Total: Second Quarter and First Half 2018 Results

Total: Second Quarter and First Half 2018 Results

Total

    2Q18  

Change

vs 2Q17

  1H18  

Change

vs 1H17

       
Adjusted net income (Group share)1
- in billions of dollars (B$) 3.6 44% 6.4 +28%
- in dollars per share 1.31 36% 2.41 +22%
 
DACF9 (B$) 6.8 22% 12.5 +19%
Cash flow from operations (B$) 6.2 35% 8.3 -11%
                 
Net income (Group share) of 3.7 B$ in 2Q18, an 83% increase compared to 2Q17
Net-debt-to-capital ratio of 16.5% at June 30, 2018
Hydrocarbon production of 2,717 kboe/d in 2Q18, an increase of 8.7% compared to 2Q17
Ex-dividend date for second interim 2018 dividend of 0.64 €/share on December 18, 2018

Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 25, 2018, to review the Group’s second quarter 2018 accounts. Commenting on the results, Chairman and CEO Patrick Pouyanné said:

« Oil prices continued to increase, averaging 74 $/b in the second quarter, supported notably by inventory reductions and geopolitical tensions. Total benefited fully from this by remaining focused on operational efficiency: adjusted net income was $3.6 billion, a 44% increase from a year ago, and the return on equity for the past 12 months rose to 10.9%. In line with objectives for the year, the Group generated $6.8 billion of cash flow (DACF) in the second quarter 2018, an increase of 20% compared to the first quarter, while oil prices increased by only 11%. Discipline on spending is resolutely maintained and the organic pre-dividend breakeven continues to decrease, to less than 25 $/b in the quarter.
Production strongly increased by 8.7% from a year ago to 2.7 Mboe/d, due to the contribution from Maersk Oil and the ramp up of new projects, including Yamal LNG, Moho Nord and Fort Hills. Adjusted net operating income from Exploration & Production doubled from a year ago to $2.7 billion in the second quarter 2018, and the segment generated $5.1 billion of cash flow in the same period. Total also launched the development of the Zinia 2 project in Angola, after reducing the cost by more than 50%.
The Group is continuing to actively expand along the gas and electricity value chain. Total became the second-largest player in the fast growing global LNG industry by finalizing the acquisition of Engie LNG. The Group also announced its entry with a 10% stake in the giant Arctic 2 LNG project in Russia. In addition, it finalized the acquisition of 73% of Direct Energie to accelerate the downstream integration in the gas-electricity chain, and it launched an offer for the remaining shares.
In an environment with European refining margins of 35 $/t, the Downstream generated $1.7 billion of cash flow in the second quarter, in line with the objective for the year. Notably, Marketing & Services continues to deliver steady and profitable growth. The Group is preparing for its future in petrochemicals by launching studies for a new giant complex integrated into the SATORP refinery with Saudi Aramco and a new project in Algeria with Sonatrach.
In line with the announced shareholder return policy, the Group has bought back all the shares issued during the year for the scrip dividend. In addition, it bought back shares for $600 million to share with shareholders the benefit realized from higher prices. »

Key figures1

2Q18   1Q18   2Q17  

2Q18

vs

2Q17

  In millions of dollars, except effective tax rate,

earnings per share and number of shares

  1H18   1H17  

1H18

vs
1H17

 

4,179   3,385   2,748   +52%   Adjusted net operating income from business segments   7,564   5,515   +37%
2,687   2,183   1,359   +98%   Exploration & Production   4,870   2,741   +78%
193 115 95 +103% Gas, Renewables & Power 308 156 +97%
821 720 861 -5% Refining & Chemicals 1,541 1,884 -18%
478   367   433   +10%   Marketing & Services   845   734   +15%
766   637   578   +33%   Contribution of equity affiliates to adjusted net income   1,403   1,169   +20%
38.6%   39.9%   28.2%       Group effective tax rate2   39.2%   29.9%    
3,553   2,884   2,474   +44%   Adjusted net income   6,437   5,032   +28%
1.31   1.09   0.97   +36%   Adjusted fully-diluted earnings per share (dollars)3   2.41   1.98   +22%
1.10   0.89   0.88   +25%   Adjusted fully-diluted earnings per share (euros)*   1.99   1.83   +9%
2,646   2,568   2,485   +7%   Fully-diluted weighted-average shares (millions)   2,608   2,471   +6%
                             
3,721   2,636   2,037   +83%   Net income (Group share)   6,357   4,886   +30%
                             
3,787   6,724   4,205   -10%   Investments4   10,511   7,883   +33%
1,274   2,585   360   x3.5   Divestments5   3,859   3,258   +18%
2,513   4,139   3,845   -35%   Net investments6   6,652   4,625   +44%
2,780   2,620   3,949   -30%   Organic investments7   5,400   6,893   -22%
333   3,474   52   x6.4   Resource acquisitions   3,807   64   n.s.
6,399   5,370   5,334   +20%   Operating cash flow before working capital changes8   11,769   10,021   +17%
6,797   5,668   5,581   +22%   Operating cash flow before working capital changes

w/o financial charges (DACF)9

  12,465   10,483   +19%
6,246   2,081   4,640   +35%   Cash flow from operations   8,327   9,341   -11%

* Average €-$ exchange rate: 1.1915 in the second quarter 2018 and 1.2104 in the first half 2018.

Highlights since the beginning of the second quarter 201810

  • Engie LNG acquisition closed July 13, 2018: Total becomes world No.2 in LNG
  • Finalized acquisition of 73% of Direct Energie and launched mandatory public offer for remaining shares
  • Expanded partnership with Novatek through the Arctic 2 LNG project in Russia
  • Strengthened presence in deep-offshore Gulf of Mexico by increasing interest in the North Platte discovery to 60% and the Anchor discovery to 32.5%
  • Launched the Zinia 2 project on Block 17 in Angola
  • Strengthened cooperation with Sonatrach in Algeria by extending license for the TFT gas field and launched engineering studies for petrochemical project at Arzew
  • Signed MOU with Saudi Aramco to build petrochemical complex at Jubail in Saudi Arabia
  • Acquired 25% of Clean Energy to accelerate use of natural gas for heavy-duty trucks in the United States
  • Expanding LNG as marine fuel in Singapore in the framework of cooperation with Pavillion
  • Signed an agreement to sell interest in Dunkirk LNG terminal

Analysis of business segments

Exploration & Production

> Environment – liquids and gas price realizations*

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

      1H18   1H17  

1H18

vs

1H17

74.4   66.8   49.6   +50%   Brent ($/b)   70.6   51.7   +37%
69.5   60.4   45.1   +54%   Average liquids price ($/b)   65.3   47.1   +39%
4.49   4.73   3.93   +14%   Average gas price ($/Mbtu)   4.61   4.01   +15%
54.3   47.3   35.5   +53%   Average hydrocarbon price ($/boe)   50.9   36.7   +39%

* Consolidated subsidiaries, excluding fixed margins.

> Production

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Hydrocarbon production   1H18   1H17  

1H18

vs
1H17

2,717   2,703   2,500   +9%   Combined production (kboe/d)   2,710   2,534   +7%
1,582   1,481   1,298   +22%   Liquids (kb/d)   1,532   1,300   +18%
6,176   6,664   6,500   -5%   Gas (Mcf/d)   6,419   6,696   -4%

Hydrocarbon production was 2,717 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2018, an increase of close to 9% compared to the second quarter 2017, due to:

  • +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills, Timimoun and Libra;
  • +6% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;
  • -4% due to heavier seasonal maintenance activity, the PSC price effect and natural field decline.

In the first half 2018, hydrocarbon production was 2,710 kboe/d, an increase of 7% compared to the first half 2017, due to:

  • +7% due to new project start-ups and ramp-ups, notably Moho Nord, Yamal LNG, Edradour-Glenlivet, Kashagan, Fort Hills and Libra;
  • +3% portfolio effect, mainly due to the integration of Al-Shaheen in Qatar, the Maersk Oil assets, Waha in Libya, and Lapa and Iara in Brazil, which were partially offset by the expiration of the Mahakam permit in Indonesia at the end of 2017;
  • -3% due to heavier seasonal maintenance activity, the PSC price effect and natural field decline.

> Results

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars, except effective tax rate   1H18   1H17  

1H18

vs
1H17

2,687   2,183   1,359   +98%   Adjusted net operating income*   4,870   2,741   +78%
575   446   373   +54%   including income from equity affiliates   1,021   688   +48%
46.3%   48.1%   36.2%       Effective tax rate**   47.1%   39.3%    
                             
2,980   5,871   3,448   -14%   Investments   8,851   6,084   +45%
500   2,251   132   x3.8   Divestments   2,751   245   x11.2
2,114   2,057   3,296   -36%   Organic investments   4,171   5,802   -28%
5,115   4,265   3,580   +43%   Operating cash flow before working capital changes ***   9,380   6,916   +36%
4,628   3,569   2,836   +63%   Cash flow from operations ***   8,197   5,637   +45%

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

Exploration & Production adjusted net operating income was:

  • 2,687 M$ in the second quarter 2018, or practically double the second quarter 2017. The Group benefited fully from the increase in hydrocarbon prices, thanks to higher production and lower costs, despite an increase in tax rates over the year to 46.3% in line with increasing hydrocarbon prices.
  • 4,870 M$ in the first half 2018, an increase of 78% compared to the first half 2017, for the same reasons.

Operating cash flow before working capital changes was 5.1 B$ in the second quarter 2018 and 9.4 B$ in the first half, an increase of 43% and 36%, respectively. Exploration & Production generated 5.2 B$ of cash flow after organic investments in the first half 2018.

Gas, Renewables & Power

> Results

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars   1H18   1H17  

1H18

vs
1H17

193   115   95   +103%   Adjusted net operating income*   308   156   +97%
                             
79   249   77   +3%   Investments   328   392   -16%
405   78   23   x17.6   Divestments   483   27   x17.9
60   77   68   -12%   Organic investments   136   170   -20%
177   49   124   +43%   Operating cash flow before working capital changes**   226   159   +42%
104   (179)   (100)   n.s.   Cash flow from operations**   -75   40   n.s.

* Detail of adjustment items shown in the business segment information annex to financial statements.
** excluding financial charges

Adjusted net operating income for Gas, Renewables & Power was 193 M$ in the second quarter 2018 and 308 M$ in the first half 2018, thanks to an increased contribution from the gas business and better performance from new energies.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

      1H18   1H17  

1H18

vs
1H17

1,734   1,832   1,672   +4%   Total refinery throughput (kb/d)   1,784   1,796   -1%
569   624   574   -1%   France   597   600   -1%
670 746 684 -2% Rest of Europe 708 742 -5%
495   462   414   +20%   Rest of world   479   454   +6%
83%   87%   81%       Utlization rate based on crude only**   85%   86%    

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

  • increased by 4% in the second quarter 2018 compared to the second quarter 2017, notably as a result of higher throughput at SATORP after debottlenecking increased its capacity by more than 10%.
  • stable in the first half 2018 compared to the first half 2017. Lower throughput in Europe linked to planned maintenance, notably at Antwerp, was offset by higher throughput in the rest of the world.

> Results

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars

except the ERMI

  1H18   1H17  

1H18

vs
1H17

34.7   25.6   41.0   -15%   European refining margin indicator - ERMI ($/t)   30.1   40.0   -25%
                             
821   720   861   -5%   Adjusted net operating income*   1,541   1,884   -18%
                             
404   332   401   +1%   Investments   736   667   +10%
324   25   20   x16.2   Divestments   349   2,760   -87%
386   308   381   +1%   Organic investments   694   603   +15%
1,018   920   1,347   -24%   Operating cash flow before working capital changes**   1,938   2,378   -19%
999   (1,109)   1,967   -49%   Cash flow from operations**   (110)   3,729   n.s.

* Detail of adjustment items shown in the business segment information annex to financial statements.
** excluding financial charges

The Group’s European refining margin indicator (ERMI) decreased by 15% from a year ago to 34.7 $/t in the second quarter 2018, and it decreased by 25% from a year ago to 30.1 $/t for the first half 2018. Petrochemical margins continue to benefit from a favorable environment, notably in the United States and Asia-Middle East, but margins in Europe were lower compared to a year ago mainly due to an increase in feedstock prices.

In this context, Refining & Chemicals adjusted net operating income was:

  • 821 M$ in the second quarter 2018, a decrease of 5% compared to the second quarter 2017.
  • 1,541 M$ in the first half 2018, a decrease of 18% compared to the first half 2017.

Marketing & Services

> Petroleum product sales

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Sales in kb/d*   1H18   1H17  

1H18

vs
1H17

1,799   1,801   1,760   +2%   Total Marketing & Services sales   1,800   1,744   +3%
1,001   993   1,039   -4%   Europe   997   1,039   -4%
798   808   721   +11%   Rest of world   803   705   +14%

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

Petroleum product sales:

  • increased by 2% in the second quarter 2018 compared to the second quarter 2017, despite the sale of TotalErg in Italy, due to growth in the business, notably in Asia and Africa.
  • increased by 3% in the first half 2018 compared to the first half 2017 for the same reasons.

> Results

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars   1H18   1H17  

1H18

vs
1H17

478   367   433   +10%   Adjusted net operating income*   845   734   +15%
                             
310   228   258   +20%   Investments   538   697   -23%
45   228   182   -75%   Divestments   273   218   +25%
205   136   185   +11%   Organic investments   342   280   +22%
646   430   624   +4%   Operating cash flow before working capital changes**   1,076   1,053   +2%
841   -60   251   x3.4   Cash flow from operations**   781   582   +34%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** excluding financial charges

Adjusted net operating income for the Marketing & Services segment was:

  • 478 M$ in the second quarter 2018, an increase of 10% compared to the second quarter 2017, due to volume growth in a context of favorable margins, notably in Africa.
  • 845 M$ in the first half 2018, a 15% increase compared to the first half 2017, for the same reasons.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

  • 4,179 M$ in the second quarter 2018, a 52% increase compared to the second quarter 2017, essentially due to the strong performance of Exploration & Production, which doubled its contribution compared to a year ago, thanks to increasing production in a context of higher hydrocarbon prices and lower costs.
  • 7,564 M$ in the first half 2018, a 37% increase compared to the first half 2017 for the same reasons.

> Adjusted net income (Group share)

Adjusted net income was:

  • 3,553 M$ in the second quarter 2018, an increase of 44% compared to the second quarter 2017, essentially due to 52% increase in the contribution of the segments, partially offset by higher net cost of net debt, mainly due to an increase in dollar interest rates.
  • 6,437 M$ in the first half 2018, a 28% increase compared to the first half 2017 for the same reasons.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value9.

Total adjustments affecting net income10 were:

  • 168 M$ in the second quarter 2018.
  • -80 M$ in the first half 2018.

The effective tax rate for the Group was:

  • 38.6% in the second quarter 2018, compared to 28.2% a year ago, due to the increase in the effective tax rate for Exploration & Production, in line with higher hydrocarbon prices, and the larger contribution of this segment to the Group’s results this quarter.
  • 39.2% in the first half 2018, compared to 29.9% in the first half 2017, for the same reasons.

> Adjusted fully-diluted earnings per share and share buyback

Adjusted earnings per share:

  • increased by 36% to $1.31 in the second quarter 2018, calculated based on a weighted average of 2,646 million fully-diluted shares, from $0.97 in the second quarter 2017.
  • increased by 22% to $2.41 in the first half 2018, calculated based on a weighted average of 2,608 million fully-diluted shares, from $1.98 in the first half 2017.

On June 30, 2018, the number of fully-diluted shares was 2,644 million.

Within the framework of the shareholder return policy announced in February 2018, the Group bought back shares for cancellation. The buyback is comprised of repurchasing shares issued as scrip dividend to eliminate dilution and additional shares to share with shareholders the benefit resulting from higher oil prices.

  • 18.6 million shares repurchased in the second quarter 2018, including additional shares for 299 M$;
  • 28.4 million shares repurchased in the first half 2018, including additional shares for 589 M$.

> Divestments – acquisitions

Asset sales:

  • 693 M$ completed in the second quarter 2018, comprised mainly of SunPower’s sale of its interest in 8point3, and the sale of the Bayport (US) polyethylene plant to the joint venture formed with Borealis and Nova in which Total holds 50%.
  • 2,862 M$ completed in the first half 2018, comprised mainly of the items above plus the high-cost Martin Linge field in Norway, an interest in Fort Hills in Canada and the marketing activities of TotalErg in Italy.

Acquisitions:

  • 426 M$ completed in the second quarter 2018, comprised mainly of offshore assets from Cobalt in the Gulf of Mexico, notably including 20% interest in the North Platte and Anchor discoveries, and an interest in Clean Energy in the United States to expand into marketing natural gas for vehicles.
  • 4,114 M$ completed in the first half 2018, comprised mainly of the items above plus interests in the Iara and Lapa fields in Brazil, two new 40-year concessions in offshore Abu Dhabi, and the Waha field in Libya.

> Net cash flow

The Group’s net cash flow11 was:

  • 3,886 M$ in the second quarter 2018 compared to 1,489 M$ in the second quarter 2017, thanks mainly to a 20% increase in operating cash flow before working capital changes.
  • 5,117 M$ in the first half 2018 compared to 5,396 M$ in the first half 2017. Net investments increased by 2,027 M$ compared to the first half 2017 due to an increase in completed acquisitions, in line with the strategy of the Group to invest counter-cyclically in 2016-17. This well-timed investment effort was partially offset by a 1,748 M$ increase in operating cash flow before working capital changes.

> Profitability

Return on equity for the twelve months ended June 30, 2018, was 10.9%, an increase compared to the same period a year ago.

In millions of dollars  

July 1, 2017 to
June 30, 2018

  

April 1, 2017 to
March 31, 2018

  

January 1, 2017
December 31, 2017
Adjusted net income   12,299   11,150   10,762
Average adjusted shareholders' equity   113,251   111,522   106,078
Return on equity (ROE)   10.9%   10.0%   10.1%

Return on average capital employed was 10.1% for the twelve months ended June 30, 2018, an increase compared to the same period a year ago.

In millions of dollars  

July 1, 2017 to
June 30, 2018

  

April 1, 2017 to
March 31, 2018

  

January 1, 2017
December 31, 2017
Adjusted net operating income   13,748   12,428   11,958
Average capital employed   136,355   136,384   127,575
ROACE   10.1%   9.1%   9.4%

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 4,079 M€ in the first half 2018, compared to 1,460 M€ in the first half 2017.

2018 Sensitivities*

    Scenario   Change  

Estimated impact
on adjusted

net operating
income

 

Estimated
impact on
cash flow

Dollar   1.2 $/€   +/- 0.1 $ per €   -/+ 0.1 B$   ~0 B$
Brent   50 $/b   +/- 10 $/b**   +/- 2.3 B$   +/- 2.8 B$
European refining margin indicator (ERMI)   35 $/t   +/- 10 $/t   +/- 0.5 B$   +/- 0.6 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2018. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
** Assumes constant liquids price differentials.

Summary and outlook

Supported by inventory reductions and geopolitical tensions, Brent continued to trade at around 70 $/b at the start of the third quarter, despite the announced increase in production by OPEC. The Group, however, resolutely continues to implement programs to improve operational efficiency and to reduce its breakeven so as to remain profitable whatever the market context.

The Upstream is well positioned to take advantage of the increase in oil prices thanks to production growth which should be above 7% in 2018. It will benefit in the coming months from the start-ups of Kaombo, Tempa Rossa, Ichthys and Egina, which are all strong cash flow generators, as well as ramping production up at recent start-ups like Yamal LNG, Fort Hills and Timimoun.

Since the start of the third quarter, European refining margins have been around 35 $/t. While still favorable, petrochemical margins are lower in Europe compared to a year ago.

The cost reduction program is on track to surpass the $4 billion objective for the year and reach $4.2 billion of cost savings over the 2014-18 period. The Group confirms that investments (organic and net acquisitions) should be between $16-17 billion in 2018.

Conforming to the announced shareholder return policy, the Group will continue to buy back shares issued as scrip dividend to eliminate dilution. It will also continue to buy back additional shares for an amount of up to $5 billion over the period 2018-20.

-- -- --

To listen to the presentation by CFO Patrick de La Chevardière today at 14:30 (London time) please log on to total.com or call +44 (0) 330 336 9411 in Europe or +1 646 828 8143 in the United States (code: 6399441). For a replay, please consult the website or call +44 (0) 207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 6399441).

* * * * *

Operating information by segment

> Exploration & Production

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Combined liquids and gas

production by region (kboe/d)

  1H18   1H17  

1H18

vs
1H17

842   886   746   +13%   Europe and Central Asia   864   776   +11%
672 673 656 +2% Africa 673 646 +4%
681 639 514 +33% Middle East and North Africa 660 524 +26%
401 371 344 +17% Americas 386 339 +14%
121   134   240   -49%   Asia Pacific   128   249   -49%
2,717   2,703   2,500   +9%   Total production   2,710   2,534   +7%
616   724   597   +3%   including equity affiliates   670   621   +8%
                             
2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Liquids production by region (kb/d)   1H18   1H17  

1H18

vs
1H17

332 299 266 +25% Europe and Central Asia 315 268 +17%
511 503 505 +1% Africa 507 495 +2%
539 501 376 +43% Middle East and North Africa 520 384 +36%
190 165 126 +51% Americas 177 126 +41%
11   13   26   -58%   Asia Pacific   12   28   -57%
1,582   1,481   1,298   +22%   Total production   1,532   1,300   +18%
233   304   244   -5%   including equity affiliates   268   254   +6%
                             
2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Gas production by region (Mcf/d)   1H18   1H17  

1H18

vs
1H17

2,754 3,157 2,592 +6% Europe and Central Asia 2,954 2,740 +8%
772 857 679 +14% Africa 815 696 +17%
787 761 763 +3% Middle East and North Africa 774 776 -
1,192 1,158 1,223 -3% Americas 1,175 1,197 -2%
671   731   1,243   -46%   Asia Pacific   701   1,287   -46%
6,176   6,664   6,500   -5%   Total production   6,419   6,696   -4%
2,026   2,257   1,829   +11%   including equity affiliates   2,141   1,921   +11%
                             
2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  Liquefied natural gas   1H18   1H17  

1H18

vs
1H17

2.47   2.50   2.67   -7%   LNG sales* (Mt)   4.97   5.66   -12%

* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.

> Downstream (Refining & Chemicals and Marketing & Services)

2Q18   1Q18   2Q17*  

2Q18

vs
2Q17

  Petroleum product sales by region (kb/d)**   1H18   1H17*  

1H18

vs
1H17

1,942   1,902   2,020   -4%   Europe   1,922   2,078   -7%
652 754 610 +7% Africa 703 587 +20%
802 760 654 +23% Americas 781 615 +27%
644   680   774   -17%   Rest of world   662   765   -14%
4,040   4,096   4,057   -   Total consolidated sales   4,068   4,045   +1%
556   570   538   +3%   Including bulk sales   563   577   -2%
1,685   1,725   1,759   -4%   Including trading   1,705   1,724   -1%

* 2017 data restated.
**Includes share of TotalErg.

Adjustment items to net income (Group share)

2Q18   1Q18   2Q17   In millions of dollars   1H18   1H17
(358)   (195)   (108)   Special items affecting net income (Group share)   (553)   128
(2)   (101)   125   Gain (loss) on asset sales   (103)   2,264
(46) (21) (54) Restructuring charges (67) (59)
(236) (12) (32) Impairments (248) (1,750)
(74)   (61)   (147)   Other   (135)   (327)
517   (45)   (310)   After-tax inventory effect: FIFO vs. replacement cost   472   (255)
9   (8)   (19)   Effect of changes in fair value   1   (19)
                     
168   (248)   (437)   Total adjustments affecting net income   (80)   (146)

Investments - Divestments

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars   1H18   1H17  

1H18

vs
1H17

2,780   2,620   3,949   -30%   Organic investments   5,400   6,893   -22%
137 111 166 -17% capitalized exploration 248 277 -10%
140 171 443 -68% increase in non-current loans 311 601 -48%
(581)   (416)   (153)   x3.8   repayment of non-current loans   (997)   (340)   x2.9
426   3,688   103   x4.1   Acquisitions   4,114   650   x6.3
693   2,169   207   x3.3   Asset sales   2,862   2,918   -2%
-   -   -   -   Other transactions with non-controlling interests   -   -   -
2,513   4,139   3,845   -35%   Net investments   6,652   4,625   +44%

Cash flow

2Q18   1Q18   2Q17  

2Q18

vs
2Q17

  In millions of dollars   1H18   1H17  

1H18

vs
1H17

6,797   5,668   5,581   +22%   Operating cash flow before working capital changes w/o financial charges (DACF)   12,465   10,483   +19%
(398) (298) (247) +61% Financial charges (696) (462) +51%
6,399 5,370 5,334 +20% Operating cash flow before working capital changes (a) 11,769 10,021 +17%
(856) (3,222) (268) n.s. (Increase) decrease in working capital (4,078) (322) n.s.
703   (67)   (426)   n.s.   Inventory effect   636   (358)   n.s.
6,246   2,081   4,640   +35%   Cash flow from operations   8,327   9,341   -11%
                             
2,780   2,620   3,949   -30%   Organic investments (b)   5,400   6,893   -22%
3,619   2,750   1,385   x2.6   Free cash flow after organic investments, w/o net asset sales (a-b)   6,369   3,128   x2
                             
2,513   4,139   3,845   -35%   Net investments (c)   6,652   4,625   +44%
3,886   1,231   1,489   x2.6   Net cash flow (a-c)   5,117   5,396   -5%

Gearing ratios

In millions of dollars   06/30/2018   03/31/2018   06/30/2017
Current borrowings   15,659   14,909   13,070
Net current financial assets (2,806) (1,920) (3,377)
Net financial assets classified as held for sale 0 0 (2)
Non-current financial debt 38,362 40,257 41,548
Hedging instruments of non-current debt (967) (1,154) (558)
Cash and cash equivalents   (26,475)   (30,092)   (28,720)
Net debt (a)   23,773   22,000   21,961
             
Shareholders’ equity - Group share 117,975 121,187 107,188
Non-controlling interests   2,288   2,499   2,772
Shareholders' equity (b)   120,263   123,686   109,960
             
Net-debt-to-equity ratio = a / b   19.8%   17.8%   20.0%
             
Net-debt-to-capital ratio = a / (a + b)   16.5%   15.1%   16.6%

Return on average capital employed

> Twelve months ended June 30, 2018

In millions of dollars  

Exploration &
Production

  

Gas,
Renewables
& Power

  

Refining &
Chemicals

  

Marketing &
Services

   Group
Adjusted net operating income   8,114   637   3,447   1,787   13,748
Capital employed at 6/30/2017* 108,618 5,363 10,957 6,937 130,831
Capital employed at 6/30/2018*   118,715   4,442   12,939   7,040   141,878
ROACE   7.1%   13.0%   28.9%   25.6%   10.1%

> Twelve months ended March 31, 2018

In millions of dollars  

Exploration &
Production

  

Gas,
Renewables
& Power

  

Refining &
Chemicals

  

Marketing &
Services

   Group
Adjusted net operating income   6,786   539   3,487   1,742   12,428
Capital employed at 03/31/2017* 106,937 5,036 11,130 6,331 128,810
Capital employed at 03/31/2018*   119,035   5,237   13,428   7,409   143,957
ROACE   6.0%   10.5%   28.4%   25.4%   9.1%

> Twelve months ended June 30, 2017

In millions of dollars  

Exploration &
Production

  

Gas,
Renewables
& Power

  

Refining &
Chemicals

  

Marketing &
Services

   Group
Adjusted net operating income   4,529   479   3,931   1,584   10,609
Capital employed at 6/30/2016* 107,405 4,622 12,249 5,789 129,635
Capital employed at 6/30/2017*   108,618   5,363   10,957   6,937   130,831
ROACE   4.2%   9.6%   33.9%   24.9%   8.1%

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

This document does not constitute the Financial Report for the first half of 2018 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 total.com.

This press release presents the results for the second quarter and half-year 2018 from the consolidated financial statements of TOTAL S.A. as of June 30, 2018 (unaudited). The audit procedures by the Statutory Auditors are underway. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.

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

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is 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 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 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, whose 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.

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.

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 press release, such as “potential reserves” or “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 total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.

1 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 11.
2 Tax on adjusted net operating income / (adjusted net operating income – income from equity affiliates – dividends received from investments – impairment of goodwill. + tax on adjusted net operating income).
3 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the interest on the perpetual subordinated bond
4 Including acquisitions and increases in non-current loans.
5 Including divestments and reimbursements of non-current loans.
6 Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
7 Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
8 Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14. The reconciliation table for different cash flow figures is on page 12. 9 DACF = debt adjusted cash flow, is defined as operating cash flow before working capital changes and financial charges.
10 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
11 Details shown on page 11.
12 Details shown on page 11 and in the annex to the financial statements.
13 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).

Total financial statements
_________________

Second quarter results and first half 2018 consolidated accounts, IFRS

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

2018

  1st quarter

2018

  2nd quarter

2017

Sales 52,540 49,611 39,915
Excise taxes (6,438) (6,319) (5,433)
Revenues from sales 46,102 43,292 34,482
Purchases, net of inventory variation (30,599) (29,446) (23,398)
Other operating expenses (6,761) (6,937) (6,106)
Exploration costs (158) (204) (199)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,435) (2,916) (2,798)
Other income 252 523 570
Other expense (413) (190) (106)
Financial interest on debt (478) (390) (345)
Financial income and expense from cash & cash equivalents (54) (41) (37)
Cost of net debt (532) (431) (382)
Other financial income 321 240 285
Other financial expense (159) (170) (159)
Net income (loss) from equity affiliates 1,103 484 310
Income taxes   (2,087)   (1,596)   (472)
Consolidated net income   3,634   2,649   2,027
Group share 3,721 2,636 2,037
Non-controlling interests   (87)   13   (10)
Earnings per share ($)   1.38   1.00   0.79
Fully-diluted earnings per share ($)   1.38   0.99   0.79
(a) Except for per share amounts.
     
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 
(M$)   2nd quarter

2018

  1st quarter

2018

  2nd quarter

2017

Consolidated net income   3,634   2,649   2,027
Other comprehensive income
 
Actuarial gains and losses 42 25 32
Change in fair value of investments in equity instruments (2) 7 -
Tax effect (20) 2 (12)
Currency translation adjustment generated by the parent company   (4,761)   2,131   4,524
Items not potentially reclassifiable to profit and loss   (4,741)   2,165   4,544
Currency translation adjustment 1,330 (362) (1,218)
Available for sale financial assets - - 1
Cash flow hedge 77 178 (79)
Variation of foreign currency basis spread 2 (29) -
Share of other comprehensive income of equity affiliates, net amount 36 (168) (794)
Other (2) - (3)
Tax effect   (27)   (48)   30
Items potentially reclassifiable to profit and loss   1,416   (429)   (2,063)
Total other comprehensive income (net amount)   (3,325)   1,736   2,481
             
Comprehensive income   309   4,385   4,508
Group share 450 4,356 4,507
Non-controlling interests (141) 29 1
   
 
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
 
(M$) (a)   1st half

2018

  1st half

2017

Sales 102,151 81,098
Excise taxes (12,757) (10,523)
Revenues from sales 89,394 70,575
Purchases, net of inventory variation (60,045) (47,385)
Other operating expenses (13,698) (12,272)
Exploration costs (362) (396)
Depreciation, depletion and impairment of tangible assets and mineral interests (6,351) (7,377)
Other income 775 2,895
Other expense (603) (397)
Financial interest on debt (868) (676)
Financial income and expense from cash & cash equivalents (95) (48)
Cost of net debt (963) (724)
Other financial income 561 513
Other financial expense (329) (319)
Net income (loss) from equity affiliates 1,587 858
Income taxes   (3,683)   (1,165)
Consolidated net income   6,283   4,806
Group share 6,357 4,886
Non-controlling interests   (74)   (80)
Earnings per share ($)   2.39   1.93
Fully-diluted earnings per share ($)   2.38   1.92
(a) Except for per share amounts.
   
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 
(M$)   1st half

2018

  1st half

2017

Consolidated net income   6,283   4,806
Other comprehensive income
 
Actuarial gains and losses 67 158
Change in fair value of investments in equity instruments 5 -
Tax effect (18) (53)
Currency translation adjustment generated by the parent company   (2,630)   5,464
Items not potentially reclassifiable to profit and loss   (2,576)   5,569
Currency translation adjustment 968 (1,418)
Available for sale financial assets - -
Cash flow hedge 255 34
Variation of foreign currency basis spread (27) -
Share of other comprehensive income of equity affiliates, net amount (132) (463)
Other (2) -
Tax effect   (75)   (9)
Items potentially reclassifiable to profit and loss   987   (1,856)
Total other comprehensive income (net amount)   (1,589)   3,713
         
Comprehensive income   4,694   8,519
Group share 4,806 8,581
Non-controlling interests (112) (62)
       
 
CONSOLIDATED BALANCE SHEET
TOTAL
 
 
(M$)  

June 30,
2018

(unaudited)

 

March 31,
2018

(unaudited)

 

December 31,
2017

 

 

June 30,
2017

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 24,562 24,502 14,587 14,119
Property, plant and equipment, net 114,047 116,181 109,397 112,659
Equity affiliates : investments and loans 22,443 22,332 22,103 21,705
Other investments 1,396 1,710 1,727 1,483
Non-current financial assets 967 1,154 679 558
Deferred income taxes 5,348 5,519 5,206 4,981
Other non-current assets   3,384   3,633   3,984   4,411
Total non-current assets   172,147   175,031   157,683   159,916
Current assets
Inventories, net 18,392 17,006 16,520 14,273
Accounts receivable, net 16,974 17,774 14,893 12,923
Other current assets 14,408 14,824 14,210 14,034
Current financial assets 3,609 2,289 3,393 3,618
Cash and cash equivalents 26,475 30,092 33,185 28,720
Assets classified as held for sale   -   -   2,747   421
Total current assets   79,858   81,985   84,948   73,989
Total assets 252,005 257,016 242,631 233,905
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 8,305 8,207 7,882 7,797
Paid-in surplus and retained earnings 121,896 120,559 112,040 110,305
Currency translation adjustment (9,764) (6,413) (7,908) (10,314)
Treasury shares   (2,462)   (1,166)   (458)   (600)
Total shareholders' equity - Group share   117,975   121,187   111,556   107,188
Non-controlling interests   2,288   2,499   2,481   2,772
Total shareholders' equity   120,263   123,686   114,037   109,960
Non-current liabilities
Deferred income taxes 11,969 11,943 10,828 10,920
Employee benefits 3,329 3,796 3,735 4,127
Provisions and other non-current liabilities 18,807 19,268 15,986 16,924
Non-current financial debt   38,362   40,257   41,340   41,548
Total non-current liabilities   72,467   75,264   71,889   73,519
Current liabilities
Accounts payable 25,021 24,836 26,479 21,914
Other creditors and accrued liabilities 17,792 17,952 17,779 14,862
15,659 14,909 11,096 13,070
Other current financial liabilities 803 369 245 241
Liabilities directly associated with the assets classified as held for sale   -   -   1,106   339
Total current liabilities   59,275   58,066   56,705   50,426
Total liabilities & shareholders' equity 252,005 257,016 242,631 233,905
     
 
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M$)   2nd quarter

2018

  1st quarter

2018

  2nd quarter

2017

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,634 2,649 2,027
Depreciation, depletion, amortization and impairment 3,508 3,046 2,930
Non-current liabilities, valuation allowances and deferred taxes 35 114 (50)
(Gains) losses on disposals of assets (148) (125) (151)
Undistributed affiliates' equity earnings (298) (259) 501
(Increase) decrease in working capital (856) (3,222) (268)
Other changes, net   371   (122)   (349)
Cash flow from operating activities 6,246 2,081 4,640
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,513) (5,665) (3,323)
Acquisitions of subsidiaries, net of cash acquired 12 (726) (6)
Investments in equity affiliates and other securities (146) (162) (433)
Increase in non-current loans   (140)   (171)   (443)
Total expenditures (3,787) (6,724) (4,205)
Proceeds from disposals of intangible assets and property, plant and equipment 304 1,978 74
Proceeds from disposals of subsidiaries, net of cash sold (7) 3 -
Proceeds from disposals of non-current investments 396 188 133
Repayment of non-current loans   581   416   153
Total divestments   1,274   2,585   360
Cash flow used in investing activities (2,513) (4,139) (3,845)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 473 9 406
- Treasury shares (1,182) (558) -
Dividends paid:
- Parent company shareholders (2,692) (1,516) (1,462)
- Non-controlling interests (72) (12) (61)
Issuance of perpetual subordinated notes - - -
Payments on perpetual subordinated notes (116) (150) (90)
Other transactions with non-controlling interests - - -
Net issuance (repayment) of non-current debt 52 (2,480) 290
Increase (decrease) in current borrowings (738) 1,707 (1,167)
Increase (decrease) in current financial assets and liabilities (1,779) 1,155 979
Cash flow used in financing activities   (6,054)   (1,845)   (1,105)
Net increase (decrease) in cash and cash equivalents (2,321) (3,903) (310)
Effect of exchange rates (1,296) 810 1,504
    30,092   33,185   27,526
Cash and cash equivalents at the end of the period   26,475   30,092   28,720
   
 
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M$)   1st half

2018

  1st half

2017

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 6,283 4,806
Depreciation, depletion, amortization and impairment 6,554 7,590
Non-current liabilities, valuation allowances and deferred taxes 149 (247)
(Gains) losses on disposals of assets (273) (2,383)
Undistributed affiliates' equity earnings (557) 206
(Increase) decrease in working capital (4,078) (322)
Other changes, net   249   (309)
Cash flow from operating activities 8,327 9,341
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (9,178) (6,001)
Acquisitions of subsidiaries, net of cash acquired (714) (325)
Investments in equity affiliates and other securities (308) (956)
Increase in non-current loans   (311)   (601)
Total expenditures (10,511) (7,883)
Proceeds from disposals of intangible assets and property, plant and equipment 2,282 80
Proceeds from disposals of subsidiaries, net of cash sold (4) 2,696
Proceeds from disposals of non-current investments 584 142
Repayment of non-current loans   997   340
Total divestments   3,859   3,258
Cash flow used in investing activities (6,652) (4,625)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 482 421
- Treasury shares (1,740) -
Dividends paid:
- Parent company shareholders (4,208) (2,000)
- Non-controlling interests (84) (76)
Issuance of perpetual subordinated notes - -
Payments on perpetual subordinated notes (266) (219)
Other transactions with non-controlling interests - -
Net issuance (repayment) of non-current debt (2,428) 346
Increase (decrease) in current borrowings 969 (2,580)
Increase (decrease) in current financial assets and liabilities (624) 1,637
Cash flow used in financing activities   (7,899)   (2,471)
Net increase (decrease) in cash and cash equivalents (6,224) 2,245
Effect of exchange rates (486) 1,878
    33,185   24,597
Cash and cash equivalents at the end of the period   26,475   28,720
       
 
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL          
(unaudited)
 
                             
Common shares issued

Paid-in
surplus and
retained
earnings

Currency
translation
adjustment

Treasury shares

Shareholders
' equity -
Group share

 

Non-
controlling
interests

Total
shareholders'
equity

(M$)   Number   Amount           Number   Amount            
As of January 1, 2017   2,430,365,862   7,604   105,547   (13,871)   (10,587,822)   (600)   98,680   2,894   101,574
Net income of the first half 2017 - - 4,886 - - - 4,886 (80) 4,806
Other comprehensive Income - - 138 3,557 - - 3,695 18 3,713
Comprehensive Income - - 5,024 3,557 - - 8,581 (62) 8,519
Dividend - - (3,297) - - - (3,297) (76) (3,373)
Issuance of common shares 71,170,026 193 3,103 - - - 3,296 - 3,296
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 4,000 - - - -
Share-based payments - - 74 - - - 74 - 74
Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (142) - - - (142) - (142)
Other operations with non-controlling interests - - (7) - - - (7) 7 -
Other items - - 3 - - - 3 9 12
As of June 30, 2017   2,501,535,888   7,797   110,305   (10,314)   (10,583,822)   (600)   107,188   2,772   109,960
Net income from July 1 to December 31, 2017 - - 3,745 - - - 3,745 (252) 3,493
Other comprehensive Income - - 580 2,406 - - 2,986 26 3,012
Comprehensive Income - - 4,325 2,406 - - 6,731 (226) 6,505
Dividend - - (3,695) - - - (3,695) (65) (3,760)
Issuance of common shares 27,453,728 85 1,328 - - - 1,413 - 1,413
Purchase of treasury shares - - - - - - - - -
- - (142) - 2,207,066 142 - - -
Share-based payments - - 77 - - - 77 - 77
Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (160) - - - (160) - (160)
Other operations with non-controlling interests - - (1) - - - (1) (3) (4)
Other items - - 3 - - - 3 3 6
As of December 31, 2017   2,528,989,616   7,882   112,040   (7,908)   (8,376,756)   (458)   111,556   2,481   114,037
Net income of the first half 2018 - - 6,357 - - - 6,357 (74) 6,283
Other comprehensive Income - - 305 (1,856) - - (1,551) (38) (1,589)
Comprehensive Income - - 6,662 (1,856) - - 4,806 (112) 4,694
Dividend - - (4,070) - - - (4,070) (84) (4,154)
Issuance of common shares 136,887,716 423 7,270 - - - 7,693 - 7,693
Purchase of treasury shares - - - - (33,056,514) (2,004) (2,004) - (2,004)
Sale of treasury shares (1) - - - - 3,450 - - - -
Share-based payments - - 192 - - - 192 - 192
Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - - - - - - - -
Payments on perpetual subordinated notes - - (161) - - - (161) - (161)
Other operations with non-controlling interests - - (4) - - - (4) 4 -
Other items - - (33) - - - (33) (1) (34)
As of June 30, 2018   2,665,877,332   8,305   121,896   (9,764)   (41,429,820)   (2,462)   117,975   2,288   120,263
 
(1) Treasury shares related to the restricted stock grants.
             
 
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                             
2nd quarter 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 3,398 3,268 23,349 22,528 (3) - 52,540
Intersegment sales 7,793 430 9,440 293 (63) (17,893) -
Excise taxes   -   -   (867)   (5,571)   -   -   (6,438)
Revenues from sales 11,191 3,698 31,922 17,250 (66) (17,893) 46,102
Operating expenses (4,934) (3,570) (30,369) (16,416) -1.22E+02 17,893 (37,518)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,484)   (464)   (304)   (172)   (11)   -   (3,435)
Operating income 3,773 (336) 1,249 662 (199) - 5,149
Net income (loss) from equity affiliates and other items 569 128 289 107 11 - 1,104
Tax on net operating income   (1,772)   (19)   (279)   (194)   85   -   (2,179)
Net operating income 2,570 (227) 1,259 575 (103) - 4,074
Net cost of net debt (440)
Non-controlling interests                           87
Net income - group share 3,721
                             
2nd quarter 2018 (adjustments) (a)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales - 24 - - - - 24
Intersegment sales - - - - - - -
Excise taxes   -   -   -   -   -   -   -
Revenues from sales - 24 - - - - 24
Operating expenses (97) (9) 569 134 - - 597
Depreciation, depletion and impairment of tangible assets and mineral interests   -   (424)   -   -   -   -   (424)
Operating income (b) (97) (409) 569 134 - - 197
Net income (loss) from equity affiliates and other items (66) (4) 46 1 - - (23)
Tax on net operating income   46   (7)   (177)   (38)   -   -   (176)
Net operating income (b) (117) (420) 438 97 - - (2)
Net cost of net debt (9)
Non-controlling interests                           179
Net income - group share 168
(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 - - 569 134 -
On net operating income - - 438 97 -
                             
2nd quarter 2018 (adjusted)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Non-Group sales 3,398 3,244 23,349 22,528 (3) - 52,516
Intersegment sales 7,793 430 9,440 293 (63) (17,893) -
Excise taxes   -   -   (867)   (5,571)   -   -   (6,438)
Revenues from sales 11,191 3,674 31,922 17,250 (66) (17,893) 46,078
(4,837) (3,561) (30,938) (16,550) (122) 17,893 (38,115)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,484)   (40)   (304)   (172)   (11)   -   (3,011)
Adjusted operating income 3,870 73 680 528 (199) - 4,952
Net income (loss) from equity affiliates and other items 635 132 243 106 11 - 1,127
Tax on net operating income   (1,818)   (12)   (102)   (156)   85   -   (2,003)
Adjusted net operating income 2,687 193 821 478 (103) - 4,076
Net cost of net debt (431)
Non-controlling interests                           (92)
Adjusted net income - group share 3,553
 
 
                             
2nd quarter 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures 2,980 79 404 310 14 - 3,787
Total divestments 500 405 324 45 - - 1,274
Cash flow from operating activities (*)   4,628   104   999   841   (326)   -   6,246
 
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.
             
 
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
 
                             
1st quarter 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Non-Group sales 2,467 4,091 21,739 21,308 6 - 49,611
Intersegment sales 6,924 468 7,956 198 97 (15,643) -
Excise taxes   -   -   (847)   (5,472)   -   -   (6,319)
Revenues from sales 9,391 4,559 28,848 16,034 103 (15,643) 43,292
Operating expenses (4,045) (4,526) (27,879) (15,503) -2.77E+02 15,643 (36,587)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,350)   (70)   (313)   (174)   (9)   -   (2,916)
Operating income 2,996 (37) 656 357 (183) - 3,789
Net income (loss) from equity affiliates and other items 641 34 128 86 (2) - 887
Tax on net operating income   (1,550)   (15)   (104)   (103)   96   -   (1,676)
Net operating income 2,087 (18) 680 340 (89) - 3,000
Net cost of net debt (351)
Non-controlling interests                           (13)
Net income - group share 2,636
                             
1st quarter 2018 (adjustments) (a)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales - (11) - - - - (11)
Intersegment sales - - - - - - -
Excise taxes   -   -   -   -   -   -   -
Revenues from sales - (11) - - - - (11)
Operating expenses (53) (92) (38) (29) (9) - (221)
Depreciation, depletion and impairment of tangible assets and mineral interests   -   (22)   -   -   -   -   (22)
Operating income (b) (53) (125) (38) (29) (9) - (254)
Net income (loss) from equity affiliates and other items (101) (11) (21) (1) - - (134)
Tax on net operating income   58   3   19   3   -   -   83
Net operating income (b) (96) (133) (40) (27) (9) - (305)
Net cost of net debt (10)
Non-controlling interests                           67
Net income - group share (248)
(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 - - (38) (29) -
On net operating income - - (23) (27) -
                             
1st quarter 2018 (adjusted)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 2,467 4,102 21,739 21,308 6 - 49,622
Intersegment sales 6,924 468 7,956 198 97 (15,643) -
Excise taxes   -   -   (847)   (5,472)   -   -   (6,319)
Revenues from sales 9,391 4,570 28,848 16,034 103 (15,643) 43,303
(3,992) (4,434) (27,841) (15,474) (268) 15,643 (36,366)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,350)   (48)   (313)   (174)   (9)   -   (2,894)
Adjusted operating income 3,049 88 694 386 (174) - 4,043
Net income (loss) from equity affiliates and other items 742 45 149 87 (2) - 1,021
Tax on net operating income   (1,608)   (18)   (123)   (106)   96   -   (1,759)
Adjusted net operating income 2,183 115 720 367 (80) - 3,305
Net cost of net debt (341)
Non-controlling interests                           (80)
Adjusted net income - group share 2,884
 
 
                             
1st quarter 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Total expenditures 5,871 249 332 228 44 - 6,724
Total divestments 2,251 78 25 228 3 - 2,585
Cash flow from operating activities (*)   3,569   (179)   (1,109)   (60)   (140)   -   2,081
 
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.
             
 
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
 
                             
2nd quarter 2017

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Non-Group sales 2,068 2,671 17,347 17,831 (2) - 39,915
Intersegment sales 5,118 274 6,016 169 90 (11,667) -
Excise taxes   -   -   (680)   (4,753)   -   -   (5,433)
Revenues from sales 7,186 2,945 22,683 13,247 88 (11,667) 34,482
Operating expenses (3,547) (2,857) (21,918) (12,729) -3.19E+02 11,667 (29,703)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,344)   (40)   (245)   (158)   (11)   -   (2,798)
Operating income 1,295 48 520 360 (242) - 1,981
Net income (loss) from equity affiliates and other items 487 13 148 258 (6) - 900
Tax on net operating income   (512)   (24)   (142)   (123)   214   -   (587)
Net operating income 1,270 37 526 495 (34) - 2,294
Net cost of net debt (267)
Non-controlling interests                           10
Net income - group share 2,037
                             
2nd quarter 2017 (adjustments) (a)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales - (27) - - - - (27)
Intersegment sales - - - - - - -
Excise taxes   -   -   -   -   -   -   -
Revenues from sales - (27) - - - - (27)
Operating expenses (117) (25) (411) (80) (64) - (697)
Depreciation, depletion and impairment of tangible assets and mineral interests   (15)   1   -   -   -   -   (14)
Operating income (b) (132) (51) (411) (80) (64) - (738)
Net income (loss) from equity affiliates and other items (4) (16) (53) 121 - - 48
Tax on net operating income   47   9   129   21   22   -   228
Net operating income (b) (89) (58) (335) 62 (42) - (462)
Net cost of net debt (7)
Non-controlling interests                           32
Net income - group share (437)
(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 - - (372) (54) -
On net operating income - - (270) (45) -
                             
2nd quarter 2017 (adjusted)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Non-Group sales 2,068 2,698 17,347 17,831 (2) - 39,942
Intersegment sales 5,118 274 6,016 169 90 (11,667) -
Excise taxes   -   -   (680)   (4,753)   -   -   (5,433)
Revenues from sales 7,186 2,972 22,683 13,247 88 (11,667) 34,509
(3,430) (2,832) (21,507) (12,649) (255) 11,667 (29,006)
Depreciation, depletion and impairment of tangible assets and mineral interests   (2,329)   (41)   (245)   (158)   (11)   -   (2,784)
Adjusted operating income 1,427 99 931 440 (178) - 2,719
Net income (loss) from equity affiliates and other items 491 29 201 137 (6) - 852
Tax on net operating income   (559)   (33)   (271)   (144)   192   -   (815)
Adjusted net operating income 1,359 95 861 433 8 - 2,756
Net cost of net debt (260)
Non-controlling interests                           (22)
Adjusted net income - group share 2,474
 
 
                             
2nd quarter 2017

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures 3,448 77 401 258 21 - 4,205
Total divestments 132 23 20 182 3 - 360
Cash flow from operating activities (*)   2,836   (100)   1,967   251   (314)   -   4,640
 
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.
             
 
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
 
 
                             
1st half 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 5,865 7,359 45,088 43,836 3 - 102,151
Intersegment sales 14,717 898 17,396 491 34 (33,536) -
Excise taxes   -   -   (1,714)   (11,043)   -   -   (12,757)
Revenues from sales 20,582 8,257 60,770 33,284 37 (33,536) 89,394
Operating expenses (8,979) (8,096) (58,248) (31,919) -3.99E+02 33,536 (74,105)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,834)   (534)   (617)   (346)   (20)   -   (6,351)
Operating income 6,769 (373) 1,905 1,019 (382) - 8,938
Net income (loss) from equity affiliates and other items 1,210 162 417 193 9 - 1,991
Tax on net operating income   (3,322)   (34)   (383)   (297)   181   -   (3,855)
Net operating income 4,657 (245) 1,939 915 (192) - 7,074
Net cost of net debt (791)
Non-controlling interests                           74
Net income - group share 6,357
                             
1st half 2018 (adjustments) (a)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales - 13 - - - - 13
Intersegment sales - - - - - - -
Excise taxes   -   -   -   -   -   -   -
Revenues from sales - 13 - - - - 13
Operating expenses (150) (101) 531 105 (9) - 376
Depreciation, depletion and impairment of tangible assets and mineral interests   -   (446)   -   -   -   -   (446)
Operating income (b) (150) (534) 531 105 (9) - (57)
Net income (loss) from equity affiliates and other items (167) (15) 25 - - - (157)
Tax on net operating income   104   (4)   (158)   (35)   -   -   (93)
Net operating income (b) (213) (553) 398 70 (9) - (307)
Net cost of net debt (19)
Non-controlling interests                           246
Net income - group share (80)
(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 - - 531 105 -
On net operating income - - 415 70 -
                             
1st half 2018 (adjusted)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 5,865 7,346 45,088 43,836 3 - 102,138
Intersegment sales 14,717 898 17,396 491 34 (33,536) -
Excise taxes   -   -   (1,714)   (11,043)   -   -   (12,757)
Revenues from sales 20,582 8,244 60,770 33,284 37 (33,536) 89,381
(8,829) (7,995) (58,779) (32,024) (390) 33,536 (74,481)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,834)   (88)   (617)   (346)   (20)   -   (5,905)
Adjusted operating income 6,919 161 1,374 914 (373) - 8,995
Net income (loss) from equity affiliates and other items 1,377 177 392 193 9 - 2,148
Tax on net operating income   (3,426)   (30)   (225)   (262)   181   -   (3,762)
Adjusted net operating income 4,870 308 1,541 845 (183) - 7,381
Net cost of net debt (772)
Non-controlling interests                           (172)
Adjusted net income - group share 6,437
 
 
                             
1st half 2018

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures 8,851 328 736 538 58 - 10,511
Total divestments 2,751 483 349 273 3 - 3,859
Cash flow from operating activities (*)   8,197   (75)   (110)   781   (466)   -   8,327
 
(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.
         
 
BUSINESS SEGMENT INFORMATION
TOTAL    
(unaudited)
 
 
                             
1st half 2017

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales 4,171 5,868 35,921 35,129 9 - 81,098
Intersegment sales 10,666 583 12,362 443 195 (24,249) -
Excise taxes   -   -   (1,381)   (9,142)   -   -   (10,523)
Revenues from sales 14,837 6,451 46,902 26,430 204 (24,249) 70,575
Operating expenses (7,234) (6,326) (44,796) (25,394) -5.52E+02 24,249 (60,053)
Depreciation, depletion and impairment of tangible assets and mineral interests   (6,412)   (112)   (532)   (302)   (19)   -   (7,377)
Operating income 1,191 13 1,574 734 (367) - 3,145
Net income (loss) from equity affiliates and other items 677 (32) 2,601 288 16 - 3,550
Tax on net operating income   (951)   (61)   (498)   (231)   385   -   (1,356)
Net operating income 917 (80) 3,677 791 34 - 5,339
Net cost of net debt (533)
Non-controlling interests                       80
Net income - group share 4,886
                             
1st half 2017 (adjustments) (a)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Non-Group sales - (27) - - - - (27)
Intersegment sales - - - - - - -
Excise taxes   -   -   -   -   -   -   -
Revenues from sales - (27) - - - - (27)
Operating expenses (117) (114) (354) (95) (64) - (744)
Depreciation, depletion and impairment of tangible assets and mineral interests   (1,869)   (25)   (50)   -   -   -   (1,944)
Operating income (b) (1,986) (166) (404) (95) (64) - (2,715)
Net income (loss) from equity affiliates and other items (214) (79) 2,156 126 - - 1,989
Tax on net operating income   376   9   41   26   22   -   474
Net operating income (b) (1,824) (236) 1,793 57 (42) - (252)
Net cost of net debt (14)
Non-controlling interests                       120
Net income - group share (146)
(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 - - (289) (69) -
On net operating income - - (212) (50) -
                             
1st half 2017 (adjusted)

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

 

Corporate

  Intercompany   Total
Non-Group sales 4,171 5,895 35,921 35,129 9 - 81,125
Intersegment sales 10,666 583 12,362 443 195 (24,249) -
Excise taxes   -   -   (1,381)   (9,142)   -   -   (10,523)
Revenues from sales 14,837 6,478 46,902 26,430 204 (24,249) 70,602
(7,117) (6,212) (44,442) (25,299) (488) 24,249 (59,309)
Depreciation, depletion and impairment of tangible assets and mineral interests   (4,543)   (87)   (482)   (302)   (19)   -   (5,433)
Adjusted operating income 3,177 179 1,978 829 (303) - 5,860
Net income (loss) from equity affiliates and other items 891 47 445 162 16 - 1,561
Tax on net operating income   (1,327)   (70)   (539)   (257)   363   -   (1,830)
Adjusted net operating income 2,741 156 1,884 734 76 - 5,591
Net cost of net debt (519)
Non-controlling interests                       (40)
Adjusted net income - group share 5,032
 
 
                             
1st half 2017

(M$)

 

Exploration
&
Production

 

Gas,
Renewables
& Power

 

Refining &
Chemicals

 

Marketing &
Services

  Corporate   Intercompany   Total
Total expenditures 6,084 392 667 697 43 - 7,883
Total divestments 245 27 2,760 218 8 - 3,258
Cash flow from operating activities (*)   5,637   40   3,729   582   (647)   -   9,341

 

(*) As of January 1st, 2018, for a better reflection of the operating performance of the segments, financial expenses were all transferred to the Corporate segment. 2017 comparative information have been restated.
 
 
Reconciliation of the information by business segment with consolidated financial statements
TOTAL    
(unaudited)
 
 
 
2nd quarter 2018

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales 52,516 24 52,540
Excise taxes (6,438) - (6,438)
Revenues from sales 46,078 24 46,102
Purchases, net of inventory variation (31,263) 664 (30,599)
Other operating expenses (6,694) (67) (6,761)
Exploration costs (158) - (158)
Depreciation, depletion and impairment of tangible assets and mineral interests (3,011) (424) (3,435)
Other income 254 (2) 252
Other expense (55) (358) (413)
Financial interest on debt (469) (9) (478)
Financial income and expense from cash & cash equivalents (54) - (54)
Cost of net debt (523) (9) (532)
Other financial income 321 - 321
Other financial expense (159) - (159)
Net income (loss) from equity affiliates 766 337 1,103
Income taxes   (1,911)   (176)   (2,087)
Consolidated net income 3,645 (11) 3,634
Group share 3,553 168 3,721
Non-controlling interests 92 (179) (87)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
2nd quarter 2017

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales 39,942 (27) 39,915
Excise taxes (5,433) - (5,433)
Revenues from sales 34,509 (27) 34,482
Purchases, net of inventory variation (22,939) (459) (23,398)
Other operating expenses (5,868) (238) (6,106)
Exploration costs (199) - (199)
Depreciation, depletion and impairment of tangible assets and mineral interests (2,784) (14) (2,798)
Other income 206 364 570
Other expense (58) (48) (106)
Financial interest on debt (338) (7) (345)
Financial income and expense from cash & cash equivalents (37) - (37)
Cost of net debt (375) (7) (382)
Other financial income 285 - 285
Other financial expense (159) - (159)
Net income (loss) from equity affiliates 578 (268) 310
    (700)   228   (472)
Consolidated net income 2,496 (469) 2,027
Group share 2,474 (437) 2,037
Non-controlling interests 22 (32) (10)
 
(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 2018

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales 102,138 13 102,151
Excise taxes (12,757) - (12,757)
Revenues from sales 89,381 13 89,394
Purchases, net of inventory variation (60,623) 578 (60,045)
Other operating expenses (13,496) (202) (13,698)
Exploration costs (362) - (362)
Depreciation, depletion and impairment of tangible assets and mineral interests (5,905) (446) (6,351)
Other income 628 147 775
Other expense (115) (488) (603)
Financial interest on debt (849) (19) (868)
Financial income and expense from cash & cash equivalents (95) - (95)
Cost of net debt (944) (19) (963)
Other financial income 561 - 561
Other financial expense (329) - (329)
Net income (loss) from equity affiliates 1,403 184 1,587
Income taxes   (3,590)   (93)   (3,683)
Consolidated net income 6,609 (326) 6,283
Group share 6,437 (80) 6,357
Non-controlling interests 172 (246) (74)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
 
1st half 2017

(M$)

  Adjusted   Adjustments (a)  

Consolidated
statement of income

Sales 81,125 (27) 81,098
Excise taxes (10,523) - (10,523)
Revenues from sales 70,602 (27) 70,575
Purchases, net of inventory variation (46,929) (456) (47,385)
Other operating expenses (11,984) (288) (12,272)
Exploration costs (396) - (396)
Depreciation, depletion and impairment of tangible assets and mineral interests (5,433) (1,944) (7,377)
Other income 314 2,581 2,895
Other expense (116) (281) (397)
Financial interest on debt (662) (14) (676)
Financial income and expense from cash & cash equivalents (48) - (48)
Cost of net debt (710) (14) (724)
Other financial income 513 - 513
Other financial expense (319) - (319)
Net income (loss) from equity affiliates 1,169 (311) 858
    (1,639)   474   (1,165)
Consolidated net income 5,072 (266) 4,806
Group share 5,032 (146) 4,886
Non-controlling interests 40 (120) (80)
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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