Total:Â First Quarter 2013 Results1
Total:Â First Quarter 2013 Results1
TOTAL
TOTAL (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | 1Q13 | Â | 1Q12 | Â | Â | Â |
Change
vs 1Q12 |
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| Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Adjusted net income2. |
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| Â | |||||||||
|
-- in billion euros (B€) |
2.9 | 3.1 | -7% | ||||||
|
-- in billion dollars (B$) |
3.8 | 4.0 | -6% | ||||||
| Â | |||||||||
|
-- in euros per share |
1.26 | 1.36 | -7% | ||||||
|
-- in dollars per share |
1.67 | 1.78 | -7% | ||||||
| Â | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Â | |||||||||
|
Net income3 of 1.5 B€ in the first quarter 2013  Net-debt-to-equity ratio of 25.9% on March 31, 2013 |
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|
Upstream production of 2,323 kboe/d in the first quarter 2013  1Q13 interim dividend of 0.59 €/ share payable in September 20134 |
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Commenting on the results, Christophe de Margerie, Chairman and CEO said :
« The Group delivered solid results of 2.9 billion euros in adjusted net income for the first quarter, illustrating the Group’s many strengths.
In the UK North Sea, the Group internalized lessons learned to successfully restart the Elgin-Franklin fields in March. With the launch of the Moho Nord project, the most significant of its kind in the Republic of Congo, the Group will deploy innovative deep-offshore technologies, further demonstrating the Group’s ability to expand its horizons while respecting the social and environmental commitments inherent to its operations.
The Group’s commitment to strict investment discipline was evidenced, in particular, by the sale of its interest in the Voyageur upgrader in Canada following a comprehensive review of strategic options.
Finally, in the downstream, the quality of the results generated in the first quarter highlights the progress made in implementing the optimization programs.
With this ability to adapt to an evolving environment and opportunity set, Total continues to progress with confidence toward achieving its goals. »
- Key figures5
|
in millions of euros except earnings per share and number of shares |
 | 1Q13 |  | 4Q12 |  | 1Q12 |  | 1Q13 vs 1Q12 | |
| Sales | Â | 48,130 | Â | 49,868 | Â | 51,168 | Â | -6% | |
| Adjusted operating income from business segments | Â | 5,779 | Â | 5,819 | Â | 6,788 | Â | -15% | |
| Adjusted net operating income from business segments | Â | 3,114 | Â | 3,320 | Â | 3,262 | Â | -5% | |
|
- Upstream |
 | 2,466 |  | 2,686 |  | 3,057 |  | -19% | |
|
- Refining & Chemicals |
383 | 367 | 64 | X6 | |||||
|
- Marketing & Services |
 | 265 |  | 267 |  | 141 |  | 88% | |
| Adjusted net income | Â | 2,863 | Â | 3,041 | Â | 3,080 | Â | -7% | |
| Adjusted fully-diluted earnings per share (euros) | Â | 1.26 | Â | 1.34 | Â | 1.36 | Â | -7% | |
| Fully-diluted weighted-average shares (millions) | Â | 2,269 | Â | 2,270 | Â | 2,265 | Â | - | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Net income (Group share) | Â | 1,537 | Â | 2,341 | Â | 3,668 | Â | -58% | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Investments6 |
 | 5,984 |  | 6,623 |  | 5,940 |  | 1% | |
| Divestments | Â | 616 | Â | 1,566 | Â | 1,690 | Â | -64% | |
| Net investments | Â | 5,368 | Â | 5,057 | Â | 4,250 | Â | 26% | |
| Cash flow from operations | Â | 3,718 | Â | 5,865 | Â | 5,267 | Â | -29% | |
| Adjusted cash flow from operations | Â | 5,209 | Â | 5,691 | Â | 5,095 | Â | 2% | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
In millions of dollars7 except earnings per share and number of shares |
 | 1Q13 |  | 4Q12 |  | 1Q12 |  | 1Q13 vs 1Q12 | |
| Sales | Â | 63,560 | Â | 64,664 | Â | 67,071 | Â | -5% | |
| Adjusted operating income from business segments | Â | 7,632 | Â | 7,545 | Â | 8,898 | Â | -14% | |
| Adjusted net operating income from business segments | Â | 4,112 | Â | 4,305 | Â | 4,276 | Â | -4% | |
|
- Upstream |
3,257 | 3,483 | 4,007 | -19% | |||||
|
- Refining & Chemicals |
506 | 476 | 84 | X6 | |||||
|
- Marketing & Services |
 | 350 |  | 346 |  | 185 |  | 89% | |
| Adjusted net income | Â | 3,781 | Â | 3,943 | Â | 4,037 | Â | -6% | |
| Adjusted fully-diluted earnings per share (euros) | Â | 1.67 | Â | 1.74 | Â | 1.78 | Â | -7% | |
| Fully-diluted weighted-average shares (millions) | Â | 2,269 | Â | 2,270 | Â | 2,265 | Â | - | |
| Net income (Group share) | Â | 2,030 | Â | 3,036 | Â | 4,808 | Â | -58% | |
| Investments6 | Â | 7,902 | Â | 8,588 | Â | 7,786 | Â | 1% | |
| Divestments | Â | 813 | Â | 2,031 | Â | 2,215 | Â | -63% | |
| Net investments | Â | 7,089 | Â | 6,557 | Â | 5,571 | Â | 27% | |
| Cash flow from operations | Â | 4,910 | Â | 7,605 | Â | 6,904 | Â | -29% | |
| Adjusted cash flow from operations | Â | 6,879 | Â | 7,380 | Â | 6,679 | Â | 3% |
-
Main events since the start of the first quarter 2013
- Launched the development of Moho Nord in the Republic of Congo
- Restarted production at Elgin-Franklin in the UK North Sea
- Exploration well Ivoire-1X on block CI-100 in the Ivory Coast encountered a horizon with high-quality oil.
- Expanded exploration acreage by obtaining permits in offshore Cyprus
- Finalized an agreement to acquire an additional 6% in the Ichthys LNG project in Australia
- Sold of a 49% stake in the Voyageur project in Canada and finalized the sale of a 9.99% indirect interest in Block 14 offshore Angola
- Announced the sale of a 25% interest in Tempa Rossa in Italy
- Signed agreement with a consortium of buyers for the sale of TIGF, a natural gas transportation and storage affiliate in France
- Received a binding offer and entered into exclusive negotiations for the sale by Total of its fertilizers business subsidiary GPN SA
- First quarter 2013 results
> Operating income from business segments
In the first quarter 2013, the Brent price averaged 112.6 $/b, a decrease of 5% compared to the first quarter 2012 and an increase of 2% compared to the fourth quarter 2012. The European refining margin indicator (ERMI) averaged 26.9 $/t, an increase of 29% compared to the first quarter 2012, but a decrease of 21% compared to the fourth quarter 2012. The environment for petrochemicals improved in Europe thanks to a decline in feedstock costs, yet demand continued to be weak.
The euro-dollar exchange rate averaged 1.32 $/€ in the first quarter 2013, compared to 1.31 $/€ in the first quarter 2012 and 1.30 $/€ in the fourth quarter 2012.
In this environment, the adjusted operating income8 from business segments was
5,779 M€, a decrease of 15% compared to the first quarter 2012. Expressed in dollars, there was a decrease of 14%. This decrease is essentially due to the decrease in Upstream results compared to the first quarter 2012, which was partially offset by improved results from Refining & Chemicals and Marketing & Services.
The effective tax rate9 for the business segments was 58.1% in the first quarter 2013 compared to 60.1% in the first quarter 2012, essentially due to an increased contribution of downstream activities to the pre-tax results of the Group.
Adjusted net operating income from the business segments was 3,114 M€ for the first quarter 2013 compared to 3,262 M€ in the first quarter 2012, a decrease of 5%.
Expressed in dollars, the adjusted net operating income from the business segments was 4.1 B$, a decrease of 4% compared to the first quarter 2012. This decrease is mainly due to a lower contribution from Upstream in an environment less favorable than that of the first quarter 2012.
> Net income (Group share)
Adjusted net income was 2,863 M€ compared to 3,080 M€ in the first quarter 2012, a decrease of 7%. Expressed in dollars, adjusted net income decreased by 6%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items10:
- The after-tax inventory effect had a negative impact on net income of 51 M€ in the first quarter 2013 compared to a positive impact of 590 M€ in the first quarter 2012.
- Changes in fair value had a positive impact on net income of 1 M€ in the first quarter 2013 compared to a negative impact of 20 M€ in the first quarter 2012.
- Special items11 had a negative impact on net income of 1,276 M€ in the first quarter 2013, comprised essentially of a net loss of 1,247 M€ relating to the sale of a 49% interest in the Voyageur upgrader project in Canada. This decision, following a strategic review of this project, is consistent with the Group’s commitment to economically develop its Canadian oil sands projects and provides investment savings of about 6 B$ over the next five years.
- In the first quarter 2012, special items had a positive impact of 18 M€.
Net income (Group share) was 1,537 M€ compared to 3,668 M€ in the first quarter 2012.
The effective tax rate for the Group was 58.8% in the first quarter 2013, compared to 60.6% in the first quarter 2012.
On March 31, 2013, there were 2,269 million fully-diluted shares, compared to 2,264 on March 31, 2012.
Adjusted fully-diluted earnings per share, based on 2,269 million fully-diluted weighted-average shares, was €1.26, compared to €1.36 in the first quarter 2012.
Expressed in dollars, adjusted fully-diluted earnings per share decreased by 7% to $1.67.
> Investments – Divestments12
Investments, excluding acquisitions and including changes in non-current loans, were 4.85 B€ (6.4 B$) in the first quarter 2013, an increase of 25% compared to 3.9 B€ (5.1 B$) in the first quarter 2012.
Acquisitions were 934 M€ (1,233 M$) in the first quarter 2013, comprised essentially of the acquisition of an additional 6% stake in Ichthys LNG, exploration permits in Mozambique, and the carry agreement in the Utica shale gas and condensates field in the United States.
Asset sales in the first quarter 2013 were 420 M€ (555 M$), including mainly the sale of a 49% interest in the Voyageur upgrader project in Canada. Several asset sales have been announced by the Group, including TIGF, Usan, and Tempa Rossa, which are in-progress and are not reported in the accounts of the first quarter 2013. These transactions represent about 5 B$ in the aggregate.
Net investments12 were 5.4 B€ (7.1 B$) in the first quarter 2013 compared to 4.2 B€ (5.6 B$) in the first quarter 2012.
> Cash flow
Cash flow from operations was 3,718 M€ in the first quarter 2013, a decrease of 29% compared to the first quarter 2012.
Adjusted cash flow from operations14 was 5,209 M€, an increase of 2% compared to the first quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.9 B$, an increase of 3% compared to the first quarter 2012.
The Group’s net cash flow15 was negative 1,650 M€, compared to positive 1,017 M€ in the first quarter 2012.
Expressed in dollars, the Group’s net cash flow was negative 2.2 B€ in the first quarter 2013, compared to positive 1.3 B€ in the first quarter 2012. This decrease is mainly due to changes in working capital and net investments between the two periods.
The net-debt-to-equity ratio was 25.9% on March 31, 2013, compared to 21.9% on December 31, 2012, and 22.6% on March 31, 2012.16
- Analysis of business segment results
Upstream
> Environment – liquids and price realizations*
| Â | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Brent ($/b) | Â | Â | Â | 112.6 | Â | Â | Â | 110.1 | Â | Â | Â | 118.6 | Â | Â | Â | -5% | |||
| Average liquids price ($/b) | Â | Â | Â | 106.7 | Â | Â | Â | 106.4 | Â | Â | Â | 115.2 | Â | Â | Â | -7% | |||
| Average gas price ($/Mbtu) | Â | Â | Â | 7.31 | Â | Â | Â | 6.94 | Â | Â | Â | 7.16 | Â | Â | Â | +2% | |||
| Average hydrocarbons price ($/boe) | Â | Â | Â | 77.4 | Â | Â | Â | 77.0 | Â | Â | Â | 82.1 | Â | Â | Â | -6% |
* consolidated subsidiaries, excluding fixed margins
> Production
| Hydrocarbon production | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Combined production (kboe/d) | Â | Â | Â | 2,323 | Â | Â | Â | 2,293 | Â | Â | Â | 2,372 | Â | Â | Â | -2% | |||
|
-- Liquids (kb/d) |
 |  |  | 1,193 |  |  |  | 1,206 |  |  |  | 1,229 |  |  |  | -3% | |||
|
-- Gas (Mcf/d) |
 |  |  | 6,137 |  |  |  | 5,897 |  |  |  | 6,226 |  |  |  | -1% |
Hydrocarbon production was 2,323 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2013, a decrease compared to the first quarter 2012, essentially as a result of:
- +4% for start-ups and ramp-ups of new projects,
- -3% for normal decline and maintenance,
- -0.5% for portfolio changes, comprised essentially of the sale of assets in the UK, Nigeria and Columbia, net of the positive effect of an increased interest in Novatek,
- -2.5% for the incident at Elgin in the UK North Sea and security conditions in Nigeria.
Results
Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.
| in millions of euros | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Adjusted operating income* | Â | Â | Â | 4,960 | Â | Â | Â | 5,049 | Â | Â | Â | 6,508 | Â | Â | Â | -24% | |||
| Adjusted net operating income* | Â | Â | Â | 2,466 | Â | Â | Â | 2,686 | Â | Â | Â | 3,057 | Â | Â | Â | -19% | |||
|
-- includes adjusted income from equity affiliates |
 |  |  | 633 |  |  |  | 350 |  |  |  | 495 |  |  |  | +28% | |||
| Investments | Â | Â | Â | 5,255 | Â | Â | Â | 5,518 | Â | Â | Â | 5,306 | Â | Â | Â | -1% | |||
| Divestments | Â | Â | Â | 543 | Â | Â | Â | 1,415 | Â | Â | Â | 748 | Â | Â | Â | -27% | |||
| Cash flow from operating activities | Â | Â | Â | 4,150 | Â | Â | Â | 4,429 | Â | Â | Â | 5,766 | Â | Â | Â | -28% | |||
|
Adjusted cash flow
from operating activities |
 |  |  | 4,186 |  |  |  | 4,494 |  |  |  | 4,713 |  |  |  | -11% |
* Detail of adjustment items shown in the business segment information annex to financial statements..
Adjusted net operating income from the Upstream segment was 2,466 M€ in the first quarter 2013 compared to 3,057 M€ in the first quarter 2012, a decrease of 19%. Expressed in dollars, adjusted net operating income from the Upstream segment was 4,007 M$ in the first quarter of 2012, compared to 3,257 M$ in the first quarter 2013. The decrease is explained by a less favorable environment and a decrease in production between the two periods, as well as higher technical costs. The increase in technical costs is mainly due to higher amortization.
The effective tax rate for the Upstream segment was 62.7%, compared to 61.0% in the first quarter 2012, mainly due to increased non-deductible exploration charges.
For the twelve months ended March 31, 2013, the return on average capital employed (ROACE16) for the Upstream segment was 17%, compared to 18% for the full-year 2012.
The annualized for the first quarter 2013 ROACE of the Upstream segment was 15%.
Refining & Chemicals
> Refinery throughput and utilization rates*
| Â | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Total refinery throughput (kb/d) | Â | Â | Â | 1,763 | Â | Â | Â | 1,648 | Â | Â | Â | 1,830 | Â | Â | Â | -4% | |||
|
-- France |
 |  |  | 627 |  |  |  | 532 |  |  |  | 692 |  |  |  | -9% | |||
|
-- Rest of Europe |
866 | 847 | 879 | -1% | |||||||||||||||
|
-- Rest of world |
 |  |  | 270 |  |  |  | 269 |  |  |  | 259 |  |  |  | +4% | |||
| Utilization rates** | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
|
-- Based on crude only |
83% | 76% | 82% | ||||||||||||||||
|
-- Based on crdue and other feedstock |
 |  |  | 86% |  |  |  | 79% |  |  |  | 88% |  |  |  |  |
* includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Serives segment.
** based on distillation capacity at the beginning of the year
The decrease in refinery throughput compared to the first quarter 2012 is mainly due to the turnaround of the Normandy refinery in the context of a modernization project for the first part of the quarter, maintenance at the Donges refinery, and the closure of the Rome refinery that occurred at the end of the third quarter 2012. Throughput was down at the beginning of the quarter during a challenging environment, yet progressively returned to levels comparable to those of the first quarter 2012.
> Results
|
in millions of euros (except the ERMI) |
 |  |  | 1Q13 |  |  |  | 4Q12 |  |  |  | 1Q12 |  |  |  | 1Q13 vs 1Q12 |  |  | |
|
European refining margin
indicator - ERMI ($/t) |
 |  |  | 26.9 |  |  |  | 33.9 |  |  |  | 20.9 |  |  |  | +29% | |||
| Adjusted operating income* | Â | Â | Â | 410 | Â | Â | Â | 388 | Â | Â | Â | (43) | Â | Â | Â | n/a | |||
| Adjusted net operating income* | Â | Â | Â | 383 | Â | Â | Â | 367 | Â | Â | Â | 64 | Â | Â | Â | x6 | |||
|
-- contribution of Specialty Chemicals** |
 |  |  | 90 |  |  |  | 94 |  |  |  | 91 |  |  |  | -1% | |||
| nvestments | Â | Â | Â | 533 | Â | Â | Â | 573 | Â | Â | Â | 429 | Â | Â | Â | +24% | |||
| Divestments | Â | Â | Â | 27 | Â | Â | Â | 101 | Â | Â | Â | 141 | Â | Â | Â | -81% | |||
| Cash flow from operations | Â | Â | Â | (288) | Â | Â | Â | 502 | Â | Â | Â | (36) | Â | Â | Â | n/a | |||
| Adjusted cash flow from operations | Â | Â | Â | 563 | Â | Â | Â | 672 | Â | Â | Â | 128 | Â | Â | Â | x4 |
* detail of adjustment items shown in the business segment information annex to financial statements
** Hutchinson, Bostik, Atotech
The ERMI averaged 26.9 $/t in the first quarter 2013, an increase of 29% compared to the first quarter 2012.
Adjusted net operating income from the Refining & Chemicals segment was 383 M€ in the first quarter 2013, nearly six times than that of the first quarter 2012.
Expressed in dollars, the increase is identical and is due to the improvement of refining margins and petrochemical margins at the end of the quarter as well as improved operational performance of facilities.
For the twelve months ended March 31, 2013, the ROACE for the Refining & Chemicals segment was 10%, compared to 9% for the full-year 2012.
The annualized first quarter 2013 ROACE of the Refining & Chemicals segment was 9%.
Marketing & Services
> Refined product sales
| Sales in kb/d* | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Europe | Â | Â | Â | 1,108 | Â | Â | Â | 1,123 | Â | Â | Â | 1,211 | Â | Â | Â | -9% | |||
| Rest of world | Â | Â | Â | 607 | Â | Â | Â | 583 | Â | Â | Â | 529 | Â | Â | Â | +15% | |||
| Total sales volumes | Â | Â | Â | 1,715 | Â | Â | Â | 1,706 | Â | Â | Â | 1,740 | Â | Â | Â | -1% |
* excludes trading and bulk sales, includes share of TotalErg
In the first quarter 2013, sales volumes decreased by 1% compared to the first quarter 2012. This decrease is due to a decline in European sales, which were particularly impacted by the closure of the Rome refinery, in an environment of decreasing demand for refined products. The decrease in sales of specialty products was partially offset by increased sales outside of Europe.
> Results
Effective July 1, 2012, Marketing & Services includes the activities of New Energies. As a result, certain information has been restated according to the new organization.
| in millions of euros | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Sales | Â | Â | Â | 20,999 | Â | Â | Â | 21,669 | Â | Â | Â | 21,852 | Â | Â | Â | -4% | |||
| Adjusted operating income* | Â | Â | Â | 409 | Â | Â | Â | 382 | Â | Â | Â | 323 | Â | Â | Â | +27% | |||
| Adjusted net operating income* | Â | Â | Â | 265 | Â | Â | Â | 267 | Â | Â | Â | 141 | Â | Â | Â | +88% | |||
|
-- contribution of New Energies |
 |  |  | (13) |  |  |  | 14 |  |  |  | (116) |  |  |  | n/a | |||
| Investments | Â | Â | Â | 187 | Â | Â | Â | 508 | Â | Â | Â | 198 | Â | Â | Â | -6% | |||
| Divestments | Â | Â | Â | 38 | Â | Â | Â | 46 | Â | Â | Â | 45 | Â | Â | Â | -16% | |||
| Cash flow from operating activities | Â | Â | Â | (93) | Â | Â | Â | 1 024 | Â | Â | Â | (444) | Â | Â | Â | n/a | |||
| Adjusted cash flow | Â | Â | Â | 434 | Â | Â | Â | 353 | Â | Â | Â | 270 | Â | Â | Â | +61% |
*detail of adjustment items shown in the business segment information annex to financial statement.
Marketing & Services sales were 21 B€, a decrease of 4% compared to the first quarter 2012.
Adjusted net operating income from the Marketing & Services segment was 265 M€ in the first quarter 2013, an increase of 88% compared to the first quarter 2012, mainly due to improved margins on certain specialty products and an improved contribution from New Energies.
For the twelve months ended March 31, 2013, the ROACE for the Marketing & Services segment was 13%, compared to 12% for the full-year 2012.
The annualized first quarter 2013 ROACE of the Marketing & Services segment was 15%.
- Summary and Outlook
The ROACE for the Group for the twelve months ended March 31, 2013, was 15%, compared to 16% for the full-year 2012. The annualized first quarter 2013 ROACE for the Group was 14%.
The return on equity for the twelve months ended March 31, 2013, was 17%, compared to 18% for the full-year 2012.
Pending approval at the May 17, 2013 Annual Shareholders Meeting, TOTAL S.A. will pay on June 27, 2013, the 0.59 €/share remainder of the 2012 dividend.17 The 2012 cash dividend represents a total of 2.34 €/share, an increase of 3% compared to the previous year.
In addition, the Board of Directors decided on April 25, 2013, to pay a first quarter 2013 interim dividend of 0.59 €/share on September 27, 2013.18
Since the beginning of the year, the Group successfully restarted production at Elgin-Franklin in the UK North Sea following the approval of the safety case by UK authorities. Production has reached nearly 50% of the fields’ potential. The next scheduled start-ups include Angola LNG, Sulige in China, and Kashagan in Kazakhstan. Total continues to pursue the development of its major projects, most recently with the launch of Moho Nord.
The Group’s ambitious exploration program continues with high-potential wells targeting frontier prospects, including in Gabon, Kenya and Indonesia. 80% of Total’s exploration potential this year is yet to be drilled.
In the downstream, refinery throughput in the second quarter will be impacted by a turnaround at Carling and scheduled maintenance at Antwerp. Since the beginning of the second quarter 2013, European refining margins and petrochemicals margins have been trending favorably.
To listen to a presentation by CFO Patrick de la Chevardière to financial analysts today at 15:00 (Paris time), please log on to www.total.com or call +44 (0)203 367 9459 in Europe or +1 855 402 7763 in the U.S. (listen-only). For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the U.S. (code: 281 147).
This press release presents the first quarter 2013 results from the interim consolidated financial statements of TOTAL S.A. as of March 31, 2013. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.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 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 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
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.
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.
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 – Arche Nord Coupole/Regnault - 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.
Operating information by segment
for first quarter 2013
- Upstream
|
Combined liquids and gas production
by region (kboe/d) |
 |  |  | 1Q13 |  |  |  | 4Q12 |  |  |  | 1Q12 |  |  |  | 1Q13 vs 1Q12 |  |  | |
| Europe | Â | Â | Â | 392 | Â | Â | Â | 421 | Â | Â | Â | 499 | Â | Â | Â | -21% | |||
| Africa | 692 | 701 | 709 | -2% | |||||||||||||||
| Middle East | 542 | 482 | 511 | +6% | |||||||||||||||
| North America | 71 | 67 | 68 | +4% | |||||||||||||||
| South America | 172 | 175 | 182 | -5% | |||||||||||||||
| Asia-Pacific | 236 | 227 | 214 | +10% | |||||||||||||||
| CIS | Â | Â | Â | 218 | Â | Â | Â | 220 | Â | Â | Â | 189 | Â | Â | Â | +15% | |||
| Total production | Â | Â | Â | 2,323 | Â | Â | Â | 2,293 | Â | Â | Â | 2,372 | Â | Â | Â | -2% | |||
| Includes equity affiliates | Â | Â | Â | 681 | Â | Â | Â | 624 | Â | Â | Â | 628 | Â | Â | Â | +8% |
| Liquids production by region (kb/d) | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Europe | Â | Â | Â | 166 | Â | Â | Â | 185 | Â | Â | Â | 226 | Â | Â | Â | -27% | |||
| Africa | 552 | 568 | 566 | -2% | |||||||||||||||
| Middle East | 329 | 312 | 300 | +10% | |||||||||||||||
| North America | 27 | 26 | 24 | +13% | |||||||||||||||
| South America | 57 | 57 | 63 | -10% | |||||||||||||||
| Asia-Pacific | 31 | 28 | 24 | +29% | |||||||||||||||
| CIS | Â | Â | Â | 31 | Â | Â | Â | 30 | Â | Â | Â | 26 | Â | Â | Â | +19% | |||
| Total production | Â | Â | Â | 1,193 | Â | Â | Â | 1,206 | Â | Â | Â | 1,229 | Â | Â | Â | -3% | |||
| Includes equity affiliates | Â | Â | Â | 325 | Â | Â | Â | 307 | Â | Â | Â | 299 | Â | Â | Â | +9% |
| Gas production by region (Mcf/d) | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Europe | Â | Â | Â | 1,215 | Â | Â | Â | 1,270 | Â | Â | Â | 1,492 | Â | Â | Â | -19% | |||
| Africa | 707 | 654 | 730 | -3% | |||||||||||||||
| Middle East | 1,165 | 930 | 1,143 | +2% | |||||||||||||||
| North America | 250 | 228 | 247 | +1% | |||||||||||||||
| South America | 637 | 657 | 663 | -4% | |||||||||||||||
| Asia-Pacific | 1,151 | 1,127 | 1 073 | +7% | |||||||||||||||
| CIS | Â | Â | Â | 1,012 | Â | Â | Â | 1,031 | Â | Â | Â | 878 | Â | Â | Â | +15% | |||
| Total production | Â | Â | Â | 6,137 | Â | Â | Â | 5,897 | Â | Â | Â | 6,226 | Â | Â | Â | -1% | |||
| Includes equity affiliates | Â | Â | Â | 1,922 | Â | Â | Â | 1,712 | Â | Â | Â | 1,773 | Â | Â | Â | +8% |
| Liquefied natural gas | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| LNG sales* (Mt) | Â | Â | Â | 2.90 | Â | Â | Â | 2.73 | Â | Â | Â | 3.22 | Â | Â | Â | -10% |
* sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient
- Downstream (Refining & Chemicals and Marketing & Services)
| Refined product sales by region (kb/d)* | 1Q13 | 4Q12 | 1Q12 | 1Q13 vs 1Q12 |
| Europe | 1,978 | 1,964 | 2,066 | -4% |
| Africa | 448 | 413 | 392 | +14% |
| Americas | 481 | 435 | 441 | +9% |
| Rest of world | 505 | 531 | 568 | -11% |
| Total consolidated sales | 3,412 | 3,343 | 3,467 | -2% |
| Includes bulk sales | 521 | 545 | 501 | +4% |
| Includes trading | 1,176 | 1,092 | 1,226 | -4% |
* includes share of TotalErg
Adjustment items
- Adjustments to operating income
| in millions of euros | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | |
| Special items affecting operating income | Â | Â | Â | (6) | Â | Â | Â | (826) | Â | Â | Â | (65) | |||
|
- Restructuring charges |
 |  |  | (2) |  |  |  | 62 |  |  |  | - | |||
|
- Impairments |
(4) | (340) | - | ||||||||||||
|
- Other |
 |  |  | - |  |  |  | (548) |  |  |  | (65) | |||
| Pre-tax inventory effect : FIFO vs. replacement cost | Â | Â | Â | (88) | Â | Â | Â | (462) | Â | Â | Â | 846 | |||
| Effect of change in fair value | Â | Â | Â | 2 | Â | Â | Â | 13 | Â | Â | Â | (25) | |||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
| Total adjustments affecting operating income | Â | Â | Â | (92) | Â | Â | Â | (1,275) | Â | Â | Â | 756 |
- Adjustments to net income (Group share)
| in millions of euros | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | |
| Special items affecting operating income (Group share) | Â | Â | Â | (1,276) | Â | Â | Â | (398) | Â | Â | Â | 18 | |||
|
- Gain (loss) on asset sales |
 |  |  | (1,247) |  |  |  | 226 |  |  |  | 80 | |||
|
- Restructuring charges |
(26) | (4) | - | ||||||||||||
|
- Impairments |
(3) | (337) | (20) | ||||||||||||
|
- Other |
 |  |  | - |  |  |  | (283) |  |  |  | (42) | |||
| After-tax inventory effect : FIFO vs. replacement cost | Â | Â | Â | (51) | Â | Â | Â | (312) | Â | Â | Â | 590 | |||
| Effect of change in fair value | Â | Â | Â | 1 | Â | Â | Â | 10 | Â | Â | Â | (20) | |||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
| Total adjustments affecting net income | Â | Â | Â | (1,326) | Â | Â | Â | (700) | Â | Â | Â | 588 |
Effective tax rates
| Effective tax rate* | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | |
| Upstream | Â | Â | Â | 62.7% | Â | Â | Â | 54.8% | Â | Â | Â | 61.0% | |||
| Group | Â | Â | Â | 58.8% | Â | Â | Â | 52.5% | Â | Â | Â | 60.6% |
* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments + tax on adjusted net operating income)
Investments - Divestments
| in millions of euros | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Investments excluding acquisitions* | Â | Â | Â | 4,854 | Â | Â | Â | 5,360 | Â | Â | Â | 3,873 | Â | Â | Â | +25% | |||
|
-- Capitalized exploration |
 |  |  | 362 |  |  |  | 380 |  |  |  | 350 |  |  |  | +3% | |||
|
-- Changes in non-current loans** |
 |  |  | 277 |  |  |  | (181) |  |  |  | 159 |  |  |  | +74% | |||
| Acquisitions | Â | Â | Â | 934 | Â | Â | Â | 578 | Â | Â | Â | 1,832 | Â | Â | Â | -49% | |||
| Investments including acquisitions* | Â | Â | Â | 5,788 | Â | Â | Â | 5,938 | Â | Â | Â | 5,705 | Â | Â | Â | +1% | |||
| Asset sales | Â | Â | Â | 420 | Â | Â | Â | 881 | Â | Â | Â | 1,455 | Â | Â | Â | -71% | |||
| Net investments** | Â | Â | Â | 5,368 | Â | Â | Â | 5,057 | Â | Â | Â | 4,250 | Â | Â | Â | +26% |
| expressed in millions of dollars*** | Â | Â | Â | 1Q13 | Â | Â | Â | 4Q12 | Â | Â | Â | 1Q12 | Â | Â | Â | 1Q13 vs 1Q12 | Â | Â | |
| Investments excluding acquisitions* | Â | Â | Â | 6,410 | Â | Â | Â | 6,950 | Â | Â | Â | 5,077 | Â | Â | Â | +26% | |||
|
-- Capitalized exploration |
 |  |  | 478 |  |  |  | 493 |  |  |  | 459 |  |  |  | +4% | |||
|
-- Changes in non-current loans** |
 |  |  | 366 |  |  |  | (235) |  |  |  | 208 |  |  |  | +76% | |||
| Acquisitions | Â | Â | Â | 1,233 | Â | Â | Â | 749 | Â | Â | Â | 2,401 | Â | Â | Â | -49% | |||
| Investments including acquisitions* | Â | Â | Â | 7,644 | Â | Â | Â | 7,700 | Â | Â | Â | 7,478 | Â | Â | Â | +2% | |||
| Asset sales | Â | Â | Â | 555 | Â | Â | Â | 1,142 | Â | Â | Â | 1,907 | Â | Â | Â | -71% | |||
| Net investments** | Â | Â | Â | 7,089 | Â | Â | Â | 6,557 | Â | Â | Â | 5,571 | Â | Â | Â | +27% |
* includes changes in non-current loans
** includes net investments in equity affiliates and non-consolidated companies + net financing for employee-related 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 | Â | Â | 03/31/2013 | Â | Â | Â | 12/31/2012 | Â | Â | Â | 03/31/2012 | Â | Â | |
| Current borrowings | Â | Â | Â | 10,739 | Â | Â | Â | 11,016 | Â | Â | Â | 9,574 | |||
| Net current financial assets | (535) | (1,386) | (1,322) | ||||||||||||
| Net financial assets classified as held for sale | 682 | 756 | - | ||||||||||||
| Non-current financial debt | 22,875 | 22,274 | 22,428 | ||||||||||||
| Hedging instruments of non-current debt | (1,472) | (1,626) | (1,882) | ||||||||||||
| Cash and cash equivalents | Â | Â | Â | (13,415) | Â | Â | Â | (15,469) | Â | Â | Â | (13,330) | |||
| Net debt | Â | Â | Â | 18,874 | Â | Â | Â | 15,565 | Â | Â | Â | 15,468 | |||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
| Shareholders’ equity | 73,846 | 71,185 | 69,862 | ||||||||||||
| Estimated dividend payable | (2,666) | (1,299) | (2,573) | ||||||||||||
| Minority interests | Â | Â | Â | 1,785 | Â | Â | Â | 1,280 | Â | Â | Â | 1,274 | |||
| Equity | Â | Â | Â | 72,965 | Â | Â | Â | 71,166 | Â | Â | Â | 68,563 | |||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||
| Net-debt-to-equity ratio | Â | Â | Â | 25.9% | Â | Â | Â | 21.9% | Â | Â | Â | 22.6% |
2013 sensitivities*
| Â | Â | Â | Scenario | Â | Â | Â | Change | Â | Â | Â | Impact on adjusted | Â | Â | Â | Impact on adjusted | Â | Â | ||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | operating income | Â | Â | Â | net operating income | |||
| Dollar |  |  |  | 1.30 $/€ |  |  |  | +0.1 $ par € |  |  |  | -2,2 B€ |  |  |  | -0,95 B€ | |||
| Brent |  |  |  | 100 $/b |  |  |  | +1 $/b |  |  |  | +0.24 B€ / 0.31 B$ |  |  |  | +0.11 B€ / 0.14 B$ | |||
| European refining margins (ERMI) |  |  |  | 30 $/t |  |  |  | +1 $/t |  |  |  | +0.08 B€ / 0.1 B$ |  |  |  | +0.05 B€ / 0.06 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions of the Group’s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.
The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.
Return on average capital employed
- Twelve months ended March 31, 2013
| in millions of euros | Â | Â | Upstream | Â |
Refining & |
 |
Marketing |
 |  |  | Group | |
| Adjusted net operating income | Â | Â | 10,554 | Â | 1,695 | Â | 954 | 12,764 | ||||
| Capital employed at 03/31/2012* | 57,382 | 15,790 | 7,484 | 82,009 | ||||||||
| Capital employed at 03/31/2013* | Â | Â |
67,187 |
 | 17,096 |  | 7,503 | 90,694 | ||||
| ROACE | Â | Â | 16.9% | Â | 10.3% | Â | 12.7% | 14.8% |
- Full-year 2012
| in millions of euros | Â | Â | Â | Upstream | Â | Â | Â |
Refining & |
 |  |  |
Marketing |
 |  |  | Group |  |  |  |  |  |  | |
| Adjusted net operating income | Â | Â | Â | 11,145 | Â | Â | Â | 1,376 | Â | Â | Â | 830 | 12,927 | ||||||||||
| Capital employed at 12/31/2011* | 56,910 | 15,454 | 6,852 | 79,976 | |||||||||||||||||||
| Capital employed at 12/31/2012* | Â | Â | Â | 63,862 | Â | Â | Â | 15,726 | Â | Â | Â | 6,986 | 84,152 | ||||||||||
| ROACE | Â | Â | Â | 18.5% | Â | Â | Â | 8.8% | Â | Â | Â | 12.0% | 15.8% |
* at replacement cost(excluding after-tax inventory effect)
1 Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).
2 Definition of adjusted results on page 2 – dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.3206 $/€ in the 1st quarter 2013, 1.3108 $/€ in the 1st quarter 2012, 1.2967 $/€ in the 4th quarter 2012.
3 Group share
4 The ex-dividend date will be September 24, 2013. Pending approval at the May 17, 2013, Annual Shareholders Meeting, the remaining 0.59 €/share dividend for 2012 will be paid June 27, 2013.
5 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 15 and the inventory valuation effect is explained on page 12.
6 Including acquisitions.
7 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
8 Special items affecting operating income from the business segments had a negative impact of 6 M€ in the 1st quarter 2013 and a negative impact of 65 M€ in the 1st quarter 2012.
9 Defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments + tax on adjusted net operating income).
10 Adjustment items explained on page 12.
11 Detail shown on page 15.
12 Detail shown on page 16.
13 Net investments = investments including acquisitions and changes in non-current loans – asset sales.
14 Cash flow from operations at replacement cost before changes in working capital.
15 Net cash flow = cash flow from operations - net investments.
16 Detail shown on page 17.
17 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.
18 The ex-dividend date will be June 24, 2013.
19 The ex-dividend date will be September 24, 2013.
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | ||||||||||||
|
1st quarter |
4th quarter |
1st quarter |
||||||||||
| (M€) ((a)) |  | 2013 |  |  |  | 2012 |  |  |  | 2012 |  | |
| Sales | 48,130 | 49,868 | 51,168 | |||||||||
| Excise taxes | (4,196 | ) | (4,399 | ) | (4,393 | ) | ||||||
| Revenues from sales | 43,934 | 45,469 | 46,775 | |||||||||
| Purchases, net of inventory variation | (30,530 | ) | (31,854 | ) | (32,041 | ) | ||||||
| Other operating expenses | (5,352 | ) | (6,277 | ) | (5,080 | ) | ||||||
| Exploration costs | (307 | ) | (504 | ) | (356 | ) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,160 | ) | (2,413 | ) | (1,838 | ) | ||||||
| Other income | 31 | 474 | 289 | |||||||||
| Other expense | (1,532 | ) | (239 | ) | (96 | ) | ||||||
| Financial interest on debt | (169 | ) | (160 | ) | (187 | ) | ||||||
| Financial income from marketable securities & cash equivalents | 22 | 33 | 35 | |||||||||
| Cost of net debt | (147 | ) | (127 | ) | (152 | ) | ||||||
| Other financial income | 103 | 123 | 85 | |||||||||
| Other financial expense | (128 | ) |
(110 |
) | (136 | ) | ||||||
| Equity in net income (loss) of affiliates | 718 | 392 | 541 | |||||||||
| Income taxes | Â | (3,042 | ) | Â | Â | (2,557 | ) | Â | Â | (4,311 | ) | |
| Consolidated net income | Â | 1,588 | Â | Â | Â | 2,377 | Â | Â | Â | 3,680 | Â | |
| Group share | 1,537 | 2,341 | 3,668 | |||||||||
| Non-controlling interests | Â | 51 | Â | Â | Â | 36 | Â | Â | Â | 12 | Â | |
| Earnings per share (€) |  | 0.68 |  |  |  | 1.04 |  |  |  | 1.63 |  | |
| Fully-diluted earnings per share (€) |  | 0.68 |  |  |  | 1.03 |  |  |  | 1.62 |  | |
| (a) Except for per share amounts. | ||||||||||||
| Â |
| Â | Â | Â | ||||||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||||||
| TOTAL | ||||||||||
| (unaudited) | ||||||||||
| Â | ||||||||||
|
1st quarter |
4th quarter |
1st quarter |
||||||||
| (M€) |  | 2013 |  |  | 2012 |  |  | 2012 |  | |
| Consolidated net income | Â | 1,588 | Â | Â | 2,377 | Â | Â | 3,680 | Â | |
| Other comprehensive income | ||||||||||
| Â | ||||||||||
| Actuarial gains and losses | 169 | (437 | ) | (1 | ) | |||||
| Tax effect | Â | (66 | ) | Â | 190 | Â | Â | (2 | ) | |
| Items not potentially reclassifiable to profit and loss | Â | 103 | Â | Â | (247 | ) | Â | (3 | ) | |
| Currency translation adjustment | 951 | (987 | ) | (1,048 | ) | |||||
| Available for sale financial assets | (4 | ) | 4 | (66 | ) | |||||
| Cash flow hedge | 11 | 29 | 70 | |||||||
| Share of other comprehensive income of equity affiliates, net amount | 94 | (31 | ) | 162 | ||||||
| Other | (8 | ) | - | (7 | ) | |||||
| Tax effect | Â | (2 | ) | Â | (9 | ) | Â | (11 | ) | |
| Items potentially reclassifiable to profit and loss | Â | 1,042 | Â | Â | (994 | ) | Â | (900 | ) | |
| Total other comprehensive income (net amount) | Â | 1,145 | Â | Â | (1,241 | ) | Â | (903 | ) | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Comprehensive income | Â | 2,733 | Â | Â | 1,136 | Â | Â | 2,777 | Â | |
| - Group share | 2,649 | 1,131 | 2,792 | |||||||
| - Non-controlling interests | 84 | 5 | (15 | ) | ||||||
| Â |
| Â | Â | Â | |||||
| CONSOLIDATED BALANCE SHEET | |||||||
| TOTAL | |||||||
| Â | |||||||
| Â | |||||||
| March 31, | December 31, | March 31, 2012 | |||||
| 2013 | 2012 | (unaudited) | |||||
| (M€) |  | (unaudited) |  |  |  |  | |
| ASSETS | |||||||
| Non-current assets | |||||||
| Intangible assets, net | 13,552 | 12,858 | 13,231 | ||||
| Property, plant and equipment, net | 70,680 | 69,332 | 65,082 | ||||
| Equity affiliates : investments and loans | 15,139 | 13,759 | 13,194 | ||||
| Other investments | 1,223 | 1,190 | 2,958 | ||||
| Hedging instruments of non-current financial debt | 1,472 | 1,626 | 1,882 | ||||
| Deferred income taxes | 2,568 | 2,279 | 1,780 | ||||
| Other non-current assets | Â | 2,846 | Â | 2,663 | Â | 2,331 | |
| Total non-current assets | Â | 107,480 | Â | 103,707 | Â | 100,458 | |
| Current assets | |||||||
| Inventories, net | 17,095 | 17,397 | 18,886 | ||||
| Accounts receivable, net | 21,995 | 19,206 | 22,811 | ||||
| Other current assets | 10,898 | 10,086 | 10,346 | ||||
| Current financial assets | 624 | 1,562 | 1,471 | ||||
| Cash and cash equivalents | 13,415 | 15,469 | 13,330 | ||||
| Assets classified as held for sale | Â | 4,555 | Â | 3,797 | Â | - | |
| Total current assets | Â | 68,582 | Â | 67,517 | Â | 66,844 | |
| Total assets | 176,062 | 171,224 | 167,302 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | |||||||
| Shareholders' equity | |||||||
| Common shares | 5,915 | 5,915 | 5,911 | ||||
| Paid-in surplus and retained earnings | 71,751 | 70,116 | 69,207 | ||||
| Currency translation adjustment | (478) | (1,504) | (1,866) | ||||
| Treasury shares | Â | (3,342) | Â | (3,342) | Â | (3,390) | |
| Total shareholders' equity - Group Share | Â | 73,846 | Â | 71,185 | Â | 69,862 | |
| Non-controlling interests | Â | 1,785 | Â | 1,280 | Â | 1,274 | |
| Total shareholders' equity | Â | 75,631 | Â | 72,465 | Â | 71,136 | |
| Non-current liabilities | |||||||
| Deferred income taxes | 12,877 | 12,132 | 11,774 | ||||
| Employee benefits | 3,503 | 3,744 | 3,321 | ||||
| Provisions and other non-current liabilities | 11,554 | 11,585 | 10,579 | ||||
| Non-current financial debt | Â | 22,875 | Â | 22,274 | Â | 22,428 | |
| Total non-current liabilities | Â | 50,809 | Â | 49,735 | Â | 48,102 | |
| Current liabilities | |||||||
| Accounts payable | 21,809 | 21,648 | 22,647 | ||||
| Other creditors and accrued liabilities | 15,254 | 14,698 | 15,694 | ||||
| Current borrowings | 10,739 | 11,016 | 9,574 | ||||
| Other current financial liabilities | 89 | 176 | 149 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,731 | Â | 1,486 | Â | - | |
| Total current liabilities | Â | 49,622 | Â | 49,024 | Â | 48,064 | |
| Total liabilities and shareholders' equity | 176,062 | 171,224 | 167,302 | ||||
| Â |
| Â | Â | Â | |||||
| CONSOLIDATED STATEMENT OF CASH FLOW | |||||||
| TOTAL | |||||||
| (unaudited) | |||||||
| Â | |||||||
| (M€) |  |
1st quarter 2013 |
 |
4th quarter 2012 |
 |
1st quarter 2012 |
|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||||
| Consolidated net income | 1,588 | 2,377 | 3,680 | ||||
| Depreciation, depletion and amortization | 2,306 | 2,801 | 2,103 | ||||
| Non-current liabilities, valuation allowances and deferred taxes | 77 | 358 | 358 | ||||
| Impact of coverage of pension benefit plans | - | - | - | ||||
| (Gains) losses on disposals of assets | 1,418 | (456) | (281) | ||||
| Undistributed affiliates' equity earnings | (353) | 119 | 34 | ||||
| (Increase) decrease in working capital | (1,403) | 636 | (674) | ||||
| Other changes, net | Â | 85 | Â | 30 | Â | 47 | |
| Cash flow from operating activities | 3,718 | 5,865 | 5,267 | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | |||||||
| Intangible assets and property, plant and equipment additions | (4,913) | (6,038) | (5,227) | ||||
| Acquisitions of subsidiaries, net of cash acquired | (16) | 8 | (121) | ||||
| Investments in equity affiliates and other securities | (582) | (89) | (198) | ||||
| Increase in non-current loans | Â | (473) | Â | (504) | Â | (394) | |
| Total expenditures | (5,984) | (6,623) | (5,940) | ||||
| Proceeds from disposals of intangible assets and property, plant and equipment | 420 | 482 | 567 | ||||
| Proceeds from disposals of subsidiaries, net of cash sold | - | 317 | 34 | ||||
| Proceeds from disposals of non-current investments | - | 82 | 854 | ||||
| Repayment of non-current loans | Â | 196 | Â | 685 | Â | 235 | |
| Total divestments | Â | 616 | Â | 1,566 | Â | 1,690 | |
| Cash flow used in investing activities | (5,368) | (5,057) | (4,250) | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | |||||||
| Issuance (repayment) of shares: | |||||||
| - Parent company shareholders | - | - | 31 | ||||
| - Treasury shares | - | - | - | ||||
| Dividends paid: | |||||||
| - Parent company shareholders | (1,333) | (1,332) | (1,286) | ||||
| - Non-controlling interests | (2) | (4) | (2) | ||||
| Other transactions with non-controlling interests | 357 | - | - | ||||
| Net issuance (repayment) of non-current debt | 2,850 | 144 | 1,664 | ||||
| Increase (decrease) in current borrowings | (3,232) | (862) | (1,101) | ||||
| Increase (decrease) in current financial assets and liabilities | 892 | 23 | (929) | ||||
| Cash flow used in financing activities | Â | (468) | Â | (2,031) | Â | (1,623) | |
| Net increase (decrease) in cash and cash equivalents | (2,118) | (1,223) | (606) | ||||
| Effect of exchange rates | 64 | (141) | (89) | ||||
| Cash and cash equivalents at the beginning of the period | Â | 15,469 | Â | 16,833 | Â | 14,025 | |
| Cash and cash equivalents at the end of the period | Â | 13,415 | Â | 15,469 | Â | 13,330 | |
| Â |
| Â | Â | Â | Â | ||||||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | |||||||||||||||||||
| TOTAL | 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€) |  | Number |  | Amount |  |  |  |  |  | Number |  | Amount |  |  |  |  |  |  | |
| As of January 1, 2012 | Â | 2,363,767,313 | Â | 5,909 | Â | 65,430 | Â | (1,004) | Â | (109,554,173) | Â | (3,390) | Â | 66,945 | Â | 1,352 | Â | 68,297 | |
| Net income of the first quarter | - | - | 3,668 | - | - | - | 3,668 | 12 | 3,680 | ||||||||||
| Other comprehensive Income | - | - | (6) | (870) | - | - | (876) | (27) | (903) | ||||||||||
| Comprehensive Income | - | - | 3,662 | (870) | - | - | 2,792 | (15) | 2,777 | ||||||||||
| Dividend | - | - | - | - | - | - | - | (2) | (2) | ||||||||||
| Issuance of common shares | 778,664 | 2 | 29 | - | - | - | 31 | - | 31 | ||||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | ||||||||||
| Sale of treasury shares (1) | - | - | - | - | 2,752 | - | - | - | - | ||||||||||
| Share-based payments | - | - | 37 | - | - | - | 37 | - | 37 | ||||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | ||||||||||
| Other operations with non-controlling interests | - | - | 11 | 8 | - | - | 19 | (19) | - | ||||||||||
| Other items | - | - | 38 | - | - | - | 38 | (42) | (4) | ||||||||||
| As of March 31, 2012 | Â | 2,364,545,977 | Â | 5,911 | Â | 69,207 | Â | (1,866) | Â | (109,551,421) | Â | (3,390) | Â | 69,862 | Â | 1,274 | Â | 71,136 | |
| Net income from April 1 to December 31, 2012 | - | - | 6,941 | - | - | - | 6,941 | 135 | 7,076 | ||||||||||
| Other comprehensive Income | - | - | (763) | 364 | - | - | (399) | (13) | (412) | ||||||||||
| Comprehensive Income | - | - | 6,178 | 364 | - | - | 6,542 | 122 | 6,664 | ||||||||||
| Dividend | - | - | (5,237) | - | - | - | (5,237) | (102) | (5,339) | ||||||||||
| Issuance of common shares | 1,387,169 | 4 | (3) | - | - | - | 1 | - | 1 | ||||||||||
| Purchase of treasury shares | - | - | - | - | (1,800,000) | (68) | (68) | - | (68) | ||||||||||
| Sale of treasury shares (1) | - | - | (116) | - | 2,959,782 | 116 | - | - | - | ||||||||||
| Share-based payments | - | - | 109 | - | - | - | 109 | - | 109 | ||||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | ||||||||||
| Other operations with non-controlling interests | - | - | - | (2) | - | - | (2) | 3 | 1 | ||||||||||
| Other items | - | - | (22) | - | - | - | (22) | (17) | (39) | ||||||||||
| As of December 31, 2012 | Â | 2,365,933,146 | Â | 5,915 | Â | 70,116 | Â | (1,504) | Â | (108,391,639) | Â | (3,342) | Â | 71,185 | Â | 1,280 | Â | 72,465 | |
| Net income of the first quarter | - | - | 1,537 | - | - | - | 1,537 | 51 | 1,588 | ||||||||||
| Other comprehensive Income | - | - | 85 | 1,027 | - | - | 1,112 | 33 | 1,145 | ||||||||||
| Comprehensive Income | - | - | 1,622 | 1,027 | - | - | 2,649 | 84 | 2,733 | ||||||||||
| Dividend | - | - | - | - | - | - | - | (2) | (2) | ||||||||||
| Issuance of common shares | 480 | - | - | - | - | - | - | - | - | ||||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | ||||||||||
| Sale of treasury shares (1) | - | - | - | - | 220 | - | - | - | - | ||||||||||
| Share-based payments | - | - | 42 | - | - | - | 42 | - | 42 | ||||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | ||||||||||
| Other operations with non-controlling interests | - | - | (65) | (1) | - | - | (66) | 423 | 357 | ||||||||||
| Other items | - | - | 36 | - | - | - | 36 | - | 36 | ||||||||||
| As of March 31, 2013 | Â | 2,365,933,626 | Â | 5,915 | Â | 71,751 | Â | (478) | Â | (108,391,419) | Â | (3,342) | Â | 73,846 | Â | 1,785 | Â | 75,631 | |
| Â | |||||||||||||||||||
| Â | |||||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | |||||||||||||||||||
| Â | |||||||||||||||||||
| Â | Â | Â | Â | Â | Â | ||||||||
| BUSINESS SEGMENT INFORMATION | |||||||||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2013
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,452 | 21,618 | 20,999 | 61 | - | 48,130 | |||||||
| Intersegment sales | 7,335 | 9,914 | 108 | 51 | (17,408) | - | |||||||
| Excise taxes | Â | - | Â | (830) | Â | (3,366) | Â | - | Â | - | Â | (4,196) | |
| Revenues from sales | 12,787 | 30,702 | 17,741 | 112 | (17,408) | 43,934 | |||||||
| Operating expenses | (6,115) | (30,067) | (17,208) | (207) | 17,408 | (36,189) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,710) | Â | (298) | Â | (145) | Â | (7) | Â | - | Â | (2,160) | |
| Operating income | 4,962 | 337 | 388 | (102) | - | 5,585 | |||||||
| Equity in net income (loss) of affiliates and other items | (846) | 72 | (32) | (2) | - | (808) | |||||||
| Tax on net operating income | Â | (2,896) | Â | (79) | Â | (115) | Â | 21 | Â | - | Â | (3,069) | |
| Net operating income | 1,220 | 330 | 241 | (83) | - | 1,708 | |||||||
| Net cost of net debt | (120) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (51) | |
| Net income | 1,537 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2013 (adjustments) (a)
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 2 | - | - | - | - | 2 | |||||||
| Intersegment sales | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | |
| Revenues from sales | 2 | - | - | - | - | 2 | |||||||
| Operating expenses | - | (69) | (21) | - | - | (90) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (4) | Â | - | Â | - | Â | - | Â | (4) | |
| Operating income (b) | 2 | (73) | (21) | - | - | (92) | |||||||
| Equity in net income (loss) of affiliates and other items | (1,420) | (10) | (10) | - | - | (1,440) | |||||||
| Tax on net operating income | Â | 172 | Â | 30 | Â | 7 | Â | - | Â | - | Â | 209 | |
| Net operating income (b) | (1,246) | (53) | (24) | - | - | (1,323) | |||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (3) | |
| Net income | (1,326) | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
|||||||
| On operating income | - | (67) | (21) | - | |||||||||
| On net operating income | - | (34) | (14) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2013 (adjusted)
(M€) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,450 | 21,618 | 20,999 | 61 | - | 48,128 | |||||||
| Intersegment sales | 7,335 | 9,914 | 108 | 51 | (17,408) | - | |||||||
| Excise taxes | Â | - | Â | (830) | Â | (3,366) | Â | - | Â | - | Â | (4,196) | |
| Revenues from sales | 12,785 | 30,702 | 17,741 | 112 | (17,408) | 43,932 | |||||||
| Operating expenses | (6,115) | (29,998) | (17,187) | (207) | 17,408 | (36,099) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,710) | Â | (294) | Â | (145) | Â | (7) | Â | - | Â | (2,156) | |
| Adjusted operating income | 4,960 | 410 | 409 | (102) | - | 5,677 | |||||||
| Equity in net income (loss) of affiliates and other items | 574 | 82 | (22) | (2) | - | 632 | |||||||
| Tax on net operating income | Â | (3,068) | Â | (109) | Â | (122) | Â | 21 | Â | - | Â | (3,278) | |
| Adjusted net operating income | 2,466 | 383 | 265 | (83) | - | 3,031 | |||||||
| Net cost of net debt | (120) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (48) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,863 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 1.26 | |
| (a) Except for earnings per share. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2013
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 5,255 | 533 | 187 | 9 | - | 5,984 | |||||||
| Total divestments | 543 | 27 | 38 | 8 | - | 616 | |||||||
| Cash flow from operating activities | Â | 4,150 | Â | (288) | Â | (93) | Â | (51) | Â | - | Â | 3,718 | |
| Â |
| Â | Â | Â | Â | Â | Â | ||||||||
| BUSINESS SEGMENT INFORMATION | |||||||||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2012
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,988 | 22,169 | 21,669 | 42 | - | 49,868 | |||||||
| Intersegment sales | 8,081 | 11,013 | 148 | 59 | (19,301) | - | |||||||
| Excise taxes | Â | - | Â | (959) | Â | (3,440) | Â | - | Â | - | Â | (4,399) | |
| Revenues from sales | 14,069 | 32,223 | 18,377 | 101 | (19,301) | 45,469 | |||||||
| Operating expenses | (7,892) | (31,885) | (17,945) | (214) | 19,301 | (38,635) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,752) | Â | (491) | Â | (160) | Â | (10) | Â | - | Â | (2,413) | |
| Operating income | 4,425 | (153) | 272 | (123) | - | 4,421 | |||||||
| Equity in net income (loss) of affiliates and other items | 692 | 57 | (122) | 13 | - | 640 | |||||||
| Tax on net operating income | Â | (2,519) | Â | 45 | Â | (82) | Â | 3 | Â | - | Â | (2,553) | |
| Net operating income | 2,598 | (51) | 68 | (107) | - | 2,508 | |||||||
| Net cost of net debt | (131) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (36) | |
| Net income | 2,341 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2012 (adjustments) (a)
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 13 | - | - | - | - | 13 | |||||||
| Intersegment sales | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | |
| Revenues from sales | 13 | - | - | - | - | 13 | |||||||
| Operating expenses | (571) | (337) | (102) | - | - | (1,010) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (66) | Â | (204) | Â | (8) | Â | - | Â | - | Â | (278) | |
| Operating income (b) | (624) | (541) | (110) | - | - | (1,275) | |||||||
| Equity in net income (loss) of affiliates and other items | 240 | (29) | (123) | (13) | - | 75 | |||||||
| Tax on net operating income | Â | 296 | Â | 152 | Â | 34 | Â | (2) | Â | - | Â | 480 | |
| Net operating income (b) | (88) | (418) | (199) | (15) | - | (720) | |||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 20 | |
| Net income | (700) | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
|||||||
| On operating income | - | (351) | (111) | - | |||||||||
| On net operating income | - | (236) | (74) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2012 (adjusted)
(M€) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,975 | 22,169 | 21,669 | 42 | - | 49,855 | |||||||
| Intersegment sales | 8,081 | 11,013 | 148 | 59 | (19,301) | - | |||||||
| Excise taxes | Â | - | Â | (959) | Â | (3,440) | Â | - | Â | - | Â | (4,399) | |
| Revenues from sales | 14,056 | 32,223 | 18,377 | 101 | (19,301) | 45,456 | |||||||
| Operating expenses | (7,321) | (31,548) | (17,843) | (214) | 19,301 | (37,625) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,686) | Â | (287) | Â | (152) | Â | (10) | Â | - | Â | (2,135) | |
| Adjusted operating income | 5,049 | 388 | 382 | (123) | - | 5,696 | |||||||
| Equity in net income (loss) of affiliates and other items | 452 | 86 | 1 | 26 | - | 565 | |||||||
| Tax on net operating income | Â | (2,815) | Â | (107) | Â | (116) | Â | 5 | Â | - | Â | (3,033) | |
| Adjusted net operating income | 2,686 | 367 | 267 | (92) | - | 3,228 | |||||||
| Net cost of net debt | (131) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (56) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,041 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 1.34 | |
| (a) Except for earnings per share. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2012
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 5,518 | 573 | 508 | 24 | - | 6,623 | |||||||
| Total divestments | 1,415 | 101 | 46 | 4 | - | 1,566 | |||||||
| Cash flow from operating activities | Â | 4,429 | Â | 502 | Â | 1,024 | Â | (90) | Â | - | Â | 5,865 | |
| Â |
| Â | Â | Â | Â | Â | Â | ||||||||
| BUSINESS SEGMENT INFORMATION | |||||||||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2012
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 6,177 | 23,096 | 21,852 | 43 | - | 51,168 | |||||||
| Intersegment sales | 8,234 | 11,815 | 231 | 45 | (20,325) | - | |||||||
| Excise taxes | Â | - | Â | (804) | Â | (3,588) | Â | (1) | Â | - | Â | (4,393) | |
| Revenues from sales | 14,411 | 34,107 | 18,495 | 87 | (20,325) | 46,775 | |||||||
| Operating expenses | (6,535) | (33,053) | (17,987) | (227) | 20,325 | (37,477) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,393) | Â | (314) | Â | (122) | Â | (9) | Â | - | Â | (1,838) | |
| Operating income | 6,483 | 740 | 386 | (149) | - | 7,460 | |||||||
| Equity in net income (loss) of affiliates and other items | 543 | 92 | (69) | 117 | - | 683 | |||||||
| Tax on net operating income | Â | (3,989) | Â | (215) | Â | (156) | Â | 2 | Â | - | Â | (4,358) | |
| Net operating income | 3,037 | 617 | 161 | (30) | - | 3,785 | |||||||
| Net cost of net debt | (105) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (12) | |
| Net income | 3,668 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2012 (adjustments) (a)
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | (25) | - | - | - | - | (25) | |||||||
| Intersegment sales | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | |
| Revenues from sales | (25) | - | - | - | - | (25) | |||||||
| Operating expenses | - | 783 | 63 | (65) | - | 781 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | |
| Operating income (b) | (25) | 783 | 63 | (65) | - | 756 | |||||||
| Equity in net income (loss) of affiliates and other items | - | 23 | (21) | 110 | - | 112 | |||||||
| Tax on net operating income | Â | 5 | Â | (253) | Â | (22) | Â | (7) | Â | - | Â | (277) | |
| Net operating income (b) | (20) | 553 | 20 | 38 | - | 591 | |||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (3) | |
| Net income | 588 | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
|||||||
| On operating income | - | 783 | 63 | - | |||||||||
| On net operating income | - | 553 | 40 | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2012 (adjusted)
(M€) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 6,202 | 23,096 | 21,852 | 43 | - | 51,193 | |||||||
| Intersegment sales | 8,234 | 11,815 | 231 | 45 | (20,325) | - | |||||||
| Excise taxes | Â | - | Â | (804) | Â | (3,588) | Â | (1) | Â | - | Â | (4,393) | |
| Revenues from sales | 14,436 | 34,107 | 18,495 | 87 | (20,325) | 46,800 | |||||||
| Operating expenses | (6,535) | (33,836) | (18,050) | (162) | 20,325 | (38,258) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,393) | Â | (314) | Â | (122) | Â | (9) | Â | - | Â | (1,838) | |
| Adjusted operating income | 6,508 | (43) | 323 | (84) | - | 6,704 | |||||||
| Equity in net income (loss) of affiliates and other items | 543 | 69 | (48) | 7 | - | 571 | |||||||
| Tax on net operating income | Â | (3,994) | Â | 38 | Â | (134) | Â | 9 | Â | - | Â | (4,081) | |
| Adjusted net operating income | 3,057 | 64 | 141 | (68) | - | 3,194 | |||||||
| Net cost of net debt | (105) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (9) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,080 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 1.36 | |
| (a) Except for earnings per share. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
1st quarter 2012
(M€) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 5,306 | 429 | 198 | 7 | - | 5,940 | |||||||
| Total divestments | 748 | 141 | 45 | 756 | - | 1,690 | |||||||
| Cash flow from operating activities | Â | 5,766 | Â | (36) | Â | (444) | Â | (19) | Â | - | Â | 5,267 | |
| Â |
| Â | |||||||
| Reconciliation of the information by business segment with consolidated financial statements | |||||||
| TOTAL | Â | Â | Â | ||||
| (unaudited) | |||||||
| Â | |||||||
|
1st quarter 2013
(M€) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
|
| Sales | 48,128 | 2 | 48,130 | ||||
| Excise taxes | (4,196) | - | (4,196) | ||||
| Revenues from sales | 43,932 | 2 | 43,934 | ||||
| Purchases net of inventory variation | (30,442) | (88) | (30,530) | ||||
| Other operating expenses | (5,350) | (2) | (5,352) | ||||
| Exploration costs | (307) | - | (307) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,156) | (4) | (2,160) | ||||
| Other income | 31 | - | 31 | ||||
| Other expense | (97) | (1,435) | (1,532) | ||||
| Financial interest on debt | (169) | - | (169) | ||||
| Financial income from marketable securities & cash equivalents | 22 | - | 22 | ||||
| Cost of net debt | (147) | - | (147) | ||||
| Other financial income | 103 | - | 103 | ||||
| Other financial expense | (128) | - | (128) | ||||
| Equity in net income (loss) of affiliates | 723 | (5) | 718 | ||||
| Income taxes | Â | (3,251) | Â | 209 | Â | (3,042) | |
| Consolidated net income | 2,911 | (1,323) | 1,588 | ||||
| Group share | 2,863 | (1,326) | 1,537 | ||||
| Non-controlling interests | 48 | 3 | 51 | ||||
| Â | |||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | |||||||
|
1st quarter 2012 (M€) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
|
| Sales | 51,193 | (25) | 51,168 | ||||
| Excise taxes | (4,393) | - | (4,393) | ||||
| Revenues from sales | 46,800 | (25) | 46,775 | ||||
| Purchases net of inventory variation | (32,887) | 846 | (32,041) | ||||
| Other operating expenses | (5,015) | (65) | (5,080) | ||||
| Exploration costs | (356) | - | (356) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,838) | - | (1,838) | ||||
| Other income | 179 | 110 | 289 | ||||
| Other expense | (92) | (4) | (96) | ||||
| Financial interest on debt | (187) | - | (187) | ||||
| Financial income from marketable securities & cash equivalents | 35 | - | 35 | ||||
| Cost of net debt | (152) | - | (152) | ||||
| Other financial income | 85 | - | 85 | ||||
| Other financial expense | (136) | - | (136) | ||||
| Equity in net income (loss) of affiliates | 535 | 6 | 541 | ||||
| Income taxes | Â | (4,034) | Â | (277) | Â | (4,311) | |
| Consolidated net income | 3,089 | 591 | 3,680 | ||||
| Group share | 3,080 | 588 | 3,668 | ||||
| Non-controlling interests | 9 | 3 | 12 | ||||
| Â | |||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | |||||||
| Â | |||||||
TOTAL
Jérôme SCHMITT
Philippe HERGAUX
Sandrine
SABOUREAU
Laurent KETTENMEYER
Tel. : 33 (1) 47 44 58 53
Fax
: 33 (1) 47 44 58 24
or
Robert HAMMOND (U.S.)
Tel. : (1)
201 626 3500
Fax : (1) 201 626 4004
www.total.com
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