Second Quarter and First Half 2015 Results123
Second Quarter and First Half 2015 Results123
Total
Total: Second Quarter and First Half 2015 Results123
| Â | Â | 2Q15 | Â |
Change
vs 2Q14 |
 | 1H15 |  |
Change
vs 1H14 |
| Â | Â | Â | Â | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 3,1 | -2% | 5,7 | -12% | ||||
| - in dollars per share | 1,34 | -3% | 2,47 | -13% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | ||||||||
| Net income2 of 3.0 B$ in 2Q15 | ||||||||
| Net-debt-to-equity ratio of 25.9% at June 30, 2015 | ||||||||
| Hydrocarbon production of 2,299 kboe/d in the second quarter 2015 | ||||||||
| 2Q15 interim dividend of 0.61 €/share payable in January 20163 | ||||||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors, under the chairmanship of Thierry Desmarest, met on July 28, 2015, to review the Group’s second quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:
“Oil prices recovered slightly in the second quarter to about $60/b
but remain more than 40% lower than a year ago. Despite the sharply
lower oil price, Total reported adjusted net income of $3.1 billion, a
decrease of only 2% compared to the same period last year, thanks to
productivity gains in all the business segments.
In the
Upstream, the Group started up its fourth major project this year with
first production from Termokarstovoye in Russia. The 12% increase in
production over the past year demonstrates that our growth strategy is
working, in spite of the shutdown of Yemen LNG for security reasons. The
excellent Downstream results highlight the resilience of our integrated
model. The Refining & Chemicals and Marketing & Services segments are
fully benefiting from higher refining, petrochemical and marketing
margins that are sustained by stronger demand in the context of lower
prices. In European refining, Total is committed to the conversion
project at La Mède and the restructuring of Donges in France, reducing
the capacity of Lindsey in the United Kingdom and the sale of Schwedt in
Germany.
In addition, Total is implementing plans to reduce
its cash breakeven. The Group expects to exceed its 2015 objective to
cut operating costs by $1.2 billion in 2015 and confirms the announced
reduction of 2015 Capex to $23-24 billion.
Finally, despite
the weak economic conditions, Total strengthened its balance sheet
during the first half of the year by reducing its gearing from 31% to
26%.â€
Key figures4
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |
In millions of dollars, except effective tax rate,
earnings per share and number of shares |
 | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 44,715 | Â | 42,313 | Â | 62,561 | Â | -29% | Â | Sales | Â | 87,028 | Â | 123,248 | Â | -29% |
| 4,064 | Â | 3,311 | Â | 5,583 | Â | -27% | Â | Adjusted operating income from business segments* | Â | 7,375 | Â | 11,765 | Â | -37% |
| 3,334 | Â | 2,780 | Â | 3,824 | Â | -13% | Â | Adjusted net operating income from business segments | Â | 6,114 | Â | 7,523 | Â | -19% |
| 1,560 | Â | 1,359 | Â | 3,051 | Â | -49% | Â | Upstream | Â | 2,919 | Â | 6,143 | Â | -52% |
| 1,349 | 1,100 | 401 | x3 | Refining & Chemicals | 2,449 | 747 | x3 | |||||||
| 425 | Â | 321 | Â | 372 | Â | +14% | Â | Marketing & Services | Â | 746 | Â | 633 | Â | +18% |
| 677 | Â | 634 | Â | 883 | Â | -23% | Â | Contribution of equity affiliates to adjusted net income | Â | 1,311 | Â | 1,713 | Â | -23% |
| 39.6% | Â | 38.5% | Â | 55.1% | Â | Â | Â | Group effective tax rate5* | Â | 39.1% | Â | 56.5% | Â | Â |
| 3,085 | Â | 2,602 | Â | 3,151 | Â | -2% | Â | Adjusted net income | Â | 5,687 | Â | 6,478 | Â | -12% |
| 1.34 | Â | 1.13 | Â | 1.38 | Â | -3% | Â | Adjusted fully-diluted earnings per share (dollars) | Â | 2.47 | Â | 2.84 | Â | -13% |
| 1.21 | Â | 1.00 | Â | 1.00 | Â | +21% | Â | Adjusted fully-diluted earnings per share (euros)** | Â | 2.21 | Â | 2.07 | Â | +7% |
| 2,292 | Â | 2,285 | Â | 2,281 | Â | - | Â | Fully-diluted weighted-average shares (millions) | Â | 2,289 | Â | 2,279 | Â | - |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2,971 | Â | 2,663 | Â | 3,104 | Â | -4% | Â | Net income (Group share) | Â | 5,634 | Â | 6,439 | Â | -13% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 6,590 | Â | 8,809 | Â | 8,723 | Â | -24% | Â | Investments6 | Â | 15,399 | Â | 14,588 | Â | +6% |
| 1,893 | Â | 2,984 | Â | 631 | Â | x3 | Â | Divestments | Â | 4,877 | Â | 2,471 | Â | x2 |
| 4,616 | Â | 5,825 | Â | 7,966 | Â | -42% | Â | Net investments7 | Â | 10,441 | Â | 11,991 | Â | -13% |
| 4,732 | Â | 4,387 | Â | 5,277 | Â | -10% | Â | Cash flow from operations | Â | 9,119 | Â | 10,615 | Â | -14% |
| 5,317 | Â | 4,635 | Â | 5,931 | Â | -10% | Â | Adjusted cash flow from operations | Â | 9,952 | Â | 12,135 | Â | -18% |
* During the second quarter of 2015, the Group revised the
classification in the statement of income of certain taxes related to
its participation in the ADCO concession, effective since January 1,
2015. These taxes are now accounted for as operating taxes and therefore
reclassified for $498 million from “Income taxes†to “Purchases, net of
inventory variation†in the first quarter of 2015. This reclassification
affects the adjusted operating income from business segments and the
effective income tax rate for the Group but has no impact on net income.
**
Average €-$ exchange rate: 1.1053 in the second quarter 2015 and 1.1158
in the first half 2015.
Highlights since the beginning of the second quarter 20158
- Started production on the Termokarstovoye gas field in Russia
- Positive appraisal on the Elk-Antelope gas fields in Papua New Guinea
- Achieved the production milestone of 2 billion barrels from Angola deep offshore Block 17 and first production from the Dalia Phase 1A project in Angola
- Announced a plan for French refining: Total to modernize the Donges refinery and convert the La Mède refinery to a bio-refinery
- Sale of interests in assets in the West of Shetland area of the United Kingdom
- Sale of the interest in the Schwedt refinery in Germany
- Started up the lubricants plant in Singapore
Analysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |  |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 61.9 | Â | 53.9 | Â | 109.7 | Â | -44% | Â | Brent ($/b) | Â | 57.8 | Â | 108.9 | Â | -47% |
| 58.2 | Â | 49.5 | Â | 103.0 | Â | -44% | Â | Average liquids price ($/b) | Â | 53.8 | Â | 102.5 | Â | -48% |
| 4.67 | Â | 5.38 | Â | 6.52 | Â | -28% | Â | Average gas price ($/Mbtu) | Â | 5.03 | Â | 6.80 | Â | -26% |
| 45.4 | Â | 41.8 | Â | 73.1 | Â | -38% | Â | Average hydrocarbon price ($/boe) | Â | 43.6 | Â | 73.2 | Â | -40% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | Hydrocarbon production |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 2,299 | Â | 2,395 | Â | 2,054 | Â | +12% | Â | Combined production (kboe/d) | Â | 2,347 | Â | 2,116 | Â | +11% |
| 1,215 | Â | 1,240 | Â | 984 | Â | +23% | Â | Liquids (kb/d) | Â | 1,227 | Â | 1,007 | Â | +22% |
| 5,910 | Â | 6,312 | Â | 5,867 | Â | +1% | Â | Gas (Mcf/d) | Â | 6,110 | Â | 6,066 | Â | +1% |
Hydrocarbon production was 2,299 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2015, an increase of 12% compared to the second quarter 2014, due to the following:
- +5% for new project start ups, notably CLOV, West Franklin Phase 2 and Termokarstovoye;
- +7% due to portfolio changes, mainly the addition of the new ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;
- -4% due to the shutdown of production in Yemen;
- +4% due to the price effect, better field performance and lower maintenance, offsetting natural decline.
In the first half 2015, hydrocarbon production was 2,347 kboe/d, an increase of 11% compared to the first half 2014, due to the following:
- +4% for new project start ups;
- +6% due to portfolio changes, noted in the second quarter explanation above;
- -2% due to the shutdown of production in Yemen;
- +3% due to the price effect and better field performance, offsetting natural decline.
> Results
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | In millions of dollars, except effective tax rate |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 1,995 | Â | 1,531 | Â | 4,810 | Â | -59% | Â | Adjusted operating income* | Â | 3,526 | Â | 10,311 | Â | -66% |
| 47.3% | Â | 48.6% | Â | 52.3% | Â | Â | Â | Effective tax rate** | Â | 47.9% | Â | 56.3% | Â | Â |
| 1,560 | Â | 1,359 | Â | 3,051 | Â | -49% | Â | Adjusted net operating income* | Â | 2,919 | Â | 6,143 | Â | -52% |
| 489 | Â | 503 | Â | 769 | Â | -36% | Â | includes income from equity affiliates | Â | 992 | Â | 1,502 | Â | -34% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 5,653 | Â | 8,151 | Â | 7,999 | Â | -29% | Â | Investments | Â | 13,804 | Â | 13,310 | Â | +4% |
| 379 | Â | 1,162 | Â | 568 | Â | -33% | Â | Divestments | Â | 1,541 | Â | 2,367 | Â | -35% |
| 2,713 | Â | 3,525 | Â | 4,805 | Â | -44% | Â | Cash flow from operations | Â | 6,238 | Â | 8,616 | Â | -28% |
| 3,010 | Â | 2,919 | Â | 4,841 | Â | -38% | Â | Adjusted cash flow from operations | Â | 5,929 | Â | 9,974 | Â | -41% |
* During the second quarter of 2015, the Group revised the
classification in the statement of income of certain taxes related to
its participation in the ADCO concession, effective since January 1,
2015. These taxes are now accounted for as operating taxes and therefore
reclassified for $498 million from “Income taxes†to “Purchases, net of
inventory variation†in the first quarter of 2015. This reclassification
affects the adjusted operating income from business segments and the
effective income tax rate for the Group but has no impact on net income.
**
Tax on adjusted net operating income / (adjusted net operating income -
income from equity affiliates - dividends received from investments +
tax on adjusted net operating income).
Adjusted net operating income from the Upstream segment was:
- 1,560 M$ in the second quarter 2015, a decrease of 49% compared to the second quarter 2014, essentially due to the decrease in the average realized price of hydrocarbons, partially offset by an increase in production, a material decrease in operating costs, and a lower effective tax rate, notably in Nigeria and in Congo;
- 2,919 M$ in the first half 2015, a decrease of 52% compared to the first half 2014, for the same reasons.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |  |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 1,909 | Â | 1,931 | Â | 1,622 | Â | +18% | Â | Total refinery throughput (kb/d) | Â | 1,920 | Â | 1,662 | Â | +16% |
| 613 | Â | 737 | Â | 634 | Â | -3% | Â | France | Â | 675 | Â | 626 | Â | +8% |
| 875 | 795 | 695 | +26% | Rest of Europe | 835 | 741 | +13% | |||||||
| 421 | Â | 399 | Â | 293 | Â | +44% | Â | Rest of world | Â | 410 | Â | 295 | Â | +39% |
| Â | Â | Â | Â | Â | Â | Â | Â | Utlization rates** | Â | Â | Â | Â | Â | Â |
| 84% | 87% | 72% | Based on crude only | 85% | 72% | |||||||||
| 87% | Â | 88% | Â | 74% | Â | Â | Â | Based on crude and other feedstock | Â | 88% | Â | 76% | Â | Â |
* Includes share of TotalErg. Results for refineries in South Africa,
the French Antilles and Italy are reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning
of the year.
Refinery throughput:
- increased by 18% in the second quarter 2015 compared to the second quarter 2014, due to the start up of SATORP and a lower level of maintenance in Europe. The good reliability of the sites enabled an increase in throughput to take advantage of attractive margins;
- increased by 16% in the first half 2015 compared to the first half 2014 for the same reasons. Utilization rates were higher in an environment of favorable margins.
> Results
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |
In millions of dollars
except the ERMI |
 | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 54.1 | Â | 47.1 | Â | 10.9 | Â | x5 | Â | European refining margin indicator - ERMI ($/t) | Â | 50.6 | Â | 8.7 | Â | x6 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 1,604 | Â | 1,335 | Â | 368 | Â | x4 | Â | Adjusted operating income* | Â | 2,939 | Â | 696 | Â | x4 |
| 1,349 | Â | 1,100 | Â | 401 | Â | x3 | Â | Adjusted net operating income* | Â | 2,449 | Â | 747 | Â | x3 |
| 135 | Â | 116 | Â | 174 | Â | -22% | Â | including Specialty Chemicals** | Â | 251 | Â | 313 | Â | -20% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 465 | Â | 434 | Â | 475 | Â | -2% | Â | Investments | Â | 899 | Â | 725 | Â | +24% |
| 874 | Â | 1,766 | Â | 15 | Â | na | Â | Divestments | Â | 2,640 | Â | 26 | Â | na |
| 1,700 | Â | 314 | Â | (133) | Â | na | Â | Cash flow from operations | Â | 2,014 | Â | 1,460 | Â | +38% |
| 1,566 | Â | 1,380 | Â | 683 | Â | x2 | Â | Adjusted cash flow from operations | Â | 2,946 | Â | 1,300 | Â | x2 |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Hutchinson and
Atotech, Bostik until February 2015.
The European refining margin indicator (ERMI) averaged a high level of 54 $/t in the second quarter 2015, due to strong product demand, particularly gasoline, and significant maintenance activity, notably in Asia. Petrochemical margins were also higher, notably due to limited production capacity as a result of numerous shut downs in the industry.
Adjusted net operating income from the Refining & Chemicals segment was:
- 1,349 M$ in the second quarter 2015, more than three times higher than in the second quarter 2014. The segment took full advantage of the higher refining and petrochemicals margins, mainly due to improved site availability and lower level of planned maintenance compared to last year;
- 2,449 M$ for the first half 2015, in a more favorable environment, more than three times higher than the first half 2014, demonstrating the segment’s ability to capture attractive first half 2015 margins by increasing throughput one year after voluntarily reducing throughput in the face of a difficult 2014 environment.
Second quarter 2015 divestments included the refinancing of SATORP in Saudi Arabia. Following the successful start up of the refinery, one of the most competitive in the world, Total was able to refinance its shareholder loan under favorable conditions.
Marketing & Services
> Petroleum product sales
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | Sales in kb/d* |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 1,822 | Â | 1,814 | Â | 1,833 | Â | -1% | Â | Total Marketing & Services sales | Â | 1,818 | Â | 1742 | Â | +4% |
| 1,079 | Â | 1,103 | Â | 1,102 | Â | -2% | Â | Europe | Â | 1,091 | Â | 1080 | Â | +1% |
| 743 | Â | 711 | Â | 731 | Â | +2% | Â | Rest of world | Â | 727 | Â | 662 | Â | +10% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales were:
- stable in the second quarter 2015 compared to the second quarter last year, benefiting from higher sales in growth markets;
- 4% higher in the first half 2015 compared to the first half 2014, in a more favorable market than last year, which was affected by an unusually mild winter.
> Results
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | In millions of dollars |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 20,419 | Â | 19,620 | Â | 28,213 | Â | -28% | Â | Sales | Â | 40,039 | Â | 54,683 | Â | -27% |
| 465 | Â | 445 | Â | 405 | Â | +15% | Â | Adjusted operating income* | Â | 910 | Â | 758 | Â | +20% |
| 425 | Â | 321 | Â | 372 | Â | +14% | Â | Adjusted net operating income* | Â | 746 | Â | 633 | Â | +18% |
| (45) | Â | (42) | Â | (8) | Â | x6 | Â | including New Energies | Â | (87) | Â | 20 | Â | na |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 436 | Â | 215 | Â | 203 | Â | x2 | Â | Investments | Â | 651 | Â | 479 | Â | +36% |
| 627 | Â | 52 | Â | 28 | Â | na | Â | Divestments | Â | 679 | Â | 54 | Â | na |
| 379 | Â | 644 | Â | 304 | Â | +25% | Â | Cash flow from operations | Â | 1,023 | Â | 393 | Â | x3 |
| 531 | Â | 418 | Â | 551 | Â | -4% | Â | Adjusted cash flow from operations | Â | 949 | Â | 930 | Â | +2% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Marketing & Services segment was:
- 425 M$ in the second quarter 2015, an increase of 14% compared to the second quarter 2014, mainly due to higher margins;
- 746 M$ in the first half 2015, an increase of 18% compared to the first half 2014.
Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was:
- 3,334 M$ in the second quarter 2015, a decrease of only 13% compared to the second quarter 2014, despite the 44% drop in the Brent price. The Upstream was affected by the lower Brent price, partially offset by a 12% increase in production and the effects of the Group’s cost reduction program. In addition, the Downstream reported excellent results, benefiting from higher margins;
- 6,114 M$ in the first half 2015, a decrease of 19% compared to the first half 2014, despite the 47% drop in the Brent price. The Group fully benefited from its cost reduction program, the resilience of the Upstream and the remarkable performance of the Downstream.
The effective tax rate9 for the business segments was:
- 37.5% in the second quarter 2015 compared to 48.8% in the second quarter 2014, reflecting mainly the strong Downstream results, which are taxed at a lower rate;
- 37.4% in the first half 2015 compared to 52.5% in the first half 2014, for the same reason.
> Net income (Group share)
Adjusted net income was:
- 3,085 M$ in the second quarter 2015 compared to 3,151 M$ in the second quarter 2014, a decrease of only 2% in an unfavorable environment;
- 5,687 M$ in the first half 2015 compared to 6,478 M$ in the first half 2014, a decrease of 12% in an environment where the Brent price dropped by 47%.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value10.
Total adjustments affecting net income (Group share)11 were -114 M$ in the second quarter 2015 compared to -47 M$ in the second quarter 2014. In the first half 2015, total adjustments affecting net income (Group share) were -53 M$ compared to -39 M$ in the first half 2014.
The number of fully-diluted shares was 2,294 million on June 30, 2015, and 2,284 million on June 30, 2014.
> Divestments – acquisitions
Asset sales were:
- 733 M$ in the second quarter 2015, comprised mainly of the sale of Totalgaz;
- 3,472 M$ in the first half 2015, comprised mainly of the sales of Bostik, the Group’s interests in OML 18 and 29 in Nigeria and Totalgaz.
Acquisitions were:
- 282 M$ in the second quarter 2015;
- 2,777 M$ in the first half 2015, comprised mainly of the entry into the new ADCO concession in the United Arab Emirates and the carry on the Utica gas and condensate field in the United States.
> Cash flow
The Group’s net cash flow12 was:
- 116 M$ in the second quarter 2015 compared to -2,689 M$ in the second quarter 2014. This increase was mainly due to a sharp decline in organic investments, including the refinancing of SATORP, and the resilience of the cash flow from operations in a lower Brent price environment, mainly due to the strong performance of the Downstream;
- -1,322 M$ in the first half 2015 compared to -1,376 M$ in the first half 2014, an increase of 4%, showing good resistance to the 47% drop in the Brent price, mainly due to the resilience of the Upstream and the performance of the Downstream. The organic investments are in line with the objective of $23-24 billion for the year.
Total S.A., parent company accounts
The net income for the parent company, TOTAL S.A., was 3,438 M€ in the first half 2015 compared to 3,397 M€ in the first half 2014.
Summary and outlook
After having recovered slightly in the second quarter, oil prices have fallen by about 10% since the beginning of July. In this context, the Group is focused on delivering its new project start ups and implementing cost reductions to sustainably reduce its breakeven and maximize cash flow. The rapid implementation of this industrial response to the weaker environment has already begun to bear fruit in the first half of the year, and it will also underpin the Group’s success in the second half and beyond.
In the Upstream, the start-ups of Surmont Phase 2, GLNG and Laggan-Tormore are expected in the second half. Production is expected to increase by more than 8% this year despite the shutdown of Yemen LNG.
In the Downstream, market conditions remained favorable at the start of the third quarter. The increase in demand, notably for gasoline, is positive for refining, without, however, eliminating the overcapacity in the market. Our teams are continuing to reduce costs and adapt the sites, making them resistant to unfavorable environments.
Finally, after announcing the sale of interests in gas fields located in the West of Shetland area of the United Kingdom and in the Schwedt refinery in Germany for a combined amount of 1.2 billion dollars, Total is pursuing discussions for the sale of several other assets.
-- -- --
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Operating information by segment
Upstream
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |
Combined liquids and gas
production by region (kboe/d) |
 | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 360 | Â | 393 | Â | 329 | Â | +9% | Â | Europe | Â | 376 | Â | 361 | Â | +4% |
| 663 | 687 | 618 | +7% | Africa | 675 | 637 | +6% | |||||||
| 477 | 540 | 380 | +26% | Middle East | 508 | 393 | +29% | |||||||
| 107 | 98 | 91 | +18% | North America | 103 | 86 | +20% | |||||||
| 156 | 155 | 157 | -1% | South America | 155 | 158 | -2% | |||||||
| 251 | 261 | 238 | +5% | Asia-Pacific | 256 | 240 | +7% | |||||||
| 285 | Â | 261 | Â | 241 | Â | +18% | Â | CIS | Â | 274 | Â | 241 | Â | +14% |
| 2,299 | Â | 2,395 | Â | 2,054 | Â | +12% | Â | Total production | Â | 2,347 | Â | 2,116 | Â | +11% |
| 547 | Â | 573 | Â | 544 | Â | +1% | Â | includes equity affiliates | Â | 560 | Â | 563 | Â | -1% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 |
Liquids production by region |
 | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 159 | 162 | 159 | - | Europe | 160 | 165 | -3% | |||||||
| 530 | 551 | 482 | +10% | Africa | 540 | 495 | +9% | |||||||
| 347 | 358 | 190 | +83% | Middle East | 353 | 197 | +79% | |||||||
| 48 | 41 | 40 | +20% | North America | 44 | 37 | +19% | |||||||
| 48 | 50 | 50 | -4% | South America | 49 | 50 | -2% | |||||||
| 32 | 37 | 29 | +10% | Asia-Pacific | 34 | 29 | +17% | |||||||
| 51 | Â | 41 | Â | 34 | Â | +50% | Â | CIS | Â | 47 | Â | 34 | Â | +38% |
| 1,215 | Â | 1,240 | Â | 984 | Â | +23% | Â | Total production | Â | 1,227 | Â | 1,007 | Â | +22% |
| 218 | Â | 207 | Â | 197 | Â | +11% | Â | includes equity affiliates | Â | 213 | Â | 202 | Â | +5% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | Gas production by region (Mcf/d) |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 1,086 | Â | 1,265 | Â | 936 | Â | +16% | Â | Europe | Â | 1,175 | Â | 1,075 | Â | +9% |
| 663 | 687 | 710 | -7% | Africa | 675 | 729 | -7% | |||||||
| 720 | 999 | 1,042 | -31% | Middle East | 859 | 1,073 | -20% | |||||||
| 332 | 315 | 285 | +16% | North America | 323 | 276 | +17% | |||||||
| 602 | 589 | 601 | - | South America | 596 | 605 | -1% | |||||||
| 1,258 | 1,298 | 1,188 | +6% | Asia-Pacific | 1,278 | 1,194 | +7% | |||||||
| 1,249 | Â | 1,159 | Â | 1,105 | Â | +13% | Â | CIS | Â | 1,204 | Â | 1,114 | Â | +8% |
| 5,910 | Â | 6,312 | Â | 5,867 | Â | +1% | Â | Total production | Â | 6,110 | Â | 6,066 | Â | +1% |
| 1,764 | Â | 1,963 | Â | 1,895 | Â | -7% | Â | includes equity affiliates | Â | 1,863 | Â | 1,962 | Â | -5% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | Liquefied natural gas |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 2.34 | Â | 2.77 | Â | 2.96 | Â | -21% | Â | LNG sales* (Mt) | Â | 5.11 | Â | 6.11 | Â | -16% |
* Sales, Group share, excluding trading; 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 SEC coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | Petroleum product sales by region (kb/d)* |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 2,100 | Â | 2,056 | Â | 2,017 | Â | +4% | Â | Europe** | Â | 2,078 | Â | 2,011 | Â | +3% |
| 657 | 663 | 587 | +12% | Africa | 660 | 531 | +24% | |||||||
| 625 | 581 | 643 | -3% | Americas | 603 | 559 | +8% | |||||||
| 641 | Â | 657 | Â | 611 | Â | +5% | Â | Rest of world | Â | 649 | Â | 592 | Â | +10% |
| 4,023 | Â | 3,957 | Â | 3,858 | Â | +4% | Â | Total consolidated sales | Â | 3,990 | Â | 3,693 | Â | +8% |
| 632 | Â | 628 | Â | 576 | Â | +10% | Â | Includes bulk sales | Â | 630 | Â | 605 | Â | +4% |
| 1,569 | Â | 1,515 | Â | 1,449 | Â | +8% | Â | Includes trading | Â | 1,542 | Â | 1,346 | Â | +15% |
* Includes share of TotalErg.
** Restated historical
amounts.
Adjustment items
> Adjustments to operating income
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â | In millions of dollars | Â | 1H15 | Â | 1H14 |
| (474) | Â | (1,377) | Â | (62) | Â | Special items affecting operating income | Â | (1,851) | Â | (177) |
| - | Â | - | Â | - | Â | Restructuring charges | Â | - | Â | - |
| (248) | (1,046) | (40) | Impairments | (1,294) | (40) | |||||
| (226) | Â | (331) | Â | (22) | Â | Other | Â | (557) | Â | (137) |
| 250 | Â | 228 | Â | 117 | Â | Pre-tax inventory effect: FIFO vs. replacement cost | Â | 478 | Â | (64) |
| (10) | Â | 4 | Â | (36) | Â | Effect of changes in fair value | Â | (6) | Â | (10) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (234) | Â | (1,145) | Â | 19 | Â | Total adjustments affecting operating income | Â | (1,379) | Â | (251) |
> Adjustment to net income (Group share)
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â | In millions of dollars | Â | 1H15 | Â | 1H14 |
| (282) | Â | (95) | Â | (98) | Â | Special items affecting net income (Group share) | Â | (377) | Â | 26 |
| 327 | Â | 1,002 | Â | - | Â | Gain (loss) on asset sales | Â | 1,329 | Â | 599 |
| - | (31) | (5) | Restructuring charges | (31) | (5) | |||||
| (245) | (1,109) | (76) | Impairments | (1,354) | (426) | |||||
| (364) | Â | 43 | Â | (17) | Â | Other | Â | (321) | Â | (142) |
| 174 | Â | 154 | Â | 80 | Â | After-tax inventory effect: FIFO vs. replacement cost | Â | 328 | Â | (57) |
| (6) | Â | 2 | Â | (29) | Â | Effect of changes in fair value | Â | (4) | Â | (8) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (114) | Â | 61 | Â | (47) | Â | Total adjustments affecting net income | Â | (53) | Â | (39) |
2015 Sensitivities*
|
 |
 |  |  |  |  |  |  |  |
| Â | Â | Scenario | Â | Change | Â |
Impact on
operating |
 |
Impact on
net operating |
| Dollar |  | 1.30 $/€ |  | -0.1 $ par € |  | +0.7 B$ |  | +0.2 B$ |
| Brent | Â | 60 $/b | Â | +10 $/b | Â | +3.1 B$ | Â | +1.7 B$ |
| European refining margin indicator (ERMI) | Â | 25 $/t | Â | +1 $/t | Â | +0.08 B$ | Â | +0.05 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the $-€ sensitivity on operating income is 60% attributable to Exploration & Production. The impact of the $-€ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.
Investments - Divestments
| 2Q15 | Â | 1Q15 | Â | 2Q14 | Â |
2Q15
vs 2Q14 |
 | In millions of dollars |  | 1H15 |  | 1H14 |  |
1H15
vs 1H14 |
| 5,148 | Â | 6,069 | Â | 7,193 | Â | -28% | Â | Investments excluding acquisitions | Â | 11,217 | Â | 12,395 | Â | -10% |
| 396 | 399 | 362 | +9% | capitalized exploration | 796 | 681 | +17% | |||||||
| 391 | 793 | 1,075 | -64% | increase in non-current loans | 1,184 | 1,336 | -11% | |||||||
| (1,160) | Â | (245) | Â | (430) | Â | x3 | Â | repayment of non-current loans | Â | (1,405) | Â | (794) | Â | +77% |
| 282 | Â | 2,495 | Â | 1,100 | Â | -74% | Â | Acquisitions | Â | 2,777 | Â | 1,399 | Â | x2 |
| 733 | Â | 2,739 | Â | 201 | Â | x4 | Â | Asset sales | Â | 3,472 | Â | 1,677 | Â | x2 |
| 81 | Â | - | Â | 126 | Â | -36% | Â | Other transactions with non-controlling interests | Â | 81 | Â | 126 | Â | -36% |
| 4,616 | Â | 5,825 | Â | 7,966 | Â | -42% | Â | Net investments* | Â | 10,441 | Â | 11,991 | Â | -13% |
* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.
Net-debt-to-equity ratio
| In millions of dollars | Â | 06/30/2015 | Â | 03/31/2015 | Â | 06/30/2014 |
| Current borrowings | Â | 13,114 | Â | 13,604 | Â | 13,525 |
| Net current financial assets | (2,351) | (2,262) | (531) | |||
| Net financial assets classified as held for sale | (16) | (27) | (62) | |||
| Non-current financial debt | 43,363 | 41,827 | 39,433 | |||
| Hedging instruments of non-current debt | (1,157) | (1,275) | (1,973) | |||
| Cash and cash equivalents | Â | (27,322) | Â | (25,051) | Â | (22,166) |
| Net debt | Â | 25,631 | Â | 26,816 | Â | 28,226 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity - Group share | 97,244 | 95,096 | 102,872 | |||
| Estimated dividend payable | (1,561) | (2,988) | (1,894) | |||
| Non-controlling interests | Â | 3,104 | Â | 3,024 | Â | 3,344 |
| Adjusted shareholders' equity | Â | 98,787 | Â | 95,132 | Â | 104,322 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio | Â | 25.9% | Â | 28.2% | Â | 27.1% |
Return on average capital employed
> Twelve months ended June 30, 2015
| In millions of dollars | Â | Upstream | Â | Refining & Chemicals | Â | Marketing & Services | Â | Group |
| Adjusted net operating income | Â | 7,280 | Â | 4,191 | Â | 1,367 | 12,679 | |
| Capital employed at 06/30/2014* | 103,572 | 19,265 | 10,324 | 129,967 | ||||
| Capital employed at 06/30/2015* | Â | 107,214 | Â | 12,013 | Â | 8,234 | 124,001 | |
| ROACE | Â | 6.9% | Â | 26.8% | Â | 14.7% | 10.0% |
> Twelve months ended March 31, 2015
| In millions of dollars | Â | Upstream | Â | Refining & Chemicals | Â | Marketing & Services | Â | Group |
| Adjusted net operating income | Â | 8,771 | Â | 3,243 | Â | 1,314 | 12,780 | |
| Capital employed at 3/31/2014* | 97,924 | 18,516 | 10,314 | 126,068 | ||||
| Capital employed at 3/31/2015* | Â | 103,167 | Â | 12,534 | Â | 7,928 | 123,218 | |
| ROACE | Â | 8.7% | Â | 20.9% | Â | 14.4% | 10.3% |
> Full-year 2014
| In millions of dollars | Â | Upstream | Â | Refining & Chemicals | Â | Marketing & Services | Â | Group |
| Adjusted net operating income | Â | 10,504 | Â | 2,489 | Â | 1,254 | 13,530 | |
| Capital employed at 12/31/2013* | 95,529 | 19,752 | 10,051 | 122,451 | ||||
| Capital employed at 12/31/2014* | Â | 100,497 | Â | 13,451 | Â | 8,825 | 120,526 | |
| ROACE | Â | 10.7% | Â | 15.0% | Â | 13.3% | 11.1% |
* At replacement cost (excluding after-tax inventory effect).
This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on the Total website total.com.
This press release presents the results for the second quarter 2015 from the consolidated financial statements of TOTAL S.A. as of June 30, 2015. 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 (“SECâ€).
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 “resourcesâ€, 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 Definition of adjusted results on page 2.
2
Group share.
3 The ex-dividend date will be December 21,
2015, and the payment date will be set for January 14, 2016.
4
Adjusted results are defined as income using replacement cost, adjusted
for special items, excluding the impact of changes for fair value.
Adjusted cash flow from operations is defined as cash flow from
operations before changes in working capital at replacement cost;
adjustment items are on page 9 and the inventory valuation effect is
explained on page 13.
5 Tax on adjusted net operating
income / (adjusted net operating income - income from equity affiliates
- dividends received from investments + tax on adjusted net operating
income).
6 Including acquisitions.
7 Net
investments = investments including acquisitions and changes in
non-current loans - asset sales - other transactions with
non-controlling interests.
8 Certain transactions
referred to in the highlights are subject to approval by authorities or
to other conditions as per the agreements.
9 Tax on
adjusted net operating income / (adjusted net operating income - income
from equity affiliates - dividends received from investments + tax on
adjusted net operating income). During the second quarter of 2015, the
Group revised the classification in the statement of income of certain
taxes related to its participation in the ADCO concession, effective
since January 1, 2015. These taxes are now accounted for as operating
taxes and therefore reclassified for $498 million from “Income taxes†to
“Purchases, net of inventory variation†in the first quarter of 2015.
This reclassification affects the adjusted operating income from
business segments and the effective income tax rate for the Group but
has no impact on net income.
10 Details shown on page 13.
11
Details shown on page 10.
12 Net cash flow = cash flow
from operations - net investments (including other transactions with
non-controlling interests).
Total financial statements
________________
Second quarter and first half 2015 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) (a) | Â |
2nd quarter
2015 |
 |
1st quarter
2015 |
 |
2nd quarter
2014 |
| Sales | 44,715 | 42,313 | 62,561 | |||
| Excise taxes | (5,446) | (5,350) | (6,354) | |||
| Revenues from sales | 39,269 | 36,963 | 56,207 | |||
| Â | ||||||
| Purchases, net of inventory variation * | (26,353) | (24,204) | (40,371) | |||
| Other operating expenses | (6,031) | (6,272) | (7,229) | |||
| Exploration costs | (352) | (637) | (301) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,831) | (3,872) | (2,929) | |||
| Other income | 722 | 1,621 | 96 | |||
| Other expense | (396) | (442) | (163) | |||
| Â | ||||||
| Financial interest on debt | (231) | (262) | (266) | |||
| Financial income from marketable securities & cash equivalents | 28 | 31 | 31 | |||
| Cost of net debt | (203) | (231) | (235) | |||
| Â | ||||||
| Other financial income | 255 | 142 | 265 | |||
| Other financial expense | (163) | (166) | (183) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 685 | 590 | 874 | |||
| Â | ||||||
| Income taxes * | Â | (1,589) | Â | (984) | Â | (2,902) |
| Consolidated net income | Â | 3,013 | Â | 2,508 | Â | 3,129 |
| Group share | 2,971 | 2,663 | 3,104 | |||
| Non-controlling interests | Â | 42 | Â | (155) | Â | 25 |
| Earnings per share ($) | Â | 1.29 | Â | 1.16 | Â | 1.37 |
| Fully-diluted earnings per share ($) | Â | 1.29 | Â | 1.16 | Â | 1.36 |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2015 |
 |
1st quarter
2015 |
 |
2nd quarter
2014 |
| Consolidated net income | Â | 3,013 | Â | 2,508 | Â | 3,129 |
| Â | ||||||
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | 248 | (95) | (416) | |||
| Tax effect | (81) | (36) | 154 | |||
| Currency translation adjustment generated by the parent company | Â | 2,963 | Â | (8,192) | Â | (732) |
| Items not potentially reclassifiable to profit and loss | Â | 3,130 | Â | (8,323) | Â | (994) |
| Currency translation adjustment | (1,160) | 3,748 | 512 | |||
| Available for sale financial assets | (12) | 8 | (6) | |||
| Cash flow hedge | 36 | (130) | 30 | |||
| Share of other comprehensive income of equity affiliates, net amount | (201) | 1,042 | 436 | |||
| Other | (2) | 3 | (4) | |||
| Tax effect | Â | (8) | Â | 37 | Â | (5) |
| Items potentially reclassifiable to profit and loss | Â | (1,347) | Â | 4,708 | Â | 963 |
| Total other comprehensive income (net amount) | Â | 1,783 | Â | (3,615) | Â | (31) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | 4,796 | Â | (1,107) | Â | 3,098 |
| Group share | 4,749 | (916) | 3,078 | |||
| Non-controlling interests | 47 | (191) | 20 |
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | ||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) (a) | Â |
1st half
2015 |
 |
1st half
2014 |
| Sales | 87,028 | 123,248 | ||
| Excise taxes | (10,796) | (12,186) | ||
|
Revenues from sales |
76,232 | 111,062 | ||
| Â | ||||
| Purchases, net of inventory variation | (50,557) | (78,703) | ||
| Other operating expenses | (12,303) | (14,593) | ||
| Exploration costs | (989) | (920) | ||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (6,703) | (5,674) | ||
| Other income | 2,343 | 1,196 | ||
| Other expense | (838) | (312) | ||
| Â | ||||
| Financial interest on debt | (493) | (467) | ||
| Financial income from marketable securities & cash equivalents | 59 | 50 | ||
| Cost of net debt | (434) | (417) | ||
| Â | ||||
| Other financial income | 397 | 426 | ||
| Other financial expense | (329) | (349) | ||
| Â | ||||
| Equity in net income (loss) of affiliates | 1,275 | 1,347 | ||
| Â | ||||
| Income taxes | Â | (2,573) | Â | (6,499) |
| Consolidated net income | Â | 5,521 | Â | 6,564 |
| Group share | 5,634 | 6,439 | ||
| Non-controlling interests | Â | (113) | Â | 125 |
| Earnings per share ($) | Â | 2.46 | Â | 2.84 |
| Fully-diluted earnings per share ($) | Â | 2.45 | Â | 2.82 |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | ||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
1st half
2015 |
 |
1st half
2014 |
| Consolidated net income | Â | 5,521 | Â | 6,564 |
| Â | ||||
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | 153 | (615) | ||
| Tax effect | (117) | 211 | ||
| Currency translation adjustment generated by the parent company | Â | (5,229) | Â | (729) |
| Items not potentially reclassifiable to profit and loss | Â | (5,193) | Â | (1,133) |
| Currency translation adjustment | 2,588 | 548 | ||
| Available for sale financial assets | (4) | (3) | ||
| Cash flow hedge | (94) | 65 | ||
| Share of other comprehensive income of equity affiliates, net amount | 841 | (20) | ||
| Other | 1 | (7) | ||
| Tax effect | Â | 29 | Â | (18) |
| Items potentially reclassifiable to profit and loss | Â | 3,361 | Â | 565 |
| Total other comprehensive income (net amount) | Â | (1,832) | Â | (568) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 3,689 | Â | 5,996 |
| Group share | 3,833 | 5,879 | ||
| Non-controlling interests | (144) | 117 |
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | Â | ||||
| TOTAL | ||||||||
| (unaudited) | ||||||||
| Â | ||||||||
| (M$) | Â |
June 30, 2015
(unaudited) |
 |
March 31, 2015
(unaudited) |
 |
December 31, 2014
(unaudited) |
 |
June 30, 2014
(unaudited) |
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 16,101 | 16,236 | 14,682 | 18,995 | ||||
| Property, plant and equipment, net | 110,023 | 105,806 | 106,876 | 108,468 | ||||
| Equity affiliates : investments and loans | 19,380 | 19,552 | 19,274 | 21,256 | ||||
| Other investments | 1,248 | 1,325 | 1,399 | 1,786 | ||||
| Hedging instruments of non-current financial debt | 1,157 | 1,275 | 1,319 | 1,973 | ||||
| Deferred income taxes | 3,145 | 3,435 | 4,079 | 2,842 | ||||
| Other non-current assets | Â | 4,047 | Â | 4,093 | Â | 4,192 | Â | 4,263 |
| Total non-current assets | Â | 155,101 | Â | 151,722 | Â | 151,821 | Â | 159,583 |
| Current assets | ||||||||
| Inventories, net | 17,373 | 15,393 | 15,196 | 23,484 | ||||
| Accounts receivable, net | 14,415 | 15,458 | 15,704 | 21,698 | ||||
| Other current assets | 15,072 | 14,576 | 15,702 | 16,519 | ||||
| Current financial assets | 2,439 | 2,464 | 1,293 | 1,003 | ||||
| Cash and cash equivalents | 27,322 | 25,051 | 25,181 | 22,166 | ||||
| Assets classified as held for sale | Â | 2,754 | Â | 3,257 | Â | 4,901 | Â | 4,317 |
| Total current assets | Â | 79,375 | Â | 76,199 | Â | 77,977 | Â | 89,187 |
| Total assets | 234,476 | 227,921 | 229,798 | 248,770 | ||||
| Â | ||||||||
| Â | ||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Â | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,549 | 7,519 | 7,518 | 7,511 | ||||
| Paid-in surplus and retained earnings | 103,286 | 102,755 | 94,646 | 101,100 | ||||
| Currency translation adjustment | (9,243) | (10,830) | (7,480) | (1,436) | ||||
| Treasury shares | Â | (4,348) | Â | (4,348) | Â | (4,354) | Â | (4,303) |
| Total shareholders' equity - Group share | Â | 97,244 | Â | 95,096 | Â | 90,330 | Â | 102,872 |
| Non-controlling interests | Â | 3,104 | Â | 3,024 | Â | 3,201 | Â | 3,344 |
| Total shareholders' equity | Â | 100,348 | Â | 98,120 | Â | 93,531 | Â | 106,216 |
| Non-current liabilities | ||||||||
| Deferred income taxes | 13,458 | 13,557 | 14,810 | 16,397 | ||||
| Employee benefits | 4,426 | 4,483 | 4,758 | 4,725 | ||||
| Provisions and other non-current liabilities | 17,353 | 17,050 | 17,545 | 17,445 | ||||
| Non-current financial debt | Â | 43,363 | Â | 41,827 | Â | 45,481 | Â | 39,433 |
| Total non-current liabilities | Â | 78,600 | Â | 76,917 | Â | 82,594 | Â | 78,000 |
| Current liabilities | ||||||||
| Accounts payable | 22,469 | 22,043 | 24,150 | 28,902 | ||||
| Other creditors and accrued liabilities | 18,718 | 15,750 | 16,641 | 19,994 | ||||
| Current borrowings | 13,114 | 13,604 | 10,942 | 13,525 | ||||
| Other current financial liabilities | 88 | 202 | 180 | 472 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,139 | Â | 1,285 | Â | 1,760 | Â | 1,661 |
| Total current liabilities | Â | 55,528 | Â | 52,884 | Â | 53,673 | Â | 64,554 |
| Total liabilities and shareholders' equity | 234,476 | 227,921 | 229,798 | 248,770 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
2nd quarter
2015 |
 |
1st quarter
2015 |
 |
2nd quarter
2014 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 3,013 | 2,508 | 3,129 | |||
| Depreciation, depletion and amortization | 3,113 | 4,424 | 3,087 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 285 | (446) | (156) | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (459) | (1,357) | (17) | |||
| Undistributed affiliates' equity earnings | (221) | (68) | (125) | |||
| (Increase) decrease in working capital | (835) | (476) | (771) | |||
| Other changes, net | Â | (164) | Â | (198) | Â | 130 |
| Cash flow from operating activities | 4,732 | 4,387 | 5,277 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (5,991) | (7,956) | (6,800) | |||
| Acquisitions of subsidiaries, net of cash acquired | (3) | (7) | (414) | |||
| Investments in equity affiliates and other securities | (205) | (53) | (434) | |||
| Increase in non-current loans | Â | (391) | Â | (793) | Â | (1,075) |
| Total expenditures | (6,590) | (8,809) | (8,723) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 221 | 959 | 135 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 403 | 1,758 | - | |||
| Proceeds from disposals of non-current investments | 109 | 22 | 66 | |||
| Repayment of non-current loans | Â | 1,160 | Â | 245 | Â | 430 |
| Total divestments | Â | 1,893 | Â | 2,984 | Â | 631 |
| Cash flow used in investing activities | (4,697) | (5,825) | (8,092) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 438 | 12 | 304 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (6) | (1,566) | (1,901) | |||
| - Non-controlling interests | (70) | (2) | (139) | |||
| Issuance of perpetual subordinated notes | - | 5,616 | - | |||
| Payments on perpetual subordinated notes | - | - | - | |||
| Other transactions with non-controlling interests | 81 | - | 126 | |||
| Net issuance (repayment) of non-current debt | 1,635 | 136 | 2,931 | |||
| Increase (decrease) in current borrowings | (512) | 423 | 956 | |||
| Increase (decrease) in current financial assets and liabilities | (79) | (1,022) | 65 | |||
| Cash flow used in financing activities | Â | 1,487 | Â | 3,597 | Â | 2,342 |
| Net increase (decrease) in cash and cash equivalents | 1,522 | 2,159 | (473) | |||
| Effect of exchange rates | 749 | (2,289) | (148) | |||
| Cash and cash equivalents at the beginning of the period | Â | 25,051 | Â | 25,181 | Â | 22,787 |
| Cash and cash equivalents at the end of the period | Â | 27,322 | Â | 25,051 | Â | 22,166 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | ||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M$) | Â |
1st half
2015 |
 |
1st half
2014 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 5,521 | 6,564 | ||
| Depreciation, depletion and amortization | 7,537 | 6,261 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (161) | 243 | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (1,816) | (1,040) | ||
| Undistributed affiliates' equity earnings | (289) | (114) | ||
| (Increase) decrease in working capital | (1,311) | (1,456) | ||
| Other changes, net | Â | (362) | Â | 157 |
| Cash flow from operating activities | 9,119 | 10,615 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (13,947) | (12,248) | ||
| Acquisitions of subsidiaries, net of cash acquired | (10) | (414) | ||
| Investments in equity affiliates and other securities | (258) | (590) | ||
| Increase in non-current loans | Â | (1,184) | Â | (1,336) |
| Total expenditures | (15,399) | (14,588) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,180 | 1,155 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,161 | - | ||
| Proceeds from disposals of non-current investments | 131 | 522 | ||
| Repayment of non-current loans | Â | 1,405 | Â | 794 |
| Total divestments | Â | 4,877 | Â | 2,471 |
| Cash flow used in investing activities | (10,522) | (12,117) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 450 | 337 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (1,572) | (3,736) | ||
| - Non-controlling interests | (72) | (146) | ||
| Issuance of perpetual subordinated notes | 5,616 | - | ||
| Payments on perpetual subordinated notes | - | - | ||
| Other transactions with non-controlling interests | 81 | 126 | ||
| Net issuance (repayment) of non-current debt | 1,771 | 7,120 | ||
| Increase (decrease) in current borrowings | (89) | (211) | ||
| Increase (decrease) in current financial assets and liabilities | (1,101) | (52) | ||
| Cash flow used in financing activities | Â | 5,084 | Â | 3,438 |
| Net increase (decrease) in cash and cash equivalents | 3,681 | 1,936 | ||
| Effect of exchange rates | (1,540) | 30 | ||
| Cash and cash equivalents at the beginning of the period | Â | 25,181 | Â | 20,200 |
| Cash and cash equivalents at the end of the period | Â | 27,322 | Â | 22,166 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | ||||||||||||||||||
| (unaudited) | 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 | ||||||||||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2014 | Â | 2,377,678,160 | Â | 7,493 | Â | 98,254 | Â | (1,203) | Â | (109,214,448) | Â | (4,303) | Â | 100,241 | Â | 3,138 | Â | 103,379 |
| Net income of the first half 2014 | - | - | 6,439 | - | - | - | 6,439 | 125 | 6,564 | |||||||||
| Other comprehensive Income | - | - | (329) | (231) | - | - | (560) | (8) | (568) | |||||||||
| Comprehensive Income | - | - | 6,110 | (231) | - | - | 5,879 | 117 | 5,996 | |||||||||
| Dividend | - | - | (3,794) | - | - | - | (3,794) | (146) | (3,940) | |||||||||
| Issuance of common shares | 5,192,417 | 18 | 319 | - | - | - | 337 | - | 337 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 7,200 | - | - | - | - | |||||||||
| Share-based payments | - | - | 82 | - | - | - | 82 | - | 82 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 128 | (2) | - | - | 126 | 183 | 309 | |||||||||
| Other items | - | - | 1 | - | - | - | 1 | 52 | 53 | |||||||||
| As of June 30, 2014 | Â | 2,382,870,577 | Â | 7,511 | Â | 101,100 | Â | (1,436) | Â | (109,207,248) | Â | (4,303) | Â | 102,872 | Â | 3,344 | Â | 106,216 |
| Net income from July 1 to December 31, 2014 | - | - | (2,195) | - | - | - | (2,195) | (119) | (2,314) | |||||||||
| Other comprehensive Income | - | - | (578) | (6,044) | - | - | (6,622) | (35) | (6,657) | |||||||||
| Comprehensive Income | - | - | (2,773) | (6,044) | - | - | (8,817) | (154) | (8,971) | |||||||||
| Dividend | - | - | (3,584) | - | - | - | (3,584) | (8) | (3,592) | |||||||||
| Issuance of common shares | 2,396,948 | 7 | 76 | - | - | - | 83 | - | 83 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,386,300) | (283) | (283) | - | (283) | |||||||||
| Sale of treasury shares (1) | - | - | (232) | - | 4,232,135 | 232 | - | - | - | |||||||||
| Share-based payments | - | - | 32 | - | - | - | 32 | - | 32 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 20 | - | - | - | 20 | 12 | 32 | |||||||||
| Other items | - | - | 7 | - | - | - | 7 | 7 | 14 | |||||||||
| As of December 31, 2014 | Â | 2,385,267,525 | Â | 7,518 | Â | 94,646 | Â | (7,480) | Â | (109,361,413) | Â | (4,354) | Â | 90,330 | Â | 3,201 | Â | 93,531 |
| Net income of the first half 2015 | - | - | 5,634 | - | - | - | 5,634 | (113) | 5,521 | |||||||||
| Other comprehensive Income | - | - | (38) | (1,763) | - | - | (1,801) | (31) | (1,832) | |||||||||
| Comprehensive Income | - | - | 5,596 | (1,763) | - | - | 3,833 | (144) | 3,689 | |||||||||
| Dividend | - | - | (3,123) | - | - | - | (3,123) | (72) | (3,195) | |||||||||
| Issuance of common shares | 11,092,565 | 31 | 419 | - | - | - | 450 | - | 450 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 103,150 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 69 | - | - | - | 69 | - | 69 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (31) | - | - | - | (31) | - | (31) | |||||||||
| Other operations with non-controlling interests | - | - | 21 | - | - | - | 21 | 57 | 78 | |||||||||
| Other items | - | - | 79 | - | - | - | 79 | 62 | 141 | |||||||||
| As of June 30, 2015 | Â | 2,396,360,090 | Â | 7,549 | Â | 103,286 | Â | (9,243) | Â | (109,258,263) | Â | (4,348) | Â | 97,244 | Â | 3,104 | Â | 100,348 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,498 | 19,793 | 20,419 | 5 | - | 44,715 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | Â | - | Â | (1,007) | Â | (4,439) | Â | - | Â | - | Â | (5,446) |
| Revenues from sales | 9,419 | 26,169 | 16,203 | 61 | (12,583) | 39,269 | ||||||
| Operating expenses | (5,449) | (24,182) | (15,508) | (180) | 12,583 | (32,736) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,329) | Â | (291) | Â | (202) | Â | (9) | Â | - | Â | (2,831) |
| Operating income | 1,641 | 1,696 | 493 | (128) | - | 3,702 | ||||||
| Equity in net income (loss) of affiliates and other items | 319 | 107 | 503 | 174 | - | 1,103 | ||||||
| Tax on net operating income | Â | (909) | Â | (433) | Â | (193) | Â | (93) | Â | - | Â | (1,628) |
| Net operating income | 1,051 | 1,370 | 803 | (47) | - | 3,177 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (42) |
| Net income | 2,971 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (158) | - | - | - | - | (158) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (158) | - | - | - | - | (158) | ||||||
| Operating expenses | (2) | 123 | 51 | - | - | 172 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (194) | Â | (31) | Â | (23) | Â | - | Â | - | Â | (248) |
| Operating income (b) | (354) | 92 | 28 | - | - | (234) | ||||||
| Equity in net income (loss) of affiliates and other items | (191) | (71) | 374 | - | - | 112 | ||||||
| Tax on net operating income | Â | 36 | Â | - | Â | (24) | Â | - | Â | - | Â | 12 |
| Net operating income (b) | (509) | 21 | 378 | - | - | (110) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (4) |
| Net income | (114) | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 199 | 51 | - | ||||||||
| On net operating income | - | 138 | 43 | - | ||||||||
| Â | ||||||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
2nd quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,656 | 19,793 | 20,419 | 5 | - | 44,873 | ||||||
| Intersegment sales | 4,921 | 7,383 | 223 | 56 | (12,583) | - | ||||||
| Excise taxes | Â | - | Â | (1,007) | Â | (4,439) | Â | - | Â | - | Â | (5,446) |
| Revenues from sales | 9,577 | 26,169 | 16,203 | 61 | (12,583) | 39,427 | ||||||
| Operating expenses | (5,447) | (24,305) | (15,559) | (180) | 12,583 | (32,908) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,135) | Â | (260) | Â | (179) | Â | (9) | Â | - | Â | (2,583) |
| Adjusted operating income | 1,995 | 1,604 | 465 | (128) | - | 3,936 | ||||||
| Equity in net income (loss) of affiliates and other items | 510 | 178 | 129 | 174 | - | 991 | ||||||
| Tax on net operating income | Â | (945) | Â | (433) | Â | (169) | Â | (93) | Â | - | Â | (1,640) |
| Adjusted net operating income | 1,560 | 1,349 | 425 | (47) | - | 3,287 | ||||||
| Net cost of net debt | (164) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
(38) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,085 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.34 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 5,653 | 465 | 436 | 36 | - | 6,590 | ||||||
| Total divestments | 379 | 874 | 627 | 13 | - | 1,893 | ||||||
| Cash flow from operating activities | Â | 2,713 | Â | 1,700 | Â | 379 | Â | (60) | Â | - | Â | 4,732 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,225 | 17,464 | 19,620 | 4 | - | 42,313 | ||||||
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | Â | - | Â | (933) | Â | (4,417) | Â | - | Â | - | Â | (5,350) |
| Revenues from sales | 9,609 | 23,498 | 15,475 | 56 | (11,675) | 36,963 | ||||||
| Operating expenses | (5,969) | (21,717) | (14,863) | (239) | 11,675 | (31,113) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (3,441) | Â | (252) | Â | (174) | Â | (5) | Â | - | Â | (3,872) |
| Operating income | 199 | 1,529 | 438 | (188) | - | 1,978 | ||||||
| Equity in net income (loss) of affiliates and other items | 769 | 762 | (80) | 294 | - | 1,745 | ||||||
| Tax on net operating income | Â | (368) | Â | (446) | Â | (131) | Â | (82) | Â | - | Â | (1,027) |
| Net operating income | 600 | 1,845 | 227 | 24 | - | 2,696 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 155 |
| Net income | 2,663 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (146) | - | - | - | - | (146) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (146) | - | - | - | - | (146) | ||||||
| Operating expenses | (140) | 194 | (7) | - | - | 47 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,046) | Â | - | Â | - | Â | - | Â | - | Â | (1,046) |
| Operating income (b) | (1,332) | 194 | (7) | - | - | (1,145) | ||||||
| Equity in net income (loss) of affiliates and other items | 136 | 661 | (89) | - | - | 708 | ||||||
| Tax on net operating income | Â | 437 | Â | (110) | Â | 2 | Â | - | Â | - | Â | 329 |
| Net operating income (b) | (759) | 745 | (94) | - | - | (108) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 169 |
| Net income | 61 | |||||||||||
| Â | ||||||||||||
|
(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 | - | 235 | (7) | - | ||||||||
| On net operating income | - | 150 | (5) | - | ||||||||
| Â | ||||||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,371 | 17,464 | 19,620 | 4 | - | 42,459 | ||||||
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | Â | - | Â | (933) | Â | (4,417) | Â | - | Â | - | Â | (5,350) |
| Revenues from sales | 9,755 | 23,498 | 15,475 | 56 | (11,675) | 37,109 | ||||||
| Operating expenses | (5,829) | (21,911) | (14,856) | (239) | 11,675 | (31,160) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,395) | Â | (252) | Â | (174) | Â | (5) | Â | - | Â | (2,826) |
| Adjusted operating income | 1,531 | 1,335 | 445 | (188) | - | 3,123 | ||||||
| Equity in net income (loss) of affiliates and other items | 633 | 101 | 9 | 294 | - | 1,037 | ||||||
| Tax on net operating income | Â | (805) | Â | (336) | Â | (133) | Â | (82) | Â | - | Â | (1,356) |
| Adjusted net operating income | 1,359 | 1,100 | 321 | 24 | - | 2,804 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (14) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,602 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.13 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 8,151 | 434 | 215 | 9 | - | 8,809 | ||||||
| Total divestments | 1,162 | 1,766 | 52 | 4 | - | 2,984 | ||||||
| Cash flow from operating activities | Â | 3,525 | Â | 314 | Â | 644 | Â | (96) | Â | - | Â | 4,387 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,205 | 28,143 | 28,213 | - | - | 62,561 | ||||||
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,262 | 38,602 | 23,542 | 46 | (20,245) | 56,207 | ||||||
| Operating expenses | (7,174) | (37,744) | (22,966) | (262) | 20,245 | (47,901) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (408) | Â | (198) | Â | (9) | Â | - | Â | (2,929) |
| Operating income | 4,774 | 450 | 378 | (225) | - | 5,377 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 65 | 98 | 7 | - | 889 | ||||||
| Tax on net operating income | Â | (2,471) | Â | (114) | Â | (128) | Â | (218) | Â | - | Â | (2,931) |
| Net operating income | 3,022 | 401 | 348 | (436) | - | 3,335 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (25) |
| Net income | 3,104 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (36) | - | - | - | - | (36) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (36) | - | - | - | - | (36) | ||||||
| Operating expenses | - | 122 | (27) | - | - | 95 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (40) | Â | - | Â | - | Â | - | Â | (40) |
| Operating income (b) | (36) | 82 | (27) | - | - | 19 | ||||||
| Equity in net income (loss) of affiliates and other items | - | (32) | (7) | - | - | (39) | ||||||
| Tax on net operating income | Â | 7 | Â | (50) | Â | 10 | Â | - | Â | - | Â | (33) |
| Net operating income (b) | (29) | - | (24) | - | - | (53) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6 |
| Net income | (47) | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 122 | (5) | - | ||||||||
| On net operating income | - | 77 | (3) | - | ||||||||
| Â | ||||||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
2nd quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,241 | 28,143 | 28,213 | - | - | 62,597 | ||||||
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,298 | 38,602 | 23,542 | 46 | (20,245) | 56,243 | ||||||
| Operating expenses | (7,174) | (37,866) | (22,939) | (262) | 20,245 | (47,996) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (368) | Â | (198) | Â | (9) | Â | - | Â | (2,889) |
| Adjusted operating income | 4,810 | 368 | 405 | (225) | - | 5,358 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 97 | 105 | 7 | - | 928 | ||||||
| Tax on net operating income | Â | (2,478) | Â | (64) | Â | (138) | Â | (218) | Â | - | Â | (2,898) |
| Adjusted net operating income | 3,051 | 401 | 372 | (436) | - | 3,388 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (31) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,151 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.38 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 7,999 | 475 | 203 | 46 | - | 8,723 | ||||||
| Total divestments | 568 | 15 | 28 | 20 | - | 631 | ||||||
| Cash flow from operating activities | Â | 4,805 | Â | (133) | Â | 304 | Â | 301 | Â | - | Â | 5,277 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 9,723 | 37,257 | 40,039 | 9 | - | 87,028 | ||||||
| Intersegment sales | 9,305 | 14,350 | 495 | 108 | (24,258) | - | ||||||
| Excise taxes | Â | - | Â | (1,940) | Â | (8,856) | Â | - | Â | - | Â | (10,796) |
| Revenues from sales | 19,028 | 49,667 | 31,678 | 117 | (24,258) | 76,232 | ||||||
| Operating expenses | (11,418) | (45,899) | (30,371) | (419) | 24,258 | (63,849) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (5,770) | Â | (543) | Â | (376) | Â | (14) | Â | - | Â | (6,703) |
| Operating income | 1,840 | 3,225 | 931 | (316) | - | 5,680 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,088 | 869 | 423 | 468 | - | 2,848 | ||||||
| Tax on net operating income | Â | (1,277) | Â | (879) | Â | (324) | Â | (175) | Â | - | Â | (2,655) |
| Net operating income | 1,651 | 3,215 | 1,030 | (23) | - | 5,873 | ||||||
| Net cost of net debt | (352) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 113 |
| Net income | 5,634 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (304) | - | - | - | - | (304) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (304) | - | - | - | - | (304) | ||||||
| Operating expenses | (142) | 317 | 44 | - | - | 219 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,240) | Â | (31) | Â | (23) | Â | - | Â | - | Â | (1,294) |
| Operating income (b) | (1,686) | 286 | 21 | - | - | (1,379) | ||||||
| Equity in net income (loss) of affiliates and other items | (55) | 590 | 285 | - | - | 820 | ||||||
| Tax on net operating income | Â | 473 | Â | (110) | Â | (22) | Â | - | Â | - | Â | 341 |
| Net operating income (b) | (1,268) | 766 | 284 | - | - | (218) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 165 |
| Net income |
(53) |
|||||||||||
| Â | ||||||||||||
|
(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 | - | 434 | 44 | - | ||||||||
| On net operating income | - | 288 | 38 | - | ||||||||
| Â | ||||||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st half 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 10,027 | 37,257 | 40,039 | 9 | - | 87,332 | ||||||
| Intersegment sales | 9,305 | 14,350 | 495 | 108 | (24,258) | - | ||||||
| Excise taxes | Â | - | Â | (1,940) | Â | (8,856) | Â | - | Â | - | Â | (10,796) |
| Revenues from sales | 19,332 | 49,667 | 31,678 | 117 | (24,258) | 76,536 | ||||||
| Operating expenses | (11,276) | (46,216) | (30,415) | (419) | 24,258 | (64,068) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,530) | Â | (512) | Â | (353) | Â | (14) | Â | - | Â | (5,409) |
| Adjusted operating income | 3,526 | 2,939 | 910 | (316) | - | 7,059 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,143 | 279 | 138 | 468 | - | 2,028 | ||||||
| Tax on net operating income | Â | (1,750) | Â | (769) | Â | (302) | Â | (175) | Â | - | Â | (2,996) |
| Adjusted net operating income | 2,919 | 2,449 | 746 | (23) | - | 6,091 | ||||||
| Net cost of net debt | (352) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (52) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 5,687 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.47 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 13,804 | 899 | 651 | 45 | - | 15,399 | ||||||
| Total divestments | 1,541 | 2,640 | 679 | 17 | - | 4,877 | ||||||
| Cash flow from operating activities | Â | 6,238 | Â | 2,014 | Â | 1,023 | Â | (156) | Â | - | Â | 9,119 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 12,871 | 55,682 | 54,683 | 12 | - | 123,248 | ||||||
| Intersegment sales | 15,493 | 23,696 | 810 | 95 | (40,094) | - | ||||||
| Excise taxes | Â | - | Â | (2,441) | Â | (9,745) | Â | - | Â | - | Â | (12,186) |
| Revenues from sales | 28,364 | 76,937 | 45,748 | 107 | (40,094) | 111,062 | ||||||
| Operating expenses | (13,688) | (75,536) | (44,655) | (431) | 40,094 | (94,216) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,490) | Â | (786) | Â | (380) | Â | (18) | Â | - | Â | (5,674) |
| Operating income | 10,186 | 615 | 713 | (342) | - | 11,172 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,046 | 119 | 90 | 53 | - | 2,308 | ||||||
| Tax on net operating income | Â | (5,963) | Â | (108) | Â | (208) | Â | (292) | Â | - | Â | (6,571) |
| Net operating income | 6,269 | 626 | 595 | (581) | - | 6,909 | ||||||
| Net cost of net debt | (345) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (125) |
| Net income | 6,439 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (10) | - | - | - | - | (10) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (10) | - | - | - | - | (10) | ||||||
| Operating expenses | (115) | (41) | (45) | - | - | (201) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (40) | Â | - | Â | - | Â | - | Â | (40) |
| Operating income (b) | (125) | (81) | (45) | - | - | (251) | ||||||
| Equity in net income (loss) of affiliates and other items | 280 | (40) | (7) | - | - | 233 | ||||||
| Tax on net operating income | Â | (29) | Â | - | Â | 14 | Â | - | Â | - | Â | (15) |
| Net operating income (b) | 126 | (121) | (38) | - | - | (33) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (6) |
| Net income | (39) | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (41) | (23) | - | ||||||||
| On net operating income | - | (34) | (17) | - | ||||||||
| Â | ||||||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
1st half 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 12,881 | 55,682 | 54,683 | 12 | - | 123,258 | ||||||
| Intersegment sales | 15,493 | 23,696 | 810 | 95 | (40,094) | - | ||||||
| Excise taxes | Â | - | Â | (2,441) | Â | (9,745) | Â | - | Â | - | Â | (12,186) |
| Revenues from sales | 28,374 | 76,937 | 45,748 | 107 | (40,094) | 111,072 | ||||||
| Operating expenses | (13,573) | (75,495) | (44,610) | (431) | 40,094 | (94,015) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (4,490) | Â | (746) | Â | (380) | Â | (18) | Â | - | Â | (5,634) |
| Adjusted operating income | 10,311 | 696 | 758 | (342) | - | 11,423 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,766 | 159 | 97 | 53 | - | 2,075 | ||||||
| Tax on net operating income | Â | (5,934) | Â | (108) | Â | (222) | Â | (292) | Â | - | Â | (6,556) |
| Adjusted net operating income | 6,143 | 747 | 633 | (581) | - | 6,942 | ||||||
| Net cost of net debt | (345) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (119) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6,478 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2.84 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st half 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 13,310 | 725 | 479 | 74 | - | 14,588 | ||||||
| Total divestments | 2,367 | 26 | 54 | 24 | - | 2,471 | ||||||
| Cash flow from operating activities | Â | 8,616 | Â | 1,460 | Â | 393 | Â | 146 | Â | - | Â | 10,615 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
2nd quarter 2015
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 44,873 | (158) | 44,715 | |||
| Excise taxes | (5,446) | - | (5,446) | |||
| Revenues from sales | 39,427 | (158) | 39,269 | |||
| Â | ||||||
| Purchases, net of inventory variation | (26,603) | 250 | (26,353) | |||
| Other operating expenses | (5,955) | (76) | (6,031) | |||
| Exploration costs | (350) | (2) | (352) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,583) | (248) | (2,831) | |||
| Other income | 358 | 364 | 722 | |||
| Other expense | (136) | (260) | (396) | |||
| Â | ||||||
| Financial interest on debt | (231) | - | (231) | |||
| Financial income from marketable securities & cash equivalents | 28 | - | 28 | |||
| Cost of net debt | (203) | - | (203) | |||
| Â | ||||||
| Other financial income | 255 | - | 255 | |||
| Other financial expense | (163) | - | (163) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 677 | 8 | 685 | |||
| Â | ||||||
| Income taxes | Â | (1,601) | Â | 12 | Â | (1,589) |
| Consolidated net income | 3,123 | (110) | 3,013 | |||
| Group share | 3,085 | (114) | 2,971 | |||
| Non-controlling interests | 38 | 4 | 42 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
2nd quarter 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 62,597 | (36) | 62,561 | |||
| Excise taxes | (6,354) | - | (6,354) | |||
| Revenues from sales | 56,243 | (36) | 56,207 | |||
| Â | ||||||
| Purchases, net of inventory variation | (40,488) | 117 | (40,371) | |||
| Other operating expenses | (7,207) | (22) | (7,229) | |||
| Exploration costs | (301) | - | (301) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,889) | (40) | (2,929) | |||
| Other income | 96 | - | 96 | |||
| Other expense | (133) | (30) | (163) | |||
| Â | ||||||
| Financial interest on debt | (266) | - | (266) | |||
| Financial income from marketable securities & cash equivalents | 31 | - | 31 | |||
| Cost of net debt | (235) | - | (235) | |||
| Â | ||||||
| Other financial income | 265 | - | 265 | |||
| Other financial expense | (183) | - | (183) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 883 | (9) | 874 | |||
| Â | ||||||
| Income taxes | Â | (2,869) | Â | (33) | Â | (2,902) |
| Consolidated net income | 3,182 | (53) | 3,129 | |||
| Group share | 3,151 | (47) | 3,104 | |||
| Non-controlling interests | 31 | (6) | 25 | |||
| 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 | |||
| (unaudited) | ||||||
| Â | ||||||
|
1st half 2015
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 87,332 | (304) | 87,028 | |||
| Excise taxes | (10,796) | - | (10,796) | |||
|
Revenues from sales |
76,536 | (304) | 76,232 | |||
| Â | ||||||
| Purchases, net of inventory variation | (51,035) | 478 | (50,557) | |||
| Other operating expenses | (12,131) | (172) | (12,303) | |||
| Exploration costs | (902) | (87) | (989) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (5,409) | (1,294) | (6,703) | |||
| Other income | 884 | 1,459 | 2,343 | |||
| Other expense | (235) | (603) | (838) | |||
| Â | ||||||
| Financial interest on debt | (493) | - | (493) | |||
| Financial income from marketable securities & cash equivalents | 59 | - | 59 | |||
| Cost of net debt | (434) | - | (434) | |||
| Â | ||||||
| Other financial income | 397 | - | 397 | |||
| Other financial expense | (329) | - | (329) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 1,311 | (36) | 1,275 | |||
| Â | ||||||
| Income taxes | Â | (2,914) | Â | 341 | Â | (2,573) |
| Consolidated net income | 5,739 | (218) | 5,521 | |||
| Group share | 5,687 | (53) | 5,634 | |||
| Non-controlling interests | 52 | (165) | (113) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
| Â | ||||||
|
1st half 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 123,258 | (10) | 123,248 | |||
| Excise taxes | (12,186) | - | (12,186) | |||
| Revenues from sales | 111,072 | (10) | 111,062 | |||
| Â | ||||||
| Purchases, net of inventory variation | (78,639) | (64) | (78,703) | |||
| Other operating expenses | (14,456) | (137) | (14,593) | |||
| Exploration costs | (920) | - | (920) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (5,634) | (40) | (5,674) | |||
| Other income | 548 | 648 | 1,196 | |||
| Other expense | (263) | (49) | (312) | |||
| Â | ||||||
| Financial interest on debt | (467) | - | (467) | |||
| Financial income from marketable securities & cash equivalents | 50 | - | 50 | |||
| Cost of net debt | (417) | - | (417) | |||
| Â | ||||||
| Other financial income | 426 | - | 426 | |||
| Other financial expense | (349) | - | (349) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 1,713 | (366) | 1,347 | |||
| Â | ||||||
| Income taxes | Â | (6,484) | Â | (15) | Â | (6,499) |
| Consolidated net income | 6,597 | (33) | 6,564 | |||
| Group share | 6,478 | (39) | 6,439 | |||
| Non-controlling interests | 119 | 6 | 125 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
Total
2, place Jean Millier
Arche Nord Coupole/Regnault
92
400 Courbevoie France
Mike SANGSTER
Nicolas FUMEX
Patrick
GUENKEL
Magali PAILHE
Tel. : + 44 (0)207 719 7962
Fax : +
44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1
713-483-5070
Fax : +1 713-483-5629
View source version on businesswire.com: http://www.businesswire.com/news/home/20150729005764/en/
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