Total: First quarter 2011 results
Total: First quarter 2011 results
TOTAL
Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | Â | 1Q11 | Â |
Change
vs 1Q10 |
|
Adjusted net income1 |
 |  | ||
| Â | ||||
|
3.1 | +35% | ||
|
4.2 | +34% | ||
| Â | ||||
|
1.38 | +35% | ||
|
1.89 | +33% | ||
| Â | Â | Â | Â | Â |
| Net income (Group share) of 3.9 B€ in the first quarter 2011 | ||||
| Net-debt-to-equity ratio of 19.3% as of March 31, 2011 | ||||
| Hydrocarbon production of 2,371 kboe/d in the first quarter 2011 | ||||
| Interim dividend for 1Q11 of 0.57 €/share payable in September 2011(2) | ||||
Commenting on the results, Chairman and CEO Christophe de Margerie said :
« Growing geopolitical tensions and the aftermath of the earthquake in Japan will shift the balance of the global energy markets. In the face of these new challenges, Total confirms its strategy of investing to increase its production to better respond to changes in energy demand and in the energy mix.
In a context of rising hydrocarbon prices, the quality and diversity of the asset portfolio allowed adjusted net income to increase by 35% compared to the first quarter 2010. All of the segments contributed to this increase, particularly the Upstream, which benefited from its leverage to the increase in the price of hydrocarbons.
Leveraging its industrial expertise and financial strength, Total demonstrated during the first quarter its ability to finalize strategic operations. Following major transactions in Canada and Australia, Total entered into partnerships in Russia and in Uganda to create two major new production zones for the company. In addition, by agreeing to sell its interest in Cepsa and by offering to acquire SunPower, Total is actively managing its portfolio, orienting it mainly toward the Upstream, with more competitive Downstream-Chemicals and a more important new energies sector.
By continuing to adapt its integrated model to changes in the market, the development of the Group is mainly in growth areas. For this development to be sustainable and profitable for all its stakeholders, everyone at Total must continue to incorporate safety and acceptability into their daily operations. »
Key figures3
|
in millions of euros except earnings per share and number of shares |
 | 1Q11 |  | 4Q10 |  | 1Q10 |  | 1Q11 vs 1Q10 |
| Sales | 46,029 | 40,157 | 37,603 | +22% | ||||
| Adjusted operating income from business segments | 6,369 | 5,102 | 4,506 | +41% | ||||
| Adjusted net operating income from business segments | 3,363 | 2,736 | 2,283 | +47% | ||||
| = Upstream | 2,849 | 2,300 | 1,971 | +45% | ||||
| = Downstream | 276 | 266 | 155 | +78% | ||||
| = Chemicals | 238 | 170 | 157 | +52% | ||||
| Adjusted net income | 3,104 | 2,556 | 2,296 | +35% | ||||
| Adjusted fully-diluted earnings per share (euros) | 1.38 | 1.14 | 1.02 | +35% | ||||
| Fully-diluted weighted-average shares (millions) | 2,251.1 | 2,247.9 | 2,242.7 | - | ||||
| Net income (Group share) | 3,946 | 2,030 | 2,613 | +51% | ||||
|
Investments4 |
5,683 | 5,026 | 3,709 | +53% | ||||
| Divestments | 663 | 1,344 | 1,048 | -37% | ||||
| Net investments | 5,020 | 3,682 | 2,661 | +89% | ||||
| Cash flow from operations | 5,714 | 3,387 | 5,260 | +9% | ||||
| Adjusted cash flow from operations | 4,945 | 4,648 | 3,739 | +32% | ||||
| Â | Â | Â | Â | Â | ||||
|
in millions of dollars |
1Q11 | 4Q10 | 1Q10 | 1Q11 vs 1Q10 | ||||
| Sales | 62,968 | 54,545 | 52,001 | +21% | ||||
| Adjusted operating income from business segments | 8,713 | 6,930 | 6,231 | +40% | ||||
| Adjusted net operating income from business segments | 4,601 | 3,716 | 3,157 | +46% | ||||
| = Upstream | 3,897 | 3,124 | 2,726 | +43% | ||||
| = Downstream | 378 | 361 | 214 | +77% | ||||
| = Chemicals | 326 | 231 | 217 | +50% | ||||
| Adjusted net income | 4,246 | 3,472 | 3,175 | +34% | ||||
| Adjusted fully-diluted earnings per share (dollars) | 1.89 | 1.54 | 1,42 | +33% | ||||
| Fully-diluted weighted-average shares (millions) | 2,251.1 | 2,247.9 | 2,242.7 | - | ||||
| Net income (Group share) | 5,398 | 2,757 | 3,614 | +49% | ||||
| Investments4 | 7,774 | 6,827 | 5,129 | +52% | ||||
| Divestments | 907 | 1,826 | 1,449 | -37% | ||||
| Net investments | 6,867 | 5,001 | 3,680 | +87% | ||||
| Cash flow from operations | 7,817 | 4,601 | 7,274 | +7% | ||||
| Adjusted cash flow from operations | 6,765 | 6,313 | 5,171 | +31% |
- Highlights since the beginning of the first quarter 2011
- Agreement to sell the 48.83% interest in CEPSA held by Total to IPIC (Abu Dhabi) and entry into a cooperative agreement with IPIC for oil and gas development
- Acquired 12.08% of the Russian company Novatek and agreed to acquire a 20% stake in the Yamal LNG project
- Acquired a 33.33% interest in Blocks 1, 2 and 3A in Uganda
- Acquired several permits in Argentina to evaluate the shale gas potential
- New discoveries on the Moho Bilondo permit offshore Congo and near the Laggan and Tormore fields offshore in the UK
- Launched the development of the GLNG project in Australia to extract and liquefy coal seam gas
- Agreement with CNPC on the development program for unconventional gas in the South Sulige field in China
- Started gas and condensate production on the Itau field in Bolivia
- Solar energy : launched a public offer for up to 60% of the U.S. company SunPower and entered into an agreement to acquire 50% of Tenesol6
- Results for the first quarter 2011
> Operating income
In the first quarter 2011, the Brent price averaged 105.4 $/b, an increase of 38% compared to the first quarter 2010 and 22% compared to the fourth quarter 2010. The European refining margin indicator (ERMI) averaged 24.6 $/t, a decrease compared to the first and fourth quarters of 2010. The environment for the Chemicals remained satisfactory despite an increase in raw material costs.
The euro-dollar exchange rate averaged 1.37 $/€ in the first quarter 2011, close to the level of 1.38 $/€ in the first quarter 2010 and 1.36 $/€ in the fourth quarter 2010.
In this environment, the adjusted operating income from the business segments7 was 6,369 M€, an increase of 41% compared to the first quarter 2010. Expressed in dollars, the increase was 40%.
The effective tax rate8 for the business segments fell from 57% in the first quarter 2010 to 55% in the first quarter 2011, essentially due to a decrease in the effective tax rate for the Upstream.
Adjusted net operating income from the business segments was 3,363 M€ in the first quarter 2011 compared to 2,283 M€ in the first quarter 2010, an increase of 47%.
The larger increase, relative to the increase in the adjusted operating income from the business segments, is essentially due to the lower effective tax rate between the two periods.
Expressed in dollars, the adjusted net operating income from the business segments was 4.6Â billion dollars (B$), an increase of 46% compared to the first quarter 2010.
> Net income (Group share)
Adjusted net income was 3,104 M€ in the first quarter 2011 compared to 2,296 M€ in the first quarter 2010, an increase of 35%. Expressed in dollars, adjusted net income increased by 34%.
Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. In the first quarter 2010, the contribution to the Group’s adjusted net income from Sanofi Aventis was 149 M€. Excluding the contribution of Sanofi-Aventis, the Group’s first quarter 2011 adjusted net income increased by 45% in euros and 43% in dollars compared to the first quarter 2010.
Adjusted net income excludes the after-tax inventory effect, special items and from January 1, 2011, the effect of changes in fair value9:
- The after-tax inventory effect had a positive impact of 946 M€ in the first quarter 2011 and a positive impact of 344 M€ in the first quarter 2010.
- The changes in fair value had a positive effect of 63 M€ in the first quarter 2011.
- Special items had a negative impact on net income of 167 M€ in the first quarter 2011, comprised essentially of the increase in the deferred tax liability due to the change in UK taxes. Special items had a positive impact on net income of 14 M€ in the first quarter 2010.
- In the first quarter 2010, the Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 41 M€.
Net income (Group share) was 3,946 M€ compared to 2,613 M€ in the first quarter 2010.
The effective tax rate8 for the Group was 55.6% in the first quarter 2011.
Adjusted fully-diluted earnings per share, based on 2,251.1 million fully-diluted weighted-average shares, was 1.38 euros compared to 1.02 euros in the first quarter 2010, an increase of 35%.
Expressed in dollars, adjusted fully-diluted earnings per share increased 33% to $1.89.
> Investments – divestments10
Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 2.8 B€ (3.8 B$) in the first quarter 2011, an increase of 15% compared to 2.4 B€ (3.4 B$) in the first quarter 2010.
Acquisitions were 2.5 B€ in the first quarter 2011, comprised essentially of the acquisition of interests in the Fort Hills and Voyageur projects in Canada and the additional 7.5% interest in the GLNG project in Australia.
Asset sales in the first quarter 2011 were 296 M€, essentially comprised of Sanofi-Aventis shares.
Net investments11 were 5.0 B€ (6.9 B$) in the first quarter 2011 compared to 2.7 B€ (3.7 B$) in the first quarter 2010.
> Cash flow
Cash flow from operations was 5,714 M€ in the first quarter 2011, an increase of 9% compared to the first quarter 2010, reflecting mainly the increase in net income offset for the most part by a change in working capital that was less favorable than in the first quarter 2010.
Adjusted cash flow from operations12 was 4,945 M€, an increase of 32%.
Expressed in dollars, adjusted cash flow from operations was 6.8 B$, an increase of 31%.
The Group’s net cash flow13 was 694 M€ compared to 2,599 M€ in the first quarter 2010, a decrease of 73%.
Expressed in dollars, the Group’s net cash flow was 0.9 B$ in the first quarter 2011, or a decrease of 74% compared to the first quarter 2010, essentially due to higher acquisitions and lower asset sales.
The net-debt-to-equity ratio was 19.3% on March 31, 2011 compared to 22.2% on December 31, 2010 and 21.5% on March 31, 2010.
- Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
| Â | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Brent ($/b) | 105.4 | 86.5 | 76.4 | +38% | ||||
| Average liquids price ($/b) | 99.5 | 83.7 | 74.2 | +34% | ||||
| Average gas price ($/Mbtu) | 6.19 | 5.62 | 5.06 | +22% | ||||
| Average hydrocarbons price ($/boe) | 71.7 | 61.9 | 55.5 | +29% |
* consolidated subsidiaries, excluding fixed margin and buy-back contracts.
> Production
| Hydrocarbon production | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Combined production (kboe/d) | 2,371 | 2,387 | 2,427 | -2% | ||||
| = Liquids (kb/d) | 1,293 | 1,337 | 1,373 | -6% | ||||
| = Gas (Mcf/d) | 5,880 | 5,692 | 5,829 | +1% |
Hydrocarbon production was 2,371 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2011, a decrease of 2.3% compared to the first quarter 2010, essentially as a result of :
- -1% for changes in the portfolio,
- -2% for the price effect 14,
- -0.5% for the situation in Libya,
- +1% for lower OPEC reductions.
Production ramp-ups on new projects offset the normal decline in the first quarter 2011.
Results
| in millions of euros | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Adjusted operating income* | 5,821 | 4,695 | 4,161 | +40% | ||||
| Adjusted net operating income* | 2,849 | 2,300 | 1,971 | +45% | ||||
|
374 | 313 | 335 | +12% | ||||
| Investments | 5,232 | 3,942 | 3,143 | +66% | ||||
| Divestments | 335 | 771 | 87 | x4 | ||||
| Cash flow from operating activities | 4,643 | 3,908 | 4,680 | -1% | ||||
| Adjusted cash flow | 4,271 | 3,619 | 3,124 | +37% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Upstream segment was 2,849 M€ in the first quarter 2011 compared to 1,971 M€ in the first quarter 2010, an increase of 45%. Expressed in dollars, adjusted net operating income for the Upstream segment increased by 43%, reflecting essentially the impact of higher hydrocarbon prices.
The effective tax rate for the Upstream segment was 57.6% compared to 60.0% in the first quarter 2010, mainly due to portfolio mix effects and a higher contribution from the downstream gas activity in the first quarter 2011 than in the first quarter 2010.
The return on average capital employed (ROACE15) for the Upstream segment was 22%, for the twelve months ended March 31, 2011, an increase compared to the 21% ROACE in the full year 2010.
The annualized first quarter 2011 ROACE for the Upstream segment was 26%.
Downstream
> Refinery throughput and utilization rates*
| Â | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Total refinery throughput (kb/d) | 2,012 | 1,832 | 1,993 | +1% | ||||
| = France | 745 | 550 | 680 | +10% | ||||
| = Rest of Europe | 1,047 | 1,039 | 1,050 | - | ||||
| = Rest of world | 220 | 243 | 263 | -16% | ||||
| Utilization rates** | Â | Â | Â | Â | ||||
| = Based on crude only | 79% | 66% | 73% | |||||
| = Based on crude and other feedstock | 85% | 71% | 77% | Â |
* includes share of CEPSA and, starting October 2010, of TotalErg
** based on distillation capacity at the beginning of the year
First quarter 2011 refinery throughput was in line with the first quarter 2010. Utilization rates improved in the first quarter 2011, while in the first quarter 2010 various technical incidents and strikes in France affected throughput volumes. First quarter 2011 volumes were, however, affected by work at the Lindsey refinery and by work related to the start-up of the coker at the Port Arthur refinery.
> Results
|
in millions of euros (except the ERMI)(except the ERMI) |
 | 1Q11 |  | 4Q10 |  | 1Q10 |  | 1Q11 vs 1Q10 |
|
European refining margin
indicator - ERMI ($/t) |
24.6 | 32.3 | 29.5 | -17% | ||||
| Adjusted operating income* | 286 | 274 | 191 | +50% | ||||
| Adjusted net operating income* | 276 | 266 | 155 | +78% | ||||
|
24 | 61 | 14 | +71% | ||||
| Investments | 264 | 757 | 456 | -42% | ||||
| Divestments | 23 | 433 | 27 | -15% | ||||
| Cash flow from operating activities | 1,158 | (955) | 454 | x2.6 | ||||
| Adjusted cash flow | 360 | 753 | 323 | +11% |
* detail of adjustment items shown in the business segment information annex to financial statements.
The European refinery margin indicator (ERMI) averaged 24.6 $/t in the first quarter 2011, a decrease of 17% compared to the first quarter 2010.
Adjusted net operating income from the Downstream segment was 276 M€ in the first quarter 2011, an increase of 78% compared to the first quarter 2010.
Expressed in dollars, adjusted net operating income from the Downstream segment increased by 77% compared to the first quarter 2010. Despite lower refining margins, the first quarter 2011 results benefitted from the higher utilization rate in Europe, while the first quarter 2010 results was affected by the impact of technical incidents and strikes.
The ROACE16 for the Downstream segment was 9% for the twelve months ended March 31, 2011, compared to 8% for the full-year 2010.
The annualized first quarter 2011 ROACE for the Downstream segment was 7%.
Chemicals
| in millions of euros | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Sales | 5,105 | 4,218 | 4,223 | +21% | ||||
| = Base chemicals | 3,319 | 2,579 | 2,532 | +31% | ||||
| = Specialties | 1,786 | 1,639 | 1,691 | +6% | ||||
| Adjusted operating income* | 262 | 133 | 154 | +70% | ||||
| Adjusted net operating income* | 238 | 170 | 157 | +52% | ||||
|
119 | 67 | 44 | x2.7 | ||||
|
121 | 109 | 117 | +3% | ||||
| Investments | 171 | 292 | 94 | +82% | ||||
| Divestments | 14 | 23 | 6 | x2.3 | ||||
| Cash flow from operating activities | (144) | 332 | (90) | na | ||||
| Adjusted cash flow | 289 | 189 | 228 | +27% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Petrochemical margins were higher in the first quarter 2011 than in the first quarter 2010. The environment for Specialty Chemicals remained favorable thanks to sustained demand across most the segment’s market sectors.
Sales for the Chemical segment were 5,105 M€, an increase of 21% compared to the first quarter 2010.
The adjusted net operating income for the Chemicals segment was 238 M€ in the first quarter 2011, an increase of 52% compared to the first quarter 2010. The improvement in the results compared to the same quarter last year came from each of the sectors and was driven mainly by the improvement in the petrochemicals environment as well as by the increased contribution from activities in Qatar and South-Korea.
The ROACE17 of the Chemicals segment was 12% for the twelve months ended March 31, 2011, stable compared to the ROACE for the full-year 2010.
The annualized first quarter 2011 ROACE for the Chemicals segment was 13%.
- Summary and outlook
The ROACE18 for the Group for the twelve months ended March 31, 2011, was 17%, an increase compared to the 16% ROACE for the full-year 2010. The annualized first quarter 2011 ROACE for the Group was 18%.
Return on equity (ROE) for the twelve months ended March 31, 2011, was 20%, an increase compared to the 19% ROE for the full-year 2010.
Pending approval at the Annual General Meeting on May 13, 2011, TOTAL S.A. will pay on May 26, 2011, the 1.14 € per share19 remainder of the 2010 dividend, which is equal in amount to the interim dividend paid in November 2010. The full-year 2010 dividend will represent a total of 2.28 € per share.
In late October 2010, Total announced that it would begin paying its interim dividends on a quarterly basis starting in 2011. For the interim dividend related to the first quarter 2011, the Board of Directors decided on April 28, 2011, to pay 0.57 € per share on September 22, 201120, or one-quarter of the full-year 201021 dividend.
Total completed the sale of its Cameroon exploration-production subsidiary in April, and over the coming months it intends to finalize several other previously announced asset sales, including its interest in CEPSA for around 5 B$, part of its resins activities from the Chemicals segment, and an interest in the Joslyn field in Canada. In addition, the Group is continuing to work on the sale of its refining and marketing activities in the UK as well as the ongoing sale of its shares in Sanofi-Aventis. The sum of these asset sales is expected to be approximately 10 B$ this year. Together with the strategic acquisitions made recently, these asset sales demonstrate the Group’s strategy to actively manage its asset portfolio while preserving its financial flexibility and strong balance sheet.
In the Upstream segment, second quarter 2011 production will include the positive impact of consolidating the Group’s interest in Novatek as an equity affiliate effective April 1, 2011. However, production will also include the negative impact of the shut-down in Libya, which represents approximately 2% of the Group’s production on a full-year basis.
Total is continuing to develop its major projects; for example, on the Pazflor project, the FPSO arrived in Angola in early April and is scheduled to start up as expected in the fourth quarter 2011.
In the Downstream segment, the second quarter will benefit from the start-up of the new deep-conversion unit at the Port Arthur refinery in the U.S., which makes this refinery one of the most competitive in North America.
In the Chemicals segment, Total is investing to improve the energy efficiency and competitiveness of its Normandy plant and to increase its production capacity in South-Korea and Qatar. In China, the Group is benefitting from doubling the capacity of its polystyrene facility in Foshan during the first quarter 2011.
Since the start of the second quarter 2011, the price of Brent continued to increase and is trading above 120 $/b. European refining margins have decreased compared to the first quarter, reflecting mainly the impact of the sharp increase in oil prices.
â– â– â–
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This document may contain forward-looking statements, including 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.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. 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.
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 Downstream and Chemicals 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 prices differential 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
As from January 1, 2011, 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, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
(iv) Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income†to Net income attributable to equity holders of Sanofi-Aventis
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 as from January 1st, 2011 and excluding TOTAL’s equity share of adjustment items related to Sanofi-Aventis until June 30, 2010.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
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 presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.
First quarter 2011 operating information by segment
- Upstream
| Combined liquids and gas production by region (kboe/d) | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Europe | 582 | 573 | 647 | -10% | ||||
| Africa | 691 | 764 | 746 | -7% | ||||
| Middle East | 581 | 540 | 516 | +13% | ||||
| North America | 68 | 68 | 66 | +3% | ||||
| South America | 185 | 179 | 172 | +8% | ||||
| Asia-Pacific | 242 | 241 | 254 | -5% | ||||
| CIS | 22 | 22 | 26 | -15% | ||||
| Total production | 2,371 | 2,387 | 2,427 | -2% | ||||
| Includes equity and non-consolidated affiliates | 500 | 477 | 415 | +20% |
| Liquids production by region (kb/d) | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Europe | 263 | 265 | 301 | -13% | ||||
| Africa | 551 | 614 | 620 | -11% | ||||
| Middle East | 325 | 310 | 302 | +8% | ||||
| North America | 32 | 30 | 32 | - | ||||
| South America | 82 | 83 | 72 | +14% | ||||
| Asia-Pacific | 28 | 22 | 32 | -13% | ||||
| CIS | 12 | 13 | 14 | -14% | ||||
| Total production | 1,293 | 1,337 | 1,373 | -6% | ||||
| Includes equity and non-consolidated affiliates | 325 | 318 | 284 | +14% |
| Gas production by region (Mcf/d) | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Europe | 1,743 | 1,676 | 1,940 | -10% | ||||
| Africa | 717 | 739 | 644 | +11% | ||||
| Middle East | 1,390 | 1,253 | 1,188 | +17% | ||||
| North America | 204 | 214 | 188 | +9% | ||||
| South America | 571 | 533 | 554 | +3% | ||||
| Asia-Pacific | 1,202 | 1,226 | 1,249 | -4% | ||||
| CIS | 53 | 51 | 66 | -20% | ||||
| Total production | 5,880 | 5,692 | 5,829 | +1% | ||||
| Includes equity and non-consolidated affiliates | 947 | 857 | 709 | +34% |
| Liquefied natural gas | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| LNG sales* (Mt) | 3.38 | 3.12 | 2.85 | +19% |
* sales, Group share, excluding trading ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.
- Downstream
| Refined products sales by region (kb/d)* | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Europe | 2,019 | 1,968 | 1,949 | +4% | ||||
| Africa | 294 | 295 | 286 | +3% | ||||
| Americas | 102 | 95 | 147 | -31% | ||||
| Rest of world | 167 | 165 | 145 | +15% | ||||
| Total consolidated sales | 2,582 | 2,523 | 2,527 | +2% | ||||
| Trading | 1,187 | 1,307 | 990 | +20% | ||||
| Â | Â | Â | Â | Â | ||||
| Total refined product sales | 3,769 | 3,830 | 3,517 | +7% |
* includes share of CEPSA and, starting October 2010, of TotalErg.
Adjustment items
- Adjustments to operating income from business segments
| in millions of euros | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 |
| Special items affecting operating income from the business segments | - | (1,305) | (50) | |||
|
- | - | - | |||
|
- | (1,393) | - | |||
|
- | 88 | (50) | |||
| Pre-tax inventory effect : FIFO vs. replacement cost | 1,356 | 397 | 486 | |||
| Effect of changes in fair value | 84 | - | - | |||
| Â | Â | Â | Â | |||
| Total adjustments affecting operating income from the business segments | 1,440 | (908) | 436 |
- Adjustments to net income (Group share)
| in millions of euros | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 |
| Special items affecting net income (Group share) | (167) | (809) | 14 | |||
| = Gain on asset sales | 11 | 352 | 129 | |||
| = Restructuring charges | - | (42) | - | |||
| = Impairments | - | (1,058) | (59) | |||
| = Other | (178) | (61) | (56) | |||
| After-tax inventory effect : FIFO vs. replacement cost | 946 | 283 | 344 | |||
| Effect of changes in fair value | 63 | - | - | |||
| Equity share of adjustment items related to Sanofi-Aventis | - | - | (41)* | |||
| Â | Â | Â | Â | |||
| Total adjustments to net income | 842 | (526) | 317 |
* based on Total’s share in Sanofi-Aventis of 6.2% at 3/31/2010. Effective July 1, 2010, Sanofi-Aventis is no longer treated as an equity affiliate.
Effective tax rates
| Effective tax rate* | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 |
| Upstream | 57.6% | 58.9% | 60.0% | |||
| Group | 55.6% | 57.2% | 57.1% |
* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).
Investments – Divestments
| in millions of euros | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Investments excluding acquisitions* | 2,787 | 3,454 | 2,427 | +15% | ||||
|
217 | 462 | 199 | +9% | ||||
|
(208) | (315) | 111 | na | ||||
| Acquisitions | 2,529 | 970 | 1,217 | x2.1 | ||||
| Investments including acquisitions* | 5,316 | 4,424 | 3,644 | +46% | ||||
| Asset sales | 296 | 742 | 965 | -69% | ||||
| Net investments** | 5,020 | 3,682 | 2,661 | +89% |
| expressed in millions of dollars*** | Â | 1Q11 | Â | 4Q10 | Â | 1Q10 | Â | 1Q11 vs 1Q10 |
| Investments excluding acquisitions* | 3,813 | 4,692 | 3,356 | +14% | ||||
|
297 | 628 | 275 | +8% | ||||
|
(285) | (427) | 154 | na | ||||
| Acquisitions | 3,460 | 1,318 | 1,683 | x2.1 | ||||
| Investments including acquisitions* | 7,272 | 6,009 | 5,039 | +44% | ||||
| Asset sales | 405 | 1,008 | 1,334 | -70% | ||||
| Net investments** | 6,867 | 5,001 | 3,680 | +87% |
* includes net investments in equity affiliates and non-consolidated companies.
** net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
Net-debt-to-equity ratio
| in millions of euros | Â | 3/31/2011 | Â | 12/31/2010 | Â | 3/31/2010 |
| Current borrowings | 11,674 | 9,653 | 6,840 | |||
| Net current financial assets | (1,709) | (1,046) | (654) | |||
| Non-current financial debt | 20,215 | 20,783 | 19,727 | |||
| Hedging instruments of non-current debt | (1,352) | (1,870) | (1,212) | |||
| Cash and cash equivalents | (17,327) | (14,489) | (12,954) | |||
| Net debt | 11,501 | 13,031 | 11,747 | |||
| Â | Â | Â | Â | |||
| Shareholders’ equity | 62,535 | 60,414 | 57,283 | |||
| Estimated dividend payable* | (3,832) | (2,553) | (3,821) | |||
| Minority interests | 898 | 857 | 1,083 | |||
| Equity | 59,601 | 58,718 | 54,545 | |||
| Â | Â | Â | Â | |||
| Net-debt-to-equity ratio | 19.3% | 22.2% | 21.5% |
* based on a 2010 dividend of 2.28 €/share, after deducting the interim dividend of 1.14 € per share paid in November 2010.
2011 Sensitivities*
| Â | Â | Scenario | Â | Change | Â | Impact on adjusted operating income(e) | Â | Impact on adjusted net operating income(e) |
| Dollar | 1.30 $/€ | +0.1 $ per € | -1.6 B€ | -0.8 B€ | ||||
| Brent | 80 $/b | +1 $/b | +0.27 B€ / 0.35 B$ | +0.13 B€ / 0.17 B$ | ||||
| European refining margins ERMI | 30 $/t | +1 $/t | +0.07 B€ / 0.09 B$ | +0.05 B€ / 0.07 B$ |
* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.
Return on average capital employed
- Twelve months ended March 31, 2011
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Â | Group |
| Adjusted net operating income | 9,475 | 1,289 | 938 | 11,702 | 11,599 | ||||||
| Capital employed at 3/31/2010* | 39,925 | 15,634 | 7,412 | 62,971 | 67,099 | ||||||
| Capital employed at 3/31/2011* | 44,528 | 14,527 | 7,681 | 66,736 | 70,579 | ||||||
| ROACE | 22.4% | 8.5% | 12.4% | 18.0% | 16.8% |
* at replacement cost (excluding after-tax inventory effect).
- Twelve months ended December 31, 2010
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Â | Group |
| Adjusted net operating income | 8,597 | 1,168 | 857 | 10,622 | 10,748 | ||||||
| Capital employed at 12/31/2009* | 37,397 | 15,299 | 6,898 | 59,594 | 64,451 | ||||||
| Capital employed at 12/31/2010* | 43,972 | 15,561 | 7,312 | 66,845 | 70,866 | ||||||
| ROACE | 21.1% | 7.6% | 12.1% | 16.8% | 15.9% |
* at replacement cost (excluding after-tax inventory effect).
- Twelve months ended March 31, 2010
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Â | Group |
| Adjusted net operating income | 6,871 | 508 | 461 | 7,840 | 8,399 | ||||||
| Capital employed at 3/31/2009* | 35,027 | 13,095 | 7,175 | 55,297 | 61,688 | ||||||
| Capital employed at 3/31/2010* | 39,925 | 15,634 | 7,412 | 62,971 | 67,099 | ||||||
| ROACE | 18.3% | 3.5% | 6.3% | 13.3% | 13.0% |
* at replacement cost (excluding after-tax inventory effect)
Total financial statements
First quarter 2011 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) (a) |
1st quarter
2011 |
4th quarter
2010 |
1st quarter
2010 |
|||
| Sales | 46,029 | 40,157 | 37,603 | |||
| Excise taxes | (4,427) | (4,397) | (4,442) | |||
| Revenues from sales | 41,602 | 35,760 | 33,161 | |||
| Purchases, net of inventory variation | (27,255) | (23,623) | (21,701) | |||
| Other operating expenses | (4,702) | (4,749) | (4,712) | |||
| Exploration costs | (259) | (197) | (215) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,686) | (3,160) | (1,699) | |||
| Other income | 85 | 582 | 160 | |||
| Other expense | (59) | (513) | (212) | |||
| Financial interest on debt | (136) | (126) | (100) | |||
| Financial income from marketable securities & cash equivalents | 47 | 43 | 24 | |||
| Cost of net debt | (89) | (83) | (76) | |||
| Other financial income | 75 | 118 | 71 | |||
| Other financial expense | (108) | (114) | (95) | |||
| Equity in income (loss) of affiliates | 506 | 515 | 524 | |||
| Income taxes | (4,072) | (2,455) | (2,528) | |||
| Consolidated net income | 4,038 | 2,081 | 2,678 | |||
| Group share | 3,946 | 2,030 | 2,613 | |||
| Minority interests | 92 | 51 | 65 | |||
| Earnings per share (€) | 1.76 | 0.91 | 1.17 | |||
| Fully-diluted earnings per share (€) | 1.75 | 0.90 | 1.17 | |||
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | ||||
| TOTAL | Â | |||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) |
1st quarter
2011 |
4th quarter
2010 |
1st quarter
2010 |
|||
| Consolidated net income | 4,038 | 2,081 | 2,678 | |||
| Other comprehensive income | ||||||
| Currency translation adjustment | (1,978) | 762 | 1,847 | |||
| Available for sale financial assets | 115 | (52) | (3) | |||
| Cash flow hedge | (24) | 9 | 24 | |||
| Share of other comprehensive income of associates, net amount | (87) | 27 | 233 | |||
| Other | 2 | (1) | 1 | |||
| Â | ||||||
| Tax effect | 6 | (3) | (8) | |||
| Total other comprehensive income (net amount) | (1,966) | 742 | 2,094 | |||
| Â | ||||||
| Comprehensive income | 2,072 | 2,823 | 4,772 | |||
| - Group share | 2,030 | 2,757 | 4,676 | |||
| - Minority interests | 42 | 66 | 96 | |||
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | |||
| TOTAL | ||||||
| Â | ||||||
| Â | ||||||
| (M€) |
March 31, 2011
(unaudited) |
December 31, 2010 |
March 31, 2010
(unaudited) |
|||
| ASSETS | ||||||
| Non-current assets | ||||||
| Intangible assets, net | 9,211 | 8,917 | 8,272 | |||
| Property, plant and equipment, net | 54,955 | 54,964 | 53,549 | |||
| Equity affiliates : investments and loans | 8,143 | 11,516 | 14,656 | |||
| Other investments | 4,458 | 4,590 | 1,122 | |||
| Hedging instruments of non-current financial debt | 1,352 | 1,870 | 1,212 | |||
| Other non-current assets | 3,466 | 3,655 | 3,273 | |||
| Total non-current assets | 81,585 | 85,512 | 82,084 | |||
| Current assets | ||||||
| Inventories, net | 15,516 | 15,600 | 14,185 | |||
| Accounts receivable, net | 19,758 | 18,159 | 17,921 | |||
| Other current assets | 8,766 | 7,483 | 7,817 | |||
| Current financial assets | 2,026 | 1,205 | 968 | |||
| Cash and cash equivalents | 17,327 | 14,489 | 12,954 | |||
| Total current assets | 63,393 | 56,936 | 53,845 | |||
| Assets classified as held for sale | 4,914 | 1,270 | - | |||
| Total assets | 149,892 | 143,718 | 135,929 | |||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Shareholders' equity | ||||||
| Common shares | 5,878 | 5,874 | 5,871 | |||
| Paid-in surplus and retained earnings | 64,677 | 60,538 | 58,026 | |||
| Currency translation adjustment | (4,517) | (2,495) | (3,010) | |||
| Treasury shares | (3,503) | (3,503) | (3,604) | |||
| Total shareholders' equity - Group Share | 62,535 | 60,414 | 57,283 | |||
| Minority interests | 898 | 857 | 1,083 | |||
| Total shareholders' equity | 63,433 | 61,271 | 58,366 | |||
| Non-current liabilities | ||||||
| Deferred income taxes | 10,204 | 9,947 | 9,486 | |||
| Employee benefits | 2,103 | 2,171 | 2,127 | |||
| Provisions and other non-current liabilities | 8,584 | 9,098 | 9,015 | |||
| Total non-current liabilities | 20,891 | 21,216 | 20,628 | |||
| Non-current financial debt | 20,215 | 20,783 | 19,727 | |||
| Current liabilities | ||||||
| Accounts payable | 18,383 | 18,450 | 16,367 | |||
| Other creditors and accrued liabilities | 14,812 | 11,989 | 13,687 | |||
| Current borrowings | 11,674 | 9,653 | 6,840 | |||
| Other current financial liabilities | 317 | 159 | 314 | |||
| Total current liabilities | 45,186 | 40,251 | 37,208 | |||
| Liabilities directly associated with the assets classified as held for sale | 167 | 197 | - | |||
| Total liabilities and shareholders' equity | 149,892 | 143,718 | 135,929 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) |
1st quarter
2011 |
4th quarter
2010 |
1st quarter
2010 |
|||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 4,038 | 2,081 | 2,678 | |||
| Depreciation, depletion and amortization | 1,888 | 3,338 | 1,871 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 565 | 199 | 55 | |||
| Impact of coverage of pension benefit plans | - | (60) | - | |||
| (Gains) losses on sales of assets | (6) | (429) | (148) | |||
| Undistributed affiliates' equity earnings | (182) | (133) | (262) | |||
| (Increase) decrease in working capital | (587) | (1,658) | 1,035 | |||
| Other changes, net | (2) | 49 | 31 | |||
| Cash flow from operating activities | 5,714 | 3,387 | 5,260 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (5,374) | (4,477) | (3,464) | |||
| Acquisitions of subsidiaries, net of cash acquired | - | (6) | - | |||
| Investments in equity affiliates and other securities | (150) | (256) | (69) | |||
| Increase in non-current loans | (159) | (287) | (176) | |||
| Total expenditures | (5,683) | (5,026) | (3,709) | |||
| Proceeds from disposal of intangible assets and property, plant and equipment | 6 | 538 | 34 | |||
| Proceeds from disposal of subsidiaries, net of cash sold | - | - | - | |||
| Proceeds from disposal of non-current investments | 290 | 204 | 931 | |||
| Repayment of non-current loans | 367 | 602 | 83 | |||
| Total divestments | 663 | 1,344 | 1,048 | |||
| Cash flow used in investing activities | (5,020) | (3,682) | (2,661) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 50 | 27 | 5 | |||
| - Treasury shares | - | - | 18 | |||
| - Minority shareholders | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | - | (2,550) | - | |||
| - Minority shareholders | (1) | (62) | - | |||
| Other transactions with minority shareholders | - | 21 | - | |||
| Net issuance (repayment) of non-current debt | 2,228 | 57 | 63 | |||
| Increase (decrease) in current borrowings | 488 | (1,490) | (601) | |||
| Increase (decrease) in current financial assets and liabilities | (511) | 474 | (497) | |||
| Cash flow used in financing activities | 2,254 | (3,523) | (1,012) | |||
| Net increase (decrease) in cash and cash equivalents | 2,948 | (3,818) | 1,587 | |||
| Effect of exchange rates | (110) | 60 | (295) | |||
| Cash and cash equivalents at the beginning of the period | 14,489 | 18,247 | 11,662 | |||
| Cash and cash equivalents at the end of the period | 17,327 | 14,489 | 12,954 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | Â | Â | Â | Â | ||||||||||||||
| TOTAL | Â | Â | Â | Â | Â | |||||||||||||
| (unaudited) | 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 | Minority interests | Total shareholders' equity | ||||||||||||
| (M€) | Number | Amount |  |  | Number | Amount |  |  |  | |||||||||
| As of January 1, 2010 | 2,348,422,884 | 5,871 | 55,372 | (5,069) | (115,407,190) | (3,622) | 52,552 | 987 | 53,539 | |||||||||
| Net income of the first quarter | - | - | 2,613 | - | - | - | 2,613 | 65 | 2,678 | |||||||||
| Other comprehensive Income | - | - | 4 | 2,059 | - | - | 2,063 | 31 | 2,094 | |||||||||
| Comprehensive Income | - | - | 2,617 | 2,059 | - | - | 4,676 | 96 | 4,772 | |||||||||
| Dividend | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of common shares | 164,686 | - | 5 | - | - | - | 5 | - | 5 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 460,262 | 18 | 18 | - | 18 | |||||||||
| Share-based payments | - | - | 32 | - | - | - | 32 | - | 32 | |||||||||
| Other operations with minority interests | - | - | - | - | - | - | - | - | - | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Transactions with shareholders | 164,686 | - | 37 | - | 460,262 | 18 | 55 | - | 55 | |||||||||
| As of March 31, 2010 | 2,348,587,570 | 5,871 | 58,026 | (3,010) | (114,946,928) | (3,604) | 57,283 | 1,083 | 58,366 | |||||||||
| Net income from April 1 to December 31, 2010 | - | - | 7,958 | - | - | - | 7,958 | 171 | 8,129 | |||||||||
| Other comprehensive Income | - | - | (220) | 522 | - | - | 302 | (22) | 280 | |||||||||
| Comprehensive Income | - | - | 7,738 | 522 | - | - | 8,260 | 149 | 8,409 | |||||||||
| Dividend | - | - | (5,098) | - | - | - | (5,098) | (152) | (5,250) | |||||||||
| Issuance of common shares | 1,053,361 | 3 | 33 | - | - | - | 36 | - | 36 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (70) | - | 2,459,249 | 101 | 31 | - | 31 | |||||||||
| Share-based payments | - | - | 108 | - | - | - | 108 | - | 108 | |||||||||
| Other operations with minority interests | - | - | (199) | (7) | - | - | (206) | (223) | (429) | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Transactions with shareholders | 1,053,361 | 3 | (5,226) | (7) | 2,459,249 | 101 | (5,129) | (375) | (5,504) | |||||||||
| As of December 31, 2010 | 2,349,640,931 | 5,874 | 60,538 | (2,495) | (112,487,679) | (3,503) | 60,414 | 857 | 61,271 | |||||||||
| Net income of the first quarter | - | - | 3,946 | - | - | - | 3,946 | 92 | 4,038 | |||||||||
| Other comprehensive Income | - | - | 106 | (2,022) | - | - | (1,916) | (50) | (1,966) | |||||||||
| Comprehensive Income | - | - | 4,052 | (2,022) | - | - | 2,030 | 42 | 2,072 | |||||||||
| Dividend | - | - | - | - | - | - | - | (1) | (1) | |||||||||
| Issuance of common shares | 1,498,093 | 4 | 46 | - | - | - | 50 | - | 50 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 776 | - | - | - | - | |||||||||
| Share-based payments | - | - | 41 | - | - | - | 41 | - | 41 | |||||||||
| Other operations with minority interests | - | - | - | - | - | - | - | - | - | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Transactions with shareholders | 1,498,093 | 4 | 87 | - | 776 | - | 91 | (1) | 90 | |||||||||
| As of March 31, 2011 | 2,351,139,024 | 5,878 | 64,677 | (4,517) | (112,486,903) | (3,503) | 62,535 | 898 | 63,433 | |||||||||
| Â | ||||||||||||||||||
| (1) Treasury shares related to the stock option purchase plans and restricted stock grants | ||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2011
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 6,144 | 34,769 | 5,105 | 11 | - | 46,029 | ||||||
| Intersegment sales | 6,939 | 1,582 | 297 | 41 | (8,859) | - | ||||||
| Excise taxes | - | (4,427) | - | - | - | (4,427) | ||||||
| Revenues from sales | 13,083 | 31,924 | 5,402 | 52 | (8,859) | 41,602 | ||||||
| Operating expenses | (5,938) | (30,093) | (4,891) | (153) | 8,859 | (32,216) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,240) | (319) | (119) | (8) | - | (1,686) | ||||||
| Operating income | 5,905 | 1,512 | 392 | (109) | - | 7,700 | ||||||
| Equity in income (loss) of affiliates and other items | 343 | 59 | 82 | 15 | - | 499 | ||||||
| Tax on net operating income | (3,527) | (451) | (124) | - | - | (4,102) | ||||||
| Net operating income | 2,721 | 1,120 | 350 | (94) | - | 4,097 | ||||||
| Net cost of net debt | (59) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (92) | ||||||
| Net income | 3,946 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2011 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 84 | - | - | - | 84 | |||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | 84 | - | - | - | 84 | |||||||
| Operating expenses | - | 1,226 | 130 | - | 1,356 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | - | - | - | Â | - | ||||||
| Operating income (b) | 84 | 1,226 | 130 | - | 1,440 | |||||||
| Equity in income (loss) of affiliates and other items (c) | - | 14 | 25 | 11 | 50 | |||||||
| Tax on net operating income | (212) | (396) | (43) | - | Â | (651) | ||||||
| Net operating income (b) | (128) | 844 | 112 | 11 | 839 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | 3 | ||||||
| Net income | 842 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. |
||||||||||||
| Â | ||||||||||||
|
(b) Of which inventory valuation effect |
||||||||||||
| On operating income | - | 1,226 | 130 | - | ||||||||
| On net operating income | - | 844 | 112 | - | ||||||||
|
 |
 |  |  |  |  | |||||||
|
1st quarter 2011 (adjusted)
(M€) (a) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 6,060 | 34,769 | 5,105 | 11 | - | 45,945 | ||||||
| Intersegment sales | 6,939 | 1,582 | 297 | 41 | (8,859) | - | ||||||
| Excise taxes | - | (4,427) | - | - | - | (4,427) | ||||||
| Revenues from sales | 12,999 | 31,924 | 5,402 | 52 | (8,859) | 41,518 | ||||||
| Operating expenses | (5,938) | (31,319) | (5,021) | (153) | 8,859 | (33,572) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,240) | (319) | (119) | (8) | - | (1,686) | ||||||
| Adjusted operating income | 5,821 | 286 | 262 | (109) | - | 6,260 | ||||||
| Equity in income (loss) of affiliates and other items | 343 | 45 | 57 | 4 | - | 449 | ||||||
| Tax on net operating income | (3,315) | (55) | (81) | - | - | (3,451) | ||||||
| Adjusted net operating income | 2,849 | 276 | 238 | (105) | - | 3,258 | ||||||
| Net cost of net debt | (59) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (95) | ||||||
| Ajusted net income | Â | Â | Â | Â | Â | 3,104 | ||||||
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  | 1.38 | ||||||
| (a) Except for per share amounts. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2011
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,232 | 264 | 171 | 16 | 5,683 | |||||||
| Total divestments | 335 | 23 | 14 | 291 | 663 | |||||||
| Cash flow from operating activities | 4,643 | 1,158 | (144) | 57 | Â | 5,714 | ||||||
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
4th quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,002 | 30,940 | 4,218 | (3) | - | 40,157 | ||||||
| Intersegment sales | 5,861 | 1,069 | 231 | 55 | (7,216) | - | ||||||
| Excise taxes | - | (4,397) | - | - | - | (4,397) | ||||||
| Revenues from sales | 10,863 | 27,612 | 4,449 | 52 | (7,216) | 35,760 | ||||||
| Operating expenses | (4,891) | (26,577) | (4,113) | (204) | 7,216 | (28,569) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,465) | (1,544) | (140) | (11) | - | (3,160) | ||||||
| Operating income | 4,507 | (509) | 196 | (163) | - | 4,031 | ||||||
| Equity in income (loss) of affiliates and other items | 640 | (115) | 49 | 14 | - | 588 | ||||||
| Tax on net operating income | (2,750) | 240 | (47) | 77 | - | (2,480) | ||||||
| Net operating income | 2,397 | (384) | 198 | (72) | - | 2,139 | ||||||
| Net cost of net debt | (58) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (51) | ||||||
| Net income | 2,030 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
4th quarter 2010 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 409 | 76 | - | 485 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (188) | (1,192) | (13) | - | Â | (1,393) | ||||||
| Operating income (b) | (188) | (783) | 63 | - | (908) | |||||||
| Equity in income (loss) of affiliates and other items (c) | 244 | (192) | (32) | 4 | 24 | |||||||
| Tax on net operating income | 41 | 325 | (3) | (1) | Â | 362 | ||||||
| Net operating income (b) | 97 | (650) | 28 | 3 | (522) | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (4) | ||||||
| Net income | (526) | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi-Aventis. |
||||||||||||
|
(b) Of which inventory valuation effect |
||||||||||||
| On operating income | - | 299 | 98 | - | ||||||||
| On net operating income | - | 197 | 93 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | - | ||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
4th quarter 2010 (adjusted)
(M€) (a) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 5,002 | 30,940 | 4,218 | (3) | - | 40,157 | ||||||
| Intersegment sales | 5,861 | 1,069 | 231 | 55 | (7,216) | - | ||||||
| Excise taxes | - | (4,397) | - | - | - | (4,397) | ||||||
| Revenues from sales | 10,863 | 27,612 | 4,449 | 52 | (7,216) | 35,760 | ||||||
| Operating expenses | (4,891) | (26,986) | (4,189) | (204) | 7,216 | (29,054) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,277) | (352) | (127) | (11) | - | (1,767) | ||||||
| Adjusted operating income | 4,695 | 274 | 133 | (163) | - | 4,939 | ||||||
| Equity in income (loss) of affiliates and other items | 396 | 77 | 81 | 10 | - | 564 | ||||||
| Tax on net operating income | (2,791) | (85) | (44) | 78 | - | (2,842) | ||||||
| Adjusted net operating income | 2,300 | 266 | 170 | (75) | - | 2,661 | ||||||
| Net cost of net debt | (58) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (47) | ||||||
| Ajusted net income | Â | Â | Â | Â | Â | 2,556 | ||||||
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  | 1.14 | ||||||
| (a) Except for per share amounts. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
4th quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 3,942 | 757 | 292 | 35 | 5,026 | |||||||
| Total divestments | 771 | 433 | 23 | 117 | 1,344 | |||||||
| Cash flow from operating activities | 3,908 | (955) | 332 | 102 | Â | 3,387 | ||||||
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,569 | 28,808 | 4,223 | 3 | - | 37,603 | ||||||
| Intersegment sales | 5,302 | 1,081 | 237 | 42 | (6,662) | - | ||||||
| Excise taxes | - | (4,442) | - | - | - | (4,442) | ||||||
| Revenues from sales | 9,871 | 25,447 | 4,460 | 45 | (6,662) | 33,161 | ||||||
| Operating expenses | (4,454) | (24,621) | (4,070) | (145) | 6,662 | (26,628) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,256) | (305) | (130) | (8) | - | (1,699) | ||||||
| Operating income | 4,161 | 521 | 260 | (108) | - | 4,834 | ||||||
| Equity in income (loss) of affiliates and other items | 108 | 31 | 45 | 264 | - | 448 | ||||||
| Tax on net operating income | (2,374) | (164) | (73) | 57 | - | (2,554) | ||||||
| Net operating income | 1,895 | 388 | 232 | 213 | - | 2,728 | ||||||
| Net cost of net debt | (50) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (65) | ||||||
| Net income | 2,613 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 330 | 106 | - | 436 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | - | - | - | Â | - | ||||||
| Operating income (b) | - | 330 | 106 | - | 436 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (106) | 16 | 4 | 91 | 5 | |||||||
| Tax on net operating income | 30 | (113) | (35) | (2) | Â | (120) | ||||||
| Net operating income (b) | (76) | 233 | 75 | 89 | 321 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (4) | ||||||
| Net income | 317 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi-Aventis. Â Â |
||||||||||||
| Â | ||||||||||||
|
(b) Of which inventory valuation effect |
||||||||||||
| On operating income | - | 380 | 106 | - | ||||||||
| On net operating income | - | 272 | 75 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (41) | ||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010 (adjusted)
(M€) (a) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,569 | 28,808 | 4,223 | 3 | - | 37,603 | ||||||
| Intersegment sales | 5,302 | 1,081 | 237 | 42 | (6,662) | - | ||||||
| Excise taxes | - | (4,442) | - | - | - | (4,442) | ||||||
| Revenues from sales | 9,871 | 25,447 | 4,460 | 45 | (6,662) | 33,161 | ||||||
| Operating expenses | (4,454) | (24,951) | (4,176) | (145) | 6,662 | (27,064) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,256) | (305) | (130) | (8) | - | (1,699) | ||||||
| Adjusted operating income | 4,161 | 191 | 154 | (108) | - | 4,398 | ||||||
| Equity in income (loss) of affiliates and other items | 214 | 15 | 41 | 173 | - | 443 | ||||||
| Tax on net operating income | (2,404) | (51) | (38) | 59 | - | (2,434) | ||||||
| Adjusted net operating income | 1,971 | 155 | 157 | 124 | - | 2,407 | ||||||
| Net cost of net debt | (50) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (61) | ||||||
| Ajusted net income | Â | Â | Â | Â | Â | 2,296 | ||||||
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  | 1.02 | ||||||
| (a) Except for per share amounts. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 3,143 | 456 | 94 | 16 | 3,709 | |||||||
| Total divestments | 87 | 27 | 6 | 928 | 1,048 | |||||||
| Cash flow from operating activities | 4,680 | 454 | (90) | 216 | Â | 5,260 | ||||||
| CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments) | Â | Â | ||||
| TOTAL | Â | |||||
| (unaudited) | ||||||
| Â | ||||||
|
1st quarter 2011
(M€) |
Adjusted | Adjustments | Consolidated statement of income | |||
| Sales | 45,945 | 84 | 46,029 | |||
| Excise taxes | (4,427) | - | (4,427) | |||
| Revenues from sales | 41,518 | 84 | 41,602 | |||
| Purchases net of inventory variation | (28,611) | 1,356 | (27,255) | |||
| Other operating expenses | (4,702) | - | (4,702) | |||
| Exploration costs | (259) | - | (259) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,686) | - | (1,686) | |||
| Other income | 74 | 11 | 85 | |||
| Other expense | (59) | - | (59) | |||
| Financial interest on debt | (136) | - | (136) | |||
| Financial income from marketable securities & cash equivalents | 47 | - | 47 | |||
| Cost of net debt | (89) | - | (89) | |||
| Other financial income | 75 | - | 75 | |||
| Other financial expense | (108) | - | (108) | |||
| Equity in income (loss) of affiliates | 467 | 39 | 506 | |||
| Income taxes | (3,421) | (651) | (4,072) | |||
| Consolidated net income | 3,199 | 839 | 4,038 | |||
| Group share | 3,104 | 842 | 3,946 | |||
| Minority interests | 95 | (3) | 92 | |||
| Â | ||||||
|
 |
||||||
|
1st quarter 2010
(M€) |
Adjusted | Adjustments | Consolidated statement of income | |||
| Sales | 37,603 | - | 37,603 | |||
| Excise taxes | (4,442) | - | (4,442) | |||
| Revenues from sales | 33,161 | - | 33,161 | |||
| Purchases net of inventory variation | (22,187) | 486 | (21,701) | |||
| Other operating expenses | (4,662) | (50) | (4,712) | |||
| Exploration costs | (215) | - | (215) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,699) | - | (1,699) | |||
| Other income | 28 | 132 | 160 | |||
| Other expense | (106) | (106) | (212) | |||
| Financial interest on debt | (100) | - | (100) | |||
| Financial income from marketable securities & cash equivalents | 24 | - | 24 | |||
| Cost of net debt | (76) | - | (76) | |||
| Other financial income | 71 | - | 71 | |||
| Other financial expense | (95) | - | (95) | |||
| Equity in income (loss) of affiliates | 545 | (21) | 524 | |||
| Income taxes | (2,408) | (120) | (2,528) | |||
| Consolidated net income | 2,357 | 321 | 2,678 | |||
| Group share | 2,296 | 317 | 2,613 | |||
| Minority interests | 61 | 4 | 65 | |||
1 adjusted results defined on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3680 $/€ for the 1st quarter 2011, 1.3829 $/€ for the 1st quarter 2010, 1.3583 $/€ for the 4th quarter 2010.
2 the ex-dividend date for the interim dividend will be September 19, 2011. The remaining 1.14 euros/share dividend related to 2010 will be paid on May 26, 2011, pending approval at the Annual Meeting of Shareholders in Paris on Friday, May 13, 2011.
3 adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 15 and the inventory valuation effect are explained on page 12.
4 including acquisitions.
5 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
6 excluding Tenesol’s operations in France’s overseas departments and territories.
7 special items affecting operating income from the business segments had no impact in the first quarter 2011 and had a negative impact of 50 M€ in the first quarter 2010.
8 defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).
9 adjustment items explained on page 12.
10 detail shown on page 16.
11 net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
12 cash flow from operations at replacement cost before changes in working capital.
13 net cash flow = cash flow from operations - net investments .
14 impact of changing hydrocarbon prices on entitlement volumes.
15 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.
16 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.
17 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.
18 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.
19 the ex-dividend date for the remainder of the 2010 dividend will be May 23, 2011.
20 the ex-dividend date for the interim quarterly dividend will be September 19, 2011.
21 pending approval at the May 13, 2011 Annual General Meeting.
| Â |
| TOTAL S.A. |
| Capital 5 874 102 327,50 euros |
| 542 051 180 R.C.S. Nanterre |
| Â |
| Total |
| 2, place Jean Millier |
| La Défense 6 |
| 92 400 Courbevoie - France |
| Tel. : 33 (1) 47 44 58 53 |
| Fax : 33 (1) 47 44 58 24 |
| Â |
| Bertrand DE LA NOUE |
| Martin DEFFONTAINES |
| Laurent KETTENMEYER |
| Matthieu GOT |
| Karine KACZKA |
| Â |
| Robert Hammond (U.S.) |
| Tel: (1) 713-483-5070 |
| Fax: (1) 713-483-5629 |
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