1st Quarter Results
Total S.A.
7 May 2004
First quarter 2004 earnings per share, adjusted for special items and
expressed in dollars*, increased by 13%
Results expressed in dollars*
First quarter 2004 net income adjusted for special items
• 2.47 billion dollars, an increase of 9%
• 3.97 dollars per share, an increase of 13%
First quarter 2004 net income
• 2.45 billion dollars, an increase of 8%
Results in euros
First quarter 2004 net income adjusted for special items
• 1.98 billion euros, a decline of 7%
• 3.18 euros per share, a decline of 3%
First quarter 2004 net income
. 1.96 billion euros, a decline of 8%
Paris, May 7, 2004 - The Board of Directors of Total, chaired by CEO Thierry
Desmarest met on May 6, 2004 to review the first quarter 2004 accounts. The
company's auditors performed a limited review of the accounts.
Commenting on the results, Thierry Desmarest said:
'The first quarter 2004 environment compared to the same quarter last year was
marked by further weakness in the dollar relative to the euro, a decrease in
European refining margins, slightly higher hydrocarbon prices, and the start of
a rebound for Chemicals.
Expressed in dollars, net income adjusted for special items increased by 9% to a
record level of 2.47 billion dollars. The internal efforts of the Group, notably
the sustained production growth, made this possible.
Earnings per share, adjusted for special items and expressed in dollars,
increased by 13%, thanks to the accretive effect of share buybacks over the past
twelve months.'
* dollar amounts represent euro amounts converted at the average €/$ exchange
rate for the period
Total - consolidated accounts
in millions of euros 1Q04 1Q03 %
Sales 27,860 28,303 -2%
Operating income from business segments 3,564 3,919 -9%
adjusted for special items
Upstream 2,819 3,025 -7%
Downstream 546 779 -30%
Chemicals 199 115 +73%
Net operating income from business segments 1,924 2,051 -6%
adjusted for special items
Net income 1,978 2,120 -7%
adjusted for special items
Net Income 1,961 2,120 -8%
Earnings per share (euros) 3.18 3.28 -3%
adjusted for special items
Investments 1,611 1,494 +8%
Divestments 182 993 -82%
at selling price
Cash flow from operating activities* 4,083 3,822 +7%
* includes disbursements of 130 M€ in the first quarter 2004 and 182 M€ in the
first quarter 2003 covered by a previously established reserve related to the
Toulouse-AZF plant
Special items
in millions of euros 1Q04 1Q03
Impact of special items on operating Income - -
Impact of special items on net income - -
Gains on asset sales
Restructuring charges and early retirement plans (17) -
Impairments - -
Other - -
Total (17) -
Number of shares
millions 1Q04 1Q03 %
Fully-diluted weighted-average shares 622.9 646.1 -4%
Market environment
1Q04 1Q03 %
€/$ 1.25 1.07 -14% *
Brent ($/b) 32.0 31.5 +2%
European refining margin TRCV ($/t) 21.6 32.3 -33%
* change in the dollar versus the euro
First quarter 2004 results
Consolidated sales declined by 2% to 27,860 million euros (M€) from 28,303 M€ in
the first quarter 2003.
The first quarter 2004 was marked by further weakness in the dollar relative to
the euro. The exchange rate was 1.25 dollars per euro in the first quarter 2004
compared to 1.07 dollars per euro in the first quarter 2003, representing a 14%
decrease in the dollar. The oil market environment has been mixed. The Brent
crude oil price rose by 2% to 32.0 $/b from 31.5 $/b in the first quarter 2003,
primarily in response to stronger oil demand. European refining margins (TRCV)
fell by 33% compared to the first quarter 2003, the sharp decline reflecting a
pull back from the very high levels reached a year ago due to market tensions.
Chemicals benefited from an improvement in the economic environment but
continued to suffer the effects of weakness in the dollar.
In the overall less favorable context relative to the first quarter 2003,
operating income from the business segments adjusted for special items declined
by 9% to 3,564 M€.
Net operating income adjusted for special items decreased by 6% to 1,924 M€
compared to the first quarter 2003.
Net income adjusted for special items declined to 1,978 M€, reflecting a 7%
decrease from the same quarter last year.
The impact of special items on net income was -17 M€ related to restructuring
charges in the Chemicals segment. There were no special items affecting net
income In the first quarter 2003.
Earnings per share adjusted for special items based on 622.9 million fully-
diluted weighted-average shares declined by 3% to 3.18 euros from 3.28 euros in
the first quarter 2003.
Net Income was 1,961 M€ compared to 2,120 M€ in the first quarter 2003.
During the first quarter 2004, the Group bought back 4.3 million of its shares
for 0.6 billion euros. At March 31, 2004 the number of fully-diluted shares was
621.1 million compared to 625.1 million at December 31,2003.
The net-debt-to- equity ratio was 18.7% at March 31, 2004 compared to 25.9% at
December 31, 2003 and 22.1% at March 31, 2003. Payment of the annual dividend,
set to occur on May 25, 2004, will increase the ratio by about 10 percentage
points.
Cash flow from operating activities rose to 4,083 M€, an Increase of 7% over the
same quarter last year. This increase, which contrasts with the 7% decline in
net income, is due notably to a reduction in working capital.
Investments were 1,611 M€ (75% allocated to the Upstream segment) compared to
1,494 M€ In the first quarter 2003.
Divestments, based on selling price, were 182 M€ compared to first quarter 2003
divestments of 993 M€, which included the sale of the paints business.
Free cash flow 1 was 2,654 M€ compared to 3,321 M€ in the same quarter last
year.
Upstream key figure 1Q04 1Q03 %
Hydrocarbon production (kboe/d) 2,633 2,516 +5%
• Liquids (kb/d) 1,723 1,612 +7%
• Gas (Mcfd) 4,951 4,926 +1%
Operating Income (M€) 2,819 3,025 -7%
adjusted for special items
Net operating Income 2 (M€) 1,389 1,405 -1%
adjusted for special items
Investments (M€) 1,212 1,166 +4%
Divestments (M€) 99 180 -45%
at selling price
Cash flow from operating activities (M€) 2,330 2,571 -9%
Operating Income from the Upstream segment adjusted for special Items was 2,819
M€, a decline of 7% compared to the first quarter 2003.
The decline is due primarily to the negative impact of the weaker dollar, which
more than offset the positive impacts of production growth and slightly higher
hydrocarbon prices.
Hydrocarbon production grew by 4.7% to 2,633 thousand barrels of oil equivalent
per day (kboe/d) from 2,516 kboe/d in the first quarter 2003.
Liquids production rose by 7% to 1,723 thousand barrels per day (kb/d) from
1,612 kb/d in the first quarter 2003.
Gas production increased by 1% to 4,951 million cubic feet per day (Mcfd) from
4,926 Mcfd In the first quarter 2003.
The production growth came primarily from the start-ups of the Amenam field in
Nigeria and the Matterhorn field in the deep Gulf of Mexico, as well as higher
production from Sincor in Venezuela, which was affected by strikes in the first
quarter 2003, and from increased production in Indonesia and Argentina.
Net operating income from the Upstream segment adjusted for special items was
1,389 M€2, a decrease of 1 % compared to the first quarter last year.
Two new fields started production since the beginning of 2004, Skirne (Total-
operated 40%) in the Norwegian part of the North Sea and Yucal Placer (Total
69.5%) in Venezuela.
In Angola, a second discovery, Canela-1, was made on the ultra-deep offshore Block 32 (Total-operated 30%).
1) free cash flow = cash flow from operating activities +
divestments - investments
2) 1Q04 includes the equity share of Cepsa's << Exploration & Production>>
results: 1Q03 included the entire equity share of Cepsa's results in the
Downstream net operating income.
In Kazakhstan, the development plan for the Kashagan field (Total 20.37%(3)) has
been formally approved and the first phase of investment launched.
Total's LNG business continued to grow significantly with the signing of a
shareholder's agreement in Iran to create Pars LNG (Total 30%) and by taking a
26% share of the regasification terminal that is under construction in Hazira,
India.
Downstream
Downstream key figures 1Q04 1Q03 %
Refinery throughput (kb/d) 2,493 2,435 +2%
Operating income (M€) 546 779 -30%
adjusted for special items
Net operating income(4) (M€) 411 585 -30%
adjusted for special items
Investments (M€) 226 125 81%
Divestments (M€) 43 44 -2%
at selling price
Cash flow from operating activities (M€) 1,710 1,560 +10%
Operating income from the Downstream segment adjusted for special items was 546
M€ compared to 779 M€ in the first quarter 2003.
In the first quarter 2004, European refining margins were well below the high
levels reached a year earlier, marketing margins were slightly lower and the
dollar was weaker against the euro. However, productivity programs partially
offset the negative impact on results.
Refinery throughput rose by 2% to 2,493 kb/d from 2,435 kb/d in the first
quarter 2003. The capacity utilization rate was 92% in the first quarter 2004.
Net operating income from the Downstream segment adjusted for special items was
411 M€(4) compared to 585 M€ in the first quarter last year.
In the first quarter 2004, Total launched the project to build a distillate
hydrocracker at the Normandy refinery in France. The hydrocracker, expected to
start operating in 2006, will enable the refinery to increase the production of
diesel and kerosene while reducing the output of heavy fuel. The total
investment is expected to be 500 M€ over the 2003-2006 period and includes the
construction of a hydrogen supply unit.
(3) pending final approval
(4) 1Q04 includes the equity share of Cepsa's << Refining & Marketing >>
results: 1Q03 included the entire equity share of Cepsa's results in the
Downstream net operating income.
Chemicals
Chemicals key figures (M€) 1Q04 1Q03 %
Sales 4,673 4,553 +3%
Operating income 199 115 +73%
adjusted for special items
Net operating income(5) 124 61 103%
adjusted for special items
Investments 162 175 -7%
Divestments 19 755 ns
at selling price
Cash flow from operating activities (82)* (81)** ns
* this amount would be 48 M€ excluding disbursements of 130 M€ related to the
Toulouse-AZF reserve
** this amount would be 101 M€ excluding disbursements of 182 M€ related to the
Toulouse-AZF reserve
Sales for the Chemicals segment rose by 3% to 4,673 M€ from 4,553 M€ in the
first quarter 2003.
Operating income from the Chemicals segment adjusted for special items increased
by 73% to 199 M€ from 115 M€ in the first quarter 2003.
Base chemicals benefited from improving market conditions in Europe and from the
contribution from the Samsung joint venture in South Korea.
The results from the Intermediates remained stable, with productivity efforts
offset by weakness in the dollar.
Specialties improved their performance in a more favorable economic environment.
Net operating income adjusted for special items rose to 124 M€(5) from 61 M€ in
the first quarter 2003.
In February 2004, Total announced a project to restructure its Chemicals segment
aiming at a lighter functional organization as well as the creation of a
decentralized entity, separate from the petrochemicals and the specialties, that
would be comprised of the chlorochemlcals, intermediates and performance
polymers. This new entity would have the resources necessary to become a
competitive and independent player in the industry.
The process of communicating with the employee representatives is ongoing, and
in April 2004 the senior management of the new entity << CIP >> was named.
Summary and outlook
The Group's return on average capital employed (ROACE) was 19% over the period
April 1, 2003 to March 31,2004. The return on equity for the same period was
25%. The annuallzed first quarter 2004 ROACE is 21%.
Total is investing according to its full-year 2004 Capex budget of 10 billion
dollars, which puts the priority on Upstream growth.
The Group has continued to buy back shares, acquiring 1.8 million shares in
April for 0.28 billion euros and bringing the total shares repurchased since the
beginning of the year to approximately 1% of the total share capital.
Concerning the proposed merger between Sanofi-Synthelabo and Aventis, Total
announced its support for the increased friendly offer that was recommended by
the Supervisory Board of Aventis. Total confirms its strategy to divest over the
medium term.
(5) 1Q04 includes the equity share of Cepsa's << Derivative chemicals >>
results : 1Q03 included the entire equity share of Cepsa's results in the
Downstream net operating income.
Since the start of the second quarter 2004, given the demand growth and low
inventory levels for refined products, the oil market environment has remained
favorable with both oil prices and refining margins at high levels.
To listen to the conference call with CFO Robert Castaigne end financial
analysts today at 15:00 (Paris time), please call (00) 44 (0) 207 162 00 25
(access code : TOTAL) from Europe or 1 334 323 6201 from the US (access code:
TOTAL). For a replay, please dial +44 (0) 208 288 4459 (access code: 523432)
from Europe or 1 334 323 6222 (access code: 523432) from the US.
The March 31, 2004 notes to the consolidated accounts are available on the Total
web site (www.total.com). The quarterly accounts have been the subject of a
limited review by the company's auditors. This document may contain forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to the financial condition, results of
operations, business, strategy and plans of Total. Such statements are based on
a number of assumptions that could ultimately prove inaccurate, and are subject
to a number of risk factors, including currency fluctuations, the price of
petroleum products, the ability to realize cost reductions and operating
efficiencies without unduly disrupting business operations, environmental
regulatory considerations and general economic and business conditions. The
financial information contained in this document has been prepared in accordance
with French GAAP, and certain elements would differ materially upon
reconciliation to US GAAP. Total does not assume any obligation to update
publicly any forward-looking statement, whether as a result of new information,
future events or otherwise. Further information on factors which could affect
the company's financial results is provided in documents filed by the Group and
its affiliates with the French Autorite des Marches Financiers and the US
Securities and Exchange Commission.
The business segment information is presented in accordance with the Group
internal reporting system used by the Chief operating decision maker to measure
performance and allocate resources internally. Due to their particular nature or
significance, certain transactions qualified as 'special items' are monitored at
the Group level and excluded from the business segment figures. In general,
special items relate to transactions that are significant, infrequent or
unusual. However, in certain instances, certain transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to recur within
following years. Performance measures excluding special items such as operating
income, net operating income and net income adjusted for special items, are
meant to facilitate the analysis of the financial performance and the comparison
of income between periods.
OPERATING INFORMATION BY SEGMENT FIRST QUARTER 2004
Upstream
Combined liquids and gas production by region
in kboe/d 1Q04 1Q03 %
Europe 891 962 -7%
Africa 796 680 +17%
North America 65 63 +3%
Asia 244 216 +13%
Middle East 419 452 -7%
South America 210 138 +52%
Rest of world 8 5 +60%
Total production 2,633 2,516 +5%
Liquids production by region
in kb/d 1Q04 1Q03 %
Europe 448 491 -9%
Africa 723 607 +19%
North America 16 5 x3.2
Asia 32 24 +33%
Middle East 362 395 -8%
South America 134 85 +58%
Rest of world 8 5 +60%
Total production 1,723 1,612 +7%
Gas production by region
in Mcfd 1Q04 1Q03 %
Europe 2,413 2,563 -6%
Africa 391 384 +2%
North America 259 317 -18%
Asia 1,179 1,078 +9%
Middle East 302 299 +1%
South America 407 285 +43%
Rest of world - - -
Total production 4,951 4,926 +1%
Downstream
Refinery throughput by region
in kb/d 1Q04 1Q03 %
France 1,034 901 +15%
Rest of Europe 1,181 1,244 -5%
Rest of world 278 290 -4%
Total throughput* 2,493 2,435 +2%
* includes share of Cepsa
Chemicals
Chemicals key figures (B€) 1Q04 1Q03 %
Sales 4.67 4.55 +3%
• Base chemicals & polymers 2.27 2.13 +7%
• Intermediates 0.93 0.94 -1%
• Specialties 1.47 1.48 -1%
• Corporate Chemicals 0.00 0.00 ns
Operating income* 0.20 0.12 +70%
• Base chemicals & polymers 0.06 (0.02) ns
• Intermediates 0.04 0.04 -
• Specialties 0.12 0.11 +9%
• Corporate Chemicals (0.02) (0.01) ns
* adjusted for special items
Total financial statements
First quarter 2004 consolidated accounts, French GAAP
CONSOLIDATED STATEMENTS OF INCOME
Total
Amounts in millions of euros (1) First quarter 2004 First quarter 2003
(unaudited) (unaudited)
Total sales 27,860 28,303
Operating expenses (23,161) (23,210)
Depreciation, depletion, and (1,193) (1,229)
amortization of tangible assets
Operating income
Corporate (58) (55)
Business segments * 3,564 3,919
Total operating income 3,506 3,864
Interest expense, net (40) (42)
Dividend income on non-consolidated subsidiaries 15 5
Dividends on subsidiaries' redeemable preferred shares (1) (2)
Other income (expense), net (23) (263)
Provision for income taxes (1,682) (1,597)
Equity in income (loss) of affiliates 276 251
Income before amortization of acquisition goodwill 2,051 2,216
Amortization of acquisition goodwill (30) (30)
Consolidated net income 2,021 2,186
of which minority interest 60 66
NET INCOME ** 1,961 2,120
Earnings per share (euros) *** 3.15 3.28
*0perating income from business segments, adjusted for special 3,564 3,919
items
Net operating income from business segments, adjusted for special 1,924 2,051
items
** Net income (Group share), adjusted for special items 1,978 2,120
***Earnings per share, adjusted for special items (euros) 3.18 3.28
(1) Except for earnings per share
CONSOLIDATED BALANCE SHEET
Total
Amounts in millions of euros
31/03/2004 31/12/2003 31/03/2003
(unaudited) (unaudited)
ASSETS
NON-CURRENT ASSETS
Intangible assets, net 2,031 2,017 2,248
Property plant, and equipment net 37,300 36,286 37,773
Equity affiliates : investments and loans 8,224 7,833 7,857
Other investments 1,170 1,162 1,221
Other non-current assets 3,286 3,152 3,851
Total non-current assets 52,011 50,450 52,950
CURRENT ASSETS
Inventories, net 6,067 6,137 5,982
Accounts receivable, net 14,278 12,357 13,498
Prepaid expenses and other current assets 4,746 4,779 4,637
Short-term investments 1,393 1,404 1,489
Cash and cash equivalents 16,175 4,836 13,117
Total current assets 42,659 29,513 38,723
TOTAL ASSETS 94,670 79,963 91,673
LIABILITIES & SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Common shares 6,497 6,491 6,874
Paid-in surplus and retained earnings 32,402 30,408 32,689
Cumulative translation adjustment (2,636) (3,268) (1,463)
Treasury shares (3,858) (3,225) (6,001)
Total shareholders' equity 32,405 30,406 32,099
SUBSIDIARIES' REDEEMABLE PREFERRED SHARES 409 396 459
MINORITY INTEREST 715 664 715
LONG-TERM LIABILITIES
Deferred income taxes 5,622 5,443 6,121
Employee benefits 3,903 3,818 3,931
Other liabilities 6,375 6,344 6,708
Total long-term liabilities 15,900 15,605 16,760
LONG-TERM DEBT 11,023 9,783 10,728
CURRENT LIABILITIES
Accounts payable 11,212 10,304 9,961
Other creditors and accrued liabilities 10,868 8,970 10,444
Short-term borrowings and bank
overdrafts 12,138 3,835 10,507
Total current liabilities 34,218 23,109 30,912
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 94,670 79,963 91,673
CONSOLIDATED STATEMENTS OF CASH FLOWS
Total
First quarter First quarter
Amounts in millions of euros 2004 2003
(unaudited) (unaudited)
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,021 2,186
Depreciation, depletion, and amortization 1,268 1,298
Long-term liabilities, valuation allowances, and deferred taxes (11) (406)
Unsuccessful exploration costs 73 60
(Gains )/Losses on sales of assets (74) 204
Equity in income of affiliates (in excess of)/less than dividends received (228) (178)
Other changes, net 11 2
Cash flow from operating activities before changes in working capital 3,060 3,166
(Increase)/Decrease in operating assets and liabilities 1,023 656
CASH FLOW FROM OPERATING ACTIVITIES (1) 4,083 3,822
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant, and equipment additions (1,269) (1,211)
Exploration expenditures charged to expenses (73) (53)
Acquisitions of subsidiaries, net of cash acquired - -
Investments in equity affiliates and other securities (31) (5)
Increase in long-term loans (238) (225)
Total expenditures (1,611) (1,494)
Proceeds from sale of intangible assets and property, plant, and equipment 74 77
Proceeds from sale of subsidiaries, net of cash sold 1 733
Proceeds from sale of non-current investments 26 2
Repayment of long-term loans 81 181
Total divestitures 182 993
(Increase)/Decrease in short-term investments 12 19
CASH FLOW USED IN INVESTING ACTIVITIES (1,417) (482)
CASH FLOW FROM FINANCING ACTIVITIES
Issuance and repayment of shares:
Parent company's shareholders - 1
Purchase of treasury shares (633) (1,591)
Minority shareholders 39 7
Subsidiaries' redeemable preferred shares - -
Cash dividends paid:
- Parent company's shareholders - -
- Minority shareholders (4) (12)
Net issuance/(repayment) of long-term debt 1,225 992
Increase/(Decrease) in short-term borrowings and bank overdrafts 7,661 5,445
Other changes, net (1) (2)
CASH FLOW FROM FINANCING ACTIVITIES 8,287 4,840
Net increase/decrease in cash and cash equivalents 10,953 8,180
Effect of exchange rates and changes in reporting entity on cash and cash
equivalents 386 (29)
Cash and cash equivalents at the beginning of the year or period 4,836 4,966
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 16,175 13,117
(1) Including payments relating to the Toulouse AZF plant explosion, offset by a
long-term liability write-back of 130 million euros for the first quarter
2004 and 182 million euros for the first quarter 2003.
BUSINESS SEGMENTS INFORMATION
Total
(unaudited)
Amounts in millions of euros
First quarter 2004 Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,930 17,245 4,673 12 27,860
Intersegment sales 3,062 579 142 41 (3,824) -
Total sales 8,992 17,824 4,815 53 (3,824) 27,860
Depreciation, depletion, and amortization of
tangible assets (778) (213) (194) (8) (1,193)
Operating income 2,819 546 199 (58) 3,506
Amortization of intangible assets and
acquisition goodwill (4) (21) (32) (8) (65)
Equity in income (loss) of affiliates and
other items 117 51 (6) 145 307
Tax on net operating income (1,543) (165) (54) 68 (1,694)
Net operating income 1,389 411 107 147 2,054
Net cost of net debt (32)
Minority interests and dividends on
subsidiaries' redeemable preferred shares (61)
Net income 1,961
First quarter 2004 Upstream Downstream Chemicals Corporate Intercompany Total
(special items)
Non-Group sales - - - - -
Intersegment sales - -
Total sales
Depreciation, depletion, and amortization of
tangible assets - - - - - -
Operating income - - - - -
Amortization of intangible assets and
acquisition goodwill - - - - -
Equity in income (loss) of affiliates and
other items - - (26) - (26)
Tax on net operating income - - (9) - 9
Net operating income - - (17) - (17)
Net cost of net debt -
Minority interests and dividends on
subsidiaries' redeemable preferred shares -
Net income (17)
First quarter 2004 Upstream Downstream Chemicals Corporate Intercompany Total
(adjusted for special items)
Non-Group sales 5,930 17,245 4,673 12 - 27,860
Intersegment sales 3,062 579 142 41 (3,824) -
Total sales 8,992 17,824 4,815 53 (3,824) 27,860
Depreciation, depletion, and amortization of
tangible assets (778) (213) (194) (8) (1,193)
Operating income 2,819 546 199 (58) 3,506
Amortization of intangible assets and
acquisition goodwill (4) (21) (32) (8) (65)
Equity in income (loss) of affiliates and
other items 117 51 20 145 333
Tax on net operating income (1,543) (165) (63) 68 (1,703)
Net operating income 1,389 411 124 147 2,071
Net cost of net debt (32)
Minority interests and dividends on
subsidiaries' redeemable preferred shares (61)
Net income 1,978
First quarter 2004 Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 1,212 226 162 11 1,611
Divestitures at selling price 99 43 19 21 182
Cash flow from operating activities (1) 2,330 1,710 (82) 125 4,083
(1) In the Chemicals segment, this figure amounts to 48 million euros excluding
an amount of 130 million euros paid relating to the Toulouse AZF plant
explosion
First quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,022 18,718 4,553 10 - 28,303
Intersegment sales 3,164 700 151 29 (4,044) -
Total sales 8,186 19,418 4,704 39 (4,044) 28,303
Depreciation, depletion, and amortization of
tangible assets (829) (210) (180) (10) (1,229)
Operating income 3,025 779 115 (55) 3,864
Amortization of intangible assets and
acquisition goodwill (3) (18) (33) (6) (60)
Equity in income (loss) of affiliates and
other items 64 63 (193) 110 44
Tax on net operating income (1,681) (239) 172 131 (1,617)
Net operating income 1,405 585 61 180 2,231
Net cost of net debt (43)
Minority interests and dividends on
subsidiaries' redeemable preferred shares (68)
Net income 2,120
First quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
(special items)
Non-Group sales
Intersegment sales
Total sales
Depreciation, depletion, and amortization of
tangible assets -
Operating income -
Amortization of intangible assets and
acquisition goodwill -
Equity in income (loss) of affiliates and
other items -
Tax on net operating income -
Net operating income - - - - -
Net cost of net debt
Minority interests and dividends on
subsidiaries' redeemable preferred shares
Net income -
First quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
(adjusted for special items)
Non-Group sales 5,022 18,718 4,553 10 - 28,303
Intersegment sales 3,164 700 151 29 (4,044) -
Total sales 8,186 19,418 4,704 39 (4,044) 28,303
Depreciation, depletion, and amortization of
tangible assets (829) (210) (180) (10) (1,229)
Operating income 3,025 779 115 (55) 3,864
Amortization of intangible assets and
acquisition goodwill (3) (18) (33) (6) (60)
Equity in income (loss) of affiliates and
other items 64 63 (193) 110 44
Tax on net operating income (1,681) (239) 172 131 (1,617)
Net operating income 1,405 585 61 180 2,231
Net cost of net debt (43)
Minority interests and dividends on
subsidiaries' redeemable preferred shares (68)
Net income 2,120
First quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 1,166 125 175 28 1,494
Divestitures at selling price 180 44 755 14 993
Cash flow from operating activities 2,571 1,560 (81) (228) 3,822
(1) In the Chemicals segment, this figure amounts to 101 million euros
excluding an amount of 182 million euros paid relating to the Toulouse AZF
plant explosion.
CONSOLIDATED STATEMENTS OF INCOME (IMPACT OF SPECIAL ITEMS)
Total
First quarter First quarter
2004 2003
Amounts in millions of euros Adjusted for Special items Consolidated Adjusted for
special items statement of special items
income
Total sales 27,860 - 27,860 28,303
Operating expenses (23,161) - (23,161) (23,210)
Depreciation, depletion, and amortization of
tangible assets (1,193) - (1,193) (1,229)
Operating income
Corporate (58) - (58) (55)
Business segments 3,564 - 3,564 3,919
Total operating income 3,506 - 3,506 3,864
Interest expense, net (40) - (40) (42)
Dividend income on non-consolidated
subsidiaries 15 - 15 5
Dividends on subsidiaries' redeemable preferred
shares (1) - (1) (2)
Other income (expense), net 3 (26) (23) (263)
Provision for income taxes (1,691) 9 (1,682) (1,597)
Equity in income (loss) of affiliates 276 - 276 251
Income before amortization of acquisition
goodwill 2,068 (17) 2,051 2,216
Amortization of acquisition goodwill (30) - (30) (30)
Consolidated net income 2,038 (17) 2,021 2,186
of which minority interest 60 - 60 66
NET INCOME 1,978 (17) 1,961 2,120
This information is provided by RNS
The company news service from the London Stock Exchange
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