Total: Fourth Quarter and Full-Year 2014 Results1

Total: Fourth Quarter and Full-Year 2014 Results¹

TOTAL

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

Â	Â	4Q14	Â	Change vs 4Q13	Â	2014	Â	Change vs 2013
	Â		Â		Â		Â
Adjusted net income²
in billions of dollars (B$)		2.8		-17%		12.8		-10%
in dollars per share		1.22		-18%		5.63		-11%
Â	Â	Â	Â	Â	Â	Â	Â	Â
Net income³of 4.2 B$ for full year 2014 Net-debt-to-equity ratio of 31.3% on December 31, 2014 Hydrocarbon production of 2,146 kboe/d for full year 2014 Dividend for 4Q14 of 0.61 â‚¬/share payable in July 2015⁴ Â

Totalâ€™s Board of Directors, under the chairmanship of Thierry Desmarest, met on February 11, 2015, to review the Groupâ€™s fourth quarter accounts. Commenting on the results, CEO Patrick PouyannÃ© said:

â€œAfter a long period of stability around $110 per barrel, oil prices fell dramatically in the second half of 2014, ending the year at $55 per barrel. In this context, Total generated adjusted net results of $12.8 billionÂ², a decrease of 10% compared to the previous year. Given the current economic environment the company recognized after-tax impairments of about $6.5 billion at the end of the year, essentially related to Canadian oil sands, unconventional gas, notably in the United States, and refining in Europe.
The Upstream segment returned to growth with the start-up of its deep-offshore CLOV field in Angola in the second half of 2014. The Refining & Chemicals segment achieved its profitability target one year ahead of schedule and reported a remarkable set of results thanks to the success of its restructuring program and strong operational performance.
After delivering on its commitment to reduce expenditures in 2014, all of the Groupâ€™s segments are expanding their cost-cutting programs to get through this period, with no compromise on the absolute priority to safety.
Total successfully completed its 2012-14 asset sale program and plans to accelerate the execution of its 2015-17 asset sale program. As the first international company to enter the new ADCO concession in Abu Dhabi, Total demonstrates its ability to access resources under good conditions and create strong partnerships in a strategic region.
With its high-quality teams, financial strength and ability to adapt, the Group is focused for the short-term on generating cash flow and reducing its breakeven point, and for the medium term confirms its growth strategy.â€

The Board of Directors decided to propose at the Annual Shareholdersâ€™ Meeting on MayÂ 29, 2015, an annual dividend of 2.44 â‚¬/share for 2014, an increase of 2.5% compared to 2013, as well as the alternative of receiving the remaining 0.61 â‚¬/share in cash or new shares benefiting from a 10% discount.

Key figures⁵

4Q14

3Q14

4Q13

4Q14
vs
4Q13

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

2014

2013

2014 vs
2013

52,511

60,363

64,975

-19%

Sales

236,122

251,725

-6%

3,705

6,134

6,533

-43%

Adjusted operating income from business segments

21,604

27,618

-22%

2,797

3,927

3,835

-27%

Adjusted net operating income from business segments

14,247

15,861

-10%

1,596

2,765

3,065

-48%

- Upstream

10,504

12,450

-16%

956

786

441

x2.2

- Refining & Chemicals

2,489

1,857

+34%

245

376

329

-26%

- Marketing & Services

1,254

1,554

-19%

2,801

3,558

3,385

-17%

Adjusted net income

12,837

14,292

-10%

1.22

1.56

1.49

-18%

Adjusted fully-diluted earnings per share (dollars)

5.63

6.29

-11%

0.98

1.17

1.09

-10%

Adjusted fully-diluted earnings per share (euro)

4.24

4.74

-11%

2,287

2,285

2,276

Fully-diluted weighted-average shares (millions)

2,281

2,272

(5,658)

3,463

2,234

Net income (Group share)

4,244

11,228

-62%

8,152

7,769

11,317

-28%

Investments ⁶

30,509

34,431

-11%

1,689

2,030

939

+80%

Divestments

6,190

6,399

-3%

6,409

5,740

8,739

-27%

Net investments ⁷

24,140

25,879

-7%

7,354

7,639

9,578

-23%

Cash flow from operations

25,608

28,513

-10%

5,721

6,741

6,438

-11%

Adjusted cash flow from operations

24,597

27,053

-9%

Highlights since the beginning of the fourth quarter 2014⁸
- Entered new ADCO concession in Abu Dhabi with 10% interest for 40-year duration, effective January 1, 2015
- Finalized sale of Bostik to Arkema
- Started production from Eldfisk II in the Norwegian North Sea
- Started production from West Franklin Phase 2 in the UK North Sea
- Stopped flaring and started producing gas from the Ofon field, operated by Total in Nigeria
- Finalized sales of non-operated interests in Norwegian and Nigerian fields, the interest in GTT (Gaztransport & Technigaz) and the Cardinal pipeline network in the United States
- Jisik discovery in the Kurdistan region of Iraq

Fourth quarter 2014 results

> Net operating income from business segments

In the fourth quarter 2014, the Brent price averaged 76.6 $/b, a decrease of 30% compared to the fourth quarter 2013 and 25% compared to the third quarter 2014. The Groupâ€™s European refining margin indicator (ERMI) averaged 27.6 $/t in the fourth quarter 2014 compared to 10.1 $/t in the fourth quarter 2013 and 29.9 $/t in the third quarter 2014.

The effective tax rate⁹ for the business segments was 45.6% in the fourth quarter 2014 compared to 55.2% in the fourth quarter 2013, benefiting mainly from strong downstream results which are taxed at a lower rate.

Adjusted net operating income from the business segments was 2,797 M$ in the fourth quarter 2014 compared to 3,835 M$ in the fourth quarter 2013, a decrease of 27%, reflecting mainly a lower contribution from Upstream, driven essentially by the sharp decline in Brent, partially offset by the solid performance of Refining & Chemicals.

> Net income (Group share)

Adjusted net income was 2,801 M$ in the fourth quarter 2014 compared to 3,385 M$ in the fourth quarter 2013, a decrease of 17%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items¹⁰:

The after-tax inventory effect had a negative impact on net income of 1,993 M$ in the fourth quarter 2014 compared to a negative impact of 103Â M$ in the fourth quarter 2013.
Changes in fair value had a positive impact on net income of 19 M$ in the fourth quarter 2014 compared to a negative impact of 19 M$ in the fourth quarter 2013.
Special items¹¹ had a negative impact on net income of 6,485 M$ in the fourth quarter 2014, including mainly the impairment¹² of oil sands in Canada, unconventional gas notably in the United States, refining in Europe and certain other assets in the Upstream. Special items had a negative impact on net income in the fourth quarter 2013 of 1,029 M$.

Taking into account these elements, the net loss (Group share) was 5,658 M$ in the fourth quarter 2014 compared to net income of 2,234 M$ in the fourth quarter 2013.

The effective tax rate for the Group was 40.1% in the fourth quarter 2014 compared to 56.7% in the fourth quarter 2013, reflecting mainly the relative decrease in Upstream results and increase in downstream results, which are taxed at a lower rate.

On December 31, 2014, there were 2,285 million fully-diluted shares compared to 2,276 million fully-diluted shares December 31, 2013.

Adjusted fully-diluted earnings per share, based on 2,287 million fully-diluted weighted-average shares, was $1.22 in the fourth quarter 2014 compared to $1.49 in the fourth quarter 2013.

Expressed in euro, the adjusted fully-diluted earnings per share was â‚¬0.98 in the fourth quarter 2014, a decrease of 10%.

> Investments â€“ divestments¹³

Investments, excluding acquisitions and including changes in non-current loans, were 7.0Â B$ in the fourth quarter 2014, a decrease of 21% compared to 8.9Â B$ in the fourth quarter 2013.

Acquisitions were 730 M$ in the fourth quarter 2014, notably comprised of the carry on the Utica gas and condensate field in the United States. Acquisitions were 1,861 M$ in the fourth quarter 2013.

Asset sales in the fourth quarter 2014 were 1,269 M$, essentially comprised of the sale of the Cardinal midstream assets in the United States, interests in blocks in Norway and Nigeria, and the CCP composites business in Refining & Chemicals. Asset sales in the fourth quarter 2013 were 355 M$.

Net investments¹⁴ were 6.4 B$ in the fourth quarter 2014 compared to 8.7Â B$ in the fourth quarter 2013.

> Cash flow

Cash flow from operations was 7,354 M$ in the fourth quarter 2014, a decrease of 23% compared to the fourth quarter 2013, mainly due to the decrease in the price of Brent.

Adjusted cash flow from operations¹⁵ was 5,721 M$, a decrease of 11% compared to the fourth quarter 2013.

The Groupâ€™s net cash flow¹⁶ was 945 M$ compared to 839 M$ in the fourth quarter 2013, an increase of 13% reflecting mainly the 27% decrease in net investments, partially offset by the lower cash flow from operations linked to the decrease in Brent.

The net-debt-to-equity ratio was 31.3% on December 31, 2014, compared to 27.8% on September 30, 2014, and 23.3% on December 31, 2013¹⁷. The increase is partly due to the higher level of net debt linked to lower cash flow from operations as well as the incomplete status on December 31, 2014, of the sales of Bostik, Totalgaz and the South African coal mines, and partly due to the decrease in equity linked mainly to variations in foreign exchange and to the impact of the impairments.

Results for the full-year 2014

> Net operating income from business segments

The average Brent price decreased by 9% to 99.0 $/b in 2014 compared to 2013. Brent dropped sharply in the second half, from about 110 $/b to less than 60 $/b by December 31, 2014. The ERMI was 18.7 $/t in 2014 compared to 17.9 $/t in 2013, an increase of 4%. The environment for petrochemicals also improved, notably in the United States.

The effective tax rate¹⁸ for the business segments was 51.2% in 2014 compared to 55.5% in 2013. The decrease was due mainly to the benefit of tax allowances in the UK in the second quarter 2014 which reduced the average rate for the Upstream and to the higher contribution from the downstream, which is taxed at a lower average rate.

Adjusted net operating income from the business segments was 14,247 M$ compared to 15,861 M$ in 2013, a decrease of 10%. This decrease was due essentially to the impact of lower Brent prices on Upstream results, partially offset by a higher contribution from downstream activities.

> Net income (Group share)

Adjusted net income was 12,837 M$ in 2014 compared to 14,292 M$ in 2013, a decrease of 10%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items¹⁹:

The after-tax inventory effect had a negative impact of 2,453 M$ in 2014 and a negative impact of 728 M$ in 2013.
Changes in fair value had a positive impact of 25 M$ in 2014 and a negative impact of 58 M$ in 2013.
Special items²⁰ had a negative impact of 6,165 M$ in 2014, including mainly 7.1 B$ of impairments. Taking into account the current economic environment, the Group impaired its oil sands assets in Canada by 2.2 B$, its unconventional gas notably in the United States by 2.1 B$, its refining in Europe by 1.4 B$, as well as certain other assets in the Upstream. These impairments were partially offset by the gain on the sale of the Groupâ€™s interests in Shah Deniz in Azerbaijan and GTT. Special items had a negative impact of 2,278 M$ in 2013.

In this context, net income (Group share) was 4,244 M$ in 2014 compared to 11,228 M$ in 2013, a decrease of 62%.

The effective tax rate for the Group was 53.0% in 2014 compared to 56.8% in 2013. This variation is due principally to the benefit of tax allowances in the UK in the second quarter 2014 which lowered the average tax rate in the Upstream and the higher contribution from downstream which benefits from a lower tax rate.

On December 31, 2014, there were 2,285 million fully-diluted shares compared to 2,276 million shares on December 31, 2013.

Adjusted fully-diluted earnings per share, based on 2,281 million fully-diluted weighted-average shares, was $5.63 in 2014 compared to $6.29 in 2013.

Expressed in euro, adjusted fully-diluted earnings per share were â‚¬4.24 in 2014, a decrease of 11%.

> Investments - divestments²¹

Investments excluding acquisitions and including changes in non-current loans, were 26.4 B$ in 2014, a decrease of 7% compared to 2013.

Acquisitions were 2,539 M$ in 2014, comprised principally of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of an additional interest in Novatek²² and the carry on the Utica gas and condensate field in the United States. Acquisitions were 4,473 M$ in 2013.

Asset sales were 4,650 M$ in 2014, comprised essentially of the sale of interests in Shah Deniz and the associated pipelines in Azerbaijan, Block 15/06 in Angola, GTT (Gaztransport & Technigaz) and the Cardinal midstream assets in the United States. Asset sales were 4,750 M$ in 2013.

Net investments²³ were 24.1 B$ in 2014 compared to 25.9 B$ in 2013, a decrease of 7%.

> Cash flow

Cash flow from operations was 25,608 M$ in 2014, a decrease of 10% compared to 2013.

Adjusted cash flow from operations²⁴ was 24,597 M$ in 2014, a decrease of 9% compared to 2013.

The Groupâ€™s net cash flow²⁵ was 1,468 M$ in 2014 compared to 2,634Â M$ in 2013. This decrease was due essentially to lower cash flow from operations between the two periods, partially compensated by lower net investments.

The net-debt-to-equity ratio was 31.3% on December 31, 2014, compared to 23.3% on December 31, 2013²⁶. The increase is partly due to the higher level of net debt linked to lower cash flow from operations as well as the incomplete status on December 31, 2014, of the sales of Bostik, Totalgaz and the South African coal mines, and partly due to the decrease in equity linked mainly to variations in foreign exchange and to the impact of the impairments.

Analysis of business segment results

Upstream

> Environment â€“ liquids and gas price realizations*

4Q14

3Q14

4Q13

4Q14
vs
4Q13

2014

2013

2014

vs
2013

76.6

101.9

109.2

-30%

Brent ($/b)

99.0

108.7

-9%

61.7

94.0

102.5

-40%

Average liquids price ($/b)

89.4

103.3

-13%

6.29

6.40

7.36

-15%

Average gas price ($/Mbtu)

6.57

7.12

-8%

50.5

69.1

74.6

-32%

Average hydrocarbon price ($/boe)

66.2

74.8

-11%

* consolidated subsidiaries, excluding fixed margins.

> Production

4Q14

3Q14

4Q13

4Q14
vs

4Q13

Hydrocarbon production

2014

2013

2014
vs
2013

2,229

2,122

2,284

-2%

Combined production (kboe/d)

2,146

2,299

-7%

1,077

1,043

1,142

-6%

- Liquids (kb/d)

1,034

1,167

-11%

6,219

5,902

6,260

-1%

- Gas (Mcf/d)

6,063

6,184

-2%

Hydrocarbon production was 2,229 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2014, a decrease of 2% compared to the fourth quarter 2013, due to the following:

-6% essentially for the expiration of the ADCO license in the United Arab Emirates;
+2% for lower prices, notably on production sharing contracts (PSC);
+3% essentially from the start up of CLOV in Angola; and
-1% for natural decline, partially offset by production growth in Russia and Utica in the United States.

Excluding ADCO, which expired in January 2014, hydrocarbon production in the fourth quarter 2014 increased by 3.5% compared to the fourth quarter 2013.

Hydrocarbon production in the fourth quarter 2014 increased by 5% compared to the third quarter 2014 due to the production from CLOV throughout the quarter, lower maintenance in the fourth quarter, and a decrease in price, notably on PSC contracts.

In 2014, hydrocarbon production was 2,146 kboe/d, a decrease of 7% compared to 2013, due to the following:

-6% essentially for the expiration of the ADCO license in the United Arab Emirates;
-2% essentially for natural decline and higher maintenance in 2014 notably in the first half, partially offset by production growth in Utica in the United States; and
+1% for production growth from start-ups, essentially CLOV in Angola.

In 2014, excluding ADCO, hydrocarbon production was virtually stable compared to 2013.

> Reserves

Reserves at December 31	Â	2014	Â	2013	Â	%
Hydrocarbon reserves (Mboe)	Â	11,523	Â	11,526	Â	-
- Liquids (Mb)	Â	5,303	Â	5,413	Â	-2%
- Gas (Bcf)	Â	33,590	Â	33,026	Â	+2%

Proved reserves based on SEC rules (based on Brent at 101.3Â $/b) were 11,523 Mboe at December 31, 2014. Based on the 2014 average rate of production, the reserve life is more than thirteen years.

The 2014 proved reserve replacement rate²⁷, based on SEC rules, was 100%. The 2014 organic proved reserve replacement rate²⁸ was 125%.

At year-end 2014, Total had a solid and diversified portfolio of proved and probable reserves²⁹ representing more than twenty years of reserve life based on the 2014 average production rate, and resources³⁰ representing about fifty years of production.

> Results

4Q14

3Q14

4Q13

4Q14
vs
4Q13

In millions of dollars

2014

2013

2014
vs
2013

2,174

4,671

5,587

-61%

Adjusted operating income*

17,156

23,700

-28%

1,596

2,765

3,065

-48%

Adjusted net operating income*

10,504

12,450

-16%

533

824

704

-24%

includes income from equity affiliates

2,859

2,889

-1%

6,287

6,923

9,498

-34%

Investments

26,520

29,750

-11%

1,473

1,924

812

+81%

Divestments

5,764

5,786

2,608

5,442

7,310

-64%

Cash flow from operations

16,666

21,857

-24%

3,665

5,028

5,095

-28%

Adjusted cash flow from operations

18,667

22,011

-15%

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

Adjusted net operating income from the Upstream segment was 1,596 M$ in the fourth quarter 2014, a decrease of 48% compared to the fourth quarter 2013, essentially due to the decrease in the average realized price of hydrocarbons. The effective tax rate for the Upstream segment was 57.0% compared to 58.8% in the fourth quarter 2013.

Adjusted net operating income from the Upstream segment in 2014 was 10,504 M$ compared to 12,450Â M$ in 2013, a decrease of 16%, which was due essentially to the decrease in the average realized price of hydrocarbons. The effective tax rate for the Upstream segment in 2014 was 57.1%, compared to 60.0% in 2013. The lower rate reflects mainly the benefit of tax allowances in the UK in the second quarter 2014.

Technical costs, calculated in accordance with ASC 932³¹, were 28.3 $/boe in 2014 compared to 26.1 $/boe in 2013, an increase due principally to the increase in depreciation of fixed assets and the increase in production costs, mainly maintenance costs.

The return on average capital employed (ROACE³²) for the Upstream segment was 11% for the full year 2014 compared to 14% for the full year 2013.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q14

3Q14

4Q13

4Q14
vs
4Q13

2014

2013

2014
vs
2013

1,887

1,884

1,580

+19%

Total refinery throughput (kb/j)

1,775

1,719

+3%

632

672

535

+18%

- France

639

647

-1%

852

840

755

+13%

- Rest of Europe

794

797

403

372

290

+39%

- Rest of world

342

275

+24%

Utilization rates**

82%

82%

73%

- Based on crude only

77%

80%

86%

86%

77%

- Based on crude and other feedstocks

81%

84%

* includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Services segment.
** based on distillation capacity at the beginning of the year.

In the fourth quarter 2014, refinery throughput increased by 19% compared to the fourth quarter 2013. This increase was essentially due to higher refining margins in Europe which allowed utilization rates to rise, and the start-up of Satorp, operating at full capacity since August 2014.

In 2014, refinery throughput increased slightly by 3% compared to 2013, essentially due to the start up of Satorp.

> Results

4Q14

3Q14

4Q13

4Q14
vs
4Q13

In millions of dollars
(except the ERMI)

2014

2013

2014 vs 2013

27.6

29.9

10.1

x2.8

European refining margin

indicator - ERMI ($/t))

18.7

17.9

+4%

1,069

974

421

x2.5

Adjusted operating income*

2,739

1,766

+55%

956

786

441

x2.2

Adjusted net operating income*

2,489

1,857

+34%

155

161

160

-3%

contribution of Specialty Chemicals**

629

583

+8%

875

422

956

-8%

Investments

2,022

2,708

-25%

157

x2.5

Divestments

192

365

-47%

3,113

1,729

1,816

+71%

Cash flow from operations

6,302

4,260

+48%

1,465

1,263

839

+75%

Adjusted cash flow from operations

4,028

2,974

+35%

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

The ERMI averaged 27.6 $/t in the fourth quarter 2014, nearly three times higher than in the fourth quarter 2013, due to the decrease in Brent and relatively better refined product prices in Europe. The environment for petrochemicals was favorable in the fourth quarter in the United States and in Europe, benefitting from lower naphtha prices.

Adjusted net operating income from the Refining & Chemicals segment was 956 M$ in the fourth quarter 2014, more than double the fourth quarter 2013 results of 441 M$. The segment was able to take advantage of the higher refining and petrochemical margins this quarter thanks to its good industrial performance.

In 2014, adjusted net operating income from the Refining & Chemicals segment was 2,489Â M$, an increase of 34% compared to 2013 while the refining margin increased by only 4% to 18.7 $/t in 2014. The synergies and efficiency plans are bearing fruit and the segment was able to adapt to the lower European margins in the first half and subsequently take advantage of a more favorable refining and chemicals environment in the second half of the year. The petrochemicals environment was more favorable in 2014, especially in the United States.

With a ROACE³³ of 15% for the full year 2014 compared to 9% for the full year 2013, the segment attained its profitability objective one year earlier than the schedule fixed in 2011.

Marketing & Services

> Refined product sales

4Q14

3Q14

4Q13

4Q14
vs
4Q13

Sales in kb/d*

2014

2013

2014
vs
2013

1,132

1,107

1,150

-2%

Europe

1,100

1,138

-3%

678

674

605

+12%

Rest of world

669

611

+9%

1,810

1,781

1,755

+3%

Total Marketing & Services sales

1,769

1,749

+1%

* excludes trading and bulk Refining sales, includes share of TotalErg

In the fourth quarter 2014, sales increased by 3% compared to the fourth quarter 2013, due to higher sales in growth areas, notably in Africa and the Middle East.

Sales volumes in 2014 increased slightly compared to 2013 due to higher sales in growth areas and offset by lower sales in Europe, mainly due to the impact of weather conditions.

> Results

4Q14

3Q14

4Q13

4Q14
vs
4Q13

In millions of dollars

2014

2013

2014 vs 2013

24,079

27,747

28,378

-15%

Sales

106,509

110,873

-4%

462

489

525

-12%

Adjusted operating income*

1,709

2,152

-21%

245

376

329

-26%

Adjusted net operating income*

1,254

1,554

-19%

(15)

contribution of New Energies

941

398

820

+15%

Investments

1,818

1,814

-16%

Divestments

163

186

-12%

1,627

701

442

x3.7

Cash flow from operations

2,721

2,557

+6%

544

542

599

-9%

Adjusted cash flow from operations

2,016

2,497

-19%

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

The Marketing & Services segmentâ€™s sales were 24 B$ in the fourth quarter 2014, a 15% decrease compared to the fourth quarter 2013.

Adjusted net operating income for Marketing & Services was 245 M$ in the fourth quarter 2014, a decrease of 26% compared to the fourth quarter 2013, mainly due to a negative accounting effect of 100 M$ on the valuation of hedging positions.

Adjusted net operating income for Marketing & Services in 2014 was 1,254Â M$, a decrease of 19% compared to 2013. Other than the accounting effect in the fourth quarter mentioned above, the decrease is mainly due to weather conditions in the first half in Europe, and lower margins in 2014, notably in the European network.

The ROACE³⁴ for the Marketing & Services segment was 13% for the full year 2014 compared to 16% for the full year 2013.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 6,045 Mâ‚¬ in 2014 compared to 6,031 Mâ‚¬ in 2013.

Proposed dividend

After closing the 2014 accounts, the Board of Directors decided on February 11, 2015, to propose to the Annual Shareholdersâ€™ Meeting on May 29, 2015 an annual dividend of 2.44 â‚¬/share for 2014, an increase of 2.5% compared to 2013. Taking into account the interim dividends for the first three quarters of 2014 approved by the Board of Directors, the remaining 2014 dividend is 0.61 â‚¬/share, equal to the three 2014 interim dividends. The Board of Directors will also propose that shareholders have the alternative of receiving the remaining 2014 dividend payment in cash or in new shares benefiting from a 10% discount. Pending the approval at the Annual Shareholdersâ€™ Meeting, the ex-dividend date would be June 8, 2015, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for JulyÂ 1, 2015.

Totalâ€™s dividend pay-out ratio, based on the adjusted net income for 2014, would be 58%.

Summary and outlook

The ROACE³⁵ for the Group was 11.1% in 2014, a decrease of 1.9 percentage points compared to 2013. Return on equity was 13.5% in 2014, compared to 14.9% in 2013.

In response to the recent fall in the oil price, Total has launched an ambitious mitigation plan. The plan includes significant reductions to organic investments, operating costs and the exploration budget, as well as an acceleration of its asset sale program.

The Group plans to lower its organic investments by more than 10% from 26.4 B$ in 2014 to 23-24 B$ in 2015, by reducing investments in brownfield developments and stopping certain projects that have become less profitable. For operating costs, the reduction program announced in September 2014 has been expanded mainly in the Upstream segment. The initial target of 800 M$ has been raised to 1.2 B$ in 2015, an increase of 50%. The exploration budget has been reduced by about 30%, to 1.9 B$ in 2015.

Having achieved its 2012-14 asset sale target of 15-20 B$, Total plans to accelerate its 2015-17 asset sale program of 10 B$ by selling 5Â B$ of assets in 2015, in addition to benefiting from the completion of about 4 B$ of asset sales that were already signed and pending at the start of the year.

In the Upstream segment, the Group is focused on the execution and delivery of its major projects and plans eight start-ups this year, of which three already started production in January. These start-ups, plus the new ADCO volumes, will contribute to production growth for the Group of more than 8% in 2015.

In addition, refining overcapacity remains an issue in Europe, and the Group is advancing its restructuring plans by launching a capacity reduction program at its Lindsey refinery in the UK and will announce a new plan for its refining activities in France in the spring of 2015.

With the decline in the oil price, the petroleum industry has entered a new cycle. In this context, Total is implementing a strong and immediate response generating 8 B$ in cash in 2015, thereby reducing its breakeven point by 40 $/b without compromising the priority to safety.

Finally, despite intensive investments made for future growth, the Groupâ€™s balance sheet remains strong, allowing it access to the financial markets under very favorable conditions.

As it has demonstrated in the past, Total will make the adjustments necessary to successfully adapt to this period of low prices, while at the same time being prepared to take advantage of a recovery, for the benefit of its shareholders.

â– â– â–

To listen to a presentation by CEO Patrick PouyannÃ© to financial analysts today in London at 14:30 (London time), please log on to www.total.com or call +44 (0)203 427 1904 in Europe or +1 646 254 3367 in the United States. For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the US (code 5279785).

This press release presents the results for the fourth quarter and full-year 2014 from the consolidated financial statements of TOTAL S.A. as of December 31, 2014. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monÃ©taire et financier).

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 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. 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. 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, which 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 herein represent dollar amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in euros. However the parent company accounts are held directly 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 presentation, such as resources, 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 FormÂ 20-F, File NÂ°Â 1-10888, available from us at 2,Â Place Jean Millier â€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website: www.sec.gov.

Operating information by segment
for the fourth quarter and full-year 2014

Upstream

4Q14

3Q14

4Q13

4Q14

4Q13

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

2014

2013

2014

2013

393

340

405

-3%

Europe

364

392

-7%

690

665

644

+7%

Africa

657

670

-2%

391

387

522

-25%

Middle East

391

536

-27%

+32%

North America

+23%

151

159

149

+1%

South America

157

166

-5%

235

237

242

-3%

Asia-Pacific

238

235

+1%

270

245

247

+9%

CIS

249

227

+10%

2,229

2,122

2,284

-2%

Total production

2,146

2,299

-7%

594

562

692

-14%

Includes equity affiliates

571

687

-17%

4Q14

3Q14

4Q13

4Q14

4Q13

Liquids production by region (kb/d)

2014

2013

2014

2013

168

161

180

-7%

Europe

165

168

-2%

558

539

503

+11%

Africa

522

531

-2%

185

190

314

-41%

Middle East

192

324

-41%

+61%

North America

+39%

-2%

South America

-7%

+22%

Asia-Pacific

-3%

CIS

+13%

1,077

1,043

1,142

-6%

Total production

1,034

1,167

-11%

197

199

323

-39%

Includes equity affiliates

200

325

-38%

4Q14

3Q14

4Q13

4Q14

4Q13

Gas production by region (Mcf/d)

2014

2013

2014

2013

1,224

982

1,242

-1%

Europe

1,089

1,232

-12%

674

643

690

-2%

Africa

693

698

-1%

1,113

1,076

1,139

-2%

Middle East

1,084

1,155

-6%

305

284

261

+17%

North America

285

256

+11%

573

613

554

+3%

South America

599

627

-4%

1,144

1,178

1,258

-9%

Asia-Pacific

1,178

1,170

+1%

1,186

1,126

1,116

+6%

CIS

1,135

1,046

+9%

6,219

5,902

6,260

-1%

Total production

6,063

6,184

-2%

2,064

1,966

1,995

+3%

Includes equity affiliates

1,988

1,955

+2%

4Q14

3Q14

4Q13

4Q14

4Q13

Liquefied natural gas

2014

2013

2014

2013

3.06

2.98

3.39

-10%

LNG sales* (Mt)

12.15

12.26

-1%

* sales, Group share, excluding tradingÂ ; 2013 and 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 and 2014 SEC coefficients, respectively.

Downstream (Refining & Chemicals and Marketing & Services)

4Q14

3Q14

4Q13

4Q14

4Q13

Refined product sales by region (kb/d)*

2014

2013

2014

2013

2,112

2,053

2,048

+3%

Europe **

2,047

2,078

-1%

606

540

496

+22%

Africa

552

454

+22%

482

632

473

+2%

Americas

558

497

+12%

660

604

546

+21%

Rest of world

612

492

+24%

3,860

3,829

3,563

+8%

Total consolidated sales

3,769

3,521

+7%

628

621

608

+3%

Includes bulk sales

615

617

1,421

1,427

1,200

+18%

Includes trading

1,385

1,155

+20%

* includes share of TotalErg.
** restated historical amounts.

Adjustment items

Adjustments to operating income

4Q14	Â	3Q14	Â	4Q13	Â	In millions of dollars	Â	2014	Â	2013
(7,812)	Â	(216)	Â	(560)	Â	Special items affecting operating income	Â	(8,205)	Â	(1,630)
-	Â	-	Â	(374)	Â	- Restructuring charges	Â	-	Â	(376)
(7,817)		(122)		(176)		- Impairments		(7,979)		(1,043)
5	Â	(94)	Â	(10)	Â	- Other	Â	(226)	Â	(211)
(2,842)	Â	(563)	Â	(127)	Â	Pre-tax inventory effect : FIFO vs. replacement cost	Â	(3,469)	Â	(1,065)
24	Â	17	Â	(23)	Â	Effect of changes in fair value	Â	31	Â	(74)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(10,630)	Â	(762)	Â	(710)	Â	Total adjustments affecting operating income	Â	(11,643)	Â	(2,769)

Adjustments to net income (Group share)

4Q14	Â	3Q14	Â	4Q13	Â	In millions of dollars	Â	2014	Â	2013
(6,485)	Â	294	Â	(1,029)	Â	Special items affecting net income (Group share)	Â	(6,165)	Â	(2,278)
30	Â	580	Â	-	Â	- Gain (loss) on asset sales	Â	1,209	Â	(117)
(8)	Â	(7)	Â	(513)	Â	- Restructuring charges	Â	(20)	Â	(567)
(6,450)		(187)		(181)		- Impairments		(7,063)		(773)
(57)	Â	(92)	Â	(335)	Â	- Other	Â	(291)	Â	(821)
(1,993)	Â	(403)	Â	(103)	Â	After-tax inventory effect : FIFO vs. replacement cost	Â	(2,453)	Â	(728)
19	Â	14	Â	(19)	Â	Effect of changes in fair value	Â	25	Â	(58)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(8,459)	Â	(95)	Â	(1,151)	Â	Total adjustments affecting net income	Â	(8,593)	Â	(3,064)

Effective tax rates

4Q14	Â	3Q14	Â	4Q13	Â	Effective tax rate*	Â	2014	Â	2013
57.0%	Â	59.1%	Â	58.8%	Â	Upstream	Â	57.1%	Â	60.0%
40.1%	Â	54.1%	Â	56.7%	Â	Group	Â	53.0%	Â	56.8%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

Investments - Divestments

4Q14

3Q14

4Q13

4Q14 vs 4Q13

Expressed in millions of dollars

2014

2013

2014

2013

7,002

7,032

8,872

-21%

Investments excluding acquisitions

26,430

28,309

-7%

422

512

390

+8%

Capitalized exploration

1,616

1,821

-11%

565

868

1,233

-54%

Increase in non-current loans

2,769

2,906

-5%

(420)

(326)

(584)

-28%

Repayment of non-current loans

(1,540)

(1,649)

-7%

730

411

1,861

-61%

Acquisitions

2,539

4,473

-43%

1,269

1,704

355

x3.6

Asset sales

4,650

4,750

-2%

(1)

1,639

-97%

Other transactions with non-controlling interests

179

2,153

-92%

6,409

5,740

8,739

-27%

Net investments*

24,140

25,879

-7%

* net investments = investments including acquisitions â€“ asset sales â€“ other transactions with non-controlling interests.

Net-debt-to-equity ratio

in millions of dollars	Â	12/31/2014	Â	09/30/2014	Â	12/31/2013
Current borrowings	Â	10,942	Â	11,826	Â	11,193
Net current financial assets		(1,113)		(848)		(358)
Net financial assets classified as held for sale		(56)		(77)		(179)
Non-current financial debt		45,481		43,242		34,574
Hedging instruments of non-current debt		(1,319)		(1,491)		(1,418)
Cash and cash equivalents	Â	(25,181)	Â	(24,307)	Â	(20,200)
Net debt	Â	28,754	Â	28,345	Â	23,612
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity		90,330		100,408		100,241
Estimated dividend payable		(1,686)		(1,746)		(1,908)
Non-controlling interests	Â	3,201	Â	3,382	Â	3,138
Equity	Â	91,845	Â	102,044	Â	101,471
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	31.3%	Â	27.8%	Â	23.3%

2015 sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted operating income (e)	Â	Impact on adjusted net operating income (e)
Dollar	Â	1.30 $/â‚¬	Â	-0.1 $ per â‚¬	Â	+0.7 B$	Â	+0.2 B$
Brent	Â	60 $/b	Â	+10 $/b	Â	+3.1 B$	Â	+1.7 B$
European refining margin (ERMI)	Â	25 $/t	Â	+1 $/t	Â	+0.08 B$	Â	+0.05 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. The impact of the â‚¬-$ sensitivity on operating income is attributable 60% to Exploration & Production. The impact of the â‚¬-$ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals.

Sensitivities are estimates based on assumptions about the Groupâ€™s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.

Return on average capital employed

Full-year 2014

in millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	10,504	Â	2,489	Â	1,254		13,530
Capital employed at 12/31/2013*		95,529		19,752		10,051		122,451
Capital employed at 12/31/2014*	Â	100,497	Â	13,451	Â	8,825		120,526
ROACE	Â	10.7%	Â	15.0%	Â	13.3%		11.1%

Twelve months ended September 30, 2014

in millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	11,973	Â	1,974	Â	1,338		14,299
Capital employed at 09/30/2013*		91,140		20,884		9,254		118,319
Capital employed at 09/30/2014*	Â	104,488	Â	17,611	Â	9,633		128,360
ROACE	Â	12.2%	Â	10.3%	Â	14.2%		11.6%

Full-year 2013

in millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	12,450	Â	1,857	Â	1,554		15,230
Capital employed at 12/31/2012*		84,260		20,783		9,232		111,080
Capital employed at 12/31/2013*	Â	95,529	Â	19,752	Â	10,051		122,451
ROACE	Â	13.8%	Â	9.2%	Â	16.1%		13.0%

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

¹ TOTAL changed the presentation currency of the Groupâ€™s Consolidated Financial Statements from the euro to the US dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated.
²Definition of adjusted results on page 2 â€“ euro amounts represent dollar amounts converted at the average â‚¬-$ exchange rate for the period: 1.2498 $/â‚¬ in the fourth quarter 2014, 1.3610 $/â‚¬ in the fourth quarter 2013, 1.3256 $/â‚¬ in the third quarter 2014, 1.3285 $/â‚¬ for the year 2014 and 1.3281 $/â‚¬ for the year 2013.
³Group share (IFRS), including -7.1 B$ impairments, -2.5 B$ inventory effect and 1.2 B$ gains on asset sales; details on page 18.
⁴The ex-dividend date for the interim dividend will be June 8, 2015, and the payment date will be set for July 1, 2015.
⁵ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. 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 18 and the inventory valuation effect is explained on page 15.
⁶Including acquisitions.
⁷Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales â€“ other transactions with non-controlling interests.
⁸ Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
⁹ Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
¹⁰ Detail shown on page 15.
¹¹ Detail shown on page 18.
¹² Impairments are described more completely in the full-year section of the release on page 5.
¹³ Detail shown on page 19.
¹⁴ Net investments = investments including acquisitions and changes in non-current loans â€“ asset sales â€“ other transactions with non-controlling interests.
¹⁵ Cash flow from operations at replacement cost before changes in working capital.
¹⁶ Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).
¹⁷ Detail shown on page 20.
¹⁸ Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
¹⁹ Detail shown on page 15.
²⁰ Detail shown on page 18.
²¹ Detail shown on page 19.
²² The Groupâ€™s interest in Novatek has been 18.2% since July 18, 2014.
²³ Net investments = investments including acquisitions â€“ asset sales â€“ other transactions with non-controlling interests.
²⁴ Cash flow from operations at replacement cost before changes in working capital.
²⁵ Net cash flow = cash flow from operations â€“ net investments (including other transactions with non-controlling interests).
²⁶ Detail shown on page 20
²⁷ Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period.
²⁸ The reserve replacement rate in a constant oil price environment of 108.02 $/b, excluding acquisitions and divestments.
²⁹ Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 100 $/b Brent environment, including projects developed by mining.
³⁰ Proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations â€“ Society of Petroleum Engineers - 03/07).
³¹ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas.
³² Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
³³ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
³⁴ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
³⁵ Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

Main Indicators

Chart updated around the middle of the month following the end of each quarter

Â	Â	$/â‚¬	Â	European refining margin ERMI* ($/t)**	Â	Brent ($/b)	Â	Average liquids price* ($/b)**	Â	Average gas price ($/Mbtu)***
Fourth quarter 2014	Â	1.25	Â	27.5	Â	76.6	Â	61.7	Â	6.29
Third quarter 2014	Â	1.33	Â	29.9	Â	101.9	Â	94.0	Â	6.40
Second quarter 2014	Â	1.37	Â	10.9	Â	109.7	Â	103.0	Â	6.52
First quarter 2014	Â	1.37	Â	6.6	Â	108.2	Â	102.1	Â	7.06
Fourth quarter 2013	Â	1.36	Â	10.1	Â	109.2	Â	102.5	Â	7.36

* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. The indicator margin may not be representative of the actual margins achieved by Total in any period because of Totalâ€™s particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin contracts, including hydrocarbon production overlifting / underlifting position valued at market price.

Disclaimer : data is based on Totalâ€™s reporting, is not audited and is subject to change.

Total financial statements

-----------------------------------

Fourth quarter and full year 2014 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	4^th quarter 2014	Â	3^rd quarter 2014	Â	4^th quarter 2013
Sales		52,511		60,363		64,975
Excise taxes		(5,777)		(6,141)		(6,208)
Revenues from sales		46,734		54,222		58,767
						Â
Purchases, net of inventory variation		(35,644)		(38,628)		(41,992)
Other operating expenses		(6,831)		(6,925)		(7,620)
Exploration costs		(611)		(433)		(658)
Depreciation, depletion and amortization of tangible assets and mineral interests		(10,900)		(3,082)		(2,934)
Other income		740		641		288
Other expense		(487)		(155)		(446)
						Â
Financial interest on debt		(108)		(173)		(217)
Financial income from marketable securities & cash equivalents		28		30		26
Cost of net debt		(80)		(143)		(191)
						Â
Other financial income		219		176		172
Other financial expense		(168)		(159)		(151)
						Â
Equity in net income (loss) of affiliates		464		851		844
						Â
Income taxes	Â	722	Â	(2,837)	Â	(3,752)
Consolidated net income	Â	(5,842)	Â	3,528	Â	2,327
Group share		(5,658)		3,463		2,234
Non-controlling interests	Â	(184)	Â	65	Â	93
Earnings per share ($)	Â	(2.49)	Â	1.52	Â	0.98
Fully-diluted earnings per share ($)	Â	(2.47)	Â	1.52	Â	0.98

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2014	Â	3^rd quarter 2014	Â	4^th quarter 2013
Consolidated net income	Â	(5,842)	Â	3,528	Â	2,327
Other comprehensive income
						Â
Actuarial gains and losses		99		(1,010)		663
Tax effect		11		358		(284)
Currency translation adjustment generated by the parent company	Â	(2,562)	Â	(5,748)	Â	1,484
Items not potentially reclassifiable to profit and loss	Â	(2,452)	Â	(6,400)	Â	1,863
Currency translation adjustment		980		2,717		(768)
Available for sale financial assets		(5)		(21)		25
Cash flow hedge		(12)		44		23
Share of other comprehensive income of equity affiliates, net amount		(1,242)		(276)		(198)
Other		3		7		3
Tax effect	Â	10	Â	(10)	Â	(12)
Items potentially reclassifiable to profit and loss	Â	(266)	Â	2,461	Â	(927)
Total other comprehensive income (net amount)	Â	(2,718)	Â	(3,939)	Â	936
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	(8,560)	Â	(411)	Â	3,263
Group share		(8,365)		(452)		3,176
Non-controlling interests		(195)		41		87

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
				Â
				Â
(M$) ^(a)	Â	Year 2014	Â	Year 2013
Sales		236,122		251,725
Excise taxes		(24,104)		(23,756)
Revenues from sales		212,018		227,969
				Â
Purchases, net of inventory variation		(152,975)		(160,849)
Other operating expenses		(28,349)		(28,764)
Exploration costs		(1,964)		(2,169)
Depreciation, depletion and amortization of tangible assets and mineral interests		(19,656)		(11,994)
Other income		2,577		2,290
Other expense		(954)		(2,800)
				Â
Financial interest on debt		(748)		(889)
Financial income from marketable securities & cash equivalents		108		85
Cost of net debt		(640)		(804)
				Â
Other financial income		821		696
Other financial expense		(676)		(702)
				Â
Equity in net income (loss) of affiliates		2,662		3,415
				Â
Income taxes	Â	(8,614)	Â	(14,767)
Consolidated net income	Â	4,250	Â	11,521
Group share	Â	4,244	Â	11,228
Non-controlling interests	Â	6	Â	293
Earnings per share ($)	Â	1.87	Â	4.96
Fully-diluted earnings per share ($)	Â	1.86	Â	4.94

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
				Â
				Â
(M$)	Â	Year 2014	Â	Year 2013
Consolidated net income	Â	4,250	Â	11,521
Other comprehensive income
				Â
Actuarial gains and losses		(1,526)		682
Tax effect		580		(287)
Currency translation adjustment generated by the parent company	Â	(9,039)	Â	3,129
Items not potentially reclassifiable to profit and loss	Â	(9,985)	Â	3,524
Currency translation adjustment		4,245		(1,925)
Available for sale financial assets		(29)		33
Cash flow hedge		97		156
Share of other comprehensive income of equity affiliates, net amount		(1,538)		(805)
Other		3		(12)
Tax effect	Â	(18)	Â	(62)
Items potentially reclassifiable to profit and loss	Â	2,760	Â	(2,615)
Total other comprehensive income (net amount)	Â	(7,225)	Â	909
Â	Â	Â	Â	Â
Comprehensive income	Â	(2,975)	Â	12,430
Group share		(2,938)		12,193
Non-controlling interests		(37)		237

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
						Â
						Â
(M$)	Â	December 31, 2014 (unaudited)	Â	September 30, 2014 (unaudited)	Â	December 31, 2013 (unaudited)
ASSETS
						Â
Non-current assets
Intangible assets, net		14,682		18,071		18,395
Property, plant and equipment, net		106,876		109,437		104,480
Equity affiliates : investments and loans		19,274		21,043		20,417
Other investments		1,399		1,645		1,666
Hedging instruments of non-current financial debt		1,319		1,491		1,418
Deferred income taxes		4,079		2,684		3,838
Other non-current assets	Â	4,192	Â	4,184	Â	4,406
Total non-current assets	Â	151,821	Â	158,555	Â	154,620
						Â
Current assets
Inventories, net		15,196		20,873		22,097
Accounts receivable, net		15,704		20,511		23,422
Other current assets		15,702		15,798		14,892
Current financial assets		1,293		1,205		739
Cash and cash equivalents		25,181		24,307		20,200
Assets classified as held for sale	Â	4,901	Â	5,327	Â	3,253
Total current assets	Â	77,977	Â	88,021	Â	84,603
Total assets		229,798		246,576		239,223
						Â
						Â
LIABILITIES & SHAREHOLDERS' EQUITY
						Â
Shareholders' equity
Common shares		7,518		7,516		7,493
Paid-in surplus and retained earnings		94,646		101,979		98,254
Currency translation adjustment		(7,480)		(4,727)		(1,203)
Treasury shares	Â	(4,354)	Â	(4,360)	Â	(4,303)
Total shareholders' equity - Group share	Â	90,330	Â	100,408	Â	100,241
Non-controlling interests	Â	3,201	Â	3,382	Â	3,138
Total shareholders' equity	Â	93,531	Â	103,790	Â	103,379
						Â
Non-current liabilities
Deferred income taxes		14,810		16,222		17,850
Employee benefits		4,758		5,232		4,235
Provisions and other non-current liabilities		17,545		17,017		17,517
Non-current financial debt	Â	45,481	Â	43,242	Â	34,574
Total non-current liabilities	Â	82,594	Â	81,713	Â	74,176
						Â
Current liabilities
Accounts payable		24,150		27,394		30,282
Other creditors and accrued liabilities		16,641		19,610		18,948
Current borrowings		10,942		11,826		11,193
Other current financial liabilities		180		357		381
Liabilities directly associated with the assets classified as held for sale	Â	1,760	Â	1,886	Â	864
Total current liabilities	Â	53,673	Â	61,073	Â	61,668
Total liabilities and shareholders' equity		229,798		246,576		239,223

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2014	Â	3^rd quarter 2014	Â	4^th quarter 2013
CASH FLOW FROM OPERATING ACTIVITIES
						Â
Consolidated net income		(5,842)		3,528		2,327
Depreciation, depletion and amortization		11,310		3,288		3,363
Non-current liabilities, valuation allowances and deferred taxes		(2,329)		106		825
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on disposals of assets		(460)		(479)		(193)
Undistributed affiliates' equity earnings		403		(260)		(102)
(Increase) decrease in working capital		4,475		1,461		3,267
Other changes, net	Â	(203)	Â	(5)	Â	91
Cash flow from operating activities		7,354		7,639		9,578
						Â
CASH FLOW USED IN INVESTING ACTIVITIES
						Â
Intangible assets and property, plant and equipment additions		(7,339)		(6,733)		(9,622)
Acquisitions of subsidiaries, net of cash acquired		(56)		(1)		-
Investments in equity affiliates and other securities		(192)		(167)		(462)
Increase in non-current loans	Â	(565)	Â	(868)	Â	(1,233)
Total expenditures		(8,152)		(7,769)		(11,317)
Proceeds from disposals of intangible assets and property, plant and equipment		874		1,413		50
Proceeds from disposals of subsidiaries, net of cash sold		136		-		21
Proceeds from disposals of non-current investments		259		291		284
Repayment of non-current loans	Â	420	Â	326	Â	584
Total divestments	Â	1,689	Â	2,030	Â	939
Cash flow used in investing activities		(6,463)		(5,739)		(10,378)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		30		53		29
- Treasury shares		-		(289)		(2)
Dividends paid:
- Parent company shareholders		(1,735)		(1,837)		(1,821)
- Non-controlling interests		(1)		(7)		(49)
Other transactions with non-controlling interests		54		(1)		1,639
Net issuance (repayment) of non-current debt		3,647		5,019		2,137
Increase (decrease) in current borrowings		(928)		(1,235)		(1,418)
Increase (decrease) in current financial assets and liabilities		(255)		(44)		48
Cash flow used in financing activities	Â	812	Â	1,659	Â	563
Net increase (decrease) in cash and cash equivalents		1,703		3,559		(237)
Effect of exchange rates		(829)		(1,418)		326
Cash and cash equivalents at the beginning of the period	Â	24,307	Â	22,166	Â	20,111
Cash and cash equivalents at the end of the period	Â	25,181	Â	24,307	Â	20,200

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
				Â
				Â
(M$)	Â	Year 2014	Â	Year 2013
CASH FLOW FROM OPERATING ACTIVITIES
				Â
Consolidated net income		4,250		11,521
Depreciation, depletion and amortization		20,859		13,358
Non-current liabilities, valuation allowances and deferred taxes		(1,980)		1,567
Impact of coverage of pension benefit plans		-		-
(Gains) losses on disposals of assets		(1,979)		(80)
Undistributed affiliates' equity earnings		29		(775)
(Increase) decrease in working capital		4,480		2,525
Other changes, net	Â	(51)	Â	397
Cash flow from operating activities		25,608		28,513
				Â
CASH FLOW USED IN INVESTING ACTIVITIES
				Â
Intangible assets and property, plant and equipment additions		(26,320)		(29,748)
Acquisitions of subsidiaries, net of cash acquired		(471)		(21)
Investments in equity affiliates and other securities		(949)		(1,756)
Increase in non-current loans	Â	(2,769)	Â	(2,906)
Total expenditures		(30,509)		(34,431)
Proceeds from disposals of intangible assets and property, plant and equipment		3,442		1,766
Proceeds from disposals of subsidiaries, net of cash sold		136		2,654
Proceeds from disposals of non-current investments		1,072		330
Repayment of non-current loans	Â	1,540	Â	1,649
Total divestments	Â	6,190	Â	6,399
Cash flow used in investing activities		(24,319)		(28,032)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		420		485
- Treasury shares		(289)		(238)
Dividends paid:
- Parent company shareholders		(7,308)		(7,128)
- Non-controlling interests		(154)		(156)
Other transactions with non-controlling interests		179		2,153
Net issuance (repayment) of non-current debt		15,786		11,102
Increase (decrease) in current borrowings		(2,374)		(9,037)
Increase (decrease) in current financial assets and liabilities		(351)		1,298
Cash flow used in financing activities	Â	5,909	Â	(1,521)
Net increase (decrease) in cash and cash equivalents		7,198		(1,040)
Effect of exchange rates		(2,217)		831
Cash and cash equivalents at the beginning of the period	Â	20,200	Â	20,409
Cash and cash equivalents at the end of the period	Â	25,181	Â	20,200

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY					Â						Â		Â		Â		Â
TOTAL	Â		Â				Â		Â
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
		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$)	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2013	Â	2,365,933,146	Â	7,454	Â	92,485	Â	(1,696)	Â	(108,391,639)	Â	(4,274)	Â	93,969	Â	1,689	Â	95,658
Net income 2013		-		-		11,228		-		-		-		11,228		293		11,521
Other comprehensive Income		-		-		473		492		-		-		965		(56)		909
Comprehensive Income		-		-		11,701		492		-		-		12,193		237		12,430
Dividend		-		-		(7,116)		-		-		-		(7,116)		(156)		(7,272)
Issuance of common shares		11,745,014		39		446		-		-		-		485		-		485
Purchase of treasury shares		-		-		-		-		(4,414,200)		(238)		(238)		-		(238)
Sale of treasury shares ⁽¹⁾		-		-		(209)		-		3,591,391		209		-		-		-
Share-based payments		-		-		189		-		-		-		189		-		189
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		749		1		-		-		750		1,355		2,105
Other items		-		-		9		-		-		-		9		13		22
As of December 31, 2013	Â	2,377,678,160	Â	7,493	Â	98,254	Â	(1,203)	Â	(109,214,448)	Â	(4,303)	Â	100,241	Â	3,138	Â	103,379
Net income 2014		-		-		4,244		-		-		-		4,244		6		4,250
Other comprehensive Income		-		-		(907)		(6,275)		-		-		(7,182)		(43)		(7,225)
Comprehensive Income		-		-		3,337		(6,275)		-		-		(2,938)		(37)		(2,975)
Dividend		-		-		(7,378)		-		-		-		(7,378)		(154)		(7,532)
Issuance of common shares		7,589,365		25		395		-		-		-		420		-		420
Purchase of treasury shares		-		-		-		-		(4,386,300)		(283)		(283)		-		(283)
Sale of treasury shares ⁽¹⁾		-		-		(232)		-		4,239,335		232		-		-		-
Share-based payments		-		-		114		-		-		-		114		-		114
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		148		(2)		-		-		146		195		341
Other items		-		-		8		-		-		-		8		59		67
As of December 31, 2014	Â	2,385,267,525	Â	7,518	Â	94,646	Â	(7,480)	Â	(109,361,413)	Â	(4,354)	Â	90,330	Â	3,201	Â	93,531
																		Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,415

23,025

24,079

(8)

52,511

Intersegment sales

6,130

9,323

339

(15,866)

Excise taxes

(1,117)

(4,660)

(5,777)

Revenues from sales

11,545

31,231

19,758

(15,866)

46,734

Operating expenses

(6,784)

(32,248)

(19,534)

(386)

15,866

(43,086)

Depreciation, depletion and amortization of tangible assets and mineral interests

(8,952)

(1,739)

(202)

(7)

(10,900)

Operating income

(4,191)

(2,756)

(327)

(7,252)

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

958

(70)

(195)

768

Tax on net operating income

(209)

606

(13)

315

699

Net operating income

(3,442)

(2,220)

(186)

(5,785)

Net cost of net debt

(57)

Non-controlling interests

184

Net income

(5,658)

4^th quarter 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(2,427)

(440)

(2,837)

Depreciation, depletion and amortization of tangible assets and mineral interests

(6,419)

(1,398)

(7,817)

Operating income^(b)

(6,365)

(3,825)

(440)

(10,630)

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

171

(197)

(131)

(157)

Tax on net operating income

1,156

846

140

2,142

Net operating income^(b)

(5,038)

(3,176)

(431)

(8,645)

Net cost of net debt

Non-controlling interests

186

Net income

(8,459)

^(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

(2,406)

(436)

On net operating income

(1,710)

(321)

4^thquarter 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,391

23,025

24,079

(8)

52,487

Intersegment sales

6,130

9,323

339

(15,866)

Excise taxes

(1,117)

(4,660)

(5,777)

Revenues from sales

11,521

31,231

19,758

(15,866)

46,710

Operating expenses

(6,814)

(29,821)

(19,094)

(386)

15,866

(40,249)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,533)

(341)

(202)

(7)

(3,083)

Adjusted operating income

2,174

1,069

462

(327)

3,378

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

787

127

(64)

925

Tax on net operating income

(1,365)

(240)

(153)

315

(1,443)

Adjusted net operating income

1,596

956

245

2,860

Net cost of net debt

(57)

Non-controlling interests

(2)

Adjusted net income

2,801

Adjusted fully-diluted earnings per share ($)

1.22

(a) Except for earnings per share.

4^th quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

6,287

875

941

8,152

Total divestments

1,473

157

1,689

Cash flow from operating activities

2,608

3,113

1,627

7,354

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,198

27,417

27,747

60,363

Intersegment sales

7,560

11,931

466

(20,024)

Excise taxes

(1,292)

(4,849)

(6,141)

Revenues from sales

12,758

38,056

23,364

(20,024)

54,222

Operating expenses

(5,763)

(37,230)

(22,742)

(275)

20,024

(45,986)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,496)

(376)

(199)

(11)

(3,082)

Operating income

4,499

450

423

(218)

5,154

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

1,298

(35)

1,354

Tax on net operating income

(2,627)

(107)

(123)

(31)

(2,888)

Net operating income

3,170

384

265

(199)

3,620

Net cost of net debt

(92)

Non-controlling interests

(65)

Net income

3,463

3^rd quarter 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(79)

(512)

(66)

(657)

Depreciation, depletion and amortization of tangible assets and mineral interests

(110)

(12)

(122)

Operating income^(b)

(172)

(524)

(66)

(762)

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

432

(45)

(65)

322

Tax on net operating income

145

167

332

Net operating income^(b)

405

(402)

(111)

(108)

Net cost of net debt

Non-controlling interests

Net income

(95)

^(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

(497)

(66)

On net operating income

(370)

(46)

3^rdquarter 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,181

27,417

27,747

60,346

Intersegment sales

7,560

11,931

466

(20,024)

Excise taxes

(1,292)

(4,849)

(6,141)

Revenues from sales

12,741

38,056

23,364

(20,024)

54,205

Operating expenses

(5,684)

(36,718)

(22,676)

(275)

20,024

(45,329)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,386)

(364)

(199)

(11)

(2,960)

Adjusted operating income

4,671

974

489

(218)

5,916

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

866

1,032

Tax on net operating income

(2,772)

(274)

(143)

(31)

(3,220)

Adjusted net operating income

2,765

786

376

(199)

3,728

Net cost of net debt

(92)

Non-controlling interests

(78)

Adjusted net income

3,558

Adjusted fully-diluted earnings per share ($)

1.56

(a) Except for earnings per share.

3^rd quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

6,923

422

398

7,769

Total divestments

1,924

2,030

Cash flow from operating activities

5,442

1,729

701

(233)

7,639

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2013

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,990

29,613

28,378

(6)

64,975

Intersegment sales

10,218

13,040

388

(23,703)

Excise taxes

(1,337)

(4,871)

(6,208)

Revenues from sales

17,208

41,316

23,895

(23,703)

58,767

Operating expenses

(9,498)

(40,949)

(23,226)

(300)

23,703

(50,270)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,146)

(576)

(201)

(11)

(2,934)

Operating income

5,564

(209)

468

(260)

5,563

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

808

(75)

(38)

707

Tax on net operating income

(3,326)

(386)

(122)

(3,792)

Net operating income

3,046

(670)

308

(206)

2,478

Net cost of net debt

(151)

Non-controlling interests

(93)

Net income

2,234

4^th quarter 2013 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(23)

Intersegment sales

Excise taxes

Revenues from sales

(23)

Operating expenses

(458)

(53)

(511)

Depreciation, depletion and amortization of tangible assets and mineral interests

(172)

(4)

(176)

Operating income^(b)

(23)

(630)

(57)

(710)

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

(202)

(23)

(225)

Tax on net operating income

(279)

(216)

Net operating income^(b)

(19)

(1,111)

(21)

(1,151)

Net cost of net debt

Non-controlling interests

Net income

(1,151)

^(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

(82)

(45)

On net operating income

(66)

(37)

4^thquarter 2013 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

7,013

29,613

28,378

(6)

64,998

Intersegment sales

10,218

13,040

388

(23,703)

Excise taxes

(1,337)

(4,871)

(6,208)

Revenues from sales

17,231

41,316

23,895

(23,703)

58,790

Operating expenses

(9,498)

(40,491)

(23,173)

(300)

23,703

(49,759)

Depreciation, depletion and amortization of tangible assets and mineral interests

(2,146)

(404)

(197)

(11)

(2,758)

Adjusted operating income

5,587

421

525

(260)

6,273

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

808

127

(15)

932

Tax on net operating income

(3,330)

(107)

(181)

(3,576)

Adjusted net operating income

3,065

441

329

(206)

3,629

Net cost of net debt

(151)

Non-controlling interests

(93)

Adjusted net income

3,385

Adjusted fully-diluted earnings per share ($)

1.49

(a) Except for earnings per share.

4^th quarter 2013

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

9,498

956

820

11,317

Total divestments

812

939

Cash flow from operating activities

7,310

1,816

442

9,578

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

23,484

106,124

106,509

236,122

Intersegment sales

29,183

44,950

1,615

236

(75,984)

Excise taxes

(4,850)

(19,254)

(24,104)

Revenues from sales

52,667

146,224

88,870

241

(75,984)

212,018

Operating expenses

(26,235)

(145,014)

(86,931)

(1,092)

75,984

(183,288)

Depreciation, depletion and amortization of tangible assets and mineral interests

(15,938)

(2,901)

(781)

(36)

(19,656)

Operating income

10,494

(1,691)

1,158

(887)

9,074

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

4,302

(140)

178

4,430

Tax on net operating income

(8,799)

391

(344)

(8)

(8,760)

Net operating income

5,997

(1,210)

674

(717)

4,744

Net cost of net debt

(494)

Non-controlling interests

(6)

Net income

4,244

Year 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(164)

(2,980)

(551)

(3,695)

Depreciation, depletion and amortization of tangible assets and mineral interests

(6,529)

(1,450)

(7,979)

Operating income^(b)

(6,662)

(4,430)

(551)

(11,643)

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

883

(282)

(203)

398

Tax on net operating income

1,272

1,013

174

2,459

Net operating income^(b)

(4,507)

(3,699)

(580)

(8,786)

Net cost of net debt

Non-controlling interests

193

Net income

(8,593)

^(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

(2,944)

(525)

On net operating income

(2,114)

(384)

Year 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

23,453

106,124

106,509

236,091

Intersegment sales

29,183

44,950

1,615

236

(75,984)

Excise taxes

(4,850)

(19,254)

(24,104)

Revenues from sales

52,636

146,224

88,870

241

(75,984)

211,987

Operating expenses

(26,071)

(142,034)

(86,380)

(1,092)

75,984

(179,593)

Depreciation, depletion and amortization of tangible assets and mineral interests

(9,409)

(1,451)

(781)

(36)

(11,677)

Adjusted operating income

17,156

2,739

1,709

(887)

20,717

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

3,419

372

178

4,032

Tax on net operating income

(10,071)

(622)

(518)

(8)

(11,219)

Adjusted net operating income

10,504

2,489

1,254

(717)

13,530

Net cost of net debt

(494)

Non-controlling interests

(199)

Adjusted net income

12,837

Adjusted fully-diluted earnings per share ($)

5.63

(a) Except for earnings per share.

Year 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

26,520

2,022

1,818

149

30,509

Total divestments

5,764

192

163

6,190

Cash flow from operating activities

16,666

6,302

2,721

(81)

25,608

BUSINESS SEGMENT INFORMATION

TOTAL

Year 2013

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

26,367

114,483

110,873

251,725

Intersegment sales

37,650

52,275

2,159

177

(92,261)

Excise taxes

(4,814)

(18,942)

(23,756)

Revenues from sales

64,017

161,944

94,090

179

(92,261)

227,969

Operating expenses

(31,875)

(160,031)

(91,343)

(794)

92,261

(191,782)

Depreciation, depletion and amortization of tangible assets and mineral interests

(9,484)

(1,736)

(733)

(41)

(11,994)

Operating income

22,658

177

2,014

(656)

24,193

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

2,688

181

(25)

2,899

Tax on net operating income

(13,706)

(612)

(560)

(29)

(14,907)

Net operating income

11,640

(254)

1,509

(710)

12,185

Net cost of net debt

(664)

Non-controlling interests

(293)

Net income

11,228

Year 2013 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(74)

Intersegment sales

Excise taxes

Revenues from sales

(74)

Operating expenses

(113)

(1,405)

(134)

(1,652)

Depreciation, depletion and amortization of tangible assets and mineral interests

(855)

(184)

(4)

(1,043)

Operating income^(b)

(1,042)

(1,589)

(138)

(2,769)

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

(305)

(268)

(34)

(603)

Tax on net operating income

537

(254)

(45)

327

Net operating income^(b)

(810)

(2,111)

(45)

(79)

(3,045)

Net cost of net debt

Non-controlling interests

(19)

Net income

(3,064)

^(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

(978)

(87)

On net operating income

(656)

(63)

Year 2013 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

26,441

114,483

110,873

251,799

Intersegment sales

37,650

52,275

2,159

177

(92,261)

Excise taxes

(4,814)

(18,942)

(23,756)

Revenues from sales

64,091

161,944

94,090

179

(92,261)

228,043

Operating expenses

(31,762)

(158,626)

(91,209)

(794)

92,261

(190,130)

Depreciation, depletion and amortization of tangible assets and mineral interests

(8,629)

(1,552)

(729)

(41)

(10,951)

Adjusted operating income

23,700

1,766

2,152

(656)

26,962

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

2,993

449

3,502

Tax on net operating income

(14,243)

(358)

(649)

(15,234)

Adjusted net operating income

12,450

1,857

1,554

(631)

15,230

Net cost of net debt

(664)

Non-controlling interests

(274)

Adjusted net income

14,292

Adjusted fully-diluted earnings per share ($)

6.29

(a) Except for earnings per share.

Year 2013

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

29,750

2,708

1,814

159

34,431

Total divestments

5,786

365

186

6,399

Cash flow from operating activities

21,857

4,260

2,557

(161)

28,513

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
						Â
4^th quarter 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		52,487		24		52,511
Excise taxes		(5,777)		-		(5,777)
Revenues from sales		46,710		24		46,734
						Â
Purchases, net of inventory variation		(32,802)		(2,842)		(35,644)
Other operating expenses		(6,836)		5		(6,831)
Exploration costs		(611)		-		(611)
Depreciation, depletion and amortization of tangible assets and mineral interests		(3,083)		(7,817)		(10,900)
Other income		515		225		740
Other expense		(294)		(193)		(487)
						Â
Financial interest on debt		(108)		-		(108)
Financial income from marketable securities & cash equivalents		28		-		28
Cost of net debt		(80)		-		(80)
						Â
Other financial income		219		-		219
Other financial expense		(168)		-		(168)
						Â
Equity in net income (loss) of affiliates		653		(189)		464
						Â
Income taxes	Â	(1,420)	Â	2,142	Â	722
Consolidated net income		2,803		(8,645)		(5,842)
Group share		2,801		(8,459)		(5,658)
Non-controlling interests		2		(186)		(184)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Â
Â
4^th quarter 2013 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		64,998		(23)		64,975
Excise taxes		(6,208)		-		(6,208)
Revenues from sales		58,790		(23)		58,767
						Â
Purchases, net of inventory variation		(41,865)		(127)		(41,992)
Other operating expenses		(7,236)		(384)		(7,620)
Exploration costs		(658)		-		(658)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,758)		(176)		(2,934)
Other income		288		-		288
Other expense		(229)		(217)		(446)
						Â
Financial interest on debt		(217)		-		(217)
Financial income from marketable securities & cash equivalents		26		-		26
Cost of net debt		(191)		-		(191)
						Â
Other financial income		172		-		172
Other financial expense		(151)		-		(151)
						Â
Equity in net income (loss) of affiliates		852		(8)		844
						Â
Income taxes	Â	(3,536)	Â	(216)	Â	(3,752)
Consolidated net income		3,478		(1,151)		2,327
Group share		3,385		(1,151)		2,234
Non-controlling interests		93		-		93
						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	Â		Â		Â
						Â
						Â
Year 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		236,091		31		236,122
Excise taxes		(24,104)		-		(24,104)
Revenues from sales		211,987		31		212,018
						Â
Purchases, net of inventory variation		(149,506)		(3,469)		(152,975)
Other operating expenses		(28,123)		(226)		(28,349)
Exploration costs		(1,964)		-		(1,964)
Depreciation, depletion and amortization of tangible assets and mineral interests		(11,677)		(7,979)		(19,656)
Other income		1,272		1,305		2,577
Other expense		(700)		(254)		(954)
						Â
Financial interest on debt		(748)		-		(748)
Financial income from marketable securities & cash equivalents		108		-		108
Cost of net debt		(640)		-		(640)
						Â
Other financial income		821		-		821
Other financial expense		(676)		-		(676)
						Â
Equity in net income (loss) of affiliates		3,315		(653)		2,662
						Â
Income taxes	Â	(11,073)	Â	2,459	Â	(8,614)
Consolidated net income		13,036		(8,786)		4,250
Group share		12,837		(8,593)		4,244
Non-controlling interests		199		(193)		6
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Â
Â
Year 2013 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		251,799		(74)		251,725
Excise taxes		(23,756)		-		(23,756)
Revenues from sales		228,043		(74)		227,969
						Â
Purchases, net of inventory variation		(159,784)		(1,065)		(160,849)
Other operating expenses		(28,177)		(587)		(28,764)
Exploration costs		(2,169)		-		(2,169)
Depreciation, depletion and amortization of tangible assets and mineral interests		(10,951)		(1,043)		(11,994)
Other income		647		1,643		2,290
Other expense		(574)		(2,226)		(2,800)
						Â
Financial interest on debt		(889)		-		(889)
Financial income from marketable securities & cash equivalents		85		-		85
Cost of net debt		(804)		-		(804)
						Â
Other financial income		696		-		696
Other financial expense		(702)		-		(702)
						Â
Equity in net income (loss) of affiliates		3,435		(20)		3,415
						Â
Income taxes	Â	(15,094)	Â	327	Â	(14,767)
Consolidated net income		14,566		(3,045)		11,521
Group share		14,292		(3,064)		11,228
Non-controlling interests		274		19		293
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.
Capital : 5Â 963Â 168 812,50 â‚¬
542 051 180 R.C.S. Nanterre

www.total.com

Total
Martin DEFFONTAINES
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Magali PAILHE
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
or
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France

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