(16,135)

(68,068)

(45,022)

(635)

35,702

(94,158)

Depreciation, depletion and impairment of tangible assets and mineral interests

(8,668)

(799)

(561)

(20)

(10,048)

Operating income

2,165

4,015

1,229

(486)

6,923

Equity in net income (loss) of affiliates and other items

1,448

1,021

394

491

3,354

Tax on net operating income

(1,622)

(1,031)

(450)

(47)

(3,150)

Net operating income

1,991

4,005

1,173

(42)

7,127

Net cost of net debt

(541)

Non-controlling interests

127

Net income

6,713

9 months 2015 (adjustments) ^(a)
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(314)

Intersegment sales

Excise taxes

Revenues from sales

(314)

Operating expenses

(151)

(606)

(155)

(912)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,890)

(31)

(23)

(1,944)

Operating income^(b)

(2,355)

(637)

(178)

(3,170)

Equity in net income (loss) of affiliates and other items

(206)

576

140

510

Tax on net operating income

526

184

752

Net operating income^(b)

(2,035)

123

(1,908)

Non-controlling interests

178

Net income

(1,730)

^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

^(b)Of which inventory valuation effect

On operating income

(500)

(149)

On net operating income

(343)

(101)

9 months 2015 (adjusted)
(M$)^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

13,697

54,654

59,561

127,922

Intersegment sales

13,585

21,262

696

159

(35,702)

Excise taxes

(3,034)

(13,445)

(16,479)

Revenues from sales

27,282

72,882

46,812

169

(35,702)

111,443

Operating expenses

(15,984)

(67,462)

(44,867)

(635)

35,702

(93,246)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,778)

(768)

(538)

(20)

(8,104)

Adjusted operating income

4,520

4,652

1,407

(486)

10,093

Equity in net income (loss) of affiliates and other items

1,654

445

254

491

2,844

Tax on net operating income

(2,148)

(1,215)

(492)

(47)

(3,902)

Adjusted net operating income

4,026

3,882

1,169

(42)

9,035

Net cost of net debt

(541)

Non-controlling interests

(51)

Adjusted net income

8,443

Adjusted fully-diluted earnings per share ($)

3.64

(a) Except for earnings per share.

9 months 2015
(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

18,977

1,257

1,152

21,439

Total divestments

1,813

2,652

800

5,287

Cash flow from operating activities

8,558

4,305

2,034

211

15,108

Reconciliation of the information by business segment with consolidated financial statements TOTAL (unaudited)
Â
3^rd quarter 2016 (M$) Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	37,528	Â	(116)	Â	37,412
Excise taxes	Â	(5,587)	Â	-	Â	(5,587)
Revenues from sales	Â	31,941	Â	(116)	Â	31,825
	Â		Â		Â
Purchases, net of inventory variation	Â	(21,176)	Â	(47)	Â	(21,223)
Other operating expenses	Â	(5,452)	Â	(17)	Â	(5,469)
Exploration costs	Â	(274)	Â	-	Â	(274)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(2,936)	Â	-	Â	(2,936)
Other income	Â	284	Â	6	Â	290
Other expense	Â	(155)	Â	(196)	Â	(351)
						Â
Financial interest on debt	Â	(262)	Â	(6)	Â	(268)
Financial income and expense from cash & cash equivalents	Â	(5)	Â	-	Â	(5)
Cost of net debt	Â	(267)	Â	(6)	Â	(273)
						Â
Other financial income	Â	265	Â	-	Â	265
Other financial expense	Â	(154)	Â	-	Â	(154)
						Â
Equity in net income (loss) of affiliates	Â	515	Â	16	Â	531
						Â
Income taxes	Â	(446)	Â	195	Â	(251)
Consolidated net income	Â	2,145	Â	(165)	Â	1,980
Group share	Â	2,070	Â	(116)	Â	1,954
Non-controlling interests	Â	75	Â	(49)	Â	26
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

3^rd quarter 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	40,590	Â	(10)	Â	40,580
Excise taxes	Â	(5,683)	Â	-	Â	(5,683)
Revenues from sales	Â	34,907	Â	(10)	Â	34,897
	Â		Â		Â
Â	Â	(23,113)	Â	(1,127)	Â	(24,240)
Other operating expenses	Â	(5,790)	Â	(4)	Â	(5,794)
Exploration costs	Â	(275)	Â	-	Â	(275)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(2,695)	Â	(650)	Â	(3,345)
Other income	Â	415	Â	15	Â	430
Other expense	Â	(123)	Â	(318)	Â	(441)
						Â
Financial interest on debt	Â	(233)	Â	-	Â	(233)
Financial income and expense from cash & cash equivalents	Â	10	Â	-	Â	10
Cost of net debt	Â	(223)	Â	-	Â	(223)
						Â
Other financial income	Â	185	Â	-	Â	185
Other financial expense	Â	(154)	Â	-	Â	(154)
						Â
Equity in net income (loss) of affiliates	Â	493	Â	(7)	Â	486
						Â
Income taxes	Â	(872)	Â	411	Â	(461)
Consolidated net income	Â	2,755	Â	(1,690)	Â	1,065
Group share	Â	2,756	Â	(1,677)	Â	1,079
Non-controlling interests	Â	(1)	Â	(13)	Â	(14)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements TOTAL (unaudited)
Â
9 months 2016 (M$) Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	107,716	Â	(248)	Â	107,468
Excise taxes	Â	(16,410)	Â	-	Â	(16,410)
Revenues from sales	Â	91,306	Â	(248)	Â	91,058
	Â		Â		Â
Purchases, net of inventory variation	Â	(59,663)	Â	253	Â	(59,410)
Other operating expenses	Â	(17,128)	Â	(383)	Â	(17,511)
Exploration costs	Â	(654)	Â	(350)	Â	(1,004)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(8,384)	Â	(200)	Â	(8,584)
Other income	Â	627	Â	335	Â	962
Other expense	Â	(274)	Â	(280)	Â	(554)
						Â
Financial interest on debt	Â	(792)	Â	(17)	Â	(809)
Financial income and expense from cash & cash equivalents	Â	6	Â	-	Â	6
Cost of net debt	Â	(786)	Â	(17)	Â	(803)
						Â
Other financial income	Â	768	Â	-	Â	768
Other financial expense	Â	(475)	Â	-	Â	(475)
						Â
Equity in net income (loss) of affiliates	Â	1,811	Â	(6)	Â	1,805
						Â
Income taxes	Â	(1,145)	Â	612	Â	(533)
Consolidated net income	Â	6,003	Â	(284)	Â	5,719
Group share	Â	5,880	Â	(232)	Â	5,648
Non-controlling interests	Â	123	Â	(52)	Â	71
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

9 months 2015 (M$) Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	127,922	Â	(314)	Â	127,608
Excise taxes	Â	(16,479)	Â	-	Â	(16,479)
Revenues from sales	Â	111,443	Â	(314)	Â	111,129
	Â		Â		Â
Â	Â	(74,148)	Â	(649)	Â	(74,797)
Other operating expenses	Â	(17,921)	Â	(176)	Â	(18,097)
Exploration costs	Â	(1,177)	Â	(87)	Â	(1,264)
Financial income & expense from marketable securities & cash equivalents	Â	(8,104)	Â	(1,944)	Â	(10,048)
Other income	Â	1,299	Â	1,474	Â	2,773
Other expense	Â	(358)	Â	(921)	Â	(1,279)
						Â
Financial interest on debt	Â	(726)	Â	-	Â	(726)
Financial income and expense from cash & cash equivalents	Â	69	Â	-	Â	69
Cost of net debt	Â	(657)	Â	-	Â	(657)
						Â
Other financial income	Â	582	Â	-	Â	582
Other financial expense	Â	(483)	Â	-	Â	(483)
						Â
Equity in net income (loss) of affiliates	Â	1,804	Â	(43)	Â	1,761
Income taxes	Â	(3,786)	Â	752	Â	(3,034)
Consolidated net income	Â	8,494	Â	(1,908)	Â	6,586
Group share	Â	8,443	Â	(1,730)	Â	6,713
Non-controlling interests	Â	51	Â	(178)	Â	(127)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
FaxÂ : +1 713-483-5629
total.com

View source version on businesswire.com: http://www.businesswire.com/news/home/20161028005618/en/

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