Final Results

Total S.A. 19 February 2004 - 2003 net income adjusted for special items shows strong increase: • +17% to 7.34 billion for results in euros • +40% to 8.30 billion for results expressed in dollars - Hydrocarbon production increased by 5% - Proposed dividend of 4.70 euros per share, a 15% increase Net income adjusted for special items 4th quarter 2003 Full year 2003 1.75 billion euros (+ 9%) 7.34 billion euros (+17%) 2.79 euros per share (+14%) 11.56 euros per share (+23%) 3.32 dollars per share (+36%) 13.07 dollars per share (+47%) Net income 4th quarter 2003 Full year 2003 1.59 billion euros (+16%) 7.03 billion euros (+18%) 2.54 euros per share (+22%) 11.06 euros per share (+24%) 3.02 dollars per share (+45%) 12.50 dollars per share (+48%) Paris, February 19, 2004 - The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on February 18, 2004 to review the 2003 fourth quarter results and to approve the 2003 consolidated and parent company accounts. Commenting on the results, Thierry Desmarest said: 'In 2003, the self-help programs that were launched in 2000 following the mergers of Total, Petrofina and Elf were completed. The ambitious objectives for growth, synergies and productivity have been achieved, and I would like to thank all the employees of Total for their hard work. For 2003, 5% production growth, the implementation of productivity programs and the continued share buybacks drove earnings per share adjusted for special items to a record high of 11.56 euros. Expressed in dollars, earnings per share rose to 13.07, reflecting an increase of 47% for 2003 compared to 2002. Total has set new performance objectives for the years 2004-2008, consisting of a 4% average annual growth rate for hydrocarbon production while continuing to Improve returns for the Group in a constant environment.' Total - consolidated accounts 4Q03 4Q02 % 2003 2002 % 27,533 26,898 +2% Sales 104,652 102,540 +2% 3,209 2,894 +11% Operating income from business 13,004 10,995 +18% segments (adjusted for special items) 2,652 2,520 +5% Upstream 10,476 9,309 +13% 400 229 +75% Downstream 1,970 909 +117% 157 145 +8% Chemicals 558 777 -28% 1,633 1,461 +12% Net operating income from business 6,973 5,868 +19% segments (adjusted for special items) 1,747 1,609 Net income 7,344 6,260 +17% adjusted for special items 1,590 1,372 +16% Net income 7,025 5,941 +18% 2.79 2.44 +14% Earnings per share (euros) 11.56 9.40 +23% adjusted for special items 2,810 2,323 +21% Investments 7,728 8,657 -11% 578 800 Divestments 1,878 2,313 -19% at selling price 2,282 2,233 +2% Cash flow from operating activities* 12,487 11,006 +13% special items were previously referred to as non-recurring items * Includes disbursements of 85 M€ in the fourth quarter 2003 and 719 M€ for the full year 2003 covered by a previously established reserve related to the Toulouse-AZF plant Special item* 4Q03 4Q02 In millions of euros 2003 2002 Impact of special items on operating income (1) (5) Restructuring charges (1) (29) (17) (637)* Impairments (17) (659)* (7) (38) Other (7) 29 (25) (680) Total (25) (659) Impact of special items on net income (8) 287 Gains on asset sales (22) 626 - 87 Toulouse-AZF plant impact - (61) Restructuring charges and (110) (81) early retirement plans (144) (158) (11) (452)** Impairments (11) (467)** (28) (78) Other (186)*** (259) (157) (237) Total (319) (319) * includes (500) M€ related to write-downs of assets in Argentina ** includes (310) M€ related to write-downs of assets in Argentina *** Includes (155) M€ provision for Chemicals Number of shares 4Q03 4Q02 % millions 2003 2002 % Fully-diluted weighted- 625.6 658.4 -5% average shares 635.1 666.1 -5% Market environment 4Q03 4Q02 % 2003 2002 % 1.19 1.00 -16% €/$ 1.13 0.95 -16% 29.4 26.8 +10% Brent ($/b) 28.8 25.0 +15% European refining 18.9 16.1 +17% margin TRCV ($/t) 20.9 8.0 +16% * change in the dollar versus the euro Fourth quarter 2003 results The fourth quarter 2003 environment was marked by a sharp fall of the dollar relative to the euro, higher hydrocarbon prices and European refining margins, as well as a persistently difficult environment for the Chemicals. Self-help programs and hydrocarbon production growth contributed to the improvement in results. Operating income from business segments adjusted for special items increased by 11% to 3,209 million euros (M€) in the fourth quarter 2003 from 2,894 M€ in the fourth quarter 2002. The impact of special items on the fourth quarter 2003 operating income was a negative 25 M€, made up mainly of asset impairments in the Chemicals segment. In the fourth quarter 2002, special items had a negative impact of 680 M€ on operating income and were made up mainly of write-downs of assets in Argentina. Net operating income from business segments adjusted for special items increased by 12% to 1,633 M€ in the fourth quarter 2003 compared to 1,461 M€ in the fourth quarter 2002. The equity interest in Cepsa's net results was reallocated among the business segments for the first time in the fourth quarter 2003 (1). Net income adjusted for special items increased by 9% to 1,747 M€ in the fourth quarter 2003 compared to 1,609 M€ in the fourth quarter 2002. Reported net income increased to 1,590 M€ in the fourth quarter 2003 compared to 1,372 M€ in the fourth quarter 2002. The impact of special items on fourth quarter 2003 net income was a negative 157 M€, made up mainly of restructuring charges in the Chemicals segment. The impact of special items on fourth quarter 2002 net income was a negative 237 M€ made up mainly of write-downs of assets in Argentina, partially offset by gains on the sale of Sanofi-Synthelabo shares. (1) in the past, the entire contribution of Cepsa was reflected in the Downstream segment: the decision to allocate it among the business segments was based on the increasing contribution of Cepsa's upstream operations in 2003. The impact of this reallocation for each of the business segments by quarter for 2003 and 2002 is shown on page 15. Fourth quarter 2003 earnings per share adjusted for special items, based on 625.6 million fully-diluted weighted-average shares, was 2.79 euros compared to 2.44 euros in the fourth quarter 2002, an increase of 14% which is larger than the increase in net income, reflecting the accretive impact of the share buyback program. During the fourth quarter 2003. Total bought back 3.5 million of its shares for 0.48 billion euros (B€), bringing the total number of shares repurchased for the year to 31.2 million for 3.99 B€. The number of fully-diluted shares at December 31, 2003 was 625.1 million compared to 655.0 million at December 31, 2002. The net-debt-to-equity ratio was 25.9% at December 31, 2003 compared to 28.6% a year ago and 25.6% at September 30, 2003. Cash flow from operating activities was 2,282 M€ in the fourth quarter 2003. Excluding 85 M€ of disbursements covered by a previously established reserve related to the Toulouse-AZF plant, fourth quarter 2003 cash flow from operating activities increased by 6%. Investments increased by 21% to 2,810 M€ in the fourth quarter 2003 compared to the same quarter a year ago. Expressed in dollars, investments rose by 44%. The increase was due primarily to the acquisition of part of the British Gas Interest in the Kashagan field in Kazakhstan and by the acquisition of service stations in Italy and Portugal through swaps with ENI and Galp. Divestments in the fourth quarter 2003, based on selling price, were 578 M€ and included sales of financial participations, the sale of Chemicals activities in Mexico and France, as well as the divestiture of service stations in Spain through swaps with ENI and Galp. Full-year 2003 results Sales rose by 2% to 104,652 M€ in 2003 from 102,540 M€ in 2002. Operating income from the business segments adjusted for special items increased by 18% to 13,004 M€ in 2003 from 10,995 M€ in 2002. The 2.0 B€ increase in 2003 versus 2002 operating income from the business segments adjusted for special items is due to +1.1 B€ of positive impacts from self-help programs (growth: +0.6 B€; synergies and productivity: +0.5 B€), +0.8 B€ for the generally more favorable environment; +0.2 B€ related to the lower level of refinery turnarounds; and -0.1 B€ for the changes in the Chemicals portfolio. The +0.8 B€ impact from the environment on operating income breaks down as follows: + 1.9 B€ from higher hydrocarbon prices + 1.3 B€ from higher refining margins * 2.0 B€ from the weaker dollar relative to the euro * 0.4 B€ from the further degradation of the Chemicals environment The impact of special items on 2003 operating income from the business segments was a negative 25 M€, made up mainly of asset impairments in the Chemicals segment. In 2002, special items had a negative impact of 659 M€ related primarily to write-downs of assets in Argentina. Net operating income from the business segments adjusted for special items increased by 19% to 6,973 M€ in 2003 from 5,868 M€ in 2002. Net income adjusted for special items increased by 17% to 7,344 M€ in 2003 from 6,260 M€ in 2002. Reported net income was 7,025 M€ in 2003 compared to 5,941 M€ in 2002. Special items had a negative impact of 319 M€ on 2003 net income, made up mainly of restructuring charges and a provision in the Chemicals segment Special items had a negative impact of 319 M€ on 2002 net income, made up mainly of write- downs of assets in Argentina, changes in the UK tax system, and gains on the sale of financial participations, notably Sanofi-Synthelabo shares. For 2003, earnings per share adjusted for special items, based on 635.1 million fully-diluted weighted-average shares, was 11.56 euros, an increase of 23% compared to the 2002 earnings per share adjusted for special items of 9.40 euros. Earnings per share increased by more than net income, reflecting the accretive impact of the share buyback program. Cash flow from operating activities increased by 13% to 12,487 M€ in 2003 from 11,006 M€ in 2002. Excluding 719 M€ of disbursements covered by a previously established reserve related to the Toulouse-AZF plant, 2003 cash flow from operating activities increased by 20%. In 2003, investments were 7,728 M€, a decrease of 11% compared to 2002. Expressed in dollars, investments increased by 6%. Divestments, based on selling price, were 1,878 M€, including the sale of the paints business. Net cash flow (2) was 6,637 M€ in 2003 compared to 4,662 M€ in 2002. (2) net cash flow - cash flow from operating activities + divestments - investments 4Q03 4Q02 % Upstream key figure* 2003 2002 % 2,588 2,523 +3% Hydrocarbon production (kboe/d) 2,539 2,416 +5% 1,697 1,617 +5% * Liquids (kb/d) 1,661 1,589 +5% 4,865 4,960 -2% * Gas (Mcfd) 4,786 4,532 +6% 2,652 2,520 +5% Operating income (M€) 10,476 9,309 +13% adjusted for special items 1,395 1,196 +17% Net operating income (M€) 5,259 4,648 +13% adjusted for special items 1,748 1,493 +17% Investments (M€) 5,302 6,122 -13% 119 133 -11% Divestments (M€) 428 603 -29% at selling price 2,190 2,110 +4% Cash flow from operating 9,214 7,721 +19% activities (M€) Proved reserves - December 31 2003 2002 % Hydrocarbon reserves (Mboe) 11,401 11,203 +2% * Liquids (Mb) 7,323 7,231 +1% * Gas (Bcf) 22,267 21,575 +3% Operating income from the Upstream segment adjusted for special items increased by 5% to 2,652 M€ in the fourth quarter 2003 from 2,520 M€ in the fourth quarter 2002. Net operating income from the Upstream segment adjusted for special items increased by 17% to 1,395 M€ in the fourth quarter 2003. Taking into account the reallocation of the contribution of Cepsa since 2002, the increase would have been 8%. Hydrocarbon production increased by 3% in the fourth quarter 2003 to 2,588 thousand equivalent barrels per day (kboe/d) from 2,523 kboe/d in the fourth quarter 2002. Liquids production increased by 5% in the fourth quarter 2003 to 1,697 thousand barrel per day (kb/d) from 1,617 kb/d in the fourth quarter 2002, primarily due to the contribution of Amenam in Nigeria, Sincor in Venezuela and Ourhoud in Algeria. Gas production declined by 2% in the fourth quarter 2003 to 4,865 million cubic feet per day (Mcfd) from 4,960 Mcfd in the fourth quarter 2002. Fourth quarter 2003 Upstream highlights included production start-ups at Nuggets N4 (Total-operated 100%) in the UK North Sea, Matterhom (Total-operated 100%) in the Gulf of Mexico and Jasmin (Total-operated 40%) on offshore Block 17 in Angola. In addition, successful exploration in the fourth quarter 2003 included the Aktote and the Kashagan SW (Total 20.4%(3)) discoveries in the Caspian Sea, and, in Nigeria, the extension of the offshore Usan discovery (Total-operated 20%). In Saudi Arabia, the agreement under which a consortium comprising Saudi Aramco, Shell, and Total will explore for gas in an area covering more than 200,000 square kilometers in the southern part of the country was signed. In the United Arab Emirates, Dolphin Energy Ltd., in which Total is a 24.5% partner, announced the signing of two gas supply contracts from the North Field in Qatar, allowing development operations to commence. (3) acquiring part of the British Gas stake increases Total's interest in Kashagan to 20.4% from 16.7% In Canada, Total announced its approval to launch the first phase of the Surmont heavy oil project (Total 43.5%) with first production expected in 2006. In Russia, Total and Rosneft signed a 50/50 joint venture agreement to explore the Tuapse area in the Black Sea. In Nigeria, Total signed a new production sharing contract with the national oil company, NNPC, for the deep offshore Oil Prospecting License (OPL) 221. Gas and power activities included signing an agreement with Shell to acquire a 25% interest in the Altamira LNG regas terminal project in Mexico. In France, Total and Gaz de France have signed a protocol of intent under which Total would become the sole shareholder of GSO, acquire part of the trading activities of CFM, and acquire a 26.7% interest in the proposed Fos II LNG regas terminal which is expected to start operating in 2007. In renewable energies, Total Inaugurated its first wind power plant on the site of its Flandres refinery in France. For the year 2003, hydrocarbon production increased by 5%, in line with the announced objective. Liquids production increased by 5% in 2003 due to the contribution of Sincor in Venezuela, Cepsa's production in Algeria, Balal and South Pars in Iran, and Amenam in Nigeria. Gas production grew by 6% in 2003.The largest contributors to the increase were the Gulf of Mexico, Indonesia and the North Sea. Proved hydrocarbon reserves increased by 2% in 2003 to a level representing 12.3 years of production at the current rate. For consolidated subsidiaries, the 2001-2003 3-year average reserve replacement rate was 145% with corresponding finding costs of 0.7 $/b and reserve replacement costs of 4.3 $/b. Net operating income from the Upstream segment adjusted for special items was 5,259 M€ in 2003. Downstream 4Q03 4Q02 % Downstream key figures 2003 2002 % 2,602 2,218 +17% Refinery throughput* (kb/d) 2,481 2,349 +6% 400 229 +75% Operating income (M€) 1,970 909 +117% adjusted for special items 182 244 -25% Net operating income (M€) adjusted 1,460 846 +73% for special items 704 465 +51% Investments (M€) 1,235 1,112 +11% 346 114 +204% Divestments (M€) 466 283 +65% at selling price (213) (188) ns Cash flow from operating activities 3,099 1,447 +114% (M€) * includes share of Cepsa Operating income from the Downstream segment adjusted for special items rose by 75% to 400 M€ in the fourth quarter 2003 from 229 M€ in the fourth quarter 2002. Refinery throughput rose to 2,602 kb/d in the fourth quarter 2003, an increase of 17% compared to the fourth quarter last year when four refineries were shut down for turnaround operations. Net operating income from the Downstream segment adjusted for special items was 182 M€ in the fourth quarter 2003. Taking into account the reallocatlon of the contribution of Cepsa since 2002, the net operating income from the Downstream segment adjusted for special items would have increased by 30% to 301 M€ in the fourth quarter 2003 from 232 M€ in the fourth quarter 2002. For the year 2003, refinery throughput increased by 6% to 2,481 kb/d3. The refinery utilization rate rose to 92% in 2003 from 88% in 2002. Refined product sales were 3,652 kb/d in 2003. Net operating income from the Downstream segment adjusted for special items was 1,460 M€ in 2003 compared to 846 M€ in 2002. Taking into account the reallocatlon of the contribution of Cepsa since 2002, the increase would have been 85%. Chemicals 4Q03 4Q02 % Chemicals key figure* (M€) 2003 2002 % 4,335 4,587 -5% Sales 17,260 19,317 -11% 157 145 +8% Operating income adjusted for special items 558 777 -28% 56 21 +167% Net operating income adjusted for special items 254 374 -32% 327 371 -12% Investments 1,115 1,237 -10% 94 37 +154% Divestments at selling price 891 140 x 5,4 172* 636 -73% Cash flow from operating activities 268** 1,053 -75% paints bus/ness divested in February 2003 * this amount would be 257 M€ excluding the disbursement of 95 M€ related to the Toulouse-AZF reserve ** this amount would be 997 M€ excluding the disbursement of 719 M€ related to the Toulouse-AZF reserve Sales for the Chemicals segment fell by 5% to 4,335 M€ in the fourth quarter 2003 from 4,587 M€ in the fourth quarter 2002. Operating income from the Chemicals segment adjusted for special items was 157 M€ in the fourth quarter 2003 compared to 145 M€ in the fourth quarter 2002, an increase of 8%. in an environment that was more difficult than in 2002, this increase is due notably to the positive contribution of the Total/Samsung JV in South Korea (consolidated since August 2003). In the fourth quarter 2003, petrochemical margins remained weak in Europe. The intermediates were affected by an unfavorable economic context made worse by the weak dollar relative to the euro. Most of the Specialties continued to resist the poor European environment. Net operating income from the Chemicals segment adjusted for special items was 56 M€ in the fourth quarter 2003. Taking into account the reallocatlon of the contribution of Cepsa since 2002, the increase would have been 16%. For the year 2003, sales for the Chemicals segment were 17,260 M€, a decrease of 11% compared to 2002. Excluding from both years the paints business divested in February 2003, the decline in sales would have been 2%. This decline is due primarily to the evolution of exchange rates. Net operating income from the Chemicals segment adjusted for special items was 254 M€ in 2003. Parent company accounts and proposed dividend The parent company, TOTAL S.A., reported net earnings of 3,272 M€ in 2003 compared to 2,410 M€ in 2002. The Board of Directors, after closing the accounts, decided to propose at the May 14, 2004 Annual General Meeting (AGM) a cash dividend of 4.70 euros per share, representing a 15% increase from the previous year, to which will be added the avoir fiscal (French tax credit) pursuant to the terms in force. The dividend will be paid May 24, 2004. 2004 Sensitivities Change 2004(e)* Sensitivities Operating income Net income EPS(4) €/$ +/- 0.1$ per € 1.05B€ 0.54 B€ 0.86 € Brent +/- 1 $ per barrel 0.54 B€ 0.26 B€ 0.42 € Refining +/- 1 $ per ton 0.1 B€ 0.07 B€ 0.10 € Margin (TRCV) *sensitives based on an environment of €/$ - 1.10: Brent - 20 $/b : TRCV - 12 $/t Summary and outlook The return on average capital employed (ROACE) for Total was 19% in 2003, the highest level among its major competitors. The 2003 ROACE by segment was 29% in the Upstream, 15% in the Downstream and 4% in the Chemicals. The return on equity in 2003 was 26% compared to 20% in 2002. To take into account changes in the market environment, Total decided to adjust certain assumptions in its medium-term reference environment: the Brent oil price increased to 20 $/b from 17 $/b; the euro/dollar exchange rate was revised to 1.1 dollars per euro from parity; and the mid-cycle for the Chemicals was revised downward. The European refining margin (TRCV) remains unchanged at 12 $/t. Large, long-term Upstream projects are still required to show a satisfactory return at 17 $/b, regardless of the adjustments to the reference environment. The table below shows 2003 ROACE calculated using the previous (5) and the new (6) reference environment assumptions. ROACE 2003 calculated ROACE 2003 calculated using the previous reference using the new reference environment (5) environment (6) Upstream 14% 17% Downstream 14% 12% Chemicals 11% 8% Group 13.5% 13.5% (4) based on 625.1 million fully-diluted shares at Dec. 31, 2003 (5) Brent - 17 $/b : TRCV - 12 $/t: €/$ - 1 ; previous mid-cycle for Chemicals (6) Brent - 20 $/b : TRCV - 12 $/t: €/$ - 1.1 : mid-cycle for Chemicals revised downward Having achieved the ambitious objectives set for the 2000-2003 period, Total has set new targets for the coming 2004-2008 period: - Upstream production is expected to grow by 4% per year on average (7), - 2006-2008 ROACE (8) targets are to maintain Upstream at 17% and to improve Downstream to 15% and Chemicals to 12%, - For the same period, the ROACE (8) target for the Group is 15.5%. Total's strategy for profitable growth over the 2004-2008 period is based on a sustained investment program of 9 to 10 B$ per year with priority given to the Upstream, which will account for 75% of Capex on average. The 2004 Capex budget has been set at approximately 10 B$. Total intends to pursue a dynamic dividend policy targeting a pay-out ratio of 50%. The net-debt-to-equity ratio is expected to be in the vicinity of 25% to 30%. With a 24.4% interest in Sanofi-Synthelabo, Total is closely monitoring the progress of the proposed merger with Aventis. Total supports the proposed transaction, considering that value will be created. Further, Total confirms that its strategy to divest over the medium term is unchanged. The Group anticipates that it will benefit from increased flexibility to exit at the appropriate times and to capture the value creation. Since the beginning of 2004, the oil market environment has remained favorable with oil prices at a high level and satisfactory refining margins, while the dollar has been relatively weak against the euro and the environment for Chemicals persistently difficult. During January 2004, the Group bought back 0.8 million of its shares for 0.12 B€. Future share buybacks will be adjusted to the environment and divestments. The steady progress of operations and the commitment of the employees to achieve the new targets should allow Total to continue to generate strong organic growth while delivering high returns. To listen the presentation to financial analysts by CEO Thierry Desmarest today at 11:00 (Paris time), please consult the website www.total.com for information or dial +44 (0) 207 162 0184 from Europe or 1 334 420 4950 from the US. For a replay, please dial +44 (0) 208 288 4459 (access code: 195 762) from Europe or 1 334 323 6222 (access code: 195 762) from the US. 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. Total reports the impact on income of special items, consisting of income and charges for the period, which are unusual or significant in nature. items from income from business segments adjusted for special items, and net income per share adjusted for special items, presented in financial communications (operating income from business segments adjusted for special items, net operating income from business segments adjusted for special items and net income adjusted for special items) and in the footnotes to the financial statements of the Group containing segment data are non-CAAP measures obtained by adjusting the GAAP figures for special items as described above. They are presented in order to facilitate the analysis of financial performance and the comparison of income between periods. (7) 20 $/b Brent scenario (8) ROACE in the new reference environment: Brent - 20 $/b : TRCV - 12 $/t: €/$ 1.1; mid-cycle for Chemicals revised downward OPERATING INFORMATION BY SEGMENT FOURTH QUARTER AND FULL YEAR 2003 Upstream Combined liquids and gas production by region 4Q03 4Q02 % 2003 2002 % 891 939 -5% Europe 880 873 +1% 770 689 +12% Africa 723 671 +8% 56 54 +4% North America 59 45 +31% 232 220 +5% Asia 232 220 +5% 414 452 -8% Middle East 441 432 +2% 214 165 +30% South America 196 170 +15% 11 4 ns Rest of world 8 5 ns 2,588 2,523 + 3% Total production* 2,539 2,416 + 5% * Includes consolidated production of 2,210 kboe/d in 2003 and 2,137 kboe/d in 2002 Liquids production by region 4Q03 4Q02 % 2003 2002 % 458 492 -7% Europe 460 464 -1% 697 611 +14% Africa 646 599 +8% 4 4 - North America 4 5 ns 25 23 +9% Asia 25 23 +9% 361 365 -1% Middle East 388 377 +3% 141 118 +19% South America 130 116 +12% 11 4 ns Rest of world 8 5 ns 1,697 1,617 + 5% Total production * 1,661 1,589 + 5% * Includes consolidated production of 1,379 kb/d in 2003 and 1,354 kb/d in 2002 Gas production by region 4Q03 4Q02 % In Mcfd 2003 2002 % 2,373 2,432 -2% Europe 2,286 2,230 +3% 371 410 -10% Africa 404 374 +8% 267 264 -1% North America 294 214 +37% 1,137 1,117 +2% Asia 1,156 1,122 +3% 297 482 -38% Middle East 283 295 -4% 420 255 +65% South America 363 297 +22% - - - Rest of world - - - 4,865 4,960 -2% Total production * 4,786 4,532 +6% * Includes consolidated production of 4,540 Mcfd in 2003 and 4,299 Mcfd in 2002 Downstream Refinery throughput by region 4Q03 4Q02 % In kb/d 2003 2002 % 1,069 883 +21% France 968 911 +6% 1,199 1,054 +14% Rest of Europe 1,200 1,157 +4% 334 281 +19% Rest of world 313 281 +11% 2,602 2,218 +17% Total * 2,481 2,349 +6% * Includes share of Cepsa Refined product sales by region * In kb/d 2003 2002 % Europe 2,744 2,604(9) +5% Africa 282 269 +5% Americas 525 366 +45% Middle East 60 59 +2% Asia 29 67 -57% Rest of world 12 15 -20% Total 3,652 3,380(9) +8% *includes trading and share of Cepsa (9) after correcting a reporting disparity 'elated to sales in France Chemicals 4Q03 4Q02 % Chemical* key figure* (B€) 2003 2002 % 4.34 4.59 -5% Sales 17.26 19.32 -11% 2.11 1.94 +9% • Base chemicals & polymers 7.91 7.72 +2% 0.83 0.85 -2% • Intermediates 3.60 3.77 -5% 1.40 1.79 -22% • Specialties* 5.74 7.80 -26% 0.00 0.01 ns • Corporate Chemicals 0.01 0.03 ns 0.16 0.15 +7% Operating income ** 0.56 0.78 -29% 0.05 (0.03) ns • Base chemicals & polymers 0.10 (0.03) ns 0.02 0.04 -50% • Intermediates 0.13 0.28 -54% 0.12 0.13 -8% • Specialties * 0.43 0.60 -28% (0.03) 0.01 ns • Corporate Chemicals (0.10) (0.07) ns * paints divested in February 2003 ** adjusted for special items Impact of allocating contribution of Cepsa to net operating income by business segment For the first time, during the fourth quarter 2003, the contribution of Cepsa to the net operating income by business segments has been allocated among the different operating segments, whereas in the past it was included entirely in the Downstream segment. The adjustment for the first nine months has been taken into account and Included in the fourth quarter 2003 adjustment. The table below shows the line Item 'Equity in income (loss) of affiliates and other items' before and after the reallocatlon of the Cepsa contribution for each quarter and full year for 2002 and 2003. On the 'before allocation' line of the tables below, the contribution of Cepsa is included exclusively in the Downstream column. On the 'after allocation' line of the table below, the contribution of Cepsa has been allocated among the Upstream, Downstream and Chemicals segments. Equity in income (loss) of affiliates and other items First Quarter 2002 (M€) Upstream Downstream Chemicals Segments Before allocation of Cepsa 141 73 (7) 207 After allocation of Cepsa 143 58 6 207 Second Quarter 2002 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 87 47 (13) 121 After allocation 91 32 (2) 121 Third Quarter 2002 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 97 72 77 246 After allocation 102 56 88 246 Fourth Quarter; 2002 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 98 83 (11) 170 After allocation 100 71 (1) 170 Full Year 2002 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 423 275 46 744 After allocation 436 217 91 744 First Quarter 2003 (M€) Upstream Downstream Chemicals Segments Before allocation of Cepsa 64 63 (193) (66) After allocation of Cepsa 92 29 (187) (66) Second Quarter 2003 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 95 93 11 199 After allocation 130 52 17 199 Third Quarter 2003 (M€) Upstream Downstream Chemicals Segments Before allocation (reported) 36 77 6 119 After allocation 72 33 14 119 Fourth Quarter 2003(e) (M€) Upstream Downstream Chemicals Segments Before allocation (45) 10 (27) (62) After allocation (29) (5) (28) (62) Full Year 2003(e)(M€) Upstream Downstream Chemicals Segments Before allocation 150 243 (203) 190 After allocation (reported) 265 109 (184) 190 Total financial statements Fourth quarter and full year 2003 consolidated accounts, French GAAP CONSOLIDATED STATEMENTS OF INCOME Total Fourth Fourth Amounts in millions of euros (1) For the year For the year quarter quarter ended 31, ended 31, 2003 2002 December December (unaudited) (unaudited) 2003 2002 27,533 26,696 Sales 104,652 102,540 (23,090) (22,817) Operating expenses (1,305) (1,915) Depreciation, depletion, and (4,977) (5,792) amortization of tangible assets Operating income (46) (48) Corporate (209) (210) 3,184 2,214 Business segments * 12,979 10,336 3,138 2,166 Total operating income 12,770 10,120 (121) (68) Interest expense,net (232) (195) 56 51 Dividend income on non-consolidated subsidiaries (1) (2) Dividends on subsidiaries' (5) (10) redeemable preferred shares (432) 143 Other income (expense), net (1,060) 243 (1,185) (1,150) Provision for income taxes (5,353) (5,034) 218 222 Equity in income 1,086 866 (loss) of affiliates 1,673 1,362 Income before amortization of 7,358 6,166 acquisition goodwill (41) (94) Amortization of (139) (212) acquisition goodwill 1,632 1,208 Consolidated net income 7,219 5,954 42 (104) of which minority interest 194 13 1,590 1,372 NET income** 7,025 5,941 2.54 2.08 Earnings per share (euros)*** 11.06 6.92 3,209 2,694 Operating income from 13,004 10,995 business segments, adjusted for special items 1,633 1,461 Net operating income 6,973 5,868 from business segments, adjusted for special items 1,747 1,609 ** Net income (Group 7,344 6,260 share), adjusted for special items 2.79 2.44 *** Earnings per 11.56 9.40 share, adjusted for special items (euros) (1) Except for earnings per share CONSOLIDATED BALANCE SHEET Total Amounts in millions of euros 31/12/2003 30/09/2003 31/12/2002 (unaudited) ASSETS NON-CURRENT ASSETS Intangible assets, net 2,017 2,089 2,752 Property, plants and equipment net 36,286 37,146 38,592 Equity affiliates : investments and loans 7,833 8,078 7,710 Other investments 1,162 1,228 1,221 Other non-current assets 3,152 3,527 3,735 Total non-current assets 50,450 52,068 54,010 CURRENT ASSETS Inventories* net 6,137 6,163 6,515 Accounts receivable* net 12,357 12,111 13,087 Prepaid expenses and other current assets 4,779 5,057 5,243 Short-term investments 1,404 1,413 1,508 Cash and cash equivalents 4,836 9,676 4,966 Total current assets 29,913 34,420 31,319 TOTAL ASSETS 79,963 86,488 85,329 LIABILITIES & SHAREHOLDERS EQUITY EQUITY Common shares 6,491 6,788 6,872 Paid-in surplus and retained earnings 30,408 32,352 30,514 Cumulative translation adjustment (3,268) (2,197) (830) Treasury shares (3,225) (6,662) (4,410) Total shareholders equity 30,406 30,281 32,146 SUBSIDIARIES' REDEEMABLE PREFERRED SHARES 396 429 477 MINORITY INTEREST 664 637 724 LONG-TERM LIABILITIES Deferred income taxes 5,443 5,628 6,390 Employee benefits 3,818 4,009 4,103 Other liabilities 6,344 6,623 6,150 Total long-term liabilities 15,605 16,260 16,643 LONG-TERM DEBT 9,783 9,849 10,157 CURRENT LIABILITIES Accounts payable 10,304 9,496 10,236 Other creditors and accrued liabilities 8,970 10,771 9,850 Short-term borrowings and bank overdrafts 3,835 8,765 5,096 Total current liabilities 23,109 29,032 25,182 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 79,963 86,488 85,329 CONSOLIDATED STATEMENTS OF CASH FLOWS Total Fourth quarter Fourth quarter Amounts in millions of euros For the year For the year 2003 2002 ended 31, ended 31, (unaudited) (unaudited) December December 2003 2002 CASH FLOW FROM OPERATING ACTIVITIES 1,632 1,268 Consolidated net income 7,219 5,954 1,401 2,080 Depreciation, depletion, and amortization 5,305 6,241 201 (154) Long-term liabilities, valuation allowances, (208) (264) and deferred taxes (170) - Impact of coverage of pension benefit plans (170) - 108 165 Unsuccessful exploration costs 359 487 55 (359) (Gains)/Losses on sales of assets 192 (962) (114) (167) Equity in income of affiliates (in excess (603) (479) of)/less than dividends received 12 1 Other changes, net 21 (7) 3,125 2,835 Cash flow from operating activities before 12,105 11,070 changes in working capital (843) (602) (Increase)/Decrease in operating assets and 382 (64) liabilities 2,282 2,233 CASH FLOW FROM OPERATING ACTIVITIES (1) 12,487 11,006 CASH FLOW FROM INVESTING ACTIVITIES (2,450) (1,974) Intangible assets and property, plant, and (6,365) (6,942) equipment additions (109) (146) Exploration expenditures charged to expenses (343) (432) (84) (22) Acquisitions of subsidiaries, net of cash (421) (127) acquired (43) (46) investments in equity affiliates and other (123) (298) securities (124) (135) Increase in long-term loans (476) (858) (2,810) (2,323) Total expenditures (7,728) (8,657) 167 124 Proceeds from sale of intangible assets and 315 290 property, plant, and equipment 86 (8) Proceeds from sale of subsidiaries, net of 820 5 cash sold 129 543 Proceeds from sale of non-current investments 218 1,346 196 141 Repayment of long-term loans 525 672 578 800 Total divestitures 1,878 2,313 8 (83) (Increase)/Decrease in short-term investments 116 (505) (2,224) (1,606) CASH FLOW FROM INVESTING ACTIVITIES (5,734) (6,849) CASH FLOW FROM FINANCING ACTIVITIES Issuance and repayment of shares: - 14 Parent company's shareholders 69 461 (478) (1,417) Purchase of treasury shares (3,994) (2,945) 39 7 Minority shareholders 76 32 - - Subsidiaries' redeemable preferred shares - - Cash dividends paid: - - - Parent company's shareholders (2,571) (2,514) (10) (7) - Minority shareholders (124) (100) 830 455 Net issuance/(repayment) of long-term debt 2,108 1,642 (5,223) (5,271) Increase/(Decrease) in short-term borrowings (2,153) 746 and bank overdrafts (1) (2) Other changes, net (5) (10) (4,843) (6,221) CASH FLOW FROM FINANCING ACTIVITIES (6,594) (2,688) (4,785) (5,594) Net increase/decrease in cash and cash 159 1,469 equivalents (55) (229) Effect of exchange rates and changes in (289) (77) reporting entity on cash and cash equivalents 9,676 10,789 Cash and cash equivalents at 4,966 3,574 the beginning of the year 4,836 4,966 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 4,836 4,966 (1) including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 85 million euros for the fourth quarter 2003 and 719 million euros for the year ended December 31, 2003. BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total Non-Group sales 5,151 18,041 4,335 6 - 27,533 Intersegment sales 2,896 577 176 34 (3,683) - Total sales 8,047 18,618 4,511 40 (3,683) 27,533 Depreciation, depletion, and (842) (228) (225) (10) (1,305) amortization of tangible assets Operating income 2,652 400 132 (46) (3,138) Amortization of intangible assets (11) (26) (45) (6) (88) and acquisition goodwill Equity in income (loss) of affiliates 70 (124) (225) 123 (156) and other items Tax on net operating income (1,316) (68) 37 139 (1,208) Net operating income 1,395 182 (101) 210 1,686 Net cost of net debt (53) Minority interests and dividends on (43) subsidiaries' redeemable preferred shares Net income 1,590 Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total (special items) Non-Group sales Intersegment sales Total sales Depreciation, depletion, and - - (17) - (17) amortization of tangible assets Operating income - - (25) - (25) Amortization of intangible assets - - - - - and acquisition goodwill Equity in income (loss) of affiliates - - (217) - (217) and other items Tax on net operating income - - 85 - 85 Net operating income - - (157) - 157 Net cost of net debt - Minority interests and dividends on - subsidiaries' redeemable preferred shares Net income (157) Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total (adjusted for special items) Non-Group sales 5,151 18,041 4,335 6 - 27,533 Intersegment sales 2,896 577 176 34 (3,683) - Total sales 8,047 18,618 4,511 40 (3,683) 27,533 Depreciation, depletion, and (842) (228) (208) (10) (1,288) amortization of tangible assets Operating income 2,652 400 157 (46) 3,163 Amortization of intangible assets (11) (26) (45) (6) (88) and acquisition goodwill Equity in income (loss) of affiliates 70 (124) (8) 123 61 and other items Tax on net operating income (1,316) (68) (48) 139 (1,293) Net operating income 1,395 182 56 210 1,843 Net cost of net debt (53) Minority interests and dividends on (43) subsidiaries' redeemable preferred shares Net income 1,747 Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 1,748 704 327 31 2,810 Divestitures at selling price 119 346 94 19 578 Cash flow from operating activities (1) 2,190 (213) 172 133 2,282 (1) In the Chemicals segment, this figure amounts to 257 million euros excluding an amount of 85 million euros paid relating to the Toulouse AZF plant explosion. BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros Fourth quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total Non-Group sales 4,381 17,930 4,587 - - 26,898 Intersegment sales 2,860 441 73 36 (3,410) - Total sales 7,241 18,371 4,660 36 (3,410) 26,898 Depreciation, depletion, and (1,275) (286) (342) (12) (1,915) amortization of tangible assets Operating income 2,089 117 8 (48) 2,166 Amortization of intangible assets (5) (67) (70) (7) (149) and acquisition goodwill Equity in income (loss) of affiliates 10 61 (70) 492 493 and other items Tax on net operating income (1,289) 19 13 76 (1,181) Net operating income 805 130 (119) 513 1,329 Net cost of net debt (59) Minority interests and dividends on 102 subsidiaries' redeemable preferred shares Net income 1,372 Fourth quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total (special items) Non-Group sales Intersegment sales Total sales Depreciation, depletion, and (439) (69) (129) - (637) amortization of tangible assets Operating income (431) (112) (137) - (680) Amortization of intangible assets (41) (41) and acquisition goodwill Equity in income (loss) of affiliates (88) (22) (59) 349 180 and other items Tax on net operating income 128 61 56 (75) 170 Net operating income (391) (114) (140) 274 (371) Net cost of net debt Minority interests and dividends on 134 subsidiaries' redeemable preferred shares Net income (237) Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total (adjusted for special items) Non-Group sales 4,381 17,930 4,587 - - 26,898 Intersegment sales 2,860 441 73 36 (3,410) - Total sales 7,241 18,371 4,660 36 (3,410) 26,898 Depreciation, depletion, and (836) (217) (213) (12) (1,278) amortization of tangible assets Operating income 2,520 229 145 (48) 2,846 Amortization of intangible assets (5) (26) (70) (7) (108) and acquisition goodwill Equity in income (loss) of affiliates 98 83 (11) 143 313 and other items Tax on net operating income (1,417) (42) (43) 151 (1,351) Net operating income 1,196 244 21 239 1,700 Net cost of net debt (59) Minority interests and dividends on (32) subsidiaries' redeemable preferred shares Net income 1,609 Fourth quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 1,493 465 371 (6) 2,323 Divestitures at selling price 133 114 37 516 800 Cash flow from operating activities 2,110 (188) 636 (325) 2,233 BUSINESS SEGMENTS INFORMATION Total Amounts in millions of euros For the year ended 31, December 2003 Upstream Downstream Chemicals Corporate Intercompany Total Non-Group sales 18,704 68,658 17,260 30 104,652 Intersegment sales 11,546 2,289 590 115 (14,540) - Total sales 30,250 70,947 17,850 145 (14,540) 104,652 Depreciation, depletion, and (3,289) (880) (773) (35) (4,977) amortization of tangible assets Operating income 10,476 1,970 553 (209) 12,770 Amortization of intangible assets (22) (98) (151) (22) (293) and acquisition goodwill Equity in income (loss) of affiliates 265 109 (614) 569 329 and other items Tax on net operating income (5,460) (521) 137 424 (5,420) Net operating income 5,259 1,460 (95) 762 7,386 Net cost of net debt (162) Minority interests and dividends on subsidiaries' redeemable preferred shares (199) Net income 7,025 For the year ended 31, December 2003 Upstream Downstream Chemicals Corporate Intercompany Total (special items) Non-Group sales - - - - - Intersegment sales Total sales - - - - - - Depreciation, depletion, and amortization - - (17) - (17) of tangible assets Operating income - - (25) - (25) Amortization of intangible assets and - - - - - acquisition goodwill Equity in income (loss) of affiliates - - (430) 40 (390) and other items Tax on net operating income - - 106 (10) 96 Net operating income - - (349) 30 (319) Net cost of net debt - Minority interests and dividends on - subsidiaries' redeemable preferred shares Net income (319) For the year ended 31, December 2003 Upstream Downstream Chemicals Corporate Intercompany Total (adjusted for special items) Non-Group sales 18,704 68,658 17,260 30 - 104,652 Intersegment sales 11,546 2,289 590 115 (14,540) - Total sales 30,250 70,947 17,850 145 (14,540) 104,652 Depreciation, depletion, and amortization (3,289) (880) (756) (35) (4,960) of tangible assets Operating income 10,476 1,970 558 (209) 12,795 Amortization of intangible assets and (22) (98) (151) (22) (293) acquisition goodwill Equity in income (loss) of affiliates 265 109 (184) 529 719 and other items Tax on net operating income (5,460) (521) 31 434 (5,516) Net operating income 5,259 1,460 254 732 7,705 Net cost of net debt (162) Minority interests and dividends on (199) subsidiaries' redeemable preferred shares Net income 7,344 For the year ended 31, December 2003 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 5,302 1,235 1,115 76 7,728 Divestitures at selling price 428 466 891 93 1,878 Cash flow from operating activities (1) 9,214 3,099 268 (94) 12,487 (1) In the Chemicals segment, this figure amounts to 987 million euros excluding an amount of 719 million euros paid relating to the Toulouse AZF plant explosion. Balance sheet as of December 31, 2003 Upstream Downstream Chemicals Corporate Intercompany Total Property, plant, and equipment, net 23,443 6,750 5,867 266 36,286 Intangible assets, net 196 496 1,281 44 2,017 Investments in equity affiliates 1,564 1,057 545 3,703 6,869 Total non-current assets 27,104 9,586 8,482 5,278 50,450 Capital employed (2) 16,777 9,064 8,702 4,301 38,844 (2) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 276 million euros related to Toulouse AZF plant explosion. BUSINESS SEGMENTS INFORMATION Total Amounts in millions of euros For the year ended 31, December 2002 Upstream Downstream Chemicals Corporate Intercompany Total Non-Group sales 16,225 66,984 19,317 14 - 102,540 Intersegment sales 11,525 2,002 355 117 (13,999) - Total sales 27,750 68,986 19,672 131 (13,999) 102,540 Depreciation, depletion, and (3,823) (965) (955) (49) (5,792) amortization of tangible assets Operating income 8,923 773 640 (210) 10,126 Amortization of intangible assets (21) (140) (217) (18) (396) and acquisition goodwill Equity in income (loss) of affiliates 318 253 (329) 1,356 1,598 and other items Tax on net operating income (5,182) (170) (71) 255 (5,168) Net operating income 4,038 716 23 1,383 6,160 Net cost of net debt (196) Minority interests and dividends on subsidiaries' redeemable preferred shares (23) Net income 5,941 For the year ended 31, December 2002 Upstream Downstream Chemicals Corporate Intercompany Total (special items) Non-Group sales Intersegment sales Total sales Depreciation, depletion, and (461) (69) (129) (659) amortization of tangible assets Operating income (386) (136) (137) (659) Amortization of intangible assets (41) (41) and acquisition goodwill Equity in income (loss) of affiliates (105) (22) (375) 787 285 and other items Tax on net operating income (119) 69 161 (174) (63) Net operating income (610) (130) (351) 613 (478) Net cost of net debt Minority interests and dividends on 159 subsidiaries' redeemable preferred shares Net income (319) For the year ended 31, December 2002 Upstream Downstream Chemicals Corporate Intercompany Total (adjusted for special items) Non-Group sales 16,225 66,984 19,317 14 - 102,540 Intersegment sales 11,525 2,002 355 117 (13,999) - Total sales 27,750 68,986 19,672 131 (13,999) 102,540 Depreciation, depletion, and (3,362) (896) (826) (49) (5,133) amortization of tangible assets Operating income 9,309 909 777 (210) 10,785 Amortization of intangible assets (21) (99) (217) (18) (355) and acquisition goodwill Equity in income (loss) of affiliates 423 275 46 569 1,313 and other items Tax on net operating income (5,063) (239) (232) 429 (5,105) Net operating income 4,648 846 374 770 6,638 Net cost of net debt (196) Minority interests and dividends on subsidiaries' redeemable preferred shares (182) Net income 6,260 For the year ended 31, December 2002 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 6,122 1,112 1,237 186 8,657 Divestitures at selling price 603 283 140 1,287 2,313 Cash flow from operating activities 7,721 1,447 1,053 785 11,006 Balance sheet as of December 31, 2002 Upstream Downstream Chemicals Corporate Intercompany Total Property, plant, and equipment, net 25,189 7,061 6,047 295 38,592 Intangible assets, net 264 473 1,940 75 2,752 Investments in equity affiliates 1,409 1,431 328 3,466 6,634 Total non-current assets 29,109 10,341 9,279 5,281 54,010 Capital employed (1) 18,998 10,207 9,341 3,580 42,126 (1) After taking into account, in the Chemicals segment, a pre-tax contingency reserve (civil liability) of 995 million euros related to Toulouse AZF plant explosion. CONSOLIDATED STATEMENTS OF INCOME (Impact of special items) Total For the year ended 31, December 2003 For the year ended 31, December 2002 Amounts in millions of euros Adjusted for Special items Consolidated Adjusted for special items statement special items of income Total assets 104,652 - 104,652 102,540 Operating expenses (86,987) (8) (86,905) (86,622) Depreciation, depletion, and (4,960) (17) (4,977) (5,133) amortization of tangible assets Operating income Corporate (209) - (209) (210) Business segments 13,004 (25) 12,979 10,995 Total operating income 12,795 (25) 12,770 10,785 Interest expense, net (232) - (232) (195) Dividend income on 152 - 152 170 non-consolidated subsidiaries Dividends on subsidiaries' (5) - (5) (10) redeemable preferred shares Other income (expense), net (670) (390) (1,060) (41) Provision for income taxes (5,449) 96 (5,353) (4,971) Equity in income (loss) of 1,086 - 1,086 866 affiliates Income before amortization 7,677 (319) 7,358 6,604 of acquisition goodwill Amortization of acquisition (139) - (139) (172) goodwill Consolidated net income 7,538 (319) 7,219 6,432 of which minority interest 194 - 194 172 NET INCOME 7,344 (319) 7,025 6,260 Fourth Quarter 2003 (unaudited) Fourth Quarter 2002 (unaudited) Amounts in millions of euros Adjusted for Special items Consolidated Adjusted for special items statement special items of income Total sates 27,533 - 27,533 26,898 Operating expenses (23,082) (8) (23,090) (22,774) Depreciation, depletion, and (1,288) (17) (1,305) (1,278) amortization of tangible assets Operating income Corporate (46) - (46) (48) Business segments 3,209 (25) 3,184 2,894 Total operating income 3,163 (25) 3,138 2,846 Interest expense, net (121) - (121) (68) Dividend income on 56 - 56 51 non-consolidated subsidiaries Dividends on subsidiaries' (1) - (1) (2) redeemable preferred shares Other income (expense), net (215) (217) (432) (36) Provision for income taxes (1,270) 85 (1,185) (1,320) Equity in income (loss) of 218 - 218 222 affiliates Income before amortization 1,830 (157) 1,673 1,693 of acquisition goodwill Amortization of acquisition goodwill (41) - (41) (54) Consolidated net income 1,789 (157) 1,632 1,639 of which minority interest 42 - 42 30 NET INCOME 1,747 (157) 1,590 1,609 This information is provided by RNS The company news service from the London Stock Exchange

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