Total: Fourth Quarter and Full-Year 2011 Results
Total: Fourth Quarter and Full-Year 2011 Results
TOTAL
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | Â | 4Q11 | Â |
Change
vs 4Q10 |
 | 2011 |  | Change vs 2010 |
| Â | Â | Â | Â | |||||
|
Adjusted net income1 |
||||||||
| Â | ||||||||
|
2.7 | +7% | 11.4 | +11% | ||||
|
3.7 | +6% | 15.9 | +17% | ||||
| Â | ||||||||
|
1.20 | +6% | 5.06 | +10% | ||||
|
1.62 | +5% | 7.05 | +16% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | ||||||||
|
Net income (Group share) of 12.3 B€ in 2011 |
||||||||
|
Net-debt-to-equity ratio of 23% at December 31, 2011 |
||||||||
| Upstream production of 2,384 kboe/d in 4Q11 | ||||||||
|
Dividend in 4Q11 of 0.57 €/share payable in June 20122 |
||||||||
|
2011 full-year dividend of 2.28 €/share2 |
||||||||
Commenting on the results, Chairman and CEO Christophe de Margerie said:
« In a period of economic slowdown, ongoing tensions on the global oil supply supported the Brent price above 110 $/b in 2011. This environment has been favorable for the Upstream, but it was difficult for the Downstream activities, notably in Europe. In this context, the Group posted a 17% increase in earnings, expressed in dollars, compared to 2010. With its track record of operational excellence, the Group also confirms its constant improvement in safety performance.
The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total. This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come. All the segments realized notable advances, including a bolder exploration program that yielded three giant discoveries in 2011, the formation of a new, more competitive structure for the Downstream, and the further strengthening of leading positions in LNG and deep-offshore. Finally, the increased asset sale and acquisition activity in 2011 continued to demonstrate the dynamic rebalancing of the portfolio in favor of Upstream assets with strong growth potential.
Total is confident in its model for delivering sustainable growth, and, with a strong balance sheet, the Group announces a 2012 net investment budget of 20 billion dollars while remaining committed to a competitive return for shareholders.»
The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 9, 2012 and decided to propose at its Annual Shareholders Meeting on May 11, 2012, a dividend of 2.28 €/share, stable as compared to the previous year.
- Key figures3
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 |
in millions of euros except earnings per share and number of shares |
 | 2011 |  | 2010 |  |
2011 vs 2010 |
| 47,492 | 46,163 | 40,157 | +18% | Sales | 184,693 | 159,269 | +16% | |||||||
| 6,263 | 5,881 | 5,102 | +23% | Adjusted operating income from business segments | 24,409 | 19,797 | +23% | |||||||
| 3,049 | 2,950 | 2,736 | +11% | Adjusted net operating income from business segments | 12,263 | 10,622 | +15% | |||||||
| 2,776 | 2,323 | 2,300 | +21% |
-- Upstream |
10,405 | 8,597 | +21% | |||||||
| 222 | 388 | 266 | -17% |
-- Downstream |
1,083 | 1,168 | -7% | |||||||
| 51 | 239 | 170 | -70% |
-- Chemicals |
775 | 857 | -10% | |||||||
| 2,725 | 2,801 | 2,556 | +7% | Adjusted net income | 11,424 | 10,288 | +11% | |||||||
| 1.20 | 1.24 | 1.14 | +6% | Adjusted fully-diluted earnings per share (euros) | 5.06 | 4.58 | +10% | |||||||
| 2,264 | 2,261 | 2,248 | +1% | Fully-diluted weighted-average shares (millions) | 2,257 | 2,244 | +1% | |||||||
| 2,290 | 3,314 | 2,030 | +13% | Net income (Group share) | 12,276 | 10,571 | +16% | |||||||
| 7,367 | 3,921 | 5,026 | +47% |
Investments4 |
24,541 | 16,273 | +51% | |||||||
| 1,495 | 5,082 | 1,344 | +11% | Divestments | 8,578 | 4,316 | +99% | |||||||
| 5,872 | (1,161) | 3,682 | +59% | Net investments | 15,963 | 11,957 | +34% | |||||||
| 2,794 | 5,964 | 3,387 | -18% | Cash flow from operations | 19,536 | 18,493 | +6% | |||||||
| 5,865 | 4,575 | 4,648 | +26% | Adjusted cash flow from operations | 20,060 | 17,996 | +11% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 4Q11 | 3Q11 | 4Q10 |
4Q11 vs 4Q10 |
in millions of dollars5 |
2011 | 2010 |
2011 vs 2010 |
|||||||
| 64,029 | 65,214 | 54,545 | +17% | Sales | 257,093 | 211,143 | +22% | |||||||
| 8,444 | 8,308 | 6,930 | +22% | Adjusted operating income from business segments | 33,977 | 26,245 | +29% | |||||||
| 4,111 | 4,167 | 3,716 | +11% | Adjusted net operating income from business segments | 17,070 | 14,082 | +21% | |||||||
| 3,743 | 3,282 | 3,124 | +20% |
-- Upstream |
14,484 | 11,397 | +27% | |||||||
| 299 | 548 | 361 | -17% |
-- Downstream |
1,508 | 1,548 | -3% | |||||||
| 69 | 338 | 231 | -70% |
-- Chemicals |
1,079 | 1,136 | -5% | |||||||
| 3,674 | 3,957 | 3,472 | +6% | Adjusted net income | 15,902 | 13,639 | +17% | |||||||
| 1.62 | 1.75 | 1.54 | +5% | Adjusted fully-diluted earnings per share (euros) | 7.05 | 6.08 | +16% | |||||||
| 2,264 | 2,261 | 2,248 | +1% | Fully-diluted weighted-average shares (millions) | 2,257 | 2,244 | +1% | |||||||
| 3,087 | 4,682 | 2,757 | +12% | Net income (Group share) | 17,088 | 14,014 | +22% | |||||||
| 9,932 | 5,539 | 6,827 | +45% | Investments4 | 34,161 | 21,573 | +58% | |||||||
| 2,016 | Â | 7,179 | 1,826 | +10% | Divestments | 11,941 | 5,722 | x2 | ||||||
| 7,917 | Â | (1,640) | 5,001 | +58% | Net investments | 22,220 | 15,851 | +40% | ||||||
| 3,767 | Â | 8,425 | 4,601 | -18% | Cash flow from operations | 27,194 | 24,516 | +11% | ||||||
| 7,907 | Â | 6,463 | 6,313 | +25% | Adjusted cash flow from operations | 27,924 | 23,857 | +17% |
- Highlights since the beginning of the fourth quarter 2011
- Launched the Ichthys LNG project in Australia, development of the Termokarstovoye field in Russia, the Hild field in Norway and the second phase of development for the offshore Ofon field in Nigeria
- Oil discovery on offshore OML 102 permit in Nigeria
- Acquired additional 2% of the share capital of Novatek, raising the Group’s stake to 14.09%
- Acquired 25% of a Utica shale gas and condensate field in the US
- Acquired additional interest in the Elgin and Franklin fields in the UK North Sea, raising the Group’s share to 46.2%
- Expanded exploration acreage with three pre-salt blocks in deep-offshore Angola and two blocks in Mauritania
- Sold Upstream assets, including assets in Colombia, two licences in Nigeria and six producing assets in France
- Restructuring Downstream-Chemicals : effective January 1, 2012, created the Refining-Chemicals segment and the Supply-Marketing segment
- Launched a project to expand and modernize the Samsung Total Petrochemicals site at Daesan, South Korea
- Signed an agreement to acquire an additional 35% interest in Fina Antwerp Olefins, raising Total’s share to 100% in the Antwerp petrochemicals platform in Belgium
- Fourth quarter 2011 results
> Operating Income
In the fourth quarter 2011, the Brent price averaged 109.3 $/b, an increase of 26% compared to the fourth quarter 2010 and a decrease of 4% compared to the third quarter 2011. The European refining margin indicator (ERMI) averaged 15.1 $/t compared to 32.3Â $/t in the fourth quarter 2010 and 13.4 $/t in the third quarter 2011.
The euro-dollar exchange rate averaged 1.35 $/€ in the fourth quarter 2011 compared to 1.36 $/€ in the fourth quarter 2010 and 1.41 $/€ in the third quarter 2011.
In this environment, the adjusted operating income from the business segments was 6,263 M€ in the fourth quarter 2011, an increase of 23% compared to fourth quarter 20106. Expressed in dollars, the increase was 22%.
The effective tax rate7 for the business segments was 59.0% in the fourth quarter 2011 compared to 57.0% in the fourth quarter 2010.
Adjusted net operating income from the business segments was 3,049 M€ in
the fourth quarter 2011 compared to 2,736 M€ in the fourth quarter 2010,
an increase of 11%.
Expressed in dollars, the adjusted net
operating income from the business segments was 4.1 billion dollars
(B$), an increase of 11% compared to the fourth quarter 2010.
The
lower relative increase in adjusted net operating income from the
business segments compared to the increase in adjusted operating income
from the business segments is mainly due to the increase in the
effective tax rate for the business segments.
> Net income (Group share)
Adjusted net income was 2,725 M€ compared to 2,556 M€ in the fourth quarter 2010, an increase of 7%. Expressed in dollars, adjusted net income increased by 6%.
Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value8Â :
- The after-tax inventory effect had a positive impact of 49 M€ in the fourth quarter 2011 and a positive impact of 283 M€ in the fourth quarter 2010.
- Changes in fair value had a positive impact on net income of 20 M€ in the fourth quarter 2011.
- Special items9 had a negative impact on net income of 504 M€ in the fourth quarter 2011, comprised essentially of impairments on European refining and New Energies, partially offset by the gain on the sale of the Gassled pipeline in Norway. In the fourth quarter 2010, special items had a negative impact on net income of 809 M€.
Net income (Group share) was 2,290 M€ compared to 2,030 M€ in the fourth quarter 2010.
The effective tax rate for the Group was 60.8% in the fourth quarter 2011 compared to 57.2% in the fourth quarter 2010.
Adjusted fully-diluted earnings per share, based on 2,263.5 million fully-diluted weighted average shares, was 1.20 euros compared to 1.14 euros in the fourth quarter 2010, an increase of 6%.
Expressed in dollars, adjusted fully-diluted earnings per share increased by 5% to $1.62.
> Investments – divestments10
Investments, excluding acquisitions and including the change in non-current loans, were 5.2 B€ (7.0 B$) in the fourth quarter 2011 compared to 3.5 B€ (4.7 B$) in the fourth quarter 2010.
Acquisitions were 1,858 M€ (2,505 M$) in the fourth quarter 2011, essentially comprised of an additional 2% interest in the share capital of Novatek, a 20% stake in Yamal LNG in Russia, a joint venture (JV) interest in a shale gas and condensate field in the Utica basin and the pre-payment of a carry commitment in the Barnett shale JV in the US.
Asset sales in the fourth quarter 2011 were 1,211 M€ (1,633 M$), essentially comprised of UK Marketing assets, interests in two non-operated blocks in Nigeria and shares of Sanofi.
Net investments11 were 5.9 B€ (7.9 B$) in the fourth quarter 2011 compared to 3.7 B€ (5.0 B$) in the fourth quarter 2010.
> Cash flow
Cash flow from operations was 2,794 M€ in the fourth quarter 2011 compared to 3,387 M€ in the fourth quarter 2010. The decrease of 18% is essentially due to changes in working capital.
Adjusted cash flow from operations12 was 5,865 M€, an increase of 26% compared to the fourth quarter 2010. Expressed in dollars, adjusted cash flow from operations was 7.9 B$, an increase of 25%.
The Group’s net cash flow13 was a negative 3,078 M€ compared to a negative 295 M€ in the fourth quarter 2010, reflecting mainly a higher level of net investments. Expressed in dollars, the Group’s net cash flow was a negative 4.1 B$ in the fourth quarter 2011.
- Results for the full year 2011
> Operating income
Compared to the full year 2010, the 2011 oil market environment was
marked by a 40% increase in the average Brent price to 111.3 $/b and a
27% increase in the average realized price of gas to 6.53 $/Mbtu. The
ERMI fell to 17.4 $/t in 2011 from 27.4 $/t in 2010.
The
euro-dollar exchange rate was 1.39 $/€ compared to 1.33 $/€ on average
in 2010.
In this environment, the adjusted operating income from the business
segments was 24,409 M€, an increase of 23% compared to 201014.
Expressed
in dollars, adjusted operating income from the business segments was
34.0Â B$, an increase of 29% compared to 2010, essentially due to the
positive effect of higher hydrocarbon prices on the performance of the
Upstream.
The effective tax rate for the business segments was 57.9% compared to 56.0% in 2010.
The adjusted net operating income from the business segments was 12,263 M€ compared to 10,622 M€ in 2010, an increase of 15%.
Expressed in dollars, adjusted net operating income from the business
segments increased by 21%.
The lower relative increase in adjusted
net operating income from the business segments compared to the increase
in adjusted operating income from the business segments is mainly due to
the increase in the effective tax rate for the business segments.
> Net income (Group share)
Adjusted net income increased by 11% to 11,424 M€ compared to 10,288 M€ in 2010. Expressed in dollars, the adjusted net income increased by 17%.
Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value15Â :
- The after-tax inventory effect had a positive impact on net income of 834 M€ in 2011 compared to a positive impact748 M€ in 2010.
- Changes in fair value had a positive impact on net income of 32 M€ in 2011.
- Special items16 had a negative impact on net income of 14 M€ in 2011, comprised mainly of 1,014 M€ of impairments and 1,538 M€ of gains on asset sales. Special items had a negative impact on net income of 384 M€ in 2010.
In 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income of 81 M€.
Net income (Group share) was 12,276 M€ compared to 10,571 M€ in 2010.
The effective tax rate for the Group was 58.4% in 2011 compared to 55.9% in 2010.
As of December 31, 2011, there were 2,263.8 million fully-diluted shares compared to 2,249.3Â on December 31, 2010.
Adjusted fully-diluted earnings per share, based on 2,257.0 million fully-diluted weighted-average shares, was €5.06 in 2011 compared to €4.58 in 2010, an increase of 10%.
Expressed in dollars, adjusted fully-diluted earnings per share was $7.05 in 2011 compared to $6.08 in 2010, an increase of 16%.
> Investments – divestments17
Investments, excluding acquisitions and including changes in non-current loans, were 14.8 B€ (20.6 B$) in 2011 compared to 11.9 B€ (15.8 B$) in 2010.
Acquisitions were 8.8 B€ (12.3 B$) in 2011, comprised essentially of 14% of the share capital of Novatek in Russia, interests in the Fort Hills and Voyageur projects in Canada, assets in the Utica basin and 60% of SunPower.
Asset sales in 2011 were 7.7 B€ (10.7 B$), comprised essentially of the Group’s interests in CEPSA and its E&P Cameroon subsidiary, Sanofi shares, interests in the Joslyn project in Canada and in the Ocensa pipeline in Colombia, UK Marketing assets and part of the Specialty Chemicals resins activities.
Net investments were 16.0 B€ (22.2 B$) in 2011, an increase of 34% compared to 12.0 B€ (15.9 B$) in 2010. Expressed in dollars, net investments rose by 40% in 2011.
> Cash flow
Cash flow from operations was 19,536 M€, an increase of 6% compared to 2010, essentially due to the increase in net income that was partially offset by changes in working capital.
Adjusted cash flow from operations18 was 20,060 M€, an increase of 11%. Expressed in dollars, adjusted cash flow from operations was 27.9 B$, an increase of 17%.
The Group’s net cash flow19 was 3,573 M€ compared to 6,536 M€ in 2010. Expressed in dollars, the Group’s net cash flow was 5.0 B$ in 2011.
The net-debt-to-equity ratio was 23.0% on December 31, 2011, compared to 15.2% on September 30, 2011 and 22.2% on December 31, 201020.
- Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 |  |  | 2011 |  | 2010 |  |
2011 vs 2010 |
| 109.3 | Â | 113.4 | Â | 86.5 | Â | +26% | Â | Brent ($/b) | Â | 111.3 | Â | 79.5 | Â | +40% |
| 104.3 | Â | 106.8 | Â | 83.7 | Â | +25% | Â | Average liquids price ($/b) | Â | 105.0 | Â | 76.3 | Â | +38% |
| 6.79 | Â | 6.56 | Â | 5.62 | Â | +21% | Â | Average gas price ($/Mbtu) | Â | 6.53 | Â | 5.15 | Â | +27% |
| 75.9 | Â | 75.3 | Â | 61.9 | Â | +23% | Â | Average hydrocarbons price ($/boe) | Â | 74.9 | Â | 56.7 | Â | +32% |
* consolidated subsidiaries, excluding fixed margin and buy-back contracts.
> Production
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Hydrocarbon production |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 2,384 | Â | 2,319 | Â | 2,387 | Â | - | Â | Combined production (kboe/d) | Â | 2,346 | Â | 2,378 | Â | -1% | |
| 1,237 | Â | 1,176 | Â | 1,337 | Â | -7% | Â |
-- Liquids (kb/d) |
 | 1,226 |  | 1,340 |  | -9% | |
| 6,201 | Â | 6,228 | Â | 5,692 | Â | +9% | Â |
-- Gas (Mcf/d) |
 | 6,098 |  | 5,648 |  | +8% |
Hydrocarbon production was 2,384 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2011, stable compared to the same quarter last year, essentially as a result of :
- -1% for normal decline, net of production ramp-ups on new projects, including the initial contribution of Pazflor in Angola,
- +4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
- +0.5% for the end of OPEC reductions,
- -1,5% for security conditions, mainly in Libya,
- -2% for the price effect21.
For the full-year 2011, hydrocarbon production was 2,346 kboe/d, a decrease of 1.3% compared to 2010, essentially as a result of :
- -1.5% for normal decline, net of production ramp-ups on new projects,
- +2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
- +1% for the end of OPEC reductions,
- -1.5% for security conditions, mainly in Libya,
- -2% for the price effect 21.
> Reserves
| Year-end reserves | Â | 2011 | Â | 2010 | Â | % | |
| Hydrocarbon reserves (Mboe) | Â | 11,423 | Â | 10,695 | Â | +7% | |
|
-- Liquids (Mb) |
 | 5,784 |  | 5,987 |  | -3% | |
|
-- Gas (Bcf) |
 | 30,717 |  | 25,788 |  | +19% |
Proved reserves based on SEC rules (based on Brent at 110.96Â $/b) were 11,423 Mboe at December 31, 2011. Based on the 2011 average rate of production, the reserve life is 13 years.
The 2011 proved reserve replacement rate22, based on SEC rules, was 185%.
As of year-end 2011, Total has a solid and diversified portfolio of proved and probable reserves23 representing more than 20 years of reserve life based on the 2011 average production rate, and resources24 representing more than 40 years of reserve life.
Results
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | in millions of euros |  | 2011 |  | 2010 |  |
2011 vs 2010 |
| 6,055 | 5,208 | 4,695 | +29% | Adjusted operating income* | 22,474 | 17,653 | +27% | |||||||
| 2,776 | 2,323 | 2,300 | +21% | Adjusted net operating income* | 10,405 | 8,597 | +21% | |||||||
| 476 | 433 | 313 | +52% |
|
1,649 | 1,254 | +31% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 6,300 | 3,289 | 3,942 | +60% | Investments |
21,689 |
13,208 | +64% | |||||||
| 447 | 953 | 771 | -42% | Divestments | 2,656 | 2,067 | +28% | |||||||
| 3,648 | 3,158 | 3,908 | -7% | Cash flow from operating activities | 17,054 | 15,573 | +10% | |||||||
| 5,430 | 3,855 | 3,619 | +50% | Adjusted cash flow | 17,566 | 14,136 | +24% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Upstream segment was 2,776 M€ in
the fourth quarter 2011 compared to 2,300 M€ in the fourth quarter 2010,
an increase of 21%.
Effective fourth quarter 2011, any hydrocarbon
production overlifting / underlifting position is valued at market
prices ; there is a positive contribution of 103 M€ at December 31, 2011.
Expressed in dollars, the increase is 20% and reflects mainly the impact of higher hydrocarbon prices.
The effective tax rate for the Upstream segment was 60.4% compared to 58.9% in the fourth quarter 2010.
For the full year 2011, adjusted net operating income from the Upstream
segment was 10,405 M€ compared to 8,597 M€ in 2010, an increase of 21%.
Expressed
in dollars, adjusted net operating income from the Upstream segment was
14.5 B$, an increase of 27% compared to 2010, essentially due to the
impact of higher hydrocarbon prices.
Technical costs for consolidated subsidiaries, in accordance with ASC 93225, were 18.9Â $/boe in 2011, compared to 16.6 $/boe in 2010.
The return on average capital employed (ROACE26) for the Upstream segment was 20%, for the full-year 2011 compared to 21% for the full year 2010.
Downstream
> Refinery throughput and utilization rates*
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 |  |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 1,674 | Â | 1,922 | Â | 1,832 | Â | -9% | Â | Total refinery throughput (kb/d) | Â | 1,863 | Â | 2,009 | Â | -7% | |
| 742 | Â | 752 | Â | 550 | Â | +35% | Â |
-- France |
 | 732 |  | 697 |  | +5% | |
| 714 | 904 | 1,039 | -31% |
-- Rest of Europe |
885 | 1,059 | -16% | ||||||||
| 218 | Â | 266 | Â | 243 | Â | -10% | Â |
-- Rest of world |
 | 246 |  | 253 |  | -3% | |
| Utilization rates** | |||||||||||||||
| 77% | 83% | 66% |
-- Based on crude only |
78% | 73% | ||||||||||
| 79% | Â | 88% | Â | 71% | Â | Â | Â |
-- Based on crude and other feedstock |
 | 83% |  | 77% |  |  |
* includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.
**based on distillation capacity at the beginning of the year, excluding share of CEPSA effective August 1, 2011 – 3Q11 data adjusted.
In the fourth quarter 2011, refinery throughput decreased by 9% compared to the fourth quarter 2010. The decrease was essentially the result of the sale of the Group’s interest in CEPSA, partially offset by a comparative increase in fourth quarter throughput in France due to the impact of strikes in 2010.
For the full-year 2011, refinery throughput decreased by 7% compared 2010, essentially due to the sale of the Group’s interest in CEPSA and a higher level of major turnarounds than in 2010.
> Results
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 |
in millions of euros (except the ERMI) |
 | 2011 |  | 2010 |  |
2011 vs 2010 |
| 15.1 | 13.4 | 32.3 | -53% |
European refining margin
indicator - ERMI ($/t) |
17.4 | 27.4 | -36% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 242 | 482 | 274 | -12% | Adjusted operating income* | 1,238 | 1,251 | -1% | |||||||
| 222 | 388 | 266 | -17% | Adjusted net operating income* | 1,083 | 1,168 | -7% | |||||||
| (15) | (2) | 61 | n/a |
|
30 | 179 | -83% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 704 | 440 | 757 | -7% | Investments | 1,870 | 2,343 | -20% | |||||||
| 493 | 2,691 | 433 | +14% | Divestments | 3,235 | 499 | X6 | |||||||
| (775) | 1,775 | (955) | n/a | Cash flow from operating activities | 2,165 | 1,441 | +50% | |||||||
| 334 | 553 | 753 | -56% | Adjusted cash flow | 1,645 | 2,405 | -32% |
* detail of adjustment items shown in the business segment information annex to financial statements.
The European refinery margin indicator (ERMI) averaged 15.1 $/t in the fourth quarter 2011, about half of the 32.3 $/t average in the fourth quarter 2010. For the full year 2011, the ERMI was 17.4$/t, a decrease of 36% compared to 2010.
Adjusted net operating income from the Downstream segment was 222 M€ in
the fourth quarter 2011 compared to 266 M€ the fourth quarter 2010.
Expressed
in dollars, adjusted net operating income from the Downstream segment
was 299 M$ compared to 361 M$. The decrease reflects the weaker
environment for refining.
For the full year 2011, adjusted net operating income for the Downstream
segment was 1,083 M€, a decrease of 7% compared to 1,168 M€ in 2010.
Expressed
in dollars, the adjusted net operating income for the Downstream segment
was 1.5 B$, a decrease of 3% compared to 2010. The decrease is
essentially due to the negative impact of the deterioration in refining
margins in 2011 while marketing performed nearly at the 2010 level.
The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream, on European refining assets, in the fourth quarter 2011 in the amount of 532 M€ in operating income and 348 M€ in net operating income. These elements have been treated as adjustment items.
The ROACE27 for the Downstream segment was 7% in 2011 compared to 8% in 2010.
Chemicals
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | in millions of euros |  | 2011 |  | 2010 |  |
2011 vs 2010 |
| 4,412 | 4,669 | 4,218 | +5% | Sales | 19,477 | 17,490 | +11% | |||||||
| 2,841 | 3,096 | 2,579 | +10% |
-- Base chemicals |
12,656 | 10,653 | +19% | |||||||
| 1,570 | 1,572 | 1,639 | -4% |
-- Specialties |
6,819 | 6,824 | - | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| (34) | 191 | 133 | n/a | Adjusted operating income* | 697 | 893 | -22% | |||||||
| 51 | 239 | 170 | -70% | Adjusted net operating income* | 775 | 857 | -10% | |||||||
| (15) | 137 | 67 | n/a |
|
373 | 393 | -5% | |||||||
| 78 | 109 | 109 | -28% |
|
426 | 475 | -10% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 299 | 168 | 292 | +2% | Investments | 847 | 641 | +32% | |||||||
| 44 | 1,094 | 23 | +91% | Divestments | 1,164 | 347 | X3 | |||||||
| 159 | 359 | 332 | -52% | Cash flow from operating activities | 512 | 934 | -45% | |||||||
| 69 | 177 | 189 | -63% | Adjusted cash flow | 871 | 1,157 | -25% |
* detail of adjustment items shown in the business segment information annex to financial statements.
In the fourth quarter 2011, the environment for petrochemicals deteriorated significantly due to a decrease in product demand.
Sales for the Chemicals segment were 4,412 M€ in the fourth quarter 2011.
The adjusted net operating income for the Chemicals segment was 51 M€ compared to 170 M€ in the fourth quarter 2010, reflecting in particular the impact of lower petrochemical margins in Europe and the US as well as the sale of part of the resins activities and the Group’s interest in CEPSA in the third quarter 2011.
For the full year 2011, Chemicals segment sales, excluding intra-Group sales, were 19,477 M€, an increase of 11% compared to 2010.
The adjusted net operating income for the Chemicals segment was 775 M€ compared to 857 M€ in 2010. The decrease reflects essentially the impact of the sale of the Group’s interest in CEPSA and part of the resins activities. Globally, for the full-year 2011, Petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea but suffered from deteriorating margins in the second half of the year in Europe and in the US. Specialty chemicals, excluding the effect of changes in the portfolio, maintained results at a level close to the 2010 level.
The ROACE28 for Chemicals was 10% in 2011 compared to 12% in 2010.
- Total S.A., parent company accounts
Net income for Total S.A., the parent company, was 9,766 M€ in 2011 compared to 5,840 M€ in 2010.
- Proposed dividend
After closing the accounts, the Board of Directors decided to propose at the May 11, 2012, Annual Shareholders Meeting a dividend of 2.28 euros per share for 2011, stable compared to the previous year.
Based on 2011 adjusted net income, the pay-out ratio would be 45%.
Taking into account the three 2011 interim dividends, the remaining 0.57 euros per share would be paid on June 21, 201229.
- Summary and outlook
The full-year 2011 ROACE was 16% at the Group level and 17% for the business segments, stable compared to 2010.
The return on equity for the Group was 18% in 2011 compared to 19% in 2010.
The 2012 net investment budget is 20 B$. Total intends to continue to actively manage its asset portfolio with, in particular, a program of non-strategic asset sales. The 2012 budget for organic investments is 24 B$, of which more than 80% will be dedicated to the Upstream.
In the Upstream, Total expects in 2012 to implement its strategy to accelerate production growth and increase the profitability of its asset portfolio. The ramp-up of Pazflor in Angola and the start-up of several major projects, including Usan in Nigeria, Angola LNG, and Bongkot South in Thailand, will contribute to production growth in 2012 and to achieving the objective of growing production by 2.5% per year on average between 2010 and 2015. After launching Ichthys in Australia, announced at the start of this year, the Group intends to continue work on the drivers for post-2015 growth by preparing to launch, notably, projects in West Africa, Russia and Canada. At the same time, the Group intends to continue the dynamic exploration effort and budgeted 2.5Â B$, a 20% increase from the previous year, to fund its ambitious program.
With a new organization better adapted to face challenges in the market, the Group expects to realize soon the first benefits from an integrated Refining-Chemicals segment and a more customer-oriented Supply-Marketing segment. Major projects, portfolio optimization and productivity gains are expected to lead to an increase in returns from 9% in 2010 to 14% in 2015.
The Group confirms its commitment in favor of a competitive policy for returns to shareholders, based on an average payout ratio of 50%, in keeping with its objective of sustainable growth.
Since the beginning of the first quarter 2012, the environment remained favorable in the Upstream and refining margins improved appreciably following the sharp fall observed at the end of 2011.
To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 14:00 (London time) please log on to www.total.com or call +44 (0)207 162 0025 in Europe or +1 334 323 6201 in the U.S. For a replay through February 24, 2012, please consult the Web site or call +44 (0)207 031 4064 in Europe or +1 954 334 0342 in the U.S. (code : 909 303).
This document does not constitute the annual financial report within
the meaning of Article L.451-1-2 of the French monetary and financial
code, which is included in the company’s Registration document available
on the Group’s Web site at www.total.com
or by request from the company’s headquarters.
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
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 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.
1 Definition of adjusted results on page 2 - dollar amounts
represent euro amounts converted at the average €-$ exchange rate for
the period : 1.3482 $/€ for the 4th quarter 2011 ; 1.3583 $/€ for the
4th quarter 2010 ; 1.4127 $/€ for the 3rd quarter 2011 ; 1.3920 $/€ for
the full year 2011 ; and 1.3257 $/€ for the full year 2010.
Net
income (Group share) was 2,290 M€ in the fourth quarter 2011.
2 Pending approval at the May 11, 2012, Annual Shareholders Meeting, ex-dividend date for the dividend will be June 18, 2012.
3 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 19 and the inventory valuation effect are explained on page 16.
4 Including acquisitions.
5 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
6 Special items affecting operating income from the business segments had a negative impact of 484 M€ in the 4th quarter 2011 and a negative impact of 1,305 M€ in the 4th quarter 2010.
7 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).
8 Adjustment items explained on page 16.
9 Detail shown on page 19.
10 Detail shown on page 20.
11 Net investments = investments including acquisitions and changes in non-current loans – asset sales.
12 Cash flow from operations at replacement cost before changes in working capital.
13 Net cash flow = cash flow from operations - net investments.
14 Special items affecting operating income from the business segments had a negative impact of 873 M€ in 2011 and a negative impact of 1,394 M€ in 2010.
15 Adjustment items explained on page 16.
16 Detail shown on page 19.
17 Detail shown on page 20.
18 Cash flow from operations at replacement cost before changes in working capital.
19 Net cash flow = cash flow from operations - net investments.
20 Detail shown on page 21.
21 Impact of changing hydrocarbon prices on entitlement volumes.
22 Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period. The reserve replacement rate would be 84% in an environment with a constant 79.02 $/b oil price, excluding acquisitions and divestments.
23 Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 100 $/b Brent environment, including projects developed by mining.
24 Proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - Society of Petroleum Engineers - 03/07).
25 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas
26 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.
27 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.
28 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.
29 the ex-dividend date for the remainder of the 2011 dividend would be June 18, 2012 ; for the ADR (NYSEÂ :TOT) the ex-dividend date would be June 13, 2012.
| Â | |||||||||||||||
| Â | |||||||||||||||
| Operating information by segment | |||||||||||||||
| Fourth quarter and full year 2011 | |||||||||||||||
| -- Upstream | |||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | |||||||||
| 4Q11 | 2011 | ||||||||||||||
| 4Q11 | 3Q11 | 4Q10 | vs | Combined liquids and gas | vs | ||||||||||
| Â | Â | Â | Â | Â | Â | 4Q10 | Â | production by region (kboe/d) | Â | 2011 | Â | 2010 | Â | 2010 | |
| 518 | 474 | 573 | -10% | Europe | 512 | 580 | -12% | ||||||||
| 693 | 623 | 764 | -9% | Africa | 659 | 756 | -13% | ||||||||
| 546 | 581 | 540 | +1% | Middle East | 570 | 527 | +8% | ||||||||
| 67 | 68 | 68 | -1% | North America | 67 | 65 | +3% | ||||||||
| 182 | 194 | 179 | +2% | South America | 188 | 179 | +5% | ||||||||
| 212 | 232 | 241 | -12% | Asia-Pacific | 231 | 248 | -7% | ||||||||
| 166 | Â | 147 | Â | 22 | Â | X8 | Â | CIS | Â | 119 | Â | 23 | Â | X5 | |
| 2,384 | Â | 2,319 | Â | 2,387 | Â | - | Â | Total production | Â | 2,346 | Â | 2,378 | Â | -1% | |
| 580 | Â | 600 | Â | 477 | Â | +22% | Â | Includes equity and non-consolidated affiliates | Â | 571 | Â | 444 | Â | +29% | |
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Liquids production by region (kb/d) |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 244 | Â | 234 | Â | 265 | Â | -8% | Â | Europe | Â | 245 | Â | 269 | Â | -9% | |
| 553 | 481 | 614 | -10% | Africa | 517 | 616 | -16% | ||||||||
| 304 | 316 | 310 | -2% | Middle East | 317 | 308 | +3% | ||||||||
| 22 | 28 | 30 | -27% | North America | 27 | 30 | -10% | ||||||||
| 62 | 67 | 83 | -25% | South America | 71 | 76 | -7% | ||||||||
| 25 | 26 | 22 | +14% | Asia-Pacific | 27 | 28 | -4% | ||||||||
| 27 | Â | 24 | Â | 13 | Â | X2 | Â | CIS | Â | 22 | Â | 13 | Â | +69% | |
| 1,237 | Â | 1,176 | Â | 1,337 | Â | -7% | Â | Total production | Â | 1,226 | Â | 1,340 | Â | -9% | |
| 295 | Â | 312 | Â | 318 | Â | -7% | Â | Includes equity and non-consolidated affiliates | Â | 316 | Â | 301 | Â | +5% |
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Gas production by region (Mcf/d) |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 1,491 | Â | 1,299 | Â | 1,676 | Â | -11% | Â | Europe | Â | 1,453 | Â | 1,690 | Â | -14% | |
| 688 | 720 | 739 | -7% | Africa | 715 | 712 | - | ||||||||
| 1,307 | 1,430 | 1,253 | +4% | Middle East | 1,370 | 1,185 | +16% | ||||||||
| 246 | 228 | 214 | +15% | North America | 227 | 199 | +14% | ||||||||
| 664 | 707 | 533 | +25% | South America | 648 | 569 | +14% | ||||||||
| 1,056 | 1,173 | 1,226 | -14% | Asia-Pacific | 1,160 | 1,237 | -6% | ||||||||
| 749 | Â | 671 | Â | 51 | Â | X15 | Â | CIS | Â | 525 | Â | 56 | Â | X9 | |
| 6,201 | Â | 6,228 | Â | 5,692 | Â | +9% | Â | Total production | Â | 6,098 | Â | 5,648 | Â | +8% | |
| 1,537 | Â | 1,560 | Â | 857 | Â | +79% | Â | Includes equity and non-consolidated affiliates | Â | 1,383 | Â | 781 | Â | +77% |
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Liquefied natural gas |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 3.15 | Â | 3.35 | Â | 3.12 | Â | +1% | Â | LNG sales* (Mt) | Â | 13.19 | Â | 12.32 | Â | +7% |
* sales, Group share, excluding trading ; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient.
- Downstream
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Refined products sales by region (kb/d)* |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 1,685 | Â | 1,888 | Â | 1,968 | Â | -14% | Â | Europe | Â | 1,848 | Â | 1,929 | Â | -4% | |
| 304 | 307 | 295 | +3% | Africa | 304 | 292 | +4% | ||||||||
| 94 | 101 | 95 | -1% | Americas | 100 | 115 | -13% | ||||||||
| 177 | Â | 174 | Â | 165 | Â | +7% | Â | Rest of world | Â | 172 | Â | 159 | Â | +8% | |
| 2,260 | Â | 2,470 | Â | 2,523 | Â | -10% | Â | Total consolidated sales | Â | 2,424 | Â | 2,495 | Â | -3% | |
| 1,062 | Â | 1,270 | Â | 1,307 | Â | -19% | Â | Trading | Â | 1,215 | Â | 1,281 | Â | -5% | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| 3,322 | Â | 3,740 | Â | 3,830 | Â | -13% | Â | Total refined product sales | Â | 3,639 | Â | 3,776 | Â | -4% |
* includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.
Adjustment items
- Adjustments to operating income from business segments
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â | in millions of euros | Â | 2011 | Â | 2010 | |
| (484) | Â | (326) | Â | (1,305) | Â | Special items affecting operating income from the business segments | Â | (873) | Â | (1,394) | |
| - | Â | - | Â | - | Â |
-- Restructuring charges |
 | - |  | - | |
| (535) | (245) | (1,393) |
-- Impairments |
(781) | (1,416) | ||||||
| 51 | Â | (81) | Â | 88 | Â |
-- Other |
 | (92) |  | 22 | |
| 58 | Â | (112) | Â | 397 | Â | Pre-tax inventory effect : FIFO vs. replacement cost | Â | 1,215 | Â | 993 | |
| 30 | Â | (14) | Â | - | Â | Effect of change in fair value | Â | 45 | Â | - | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| (396) | Â | (452) | Â | (908) | Â | Total adjustments affecting operating income from the business segments | Â | 387 | Â | (401) |
- Adjustments to net income (Group share)
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â | in millions of euros | Â | 2011 | Â | 2010 | |
| (504) | Â | 610 | Â | (809) | Â | Special items affecting net income (Group share) | Â | (14) | Â | (384) | |
| 268 | Â | 1,054 | Â | 352 | Â |
-- Gain on asset sales |
 | 1,538 |  | 1,046 | |
| (66) | Â | (56) | Â | (42) | Â |
-- Restructuring charges |
 | (122) |  | (53) | |
| (716) | (251) | (1,058) |
-- Impairments |
(1,014) | (1,224) | ||||||
| 10 | Â | (137) | Â | (61) | Â |
-- Other |
 | (416) |  | (153) | |
| 49 | Â | (87) | Â | 283 | Â | After-tax inventory effect : FIFO vs. replacement cost | Â | 834 | Â | 748 | |
| 20 | Â | (10) | Â | - | Â | Effect of changes in fair value | Â | 32 | Â | - | |
| - | Â | - | Â | - | Â | Equity share of adjustment items related to Sanofi* | Â | - | Â | (81) | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| (435) | Â | 513 | Â | (526) | Â | Total adjustments to net income | Â | 852 | Â | 283 |
* effective July 1, 2010, Sanofi is no longer treated as an equity affiliate. Total’s share in Sanofi was 3.22% on December 31, 2011 and 5.5% on December 31, 2010.
| Â | Â | Â | Â | Â | |||||||
|
Effective tax rates |
|||||||||||
| Â | |||||||||||
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â | Effective tax rate* | Â | 2011 | Â | 2010 | |
| 60.4% | 63.9% | 58.9% | Upstream | 60.7% | 59.1% | ||||||
| 60.8% | Â | 57.9% | Â | 57.2% | Â | Group | Â | 58.4% | Â | 55.9% |
* 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).
| Â | |||||||||||||||
|
Investments – Divestments |
|||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | |||||||||
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | in millions of euros |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 5,225 | 3,349 | 3,454 | +51% | Investments excluding acquisitions* | 14,828 | 11,894 | +25% | ||||||||
| 328 | 287 | 462 | -29% |
-- Capitalized exploration |
1,074 | 1,042 | +3% | ||||||||
| 244 | Â | 93 | Â | (315) | Â | n/a | Â |
-- Change in non-current loans** |
 | 339 |  | 81 |  | X4 | |
| 1,858 | Â | 445 | Â | 970 | Â | +92% | Â | Acquisitions | Â | 8,840 | Â | 3,515 | Â | X3 | |
| 7,083 | Â | 3,794 | Â | 4,424 | Â | +60% | Â | Investments including acquisitions* | Â | 23,668 | Â | 15,409 | Â | +54% | |
| 1,211 | Â | 4,955 | Â | 742 | Â | +63% | Â | Asset sales | Â | 7,705 | Â | 3,452 | Â | X2 | |
| 5,872 | Â | (1,161) | Â | 3,682 | Â | +59% | Â | Net investments | Â | 15,963 | Â | 11,957 | Â | +34% | |
| 4Q11 | Â | 3Q11 | Â | 4Q10 | Â |
4Q11 vs 4Q10 |
 | Expressed in millions of dollars*** |  | 2011 |  | 2010 |  |
2011 vs 2010 |
|
| 7,044 | Â | 4,731 | Â | 4,692 | Â | +50% | Â | Investments excluding acquisitions* | Â | 20,641 | Â | 15,768 | Â | +31% | |
| 442 | 405 | 628 | -30% |
-- Capitalized exploration |
1,495 | 1,381 | +8% | ||||||||
| 329 | Â | 131 | Â | (427) | Â | n/a | Â |
-- Change in non-current loans** |
 | 472 |  | 107 |  | X4 | |
| 2,505 | Â | 629 | Â | 1,318 | Â | +90% | Â | Acquisitions | Â | 12,305 | Â | 4,660 | Â | X3 | |
| 9,549 | Â | 5,360 | Â | 6,009 | Â | +59% | Â | Investments including acquisitions* | Â | 32,946 | Â | 20,428 | Â | +61% | |
| 1,633 | Â | 7,000 | Â | 1,008 | Â | +62% | Â | Asset sales | Â | 10,725 | Â | 4,576 | Â | X2 | |
| 7,917 | Â | (1,640) | Â | 5,001 | Â | +58% | Â | Net investments | Â | 22,220 | Â | 15,851 | Â | +40% |
* includes changes in non-current loans.
** includes
net investments in equity affiliates and non-consolidated companies +
net financing for employees related stock purchase plans.
***
dollar amounts represent euro amounts converted at the average €-$
exchange rate for the period.
|
Net-debt-to-equity ratio |
|||||||
| Â | Â | Â | |||||
| in millions of euros | Â | 12/31/2011 | Â | 9/30/2011 | Â | 12/31/2010 | |
| Current borrowings | 9,675 | 10,406 | 9,653 | ||||
| Net current financial assets | (533) | (923) | (1,046) | ||||
| Non-current financial debt | 22,557 | 22,415 | 20,783 | ||||
| Hedging instruments of non-current debt | (1,976) | (2,012) | (1,870) | ||||
| Cash and cash equivalents | Â | (14,025) | Â | (19,942) | Â | (14,489) | |
| Net debt | Â | 15,698 | Â | 9,944 | Â | 13,031 | |
| Â | Â | Â | Â | Â | Â | Â | |
| Shareholders’ equity | 68,037 | 65,290 | 60,414 | ||||
| Estimated dividend payable | (1,255) | (1,254) | (2,553) | ||||
| Minority interests | Â | 1,352 | Â | 1,467 | Â | 857 | |
| Equity | Â | 68,134 | Â | 65,503 | Â | 58,718 | |
| Â | Â | Â | Â | Â | Â | Â | |
| Net-debt-to-equity ratio | Â | 23.0% | Â | 15.2% | Â | 22.2% | |
| Â | |||||||||
|
2012 Sensitivities* |
|||||||||
| Â | Â | Â | Â | ||||||
| Â | Â | Scenario | Â | Change | Â | Impact on adjusted operating income(e) | Â | Impact on adjusted net operating income(e) | |
| Dollar |  | 1.40 $/€ |  | +0.1 $ per € |  | -1.8 B€ |  | -0.95 B€ | |
| Brent |  | 100 $/b |  | +1 $/b |  | +0.25 B€ / 0.35 B$ |  | +0.11 B€ / 0.15 B$ | |
| European refining margins (ERMI) |  | 25 $/t |  | +1 $/t |  | +0.06 B€ / 0.08 B$ |  | +0.04 B€ / 0.05 B$ | |
* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on 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
- Full year 2011
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Group | |
| Adjusted net operating income | Â | 10,405 | Â | 1,083 | Â | 775 | Â | 12,263 | 12,045 | ||
| Capital employed at 12/31/2010* | 43,972 | 15,561 | 7,312 | 66,845 | 70,866 | ||||||
| Capital employed at 12/31/2011* | Â | 58,939 | Â | 13,801 | Â | 7,473 | Â | 80,213 | 81,066 | ||
| ROACE | Â | 20.2% | Â | 7.4% | Â | 10.5% | Â | 16.7% | 15.9% |
* at replacement cost (excluding after-tax inventory effect).
- Twelve months ended September 30, 2011
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Group | |
| Adjusted net operating income | Â | 9,929 | Â | 1,127 | Â | 894 | Â | 11,950 | 11,828 | ||
| Capital employed at 9/30/2010* | 41,629 | 15,379 | 7,232 | 64,240 | 68,242 | ||||||
| Capital employed at 9/30/2011* | Â | 51,851 | Â | 12,691 | Â | 7,194 | Â | 71,736 | 72,764 | ||
| ROACE | Â | 21.2% | Â | 8.0% | Â | 12.4% | Â | 17.6% | 16.8% |
* at replacement cost (excluding after-tax inventory effect).
- Full year 2010
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Group | |
| Adjusted net operating income | Â | 8,597 | Â | 1,168 | Â | 857 | Â | 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* | Â | 43,972 | Â | 15,561 | Â | 7,312 | Â | 66,845 | 70,866 | ||
| ROACE | Â | 21.1% | Â | 7.6% | Â | 12.1% | Â | 16.8% | 15.9% |
* at replacement cost (excluding after-tax inventory effect).
Total Financial Statements
Fourth quarter and full year 2011 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | ||||
| TOTAL | |||||||
| Â | |||||||
| (unaudited) | |||||||
| Â | |||||||
|
(M€) (a) |
 |
4th quarter
2011 |
 |
3rd quarter
2011 |
 |
4th quarter
2010 |
|
| Sales | 47,492 | 46,163 | 40,157 | ||||
| Excise taxes | (4,534) | (4,638) | (4,397) | ||||
| Revenues from sales | 42,958 | 41,525 | 35,760 | ||||
| Purchases, net of inventory variation | (29,233) | (29,018) | (23,623) | ||||
| Other operating expenses | (5,276) | (5,061) | (4,749) | ||||
| Exploration costs | (339) | (242) | (197) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,416) | (1,873) | (3,160) | ||||
| Other income | 281 | 1,334 | 582 | ||||
| Other expense | (838) | (212) | (513) | ||||
| Financial interest on debt | (156) | (262) | (126) | ||||
| Financial income from marketable securities & cash equivalents | 57 | 114 | 43 | ||||
| Cost of net debt | (99) | (148) | (83) | ||||
| Other financial income | 91 | 108 | 118 | ||||
| Other financial expense | (102) | (115) | (114) | ||||
| Equity in net income (loss) of affiliates | 478 | 497 | 515 | ||||
| Income taxes | Â | (3,121) | Â | (3,448) | Â | (2,455) | |
| Consolidated net income | Â | 2,384 | Â | 3,347 | Â | 2,081 | |
| Group share | 2,290 | 3,314 | 2,030 | ||||
| Non-controlling interests | Â | 94 | Â | 33 | Â | 51 | |
| Earnings per share (€) |  | 1.02 |  | 1.47 |  | 0.91 | |
| Fully-diluted earnings per share (€) |  | 1.01 |  | 1.47 |  | 0.90 | |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | |||||
| TOTAL | Â | ||||||
| (unaudited) | |||||||
| Â | |||||||
| (M€) |  |
4th quarter
2011 |
 |
3rd quarter
2011 |
 |
4th quarter
2010 |
|
| Consolidated net income | Â | 2,384 | Â | 3,347 | Â | 2,081 | |
| Other comprehensive income | |||||||
| Currency translation adjustment | 1,833 | 2,309 | 762 | ||||
| Available for sale financial assets | 296 | (389) | (52) | ||||
| Cash flow hedge | 5 | (54) | 9 | ||||
| Share of other comprehensive income of associates, net amount | 219 | (131) | 27 | ||||
| Other | 2 | (2) | (1) | ||||
| Â | |||||||
| Tax effect | Â | (108) | Â | 82 | Â | (3) | |
| Total other comprehensive income (net amount) | Â | 2,247 | Â | 1,815 | Â | 742 | |
| Â | Â | Â | Â | Â | Â | Â | |
| Comprehensive income | Â | 4,631 | Â | 5,162 | Â | 2,823 | |
| - Group share | 4,478 | 5,077 | 2,757 | ||||
| - Non-controlling interests | 153 | 85 | 66 | ||||
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | |||
| TOTAL | |||||
|
 |
|||||
| Â | |||||
| (M€) (a) |  |
Year
2011 |
 |
Year
2010 |
|
| Sales | 184,693 | 159,269 | |||
| Excise taxes | (18,143) | (18,793) | |||
| Revenues from sales | 166,550 | 140,476 | |||
| Purchases, net of inventory variation | (113,892) | (93,171) | |||
| Other operating expenses | (19,843) | (19,135) | |||
| Exploration costs | (1,019) | (864) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (7,506) | (8,421) | |||
| Other income | 1,946 | 1,396 | |||
| Other expense | (1,247) | (900) | |||
| Financial interest on debt | (713) | (465) | |||
| Financial income from marketable securities & cash equivalents | 273 | 131 | |||
| Cost of net debt | (440) | (334) | |||
| Other financial income | 609 | 442 | |||
| Other financial expense | (429) | (407) | |||
| Equity in net income (loss) of affiliates | 1,925 | 1,953 | |||
| Income taxes | Â | (14,073) | Â | (10,228) | |
| Consolidated net income | Â | 12,581 | Â | 10,807 | |
| Group share | 12,276 | 10,571 | |||
| Non-controlling interests | Â | 305 | Â | 236 | |
| Earnings per share (€) |  | 5.46 |  | 4.73 | |
| Fully-diluted earnings per share (€) |  | 5.44 |  | 4.71 | |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | ||||
| TOTAL | Â | ||||
|
 |
|||||
| Â | |||||
| (M€) |  |
Year
2011 |
 |
Year
2010 |
|
| Consolidated net income | Â | 12,581 | Â | 10,807 | |
| Other comprehensive income | |||||
| Currency translation adjustment | 1,498 | 2,231 | |||
| Available for sale financial assets | 337 | (100) | |||
| Cash flow hedge | (84) | (80) | |||
| Share of other comprehensive income of associates, net amount | (15) | 302 | |||
| Other | (2) | (7) | |||
| Â | |||||
| Tax effect | Â | (55) | Â | 28 | |
| Total other comprehensive income (net amount) | Â | 1,679 | Â | 2,374 | |
| Â | Â | Â | Â | Â | |
| Comprehensive income | Â | 14,260 | Â | 13,181 | |
| - Group share | 13,911 | 12,936 | |||
| - Non-controlling interests | 349 | 245 | |||
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | ||||
| TOTAL | |||||||
| Â | |||||||
| Â | |||||||
| (M€) |  |
December 31, |
 |
September 30, Â |
 |
December 31, |
|
| ASSETS | |||||||
| Non-current assets | |||||||
| Intangible assets, net | 12,413 | 10,280 | 8,917 | ||||
| Property, plant and equipment, net | 64,457 | 59,729 | 54,964 | ||||
| Equity affiliates : investments and loans | 12,995 | 11,455 | 11,516 | ||||
| Other investments | 3,674 | 3,767 | 4,590 | ||||
| Hedging instruments of non-current financial debt | 1,976 | 2,012 | 1,870 | ||||
| Other non-current assets | Â | 4,871 | Â | 4,248 | Â | 3,655 | |
| Total non-current assets | Â | 100,386 | Â | 91,491 | Â | 85,512 | |
| Current assets | |||||||
| Inventories, net | 18,122 | 16,024 | 15,600 | ||||
| Accounts receivable, net | 20,049 | 18,786 | 18,159 | ||||
| Other current assets | 10,767 | 7,938 | 7,483 | ||||
| Current financial assets | 700 | 1,172 | 1,205 | ||||
| Cash and cash equivalents | Â | 14,025 | Â | 19,942 | Â | 14,489 | |
| Total current assets | Â | 63,663 | Â | 63,862 | Â | 56,936 | |
| Assets classified as held for sale | Â | - | Â | 1,630 | Â | 1,270 | |
| Total assets | 164,049 | 156,983 | 143,718 | ||||
| LIABILITIES & SHAREHOLDERS' EQUITY | |||||||
| Shareholders' equity | |||||||
| Common shares | 5,909 | 5,909 | 5,874 | ||||
| Paid-in surplus and retained earnings | 66,506 | 65,862 | 60,538 | ||||
| Currency translation adjustment | (988) | (3,091) | (2,495) | ||||
| Treasury shares | Â | (3,390) | Â | (3,390) | Â | (3,503) | |
| Total shareholders' equity - Group Share | Â | 68,037 | Â | 65,290 | Â | 60,414 | |
| Non-controlling interests | Â | 1,352 | Â | 1,467 | Â | 857 | |
| Total shareholders' equity | Â | 69,389 | Â | 66,757 | Â | 61,271 | |
| Non-current liabilities | |||||||
| Deferred income taxes | 12,260 | 10,601 | 9,947 | ||||
| Employee benefits | 2,232 | 2,180 | 2,171 | ||||
| Provisions and other non-current liabilities | 10,909 | 8,920 | 9,098 | ||||
| Non-current financial debt | Â | 22,557 | Â | 22,415 | Â | 20,783 | |
| Total non-current liabilities | Â | 47,958 | Â | 44,116 | Â | 41,999 | |
| Current liabilities | |||||||
| Accounts payable | 22,086 | 18,753 | 18,450 | ||||
| Other creditors and accrued liabilities | 14,774 | 16,361 | 11,989 | ||||
| Current borrowings | 9,675 | 10,406 | 9,653 | ||||
| Other current financial liabilities | Â | 167 | Â | 249 | Â | 159 | |
| Total current liabilities | Â | 46,702 | Â | 45,769 | Â | 40,251 | |
| Liabilities directly associated with the assets classified as held for sale | Â | - | Â | 341 | Â | 197 | |
| Total liabilities and shareholders' equity | 164,049 | 156,983 | 143,718 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | ||||
| TOTAL | |||||||
| (unaudited) | |||||||
| Â | |||||||
| (M€) |  |
4th quarter
2011 |
 |
3rd quarter
2011 |
 |
4th quarter
2010 |
|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||||
| Consolidated net income | 2,384 | 3,347 | 2,081 | ||||
| Depreciation, depletion and amortization | 3,037 | 2,062 | 3,338 | ||||
| Non-current liabilities, valuation allowances and deferred taxes | 505 | 312 | 199 | ||||
| Impact of coverage of pension benefit plans | - | - | (60) | ||||
| (Gains) losses on sales of assets | (73) | (1,282) | (429) | ||||
| Undistributed affiliates' equity earnings | 50 | (34) | (133) | ||||
| (Increase) decrease in working capital | (3,129) | 1,501 | (1,658) | ||||
| Other changes, net | Â | 20 | Â | 58 | Â | 49 | |
| Cash flow from operating activities | 2,794 | 5,964 | 3,387 | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | |||||||
| Intangible assets and property, plant and equipment additions | (5,559) | (3,802) | (4,477) | ||||
| Acquisitions of subsidiaries, net of cash acquired | (45) | 170 | (6) | ||||
| Investments in equity affiliates and other securities | (1,235) | (69) | (256) | ||||
| Increase in non-current loans | Â | (528) | Â | (220) | Â | (287) | |
| Total expenditures | (7,367) | (3,921) | (5,026) | ||||
| Proceeds from disposal of intangible assets and property, plant and equipment | 600 | 213 | 538 | ||||
| Proceeds from disposal of subsidiaries, net of cash sold | 5 | 399 | - | ||||
| Proceeds from disposal of non-current investments | 606 | 4,343 | 204 | ||||
| Repayment of non-current loans | Â | 284 | Â | 127 | Â | 602 | |
| Total divestments | Â | 1,495 | Â | 5,082 | Â | 1,344 | |
| Cash flow used in investing activities | (5,872) | 1,161 | (3,682) | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | |||||||
| Issuance (repayment) of shares: | |||||||
| - Parent company shareholders | - | 77 | 27 | ||||
| - Treasury shares | - | - | - | ||||
| Dividends paid: | |||||||
| - Parent company shareholders | (1,285) | (1,283) | (2,550) | ||||
| - Non-controlling interests | (75) | (35) | (62) | ||||
| Other transactions with non-controlling interests | (632) | - | 21 | ||||
| Net issuance (repayment) of non-current debt | 129 | 1,034 | 57 | ||||
| Increase (decrease) in current borrowings | (1,617) | (2,541) | (1,490) | ||||
| Increase (decrease) in current financial assets and liabilities | 531 | 1,999 | 474 | ||||
| Cash flow used in financing activities | Â | (2,949) | Â | (749) | Â | (3,523) | |
| Net increase (decrease) in cash and cash equivalents | (6,027) | 6,376 | (3,818) | ||||
| Effect of exchange rates | 110 | 179 | 60 | ||||
| Cash and cash equivalents at the beginning of the period | Â | 19,942 | Â | 13,387 | Â | 18,247 | |
| Cash and cash equivalents at the end of the period | Â | 14,025 | Â | 19,942 | Â | 14,489 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | |||
| TOTAL | |||||
|
 |
|||||
| Â | |||||
| (M€) |  |
Year
2011 |
 |
Year
2010 |
|
| CASH FLOW FROM OPERATING ACTIVITIES | |||||
| Consolidated net income | 12,581 | 10,807 | |||
| Depreciation, depletion and amortization | 8,628 | 9,117 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 1,665 | 527 | |||
| Impact of coverage of pension benefit plans | - | (60) | |||
| (Gains) losses on sales of assets | (1,590) | (1,046) | |||
| Undistributed affiliates' equity earnings | (107) | (470) | |||
| (Increase) decrease in working capital | (1,739) | (496) | |||
| Other changes, net | Â | 98 | Â | 114 | |
| Cash flow from operating activities | 19,536 | 18,493 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | |||||
| Intangible assets and property, plant and equipment additions | (17,950) | (13,812) | |||
| Acquisitions of subsidiaries, net of cash acquired | (854) | (862) | |||
| Investments in equity affiliates and other securities | (4,525) | (654) | |||
| Increase in non-current loans | Â | (1,212) | Â | (945) | |
| Total expenditures | (24,541) | (16,273) | |||
| Proceeds from disposal of intangible assets and property, plant and equipment | 1,439 | 1,534 | |||
| Proceeds from disposal of subsidiaries, net of cash sold | 575 | 310 | |||
| Proceeds from disposal of non-current investments | 5,691 | 1,608 | |||
| Repayment of non-current loans | Â | 873 | Â | 864 | |
| Total divestments | Â | 8,578 | Â | 4,316 | |
| Cash flow used in investing activities | (15,963) | (11,957) | |||
| CASH FLOW USED IN FINANCING ACTIVITIES | |||||
| Issuance (repayment) of shares: | |||||
| - Parent company shareholders | 481 | 41 | |||
| - Treasury shares | - | 49 | |||
| Dividends paid: | |||||
| - Parent company shareholders | (5,140) | (5,098) | |||
| - Non controlling interests | (172) | (152) | |||
| Other transactions with non-controlling interests | (573) | (429) | |||
| Net issuance (repayment) of non-current debt | 4,069 | 3,789 | |||
| Increase (decrease) in current borrowings | (3,870) | (731) | |||
| Increase (decrease) in current financial assets and liabilities | 896 | (817) | |||
| Cash flow used in financing activities | Â | (4,309) | Â | (3,348) | |
| Net increase (decrease) in cash and cash equivalents | (736) | 3,188 | |||
| Effect of exchange rates | 272 | (361) | |||
| Cash and cash equivalents at the beginning of the period | Â | 14,489 | Â | 11,662 | |
| Cash and cash equivalents at the end of the period | Â | 14,025 | Â | 14,489 |
| 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 | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Common shares issued | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares | Shareholders' equity Group Share | Non-controlling interests | Total shareholders' equity | |||||||||||||
| (M€) |  | Number |  | Amount |  |  |  |  |  | Number |  | Amount |  |  |  |  |  |  | |
| As of January 1, 2010 | Â | 2,348,422,884 | Â | 5,871 | Â | 55,372 | Â | (5,069) | Â | (115,407,190) | Â | (3,622) | Â | 52,552 | Â | 987 | Â | 53,539 | |
| Net income 2010 | - | - | 10,571 | - | - | - | 10,571 | 236 | 10,807 | ||||||||||
| Other comprehensive Income | - | - | (216) | 2,581 | - | - | 2,365 | 9 | 2,374 | ||||||||||
| Comprehensive Income | - | - | 10,355 | 2,581 | - | - | 12,936 | 245 | 13,181 | ||||||||||
| Dividend | - | - | (5,098) | - | - | - | (5,098) | (152) | (5,250) | ||||||||||
| Issuance of common shares | 1,218,047 | 3 | 38 | - | - | - | 41 | - | 41 | ||||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | ||||||||||
| Sale of treasury shares (1) | - | - | (70) | - | 2,919,511 | 119 | 49 | - | 49 | ||||||||||
| Share-based payments | - | - | 140 | - | - | - | 140 | - | 140 | ||||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | ||||||||||
| Other operations with non-controlling interests | - | - | (199) | (7) | - | - | (206) | (223) | (429) | ||||||||||
| Other items | - | - | - | - | - | - | - | - | - | ||||||||||
| As of December 31, 2010 | Â | 2,349,640,931 | Â | 5,874 | Â | 60,538 | Â | (2,495) | Â | (112,487,679) | Â | (3,503) | Â | 60,414 | Â | 857 | Â | 61,271 | |
| Net income 2011 | - | - | 12,276 | - | - | - | 12,276 | 305 | 12,581 | ||||||||||
| Other comprehensive Income | - | - | 231 | 1,404 | - | - | 1,635 | 44 | 1,679 | ||||||||||
| Comprehensive Income | - | - | 12,507 | 1,404 | - | - | 13,911 | 349 | 14,260 | ||||||||||
| Dividend | - | - | (6,457) | - | - | - | (6,457) | (172) | (6,629) | ||||||||||
| Issuance of common shares | 14,126,382 | 35 | 446 | - | - | - | 481 | - | 481 | ||||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | ||||||||||
| Sale of treasury shares (1) | - | - | (113) | - | 2,933,506 | 113 | - | - | - | ||||||||||
| Share-based payments | - | - | 161 | - | - | - | 161 | - | 161 | ||||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | ||||||||||
| Other operations with non-controlling interests | - | - | (553) | 103 | - | - | (450) | (123) | (573) | ||||||||||
| Other items | - | - | (23) | - | - | - | (23) | 441 | 418 | ||||||||||
| As of December 31, 2011 | Â | 2,363,767,313 | Â | 5,909 | Â | 66,506 | Â | (988) | Â | (109,554,173) | Â | (3,390) | Â | 68,037 | Â | 1,352 | Â | 69,389 | |
| 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 | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 6,716 | 36,367 | 4,412 | (3) | - | 47,492 | |||||||
| Intersegment sales | 7,450 | 1,284 | 349 | 56 | (9,139) | - | |||||||
| Excise taxes | Â | - | Â | (4,534) | Â | - | Â | - | Â | - | Â | (4,534) | |
| Revenues from sales | 14,166 | 33,117 | 4,761 | 53 | (9,139) | 42,958 | |||||||
| Operating expenses | (6,626) | (32,344) | (4,800) | (217) | 9,139 | (34,848) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,455) | Â | (825) | Â | (127) | Â | (9) | Â | - | Â | (2,416) | |
| Operating income | 6,085 | (52) | (166) | (173) | - | 5,694 | |||||||
| Equity in net income (loss) of affiliates and other items | (142) | (42) | 52 | 42 | - | (90) | |||||||
| Tax on net operating income | Â | (3,303) | Â | 120 | Â | 61 | Â | (26) | Â | - | Â | (3,148) | |
| Net operating income | 2,640 | 26 | (53) | (157) | - | 2,456 | |||||||
| Net cost of net debt | (72) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (94) | |
| Net income | 2,290 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2011 (adjustments) (a)
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 30 | - | - | - | 30 | ||||||||
| Intersegment sales | |||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Revenues from sales | 30 | - | - | - | 30 | ||||||||
| Operating expenses | - | 238 | (129) | - | 109 | ||||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (532) | Â | (3) | Â | - | Â | Â | Â | (535) | |
| Operating income (b) | 30 | (294) | (132) | - | (396) | ||||||||
| Equity in net income (loss) of affiliates and other items | (460) | (95) | (22) | 21 | (556) | ||||||||
| Tax on net operating income | Â | 294 | Â | 193 | Â | 50 | Â | (7) | Â | Â | Â | 530 | |
| Net operating income (b) | (136) | (196) | (104) | 14 | (422) | ||||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (13) | |
| Net income | (435) | ||||||||||||
| 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 | - | 170 | (112) | - | |||||||||
| On net operating income | - | 140 | (78) | - | |||||||||
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  | |
|
4th quarter 2011 (adjusted)
(M€) (a) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 6,686 | 36,367 | 4,412 | (3) | - | 47,462 | |||||||
| Intersegment sales | 7,450 | 1,284 | 349 | 56 | (9,139) | - | |||||||
| Excise taxes | Â | - | Â | (4,534) | Â | - | Â | - | Â | - | Â | (4,534) | |
| Revenues from sales | 14,136 | 33,117 | 4,761 | 53 | (9,139) | 42,928 | |||||||
| Operating expenses | (6,626) | (32,582) | (4,671) | (217) | 9,139 | (34,957) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,455) | Â | (293) | Â | (124) | Â | (9) | Â | - | Â | (1,881) | |
| Adjusted operating income | 6,055 | 242 | (34) | (173) | - | 6,090 | |||||||
| Equity in net income (loss) of affiliates and other items | 318 | 53 | 74 | 21 | - | 466 | |||||||
| Tax on net operating income | Â | (3,597) | Â | (73) | Â | 11 | Â | (19) | Â | - | Â | (3,678) | |
| Adjusted net operating income | 2,776 | 222 | 51 | (171) | - | 2,878 | |||||||
| Net cost of net debt | (72) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (81) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,725 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 1.20 | |
| (a) Except for per share amounts. | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
4th quarter 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 6,300 | 704 | 299 | 64 | 7,367 | ||||||||
| Total divestments | 447 | 493 | 44 | 511 | 1,495 | ||||||||
| Cash flow from operating activities | Â | 3,648 | Â | (775) | Â | 159 | Â | (238) | Â | Â | Â | 2,794 | |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
3rd quarter 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,272 | 36,220 | 4,669 | 2 | - | 46,163 | |||||||
| Intersegment sales | 6,571 | 1,582 | 243 | 45 | (8,441) | - | |||||||
| Excise taxes | Â | - | Â | (4,638) | Â | - | Â | - | Â | - | Â | (4,638) | |
| Revenues from sales | 11,843 | 33,164 | 4,912 | 47 | (8,441) | 41,525 | |||||||
| Operating expenses | (5,443) | (32,559) | (4,624) | (136) | 8,441 | (34,321) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,281) | Â | (464) | Â | (119) | Â | (9) | Â | - | Â | (1,873) | |
| Operating income | 5,119 | 141 | 169 | (98) | - | 5,331 | |||||||
| Equity in net income (loss) of affiliates and other items | 922 | 347 | 319 | 24 | - | 1,612 | |||||||
| Tax on net operating income | Â | (3,401) | Â | (58) | Â | (45) | Â | 41 | Â | - | Â | (3,463) | |
| Net operating income | 2,640 | 430 | 443 | (33) | - | 3,480 | |||||||
| Net cost of net debt | (133) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (33) | |
| Net income | 3,314 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
3rd quarter 2011 (adjustments) (a)
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | (14) | - | - | - | (14) | ||||||||
| Intersegment sales | |||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Revenues from sales | (14) | - | - | - | (14) | ||||||||
| Operating expenses | - | (173) | (19) | - | (192) | ||||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (75) | Â | (168) | Â | (3) | Â | - | Â | Â | Â | (246) | |
| Operating income (b) | (89) | (341) | (22) | - | (452) | ||||||||
| Equity in net income (loss) of affiliates and other items | 530 | 339 | 243 | 15 | 1,127 | ||||||||
| Tax on net operating income | Â | (124) | Â | 44 | Â | (17) | Â | (71) | Â | Â | Â | (168) | |
| Net operating income (b) | 317 | 42 | 204 | (56) | 507 | ||||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6 | |
| Net income | 513 | ||||||||||||
| 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 | - | (100) | (12) | - | |||||||||
| On net operating income | - | (83) | (7) | - | |||||||||
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  | |
|
3rd quarter 2011 (adjusted)
(M€) (a) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 5,286 | 36,220 | 4,669 | 2 | - | 46,177 | |||||||
| Intersegment sales | 6,571 | 1,582 | 243 | 45 | (8,441) | - | |||||||
| Excise taxes | Â | - | Â | (4,638) | Â | - | Â | - | Â | - | Â | (4,638) | |
| Revenues from sales | 11,857 | 33,164 | 4,912 | 47 | (8,441) | 41,539 | |||||||
| Operating expenses | (5,443) | (32,386) | (4,605) | (136) | 8,441 | (34,129) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,206) | Â | (296) | Â | (116) | Â | (9) | Â | - | Â | (1,627) | |
| Adjusted operating income | 5,208 | 482 | 191 | (98) | - | 5,783 | |||||||
| Equity in net income (loss) of affiliates and other items | 392 | 8 | 76 | 9 | - | 485 | |||||||
| Tax on net operating income | Â | (3,277) | Â | (102) | Â | (28) | Â | 112 | Â | - | Â | (3,295) | |
| Adjusted net operating income | 2,323 | 388 | 239 | 23 | - | 2,973 | |||||||
| Net cost of net debt | (133) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (39) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,801 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 1.24 | |
| (a) Except for per share amounts. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
3rd quarter 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 3,289 | 440 | 168 | 24 | - | 3,921 | |||||||
| Total divestments | 953 | 2,691 | 1,094 | 344 | - | 5,082 | |||||||
| Cash flow from operating activities | Â | 3,158 | Â | 1,775 | Â | 359 | Â | 672 | Â | - | Â | 5,964 | |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | 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 | Â | - | Â | (4,397) | Â | - | Â | - | Â | - | Â | (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 | Â | (1,465) | Â | (1,544) | Â | (140) | Â | (11) | Â | - | Â | (3,160) | |
| Operating income | 4,507 | (509) | 196 | (163) | - | 4,031 | |||||||
| Equity in net income (loss) of affiliates and other items | 640 | (115) | 49 | 14 | - | 588 | |||||||
| Tax on net operating income | Â | (2,750) | Â | 240 | Â | (47) | Â | 77 | Â | - | Â | (2,480) | |
| Net operating income | 2,397 | (384) | 198 | (72) | - | 2,139 | |||||||
| Net cost of net debt | (58) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (51) | |
| Net income | 2,030 | ||||||||||||
| Â | Â | Â | Â | Â | Â | 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 | Â | Â | Â | Â | Â | Â | |
| Revenues from sales | |||||||||||||
| Operating expenses | - | 409 | 76 | - | 485 | ||||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (188) | Â | (1,192) | Â | (13) | Â | - | Â | Â | Â | (1,393) | |
| Operating income (b) | (188) | (783) | 63 | - | (908) | ||||||||
| Equity in net income (loss) of affiliates and other items | 244 | (192) | (32) | 4 | 24 | ||||||||
| Tax on net operating income | Â | 41 | Â | 325 | Â | (3) | Â | (1) | Â | Â | Â | 362 | |
| Net operating income (b) | 97 | (650) | 28 | 3 | (522) | ||||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (4) | |
| Net income | (526) | ||||||||||||
| Â | |||||||||||||
|
(a) Adjustments include special items and inventory valuation effect. |
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| Â | |||||||||||||
|
(b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
|||||||
| On operating income | - | 299 | 98 | - | |||||||||
| On net operating income | - | 197 | 93 | - | |||||||||
|
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 |
 |
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 |  |  |  | |
|
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 | Â | - | Â | (4,397) | Â | - | Â | - | Â | - | Â | (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 | Â | (1,277) | Â | (352) | Â | (127) | Â | (11) | Â | - | Â | (1,767) | |
| Adjusted operating income | 4,695 | 274 | 133 | (163) | - | 4,939 | |||||||
| Equity in net income (loss) of affiliates and other items | 396 | 77 | 81 | 10 | - | 564 | |||||||
| Tax on net operating income | Â | (2,791) | Â | (85) | Â | (44) | Â | 78 | Â | - | Â | (2,842) | |
| Adjusted net operating income | 2,300 | 266 | 170 | (75) | - | 2,661 | |||||||
| Net cost of net debt | (58) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (47) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | 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 | 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 | Â | 3,908 | Â | (955) | Â | 332 | Â | 102 | Â | Â | Â | 3,387 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 23,298 | 141,907 | 19,477 | 11 | - | 184,693 | |||||||
| Intersegment sales | 27,301 | 5,983 | 1,234 | 185 | (34,703) | - | |||||||
| Excise taxes | Â | - | Â | (18,143) | Â | - | Â | - | Â | - | Â | (18,143) | |
| Revenues from sales | 50,599 | 129,747 | 20,711 | 196 | (34,703) | 166,550 | |||||||
| Operating expenses | (23,079) | (126,145) | (19,566) | (667) | 34,703 | (134,754) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (5,076) | Â | (1,908) | Â | (487) | Â | (35) | Â | - | Â | (7,506) | |
| Operating income | 22,444 | 1,694 | 658 | (506) | - | 24,290 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,596 | 401 | 471 | 336 | - | 2,804 | |||||||
| Tax on net operating income | Â | (13,506) | Â | (409) | Â | (225) | Â | (38) | Â | - | Â | (14,178) | |
| Net operating income | 10,534 | 1,686 | 904 | (208) | - | 12,916 | |||||||
| Net cost of net debt | (335) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (305) | |
| Net income | 12,276 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2011 (adjustments) (a)
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 45 | - | - | - | 45 | ||||||||
| Intersegment sales | |||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Revenues from sales | 45 | - | - | - | 45 | ||||||||
| Operating expenses | - | 1,156 | (33) | - | 1,123 | ||||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (75) | Â | (700) | Â | (6) | Â | - | Â | Â | Â | (781) | |
| Operating income (b) | (30) | 456 | (39) | - | 387 | ||||||||
| Equity in net income (loss) of affiliates and other items | 191 | 256 | 209 | 90 | 746 | ||||||||
| Tax on net operating income | Â | (32) | Â | (109) | Â | (41) | Â | (80) | Â | Â | Â | (262) | |
| Net operating income (b) | 129 | 603 | 129 | 10 | 871 | ||||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (19) | |
| Net income | 852 | ||||||||||||
| 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 | - | 1,224 | (9) | - | |||||||||
| On net operating income | - | 859 | 10 | - | |||||||||
|
 |
 |
 |
 |
 |
 |
 |
 |
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 |  |  |  | |
|
Year 2011 (adjusted)
(M€) (a) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 23,253 | 141,907 | 19,477 | 11 | - | 184,648 | |||||||
| Intersegment sales | 27,301 | 5,983 | 1,234 | 185 | (34,703) | - | |||||||
| Excise taxes | Â | - | Â | (18,143) | Â | - | Â | - | Â | - | Â | (18,143) | |
| Revenues from sales | 50,554 | 129,747 | 20,711 | 196 | (34,703) | 166,505 | |||||||
| Operating expenses | (23,079) | (127,301) | (19,533) | (667) | 34,703 | (135,877) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (5,001) | Â | (1,208) | Â | (481) | Â | (35) | Â | - | Â | (6,725) | |
| Adjusted operating income | 22,474 | 1,238 | 697 | (506) | - | 23,903 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,405 | 145 | 262 | 246 | - | 2,058 | |||||||
| Tax on net operating income | Â | (13,474) | Â | (300) | Â | (184) | Â | 42 | Â | - | Â | (13,916) | |
| Adjusted net operating income | 10,405 | 1,083 | 775 | (218) | - | 12,045 | |||||||
| Net cost of net debt | (335) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (286) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 11,424 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 5.06 | |
| (a) Except for per share amounts. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2011
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 21,689 | 1,870 | 847 | 135 | 24,541 | ||||||||
| Total divestments | 2,656 | 3,235 | 1,164 | 1,523 | 8,578 | ||||||||
| Cash flow from operating activities | Â | 17,054 | Â | 2,165 | Â | 512 | Â | (195) | Â | Â | Â | 19,536 | |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | |||||||||||||
| (unaudited) | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2010
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 18,527 | 123,245 | 17,490 | 7 | - | 159,269 | |||||||
| Intersegment sales | 22,540 | 4,693 | 981 | 186 | (28,400) | - | |||||||
| Excise taxes | Â | - | Â | (18,793) | Â | - | Â | - | Â | - | Â | (18,793) | |
| Revenues from sales | 41,067 | 109,145 | 18,471 | 193 | (28,400) | 140,476 | |||||||
| Operating expenses | (18,271) | (105,660) | (16,974) | (665) | 28,400 | (113,170) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (5,346) | Â | (2,503) | Â | (533) | Â | (39) | Â | - | Â | (8,421) | |
| Operating income | 17,450 | 982 | 964 | (511) | - | 18,885 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,533 | 141 | 215 | 595 | - | 2,484 | |||||||
| Tax on net operating income | Â | (10,131) | Â | (201) | Â | (267) | Â | 263 | Â | - | Â | (10,336) | |
| Net operating income | 8,852 | 922 | 912 | 347 | - | 11,033 | |||||||
| Net cost of net debt | (226) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (236) | |
| Net income | 10,571 | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2010 (adjustments) (a)
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | |||||||||||||
| Intersegment sales | |||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
| Revenues from sales | |||||||||||||
| Operating expenses | - | 923 | 92 | - | 1,015 | ||||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (203) | Â | (1,192) | Â | (21) | Â | - | Â | Â | Â | (1,416) | |
| Operating income (b) | (203) | (269) | 71 | - | (401) | ||||||||
| Equity in net income (loss) of affiliates and other items (c) | 183 | (126) | (16) | 227 | 268 | ||||||||
| Tax on net operating income | Â | 275 | Â | 149 | Â | - | Â | (6) | Â | Â | Â | 418 | |
| Net operating income (b) | 255 | (246) | 55 | 221 | 285 | ||||||||
| Net cost of net debt | - | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (2) | |
| Net income | 283 | ||||||||||||
| Â | |||||||||||||
|
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi. |
|||||||||||||
| Â | |||||||||||||
|
(b) Of which inventory valuation effect |
|||||||||||||
| On operating income | - | 863 | 130 | - | |||||||||
| On net operating income | - | 640 | 113 | - | |||||||||
| (c) Of which equity share of adjustments related to Sanofi | - | - | - | (81) | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2010 (adjusted)
(M€) (a) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Non-Group sales | 18,527 | 123,245 | 17,490 | 7 | - | 159,269 | |||||||
| Intersegment sales | 22,540 | 4,693 | 981 | 186 | (28,400) | - | |||||||
| Excise taxes | Â | - | Â | (18,793) | Â | - | Â | - | Â | - | Â | (18,793) | |
| Revenues from sales | 41,067 | 109,145 | 18,471 | 193 | (28,400) | 140,476 | |||||||
| Operating expenses | (18,271) | (106,583) | (17,066) | (665) | 28,400 | (114,185) | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (5,143) | Â | (1,311) | Â | (512) | Â | (39) | Â | - | Â | (7,005) | |
| Adjusted operating income | 17,653 | 1,251 | 893 | (511) | - | 19,286 | |||||||
| Equity in net income (loss) of affiliates and other items | 1,350 | 267 | 231 | 368 | - | 2,216 | |||||||
| Tax on net operating income | Â | (10,406) | Â | (350) | Â | (267) | Â | 269 | Â | - | Â | (10,754) | |
| Adjusted net operating income | 8,597 | 1,168 | 857 | 126 | - | 10,748 | |||||||
| Net cost of net debt | (226) | ||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (234) | |
| Ajusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,288 | |
| Adjusted fully-diluted earnings per share (€) |  |  |  |  |  |  |  |  |  |  |  | 4.58 | |
| (a) Except for per share amounts. | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |
|
Year 2010
(M€) |
 | Upstream |  | Downstream |  | Chemicals |  | Corporate |  | Intercompany |  | Total | |
| Total expenditures | 13,208 | 2,343 | 641 | 81 | 16,273 | ||||||||
| Total divestments | 2,067 | 499 | 347 | 1,403 | 4,316 | ||||||||
| Cash flow from operating activities | Â | 15,573 | Â | 1,441 | Â | 934 | Â | 545 | Â | Â | Â | 18,493 | |
| Reconciliation of the information by business segment with consolidated financial statements | |||||||
| TOTAL | Â | Â | Â | ||||
| (unaudited) | |||||||
| Â | |||||||
| 4(th) quarter 2011 | Adjusted | Adjustments ((a)) | Consolidated | ||||
| (M€) |  |  |  |  |  | statement of income | |
| Sales | 47,462 | 30 | 47,492 | ||||
| Excise taxes | (4,534) | - | (4,534) | ||||
| Revenues from sales | 42,928 | 30 | 42,958 | ||||
| Purchases net of inventory variation | (29,291) | 58 | (29,233) | ||||
| Other operating expenses | (5,327) | 51 | (5,276) | ||||
| Exploration costs | (339) | - | (339) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,881) | (535) | (2,416) | ||||
| Other income | 252 | 29 | 281 | ||||
| Other expense | (312) | (526) | (838) | ||||
| Financial interest on debt | (156) | - | (156) | ||||
| Financial income from marketable securities & cash equivalents | 57 | - | 57 | ||||
| Cost of net debt | (99) | - | (99) | ||||
| Other financial income | 91 | - | 91 | ||||
| Other financial expense | (102) | - | (102) | ||||
| Equity in net income (loss) of affiliates | 537 | (59) | 478 | ||||
| Income taxes | Â | (3,651) | Â | 530 | Â | (3,121) | |
| Consolidated net income | 2,806 | (422) | 2,384 | ||||
| Group share | 2,725 | (435) | 2,290 | ||||
| Non-controlling interests | 81 | 13 | 94 | ||||
| Â | |||||||
| (a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. | |||||||
| 4(th) quarter 2010 | Adjusted | Adjustments ((a)) | Consolidated | ||||
| (M€) |  |  |  |  |  | statement of income | |
| Sales | 40,157 | - | 40,157 | ||||
| Excise taxes | (4,397) | - | (4,397) | ||||
| Revenues from sales | 35,760 | - | 35,760 | ||||
| Purchases net of inventory variation | (24,142) | 519 | (23,623) | ||||
| Other operating expenses | (4,715) | (34) |
(4,749) |
||||
| Exploration costs | (197) | - | (197) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,767) | (1,393) | (3,160) | ||||
| Other income | 221 | 361 | 582 | ||||
| Other expense | (138) | (375) | (513) | ||||
| Financial interest on debt | (126) | - | (126) | ||||
| Financial income from marketable securities & cash equivalents | 43 | - | 43 | ||||
| Cost of net debt | (83) | - | (83) | ||||
| Other financial income | 118 | - | 118 | ||||
| Other financial expense | (114) | - | (114) | ||||
| Equity in net income (loss) of affiliates | 477 | 38 | 515 | ||||
| Income taxes | Â | (2,817) | Â | 362 | Â | (2,455) | |
| Consolidated net income | 2,603 | (522) | 2,081 | ||||
| Group share | 2,556 | (526) | 2,030 | ||||
| Non-controlling interests | 47 | 4 | 51 | ||||
| Â | |||||||
| (a) Adjustments include special items and inventory valuation effect. | |||||||
| Reconciliation of the information by business segment with consolidated financial statements | |||||||
| TOTAL | Â | Â | Â | ||||
| (unaudited) | |||||||
| Â | |||||||
| Year 2011 | Adjusted | Adjustments ((a)) | Consolidated | ||||
| (M€) |  |  |  |  |  | statement of income | |
| Sales | 184,648 | 45 | 184,693 | ||||
| Excise taxes | (18,143) | - | (18,143) | ||||
| Revenues from sales | 166,505 | 45 | 166,550 | ||||
| Purchases net of inventory variation | (115,107) | 1,215 | (113,892) | ||||
| Other operating expenses | (19,751) | (92) | (19,843) | ||||
| Exploration costs | (1,019) | - | (1,019) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (6,725) | (781) | (7,506) | ||||
| Other income | 430 | 1,516 | 1,946 | ||||
| Other expense | (536) | (711) | (1,247) | ||||
| Financial interest on debt | (713) | - | (713) | ||||
| Financial income from marketable securities & cash equivalents | 273 | - | 273 | ||||
| Cost of net debt | (440) | - | (440) | ||||
| Other financial income | 609 | - | 609 | ||||
| Other financial expense | (429) | - | (429) | ||||
| Equity in net income (loss) of affiliates | 1,984 | (59) | 1,925 | ||||
| Income taxes | Â | (13,811) | Â | (262) | Â | (14,073) | |
| Consolidated net income | 11,710 | 871 | 12,581 | ||||
| Group share | 11,424 | 852 | 12,276 | ||||
| Non-controlling interests | 286 | 19 | 305 | ||||
| Â | |||||||
| (a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value. | |||||||
| Year 2010 | Adjusted | Adjustments ((a)) | Consolidated | ||||
| (M€) |  |  |  |  |  | statement of income | |
| Sales | 159,269 | - | 159,269 | ||||
| Excise taxes | (18,793) | - | (18,793) | ||||
| Revenues from sales | 140,476 | - | 140,476 | ||||
| Purchases net of inventory variation | (94,286) | 1,115 | (93,171) | ||||
| Other operating expenses | (19,035) | (100) | (19,135) | ||||
| Exploration costs | (864) | - | (864) | ||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (7,005) | (1,416) | (8,421) | ||||
| Other income | 524 | 872 | 1,396 | ||||
| Other expense | (346) | (554) | (900) | ||||
| Financial interest on debt | (465) | - | (465) | ||||
| Financial income from marketable securities & cash equivalents | 131 | - | 131 | ||||
| Cost of net debt | (334) | - | (334) | ||||
| Other financial income | 442 | - | 442 | ||||
| Other financial expense | (407) | - | (407) | ||||
| Equity in net income (loss) of affiliates | 2,003 | (50) | 1,953 | ||||
| Income taxes | Â | (10,646) | Â | 418 | Â | (10,228) | |
| Consolidated net income | 10,522 | 285 | 10,807 | ||||
| Group share | 10,288 | 283 | 10,571 | ||||
| Non-controlling interests | 234 | 2 | 236 | ||||
| Â | |||||||
| (a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi. | |||||||
| Â | |||||||
TOTAL
Martin DEFFONTAINES
Laurent KETTENMEYER
Matthieu
GOT
Karine KACZKA
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1)
47 44 58 24
ou
Robert HAMMOND (U.S.)
Tel. : (1)
713-483-5070
Fax : (1) 713-483-5629
www.total.com
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