Fourth Quarter and Full-Year 2012 Results

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TotalEnergies SE (TTE)

UK 100

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Reserves at December 31	Â	2012	Â	2011	Â	%
Hydrocarbon reserves (Mboe)	Â	11,368	Â	11,423	Â	-
= Liquids (Mb)	Â	5,686	Â	5,784	Â	-2%
= Gas (Bcf)	Â	30,877	Â	30,717	Â	+1%

CONSOLIDATED STATEMENT OF INCOME	Â	Â	Â		Â	Â	Â		Â	Â
TOTAL
Â
											Â
(Mâ‚¬) ^(a)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
Sales				200,061				184,693
Excise taxes				(17,762)				(18,143)
Revenues from sales				182,299				166,550
Purchases, net of inventory variation				(126,798)				(113,892)
Other operating expenses				(22,668)				(19,843)
Exploration costs				(1,446)				(1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests				(9,525)				(7,506)
Other income				1,462				1,946
Other expense				(915)				(1,247)
Financial interest on debt				(671)				(713)
Financial income from marketable securities & cash equivalents				100				273
Cost of net debt				(571)				(440)
Other financial income				558				609
Other financial expense				(499)				(429)
Equity in net income (loss) of affiliates				2,010				1,925
Income taxes	Â	Â	Â	(13,066)	Â	Â	Â	(14,073)
Consolidated net income	Â	Â	Â	10,841	Â	Â	Â	12,581
Group share				10,694				12,276
Non-controlling interests	Â	Â	Â	147	Â	Â	Â	305
Earnings per share (â‚¬)	Â	Â	Â	4.74	Â	Â	Â	5.46
Fully-diluted earnings per share (â‚¬)	Â	Â	Â	4.72	Â	Â	Â	5.44
^(a)Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME					Â	Â	Â		Â	Â
TOTAL	Â	Â	Â
Â
											Â
(Mâ‚¬)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
Consolidated net income	Â	Â	Â	10,841	Â	Â	Â	12,581
Other comprehensive income
Currency translation adjustment				(701)				1,498
Available for sale financial assets				(338)				337
Cash flow hedge				65				(84)
Share of other comprehensive income of associates, net amount				160				(15)
Other				(13)				(2)
											Â
Tax effect	Â	Â	Â	63	Â	Â	Â	(55)
Total other comprehensive income (net amount)	Â	Â	Â	(764)	Â	Â	Â	1,679
Â	Â	Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	Â	Â	10,077	Â	Â	Â	14,260
- Group share				9,969				13,911
- Non-controlling interests				108				349

CONSOLIDATED STATEMENT OF CASH FLOW	Â	Â	Â		Â	Â	Â		Â	Â
TOTAL
Â
											Â
(Mâ‚¬)	Â	Â	Â	Year 2012	Â	Â	Â	Year 2011
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income				10,841				12,581
Depreciation, depletion and amortization				10,481				8,628
Non-current liabilities, valuation allowances and deferred taxes				1,385				1,665
Impact of coverage of pension benefit plans				(362)				-
(Gains) losses on sales of assets				(1,321)				(1,590)
Undistributed affiliates' equity earnings				211				(107)
(Increase) decrease in working capital				1,084				(1,739)
Other changes, net	Â	Â	Â	143	Â	Â	Â	98
Cash flow from operating activities				22,462				19,536
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions				(19,905)				(17,950)
Acquisitions of subsidiaries, net of cash acquired				(191)				(854)
Investments in equity affiliates and other securities				(898)				(4,525)
Increase in non-current loans	Â	Â	Â	(1,949)	Â	Â	Â	(1,212)
Total expenditures				(22,943)				(24,541)
Proceeds from disposal of intangible assets and property, plant and equipment				1,418				1,439
Proceeds from disposal of subsidiaries, net of cash sold				352				575
Proceeds from disposal of non-current investments				2,816				5,691
Repayment of non-current loans	Â	Â	Â	1,285	Â	Â	Â	873
Total divestments	Â	Â	Â	5,871	Â	Â	Â	8,578
Cash flow used in investing activities				(17,072)				(15,963)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders				32				481
- Treasury shares				(68)				-
Dividends paid:
- Parent company shareholders				(5,184)				(5,140)
- Non controlling interests				(104)				(172)
Other transactions with non-controlling interests				1				(573)
Net issuance (repayment) of non-current debt				5,279				4,069
Increase (decrease) in current borrowings				(2,754)				(3,870)
Increase (decrease) in current financial assets and liabilities				(947)				896
Cash flow used in financing activities	Â	Â	Â	(3,745)	Â	Â	Â	(4,309)
Net increase (decrease) in cash and cash equivalents				1,645				(736)
Effect of exchange rates				(201)				272
Cash and cash equivalents at the beginning of the period	Â	Â	Â	14,025	Â	Â	Â	14,489
Cash and cash equivalents at the end of the period	Â	Â	Â	15,469	Â	Â	Â	14,025

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY																					Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â
TOTAL	Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â		Â	Â	Â
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
				Common shares issued								Paid-in surplus and retained earnings				Currency translation adjustment				Treasury shares								Shareholders' equity Group Share				Non-controlling interests				Total shareholders' equity
(Mâ‚¬)	Â	Â	Â	Number	Â	Â	Â	Amount	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Number	Â	Â	Â	Amount	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
As of January 1, 2011	Â	Â	Â	2,349,640,931	Â	Â	Â	5,874	Â	Â	Â	60,538	Â	Â	Â	(2,495)	Â	Â	Â	(112,487,679)	Â	Â	Â	(3,503)	Â	Â	Â	60,414	Â	Â	Â	857	Â	Â	Â	61,271
Net income 2011				-				-				12,276				-				-				-				12,276				305				12,581
Other comprehensive Income				-				-				231				1,404				-				-				1,635				44				1,679
Comprehensive Income				-				-				12,507				1,404				-				-				13,911				349				14,260
Dividend				-				-				(6,457)				-				-				-				(6,457)				(172)				(6,629)
Issuance of common shares				14,126,382				35				446				-				-				-				481				-				481
Purchase of treasury shares				-				-				-				-				-				-				-				-				-
Sale of treasury shares ⁽¹⁾				-				-				(113)				-				2,933,506				113				-				-				-
Share-based payments				-				-				161				-				-				-				161				-				161
Share cancellation				-				-				-				-				-				-				-				-				-
Other operations with non-controlling interests				-				-				(553)				103				-				-				(450)				(123)				(573)
Other items				-				-				(23)				-				-				-				(23)				441				418
As of December 31, 2011	Â	Â	Â	2,363,767,313	Â	Â	Â	5,909	Â	Â	Â	66,506	Â	Â	Â	(988)	Â	Â	Â	(109,554,173)	Â	Â	Â	(3,390)	Â	Â	Â	68,037	Â	Â	Â	1,352	Â	Â	Â	69,389
Net income 2012				-				-				10,694				-				-				-				10,694				147				10,841
Other comprehensive Income				-				-				(219)				(506)				-				-				(725)				(39)				(764)
Comprehensive Income				-				-				10,475				(506)				-				-				9,969				108				10,077
Dividend				-				-				(5,237)				-				-				-				(5,237)				(104)				(5,341)
Issuance of common shares				2,165,833				6				26				-				-				-				32				-				32
Purchase of treasury shares				-				-				-				-				(1,800,000)				(68)				(68)				-				(68)
Sale of treasury shares ⁽¹⁾				-				-				(116)				-				2,962,534				116				-				-				-
Share-based payments				-				-				146				-				-				-				146				-				146
Share cancellation				-				-				-				-				-				-				-				-				-
Other operations with non-controlling interests				-				-				11				6				-				-				17				(16)				1
Other items				-				-				16				-				-				-				16				(59)				(43)
As of December 31, 2012	Â	Â	Â	2,365,933,146	Â	Â	Â	5,915	Â	Â	Â	71,827	Â	Â	Â	(1,488)	Â	Â	Â	(108,391,639)	Â	Â	Â	(3,342)	Â	Â	Â	72,912	Â	Â	Â	1,281	Â	Â	Â	74,193
																																							Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

Reconciliation of the information by business segment with consolidated financial statements					Â
TOTAL	Â		Â
(unaudited)
							Â
4^th quarter 2012 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		49,855		13		49,868
Excise taxes		(4,399)		-		(4,399)
Revenues from sales		45,456		13		45,469
Purchases net of inventory variation		(31,392)		(462)		(31,854)
Other operating expenses		(5,673)		(548)		(6,221)
Exploration costs		(504)		-		(504)
Depreciation, depletion and amortization of tangible assets and mineral interests		(2,135)		(278)		(2,413)
Other income		234		240		474
Other expense		(134)		(105)		(239)
Financial interest on debt		(160)		-		(160)
Financial income from marketable securities & cash equivalents		33		-		33
Cost of net debt		(127)		-		(127)
Other financial income		123		-		123
Other financial expense		(110)		-		(110)
Equity in net income (loss) of affiliates		452		(60)		392
Income taxes	Â	(3,052)	Â	480	Â	(2,572)
Consolidated net income		3,138		(720)		2,418
Group share		3,081		(700)		2,381
Non-controlling interests		57		(20)		37
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
4^th quarter 2011 (Mâ‚¬)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		47,462		30		47,492
Excise taxes		(4,534)		-		(4,534)
Revenues from sales		42,928		30		42,958
Purchases net of inventory variation		(29,291)		58		(29,233)
Other operating expenses		(5,327)		51		(5,276)
Exploration costs		(339)		-		(339)
Depreciation, depletion and amortization of tangible assets and mineral interests		(1,881)		(535)		(2,416)
Other income		252		29		281
Other expense		(312)		(526)		(838)
Financial interest on debt		(156)		-		(156)
Financial income from marketable securities & cash equivalents		57		-		57
Cost of net debt		(99)		-		(99)
Other financial income		91		-		91
Other financial expense		(102)		-		(102)
Equity in net income (loss) of affiliates		537		(59)		478
Income taxes	Â	(3,651)	Â	530	Â	(3,121)
Consolidated net income		2,806		(422)		2,384
Group share		2,725		(435)		2,290
Non-controlling interests		81		13		94
							Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â	Â	Â		Â		Â
									Â
									Â
Year 2012 (Mâ‚¬)	Â	Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales				200,070		(9)		200,061
Excise taxes				(17,762)		-		(17,762)
Revenues from sales				182,308		(9)		182,299
Purchases net of inventory variation				(126,564)		(234)		(126,798)
Other operating expenses				(21,800)		(868)		(22,668)
Exploration costs				(1,446)		-		(1,446)
Depreciation, depletion and amortization of tangible assets and mineral interests				(8,051)		(1,474)		(9,525)
Other income				681		781		1,462
Other expense				(448)		(467)		(915)
Financial interest on debt				(671)		-		(671)
Financial income from marketable securities & cash equivalents				100		-		100
Cost of net debt				(571)		-		(571)
Other financial income				558		-		558
Other financial expense				(499)		-		(499)
Equity in net income (loss) of affiliates				2,098		(88)		2,010
Income taxes	Â	Â	Â	(13,731)	Â	665	Â	(13,066)
Consolidated net income				12,535		(1,694)		10,841
Group share				12,361		(1,667)		10,694
Non-controlling interests				174		(27)		147
									Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Year 2011 (Mâ‚¬)	Â	Â	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales				184,648		45		184,693
Excise taxes				(18,143)		-		(18,143)
Revenues from sales				166,505		45		166,550
Purchases net of inventory variation				(115,107)		1,215		(113,892)
Other operating expenses				(19,751)		(92)		(19,843)
Exploration costs				(1,019)		-		(1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests				(6,725)		(781)		(7,506)
Other income				430		1,516		1,946
Other expense				(536)		(711)		(1,247)
Financial interest on debt				(713)		-		(713)
Financial income from marketable securities & cash equivalents				273		-		273
Cost of net debt				(440)		-		(440)
Other financial income				609		-		609
Other financial expense				(429)		-		(429)
Equity in net income (loss) of affiliates				1,984		(59)		1,925
Income taxes	Â	Â	Â	(13,811)	Â	(262)	Â	(14,073)
Consolidated net income				11,710		871		12,581
Group share				11,424		852		12,276
Non-controlling interests				286		19		305
									Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
									Â