Half-yearly Report

Half-yearly Report

TOTAL

Second Quarter and First Half 2011 Results

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

    2Q11   Change

vs 2Q10

  1H11   Change

vs 1H10

 

Adjusted net income1

 
  • in billion euros (B€)
2.8 - 6% 5.9 +12%
  • in billion dollars (B$)
4.0 +7% 8.3 +19%
 
  • in euros per share
1.24 -6% 2.62 +12%
  • in dollars per share

 

1.78

 

 

+6%

 

 

3.67

 

 

+18%

 

 

Net income (Group share) (B€)

2.7

-12%

6.7

+17%

           
Net-debt-to-equity ratio of 24.3% at June 30, 2011

Hydrocarbon production of 2,311 kboe/d in 2Q 2011

Interim dividend for 2Q11 of 0.57 € per share payable in December 20112

Commenting on the results, Chairman and CEO Christophe de Margerie said :

« The combination of sustained global demand and geopolitical troubles increased tensions in the oil market during the second quarter. In this environment, Total continued to develop and rebalance its portfolio in accordance with its commitment to sustainable growth.
The net result for the quarter increased by 7% in dollars compared to the second quarter 2010, reflecting the benefit of a more favorable environment, which more than offset the negative impacts of portfolio changes, higher maintenance, shutdowns in Libya, and continued weak refining margins in Europe.
Exploration success in Bolivia and Angola, a new permit in Qatar, a larger stake for Total in the Tempa Rossa field in Italy, entry into shale gas concessions in Poland and the launch of two offshore projects in Norway open new perspectives for growth. In addition, the acquisition of California-based SunPower delivers on the commitment to new energies, placing Total among the world leaders in the fast-growing solar sector. At the same time, the Group finalized agreements to sell several non-core assets, including its interest in the Gassled pipeline network in Norway and the bulk of its UK marketing assets.
With a strong balance sheet and a dynamic pace of execution in all of the Group’s segments, Total begins the second half of 2011 very confident in its outlook for profitable growth to benefit all of its stakeholders »

  • Key figures3
2Q11   1Q11   2Q10   2Q11
vs
2Q10		   in millions of euros
except earnings per share and number of shares 		  1H11   1H10   1H11
vs
1H10
45,009 46,029 41,329 +9% Sales 91,038 78,932 +15%
5,896 6,369 5,461 +8% Adjusted operating income from business segments 12,265 9,967 +23%
2,901 3,363 2,960 -2% Adjusted net operating income from business segments 6,264 5,243 +19%
2,457 2,849 2,203 +12%

-- Upstream

5,306 4,174 +27%
197 276 483 -59%

-- Downstream

473 638 -26%
247 238 274 -10%

-- Chemicals

485 431 +13%
2,794 3,104 2,961 -6% Adjusted net income 5,898 5,257 +12%
1.24 1.38 1.32 -6% Adjusted fully-diluted earnings per share (euros) 2.62 2.34 +12%
2,255.5 2,251.1 2,242.5 +1% Fully-diluted weighted-average shares (millions) 2,252.3 2,242.6 -
2,726 3,946 3,101 -12% Net income (Group share) 6,672 5,714 +17%
7,570 5,683 3,446 X2.2

Investments4

13,253 7,155 +85%
1,338 663 850 +57% Divestments 2,001 1,898 +5%
6,232 5,020 2,596 X2.4 Net investments 11,252 5,257 X2.1
5,064 5,714 4,942 +2% Cash flow from operations 10,778 10,202 +6%
4,675 4,945 5,250 -11% Adjusted cash flow from operations 9,620 8,989 +7%
2Q11 1Q11 2Q10 2Q11
vs
2Q10

in millions of dollars 5
except earnings per share and number of shares

1H11 1H10 1H11
vs
1H10
64,772 62,968 52,521 +23% Sales 127,745 104,727 +22%
8,485 8,713 6,940 +22% Adjusted operating income from business segments 17,210 13,224 +30%
4,175 4,601 3,762 +11% Adjusted net operating income from business segments 8,790 6,956 +26%
3,536 3,897 2,800 +26%

-- Upstream

7,445 5,538 +34%
284 378 614 -54%

-- Downstream

664 846 -22%
355 326 348 +2%

-- Chemicals

681 572 +19%
4,021 4,246 3,763 +7% Adjusted net income 8,276 6,975 +19%
1.78 1.89 1.68 +6% Adjusted fully-diluted earnings per share (euros) 3.67 3.11 +18%
2,255.5 2,251.1 2,242.5 +1% Fully-diluted weighted-average shares (millions) 2,252.3 2,242.6 -
3,923 5,398 3,941 - Net income (Group share) 9,362 7,581 +23%
10,894 7,774 4,379 X2.5 Investments4 18,597 9,493 X2.0
1,926   907 1,080 +78% Divestments 2,808 2,518 +12%
8,968   6,867 3,299 X2.7 Net investments 15,789 6,975 X2.3
7,288   7,817 6,280 +16% Cash flow from operations 15,124 13,536 +12%
6,728   6,765 6,672 +1% Adjusted cash flow from operations 13,499 11,927 +13%
  • Highlights since the beginning of the second quarter 2011
    • First production from phase 2 of the Greater Angostura gas field in Trinidad & Tobago
    • Launched Ekofisk South and Eldfisk II projects in the Norwegian North Sea
    • New gas and condensate discovery on the Aquio block in Bolivia
    • Third oil discovery on deep-offshore Block 17/06 in Angola
    • Acquired 25% share of the BC exploration permit in Qatar
    • Acquired 49% share of the Chelm and Werbkowice shale gas concessions in Poland
    • Acquired an additional 25% share of the Gorgoglione concession and two exploration licenses located in the same zone, increasing Total’s share to 75% of the Tempa Rossa field in Italy
    • Signed an agreement to sell most of Total’s UK marketing assets
    • Signed an agreement to sell Total’s interests in Gassled, a gas pipeline network in Norway
    • Successful public offer to acquire 60% of SunPower in the U.S.
  • Results for the second quarter 2011

> Operating income

In the second quarter 2011, the Brent price averaged 117 $/b, an increase of 50% compared to the second quarter 2010 and 11% compared to the first quarter 2011. The European refining margin indicator (ERMI) averaged 16.3 $/t, a decrease of 48% compared to the second quarter 2010 and 34% compared to the first quarter 2011. The environment for the petrochemicals and specialty chemicals remained satisfactory.

The euro-dollar exchange rate averaged 1.44 $/€ in the second quarter 2011, 1.27 $/€ in the second quarter 2010 and 1.37 $/€ in the first quarter 2011. Expressed in euros, the Brent price averaged 81.3 €/b, an increase of 32% compared to the second quarter 2010.

In this environment, the adjusted operating income6 from the business segments was 5,896 M€, an increase of 8% compared to the second quarter 2010. Expressed in dollars, the increase was 22%.

The effective tax rate7 for the business segments was 59.3% in the second quarter 2011 compared to 53.7% in the second quarter 2010, essentially due to the lower weight of Downstream in the results, an increase in the effective tax rate for the Upstream related to income contribution mix effects, and an increase in UK petroleum taxes.

Adjusted net operating income from the business segments was 2,901 M€ compared to 2,960 M€ in the second quarter 2010, a decrease of 2%.

Expressed in dollars, adjusted net operating income from the business segments was 4.2 billion dollars (B$), an increase of 11% compared to the second quarter 2010.

> Net income (Group share)

Adjusted net income was 2,794 M€ in the second quarter 2011 compared to 2,961 M€ in the second quarter 2010, a decrease of 6%. Expressed in dollars, adjusted net income increased by 7%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi as an equity affiliate. In the second quarter 2011, the Group received dividend income of 115 M€ after taxes from Sanofi. In the second quarter 2010, the contribution to the Group’s adjusted net income from its interest in Sanofi was 141 M€.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value8:

  • The after-tax inventory effect had a negative impact on net income of 74 M€ in the second quarter 2011 and a positive impact of 169 M€ in the second quarter 2010.
  • Changes in fair value had a negative impact on net income of 41 M€ in the second quarter 2011.
  • Special items had a positive impact on net income of 47 M€ in the second quarter 2011 and a positive impact on net income of 11 M€ in the second quarter 2010.
  • In the second quarter 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income of 40 M€.

Net income (Group share) was 2,726 M€ compared to 3,101 M€ in the second quarter 2010.

The effective tax rate for the Group was 59.4% in the second quarter 2011.

Adjusted fully-diluted earnings per share, based on 2,255.5 million fully-diluted weighted-average shares, was €1.24 compared to €1.32 in the second quarter 2010, a decrease of 6%.

Expressed in dollars, adjusted fully-diluted earnings per share increased 6% to $1.78.

> Investments – divestments9

Investments, excluding acquisitions and including changes in non-current loans, were 3.5 B€ (5.0 B$) in the second quarter 2011 compared to 3.1 B€ (3.9 B$) in the second quarter 2010.

Acquisitions were 4.0 B€ (5.8 B$) in the second quarter 2011, comprised essentially of the acquisition of 12% of Novatek and 60% of SunPower.

Asset sales in the second quarter 2011 were 1.2 B€ (1.8 B$), including mainly the Group’s interest in its Cameroon E&P subsidiary, part of the Joslyn project in Canada and the sale of Sanofi shares.

Net investments10 were 6.2 B€ (9.0 B$) in the second quarter 2011 compared to 2.6 B€ (3.3 B$) in the second quarter 2010.

> Cash flow

Cash flow from operations was 5,064 M€ in the second quarter 2011 compared to 4,942 M€ the second quarter 2010. Expressed in dollars, cash flow from operations was 7.3 B$.

Adjusted cash flow from operations 11 was 4,675 M€, a decrease of 11% compared to the second quarter 2010. Expressed in dollars, adjusted cash flow from operations was 6.7 B$, an increase of 1%.

The Group’s net cash flow12 was a negative 1,168 M€ compared to a positive 2,346 M€ in the second quarter 2010. Expressed in dollars, the Group’s net cash flow was a negative 1.7 B$ in the second quarter 2011 compared to a positive 3.0 B$ in the second quarter 2010, reflecting essentially the significant level of acquisitions finalized during the quarter.

  • First half 2011 results

> Operating income

Compared to the first half 2010, the average Brent price increased by 44% to 111.1 $/b. The European refining margin indicator (ERMI) averaged 20.4 $/t compared to 30.4 $/t in the first half 2010. The environment for the petrochemicals and specialty chemicals remained generally favorable.

The euro-dollar exchange rate averaged 1.40 $/€ compared to 1.33 $/€ in the first half 2010. Expressed in euros, the Brent price averaged 79.2 €/b, an increase of 36% compared to the second half 2010.

In this environment, the adjusted operating income from the business segments was 12,265 M€, an increase of 23% compared to the first half 201013.

The effective tax rate for the business segments was 56.9% in the first half 2011 compared to 55.4% in the first half 2010.

Adjusted net operating income from the business segments was 6,264 M€ compared to 5,243 M€ in the first half 2010, an increase of 19%.

Expressed in dollars, adjusted net operating income from the business segments increased by 26%.

> Net income (Group share)

Adjusted net income was 5,898 M€ in the first half 2011, an increase of 12% compared to the 5,257 M€ in the first half 2010. Expressed in dollars, adjusted net income increased by 19%.
Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi as an equity affiliate. In the first half 2011, the Group received dividend income of 115 M€ after taxes from Sanofi. In the first half 2010, the contribution to the Group’s adjusted net income from its interest in Sanofi was 290 M€.

Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value 14:

  • The after-tax inventory effect had a positive impact on net income of 872 M€ in the first half 2011 and a positive impact of 513 M€ in the first half 2010.
  • Changes in fair value had a positive impact on net income of 22 M€ in the first half 2011.
  • Special items had a negative impact on net income of 120 M€ in the first half 2011, comprised essentially of the increase in the deferred tax liability due to the change in UK taxes. Special items had a positive impact on net income of 25 M€ in the first half 2010.
  • In the first half 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income of 81 M€.

Net income (Group share) was 6,672 M€ compared to 5,714 M€ in the first half 2010.

The Group did not buy back shares in the first half 2011. On June 30, 2011, there were 2,258.3 million fully-diluted shares compared to 2,243.6 on June 30, 2010.

Adjusted fully-diluted earnings per share, based on 2,252.3 million fully-diluted weighted-average shares, was €2.62 compared to €2.34 in the first half 2010, an increase of 12%.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.67 compared to $3.11 in the first half 2010, an increase of 18%.

> Investments – divestments15

Investments, excluding acquisitions and including changes in non-current loans, were 6.3 B€ (8.8 B$) in the first half 2011 compared to 5.5 B€ (7.3 B$) in the first half 2010.

Acquisitions were 6.5 B€ (9.2 B$) in the first half 2011, comprised essentially of the acquisition of interests in Fort Hills and Voyageur in Canada, an additional 7.5% interest in the GLNG project in Australia, a 12% stake in Novatek and 60% of SunPower.

Asset sales in the first half 2011 were 1.5 B€ (2.2 B$), essentially comprised of sales of Sanofi shares, the Group’s interest in its Cameroon E&P subsidiary and part of the Joslyn project in Canada.

Net investments were 11.3 B€ (15.8 B$) in the first half 2011, compared to 5.3 B€ (7.0 B$) in the first half 2010.

> Cash flow

Cash flow from operations was 10,778 M€ in the first half 2011, an increase of 6% compared to the first half 2010.

Adjusted cash flow from operations 16 was 9,620 M€, an increase of 7%. Expressed in dollars, adjusted cash flow from operations was 13.5 B$, an increase of 13%.

The Group’s net cash flow 17 was a negative 474 M€ compared to a positive 4,945 M€ in the first half 2010. Expressed in dollars, the Group’s net cash flow was a negative 0.7 B$ in the first half 2011.

The net-debt-to-equity ratio was 24.3% on June 30, 2011 compared to 22.7% on June 30, 201018, in line with the Group’s target range.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

2Q11   1Q11   2Q10   2Q11
vs
2Q10		       1H11   1H10   1H11
vs
1H10
117.0 105.4 78.2 +50% Brent ($/b) 111.1 77.3 +44%
110.6 99.5 74.8 +48% Average liquids price ($/b) 104.6 74.5 +40%
6.60 6.19 4.82 +37% Average gas price ($/Mbtu) 6.39 4.94 +29%
76.9 71.7 54.8 +40% Average hydrocarbons price ($/boe) 74.1 55.2 +34%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

> Production

2Q11   1Q11   2Q10   2Q11
vs
2Q10		   Hydrocarbon production   1H11   1H10   1H11
vs
1H10
2,311 2,371 2,359 -2% Combined production (kboe/d) 2,341 2,393 -2%
1,197 1,293 1,327 -10% = Liquids (kb/d) 1,245 1,350 -8%
6,077 5,880 5,549 +10% = Gas (Mcf/d) 5,979 5,689 +5%

Hydrocarbon production was 2,311 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2011, a decrease of 2% compared to the second quarter 2010, essentially as a result of :

  • -3% for normal decline and scheduled maintenance, net of production ramp-ups on new projects,
  • +4.5% for changes in the portfolio, integrating net share of Novatek production and impact of various asset sales,
  • -2% for the price effect19,
  • -2.5% for disruptions related to security conditions, mainly in Libya,
  • +1% for the end of OPEC reductions.

In the first half 2011, hydrocarbon production was 2,341 kboe/d, a decrease of 2% compared to the first half 2010, essentially as a result of :

  • -1.5% for normal decline and scheduled maintenance, net of production ramp-ups on new projects,
  • +2% for changes in the portfolio, integrating net share of Novatek production and impact of various asset sales,
  • -2% for the price effect19,
  • -2% for disruptions related to security conditions, mainly in Libya,
  • +1.5% for the end of OPEC reductions.

Results

2Q11   1Q11   2Q10   2Q11
vs
2Q10		   In millions of euros   1H11   1H10   1H11
vs
1H10
5,390 5,821 4,607 +17% Adjusted operating income* 11,211 8,768 +28%
2,457 2,849 2,203 +12% Adjusted net operating income* 5,306 4,174 +27%
366 374 271 +35%
  • includes income from equity affiliates
740 606 +22%
               
6,868 5,232 2,723 X2.5 Investments 12,100 5,866 X2.1
921 335 174 X5.3 Divestments 1,256 261 X4.8
5,605 4,643 4,154 +35% Cash flow from operating activities 10,248 8,834 +16%
4,010 4,271 3,895 +3% Adjusted cash flow 8,281 7,019 +18%

* detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income from the Upstream segment was 2,457 M€ in the second quarter 2011 compared to 2,203 M€ in the second quarter 2010, an increase of 12%.

Expressed in dollars, the increase was 26%, reflecting mainly the increase in hydrocarbon prices.

The effective tax rate for the Upstream segment was 61.6% compared to 58.3% in the second quarter 2010, essentially due to income contribution mix effects as well as higher UK petroleum taxes. The effective tax rate for the Upstream segment was 57.6% in the first quarter 2011.

Adjusted net operating income from the Upstream segment in the first half 2011 was 5,306 M€ compared to 4,174 M€ in the first half 2010, an increase of 27%.
Expressed in dollars, adjusted net operating income from the Upstream segment was 7.4 B$, an increase of 34% compared to the first half 2010, reflecting essentially the increase in hydrocarbon prices.

The return on average capital employed (ROACE20) for the Upstream segment was 21% for the twelve months ended June 30, 2011, compared to 22% for the twelve months ended March 31, 2011, and 21% for the full year 2010.

The annualized second quarter 2011 ROACE for the Upstream segment was 22%.

Downstream

> Refinery throughput and utilization rates*

2Q11   1Q11   2Q10   2Q11
vs
2Q10		       1H11   1H10   1H11
vs
1H10
1,855 2,012 2,141 -13% Total refinery throughput (kb/d) 1,934 2,067 -6%
692 745

784

-12%

-- France

719 732 -2%
877

1,047

1,110 -21%

-- Rest of Europe

962 1,080 -11%
286 220 247 +16%

-- Rest of world

253 255 -1%
Utilization rates**
75% 79% 78%

-- Based on crude only

77% 75%
79% 85% 83%  

-- Based on crude and other feedstock

82% 80%  

* includes share of CEPSA and, starting October 2010, of TotalErg
** based on distillation capacity at the beginning of the year

In the second quarter 2011, refinery throughput decreased by 13% compared to the second quarter 2010 and by 8% compared to the first quarter 2011, mainly due to scheduled turnarounds at the Grandpuits, Leuna and Antwerp refineries.

The utilization rate based on crude and other feedstock was 79% in the second quarter 2011 compared to 85% in the first quarter 2011 and 83% in the second quarter 2010.

In the first half 2011, refinery throughput decreased by 6% compared to the first half 2010, reflecting essentially the work at the Lindsey and Port Arthur refineries as well as the scheduled turnarounds in the second quarter.

> Results

2Q11   1Q11   2Q10   2Q11
vs
2Q10		   in millions of euros
(except the ERMI)		   1H11   1H10   1H11 vs 1H10
16.3 24.6 31.2 -48% European refining margin

indicator - ERMI ($/t)

20.4 30.4 -33%
               
228 286 549 -58% Adjusted operating income* 514 740 -31%
197 276 483 -59% Adjusted net operating income* 473 638 -26%
23 24 44 -48%
  • includes income from equity affiliates
47 58 -19%
               
462 264 562 -18% Investments 726 1,018 -29%
28 23 11 X2.5 Divestments 51 38 +34%
7 1,158 1,042 n/a Cash flow from operating activities 1,165 1,496 -22%
398 360 774 -49% Adjusted cash flow 758 1,097 -31%

* detail of adjustment items shown in the business segment information annex to financial statements.

The European refining margin indicator (ERMI) averaged 16.3 $/t in the second quarter 2011, or approximately one-half of the 31.2 $/t average of the second quarter 2010.

Adjusted net operating income from the Downstream segment was 197 M€ in the second quarter 2011, compared to 483 M€ in the second quarter 2010. Expressed in dollars, adjusted net operating income from the Downstream segment was 284 M$ compared to 614 M$ in the second quarter 2010.

Adjusted net operating income from the Downstream segment in the first half 2011 was 473 M€, a decrease of 26% compared to the first half 2010. Expressed in dollars, adjusted net operating income from the Downstream segment in the first half 2011 was 664 M$, a decrease of 22% compared to the first half 2010. This decrease reflects essentially the unfavorable market conditions for refining and the reduced capacity of European refining during the second quarter due to maintenance.

The ROACE21 for the Downstream segment was 6% for the twelve months ended June 30, 2011, compared to 9% for the twelve months ended March 31, 2011, and 8% for the full year 2010.

The annualized second quarter 2011 ROACE for the Downstream segment was 5%.

Chemicals

2Q11   1Q11   2Q10   2Q11
vs
2Q10		   in millions of euros   1H11   1H10   1H11 vs 1H10
5,291 5,105 4,589 +15% Sales 10,396 8,812 +18%
3,400 3,319 2,794 +22%

-- Base chemicals

6,719 5,326 +26%
1,891 1,786 1,784 +6%

-- Specialties

3,677 3,475 +6%
               
278 262 305 -9% Adjusted operating income* 540 459 +18%
247 238 274 -10% Adjusted net operating income* 485 431 +13%
132 119 149 -11%
  • Base chemicals
251 193 +30%
118 121 124 -5%
  • Specialties
239 241 -1%
               
209 171 144 +45% Investments 380 238 +60%
12 14 328 -96% Divestments 26 334 -92%
138 (144) 477 -71% Cash flow from operating activities (6) 387 n/a
336 289 418 -20% Adjusted cash flow 625 646 -3%

* detail of adjustment items shown in the business segment information annex to financial statements.

In the second quarter 2011, the environment for Chemicals remained favorable, in line with the second quarter 2010.

Sales for the Chemical segment were 5.3 B€, an increase of 15% compared to the second quarter 2010.

The adjusted net operating income for the Chemicals segment was 247 M€ compared to 274 M€ in the second quarter 2010, which reflected strong petrochemical margins in Europe and the U.S. Results for the Specialty chemicals were in line with the strong results shown over recent quarters in a still favorable environment.

In the first half 2011, adjusted net operating income for the Chemicals segment was 485 M€ compared to 431 M€ in the first half 2010. The increase reflects essentially the progress made by the Base chemicals in a generally favorable environment with, in particular, an increased contribution from activities in Qatar.

The ROACE22 for the Chemicals segment was 12% for the twelve months ended June 30, 2011, stable compared to the twelve months ended March 31, 2011, and the full year 2010.

The annualized second quarter 2011 ROACE for the Chemicals segment was 13%.

  • TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,157 M€ in the first half 2011, compared to 2,941 M€ in the first half 2010.

  • Summary and outlook

The ROACE23 for the Group for the twelve months ended June 30, 2011, was 16% compared to 17% for the twelve months ended March 31, 2011 and 16% for the full year 2010. The annualized second quarter 2011 ROACE for the Group was 16%.
Return on equity for the twelve months ended June 30, 2011, was 19%.

In October 2010, Total announced that starting in 2011 the interim dividend would be paid on a quarterly basis. For the interim dividend related to the second quarter 2011, the Board of Directors at its meeting on July 28, 2011, decided to pay on December 22, 201124 an interim dividend of 0.57 euros per share.

Total announced that it would not seek a renewal of its Global Tax Consolidation status in France. Effective 2011, the Group will use the prevailing French tax law.

Since the start of the third quarter 2011, the Brent price has continued to trade around 110 $/b but the environment for European refining has remained difficult.

In the Upstream, while the first results from high-potential exploration wells are expected in the second half, the Group plans to sanction several major projects, notably in Australia and Russia, to pursue the development of major new producing areas. At the same time, the fourth quarter start-up of Pazflor in Angola is expected to contribute substantially to near-term production growth.

In the Downstream and Chemicals, the Group expects to benefit fully from its new deep-conversion unit at the Port Arthur refinery in the U.S. that was started up in the second quarter, while continuing to improve the competitiveness of its main Downstream-Chemicals platforms.

In the coming months, Total expects to finalize the pending acquisitions and asset sales in all of its operating segments, confirming its strategy of rebalancing its activities while maintaining the strength of its balance sheet.

â–  â–  â– 

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)207 162 0177 in Europe or +1 334 323 6203 in the U.S. For a replay, please consult the website or call +44 207 031 4064 in Europe or 1 954 334 0342 in the US (code : 897 455).

This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on our web site www.total.com or upon request at the company’s headquarters.

The June 30, 2011 notes to the consolidated financial statements are available on the Total web site (www.total.com).This document may contain forward-looking statements, including 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.
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. Neither TOTAL nor any of its subsidiaries assumes 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 with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

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.
Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
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 Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ 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 prices differential 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
As from January 1, 2011, the effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’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, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
(iv) Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income” to Net income attributable to equity holders of Sanofi

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 as from January 1st, 2011 and excluding TOTAL’s equity share of adjustment items related to Sanofi until June 30, 2010.

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 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 presentation, 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 N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

Second quarter and first half 2011 operating information by segment

  • Upstream
2Q11   1Q11   2Q10   2Q11 vs 2Q10   Combined liquids and gas production by region (kboe/d)   1H11   1H10   1H11 vs 1H10
475 582 577 -18% Europe 528 612 -14%
628 691 752 -16% Africa 659 749 -12%
571 581 515 +11% Middle East 576 515 +12%
66 68 63 +5% North America 67 65 +3%
190 185 184 +3% South America 188 178 +6%
241 242 246 -2% Asia-Pacific 241 250 -4%
140 22 22 x6.4 CIS 82 24 x3.4
2,311 2,371 2,359 -2% Total production 2,341 2,393 -2%
605 500 434 +39% Includes equity and non-consolidated affiliates 552 425 +30%
               
2Q11 1Q11 2Q10 2Q11 vs 2Q10 Liquids production by region (kb/d) 1H11 1H10 1H11 vs 1H10
240 263 258 -7% Europe 251 280 -10%
484 551 611 -21% Africa 517 616 -16%
321 325 309 +4% Middle East 323 305 +6%
26 32 30 -13% North America 29 31 -6%
73 82 76 -4% South America 78 74 +5%
28 28 30 -7% Asia-Pacific 28 31 -10%
25 12 13 +92% CIS 19 13 +46%
1,197 1,293 1,327 -10% Total production 1,245 1,350 -8%
331 325 298 +11% Includes equity and non-consolidated affiliates 328 291 +13%
2Q11   1Q11   2Q10   2Q11 vs 2Q10   Gas production by region (Mcf/d)   1H11   1H10   1H11 vs 1H10
1,284 1,743 1,689 -24% Europe 1,512 1,814 -17%
734 717 704 +4% Africa 726 675 +8%
1,355 1,390 1,098 +23% Middle East 1,372 1,143 +20%
226 204 191 +18% North America 215 190 +13%
650 571 594 +9% South America 611 574 +6%
1,209 1,202 1,220 -1% Asia-Pacific 1,206 1,234 -2%
619 53 53 x11.7 CIS 337 59 X5.7
6,077 5,880 5,549 +10% Total production 5,979 5,689 +5%
1,478 947 737 x2.0 Includes equity and non-consolidated affiliates 1,214 723 +68%
2Q11   1Q11   2Q10   2Q11 vs 2Q10   Liquefied natural gas   1H11   1H10   1H11 vs 1H10
3.34 3.38 3.00 +11% LNG sales* (Mt) 6.73 5.85 +15%

* sales, Group share, excluding trading ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

  • Downstream
2Q11   1Q11   2Q10   2Q11vs 2Q10   Refined products sales by region (kb/d)*   1H11   1H10   1H11 vs 1H10
1,855 1,967** 1,881 -1% Europe 1,910 1,915 -
310 294 301 +3% Africa 302 294 +3%
104 102 115 -10% Americas 103 131 -21%
169 167 163 +4% Rest of world 169 154 +10%
2,438 2,530 2,460 -1% Total consolidated sales 2,484 2,494 -
1,341 1,187 1,526 -12% Trading 1,264 1,258 -
               
3,779 3,717 3,986 -5% Total refined product sales 3,748 3,752 -

* includes share of CEPSA and, starting October 2010, of TotalErg.
** corrected 1Q11 data

Adjustment items

  • Adjustments to operating income from business segments
2Q11   1Q11   2Q10   in millions of euros   1H11   1H10
(63) - (24) Special items affecting operating income from the business segments (63) (74)
- - -
  • Restructuring charges
- -
- - (8)
  • Impairments
- (8)
(63) - (16)
  • Other
(63) (66)
(87) 1,356 214 Pre-tax inventory effect : FIFO vs. replacement cost 1,269 700
(55) 84 - Effect of changes in fair value 29 -
           
(205) 1,440 190 Total adjustments affecting operating income from the business segments 1,235 626
  • Adjustments to net income (Group share)
2Q11   1Q11   2Q10   in millions of euros   1H11   1H10
47 (167) 11 Special items affecting net income (Group share) (120) 25
205 11 63

-- Gain on asset sales

216 192
- - (10)

-- Restructuring charges

- (10)
(47) - (6)

-- Impairments

(47) (65)
(111) (178) (36)

-- Other

(289) (92)
(74) 946 169 After-tax inventory effect : FIFO vs. replacement cost 872 513
(41) 63 - Effect of changes in fair value 22 -
- - (40) Equity share of adjustment items related to Sanofi* - (81)
           
(68) 842 140 Total adjustments to net income 774 457

* based on Total’s share in Sanofi of 5.7% at June 30, 2010. Effective July 1, 2010, Sanofi is no longer treated as an equity affiliate.

Effective tax rates

2Q11   1Q11   2Q10   Effective tax rate*   1H11   1H10
61.6% 57.6% 58.3% Upstream 59.5% 59.1%
59.4% 55.6% 53.3% Group 57.5% 55.0%

* 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).

Investments – Divestments

2Q11   1Q11   2Q10   2Q11 vs 2Q10   in millions of euros   1H11   1H10   1H11 vs 1H10
3,467 2,787 3,067 +13% Investments excluding acquisitions* 6,254 5,494 +14%
242 217 221 +10%
  • Capitalized exploration
459 420 +9%
210 (208) 170 +38%
  • Changes in non-current loans**
2 281 n/a
4,008 2,529 305 x13.1 Acquisitions 6,537 1,522 X4.3
7,475 5,316 3,372 x2.2 Investments including acquisitions* 12,791 7,016 +82%
1,243 296 758 +64% Asset sales 1,539 1,723 -11%
6,232 5,020 2,596 x2.4 Net investments 11,252 5,257 x2.1
               
2Q11 1Q11 2Q10 2Q11 vs 2Q10 expressed in millions of dollars *** 1H11 1H10 1H11 vs 1H10
4,989 3,813 3,898 +28% Investments excluding acquisitions* 8,776 7,289 +20%
348 297 281 +24%
  • Capitalized exploration
644 557 +16%
302 (285) 216 +56%
  • Changes in non-current loans**
3 373 n/a
5,768 3,460 388 x14.9 Acquisitions 9,173 2,019 x4.5
10,757 7,272 4,285 x2.5 Investments including acquisitions* 17,948 9,309 +93%
1,789 405 963 +86% Asset sales 2,160 2,286 -6%
8,968 6,867 3,299 x2.7 Net investments 15,789 6,975 x2.3

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidated companies + net financing for employees related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

in millions of euros   6/30/2011   3/31/2011   6/30/2010
Current borrowings 12,289 11,674 8,521
Net current financial assets (2,737) (1,709) (1,225)
Non-current financial debt 20,410 20,215 22,813
Hedging instruments of non-current debt (1,756) (1,352) (1,812)
Cash and cash equivalents (13,387) (17,327) (14,832)
Net debt 14,819 11,501 13,465
       
Shareholders’ equity 61,371 62,535 60,955
Estimated dividend payable (1,248) (3,832) (2,547)
Minority interests 934 898 858
Equity 61,057 59,601 59,266
       
Net-debt-to-equity ratio 24.3% 19.3% 22.7%

2011 Sensitivities*

    Scenario   Change   Impact on adjusted operating income(e)   Impact on adjusted net operating income(e)
Dollar 1.30 $/€ +0.1 $ per € -1.6 B€ -0.8 B€
Brent 80 $/b +1 $/b +0.27 B€ / 0.35 B$ +0.13 B€ / 0.17 B$
European refining margins ERMI 30 $/t +1 $/t +0.07 B€ / 0.09 B$ +0.05 B€ / 0.07 B$

* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

  • Twelve months ended June 30, 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments     Group
Adjusted net operating income 9,729 1,003 911 11,643 11,450
Capital employed at 6/30/2010* 43,908 16,010 7,286 67,204 72,042
Capital employed at 6/30/2011* 46,671 14,921 7,938 69,530 72,843
ROACE 21.5% 6.5% 12.0% 17.0% 15.8%

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

  • Twelve months ended March 31, 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments     Group
Adjusted net operating income 9,475 1,289 938 11,702 11,599
Capital employed at 3/31/2010* 39,925 15,634 7,412 62,971 67,099
Capital employed at 3/31/2011* 44,528 14,527 7,681 66,736 70,579
ROACE 22.4% 8.5% 12.4% 18.0% 16.8%

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

  • Twelve months ended December 31, 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments     Group
Adjusted net operating income 8,597 1,168 857 10,622 10,748
Capital employed at 12/31/2009* 37,397 15,299 6,898 59,594 64,451
Capital employed at 12/31/2010* 43,972 15,561 7,312 66,845 70,866
ROACE 21.1% 7.6% 12.1% 16.8% 15.9%

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

Total financial statements

Second quarter 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M€) (a) 2nd quarter

2011

1st quarter

2011

2nd quarter

2010

Sales 45,009 46,029 41,329
Excise taxes (4,544) (4,427) (5,002)
Revenues from sales 40,465 41,602 36,327
Purchases, net of inventory variation (28,386) (27,255) (23,929)
Other operating expenses (4,804) (4,702) (4,833)
Exploration costs (179) (259) (292)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,531) (1,686) (1,757)
Other income 246 85 114
Other expense (138) (59) (114)
Financial interest on debt (159) (136) (113)
Financial income from marketable securities & cash equivalents 55 47 24
Cost of net debt (104) (89) (89)
Other financial income 335 75 142
Other financial expense (104) (108) (95)
Equity in income (loss) of affiliates 444 506 513
Income taxes (3,432) (4,072) (2,819)
Consolidated net income 2,812 4,038 3,168
Group share 2,726 3,946 3,101
Minority interests 86 92 67
Earnings per share (€) 1.21 1.76 1.39
Fully-diluted earnings per share (€) 1.21 1.75 1.38
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL  
(unaudited)
 
(M€) 2nd quarter

2011

1st quarter

2011

2nd quarter

2010

Consolidated net income 2,812 4,038 3,168
Other comprehensive income
Currency translation adjustment (666) (1,978) 3,149
Available for sale financial assets 315 115 (49)
Cash flow hedge (11) (24) (75)
Share of other comprehensive income of associates, net amount (16) (87) 242
Other (4) 2 2
 
Tax effect (35) 6 26
Total other comprehensive income (net amount) (417) (1,966) 3,295
       
Comprehensive income 2,395 2,072 6,463
- Group share 2,326 2,030 6,368
- Minority interests 69 42 95
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
(unaudited)
 
(M€) (a) 1st half

2011

1st half

2010

Sales 91,038 78,932
Excise taxes (8,971) (9,444)
Revenues from sales 82,067 69,488
Purchases, net of inventory variation (55,641) (45,630)
Other operating expenses (9,506) (9,545)
Exploration costs (438) (507)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,217) (3,456)
Other income 331 274
Other expense (197) (326)
Financial interest on debt (295) (213)
Financial income from marketable securities & cash equivalents 102 48
Cost of net debt (193) (165)
Other financial income 410 213
Other financial expense (212) (190)
Equity in income (loss) of affiliates 950 1,037
Income taxes (7,504) (5,347)
Consolidated net income 6,850 5,846
Group share 6,672 5,714
Minority interests 178 132
Earnings per share (€) 2.98 2.56
Fully-diluted earnings per share (€) 2.96 2.55
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  
TOTAL  
(unaudited)
 
(M€) 1st half

2011

1st half

2010

Consolidated net income 6,850 5,846
Other comprehensive income
Currency translation adjustment (2,644) 4,996
Available for sale financial assets 430 (52)
Cash flow hedge (35) (51)
Share of other comprehensive income of associates, net amount (103) 475
Other (2) 3
 
Tax effect (29) 18
Total other comprehensive income (net amount) (2,383) 5,389
     
Comprehensive income 4,467 11,235
- Group share 4,356 11,044
- Minority interests 111 191
CONSOLIDATED BALANCE SHEET        
TOTAL
 
 
(M€) June 30, 2011

(unaudited)

March 31, 2011

(unaudited)

December 31, 2010 June 30, 2010

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 8,961 9,211 8,917 8,767
Property, plant and equipment, net 55,323 54,955 54,964 57,825
Equity affiliates : investments and loans 11,054 8,143 11,516 15,363
Other investments 5,287 4,458 4,590 1,220
Hedging instruments of non-current financial debt 1,756 1,352 1,870 1,812
Other non-current assets 3,727 3,466 3,655 3,437
Total non-current assets 86,108 81,585 85,512 88,424
Current assets
Inventories, net 15,950 15,516 15,600 15,130
Accounts receivable, net 18,267 19,758 18,159 18,193
Other current assets 8,474 8,766 7,483 8,289
Current financial assets 3,122 2,026 1,205 1,603
Cash and cash equivalents 13,387 17,327 14,489 14,832
Total current assets 59,200 63,393 56,936 58,047
Assets classified as held for sale 5,211 4,914 1,270 -
Total assets 150,519 149,892 143,718 146,471
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,903 5,878 5,874 5,872
Paid-in surplus and retained earnings 64,148 64,677 60,538 58,274
Currency translation adjustment (5,177) (4,517) (2,495) 381
Treasury shares (3,503) (3,503) (3,503) (3,572)
Total shareholders' equity - Group Share 61,371 62,535 60,414 60,955
Minority interests 934 898 857 858
Total shareholders' equity 62,305 63,433 61,271 61,813
Non-current liabilities
Deferred income taxes 9,619 10,204 9,947 10,328
Employee benefits 2,111 2,103 2,171 2,181
Provisions and other non-current liabilities 8,419 8,584 9,098 9,418
Total non-current liabilities 20,149 20,891 21,216 21,927
Non-current financial debt 20,410 20,215 20,783 22,813
Current liabilities
Accounts payable 18,395 18,383 18,450 17,557
Other creditors and accrued liabilities 16,191 14,812 11,989 13,462
Current borrowings 12,289 11,674 9,653 8,521
Other current financial liabilities 385 317 159 378
Total current liabilities 47,260 45,186 40,251 39,918
Liabilities directly associated with the assets classified as held for sale 395 167 197 -
Total liabilities and shareholders' equity 150,519 149,892 143,718 146,471
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€) 2nd quarter

2011

1st quarter

2011

2nd quarter

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,812 4,038 3,168
Depreciation, depletion and amortization 1,641 1,888 1,996
Non-current liabilities, valuation allowances and deferred taxes 283 565 239
Impact of coverage of pension benefit plans - - -
(Gains) losses on sales of assets (229) (6) (24)
Undistributed affiliates' equity earnings 59 (182) 79
(Increase) decrease in working capital 476 (587) (522)
Other changes, net 22 (2) 6
Cash flow from operating activities 5,064 5,714 4,942
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,215) (5,374) (2,958)
Acquisitions of subsidiaries, net of cash acquired (979) - -
Investments in equity affiliates and other securities (3,071) (150) (244)
Increase in non-current loans (305) (159) (244)
Total expenditures (7,570) (5,683) (3,446)
Proceeds from disposal of intangible assets and property, plant and equipment 620 6 89
Proceeds from disposal of subsidiaries, net of cash sold 171 - 321
Proceeds from disposal of non-current investments 452 290 348
Repayment of non-current loans 95 367 92
Total divestments 1,338 663 850
Cash flow used in investing activities (6,232) (5,020) (2,596)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 354 50 6
- Treasury shares - - 31
- Minority shareholders - - -
Dividends paid:
- Parent company shareholders (2,572) - (2,548)
- Minority shareholders (61) (1) (82)
Other transactions with minority shareholders 59 - (450)
Net issuance (repayment) of non-current debt 678 2,228 1,979
Increase (decrease) in current borrowings (200) 488 977
Increase (decrease) in current financial assets and liabilities (1,123) (511) (453)
Cash flow used in financing activities (2,865) 2,254 (540)
Net increase (decrease) in cash and cash equivalents (4,033) 2,948 1,806
Effect of exchange rates 93 (110) 72
Cash and cash equivalents at the beginning of the period 17,327 14,489 12,954
Cash and cash equivalents at the end of the period 13,387 17,327 14,832
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
 
(M€) 1st half

2011

1st half

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,850 5,846
Depreciation, depletion and amortization 3,529 3,867
Non-current liabilities, valuation allowances and deferred taxes 848 294
Impact of coverage of pension benefit plans - -
(Gains) losses on sales of assets (235) (172)
Undistributed affiliates' equity earnings (123) (183)
(Increase) decrease in working capital (111) 513
Other changes, net 20 37
Cash flow from operating activities 10,778 10,202
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (8,589) (6,422)
Acquisitions of subsidiaries, net of cash acquired (979) -
Investments in equity affiliates and other securities (3,221) (313)
Increase in non-current loans (464) (420)
Total expenditures (13,253) (7,155)
Proceeds from disposal of intangible assets and property, plant and equipment 626 123
Proceeds from disposal of subsidiaries, net of cash sold 171 321
Proceeds from disposal of non-current investments 742 1,279
Repayment of non-current loans 462 175
Total divestments 2,001 1,898
Cash flow used in investing activities (11,252) (5,257)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 404 11
- Treasury shares - 49
- Minority shareholders - -
Dividends paid:
- Parent company shareholders (2,572) (2,548)
- Minority shareholders (62) (82)
Other transactions with minority shareholders 59 (450)
Net issuance (repayment) of non-current debt 2,906 2,042
Increase (decrease) in current borrowings 288 376
Increase (decrease) in current financial assets and liabilities (1,634) (950)
Cash flow used in financing activities (611) (1,552)
Net increase (decrease) in cash and cash equivalents (1,085) 3,393
Effect of exchange rates (17) (223)
Cash and cash equivalents at the beginning of the period 14,489 11,662
Cash and cash equivalents at the end of the period 13,387 14,832
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 Minority interests Total shareholders' equity
(M€) Number Amount     Number Amount      
As of January 1, 2010 2,348,422,884 5,871 55,372 (5,069) (115,407,190) (3,622) 52,552 987 53,539
Net income of the first half - - 5,714 - - - 5,714 132 5,846
Other comprehensive Income - - (130) 5,460 - - 5,330 59 5,389
Comprehensive Income - - 5,584 5,460 - - 11,044 191 11,235
Dividend - - (2,548) - - - (2,548) (82) (2,630)
Issuance of common shares 306,577 1 10 - - - 11 - 11
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (1) - 1,258,812 50 49 - 49
Share-based payments - - 59 - - - 59 - 59
Share cancellation - - - - - - - - -
Other operations with minority interests - - (202) (10) - - (212) (238) (450)
Other items - - - - - - - - -
As of June 30, 2010 2,348,729,461 5,872 58,274 381 (114,148,378) (3,572) 60,955 858 61,813
Net income from July 1 to December 31, 2010 - - 4,857 - - - 4,857 104 4,961
Other comprehensive Income - - (86) (2,879) - - (2,965) (50) (3,015)
Comprehensive Income - - 4,771 (2,879) - - 1,892 54 1,946
Dividend - - (2,550) - - - (2,550) (70) (2,620)
Issuance of common shares 911,470 2 28 - - - 30 - 30
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (69) - 1,660,699 69 - - -
Share-based payments - - 81 - - - 81 - 81
Share cancellation - - - - - - - - -
Other operations with minority interests - - 3 3 - - 6 15 21
Other items - - - - - - - - -
As of December 31, 2010 2,349,640,931 5,874 60,538 (2,495) (112,487,679) (3,503) 60,414 857 61,271
Net income of the first half - - 6,672 - - - 6,672 178 6,850
Other comprehensive Income - - 368 (2,684) - - (2,316) (67) (2,383)
Comprehensive Income - - 7,040 (2,684) - - 4,356 111 4,467
Dividend - - (3,888) - - - (3,888) (62) (3,950)
Issuance of common shares 11,749,578 29 375 - - - 404 - 404
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 3,804 - - - -
Share-based payments - - 83 - - - 83 - 83
Share cancellation - - - - - - - - -
Other operations with minority interests - - - 2 - - 2 57 59
Other items - - - - - - - (29) (29)
As of June 30, 2011 2,361,390,509 5,903 64,148 (5,177) (112,483,875) (3,503) 61,371 934 62,305
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
2nd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,166 34,551 5,291 1 - 45,009
Intersegment sales 6,341 1,535 345 43 (8,264) -
Excise taxes - (4,544) - - - (4,544)
Revenues from sales 11,507 31,542 5,636 44 (8,264) 40,465
Operating expenses (5,072) (31,149) (5,251) (161) 8,264 (33,369)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,100) (300) (122) (9) - (1,531)
Operating income 5,335 93 263 (126) - 5,565
Equity in income (loss) of affiliates and other items 473 37 18 255 - 783
Tax on net operating income (3,275) (20) (117) (53) - (3,465)
Net operating income 2,533 110 164 76 - 2,883
Net cost of net debt (71)
Minority interests           (86)
Net income 2,726
             
2nd quarter 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales (55) - - - (55)
Intersegment sales
Excise taxes            
Revenues from sales (55) - - - (55)
Operating expenses - (135) (15) - (150)
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) (55) (135) (15) - (205)
Equity in income (loss) of affiliates and other items 121 (2) (37) 43 125
Tax on net operating income 10 50 (31) (2)   27
Net operating income (b) 76 (87) (83) 41 (53)
Net cost of net debt -
Minority interests           (15)
Net income (68)
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - (72) (15) -
On net operating income - (42) (17) -

 

 

 

 

 

   
2nd quarter 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,221 34,551 5,291 1 - 45,064
Intersegment sales 6,341 1,535 345 43 (8,264) -
Excise taxes - (4,544) - - - (4,544)
Revenues from sales 11,562 31,542 5,636 44 (8,264) 40,520
Operating expenses (5,072) (31,014) (5,236) (161) 8,264 (33,219)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,100) (300) (122) (9) - (1,531)
Adjusted operating income 5,390 228 278 (126) - 5,770
Equity in income (loss) of affiliates and other items 352 39 55 212 - 658
Tax on net operating income (3,285) (70) (86) (51) - (3,492)
Adjusted net operating income 2,457 197 247 35 - 2,936
Net cost of net debt (71)
Minority interests           (71)
Ajusted net income           2,794
Adjusted fully-diluted earnings per share (€)           1.24
(a) Except for per share amounts.
             
2nd quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 6,868 462 209 31 7,570
Total divestments 921 28 12 377 1,338
Cash flow from operating activities 5,605 7 138 (686)   5,064
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 6,144 34,769 5,105 11 - 46,029
Intersegment sales 6,939 1,582 297 41 (8,859) -
Excise taxes - (4,427) - - - (4,427)
Revenues from sales 13,083 31,924 5,402 52 (8,859) 41,602
Operating expenses (5,938) (30,093) (4,891) (153) 8,859 (32,216)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,240) (319) (119) (8) - (1,686)
Operating income 5,905 1,512 392 (109) - 7,700
Equity in income (loss) of affiliates and other items 343 59 82 15 - 499
Tax on net operating income (3,527) (451) (124) - - (4,102)
Net operating income 2,721 1,120 350 (94) - 4,097
Net cost of net debt (59)
Minority interests           (92)
Net income 3,946
             
1st quarter 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 84 - - - 84
Intersegment sales
Excise taxes            
Revenues from sales 84 - - - 84
Operating expenses - 1,226 130 - 1,356
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) 84 1,226 130 - 1,440
Equity in income (loss) of affiliates and other items - 14 25 11 50
Tax on net operating income (212) (396) (43) -   (651)
Net operating income (b) (128) 844 112 11 839
Net cost of net debt -
Minority interests           3
Net income 842
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - 1,226 130 -
On net operating income - 844 112 -

 

 

 

 

 

   
1st quarter 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 6,060 34,769 5,105 11 - 45,945
Intersegment sales 6,939 1,582 297 41 (8,859) -
Excise taxes - (4,427) - - - (4,427)
Revenues from sales 12,999 31,924 5,402 52 (8,859) 41,518
Operating expenses (5,938) (31,319) (5,021) (153) 8,859 (33,572)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,240) (319) (119) (8) - (1,686)
Adjusted operating income 5,821 286 262 (109) - 6,260
Equity in income (loss) of affiliates and other items 343 45 57 4 - 449
Tax on net operating income (3,315) (55) (81) - - (3,451)
Adjusted net operating income 2,849 276 238 (105) - 3,258
Net cost of net debt (59)
Minority interests           (95)
Ajusted net income           3,104
Adjusted fully-diluted earnings per share (€)           1.38
(a) Except for per share amounts.
             
1st quarter 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 5,232 264 171 16 - 5,683
Total divestments 335 23 14 291 - 663
Cash flow from operating activities 4,643 1,158 (144) 57 - 5,714
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
2nd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,546 32,190 4,589 4 - 41,329
Intersegment sales 5,717 1,394 270 45 (7,426) -
Excise taxes - (5,002) - - - (5,002)
Revenues from sales 10,263 28,582 4,859 49 (7,426) 36,327
Operating expenses (4,364) (27,460) (4,483) (173) 7,426 (29,054)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,292) (318) (136) (11) - (1,757)
Operating income 4,607 804 240 (135) - 5,516
Equity in income (loss) of affiliates and other items 190 124 78 168 - 560
Tax on net operating income (2,621) (250) (65) 85 - (2,851)
Net operating income 2,176 678 253 118 - 3,225
Net cost of net debt (57)
Minority interests           (67)
Net income 3,101
             
2nd quarter 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 255 (57) - 198
Depreciation, depletion and amortization of tangible assets and mineral interests - - (8) -   (8)
Operating income (b) - 255 (65) - 190
Equity in income (loss) of affiliates and other items (c) (40) 25 18 (7) (4)
Tax on net operating income 13 (85) 26 -   (46)
Net operating income (b) (27) 195 (21) (7) 140
Net cost of net debt -
Minority interests           -
Net income 140
 
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi-Aventis.

 

(b) Of which inventory valuation effect

On operating income - 255 (41) -
On net operating income - 195 (25) -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (40)
             
2nd quarter 2010 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,546 32,190 4,589 4 - 41,329
Intersegment sales 5,717 1,394 270 45 (7,426) -
Excise taxes - (5,002) - - - (5,002)
Revenues from sales 10,263 28,582 4,859 49 (7,426) 36,327
Operating expenses (4,364) (27,715) (4,426) (173) 7,426 (29,252)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,292) (318) (128) (11) - (1,749)
Adjusted operating income 4,607 549 305 (135) - 5,326
Equity in income (loss) of affiliates and other items 230 99 60 175 - 564
Tax on net operating income (2,634) (165) (91) 85 - (2,805)
Adjusted net operating income 2,203 483 274 125 - 3,085
Net cost of net debt (57)
Minority interests           (67)
Ajusted net income           2,961
Adjusted fully-diluted earnings per share (€)           1.32
(a) Except for per share amounts.
             
2nd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,723 562 144 17 3,446
Total divestments 174 11 328 337 850
Cash flow from operating activities 4,154 1,042 477 (731)   4,942
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st half 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 11,310 69,320 10,396 12 - 91,038
Intersegment sales 13,280 3,117 642 84 (17,123) -
Excise taxes - (8,971) - - - (8,971)
Revenues from sales 24,590 63,466 11,038 96 (17,123) 82,067
Operating expenses (11,010) (61,242) (10,142) (314) 17,123 (65,585)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,340) (619) (241) (17) - (3,217)
Operating income 11,240 1,605 655 (235) - 13,265
Equity in income (loss) of affiliates and other items 816 96 100 270 - 1,282
Tax on net operating income (6,802) (471) (241) (53) - (7,567)
Net operating income 5,254 1,230 514 (18) - 6,980
Net cost of net debt (130)
Minority interests           (178)
Net income 6,672
             
1st half 2011 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 29 - - - 29
Intersegment sales
Excise taxes            
Revenues from sales 29 - - - 29
Operating expenses - 1,091 115 - 1,206
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) 29 1,091 115 - 1,235
Equity in income (loss) of affiliates and other items 121 12 (12) 54 175
Tax on net operating income (202) (346) (74) (2)   (624)
Net operating income (b) (52) 757 29 52 786
Net cost of net debt -
Minority interests           (12)
Net income 774
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - 1,154 115 -
On net operating income - 802 95 -

 

 

 

 

 

   
1st half 2011 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 11,281 69,320 10,396 12 - 91,009
Intersegment sales 13,280 3,117 642 84 (17,123) -
Excise taxes - (8,971) - - - (8,971)
Revenues from sales 24,561 63,466 11,038 96 (17,123) 82,038
Operating expenses (11,010) (62,333) (10,257) (314) 17,123 (66,791)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,340) (619) (241) (17) - (3,217)
Adjusted operating income 11,211 514 540 (235) - 12,030
Equity in income (loss) of affiliates and other items 695 84 112 216 - 1,107
Tax on net operating income (6,600) (125) (167) (51) - (6,943)
Adjusted net operating income 5,306 473 485 (70) - 6,194
Net cost of net debt (130)
Minority interests           (166)
Ajusted net income           5,898
Adjusted fully-diluted earnings per share (€)           2.62
(a) Except for per share amounts.
             
1st half 2011

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 12,100 726 380 47 13,253
Total divestments 1,256 51 26 668 2,001
Cash flow from operating activities 10,248 1,165 (6) (629)   10,778
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st half 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 9,115 60,998 8,812 7 - 78,932
Intersegment sales 11,019 2,475 507 87 (14,088) -
Excise taxes - (9,444) - - - (9,444)
Revenues from sales 20,134 54,029 9,319 94 (14,088) 69,488
Operating expenses (8,818) (52,081) (8,553) (318) 14,088 (55,682)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,548) (623) (266) (19) - (3,456)
Operating income 8,768 1,325 500 (243) - 10,350
Equity in income (loss) of affiliates and other items 298 155 123 432 - 1,008
Tax on net operating income (4,995) (414) (138) 142 - (5,405)
Net operating income 4,071 1,066 485 331 - 5,953
Net cost of net debt (107)
Minority interests           (132)
Net income 5,714
             
1st half 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 585 49 - 634
Depreciation, depletion and amortization of tangible assets and mineral interests - - (8) -   (8)
Operating income (b) - 585 41 - 626
Equity in income (loss) of affiliates and other items (c) (146) 41 22 84 1
Tax on net operating income 43 (198) (9) (2)   (166)
Net operating income (b) (103) 428 54 82 461
Net cost of net debt -
Minority interests           (4)
Net income 457
 
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi-Aventis.

 

(b) Of which inventory valuation effect

On operating income - 635 65 -
On net operating income - 467 50 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (81)
             
1st half 2010 (adjusted)

(M€) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 9,115 60,998 8,812 7 - 78,932
Intersegment sales 11,019 2,475 507 87 (14,088) -
Excise taxes - (9,444) - - - (9,444)
Revenues from sales 20,134 54,029 9,319 94 (14,088) 69,488
Operating expenses (8,818) (52,666) (8,602) (318) 14,088 (56,316)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,548) (623) (258) (19) - (3,448)
Adjusted operating income 8,768 740 459 (243) - 9,724
Equity in income (loss) of affiliates and other items 444 114 101 348 - 1,007
Tax on net operating income (5,038) (216) (129) 144 - (5,239)
Adjusted net operating income 4,174 638 431 249 - 5,492
Net cost of net debt (107)
Minority interests           (128)
Ajusted net income           5,257
Adjusted fully-diluted earnings per share (€)           2.34
(a) Except for per share amounts.
             
1st half 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 5,866 1,018 238 33 7,155
Total divestments 261 38 334 1,265 1,898
Cash flow from operating activities 8,834 1,496 387 (515)   10,202
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
(unaudited)
 
2nd quarter 2011

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 45,064 (55) 45,009
Excise taxes (4,544) - (4,544)
Revenues from sales 40,520 (55) 40,465
Purchases net of inventory variation (28,299) (87) (28,386)
Other operating expenses (4,741) (63) (4,804)
Exploration costs (179) - (179)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,531) - (1,531)
Other income 35 211 246
Other expense (70) (68) (138)
Financial interest on debt (159) - (159)
Financial income from marketable securities & cash equivalents 55 - 55
Cost of net debt (104) - (104)
Other financial income 335 - 335
Other financial expense (104) - (104)
Equity in income (loss) of affiliates 462 (18) 444
Income taxes (3,459) 27 (3,432)
Consolidated net income 2,865 (53) 2,812
Group share 2,794 (68) 2,726
Minority interests 71 15 86
 
 
2nd quarter 2010

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 41,329 - 41,329
Excise taxes (5,002) - (5,002)
Revenues from sales 36,327 - 36,327
Purchases net of inventory variation (24,143) 214 (23,929)
Other operating expenses (4,817) (16) (4,833)
Exploration costs (292) - (292)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,749) (8) (1,757)
Other income 52 62 114
Other expense (61) (53) (114)
Financial interest on debt (113) - (113)
Financial income from marketable securities & cash equivalents 24 - 24
Cost of net debt (89) - (89)
Other financial income 142 - 142
Other financial expense (95) - (95)
Equity in income (loss) of affiliates 526 (13) 513
Income taxes (2,773) (46) (2,819)
Consolidated net income 3,028 140 3,168
Group share 2,961 140 3,101
Minority interests 67 - 67
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
(unaudited)
 
1st half 2011

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 91,009 29 91,038
Excise taxes (8,971) - (8,971)
Revenues from sales 82,038 29 82,067
Purchases net of inventory variation (56,910) 1,269 (55,641)
Other operating expenses (9,443) (63) (9,506)
Exploration costs (438) - (438)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,217) - (3,217)
Other income 109 222 331
Other expense (129) (68) (197)
Financial interest on debt (295) - (295)
Financial income from marketable securities & cash equivalents 102 - 102
Cost of net debt (193) - (193)
Other financial income 410 - 410
Other financial expense (212) - (212)
Equity in income (loss) of affiliates 929 21 950
Income taxes (6,880) (624) (7,504)
Consolidated net income 6,064 786 6,850
Group share 5,898 774 6,672
Minority interests 166 12 178
 
 
1st half 2010

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 78,932 - 78,932
Excise taxes (9,444) - (9,444)
Revenues from sales 69,488 - 69,488
Purchases net of inventory variation (46,330) 700 (45,630)
Other operating expenses (9,479) (66) (9,545)
Exploration costs (507) - (507)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,448) (8) (3,456)
Other income 80 194 274
Other expense (167) (159) (326)
Financial interest on debt (213) - (213)
Financial income from marketable securities & cash equivalents 48 - 48
Cost of net debt (165) - (165)
Other financial income 213 - 213
Other financial expense (190) - (190)
Equity in income (loss) of affiliates 1,071 (34) 1,037
Income taxes (5,181) (166) (5,347)
Consolidated net income 5,385 461 5,846
Group share 5,257 457 5,714
Minority interests 128 4 132

TOTAL S.A.
Capital 5 896 359 120 euros
542 051 180 R.C.S. Nanterre
www.total.com

1 Adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.4391 $/€ for the 2nd quarter 2011, 1.2708 $/€ for the 2nd quarter 2010, 1.3680 $/€ for the 1st quarter 2011, 1.4032 $/€ for the 1st half 2011 and 1.3268 $/€ for the 1st half 2010.
2 The ex-dividend date for the interim dividend will be December 19, 2011 and the payment date will be December 22, 2011.
3 Adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17 and the inventory valuation effect are explained on page 14.
4 Including acquisitions.
5 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
6 Special items affecting operating income from the business segments had a negative impact of 63 M€ in the 2nd quarter 2011.
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 Adjustment items explained on page 14.
9 Detail shown on page 18.
10 Net investments = investments including acquisitions and changes in non-current loans – asset sales.
11 Cash flow from operations at replacement cost before changes in working capital.
12 Net cash flow = cash flow from operations - net investments.
13 Special items affecting operating income from the business segments had a negative impact of 63 M€ in the first half 2011 and a negative impact of 74 M€ in the first half 2010.
14 Adjustment items explained on page 14.
15 Detail shown on page 18.
16 Cash flow from operations at replacement cost before changes in working capital.
17 Net cash flow = cash flow from operations - net investments.
18 Detail shown on page 19.
19 Impact of changing hydrocarbon prices on entitlement volumes.
20 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
21 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
22 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
23 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
24 Ex-dividend date will be December 19, 2011.

Total
2, place Jean Millier
La Défense 6
92 400 Courbevoie France
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
Bertrand DE LA NOUE
Martin DEFFONTAINES
Karine KACZKA
Laurent KETTENMEYER
Matthieu GOT
or
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629

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