TOTAL SA: Second Quarter and First Half 2013 R...

TOTAL SA: Second Quarter and First Half 2013 Results1

TOTAL

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

 
    2Q13  

Change
vs 2Q12

  1H13  

Change
vs 1H12

       

Adjusted net income2

 

-- in billion euros (B€)

2.7 -3% 5.6 -5%

-- in billion dollars (B$)

3.5 -1% 7.3 -4%
 
-- in euros per share 1.19 -4% 2.45 -6%
-- in dollars per share 1.55 -2% 3.22 -4%
 
                 
 

Net income3 of 2.5 B€ in 2Q13 and 4.1 B€ in 1H13
Net-debt-to-equity ratio of 27.6 % at June 30, 2013
Hydrocarbon production of 2,290 kboe/d in 2Q13
Interim dividend for 2Q13 of 0.59 €/share payable in December 20134

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

« With adjusted net income of 2.7 billion euros this quarter, the Group demonstrated its strong resilience in the Upstream despite lower hydrocarbon prices.

The restart of production at Elgin/Franklin in the UK and the first cargo from Angola LNG were notable events of the quarter. Regarding our Upstream projects, the launch of the Egina deep-offshore project and the progress on Yamal LNG illustrate our ability to prepare for the future in a sustainable manner by developing competitive and diverse projects. In this way, the Group expects to benefit from an extended series of start-ups over the next several years.

The Downstream reaped the initial benefits of the restructuring program even though further changes are still necessary to strengthen our position. The modernization of the Antwerp platform announced this quarter is yet another step in this program and demonstrates again that our economic performance is inextricably linked with our social and environmental commitments. »

  • Key figures5
 
2Q13   1Q13   2Q12   2Q13
vs
2Q12		  

in millions of euros
except earnings per share and number of shares

  1H13   1H12   1H13
vs
1H12
46,973   48,130   49,135   -4%   Sales   95,103   100,303   -5%
5,084   5,779   5,698   -11%   Adjusted operating income from business segments   10,863   12,486   -13%
3,025   3,114   3,060   -1%   Adjusted net operating income from business segments   6,139   6,322   -3%
2,325   2,466   2,505   -7%  

-- Upstream

  4,791   5,562   -14%
370   383   378   -2%  

-- Refining & Chemicals

  753   442   +70%
330   265   177   +86%  

-- Marketing & Services

  595   318   +87%
2,699   2,863   2,791   -3%   Adjusted net income   5,562   5,871   -5%
1.19   1.26   1.23   -4%   Adjusted fully-diluted earnings per share (euros)   2.45   2.59   -6%
2,274   2,269   2,264   -   Fully-diluted weighted-average shares (millions)   2,272   2,264   -
2,537   1,537   1,518   +67%   Net income (Group share)   4,074   5,186   -21%
5,712   5,984   4,964   +15%  

Investments6

  11,696   10,904   +7%
1,334   616   980   +36%   Divestments   1,950   2,670   -27%
4,378   5,368   3,984   +10%   Net investments   9,746   8,234   +18%
3,706   3,718   6,167   -40%   Cash flow from operations   7,424   11,434   -35%
5,019   5,209   4,768   +5%   Adjusted cash flow from operations   10,228   9,863   +4%
                             
2Q13   1Q13   2Q12   2Q13
vs
2Q12		  

in millions of dollars7
except earnings per share and number of shares

  1H13   1H12   1H13
vs
1H12
61,356   63,560   62,962   -3%   Sales   124,908   130,043   -4%
6,641   7,632   7,301   -9%   Adjusted operating income from business segments   14,267   16,188   -12%
3,951   4,112   3,921   +1%   Adjusted net operating income from business segments   8,063   8,196   -2%
3,037   3,257   3,210   -5%  

-- Upstream

  6,292   7,211   -13%
483   506   484   -  

-- Refining & Chemicals

  989   573   +73%
431   350   227   +90%  

-- Marketing & Services

  781   412   +90%
3,525   3,781   3,576   -1%   Adjusted net income   7,305   7,612   -4%
1.55   1.67   1.58   -2%   Adjusted fully-diluted earnings per share (dollars)   3.22   3.36   -4%
2,274   2,269   2,264   -   Fully-diluted weighted-average shares (millions)   2,272   2,264   -
3,314   2,030   1,945   +70%   Net income (Group share)   5,351   6,724   -20%
7,461   7,902   6,361   +17%   Investments6   15,362   14,137   +9%
1,742

 

813

  1,256   +39%   Divestments   2,561   3,462   -26%
5,719

 

7,089

  5,105   +12%   Net investments   12,800   10,675   +20%
4,841

 

4,910

  7,902   -39%   Cash flow from operations   9,751   14,824   -34%
6,556

 

6,879

  6,110   +7%   Adjusted cash flow from operations   13,433   12,787   +5%
  • Highlights since the beginning of the second quarter 2013
    • Start-up of Angola LNG, in which the Group has a 13.6% interest
    • Closing the sale of a 25% interest in the Tempa Rossa field in Italy in the Upstream and the sale of the fertilizer business in Europe in the Downstream
    • Signed a framework agreement with Qatar Petroleum International (QPI) whereby QPI will acquire a 15% stake in Total E&P Congo
    • Launched the development of Egina in deep-offshore Nigeria
    • Encountered a horizon of high-quality oil during exploration drilling in offshore block CI-100 in Ivory Coast
    • Expanded exploration acreage, notably with 10 new exploration licenses in Brazil
    • Launched a project to modernize the Antwerp refining and petrochemical platform
    • Completed the modernization of the Port Arthur steam cracker in the United States to capitalize on competitively priced ethane
  • Second quarter 2013 results

> Operating income from business segments

In the second quarter 2013, the Brent price averaged 102.4 $/b, a decrease of 5% compared to the second quarter 2012. The European refining margin indicator (ERMI) averaged 24 $/t, a decrease of 37% compared to the second quarter 2012. The environment for petrochemicals was stable in Europe and improved slightly in the United States compared to the same period last year.

The euro-dollar exchange rate averaged 1.31 $/€ in the second quarter 2013, compared to 1.28 $/€ in the second quarter 2012.

In this environment, the adjusted operating income8 from business segments was 5,084 M€, a decrease of 11% compared to the second quarter 2012. Expressed in dollars, the decrease was 9%.

The effective tax rate9 for the business segments was 53.5% in the second quarter 2013 compared to 55.5% in the second quarter 2012, essentially due to an increased contribution of Downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,025 M€ for the second quarter 2013 compared to 3,060 M€ in the second quarter 2012, a decrease of 1%.

Expressed in dollars, the adjusted net operating income from the business segments was 4.0 B$, an increase of 1% compared to the second quarter 2012. This increase is the result of an increased contribution from Marketing & Services being partially offset by a lower contribution from the Upstream.

> Net income (Group share)

Adjusted net income was 2,699 M€ in the second quarter 2013 compared to 2,791 M€ in the second quarter 2012, a decrease of 3%. Expressed in dollars, adjusted net income decreased by 1%.

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 400 M€ in the second quarter 2013 and a negative impact of 959 M€ in the second quarter 2012.
  • Changes in fair value had a negative impact on net income of 24 M€ in the second quarter 2013 compared to a positive impact of 9 M€ in the second quarter 2012.
  • Special items11 had a positive impact on net income of 262 M€ in the second quarter 2013, comprised essentially of gains relating to the sale of Upstream assets in Italy. In the second quarter 2012, special items had a negative impact of 323 M€.

Net income (Group share) was 2,537 M€ compared to 1,518 M€ in the second quarter 2012.

The effective tax rate for the Group was 55.6% in the second quarter 2013.

Adjusted fully-diluted earnings per share, based on 2,274 million fully-diluted weighted-average shares, was €1.19, compared to €1.23 in the second quarter 2012, a decrease of 4%.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 2% to $1.55 per share.

> Investments – Divestments12

Investments, excluding acquisitions and including changes in non-current loans, were 4.9 B€ (6.5 B$) in the second quarter 2013, compared to 4.4 B€ (5.6 B$) in the second quarter 2012.

Acquisitions were 500 M€ in the second quarter 2013, comprised essentially of the acquisition of an additional stake in Novatek, the carry agreement for the liquids-rich Utica gas field in the United States, and bonus payments for exploration permits.

Asset sales in the second quarter 2013 increased to 1,061 M€, including mainly the sale of an interest in the Tempa Rossa field in Italy.

Net investments13 were 4.4 B€ (5.7 B$) in the second quarter 2013 compared to 4.0 B€ (5.1 B$) in the second quarter 2012.

> Cash flow

Cash flow from operations was 3,706 M€ in the second quarter 2013, compared to 6,167 M€ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

Adjusted cash flow from operations14 was 5,019 M€, an increase of 5% compared to the second quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.6 B$, an increase of 7% compared to the second quarter 2012.

The Group’s net cash flow15 was negative 672 M€ in the second quarter 2013, compared to positive 2,183 M€ in the second quarter 2012. Expressed in dollars, the Group’s net cash flow was negative 0.9 B$ in the second quarter 2013, compared to positive 2.8 B$ in the second quarter 2012. This decrease was mainly due to changes in the working capital of the Upstream between the two periods.

  • First half 2013 results

> Operating income from business segments

Compared to the first half 2012, the average Brent price decreased by 5% to 107.5 $/b in the first half 2013. The European refining margin indicator (ERMI) averaged 25.5 $/t compared to 29.5 $/t in the first half 2012, a decrease of 14%. During the same period, however, the petrochemicals environment on balance improved in Europe and the United States.

The euro-dollar exchange rate averaged 1.31 $/€ compared to 1.30 $/€ in the first half 2012.

In this environment, the adjusted operating income from the business segments was 10,863 M€, a decrease of 13% compared to the first half 201216.

The effective tax rate for the business segments was 55.9% in the first half 2013 compared to 58.0% in the first half 2012.

Adjusted net operating income from the business segments was 6,139 M€ compared to 6,322 M€ in the first half 2012, a decrease of 3%.

Expressed in dollars, adjusted net operating income from the business segments decreased by 2%. This decrease is mainly due to a decrease in Upstream results which was almost completely offset by an increased contribution from the Downstream.

> Net income (Group share)

Adjusted net income was 5,562 M€ in the first half 2013, compared to 5,871 M€ in the first half 2012, a decrease of 5%. Expressed in dollars, adjusted net income decreased by 4%.

Adjusted net income excludes the after-tax inventory effect, special items and the effect of changes in fair value17:

  • The after-tax inventory effect had a negative impact on net income of 451 M€ in the first half 2013 and a negative impact of 369 M€ in the first half 2012.
  • Changes in fair value had a negative impact on net income of 23 M€ in the first half 2013 and a negative impact of 11 M€ in the first half 2012.
  • Special items had a negative impact on net income of 1,014 M€ in the first half 2013, mainly due to a loss on the sale of the Group’s interest in the Voyageur upgrader project in Canada, which was partially offset by a gain on the sale of an Upstream asset in Italy. Special items had a negative impact on net income of 305 M€ in the first half 2012.

Net income (Group share) was 4,074 M€ compared to 5,186 M€ in the first half 2012.

On June 30, 2013, there were 2,277 million fully-diluted shares compared to 2,264 million on June 30, 2012.

Adjusted fully-diluted earnings per share, based on 2,272 million fully-diluted weighted-average shares, was €2.45, a decrease of 6% compared to the first half 2012.

Expressed in dollars, adjusted fully-diluted earnings per share was $3.22 compared to $3.36 in the first half 2012, a decrease of 4%.

> Investments – divestments18

Investments, excluding acquisitions and including changes in non-current loans, were 9.8 B€ (12.9 B$) in the first half 2013, compared to 8.3 B€ (10.7 B$) in the first half 2012.

Acquisitions were 1.4 B€ (1.9 B$) in the first half 2013, comprised mainly of the acquisition of an additional 6% interest in the Ichthys project in Australia, an additional 0.7% stake in Novatek19, the carry agreement for the liquids-rich Utica gas project in the United States, and bonus payments for exploration permits.

Asset sales in the first half 2013 were 1.5 B€ (1.9 B$)20, comprised mainly of the sale of an interest in the Tempa Rossa field in Italy and all of the Group’s 49% interest in the Voyageur upgrader project in Canada.

Net investments were 9.7 B€ (12.8 B$) in the first half 2013, compared to 8.2 B€ (10.7 B$) in the first half 2012.

> Cash flow

Cash flow from operations was 7,424 M€ in the first half 2013, a decrease of 35% compared to the first half 2012, mainly due to an unfavorable change in working capital.

Adjusted cash flow from operations21 was 10,228 M€, an increase of 4%. Expressed in dollars, adjusted cash flow from operations was 13.4 B$, an increase of 5%.

The Group’s net cash flow22 was negative 2,322 M€ in the first half 2013, compared to positive 3,200 M€ in the first half 2012. Expressed in dollars, the Group’s net cash flow was negative 3.0 B$ in the first half 2013.

The net-debt-to-equity ratio was 27.6% on June 30, 2013, compared to 21.9% on June 30, 201223.

  • Analysis of business segment results

Upstream

Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.

> Environment – liquids and gas price realizations*

 
2Q13   1Q13   2Q12   2Q13
vs
2Q12		       1H13   1H12   1H13
vs
1H12
102.4   112.6   108.3   -5%   Brent ($/b)   107.5   113.6   -5%
96.6   106.7   101.6   -5%   Average liquids price ($/b)   101.7   108.3   -6%
6.62   7.31   7.10   -7%   Average gas price ($/Mbtu)   6.97   7.10   -2%
69.8   77.4   76.0   -8%   Average hydrocarbon price ($/boe)   73.6   79.0   -7%

* consolidated subsidiaries, excluding fixed margins.

> Production

 
2Q13   1Q13   2Q12   2Q13
vs
2Q12		   Hydrocarbon production   1H13   1H12   1H13
vs
1H12
2,290   2,323   2,261   +1%   Combined production (kboe/d)   2,306   2,317   -
1,160   1,193   1,218  

-5%

 

-- Liquids (kb/d)

  1,176   1,224   -4%
6,169   6,137   5,722   +8%  

-- Gas (Mcf/d)

  6,153   5,974   +3%

Hydrocarbon production was 2,290 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2013, an increase of 1% compared to the second quarter 2012, essentially as a result of:

  • +2% for growth from new projects,
  • -3% for normal decline and scheduled maintenance,
  • +2% for the restart of production from Elgin/Franklin in the UK North Sea and from Ibewa in Nigeria,
  • Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria this quarter.

In the first half 2013, hydrocarbon production was 2,306 kboe/d, stable compared to the first half 2012, essentially as a result of:

  • +3% for growth from new projects,
  • -2% for normal decline and scheduled maintenance,
  • -1% for incidents in 2012 in the UK North Sea and in Nigeria,
  • Overall, increased production relating to the improvement of security conditions in Yemen was offset by increased theft and acts of sabotage in Nigeria during the first half of 2013.

Results

2Q13   1Q13   2Q12   2Q13
vs
2Q12		   in millions of euros   1H13   1H12   1H13
vs
1H12
4,308   4,960   4,948   -13%   Adjusted operating income*   9,268   11,456   -19%
2,325   2,466   2,505   -7%   Adjusted net operating income *   4,791   5,562   -14%
527   633   433   +22%  
  • includes income from equity affiliates
  1,160   928   +25%
                             
5,056   5,255   4,227   +20%   Investments   10,311   9,533   +8%
1,112   543   234   x5   Divestments   1,655   982   +69%
2,128   4,150   5,298   -60%   Cash flow from operating activities   6,278   11,064   -43%
4,283   4,186   3,994   +7%   Adjusted cash flow   8,469   8,707   -3%

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

Adjusted net operating income from the Upstream segment was 2,325 M€ in the second quarter 2013 compared to 2,505 M€ in the second quarter 2012, a decrease of 7%. Expressed in dollars, the decrease of 5% is explained principally by the change in hydrocarbon prices between the two periods.

The effective tax rate for the Upstream segment was 58.3% in the second quarter 2013, basically identical to that in the second quarter 2012.

Adjusted net operating income from the Upstream segment in the first half 2013 was 4,791 M€ compared to 5,562 M€ in the first half 2012, a decrease of 14%. Expressed in dollars, adjusted net operating income from the Upstream segment was 6,292 M$, a decrease of 13% compared to the first half 2012, explained principally by a decrease in average hydrocarbon prices and an increase in technical costs between the two periods.

The return on average capital employed (ROACE24) for the Upstream segment was 16% for the twelve months ended June 30, 2013, compared to 17% for the twelve months ended March 31, 2013, and 18% for the full year 2012.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q13   1Q13   2Q12   2Q13
vs
2Q12		       1H13   1H12   1H13
vs
1H12
1,772   1,763   1,878   -6%   Total refinery throughput (kb/d)   1,769   1,855   -5%
729   627   752   -3%  

-- France

  678   722   -6%
781 866 876 -11%

-- Rest of Europe

824 878 -6%
262   270   250   +5%  

-- Rest of world

  267   255   +5%
                Utlization rates**            
83% 83% 86%

-- Based on crude only

83% 84%
87%   86%   90%      

-- Based on crude and other feedstock

  86%   89%    

* 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 second quarter 2013, refinery throughput decreased by 6% compared to the second quarter 2012. The decrease was mainly due to scheduled turnaround at Antwerp and maintenance at Donges this quarter, as well as the closure of the Rome refinery at the end of the third quarter 2012.

In the first half 2013, refinery throughput decreased by 5% compared to the first half 2012, reflecting essentially scheduled turnarounds at the Antwerp and Normandy platforms in 2013, increased maintenance at Donges, as well as the closure of the Rome refinery at the end of the third quarter 2012.

> Results

2Q13   1Q13   2Q12   2Q13
vs
2Q12		   in millions of euros
(except the ERMI)		   1H13   1H12   1H13 vs 1H12
24.1   26.9   38.2   -37%   European refining margin

indicator - ERMI ($/t)

  25.5   29.5   -14%
                             
357   410   458   -22%   Adjusted operating income*   767   415   +85%
370   383   378   -2%   Adjusted net operating income*   753   442   +70%
113   90   100   +13%  
  • contribution of specialty chemicals**
  203   191   +6%
                             
382   533   501   -24%   Investments   915   930   -2%
208   27   7   x30   Divestments   235   148   +59%
1,303   (288)   625   x2   Cash flow from operating activities   1,015   589   +72%
572   563   599   -5%   Adjusted cash flow   1,135   727   +56%

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

The European refining margin indicator (ERMI) averaged 24.1 $/t in the second quarter 2013, a decrease of 37% compared to the average of the second quarter 2012. Petrochemical margins were on balance stable in Europe and continued to improve in the United States compared to the same period last year.

Adjusted net operating income from the Refining & Chemicals segment was 370 M€ in the second quarter 2013, compared to 378 M€ in the second quarter 2012. Expressed in dollars, adjusted net operating income was 483 M$, stable compared to the same period last year. A more favorable petrochemicals environment in the United States and the initial benefits of the efficiencies and synergies program compensated for lower utilization rates and less favorable refining margins.

Adjusted net operating income from the Refining & Chemicals segment in the first half 2013 was 753 M€, an increase of 70% compared to the first half 2012. Expressed in dollars, adjusted net operating income was 989 M$, an increase of 73% compared to the first half 2012, even while refining margins were declining. This increase was mainly due to an improved petrochemicals environment and the initial benefits of the efficiencies and synergies program.

The ROACE for the Refining & Chemicals segment was 11% for the twelve months ended June 30, 2013, compared to 10% for the twelve months ended March 31, 2013, and 9% for the full year 2012.

Marketing & Services

Effective July 1, 2012, Marketing & Services now includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

> Refined product sales

2Q13   1Q13   2Q12   2Q13
vs
2Q12		  

Sales in kb/d*

  1H13   1H12   1H13 vs 1H12
1,150   1,108   1,166   -1%   Europe   1,129   1,189   -5%
633   607   524   +21%   Rest of world   620   526   +18%
1,783   1,715   1,690   +6%   Total sales volumes   1,749   1,715   +2%

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

In the second quarter 2013, sales increased by 6% compared to the second quarter 2012. This increase was driven by sales outside Europe, particularly sales in the Americas, Africa and Asia.

Sales volumes for the first half 2013 increased by 2% compared to first half 2012, mainly due to growth outside Europe, particularly in the Americas, Africa and Asia. Sales volumes in Europe declined by 5%, notably due to lower sales volumes in Italy in connection with the closure of the Rome refinery.

> Results

2Q13   1Q13   2Q12   2Q13
vs
2Q12		   in millions of euros   1H13   1H12   1H13
vs
1H12
20,561   20,999   21,519   -4%   Sales   41,560   43,371   -4%
419   409   292   +43%   Adjusted operating income*   828   615   +35%
330   265   177   +86%   Adjusted net operating income*   595   318   +87%
-   (13)   (59)   na  
  • contribution of New Energies
  (13)   (175)   na
                             
242   187   212   +14%   Investments   429   410   +5%
12   38   20   -40%   Divestments   50   65   -23%
414   (93)   (140)   na   Cash flow from operating activities   321   (584)   na
525   434   367   +43%   Adjusted cash flow   959   637   +51%

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

Marketing & Services sales were 20.6 B€, a decline of 4% compared to the second quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 330 M€ in the second quarter 2013, an increase of 86% compared to the second quarter 2012, mainly due to increased sales volumes of refined products and an improved contribution from New Energies.

Adjusted net operating income from the Marketing & Services segment was 595 M€ in the first half 2013, an increase of 87% compared to the first half 2012. This increase was mainly due to an improved contribution from New Energies (which was negative in first half 2012) and an overall improvement in the Marketing division, particularly in emerging markets.

The ROACE for the Marketing & Services segment was 14% for the twelve months ended June 30, 2013, compared to 13% for the twelve months ended March 31, 2013, and 12% for the full-year 2012.

  • TOTAL S.A. parent company accounts

Net income for TOTAL S.A., the parent company, was 3,876 M€ in the first half 2013, compared to 3,116 M€ in the first half 2012.

  • Summary and outlook

The ROACE for the Group for the twelve months ended June 30, 2013, was 15% compared to 15% for the twelve months ended March 31, 2013, and 16% for the full year 2012.

Return on equity for the twelve months ended June 30, 2013, was 17%.

The second half of 2013 will be highlighted by Total’s progress on executing its major projects. In the Upstream, following the recent start-up of Angola LNG, the Group should see first oil from the giant Kashagan project in Kazakhstan, as well as benefit from gas and liquids production from the extension of OML 58 in Nigeria. In addition, following the launch of two new deep-offshore projects in 2013, Moho Nord in Congo and Egina in Nigeria, the Group is studying the launch of two additional major projects before year-end: the long-plateau projects of Yamal LNG in Russia and the Fort Hills mining project in Canada.

In the downstream, the commissioning of the Satorp platform in Jubail should be completed by year-end. Together with its partner Saudi Aramco, Total should have one of the most modern and competitive refining and petrochemicals platforms in the world.

At the same time, the Group continues to optimize its portfolio through its asset sale program with, notably, the pending closings of the sale of TIGF in France and the sale of block OML 138 in Nigeria. Based on agreements signed and in negotiation, the Group is confident in its ability to achieve its target of 15-20 B$ in asset sales during 2012-14.

As approved by the Board of Directors on April 25, 2013, Total will pay a first quarter 2013 interim dividend of 0.59 €/share on September 27, 2013.25

At the end of September, the Group will present its strategy and outlook at its annual Investors Day, a part of which will be dedicated to CSR topics.

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)203 367 9457 in Europe or +1 855 402 7764 in the United States. For a replay, please consult the website or call +44(0)203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 282 163).

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 the Total website www.total.com or upon request at the company’s headquarters.

This press release presents the first half 2013 results from the consolidated financial statements of TOTAL S.A. as of June 30, 2013. The notes to these consolidated financial statements are available on the TOTAL website www.total.com.

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

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States 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. 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 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
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.

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.

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 – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

 

Total

Tel. : (33) 1 47 44 58 53
Fax : (33) 1 47 44 58 24
Martin DEFFONTAINES
Matthieu GOT
Karine KACZKA
Magali PAILHE
or
Robert HAMMOND (U.S.)
Robert PERKINS (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
 
 

Operating information by segment
for second quarter and first half 2013

  • Upstream
2Q13   1Q13   2Q12   2Q13 vs 2Q12   Combined liquids and gas production by region (kboe/d)   1H13   1H12   1H13 vs 1H12
383   392   429   -11%   Europe   388   464   -16%
688 692 706 -3% Africa 690 707 -2%
527 542 477 +10% Middle East 535 494 +8%
70 71 69 +1% North America 71 69 +3%
171 172 187 -9% South America 172 185 -7%
229 236 213 +8% Asia-Pacific 232 213 +9%
222   218   180   +23%   CIS   218   185   +18%
2,290   2,323   2,261   +1%   Total production   2,306   2,317   -
678   681   578   +17%   Includes equity affiliates   679   603   +13%
2Q13   1Q13   2Q12   2Q13 vs 2Q12   Liquids production by region (kboe/d)   1H13   1H12   1H13 vs 1H12
154   166   199   -23%   Europe   160   212   -25%
542 552 573 -5% Africa 547 570 -4%
320 329 310 +3% Middle East 324 305 +6%
27 27 25 +8% North America 27 25 +8%
55 57 60 -8% South America 56 61 -8%
29 31 25 +16% Asia-Pacific 30 25 +20%
33   31   26   +27%   CIS   32   26   +23%
1,160   1,193   1,218   -5%   Total production   1,176   1,224   -4%
323   325   311   +4%   Includes equity affiliates   324   305   +6%
2Q13   1Q13   2Q12   2Q13 vs 2Q12   Gas production by region (Mcf/d)   1H13   1H12   1H13 vs 1H12
1,285   1,215   1,264   +2%   Europe   1,250   1,378   -9%
741 707 674 +10% Africa 724 702 +3%
1,105 1,165 916 +21% Middle East 1,135 1,029 +10%
242 250 253 -4% North America 246 249 -1%
649 637 759 -14% South America 643 711 -10%
1,121 1,151 1,019 +10% Asia-Pacific 1,136 1,046 +9%
1,026   1,012   837   +23%   CIS   1,019   859   +19%
6,169   6,137   5,722   +8%   Total production   6,153   5,974   +3%
1,900   1,922   1,445   +31%   Includes equity affiliates   1,911   1,609   +19%
2Q13   1Q13   2Q12   2Q13 vs 2Q12   Liquefied natural gas   1H13   1H12   1H13 vs 1H12
2.86   2.90   2.55   +12%   LNG sales* (Mt)   5.76   5.77   -

* Sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient

  • Downstream (Refining & Chemicals and Marketing & Services)
2Q13   1Q13   2Q12   2Q13vs 2Q12   Refined product sales by region (kb/d)*   1H13   1H12   1H13vs 1H12
1,973   1,978   2,060   -4%   Europe   1,975   2,064   -4%
442 448 401 +10% Africa 445 397 +12%
544 481 509 +7% Americas 513 475 +8%
520   505   508   +2%   Rest of world   513   538   -5%
3,479   3,412   3,478   -   Total consolidated sales   3,446   3,473   -1%
534   521   542   -1%   Includes bulk sales   528   522   +1%
1,162   1,176   1,246   -7%   Includes trading   1,169   1,236   -5%

* includes share of TotalErg.

Adjustment items

  • Adjustments to operating income
2Q13   1Q13   2Q12   in millions of euros   1H13   1H12
(37)   (6)   (89)   Special items affecting operating income   (43)   (154)
-   (2)   (48)  

-- Restructuring charges

  (2)   (48)
- (4) -

-- Impairments

(4) -
(37)   -   (41)  

-- Other

  (37)   (106)
(581)   (88)   (1,384)   Pre-tax inventory effect : FIFO vs. replacement cost   (669)   (538)
(32)   2   11   Effect of changes in fair value   (30)   (14)
                     
(650)   (92)   (1,462)   Total adjustments affecting operating income   (742)   (706)
  • Adjustments to net income (Group share)
2Q13   1Q13   2Q12   in millions of euros   1H13   1H12
262   (1,276)   (323)   Special items affecting operating income

(Group share)

  (1,014)   (305)
287   (1,247)   73  

-- Gain (loss) on asset sales

  (960)   153
-   (26)   (40)  

-- Restructuring charges

  (26)   (40)
- (3) (18)

-- Impairments

(3) (38)
(25)   -   (338)  

-- Other

  (25)   (380)
(400)   (51)   (959)   After-tax inventory effect: FIFO vs. replacement cost   (451)   (369)
(24)   1   9   Effect of changes in fair value   (23)   (11)
                     
(162)   (1,326)   (1,273)   Total adjustments affecting net income   (1,488)   (685)

Effective tax rates

2Q13   1Q13   2Q12   Effective tax rate*   1H13   1H12
58.3%   62.7%   58.4%   Upstream   60.6%   59.9%
55.6%   58.8%   56.5%   Group   57.3%   58.8%

* 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

2Q13   1Q13   2Q12   2Q13 vs 2Q12   in millions of euros   1H13   1H12   1H13 vs 1H12
4,939   4,854   4,381   +13%   Investments excluding acquisitions*   9,793   8,254   +19%
397 362 319 +24%
  • Capitalized exploration
759 669 +13%
9   277   231   -96%  
  • Change in non-current loans**
  286   390   -27%
500   934   437   +14%   Acquisitions   1,434   2,270   -37%
5,439   5,788   4,818   +13%   Investments including acquisitions*   11,227   10,523   +7%
1,061   420   834   +27%   Asset sales   1,481   2,289   -35%
4,378   5,368   3,984   +10%   Net investments**   9,746   8,234   +18%
2Q13   1Q13   2Q12   2Q13 vs 2Q12   in millions of dollars***   1H13   1H12   1H13 vs 1H12
6,451   6,410   5,614   +15%   Investments excluding acquisitions*   12,862   10,701   +20%
519 478 409 +27%
  • Capitalized exploration
997 867 +15%
12   366   296   -96%  
  • Change in non-current loans**
  376   506   -26%
653   1,233   560   +17%   Acquisitions   1,883   2,943   -36%
7,104   7,644   6,174   +15%   Investments including acquisitions*   14,746   13,643   +8%
1,386   555   1,069   +30%   Asset sales   1,945   2,968   -34%
5,719   7,089   5,105   +12%   Net investments**   12,800   10,675   +20%

* Includes changes in non-current loans.
** Includes net investments in equity affiliates and non-consolidated companies + net financing for employee-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   06/30/2013   03/31/2013   06/30/2012
Current borrowings   10,030   10,739   10,642
Net current financial assets (465) (535) (1,552)
Net financial assets classified as held for sale 775 682 -
Non-current financial debt 22,595 22,875 23,260
Hedging instruments of non-current debt (1,306) (1,472) (1,886)
Cash and cash equivalents   (11,558)   (13,415)   (14,998)
Net debt   20,071   18,874   15,466
             
Shareholders’ equity 72,461 73,846 70,665
Estimated dividend payable (1,313) (2,666) (1,299)
Non-controlling interests   1,701   1,785   1,256
Equity   72,849   72,965   70,622
             
Net-debt-to-equity ratio   27.6%   25.9%   21.9%

2013 Sensitivities*

    Scenario   Change   Impact on adjusted operating income (e)   Impact on adjusted net operating income (e)
Dollar   1.30 $/€   +0.1 $ per €   -2.2 B€   -0.95 B€
Brent   100 $/b   +1 $/b   +0.24 B€ / 0.31 B$   +0.11 B€ / 0.14 B$
European refining margins (ERMI)   30 $/t   +1 $/t   +0.08 B€ / 0.1 B$   +0.05 B€ / 0.06 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions of the Group’s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.

The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.

Return on average capital employed

  • Twelve months ended June 30, 2013
in millions of euros   Upstream   Refining & Chemicals   Marketing & Services   Group
Adjusted net operating income   10,374   1,687   1,107 12,679
Capital employed at 06/30/2012* 58,668 16,014 8,003 83,729
Capital employed at 06/30/2013*   69,644   15,998   7,511 90,858
ROACE   16.2%   10.5%   14.3% 14.5%
  • Twelve months ended March 31, 2013
in millions of euros   Upstream   Refining & Chemicals   Marketing & Services   Group
Adjusted net operating income   10,554   1,695   954 12,764
Capital employed at 03/31/2012* 57,382 15,790 7,485 82,009
Capital employed at 03/31/2013*   67,187   17,096   7,503 90,694
ROACE   16.9%   10.3%   12.7% 14.8%
  • Full-year 2012
in millions of euros   Upstream   Refining & Chemicals   Marketing & Services   Group
Adjusted net operating income   11,145   1,376   830 12,927
Capital employed at 12/31/2011* 56,910 15,454 6,852 79,976
Capital employed at 12/31/2012*   63,862   15,726   6,986 84,152
ROACE   18.5%   8.8%   12.0% 15.8%

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

Total financial statements
______________________
Second quarter 2013 consolidated accounts, IFRS

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

2013

  1st quarter

2013

  2nd quarter

2012

Sales 46,973 48,130 49,135
Excise taxes (4,469) (4,196) (4,559)
Revenues from sales 42,504 43,934 44,576
Purchases, net of inventory variation (30,344) (30,530) (32,294)
Other operating expenses (5,635) (5,352) (5,927)
Exploration costs (272) (307) (269)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,941) (2,160) (2,028)
Other income 352 31 225
Other expense (94) (1,532) (451)
Financial interest on debt (182) (169) (170)
Financial income from marketable securities & cash equivalents 14 22 24
Cost of net debt (168) (147) (146)
Other financial income 157 103 209
Other financial expense (137) (128) (118)
Equity in net income (loss) of affiliates 609 718 436
Income taxes   (2,456)   (3,042)   (2,668)
Consolidated net income   2,575   1,588   1,545
Group share 2,537 1,537 1,518
Non-controlling interests   38   51   27
Earnings per share (€)   1.12   0.68   0.67
Fully-diluted earnings per share (€)   1.12   0.68   0.67
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL  
(unaudited)
 
(M€)   2nd quarter

2013

  1st quarter

2013

  2nd quarter

2012

Consolidated net income   2,575   1,588   1,545
Other comprehensive income
 
Actuarial gains and losses (188) 169 (422)
Tax effect   72   (66)   158
Items not potentially reclassifiable to profit and loss   (116)   103   (264)
Currency translation adjustment (1,111) 951 2,337
Available for sale financial assets 6 (4) (93)
Cash flow hedge 61 11 (67)
Share of other comprehensive income of equity affiliates, net amount (430) 94 (57)
Other - (8) (7)
Tax effect   (25)   (2)   46
Items potentially reclassifiable to profit and loss   (1,499)   1,042   2,159
Total other comprehensive income (net amount)   (1,615)   1,145   1,895
             
Comprehensive income   960   2,733   3,440
- Group share 978 2,649 3,363
- Non-controlling interests (18) 84 77
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
(unaudited)
 
(M€) (a)   1st half

2013

  1st half

2012

Sales 95,103 100,303
Excise taxes (8,665) (8,952)
Revenues from sales 86,438 91,351
Purchases, net of inventory variation (60,874) (64,335)
Other operating expenses (10,987) (11,007)
Exploration costs (579) (625)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,101) (3,866)
Other income 383 514
Other expense (1,626) (547)
Financial interest on debt (351) (357)
Financial income from marketable securities & cash equivalents 36 59
Cost of net debt (315) (298)
Other financial income 260 294
Other financial expense (265) (254)
Equity in net income (loss) of affiliates 1,327 977
Income taxes   (5,498)   (6,979)
Consolidated net income   4,163   5,225
Group share 4,074 5,186
Non-controlling interests   89   39
Earnings per share (€)   1.80   2.30
Fully-diluted earnings per share (€)   1.79   2.29
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL
(unaudited)
 
(M€)   1st half

2013

  1st half

2012

Consolidated net income   4,163   5,225
Other comprehensive income
 
Actuarial gains and losses (19) (423)
Tax effect   6   156
Items not potentially reclassifiable to profit and loss   (13)   (267)
Currency translation adjustment (160) 1,289
Available for sale financial assets 2 (159)
Cash flow hedge 72 3
Share of other comprehensive income of equity affiliates, net amount (336) 105
Other (8) (14)
Tax effect   (27)   35
Items potentially reclassifiable to profit and loss   (457)   1,259
Total other comprehensive income (net amount)   (470)   992
         
Comprehensive income   3,693   6,217
- Group share 3,627 6,155
- Non-controlling interests 66 62
CONSOLIDATED BALANCE SHEET        
TOTAL
 
 
(M€)   June 30, 2013

(unaudited)

  March 31, 2013

(unaudited)

  December 31, 2012   June 30, 2012

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 13,322 13,552 12,858 13,847
Property, plant and equipment, net 71,397 70,680 69,332 69,868
Equity affiliates : investments and loans 14,555 15,139 13,759 13,911
Other investments 1,210 1,223 1,190 2,222
Hedging instruments of non-current financial debt 1,306 1,472 1,626 1,886
Deferred income taxes 2,842 2,568 2,279 1,758
Other non-current assets   2,914   2,846   2,663   2,535
Total non-current assets   107,546   107,480   103,707   106,027
Current assets
Inventories, net 15,441 17,095 17,397 17,111
Accounts receivable, net 19,563 21,995 19,206 19,768
Other current assets 11,353 10,898 10,086 10,435
Current financial assets 510 624 1,562 1,723
Cash and cash equivalents 11,558 13,415 15,469 14,998
Assets classified as held for sale   3,902   4,555   3,797   -
Total current assets   62,327   68,582   67,517   64,035
Total assets 169,873 176,062 171,224 170,062
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 5,942 5,915 5,915 5,911
Paid-in surplus and retained earnings 71,785 71,751 70,116 67,776
Currency translation adjustment (1,924) (478) (1,504) 368
Treasury shares   (3,342)   (3,342)   (3,342)   (3,390)
Total shareholders' equity - Group Share   72,461   73,846   71,185   70,665
Non-controlling interests   1,701   1,785   1,280   1,256
Total shareholders' equity   74,162   75,631   72,465   71,921
Non-current liabilities
Deferred income taxes 12,800 12,877 12,132 11,860
Employee benefits 3,633 3,503 3,744 3,406
Provisions and other non-current liabilities 11,059 11,554 11,585 11,264
Non-current financial debt   22,595   22,875   22,274   23,260
Total non-current liabilities   50,087   50,809   49,735   49,790
Current liabilities
Accounts payable 20,168 21,809 21,648 20,448
Other creditors and accrued liabilities 13,901 15,254 14,698 17,090
Current borrowings 10,030 10,739 11,016 10,642
Other current financial liabilities 45 89 176 171
Liabilities directly associated with the assets classified as held for sale   1,480   1,731   1,486   -
Total current liabilities   45,624   49,622   49,024   48,351
Total liabilities and shareholders' equity 169,873 176,062 171,224 170,062
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€)   2nd quarter

2013

  1st quarter

2013

  2nd quarter

2012

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,575 1,588 1,545
Depreciation, depletion and amortization 2,114 2,306 2,164
Non-current liabilities, valuation allowances and deferred taxes (101) 77 (32)
Impact of coverage of pension benefit plans - - (362)
(Gains) losses on disposals of assets (271) 1,418 (165)
Undistributed affiliates' equity earnings 70 (353) 193
(Increase) decrease in working capital (732) (1,403) 2,783
Other changes, net   51   85   41
Cash flow from operating activities 3,706 3,718 6,167
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,232) (4,913) (4,128)
Acquisitions of subsidiaries, net of cash acquired - (16) (4)
Investments in equity affiliates and other securities (198) (582) (455)
Increase in non-current loans   (282)   (473)   (377)
Total expenditures (5,712) (5,984) (4,964)
Proceeds from disposals of intangible assets and property, plant and equipment 844 420 95
Proceeds from disposals of subsidiaries, net of cash sold 200 - -
Proceeds from disposals of non-current investments 17 - 739
Repayment of non-current loans   273   196   146
Total divestments   1,334   616   980
Cash flow used in investing activities (4,378) (5,368) (3,984)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 329 - -
- Treasury shares - - -
Dividends paid:
- Parent company shareholders (1,356) (1,333) (1,284)
- Non-controlling interests (70) (2) (96)
Other transactions with non-controlling interests (3) 357 1
Net issuance (repayment) of non-current debt 575 2,850 1,409
Increase (decrease) in current borrowings (698) (3,232) (693)
Increase (decrease) in current financial assets and liabilities 9 892 (10)
Cash flow used in financing activities   (1,214)   (468)   (673)
Net increase (decrease) in cash and cash equivalents (1,886) (2,118) 1,510
Effect of exchange rates 29 64 158
Cash and cash equivalents at the beginning of the period   13,415   15,469   13,330
Cash and cash equivalents at the end of the period   11,558   13,415   14,998
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
 
(M€)   1st half

2013

  1st half

2012

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 4,163 5,225
Depreciation, depletion and amortization 4,420 4,267
Non-current liabilities, valuation allowances and deferred taxes (24) 326
Impact of coverage of pension benefit plans - (362)
(Gains) losses on disposals of assets 1,147 (446)
Undistributed affiliates' equity earnings (283) 227
(Increase) decrease in working capital (2,135) 2,109
Other changes, net   136   88
Cash flow from operating activities 7,424 11,434
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (10,145) (9,355)
Acquisitions of subsidiaries, net of cash acquired (16) (125)
Investments in equity affiliates and other securities (780) (653)
Increase in non-current loans   (755)   (771)
Total expenditures (11,696) (10,904)
Proceeds from disposals of intangible assets and property, plant and equipment 1,264 662
Proceeds from disposals of subsidiaries, net of cash sold 200 34
Proceeds from disposals of non-current investments 17 1,593
Repayment of non-current loans   469   381
Total divestments   1,950   2,670
Cash flow used in investing activities (9,746) (8,234)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 329 31
- Treasury shares - -
Dividends paid:
- Parent company shareholders (2,689) (2,570)
- Non controlling interests (72) (98)
Other transactions with non-controlling interests 354 1
Net issuance (repayment) of non-current debt 3,425 3,073
Increase (decrease) in current borrowings (3,930) (1,794)
Increase (decrease) in current financial assets and liabilities 901 (939)
Cash flow used in financing activities   (1,682)   (2,296)
Net increase (decrease) in cash and cash equivalents (4,004) 904
Effect of exchange rates 93 69
Cash and cash equivalents at the beginning of the period   15,469   14,025
Cash and cash equivalents at the end of the period   11,558   14,998
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY          
TOTAL        

 

                                   
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity Group Share Non-controlling interests Total shareholders' equity
(M€)   Number   Amount           Number   Amount            
As of January 1, 2012   2,363,767,313   5,909   65,430   (1,004)   (109,554,173)   (3,390)   66,945   1,352   68,297
Net income of the first half - - 5,186 - - - 5,186 39 5,225
Other comprehensive Income - - (396) 1,365 - - 969 23 992
Comprehensive Income - - 4,790 1,365 - - 6,155 62 6,217
Dividend - - (2,570) - - - (2,570) (98) (2,668)
Issuance of common shares 779,653 2 29 - - - 31 - 31
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 10,295 - - - -
Share-based payments - - 74 - - - 74 - 74
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 14 7 - - 21 (20) 1
Other items - - 9 - - - 9 (40) (31)
As of June 30, 2012   2,364,546,966   5,911   67,776   368   (109,543,878)   (3,390)   70,665   1,256   71,921
Net income from July 1 to December 31, 2012 - - 5,423 - - - 5,423 108 5,531
Other comprehensive Income - - (373) (1,871) - - (2,244) (63) (2,307)
Comprehensive Income - - 5,050 (1,871) - - 3,179 45 3,224
Dividend - - (2,667) - - - (2,667) (6) (2,673)
Issuance of common shares 1,386,180 4 (3) - - - 1 - 1
Purchase of treasury shares - - - - (1,800,000) (68) (68) - (68)
Sale of treasury shares (1) - - (116) - 2,952,239 116 - - -
Share-based payments - - 72 - - - 72 - 72
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (3) (1) - - (4) 4 -
Other items - - 7 - - - 7 (19) (12)
As of December 31, 2012   2,365,933,146   5,915   70,116   (1,504)   (108,391,639)   (3,342)   71,185   1,280   72,465
Net income of the first half - - 4,074 - - - 4,074 89 4,163
Other comprehensive Income - - (28) (419) - - (447) (23) (470)
Comprehensive Income - - 4,046 (419) - - 3,627 66 3,693
Dividend - - (2,685) - - - (2,685) (72) (2,757)
Issuance of common shares 10,802,845 27 302 - - - 329 - 329
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 980 - - - -
Share-based payments - - 74 - - - 74 - 74
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (69) (1) - - (70) 424 354
Other items - - 1 - - - 1 3 4
As of June 30, 2013   2,376,735,991   5,942   71,785   (1,924)   (108,390,659)   (3,342)   72,461   1,701   74,162
 
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
2nd quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 4,781 21,560 20,561 71 - 46,973
Intersegment sales 6,519 9,807 806 27 (17,159) -
Excise taxes   -   (835)   (3,634)   -   -   (4,469)
Revenues from sales 11,300 30,532 17,733 98 (17,159) 42,504
Operating expenses (5,512) (30,413) (17,273) (212) 17,159 (36,251)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,512)   (298)   (123)   (8)   -   (1,941)
Operating income 4,276 (179) 337 (122) - 4,312
Equity in net income (loss) of affiliates and other items 774 52 38 23 - 887
Tax on net operating income   (2,421)   80   (100)   (44)   -   (2,485)
Net operating income 2,629 (47) 275 (143) - 2,714
Net cost of net debt (139)
Non-controlling interests                       (38)
Net income 2,537
                         
2nd quarter 2013 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (32) - - - - (32)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (32) - - - - (32)
Operating expenses - (536) (82) - - (618)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   -   -   -   -   -
Operating income (b) (32) (536) (82) - - (650)
Equity in net income (loss) of affiliates and other items 252 (32) 1 - - 221
Tax on net operating income   84   151   26   -   -   261
Net operating income (b) 304 (417) (55) - - (168)
Net cost of net debt -
Non-controlling interests                       6
Net income (162)
 
(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 - (499) (82) -
On net operating income - (351) (55) -

 

 

 

 

 

 

 

 

 

       
2nd quarter 2013 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 4,813 21,560 20,561 71 - 47,005
Intersegment sales 6,519 9,807 806 27 (17,159) -
Excise taxes   -   (835)   (3,634)   -   -   (4,469)
Revenues from sales 11,332 30,532 17,733 98 (17,159) 42,536
Operating expenses (5,512) (29,877) (17,191) (212) 17,159 (35,633)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,512)   (298)   (123)   (8)   -   (1,941)
Adjusted operating income 4,308 357 419 (122) - 4,962
Equity in net income (loss) of affiliates and other items 522 84 37 23 - 666
Tax on net operating income   (2,505)   (71)   (126)   (44)   -   (2,746)
Adjusted net operating income 2,325 370 330 (143) - 2,882
Net cost of net debt (139)
Non-controlling interests                       (44)
Ajusted net income                       2,699
Adjusted fully-diluted earnings per share (€)                       1.19
(a) Except for earnings per share.
                         
2nd quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,056 382 242 32 - 5,712
Total divestments 1,112 208 12 2 - 1,334
Cash flow from operating activities   2,128   1,303   414   (139)   -   3,706
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
1st quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,452 21,618 20,999 61 - 48,130
Intersegment sales 7,335 9,914 108 51 (17,408) -
Excise taxes   -   (830)   (3,366)   -   -   (4,196)
Revenues from sales 12,787 30,702 17,741 112 (17,408) 43,934
Operating expenses (6,115) (30,067) (17,208) (207) 17,408 (36,189)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,710)   (298)   (145)   (7)   -   (2,160)
Operating income 4,962 337 388 (102) - 5,585
Equity in net income (loss) of affiliates and other items (846) 72 (32) (2) - (808)
Tax on net operating income   (2,896)   (79)   (115)   21   -   (3,069)
Net operating income 1,220 330 241 (83) - 1,708
Net cost of net debt (120)
Non-controlling interests                       (51)
Net income 1,537
                         
1st quarter 2013 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 2 - - - - 2
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 2 - - - - 2
Operating expenses - (69) (21) - - (90)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (4)   -   -   -   (4)
Operating income (b) 2 (73) (21) - - (92)
Equity in net income (loss) of affiliates and other items (1,420) (10) (10) - - (1,440)
Tax on net operating income   172   30   7   -   -   209
Net operating income (b) (1,246) (53) (24) - - (1,323)
Net cost of net debt -
Non-controlling interests                       (3)
Net income (1,326)
 
(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 - (67) (21) -
On net operating income - (34) (14) -
                         
1st quarter 2013 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,450 21,618 20,999 61 - 48,128
Intersegment sales 7,335 9,914 108 51 (17,408) -
Excise taxes   -   (830)   (3,366)   -   -   (4,196)
Revenues from sales 12,785 30,702 17,741 112 (17,408) 43,932
Operating expenses (6,115) (29,998) (17,187) (207) 17,408 (36,099)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,710)   (294)   (145)   (7)   -   (2,156)
Adjusted operating income 4,960 410 409 (102) - 5,677
Equity in net income (loss) of affiliates and other items 574 82 (22) (2) - 632
Tax on net operating income   (3,068)   (109)   (122)   21   -   (3,278)
Adjusted net operating income 2,466 383 265 (83) - 3,031
Net cost of net debt (120)
Non-controlling interests                       (48)
Ajusted net income                       2,863
Adjusted fully-diluted earnings per share (€)                       1.26
(a) Except for earnings per share.
                         
1st quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,255 533 187 9 - 5,984
Total divestments 543 27 38 8 - 616
Cash flow from operating activities   4,150   (288)   (93)   (51)   -   3,718
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
2nd quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 4,977 22,592 21,519 47 - 49,135
Intersegment sales 7,751 10,474 222 48 (18,495) -
Excise taxes   -   (874)   (3,686)   1   -   (4,559)
Revenues from sales 12,728 32,192 18,055 96 (18,495) 44,576
Operating expenses (6,274) (32,653) (17,768) (290) 18,495 (38,490)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,513)   (319)   (189)   (7)   -   (2,028)
Operating income 4,941 (780) 98 (201) - 4,058
Equity in net income (loss) of affiliates and other items 448 23 (14) (156) - 301
Tax on net operating income   (2,882)   258   (62)   (12)   -   (2,698)
Net operating income 2,507 (499) 22 (369) - 1,661
Net cost of net debt (116)
Non-controlling interests                       (27)
Net income 1,518
                         
2nd quarter 2012 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 11 - - - - 11
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 11 - - - - 11
Operating expenses (18) (1,238) (148) (23) - (1,427)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   -   (46)   -   -   (46)
Operating income (b) (7) (1,238) (194) (23) - (1,462)
Equity in net income (loss) of affiliates and other items - (40) (8) (244) - (292)
Tax on net operating income   9   401   47   (9)   -   448
Net operating income (b) 2 (877) (155) (276) - (1,306)
Net cost of net debt -
Non-controlling interests                       33
Net income (1,273)
 
(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 - (1,238) (146) -
On net operating income - (877) (99) -
                         
2nd quarter 2012 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 4,966 22,592 21,519 47 - 49,124
Intersegment sales 7,751 10,474 222 48 (18,495) -
Excise taxes   -   (874)   (3,686)   1   -   (4,559)
Revenues from sales 12,717 32,192 18,055 96 (18,495) 44,565
Operating expenses (6,256) (31,415) (17,620) (267) 18,495 (37,063)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,513)   (319)   (143)   (7)   -   (1,982)
Adjusted operating income 4,948 458 292 (178) - 5,520
Equity in net income (loss) of affiliates and other items 448 63 (6) 88 - 593
Tax on net operating income   (2,891)   (143)   (109)   (3)   -   (3,146)
Adjusted net operating income 2,505 378 177 (93) - 2,967
Net cost of net debt (116)
Non-controlling interests                       (60)
Ajusted net income                       2,791
Adjusted fully-diluted earnings per share (€)                       1.23
(a) Except for earnings per share.
                         
2nd quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 4,227 501 212 24 - 4,964
Total divestments 234 7 20 719 - 980
Cash flow from operating activities   5,298   625   (140)   384   -   6,167
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
1st half 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 10,233 43,178 41,560 132 - 95,103
Intersegment sales 13,854 19,721 914 78 (34,567) -
Excise taxes   -   (1,665)   (7,000)   -   -   (8,665)
Revenues from sales 24,087 61,234 35,474 210 (34,567) 86,438
Operating expenses (11,627) (60,480) (34,481) (419) 34,567 (72,440)
Depreciation, depletion and amortization of tangible assets and mineral interests   (3,222)   (596)   (268)   (15)   -   (4,101)
Operating income 9,238 158 725 (224) - 9,897
Equity in net income (loss) of affiliates and other items (72) 124 6 21 - 79
Tax on net operating income   (5,317)   1   (215)   (23)   -   (5,554)
Net operating income 3,849 283 516 (226) - 4,422
Net cost of net debt (259)
Non-controlling interests                       (89)
Net income 4,074
                         
1st half 2013 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (30) - - - - (30)
Intersegment sales - - - - -
Excise taxes   -   -   -   -   -    
Revenues from sales (30) - - - - (30)
Operating expenses - (605) (103) - - (708)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (4)   -   -   -   (4)
Operating income (b) (30) (609) (103) - - (742)
Equity in net income (loss) of affiliates and other items (1,168) (42) (9) - - (1,219)
Tax on net operating income   256   181   33   -   -   470
Net operating income (b) (942) (470) (79) - - (1,491)
Net cost of net debt -
Non-controlling interests                       3
Net income (1,488)
 
(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 - (566) (103) -
On net operating income - (385) (69) -
                         
1st half 2013 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 10,263 43,178 41,560 132 - 95,133
Intersegment sales 13,854 19,721 914 78 (34,567) -
Excise taxes   -   (1,665)   (7,000)   -   -   (8,665)
Revenues from sales 24,117 61,234 35,474 210 (34,567) 86,468
Operating expenses (11,627) (59,875) (34,378) (419) 34,567 (71,732)
Depreciation, depletion and amortization of tangible assets and mineral interests   (3,222)   (592)   (268)   (15)   -   (4,097)
Adjusted operating income 9,268 767 828 (224) - 10,639
Equity in net income (loss) of affiliates and other items 1,096 166 15 21 - 1,298
Tax on net operating income   (5,573)   (180)   (248)   (23)   -   (6,024)
Adjusted net operating income 4,791 753 595 (226) - 5,913
Net cost of net debt (259)
Non-controlling interests                       (92)
Ajusted net income                       5,562
Adjusted fully-diluted earnings per share (€)                       2.45
(a) Except for earnings per share.
                         
1st half 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 10,311 915 429 41 - 11,696
Total divestments 1,655 235 50 10 - 1,950
Cash flow from operating activities   6,278   1,015   321   (190)   -   7,424
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
1st half 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 11,154 45,688 43,371 90 - 100,303
Intersegment sales 15,985 22,289 453 93 (38,820) -
Excise taxes   -   (1,678)   (7,274)   -   -   (8,952)
Revenues from sales 27,139 66,299 36,550 183 (38,820) 91,351
Operating expenses (12,809) (65,706) (35,755) (517) 38,820 (75,967)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,906)   (633)   (311)   (16)   -   (3,866)
Operating income 11,424 (40) 484 (350) - 11,518
Equity in net income (loss) of affiliates and other items 991 115 (83) (39) - 984
Tax on net operating income   (6,871)   43   (218)   (10)   -   (7,056)
Net operating income 5,544 118 183 (399) - 5,446
Net cost of net debt (221)
Non-controlling interests                       (39)
Net income 5,186
                         
1st half 2012 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (14) - - - - (14)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (14) - - - - (14)
Operating expenses (18) (455) (85) (88) - (646)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   -   (46)   -   -   (46)
Operating income (b) (32) (455) (131) (88) - (706)
Equity in net income (loss) of affiliates and other items - (17) (29) (134) - (180)
Tax on net operating income   14   148   25   (16)   -   171
Net operating income (b) (18) (324) (135) (238) - (715)
Net cost of net debt -
Non-controlling interests                       30
Net income (685)
 
(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 - (455) (83) -
On net operating income - (324) (59) -
                         
1st half 2012 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 11,168 45,688 43,371 90 - 100,317
Intersegment sales 15,985 22,289 453 93 (38,820) -
Excise taxes   -   (1,678)   (7,274)   -   -   (8,952)
Revenues from sales 27,153 66,299 36,550 183 (38,820) 91,365
Operating expenses (12,791) (65,251) (35,670) (429) 38,820 (75,321)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,906)   (633)   (265)   (16)   -   (3,820)
Adjusted operating income 11,456 415 615 (262) - 12,224
Equity in net income (loss) of affiliates and other items 991 132 (54) 95 - 1,164
Tax on net operating income   (6,885)   (105)   (243)   6   -   (7,227)
Adjusted net operating income 5,562 442 318 (161) - 6,161
Net cost of net debt (221)
Non-controlling interests                       (69)
Ajusted net income                       5,871
Adjusted fully-diluted earnings per share (€)                       2.59
(a) Except for earnings per share.
                         
1st half 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 9,533 930 410 31 - 10,904
Total divestments 982 148 65 1,475 - 2,670
Cash flow from operating activities   11,064   589   (584)   365   -   11,434
Reconciliation of the information by business segment with consolidated financial statements  
TOTAL    
(unaudited)
 
2nd quarter 2013

(M€)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 47,005 (32) 46,973
Excise taxes (4,469) - (4,469)
Revenues from sales 42,536 (32) 42,504
Purchases net of inventory variation (29,763) (581) (30,344)
Other operating expenses (5,598) (37) (5,635)
Exploration costs (272) - (272)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,941) - (1,941)
Other income 100 252 352
Other expense (77) (17) (94)
Financial interest on debt (182) - (182)
Financial income from marketable securities & cash equivalents 14 - 14
Cost of net debt (168) - (168)
Other financial income 157 - 157
Other financial expense (137) - (137)
Equity in net income (loss) of affiliates 623 (14) 609
Income taxes   (2,717)   261   (2,456)
Consolidated net income 2,743 (168) 2,575
Group share 2,699 (162) 2,537
Non-controlling interests 44 (6) 38
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
2nd quarter 2012

(M€)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 49,124 11 49,135
Excise taxes (4,559) - (4,559)
Revenues from sales 44,565 11 44,576
Purchases net of inventory variation (30,910) (1,384) (32,294)
Other operating expenses (5,884) (43) (5,927)
Exploration costs (269) - (269)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,982) (46) (2,028)
Other income 126 99 225
Other expense (108) (343) (451)
Financial interest on debt (170) - (170)
Financial income from marketable securities & cash equivalents 24 - 24
Cost of net debt (146) - (146)
Other financial income 209 - 209
Other financial expense (118) - (118)
Equity in net income (loss) of affiliates 484 (48) 436
Income taxes   (3,116)   448   (2,668)
Consolidated net income 2,851 (1,306) 1,545
Group share 2,791 (1,273) 1,518
Non-controlling interests 60 (33) 27
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited)
 
1st half 2013

(M€)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 95,133 (30) 95,103
Excise taxes (8,665) - (8,665)
Revenues from sales 86,468 (30) 86,438
Purchases net of inventory variation (60,205) (669) (60,874)
Other operating expenses (10,948) (39) (10,987)
Exploration costs (579) - (579)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,097) (4) (4,101)
Other income 131 252 383
Other expense (174) (1,452) (1,626)
Financial interest on debt (351) - (351)
Financial income from marketable securities & cash equivalents 36 - 36
Cost of net debt (315) - (315)
Other financial income 260 - 260
Other financial expense (265) - (265)
Equity in net income (loss) of affiliates 1,346 (19) 1,327
Income taxes   (5,968)   470   (5,498)
Consolidated net income 5,654 (1,491) 4,163
Group share 5,562 (1,488) 4,074
Non-controlling interests 92 (3) 89
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
1st half 2012

(M€)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 100,317 (14) 100,303
Excise taxes (8,952) - (8,952)
Revenues from sales 91,365 (14) 91,351
Purchases net of inventory variation (63,797) (538) (64,335)
Other operating expenses (10,899) (108) (11,007)
Exploration costs (625) - (625)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,820) (46) (3,866)
Other income 305 209 514
Other expense (200) (347) (547)
Financial interest on debt (357) - (357)
Financial income from marketable securities & cash equivalents 59 - 59
Cost of net debt (298) - (298)
Other financial income 294 - 294
Other financial expense (254) - (254)
Equity in net income (loss) of affiliates 1,019 (42) 977
Income taxes   (7,150)   171   (6,979)
Consolidated net income 5,940 (715) 5,225
Group share 5,871 (685) 5,186
Non-controlling interests 69 (30) 39
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

1 Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
2 Definition of adjusted results on page 2 – dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.3062 $/€ in 2Q13, 1.2814 $/€ in 2Q12, 1.3206 $/€ in 1Q13, 1.3134 $/€ in 1H13, and 1.2965 $/€ in 1H12.
3 Group share.
4 The ex-dividend date for the interim dividend will be December 16, 2013 and the payment date will be December 19, 2013.
5 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 18 and the inventory valuation effect is explained on page 15.
6 Including acquisitions.
7 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
8 Special items affecting operating income from the business segments had a negative impact of 37 M€ in 2Q13 and a negative impact of 66 M€ in 2Q12.
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 Adjustment items explained on page 15.
11 Detail shown on page 18.
12 Detail shown on page 19.
13 Net investments = investments including acquisitions and changes in non-current loans – asset sales.
14 Cash flow from operations at replacement cost before changes in working capital.
15 Net cash flow = cash flow from operations - net investments.
16 Special items affecting operating income from the business segments had a negative impact of 43 M€ in the first half 2013 and a negative impact of 66 M€ in the first half 2012.
17 Adjustment items explained on page 15.
18 Detail shown on page 19.
19 As of June 30, 2013, the Group owns 16% of the share capital of Novatek.
20 This amount does not include the sale of an interest in block 14 in Angola, which was reported in the cash flow statement of the first quarter 2013 as a transaction involving a non-controlling interest.
21 Cash flow from operations at replacement cost before changes in working capital.
22 Net cash flow = cash flow from operations - net investments.
23 Detail shown on page 20.
24 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.
25 The ex-dividend date will be September 24, 2013.

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