Total: Fourth Quarter and Full-Year 2016 Results
Total: Fourth Quarter and Full-Year 2016 Results
TOTAL S.A.
| Â | Â | 4Q16 | Â |
Change vs |
 | 2016 |  |
Change vs |
| Â | Â | Â | Â | |||||
| Adjusted net income1 | ||||||||
| - in billions of dollars (B$) | 2.4 | +16% | 8.3 | -21% | ||||
| - in dollars per share | 0.96 | +9% | 3.38 | -25% | ||||
| Â | ||||||||
|
Operating cash flow |
4.8 | +9% | 17.0 | -12% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Net income2 of 6.2 B$ in 2016, a 22% increase compared to 2015 | ||||||||
| Net-debt-to-equity ratio of 27% at December 31, 2016 | ||||||||
| Hydrocarbon production of 2,452 kboe/d in 2016, a 4.5% increase compared to 2015 | ||||||||
| Fourth quarter 2016 dividend of 0.62 €/share, a 1.6% increase compared to the | ||||||||
| previous three interim dividends, payable in June 20173 | ||||||||
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on
February 8, 2017, to review the Group’s 2016 accounts. Commenting on the
results, Chairman and CEO Patrick Pouyanné said:
“After falling
from 100 $/b in 2014 to 52 $/b on average in 2015, Brent prices were
highly volatile in 2016, fluctuating between 27 $/b and 58 $/b, with an
average of 44 $/b for the year. In this difficult environment, the Group
demonstrated its resilience by generating adjusted net income of $8.3
billion and had the highest profitability among the majors due to the
strength of its integrated model and commitment of its teams to reduce
the breakeven.
The Group’s resilience was supported by
outstanding production growth over the past two years (14.3%, including
4.5% in 2016). In the Upstream, the Group strengthened its position in
the Middle East by entering the Al Shaheen field in Qatar, and in the US
with the acquisition of shale gas assets. The Group is preparing future
growth with the signing of major deals in Brazil with Petrobras, in
Uganda and in Iran on the giant South Pars 11 project. The Group renewed
its reserves with a replacement rate of 136% at constant prices and
delivered promising exploration results, with two major discoveries in
the US (North Platte) and Nigeria (Owowo).
Despite lower
refining margins, the Downstream once again achieved its objectives and
thereby demonstrated that its results are sustainable, with operating
cash flow before working capital changes of $7 billion and ROACE above
30%, the highest among the majors.
Results from the Refining
& Chemicals segment were underpinned by the strong performance of its
Asia and Middle East integrated platforms, while Marketing & Services
results were driven by growth in retail and lubricants.
Financial
discipline was successfully maintained across all business segments both
for investments ($18.3 billion including resource acquisitions) and
operating costs, with savings of $2.8 billion in 2016, exceeding the
objective of $2.4 billion. Production costs were reduced to 5.9 $/boe in
2016, compared to 9.9 $/boe in 2014.
The $10 billion asset
sale program is around 80% complete following the closing of the Atotech
sale, and this contributed to the Group’s financial strength with
gearing at 27%, lower than it was in 2014.
In this context,
the Board of Directors proposes to increase the dividend, despite the
volatility of hydrocarbon prices, to 2.45 €/share, corresponding to a
fourth quarter dividend of 0.62 €/share, a 1.6% increase compared to the
previous three quarterly dividends. This demonstrates the Board’s
confidence in the strength of the Group’s results and balance sheet as
well as its prospects for cash flow growth.â€
Key figures4
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 |
In millions of dollars, except effective tax rate,
earnings per share and number of shares |
 | 2016 |  | 2015 |  |
2016 vs |
| 42,275 | Â | 37,412 | Â | 37,749 | Â | +12% | Â | Sales | Â | 149,743 | Â | 165,357 | Â | -9% |
| 2,942 | Â | 2,237 | Â | 2,093 | Â | +41% | Â | Adjusted operating income from business segments | Â | 8,928 | Â | 12,672 | Â | -30% |
| 2,680 | Â | 2,339 | Â | 2,285 | Â | +17% | Â | Adjusted net operating income from business segments | Â | 9,420 | Â | 11,362 | Â | -17% |
| 1,131 | Â | 877 | Â | 748 | Â | +51% | Â | Upstream | Â | 3,633 | Â | 4,774 | Â | -24% |
| 1,138 | Â | 917 | Â | 1,007 | Â | +13% | Â | Refining & Chemicals | Â | 4,201 | Â | 4,889 | Â | -14% |
| 411 | Â | 545 | Â | 530 | Â | -22% | Â | Marketing & Services | Â | 1,586 | Â | 1,699 | Â | -7% |
| 720 | Â | 515 | Â | 610 | Â | +18% | Â | Contribution of equity affiliates to adjusted net income5 | Â | 2,531 | Â | 2,414 | Â | +5% |
| 31.3% | Â | 21.5% | Â | 20.0% | Â | Â | Â | Group effective tax rate6 | Â | 25.0% | Â | 33.1% | Â | Â |
| 2,407 | Â | 2,070 | Â | 2,075 | Â | +16% | Â | Adjusted net income | Â | 8,287 | Â | 10,518 | Â | -21% |
| 0.96 | Â | 0.84 | Â | 0.88 | Â | +9% | Â | Adjusted fully-diluted earnings per share (dollars)7 | Â | 3.38 | Â | 4.51 | Â | -25% |
| 0.89 | Â | 0.76 | Â | 0.80 | Â | +11% | Â | Adjusted fully-diluted earnings per share (euros)* | Â | 3.06 | Â | 4.07 | Â | -25% |
| 2,433 | Â | 2,404 | Â | 2,329 | Â | +4% | Â | Fully-diluted weighted-average shares (millions) | Â | 2,390 | Â | 2,304 | Â | +4% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 548 | Â | 1,954 | Â | (1,626) | Â | n/a | Â | Net income (Group share) | Â | 6,196 | Â | 5,087 | Â | +22% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 5,855 | Â | 5,201 | Â | 6,594 | Â | -11% | Â | Investments8 | Â | 20,530 | Â | 28,033 | Â | -27% |
| 927 | Â | 192 | Â | 2,297 | Â | -60% | Â | Divestments | Â | 2,877 | Â | 7,584 | Â | -62% |
| 4,928 | Â | 5,116 | Â | 4,289 | Â | +15% | Â | Net investments9 | Â | 17,757 | Â | 20,360 | Â | -13% |
| 4,728 | Â | 4,082 | Â | 6,365 | Â | -26% | Â | Organic investments10 | Â | 17,484 | Â | 22,976 | Â | -24% |
| 4,758 | Â | 4,522 | Â | 4,365 | Â | +9% | Â | Operating cash flow before working capital changes11 | Â | 16,988 | Â | 19,376 | Â | -12% |
| 7,018 | Â | 4,740 | Â | 4,838 | Â | +45% | Â | Cash flow from operations | Â | 16,521 | Â | 19,946 | Â | -17% |
* Average €-$ exchange rate: 1.0789 in the fourth quarter 2016 and 1.1069 for the full-year 2016.
Highlights since the beginning of the fourth quarter 201612
- Successful North Platte appraisal in US Gulf of Mexico
- Obtained exploration licenses on three deep-offshore blocks in Mexico
- Signed agreement to develop the Absheron discovery in Azerbaijan
- Signed HoA to develop phase 11 of the giant South Pars gas field in Iran
- Entered into Upstream-Downstream strategic alliance with Petrobras to acquire portfolio of assets in Brazil (lara and Lapa giant pre-salt fields and gas and power assets) for $2.2 billion
- Signed agreement to acquire additional 21.6% interest in the Lake Albert project in Uganda
- Obtained 34% interest in LNG import terminal project operated by Total in Ivory Coast with 3 Mt/y capacity
- Acquired a 23% share in Tellurian, a company created to develop an integrated gas project in the US
- Created joint venture with Corbion (50/50) to produce and market bioplastics
- Sold 15% interest in the Gina Krog field in Norway
- Sold specialty chemicals affiliate Atotech for $3.2 billion
- Sold 29% interest in French pipeline company Société du Pipeline Méditerranée Rhône (SPMR)
Analysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 |  | 2016 |  | 2015 |  |
2016 vs |
|
| 49.3 | Â | 45.9 | Â | 43.8 | Â | +13% | Â | Brent ($/b) | Â | 43.7 | Â | 52.4 | Â | -17% |
| 46.1 | Â | 41.4 | Â | 38.1 | Â | +21% | Â | Average liquids price ($/b) | Â | 40.3 | Â | 47.4 | Â | -15% |
| 3.89 | Â | 3.45 | Â | 4.45 | Â | -13% | Â | Average gas price ($/Mbtu) | Â | 3.56 | Â | 4.75 | Â | -25% |
| 35.6 | Â | 32.4 | Â | 33.1 | Â | +8% | Â | Average hydrocarbon price ($/boe) | Â | 31.9 | Â | 39.2 | Â | -19% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Hydrocarbon production |  | 2016 |  | 2015 |  |
2016 vs |
| 2,462 | Â | 2,443 | Â | 2,352 | Â | +4.7% | Â | Combined production (kboe/d) | Â | 2,452 | Â | 2,347 | Â | +4.5% |
| 1,257 | Â | 1,290 | Â | 1,251 | Â | - | Â | Liquids (kb/d) | Â | 1,271 | Â | 1,237 | Â | +3% |
| 6,597 | Â | 6,286 | Â | 5,993 | Â | +10% | Â | Gas (Mcf/d) | Â | 6,447 | Â | 6,054 | Â | +6% |
Hydrocarbon production was 2,462 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2016, an increase of 4.7% compared to the fourth quarter 2015, due to the following:
- +7% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Kashagan, Incahuasi, Moho Phase 1b, Angola LNG and Vega Pleyade;
- +1% due to the acquisition of an additional 75% interest in the Barnett field in the US;
- -3% due to natural field decline and maintenance operations.
For the full-year 2016, hydrocarbon production was 2,452 kboe/d, an increase of 4.5% compared to 2015, due to the following:
- +6% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Termokarstovoye, Gladstone LNG, Moho Phase 1b, and Vega Pleyade, and Incahuasi;
- -1.5% due to the security situation in Nigeria and Yemen, and wild fires in Canada;
- Natural field decline was offset by PSC price effect and portfolio effects.
> Results
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | In millions of dollars, except effective tax rate |  | 2016 |  | 2015 |  |
2016 vs |
| 1,234 | Â | 781 | Â | 405 | Â | +205% | Â | Adjusted operating income* | Â | 2,737 | Â | 4,925 | Â | -44% |
| 44.5% | Â | 28.1% | Â | 55.1% | Â | Â | Â | Effective tax rate** | Â | 26.6% | Â | 45.5% | Â | Â |
| 1,131 | Â | 877 | Â | 748 | Â | +51% | Â | Adjusted net operating income* | Â | 3,633 | Â | 4,774 | Â | -24% |
| 446 | Â | 260 | Â | 415 | Â | +7% | Â | including income from equity affiliates*** | Â | 1,427 | Â | 1,723 | Â | -17% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 4,611 | Â | 3,648 | Â | 5,293 | Â | -13% | Â | Investments | Â | 16,035 | Â | 24,270 | Â | -34% |
| 839 | Â | 129 | Â | 1,402 | Â | -40% | Â | Divestments | Â | 2,331 | Â | 3,215 | Â | -27% |
| 3,552 | Â | 3,356 | Â | 5,108 | Â | -30% | Â | Organic investments | Â | 14,316 | Â | 20,508 | Â | -30% |
| 3,049 | Â | 2,751 | Â | 2,514 | Â | +21% | Â | Operating cash flow before working capital changes | Â | 9,912 | Â | 11,179 | Â | -11% |
| 4,199 | Â | 2,380 | Â | 2,624 | Â | +60% | Â | Cash flow from operations | Â | 9,675 | Â | 11,182 | Â | -13% |
* Details on adjustment items are shown in the business segment
information annex to financial statements.
** Tax on
adjusted net operating income / (adjusted net operating income - income
from equity affiliates - dividends received from investments- impairment
of goodwill + tax on adjusted net operating income).
***
Includes foreign exchange effect on Yamal LNG financing, which is
reversed for total adjusted net operating income.
In the fourth quarter 2016, Upstream operating cash flow before working capital changes was 3,049 M$, an increase of 21% compared to 2015, notably due to a combination of increase in production, decrease in operating costs and higher hydrocarbon prices. Cash flow from operating activities increased by 76% compared to the third quarter 2016, essentially due to a reduction in working capital requirements of nearly $1.2 billion since the end of the third quarter 2016.
For the full-year 2016, Upstream operating cash flow before working capital changes was 9,912 M$, a decrease of 11% compared to 2015, essentially due to the decrease in hydrocarbon prices, partially offset by the increase in production and decrease in operating costs.
Upstream adjusted net operating income was:
-
1,131 M$ in the fourth quarter 2016, an increase of 51% compared to
the fourth quarter 2015, essentially due to the increase in
production, decrease in operating costs, and higher hydrocarbon prices.
The effective tax rate increased compared to the third quarter 2016, linked to the rise in hydrocarbon prices.
- 3,633 M$ for the full-year 2016, a decrease of 24% compared to 2015. The increase in production combined with the decrease in operating costs as well as the lower effective tax rate partially offset the impact of lower hydrocarbon prices.
Technical costs for consolidated affiliates, calculated in accordance with ASC 93210, were reduced to 20.4 $/boe in 2016 compared to 23.0 $/boe in 2015. This decrease was essentially due to the reduction in operating costs from 7.4 $/boe in 2015 to 5.9 $/boe in 2016.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 |  | 2016 |  | 2015 |  |
2016 vs |
|
| 2,010 | Â | 1,947 | Â | 2,012 | Â | - | Â | Total refinery throughput (kb/d) | Â | 1,965 | Â | 2,023 | Â | -3% |
| 717 | Â | 681 | Â | 682 | Â | +5% | Â | France | Â | 669 | Â | 674 | Â | -1% |
| 787 | Â | 771 | Â | 831 | Â | -5% | Â | Rest of Europe | Â | 802 | Â | 849 | Â | -6% |
| 506 | Â | 495 | Â | 499 | Â | +1% | Â | Rest of world | Â | 494 | Â | 500 | Â | -1% |
| Â | Â | Â | Â | Â | Â | Â | Â | Utlization rates** | Â | Â | Â | Â | Â | Â |
| 87% | Â | 85% | Â | 87% | Â | Â | Â | Based on crude only | Â | 85% | Â | 86% | Â | Â |
| 89% | Â | 87% | Â | 88% | Â | Â | Â | Based on crude and other feedstock | Â | 87% | Â | 88% | Â | Â |
* Includes share of TotalErg, as well as refineries in Africa and the
French Antilles that are reported in the Marketing & Services segment.
The condensate splitters at Port Arthur and Daesan are also included and
2015 figures have been restated.
** Based on distillation
capacity at the beginning of the year.
Refinery throughput:
- was stable in the fourth quarter 2016 compared to the fourth quarter 2015. Good operational performance of the platforms led to high utilization rates;
- decreased by 3% for the full-year 2016 compared to 2015, notably due to shutdowns in Europe and the US in the second quarter and the sale of the Schwedt refinery in Germany.
> Results
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 |
In millions of dollars
except the ERMI |
 | 2016 |  | 2015 |  |
2016 vs |
| 41.0 | Â | 25.5 | Â | 38.1 | Â | +8% | Â | European refining margin indicator - ERMI ($/t) | Â | 34.1 | Â | 48.5 | Â | -30% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 1,220 | Â | 891 | Â | 997 | Â | +22% | Â | Adjusted operating income* | Â | 4,373 | Â | 5,649 | Â | -23% |
| 1,138 | Â | 917 | Â | 1,007 | Â | +13% | Â | Adjusted net operating income* | Â | 4,201 | Â | 4,889 | Â | -14% |
| 165 | Â | 150 | Â | 117 | Â | +41% | Â | including Specialty Chemicals** | Â | 581 | Â | 496 | Â | +17% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 560 | Â | 550 | Â | 586 | Â | -4% | Â | Investments | Â | 1,849 | Â | 1,843 | Â | - |
| 13 | Â | 21 | Â | 836 | Â | -98% | Â | Divestments | Â | 86 | Â | 3,488 | Â | -98% |
| 548 | Â | 399 | Â | 494 | Â | +11% | Â | Organic investments | Â | 1,636 | Â | 827 | Â | +98% |
| 1,369 | Â | 1,052 | Â | 1,042 | Â | +31% | Â | Operating cash flow before working capital changes | Â | 4,878 | Â | 5,785 | Â | -16% |
| 1,750 | Â | 1,698 | Â | 2,127 | Â | -18% | Â | Cash flow from operations | Â | 4,587 | Â | 6,432 | Â | -29% |
* Details on adjustment items are shown in the business segment
information annex to financial statements.
** Hutchinson and
Atotech. Bostik until February 2015.
In the fourth quarter 2016, the Group’s European refining margin indicator (ERMI) was 41 $/t given high levels of maintenance across the industry. The ERMI average was 34 $/t for the full-year 2016, a decrease of 30% compared to the high level of 2015, in the context of high inventories of refined products. Petrochemicals continued to benefit from a favorable environment in 2016.
Refining & Chemicals adjusted net operating income was:
- 1,138 M$ in the fourth quarter 2016, an increase of 13% compared to the fourth quarter 2015. The segment took advantage of a favorable environment with a strong operational performance of its platforms.
- 4,201 M$ for the full-year 2016, a decrease of 14% compared to 2015, essentially due to the decrease in refining margins. Petrochemicals continued to generate good results, notably due to the strong contribution from the Group’s major integrated platforms in Asia and the Middle East.
Marketing & Services
> Petroleum product sales
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Sales in kb/d** |  | 2016 |  | 2015 |  |
2016 vs |
| 1,808 | Â | 1,814 | Â | 1,797 | Â | +1% | Â | Total Marketing & Services sales | Â | 1,793 | Â | 1,818 | Â | -1% |
| 1,123 | Â | 1,113 | Â | 1,065 | Â | +5% | Â | Europe | Â | 1,093 | Â | 1,092 | Â | - |
| 685 | Â | 701 | Â | 732 | Â | -6% | Â | Rest of world | Â | 700 | Â | 726 | Â | -4% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales increased in the fourth quarter 2016 compared to the fourth quarter 2015 due to the strong performance of retail networks and heating oil sales in Europe, offsetting the impact from the divestment of the retail network in Turkey.
For the full-year 2016, refined product sales decreased slightly compared to 2015, essentially due to the sale of the retail network in Turkey. Excluding portfolio effects, retail network sales increased by around 4%. Sales of land-based lubricants also increased by around 4%.
> Results
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | In millions of dollars |  | 2016 |  | 2015 |  |
2016 vs |
| 18,719 | Â | 17,964 | Â | 18,326 | Â | +2% | Â | Sales | Â | 69,421 | Â | 77,887 | Â | -11% |
| 488 | Â | 565 | Â | 691 | Â | -29% | Â | Adjusted operating income* | Â | 1,818 | Â | 2,098 | Â | -13% |
| 411 | Â | 545 | Â | 530 | Â | -22% | Â | Adjusted net operating income* | Â | 1,586 | Â | 1,699 | Â | -7% |
| 5 | Â | 100 | Â | 277 | Â | -98% | Â | including New Energies | Â | 26 | Â | 108 | Â | -76% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 602 | Â | 1,175 | Â | 689 | Â | -13% | Â | Investments | Â | 2,506 | Â | 1,841 | Â | +36% |
| 73 | Â | 40 | Â | 56 | Â | +30% | Â | Divestments | Â | 446 | Â | 856 | Â | -48% |
| 560 | Â | 322 | Â | 736 | Â | -24% | Â | Organic investments | Â | 1,432 | Â | 1,569 | Â | -9% |
| 358 | Â | 600 | Â | 598 | Â | -40% | Â | Operating cash flow before working capital changes | Â | 1,831 | Â | 2,065 | Â | -11% |
| 903 | Â | 495 | Â | 289 | Â | +212% | Â | Cash flow from operations | Â | 1,623 | Â | 2,323 | Â | -30% |
* Details on adjustment items are shown in the business segment information annex to financial statements.
Marketing & Services adjusted net operating income was:
- 411 M$ in the fourth quarter 2016, a 22% decrease compared to 2015. The contribution from New Energies was particularly high in the fourth quarter 2015 due to the delivery of the Quinto solar farm in the US. The retail network sector benefited from growing sales and strong margins;
- 1,586 M$ for the full-year 2016, a 7% decrease compared to 2015. Excluding New Energies, net operating income was stable despite asset sales (retail network in Turkey).
Group results
> Net operating income from business segments
Adjusted net operating income from the business segments was:
- 2,680 M$ in the fourth quarter 2016, an increase of 17% compared to the fourth quarter 2015, mainly due to the strong operating performance of the Upstream combined with a more favorable price environment;
- 9,420 M$ for the full-year 2016, a decrease of 17% compared to 2015. Production growth and lower costs partially offset the 19% decrease in hydrocarbon prices and 30% decrease in refining margins.
The effective tax rate14 for the business segments was:
- 33.0% in the fourth quarter 2016 compared to 28.4% in the fourth quarter 2015, essentially due to the relative weight of the Upstream, taxed at a higher rate than other sectors of the Group;
- 25.8% for the full-year 2016 compared to 33.9% in 2015, due to the relative weight and lower tax rates in the Upstream in a lower hydrocarbon price environment.
> Net income (Group share)
Evolving in line with net operating income, adjusted net income was:
- 2,407 M$ in the fourth quarter 2016 compared to 2,075 M$ in the fourth quarter 2015, an increase of 16%;
- 8,287 M$ for the full-year 2016 compared to 10,518 M$ in 2015, a decrease of 21%.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value15.
Total adjustments affecting net income (Group share)16 were:
- -1,859 M$ in the fourth quarter 2016, mainly due to the inventory effect and impairments on Gladstone LNG in Australia, Angola LNG, and Laggan-Tormore in the United Kingdom, reflecting the decrease in gas price assumptions for the coming years;
- -2,091 M$ for the full-year 2016, for the same reasons.
> Adjusted net income per share
Adjusted fully-diluted earnings per share, based on 2,390 million fully-diluted weighted average shares, was 3.38 dollars in 2016 compared to 4.51 dollars in 2015.
The number of fully-diluted shares was 2,436 million on December 31, 2016, compared to 2,336 million on December 31, 2015.
> Divestments – acquisitions
Asset sales were:
- 416 M$ in the fourth quarter 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway.
- 1,864 M$ for the full-year 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway, the retail network in Turkey, and the FUKA gas pipeline network in the North Sea.
Acquisitions, including resource acquisitions,were:
- 616 M$ in the fourth quarter 2016, mainly comprised of the acquisition of the additional 75% interest in the Barnett shale gas field in the US;
- 2,033 M$ for the full-year 2016, mainly comprised of the additional 75% interest in the Barnett shale gas field, and the acquisitions of Saft, Lampiris and a retail network in the Dominican Republic.
Resource acquisitions were:
- 650 M$ in the fourth quarter 2016, mainly due to the additional 75% interest in the Barnett shale gas field in the US;
- 780 M$ for the full-year 2016, comprised mainly of the additional 75% interest in the Barnett shale gas field. These acquisitions, at a cost of less than one dollar per barrel, enabled the Group to achieve its objective of adding one billion barrels of resources in 2016.
- Organic investments and resource acquisitions were 18,264 M$ in 2016.
> Net cash flow
The Group’s net cash flow17 was:
- -170 M$ in the fourth quarter 2016 compared to 76 M$ in the fourth quarter 2015. Although net cash flow benefited from a 9% increase in operating cash flow before working capital changes and a 11% decrease in investments, assets sales were lower in the fourth quarter 2016 compared to the fourth quarter 2015. The sale of Atotech for $3.2 billion was closed on January 31, 2017.
- -769 M$ for the full-year 2016 compared to -984 M$ in 2015, an improvement despite a nearly 10 $/b decrease in the Brent price in 2016 compared to 2015. The decrease in investments was able to offset the decrease in operating cash flow before working capital changes mainly caused by the decrease in hydrocarbon prices and European refining margins.
> Return on equity
Return on equity from January 1, 2016 to December 31, 2016 was 8.7%18, an increase compared to the period from October 1, 2015 to September 30, 2016, due to strong results in the fourth quarter 2016.
TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was €4,142 million in 2016 compared to €11,067 million in 2015. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.
Proposed dividend
The Board of Directors met on February 8, 2017 and decided to propose to the Combined Shareholders’ Meeting, which will be held on May 26, 2017, an annual dividend of 2.45 €/share for 2016, an increase compared to 2015. Given the three previous 2016 interim quarterly dividends of 0.61 €/share, a fourth quarter 2016 dividend of 0.62 €/share is therefore proposed, representing an increase of 1.6% compared to the previous three interim dividends.
The Board of Directors also decided to propose to the Combined Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2016 dividend in cash or in new shares of the company with a discount that will be set between 0% and 10%. Subject to approval at the Combined Shareholders’ Meeting, the ex-dividend date for the fourth quarter dividend will be June 5, 2017, and the payment of the dividend in cash or the delivery of the shares issued in lieu of the dividend in cash is set for June 22, 2017.
Summary and outlook
Since end 2016, Brent increased to around 55 $/b with the announced production cuts agreed by OPEC and non-OPEC countries, including Russia. However, inventory levels are high and prices are likely to remain volatile. In this context, the Group is continuing to cut costs with the objective of achieving $3.5 billion of cost savings in 2017 and bringing production costs down to 5.5 $/boe for the year. Investments are moving into the sustainable range needed to deliver profitable future growth and are expected to be between $16 and $17 billion in 2017 including resource acquisitions.
In the Upstream, production is set to grow by more than 4% in 2017, supporting the objective of increasing production on average by 5% per year from 2014 to 2020. As a result of this growth, the sensitivity of the portfolio to Brent increases to $2.5 billion for a 10 $/b change in Brent in 2017. The Group plans to take advantage of the favorable cost environment by launching around 10 projects over the next 18 months and adding attractive resources to the portfolio.
The Downstream is expected to continue generating stable operating cash flows of around $7 billion per year thanks to its diverse portfolio of activities. Refining & Chemicals’ performance has been strengthened by the restructuring and the segment will continue to benefit from the quality of its integrated platforms, notably in Antwerp, in the United States, in Asia and in the Middle East. The final investment decision to launch the Port Arthur side-cracker is expected to be taken in 2017. The Marketing & Services segment is pursuing its cash generation growth strategy by leveraging its strong position in high-potential retail and lubricant markets.
In 2017, the Group’s breakeven will continue to fall, reaching less than 40 $/b pre-dividend. Cash flow from operations is expected to cover investments and the cash portion of the dividend at 50 $/b. TOTAL confirms its objective to achieve a net-debt-to-equity ratio of 20%.
The Group is committed to maintaining attractive returns for its shareholders and will eliminate the discount on the scrip dividend with Brent at 60 $/b.
-- -- --
To listen to the presentation made by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière to financial analysts today at 14:00 (London time) please log on to total.com or call +44 (0)203 427 1912 in Europe or +1 646 254 3367 in the United States (access code: 7820602). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (access code: 7820602).
Operating information by segment
Upstream*
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 |
Combined liquids and gas
production by region (kboe/d) |
 | 2016 |  | 2015 |  |
2016 vs |
| 752 | Â | 720 | Â | 681 | Â | +10% | Â | Europe and Central Asia | Â | 757 | Â | 664 | Â | +14% |
| 625 | Â | 649 | Â | 638 | Â | -2% | Â | Africa | Â | 634 | Â | 639 | Â | -1% |
| 503 | Â | 529 | Â | 503 | Â | - | Â | Middle East and North Africa | Â | 517 | Â | 531 | Â | -3% |
| 319 | Â | 285 | Â | 255 | Â | +25% | Â | Americas | Â | 279 | Â | 255 | Â | +9% |
| 263 | Â | 261 | Â | 275 | Â | -4% | Â | Asia Pacific | Â | 265 | Â | 258 | Â | +2% |
| 2,462 | Â | 2,443 | Â | 2,352 | Â | +5% | Â | Total production | Â | 2,452 | Â | 2,347 | Â | +4% |
| 561 | Â | 592 | Â | 544 | Â | +3% | Â | including equity affiliates | Â | 600 | Â | 559 | Â | +7% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Liquids production by region (kb/d) |  | 2016 |  | 2015 |  |
2016 vs |
| 258 | Â | 238 | Â | 227 | Â | +14% | Â | Europe and Central Asia | Â | 249 | Â | 215 | Â | +16% |
| 483 | Â | 524 | Â | 526 | Â | -8% | Â | Africa | Â | 509 | Â | 521 | Â | -2% |
| 365 | Â | 380 | Â | 361 | Â | +1% | Â | Middle East and North Africa | Â | 373 | Â | 372 | Â | - |
| 121 | Â | 118 | Â | 100 | Â | +21% | Â | Americas | Â | 109 | Â | 95 | Â | +15% |
| 30 | Â | 29 | Â | 37 | Â | -18% | Â | Asia Pacific | Â | 31 | Â | 34 | Â | -10% |
| 1,257 | Â | 1,290 | Â | 1,251 | Â | - | Â | Total production | Â | 1,271 | Â | 1,237 | Â | +3% |
| 233 | Â | 249 | Â | 220 | Â | +6% | Â | including equity affiliates | Â | 247 | Â | 219 | Â | +13% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Gas production by region (Mcf/d) |  | 2016 |  | 2015 |  |
2016 vs |
| 2,665 | Â | 2,594 | Â | 2,435 | Â | +9% | Â | Europe and Central Asia | Â | 2,737 | Â | 2,413 | Â | +13% |
| 710 | Â | 617 | Â | 545 | Â | +30% | Â | Africa | Â | 621 | Â | 581 | Â | +7% |
| 767 | Â | 813 | Â | 779 | Â | -2% | Â | Middle East and North Africa | Â | 795 | Â | 874 | Â | -9% |
| 1,108 | Â | 927 | Â | 869 | Â | +28% | Â | Americas | Â | 944 | Â | 896 | Â | +5% |
| 1,347 | Â | 1,335 | Â | 1,365 | Â | -1% | Â | Asia Pacific | Â | 1,350 | Â | 1,290 | Â | +5% |
| 6,597 | Â | 6,286 | Â | 5,993 | Â | +10% | Â | Total production | Â | 6,447 | Â | 6,054 | Â | +6% |
| 1,779 | Â | 1,831 | Â | 1,739 | Â | +2% | Â | including equity affiliates | Â | 1,894 | Â | 1,828 | Â | +4% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Liquefied natural gas |  | 2016 |  | 2015 |  |
2016 vs |
| 2.75 | Â | 2.74 | Â | 2.48 | Â | +11% | Â | LNG sales** (Mt) | Â | 10.99 | Â | 10.22 | Â | +8% |
* The regional reporting has been changed to reflect the Company’s
internal organization. Historical data is available at total.com.
**
Sales, Group share, excluding trading; 2016 data restated to reflect
volume estimates for Bontang LNG in Indonesia based on the 2016 SEC
coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | Petroleum product sales by region (kb/d)* |  | 2016 |  | 2015 |  |
2016 vs |
| 2,330 | Â | 2,430 | Â | 2,298 | Â | +1% | Â | Europe | Â | 2,355 | Â | 2,184 | Â | +8% |
| 569 | Â | 537 | Â | 547 | Â | +4% | Â | Africa | Â | 551 | Â | 619 | Â | -11% |
| 313 | Â | 627 | Â | 489 | Â | -36% | Â | Americas | Â | 517 | Â | 570 | Â | -9% |
| 997 | Â | 567 | Â | 620 | Â | +61% | Â | Rest of world | Â | 760 | Â | 632 | Â | +20% |
| 4,209 | Â | 4,161 | Â | 3,954 | Â | +6% | Â | Total consolidated sales | Â | 4,183 | Â | 4,005 | Â | +4% |
| 678 | Â | 706 | Â | 688 | Â | -1% | Â | Including bulk sales | Â | 700 | Â | 649 | Â | +8% |
| 1,723 | Â | 1,641 | Â | 1,469 | Â | +17% | Â | Including trading | Â | 1,690 | Â | 1,538 | Â | +10% |
*Includes share of TotalErg.
Adjustment items
> Adjustments to operating income
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â | In millions of dollars | Â | 2016 | Â | 2015 |
| (2,177) | Â | (115) | Â | (5,677) | Â | Special items affecting operating income | Â | (3,389) | Â | (8,182) |
| (3) | Â | (15) | Â | (48) | Â | Restructuring charges | Â | (37) | Â | (48) |
| (2,029) | Â | - | Â | (4,933) | Â | Impairments | Â | (2,229) | Â | (6,877) |
| (145) | Â | (100) | Â | (696) | Â | Other | Â | (1,123) | Â | (1,257) |
| 347 | Â | (47) | Â | (464) | Â | Pre-tax inventory effect: FIFO vs. replacement cost | Â | 652 | Â | (1,113) |
| 17 | Â | (18) | Â | - | Â | Effect of changes in fair value | Â | (4) | Â | (16) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1,813) | Â | (180) | Â | (6,141) | Â | Total adjustments affecting operating income | Â | (2,741) | Â | (9,311) |
> Adjustment to net income (Group share)
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â | In millions of dollars | Â | 2016 | Â | 2015 |
| (2,133) | Â | (98) | Â | (3,386) | Â | Special items affecting net income (Group share) | Â | (2,567) | Â | (4,675) |
| (45) | Â | (32) | Â | 579 | Â | Gain (loss) on asset sales | Â | 267 | Â | 1,810 |
| (10) | Â | (18) | Â | (29) | Â | Restructuring charges | Â | (32) | Â | (72) |
| (1,886) | Â | (33) | Â | (3,443) | Â | Impairments | Â | (2,097) | Â | (5,447) |
| (192) | Â | (15) | Â | (493) | Â | Other | Â | (705) | Â | (966) |
| 262 | Â | (5) | Â | (315) | Â | After-tax inventory effect: FIFO vs. replacement cost | Â | 479 | Â | (747) |
| 12 | Â | (13) | Â | - | Â | Effect of changes in fair value | Â | (3) | Â | (9) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1,859) | Â | (116) | Â | (3,701) | Â | Total adjustments affecting net income | Â | (2,091) | Â | (5,431) |
2017 Sensitivities*
| Â | Â | Scenario | Â | Change | Â |
Estimated impact
net operating |
 |
Estimated |
| Dollar |  | 1.1 $/€ |  | -0.1 $ per € |  | +0.1 B$ |  | ~0 B$ |
| Brent | Â | 50 $/b | Â | +10 $/b | Â | +2 B$ | Â | +2.5 B$ |
| European refining margin indicator (ERMI) | Â | 35 $/t | Â | +10 $/t | Â | +0.5 B$ | Â | +0.6 B$ |
* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2017. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-€ sensitivity on adjusted net operating income is mainly attributable to Refining & Chemicals.
Investments - Divestments
| 4Q16 | Â | 3Q16 | Â | 4Q15 | Â |
4Q16
vs 4Q15 |
 | In millions of dollars |  | 2016 |  | 2015 |  |
2016 vs |
| 4,728 | Â | 4,082 | Â | 6,365 | Â | -26% | Â | Organic investments | Â | 17,484 | Â | 22,976 | Â | -24% |
| 119 | Â | 136 | Â | 232 | Â | -49% | Â | capitalized exploration | Â | 655 | Â | 1,198 | Â | -45% |
| 157 | Â | 135 | Â | 553 | Â | -72% | Â | increase in non-current loans | Â | 1,121 | Â | 2,260 | Â | -50% |
| (511) | Â | (101) | Â | (196) | Â | +161% | Â | repayment of non-current loans | Â | (1,013) | Â | (1,616) | Â | -37% |
| 616 | Â | 1,018 | Â | 33 | Â | 18.7 x | Â | Acquisitions | Â | 2,033 | Â | 3,441 | Â | -41% |
| 416 | Â | 91 | Â | 2,101 | Â | -80% | Â | Asset sales | Â | 1,864 | Â | 5,968 | Â | -69% |
| - | Â | (107) | Â | 8 | Â | -100% | Â | Other transactions with non-controlling interests | Â | (104) | Â | 89 | Â | -217% |
| 4,928 | Â | 5,116 | Â | 4,289 | Â | +15% | Â | Net investments | Â | 17,757 | Â | 20,360 | Â | -13% |
Net-debt-to-equity ratio
| In millions of dollars | Â | 12/31/2016 | Â | 9/30/2016 | Â | 12/31/2015 |
| Current borrowings | Â | 13,920 | Â | 13,383 | Â | 12,488 |
| Net current financial assets | Â | (4,221) | Â | (1,375) | Â | (6,019) |
| Net financial assets classified as held for sale | Â | (140) | Â | (81) | Â | 141 |
| Non-current financial debt | Â | 43,067 | Â | 44,450 | Â | 44,464 |
| Hedging instruments of non-current debt | Â | (908) | Â | (1,089) | Â | (1,219) |
| Cash and cash equivalents | Â | (24,597) | Â | (24,801) | Â | (23,269) |
| Net debt | Â | 27,121 | Â | 30,487 | Â | 26,586 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity - Group share |  | 98,680 |  | 98,168 |  | 92,494 |
| Estimated dividend payable | Â | (1,556) | Â | (1,629) | Â | (1,545) |
| Non-controlling interests | Â | 2,894 | Â | 2,948 | Â | 2,915 |
| Adjusted shareholders' equity | Â | 100,018 | Â | 99,487 | Â | 93,864 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio | Â | 27.1% | Â | 30.6% | Â | 28.3% |
Return on equity
| In millions of dollars | Â |
January 1, 2016 to |
 |
October 1, 2015 to |
 |
January 1, 2015 to |
| Adjusted net income | Â | 8,447 | Â | 8,207 | Â | 10,698 |
| Average adjusted shareholders' equity | Â | 96,941 | Â | 98,538 | Â | 92,854 |
| Return on equity (ROE) | Â | 8.7% | Â | 8.3% | Â | 11.5% |
Return on average capital employed
> Twelve months ended December 31, 2016
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing |
 |  |  | Group |
| Adjusted net operating income | Â |
3 633 |
 |
4 201 |
 |
1 586 |
9 274 |
|||
| Capital employed at 12/31/2015* | Â |
105 580 |
 |
10 407 |
 |
8 415 |
121 143 |
|||
| Capital employed at 12/31/2016* | Â |
108 713 |
 |
11 618 |
 |
9 701 |
127 423 |
|||
| ROACE | Â |
3,4% |
 |
38,1% |
 |
17,5% |
7,5% |
> Twelve months ended September 30, 2016
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing |
 |  |  | Group |
| Adjusted net operating income | Â | 3,250 | Â | 4,070 | Â | 1,705 | 8,968 | |||
|
Capital employed at 09/30/2015* |
 | 108,425 |  | 11,319 |  | 7,865 | 123,904 | |||
|
Capital employed at 09/30/2016* |
 | 110,590 |  | 12,030 |  | 10,316 | 130,534 | |||
| ROACE | Â | 3.0% | Â | 34.9% | Â | 18.8% | 7.0% |
> Twelve months ended December 31, 2015
| In millions of dollars | Â | Upstream | Â |
Refining & |
 |
Marketing |
 |  |  | Group |
| Adjusted net operating income | Â | 4,774 | Â | 4,889 | Â | 1,699 | 11,400 | |||
| Capital employed at 12/31/2014* | Â | 100,497 | Â | 13,451 | Â | 8,825 | 120,526 | |||
| Capital employed at 12/31/2015* | Â | 105,580 | Â | 10,407 | Â | 8,415 | 121,143 | |||
| ROACE | Â | 4.6% | Â | 41.0% | Â | 19.7% | 9.4% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the full-year 2016 from the consolidated financial statements of TOTAL S.A. as of December 31, 2016. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monétaire et financier).
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SECâ€).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.
In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.
These adjustment items include:
(i) Special items
Due to
their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent or unusual. However, in certain instances,
transactions such as restructuring costs or asset disposals, which are
not considered to be representative of the normal course of business,
may be qualified as special items although they may have occurred within
prior years or are likely to occur again within the coming years.
(ii)
Inventory valuation effect
The adjusted results of
the Refining & Chemicals and Marketing & Services segments are presented
according to the replacement cost method. This method is used to assess
the segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.
In the
replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using
either the month-end price differentials between one period and another
or the average prices of the period rather than the historical value.
The inventory valuation effect is the difference between the results
according to the FIFO (First-In, First-Out) and the replacement cost.
(iii)
Effect of changes in fair value
The effect of changes
in fair value presented as an adjustment item reflects, for some
transactions, differences between internal measures of performance used
by TOTAL’s management and the accounting for these transactions under
IFRS.
IFRS requires that trading inventories be recorded at
their fair value using period-end spot prices. In order to best reflect
the management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations of
trading inventories based on forward prices.
Furthermore,
TOTAL, in its trading activities, enters into storage contracts, whose
future effects are recorded at fair value in Group’s internal economic
performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings per share represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves†or “resourcesâ€, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definition on page 2.
2 Group share.
3
The ex-dividend date will be June 5, 2017, and the payment date will be
set for June 22, 2017.
4 Adjusted results are defined as
income using replacement cost, adjusted for special items, excluding the
impact of changes for fair value; adjustment items are on page 11.
5
Includes foreign exchange effect on Yamal LNG financing, which is
reversed for total adjusted net operating income.
6 Tax
on adjusted net operating income / (adjusted net operating income –
income from equity affiliates – dividends received from investments –
impairment of goodwill + tax on adjusted net operating income).
7
In accordance with IFRS norms, adjusted fully-diluted earnings per share
is calculated from the adjusted net income less the perpetual
subordinated bond coupon
8 Including investments and
increase in non-current loans.
9 Net investments =
investments - divestments - repayment of non-current loans - other
operations with non-controlling interests.
10 Organic
investments = net investments excluding acquisitions, asset sales, and
other operations with non-controlling interests.
11
Operating cash flow before working capital changes, previously referred
to as adjusted cash flow from operations, is defined as cash flow from
operating activities before changes in working capital at replacement
cost. The inventory valuation effect is explained on page 14.
12
Certain transactions referred to in the highlights are subject to
approval by authorities or to other conditions as per the agreements.
13
FASB Accounting Standards Codification Topic 932, Extractive industries
– Oil and Gas.
14 Tax on adjusted net operating income /
(adjusted net operating income – income from equity affiliates –
dividends received from investments – impairment of goodwill + tax on
adjusted net operating income).
15 Details shown on page
11.
16 Details shown on page 11 and in the annex to the
financial statements.
17 Net cash flow = operating cash
flow before working capital changes at replacement cost - net
investments (including other transactions with non-controlling
interests).
18 Details shown on page 13.
Total financial statements
____________________
Fourth quarter and full year 2016 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) (a) | Â |
4th quarter
2016 |
 |
3rd quarter
2016 |
 |
4th quarter
2015 |
| Sales | 42,275 | 37,412 | 37,749 | |||
| Excise taxes | (5,408) | (5,587) | (5,457) | |||
| Revenues from sales | 36,867 | 31,825 | 32,292 | |||
| Purchases, net of inventory variation | (23,967) | (21,223) | (21,874) | |||
| Other operating expenses | (6,791) | (5,469) | (6,248) | |||
| Exploration costs | (260) | (274) | (727) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (4,939) | (2,936) | (7,672) | |||
| Other income | 337 | 290 | 833 | |||
| Other expense | (473) | (351) | (298) | |||
| Financial interest on debt | (299) | (268) | (241) | |||
| Financial income and expense from cash & cash equivalents | (2) | (5) | 25 | |||
| Cost of net debt | (301) | (273) | (216) | |||
| Other financial income | 203 | 265 | 300 | |||
| Other financial expense | (161) | (154) | (171) | |||
| Equity in net income (loss) of affiliates | 409 | 531 | 600 | |||
| Income taxes | Â | (437) | Â | (251) | Â | 1,381 |
| Consolidated net income | Â | 487 | Â | 1,980 | Â | (1,800) |
| Group share | 548 | 1,954 | (1,626) | |||
| Non-controlling interests | Â | (61) | Â | 26 | Â | (174) |
| Earnings per share ($) | Â | 0.20 | Â | 0.79 | Â | (0.72) |
| Fully-diluted earnings per share ($) | Â | 0.20 | Â | 0.79 | Â | (0.71) |
(a) Except for per share amounts.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
4th quarter 2016 |
 |
3rd quarter
2016 |
 |
4th quarter
2015 |
| Consolidated net income | Â | 487 | Â | 1,980 | Â | (1,800) |
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | 205 | (363) | 358 | |||
| Tax effect | (64) | 47 | (140) | |||
| Currency translation adjustment generated by the parent company | Â | (3,515) | Â | 439 | Â | (2,171) |
| Items not potentially reclassifiable to profit and loss | Â | (3,374) | Â | 123 | Â | (1,953) |
| Currency translation adjustment | 619 | (362) | 604 | |||
| Available for sale financial assets | 3 | 15 | 16 | |||
| Cash flow hedge | 94 | 113 | 4 | |||
| Share of other comprehensive income of equity affiliates, net amount | 458 | 123 | (95) | |||
| Other | 1 | (3) | - | |||
| Tax effect | Â | (32) | Â | (41) | Â | (7) |
| Items potentially reclassifiable to profit and loss | Â | 1,143 | Â | (155) | Â | 522 |
| Total other comprehensive income (net amount) | Â | (2,231) | Â | (32) | Â | (1,431) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | (1,744) | Â | 1,948 | Â | (3,231) |
| Group share | (1,676) | 1,909 | (3,033) | |||
| Non-controlling interests | (68) | 39 | (198) |
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) (a) | Â |
Year
2016 |
 |
Year
2015 |
| Sales | 149,743 | 165,357 | ||
| Excise taxes | (21,818) | (21,936) | ||
| Revenues from sales | 127,925 | 143,421 | ||
| Purchases, net of inventory variation | (83,377) | (96,671) | ||
| Other operating expenses | (24,302) | (24,345) | ||
| Exploration costs | (1,264) | (1,991) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (13,523) | (17,720) | ||
| Other income | 1,299 | 3,606 | ||
| Other expense | (1,027) | (1,577) | ||
| Financial interest on debt | (1,108) | (967) | ||
| Financial income and expense from cash & cash equivalents | 4 | 94 | ||
| Cost of net debt | (1,104) | (873) | ||
| Other financial income | 971 | 882 | ||
| Other financial expense | (636) | (654) | ||
| Equity in net income (loss) of affiliates | 2,214 | 2,361 | ||
| Income taxes | Â | (970) | Â | (1,653) |
| Consolidated net income | Â | 6,206 | Â | 4,786 |
| Group share | 6,196 | 5,087 | ||
| Non-controlling interests | Â | 10 | Â | (301) |
| Earnings per share ($) | Â | 2.52 | Â | 2.17 |
| Fully-diluted earnings per share ($) | Â | 2.51 | Â | 2.16 |
(a) Except for per share amounts.
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) | Â |
Year
2016 |
 |
Year
2015 |
| Consolidated net income | Â | 6,206 | Â | 4,786 |
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | (371) | 557 | ||
| Tax effect | 55 | (278) | ||
| Currency translation adjustment generated by the parent company | Â | (1,548) | Â | (7,268) |
| Items not potentially reclassifiable to profit and loss | Â | (1,864) | Â | (6,989) |
| Currency translation adjustment | (1,098) | 2,456 | ||
| Available for sale financial assets | 4 | 9 | ||
| Cash flow hedge | 239 | (185) | ||
| Share of other comprehensive income of equity affiliates, net amount | 935 | 120 | ||
| Other | 1 | 1 | ||
| Tax effect | Â | (76) | Â | 53 |
| Items potentially reclassifiable to profit and loss | Â | 5 | Â | 2,454 |
| Total other comprehensive income (net amount) | Â | (1,859) | Â | (4,535) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 4,347 | Â | 251 |
| Group share | 4,336 | 633 | ||
| Non-controlling interests | 11 | (382) |
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | |||
| TOTAL | ||||||
|
 |
||||||
| Â | ||||||
| (M$) | Â |
December 31, Â |
 |
September 30, Â |
 |
December 31, Â |
| ASSETS | ||||||
| Non-current assets | ||||||
| Intangible assets, net | 15,362 | 14,916 | 14,549 | |||
| Property, plant and equipment, net | 111,971 | 113,433 | 109,518 | |||
| Equity affiliates : investments and loans | 20,576 | 20,870 | 19,384 | |||
| Other investments | 1,133 | 1,565 | 1,241 | |||
| Non-current financial assets | 908 | 1,089 | 1,219 | |||
| Deferred income taxes | 4,368 | 4,434 | 3,982 | |||
| Other non-current assets | Â | 4,143 | Â | 4,534 | Â | 4,355 |
| Total non-current assets | Â | 158,461 | Â | 160,841 | Â | 154,248 |
| Current assets | ||||||
| Inventories, net | 15,247 | 14,635 | 13,116 | |||
| Accounts receivable, net | 12,213 | 11,501 | 10,629 | |||
| Other current assets | 14,835 | 14,927 | 15,843 | |||
| Current financial assets | 4,548 | 1,755 | 6,190 | |||
| Cash and cash equivalents | 24,597 | 24,801 | 23,269 | |||
| Assets classified as held for sale | Â | 1,077 | Â | 1,045 | Â | 1,189 |
| Total current assets | Â | 72,517 | Â | 68,664 | Â | 70,236 |
| Total assets | 230,978 | 229,505 | 224,484 |
| LIABILITIES & SHAREHOLDERS' EQUITY | Â | Â | Â | |||
|
Shareholders' equity |
||||||
|
Common shares |
7,604 | 7,849 | 7,670 | |||
| Paid-in surplus and retained earnings | 105,547 | 106,189 | 101,528 | |||
| Currency translation adjustment | (13,871) | (11,448) | (12,119) | |||
| Treasury shares | Â | (600) | Â | (4,422) | Â | (4,585) |
| Total shareholders' equity - Group share | Â | 98,680 | Â | 98,168 | Â | 92,494 |
| Non-controlling interests | Â | 2,894 | Â | 2,948 | Â | 2,915 |
| Total shareholders' equity | Â | 101,574 | Â | 101,116 | Â | 95,409 |
| Non-current liabilities | ||||||
| Deferred income taxes | 11,060 | 11,390 | 12,360 | |||
| Employee benefits | 3,746 | 4,247 | 3,774 | |||
| Provisions and other non-current liabilities | 16,846 | 17,320 | 17,502 | |||
| Non-current financial debt | Â | 43,067 | Â | 44,450 | Â | 44,464 |
| Total non-current liabilities | Â | 74,719 | Â | 77,407 | Â | 78,100 |
| Current liabilities | ||||||
| Accounts payable | 23,227 | 19,799 | 20,928 | |||
| Other creditors and accrued liabilities | 16,720 | 16,895 | 16,884 | |||
| Current borrowings | 13,920 | 13,383 | 12,488 | |||
| Other current financial liabilities | 327 | 380 | 171 | |||
| Liabilities directly associated with the assets classified as held for sale | Â | 491 | Â | 525 | Â | 504 |
| Total current liabilities | Â | 54,685 | Â | 50,982 | Â | 50,975 |
| Total liabilities & shareholders' equity | 230,978 | 229,505 | 224,484 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
4th quarter
2016 |
 |
3rd quarter
2016 |
 |
4th quarter
2015 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 487 | 1,980 | (1,800) | |||
| Depreciation, depletion, amortization and impairment | 5,030 | 3,297 | 8,278 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (275) | (539) | (1,862) | |||
| (Gains) losses on disposals of assets | 58 | 94 | (665) | |||
| Undistributed affiliates' equity earnings | 65 | (192) | 39 | |||
| (Increase) decrease in working capital | 1,913 | 265 | 937 | |||
| Other changes, net | Â | (260) | Â | (165) | Â | (89) |
| Cash flow from operating activities | 7,018 | 4,740 | 4,838 | |||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Intangible assets and property, plant and equipment additions | (5,742) | (4,124) | (5,919) | |||
| Acquisitions of subsidiaries, net of cash acquired | 118 | (1,119) | (42) | |||
| Investments in equity affiliates and other securities | (74) | 177 | (80) | |||
| Increase in non-current loans | Â | (157) | Â | (135) | Â | (553) |
| Total expenditures | (5,855) | (5,201) | (6,594) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 413 | 57 | 1,437 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | - | 58 | |||
| Proceeds from disposals of non-current investments | 3 | 34 | 606 | |||
| Repayment of non-current loans | Â | 511 | Â | 101 | Â | 196 |
| Total divestments | Â | 927 | Â | 192 | Â | 2,297 |
| Cash flow used in investing activities | (4,928) | (5,009) | (4,297) | |||
|
 |
||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 60 | 36 | 31 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (534) | - | (592) | |||
| - Non-controlling interests | (16) | (2) | (3) | |||
| Issuance of perpetual subordinated notes | 2,761 | - | - | |||
| Payments on perpetual subordinated notes | - | - | - | |||
| Other transactions with non-controlling interests | - | (107) | 8 | |||
| Net issuance (repayment) of non-current debt | (105) | 3,127 | 2,039 | |||
| Increase (decrease) in current borrowings | (335) | (909) | (531) | |||
| Increase (decrease) in current financial assets and liabilities | (3,006) | 257 | (3,320) | |||
| Cash flow used in financing activities | Â | (1,175) | Â | 2,402 | Â | (2,368) |
| Net increase (decrease) in cash and cash equivalents | 915 | 2,133 | (1,827) | |||
| Effect of exchange rates | (1,119) | 15 | (762) | |||
| Cash and cash equivalents at the beginning of the period | Â | 24,801 | Â | 22,653 | Â | 25,858 |
| Cash and cash equivalents at the end of the period | Â | 24,597 | Â | 24,801 | Â | 23,269 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) | Â |
Year
2016 |
 |
Year
2015 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Consolidated net income | 6,206 | 4,786 | ||
| Depreciation, depletion, amortization and impairment | 14,423 | 19,334 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (1,559) | (2,563) | ||
| (Gains) losses on disposals of assets | (263) | (2,459) | ||
| Undistributed affiliates' equity earnings | (643) | (311) | ||
| (Increase) decrease in working capital | (1,119) | 1,683 | ||
| Other changes, net | Â | (524) | Â | (524) |
| Cash flow from operating activities | 16,521 | 19,946 | ||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Intangible assets and property, plant and equipment additions | (18,106) | (25,132) | ||
| Acquisitions of subsidiaries, net of cash acquired | (1,123) | (128) | ||
| Investments in equity affiliates and other securities | (180) | (513) | ||
| Increase in non-current loans | Â | (1,121) | Â | (2,260) |
| Total expenditures | (20,530) | (28,033) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,462 | 2,623 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 270 | 2,508 | ||
| Proceeds from disposals of non-current investments | 132 | 837 | ||
| Repayment of non-current loans | Â | 1,013 | Â | 1,616 |
| Total divestments | Â | 2,877 | Â | 7,584 |
| Cash flow used in investing activities | (17,653) | (20,449) | ||
|
 |
||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 100 | 485 | ||
| - Treasury shares | - | (237) | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,661) | (2,845) | ||
| - Non-controlling interests | (93) | (100) | ||
| Issuance of perpetual subordinated notes | 4,711 | 5,616 | ||
| Payments on perpetual subordinated notes | (133) | - | ||
| Other transactions with non-controlling interests | (104) | 89 | ||
| Net issuance (repayment) of non-current debt | 3,576 | 4,166 | ||
| Increase (decrease) in current borrowings | (3,260) | (597) | ||
| Increase (decrease) in current financial assets and liabilities | 1,396 | (5,517) | ||
| Cash flow used in financing activities | Â | 3,532 | Â | 1,060 |
| Net increase (decrease) in cash and cash equivalents | 2,400 | 557 | ||
| Effect of exchange rates | (1,072) | (2,469) | ||
| Cash and cash equivalents at the beginning of the period | Â | 23,269 | Â | 25,181 |
| Cash and cash equivalents at the end of the period | Â | 24,597 | Â | 23,269 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| Â | ||||||||||||||||||
| TOTAL | ||||||||||||||||||
| Â | ||||||||||||||||||
| Â | Common shares issued | Â | Paid-in surplus and retained earnings | Â | Currency translation adjustment | Â | Treasury shares | Â |
Shareholders' equity -
Group share |
 |
Non- |
 | Total shareholders' equity | |||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2015 | Â | 2,385,267,525 | Â | 7,518 | Â | 94,646 | Â | (7,480) | Â | (109,361,413) | Â | (4,354) | Â | 90,330 | Â | 3,201 | Â | 93,531 |
| Net income 2015 | - | Â | - | 5,087 | - | - | Â | - | 5,087 | (301) | 4,786 | |||||||
| Other comprehensive Income | - | - | 185 | (4,639) | - | - | (4,454) | (81) | (4,535) | |||||||||
| Comprehensive Income | - | - | 5,272 | (4,639) | - | - | 633 | (382) | 251 | |||||||||
| Dividend | - | - | (6,303) | - | - | - | (6,303) | (100) | (6,403) | |||||||||
| Issuance of common shares | 54,790,358 | 152 | 2,159 | - | - | - | 2,311 | - | 2,311 | |||||||||
|
Purchase of treasury shares |
- | - | - | - | (4,711,935) | (237) | (237) | - | (237) | |||||||||
| Sale of treasury shares (1) | - | - | (6) | - | 105,590 | 6 | - | - | - | |||||||||
| Share-based payments | - | - | 101 | - | - | - | 101 | - | 101 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 5,616 | - | - | - | 5,616 | - | 5,616 | |||||||||
| Payments on perpetual subordinated notes | - | - | (114) | - | - | - | (114) | - | (114) | |||||||||
| Other operations with non-controlling interests | - | - | 23 | - | - | - | 23 | 64 | 87 | |||||||||
| Other items | - | - | 134 | - | - | - | 134 | 132 | 266 | |||||||||
| As of December 31, 2015 | Â | 2,440,057,883 | Â | 7,670 | Â | 101,528 | Â | (12,119) | Â | (113,967,758) | Â | (4,585) | Â | 92,494 | Â | 2,915 | Â | 95,409 |
| Net income 2016 | - | - | 6,196 | - | - | - | 6,196 | 10 | 6,206 | |||||||||
| Other comprehensive Income | - | - | (108) | (1,752) | - | - | (1,860) | 1 | (1,859) | |||||||||
| Comprehensive Income | - | - | 6,088 | (1,752) | - | - | 4,336 | 11 | 4,347 | |||||||||
| Dividend | - | - | (6,512) | - | - | - | (6,512) | (93) | (6,605) | |||||||||
| Issuance of common shares | 90,639,247 | 251 | 3,553 | - | - | - | 3,804 | - | 3,804 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (163) | - | 3,048,668 | 163 | - | - | - | |||||||||
| Share-based payments | - | - | 112 | - | - | - | 112 | - | 112 | |||||||||
| Share cancellation | (100,331,268) | (317) | (3,505) | - | 100,331,268 | 3,822 | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | 4,711 | - | - | - | 4,711 | - | 4,711 | |||||||||
| Payments on perpetual subordinated notes | - | - | (203) | - | - | - | (203) | - | (203) | |||||||||
| Other operations with non-controlling interests | - | - | (98) | - | - | - | (98) | (43) | (141) | |||||||||
| Other items | - | - | 36 | - | - | - | 36 | 104 | 140 | |||||||||
| As of December 31, 2016 | Â | 2,430,365,862 | Â | 7,604 | Â | 105,547 | Â | (13,871) | Â | (10,587,822) | Â | (600) | Â | 98,680 | Â | 2,894 | Â | 101,574 |
(1) Treasury shares related to the 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 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 4,475 | 19,077 | 18,719 | 4 | - | 42,275 | ||||||
| Intersegment sales | 4,948 | 6,707 | 260 | 82 | (11,997) | - | ||||||
| Excise taxes | Â | - | Â | (784) | Â | (4,624) | Â | - | Â | - | Â | (5,408) |
| Revenues from sales | 9,423 | 25,000 | 14,355 | 86 | (11,997) | 36,867 | ||||||
| Operating expenses | (5,730) | (23,149) | (13,841) | (295) | 11,997 | (31,018) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,331) | Â | (252) | Â | (346) | Â | (10) | Â | - | Â | (4,939) |
| Operating income | (638) | 1,599 | 168 | (219) | - | 910 | ||||||
| Equity in net income (loss) of affiliates and other items | 37 | 169 | (21) | 130 | - | 315 | ||||||
| Tax on net operating income | Â | (90) | Â | (394) | Â | (98) | Â | 77 | Â | - | Â | (505) |
| Net operating income | (691) | 1,374 | 49 | (12) | - | 720 | ||||||
| Net cost of net debt | (233) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 61 |
| Net income | 548 |
|
4th quarter 2016 (adjustments) (a)
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 17 | Â | - | Â | - | Â | - | Â | - | Â | 17 |
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 17 | - | - | - | - | 17 | ||||||
| Operating expenses | - | 379 | (180) | - | - | 199 | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (1,889) | Â | - | Â | (140) | Â | - | Â | - | Â | (2,029) |
| (a) Except for per share amounts. | (1,872) | 379 | (320) | - | - | (1,813) | ||||||
| Equity in net income (loss) of affiliates and other items | (405) | (28) | (84) | (4) | - | (521) | ||||||
| Tax on net operating income | Â | 455 | Â | (115) | Â | 42 | Â | 1 | Â | - | Â | 383 |
| Net operating income (b) | (1,822) | 236 | (362) | (3) | - | (1,951) | ||||||
| Net cost of net debt | (6) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 98 |
| Net income | (1,859) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 380 | (33) | - | ||||||||
| On net operating income | - | 281 | (14) | - |
|
4th quarter 2016 (adjusted)
(M$) (a) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 4,458 | Â | 19,077 | Â | 18,719 | Â | 4 | Â | - | Â | 42,258 |
| Intersegment sales | 4,948 | 6,707 | 260 | 82 | (11,997) | - | ||||||
| Excise taxes | Â | - | Â | (784) | Â | (4,624) | Â | - | Â | - | Â | (5,408) |
| Revenues from sales | 9,406 | 25,000 | 14,355 | 86 | (11,997) | 36,850 | ||||||
| Operating expenses | (5,730) | (23,528) | (13,661) | (295) | 11,997 | (31,217) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,442) | Â | (252) | Â | (206) | Â | (10) | Â | - | Â | (2,910) |
| Adjusted operating income | 1,234 | 1,220 | 488 | (219) | - | 2,723 | ||||||
| Equity in net income (loss) of affiliates and other items | 442 | 197 | 63 | 134 | - | 836 | ||||||
| Tax on net operating income | Â | (545) | Â | (279) | Â | (140) | Â | 76 | Â | - | Â | (888) |
| Adjusted net operating income | 1,131 | 1,138 | 411 | (9) | - | 2,671 | ||||||
| Net cost of net debt | (227) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (37) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,407 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.96 |
|
4th quarter 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | Â | 4,611 | Â | 560 | Â | 602 | Â | 82 | Â | - | Â | 5,855 |
| Total divestments | 839 | 13 | 73 | 2 | - | 927 | ||||||
| Cash flow from operating activities | Â | 4,199 | Â | 1,750 | Â | 903 | Â | 166 | Â | - | Â | 7,018 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 3,398 | 16,050 | 17,964 | - | - | 37,412 | ||||||
| Intersegment sales | 4,701 | 5,072 | 147 | 74 | (9,994) | - | ||||||
| Excise taxes | Â | - | Â | (875) | Â | (4,712) | Â | - | Â | - | Â | (5,587) |
| Revenues from sales | 8,099 | 20,247 | 13,399 | 74 | (9,994) | 31,825 | ||||||
| Operating expenses | (4,954) | (19,101) | (12,708) | (197) | 9,994 | (26,966) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,480) | Â | (251) | Â | (194) | Â | (11) | Â | - | Â | (2,936) |
| Operating income | 665 | 895 | 497 | (134) | - | 1,923 | ||||||
| Equity in net income (loss) of affiliates and other items | 213 | 227 | 57 | 84 | - | 581 | ||||||
| Tax on net operating income | Â | (40) | Â | (196) | Â | (138) | Â | 58 | Â | - | Â | (316) |
| Net operating income | 838 | 926 | 416 | 8 | - | 2,188 | ||||||
| Net cost of net debt | (208) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (26) |
| Net income | 1,954 |
|
3rd quarter 2016 (adjustments) (a)
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | (116) | Â | - | Â | - | Â | - | Â | - | Â | (116) |
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (116) | - | - | - | - | (116) | ||||||
| Operating expenses | - | 4 | (68) | - | - | (64) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| (a) Except for per share amounts. | (116) | 4 | (68) | - | - | (180) | ||||||
| Equity in net income (loss) of affiliates and other items | (123) | 16 | (67) | - | - | (174) | ||||||
| Tax on net operating income | Â | 200 | Â | (11) | Â | 6 | Â | - | Â | - | Â | 195 |
| Net operating income (b) | (39) | 9 | (129) | - | - | (159) | ||||||
| Net cost of net debt | (6) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 49 |
| Net income | (116) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 4 | (51) | - | ||||||||
| On net operating income | - | 21 | (33) | - |
|
3rd quarter 2016 (adjusted)
(M$) (a) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 3,514 | Â | 16,050 | Â | 17,964 | Â | - | Â | - | Â | 37,528 |
| Intersegment sales | 4,701 | 5,072 | 147 | 74 | (9,994) | - | ||||||
| Excise taxes | Â | - | Â | (875) | Â | (4,712) | Â | - | Â | - | Â | (5,587) |
| Revenues from sales | 8,215 | 20,247 | 13,399 | 74 | (9,994) | 31,941 | ||||||
| Operating expenses | (4,954) | (19,105) | (12,640) | (197) | 9,994 | (26,902) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,480) | Â | (251) | Â | (194) | Â | (11) | Â | - | Â | (2,936) |
| Adjusted operating income | 781 | 891 | 565 | (134) | - | 2,103 | ||||||
| Equity in net income (loss) of affiliates and other items | 336 | 211 | 124 | 84 | - | 755 | ||||||
| Tax on net operating income | Â | (240) | Â | (185) | Â | (144) | Â | 58 | Â | - | Â | (511) |
| Adjusted net operating income | 877 | 917 | 545 | 8 | - | 2,347 | ||||||
| Net cost of net debt | (202) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (75) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,070 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.84 |
(a) Except for earnings per share.
|
3rd quarter 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | Â | 3,648 | Â | 550 | Â | 1,175 | Â | (172) | Â | - | Â | 5,201 |
| Total divestments | 129 | 21 | 40 | 2 | - | 192 | ||||||
| Cash flow from operating activities | Â | 2,380 | Â | 1,698 | Â | 495 | Â | 167 | Â | - | Â | 4,740 |
| 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 2015
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 3,457 | 15,969 | 18,326 | (3) | - | 37,749 | ||||||
| Intersegment sales | 4,342 | 5,532 | 215 | 59 | (10,148) | - | ||||||
| Excise taxes | Â | - | Â | (1,073) | Â | (4,384) | Â | - | Â | - | Â | (5,457) |
| Revenues from sales | 7,799 | 20,428 | 14,157 | 56 | (10,148) | 32,292 | ||||||
| Operating expenses | (5,716) | (19,606) | (13,445) | (230) | 10,148 | (28,849) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (7,189) | Â | (293) | Â | (183) | Â | (7) | Â | - | Â | (7,672) |
| Operating income | (5,106) | 529 | 529 | (181) | - | (4,229) | ||||||
| Equity in net income (loss) of affiliates and other items | 571 | 759 | (97) | 31 | - | 1,264 | ||||||
| Tax on net operating income | Â | 1,328 | Â | (74) | Â | (135) | Â | 218 | Â | - | Â | 1,337 |
| Net operating income | (3,207) | 1,214 | 297 | 68 | - | (1,628) | ||||||
| Net cost of net debt | (172) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 174 |
| Net income | (1,626) |
|
4th quarter 2015 (adjustments) (a)
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | (205) | Â | - | Â | - | Â | - | Â | - | Â | (205) |
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (205) | - | - | - | - | (205) | ||||||
| Operating expenses | (413) | (429) | (161) | - | - | (1,003) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,893) | Â | (39) | Â | (1) | Â | - | Â | - | Â | (4,933) |
|
Operating Income (b) |
(5,511) | (468) | (162) | - | - | (6,141) | ||||||
| Equity in net income (loss) of affiliates and other items | (58) | 596 | (116) | (19) | - | 403 | ||||||
| Tax on net operating income | Â | 1,614 | Â | 79 | Â | 45 | Â | 7 | Â | - | Â | 1,745 |
| Net operating income (b) | (3,955) | 207 | (233) | (12) | - | (3,993) | ||||||
| Net cost of net debt | (11) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 303 |
| Net income | (3,701) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (359) | (105) | - | ||||||||
| On net operating income | - | (247) | (68) | - |
|
4th quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 3,662 | Â | 15,969 | Â | 18,326 | Â | (3) | Â | - | Â | 37,954 |
| Intersegment sales | 4,342 | 5,532 | 215 | 59 | (10,148) | - | ||||||
| Excise taxes | Â | - | Â | (1,073) | Â | (4,384) | Â | - | Â | - | Â | (5,457) |
| Revenues from sales | 8,004 | 20,428 | 14,157 | 56 | (10,148) | 32,497 | ||||||
| Operating expenses | (5,303) | (19,177) | (13,284) | (230) | 10,148 | (27,846) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,296) | Â | (254) | Â | (182) | Â | (7) | Â | - | Â | (2,739) |
| Adjusted operating income | 405 | 997 | 691 | (181) | - | 1,912 | ||||||
| Equity in net income (loss) of affiliates and other items | 629 | 163 | 19 | 50 | - | 861 | ||||||
| Tax on net operating income | Â | (286) | Â | (153) | Â | (180) | Â | 211 | Â | - | Â | (408) |
| Adjusted net operating income | 748 | 1,007 | 530 | 80 | - | 2,365 | ||||||
| Net cost of net debt | (161) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (129) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,075 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.88 |
(a) Except for earnings per share.
|
4th quarter 2015
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | Â | 5,293 | Â | 586 | Â | 689 | Â | 26 | Â | - | Â | 6,594 |
| Total divestments | 1,402 | 836 | 56 | 3 | - | 2,297 | ||||||
| Cash flow from operating activities | Â | 2,624 | Â | 2,127 | Â | 289 | Â | (202) | Â | - | Â | 4,838 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| Â | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 14,683 | 65,632 | 69,421 | 7 | - | 149,743 | ||||||
| Intersegment sales | 17,070 | 21,467 | 747 | 307 | (39,591) | - | ||||||
| Excise taxes | Â | - | Â | (3,544) | Â | (18,274) | Â | - | Â | - | Â | (21,818) |
| Revenues from sales | 31,753 | 83,555 | 51,894 | 314 | (39,591) | 127,925 | ||||||
| Operating expenses | (20,438) | (77,553) | (49,538) | (1,005) | 39,591 | (108,943) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (11,589) | Â | (1,002) | Â | (895) | Â | (37) | Â | - | Â | (13,523) |
| Operating income | (274) | 5,000 | 1,461 | (728) | - | 5,459 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,489 | 833 | 84 | 415 | - | 2,821 | ||||||
| Tax on net operating income | Â | 363 | Â | (1,245) | Â | (506) | Â | 164 | Â | - | Â | (1,224) |
| Net operating income | 1,578 | 4,588 | 1,039 | (149) | - | 7,056 | ||||||
| Net cost of net debt | (850) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (10) |
| Net income | 6,196 |
|
Year 2016 (adjustments) (a)
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | (231) | Â | - | Â | - | Â | - | Â | - | Â | (231) |
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (231) | - | - | - | - | (231) | ||||||
| Operating expenses | (691) | 627 | (217) | - | - | (281) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,089) | Â | - | Â | (140) | Â | - | Â | - | Â | (2,229) |
|
Operating income(b) |
(3,011) | 627 | (357) | - | - | (2,741) | ||||||
| Equity in net income (loss) of affiliates and other items | (199) | (39) | (230) | (4) | - | (472) | ||||||
| Tax on net operating income | Â | 1,155 | Â | (201) | Â | 40 | Â | 1 | Â | - | Â | 995 |
| Net operating income (b) | (2,055) | 387 | (547) | (3) | - | (2,218) | ||||||
| Net cost of net debt | (23) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 150 |
| Net income | (2,091) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 695 | (43) | - | ||||||||
| On net operating income | - | 500 | (13) | - |
|
Year 2016 (adjusted)
(M$) (a) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 14,914 | Â | 65,632 | Â | 69,421 | Â | 7 | Â | - | Â | 149,974 |
| Intersegment sales | 17,070 | 21,467 | 747 | 307 | (39,591) | - | ||||||
| Excise taxes | Â | - | Â | (3,544) | Â | (18,274) | Â | - | Â | - | Â | (21,818) |
| Revenues from sales | 31,984 | 83,555 | 51,894 | 314 | (39,591) | 128,156 | ||||||
| Operating expenses | (19,747) | (78,180) | (49,321) | (1,005) | 39,591 | (108,662) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (9,500) | Â | (1,002) | Â | (755) | Â | (37) | Â | - | Â | (11,294) |
| Adjusted operating income | 2,737 | 4,373 | 1,818 | (728) | - | 8,200 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,688 | 872 | 314 | 419 | - | 3,293 | ||||||
| Tax on net operating income | Â | (792) | Â | (1,044) | Â | (546) | Â | 163 | Â | - | Â | (2,219) |
| Adjusted net operating income | 3,633 | 4,201 | 1,586 | (146) | - | 9,274 | ||||||
| Net cost of net debt | (827) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (160) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 8,287 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3.38 |
(a) Except for earnings per share.
|
Year 2016
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | Â | 16,035 | Â | 1,849 | Â | 2,506 | Â | 140 | Â | - | Â | 20,530 |
| Total divestments | 2,331 | 86 | 446 | 14 | - | 2,877 | ||||||
| Cash flow from operating activities | Â | 9,675 | Â | 4,587 | Â | 1,623 | Â | 636 | Â | - | Â | 16,521 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | ||||||
| TOTAL | ||||||||||||
| Â | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2015
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 16,840 | 70,623 | 77,887 | 7 | - | 165,357 | ||||||
| Intersegment sales | 17,927 | 26,794 | 911 | 218 | (45,850) | - | ||||||
| Excise taxes | Â | - | Â | (4,107) | Â | (17,829) | Â | - | Â | - | Â | (21,936) |
| Revenues from sales | 34,767 | 93,310 | 60,969 | 225 | (45,850) | 143,421 | ||||||
| Operating expenses | (21,851) | (87,674) | (58,467) | (865) | 45,850 | (123,007) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (15,857) | Â | (1,092) | Â | (744) | Â | (27) | Â | - | Â | (17,720) |
| Operating income | (2,941) | 4,544 | 1,758 | (667) | - | 2,694 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,019 | 1,780 | 297 | 522 | - | 4,618 | ||||||
| Tax on net operating income | Â | (294) | Â | (1,105) | Â | (585) | Â | 171 | Â | - | Â | (1,813) |
| Net operating income | (1,216) | 5,219 | 1,470 | 26 | - | 5,499 | ||||||
| Net cost of net debt | (713) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 301 |
| Net income | 5,087 |
|
Year 2015 (adjustments) (a)
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | (519) | Â | - | Â | - | Â | - | Â | - | Â | (519) |
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (519) | - | - | - | - | (519) | ||||||
| Operating expenses | (564) | (1,035) | (316) | - | - | (1,915) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (6,783) | Â | (70) | Â | (24) | Â | - | Â | - | Â | (6,877) |
|
Operating income (b) |
(7,866) | (1,105) | (340) | - | - | (9,311) | ||||||
| Equity in net income (loss) of affiliates and other items | (264) | 1,172 | 24 | (19) | - | 913 | ||||||
| Tax on net operating income | Â | 2,140 | Â | 263 | Â | 87 | Â | 7 | Â | - | Â | 2,497 |
| Net operating income (b) | (5,990) | 330 | (229) | (12) | - | (5,901) | ||||||
| Net cost of net debt | (11) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 481 |
| Net income | (5,431) | |||||||||||
|
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (859) | (254) | - | ||||||||
| On net operating income | - | (590) | (169) | - |
|
Year 2015 (adjusted)
(M$) (a) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 17,359 | Â | 70,623 | Â | 77,887 | Â | 7 | Â | - | Â | 165,876 |
| Intersegment sales | 17,927 | 26,794 | 911 | 218 | (45,850) | - | ||||||
| Excise taxes | Â | - | Â | (4,107) | Â | (17,829) | Â | - | Â | - | Â | (21,936) |
| Revenues from sales | 35,286 | 93,310 | 60,969 | 225 | (45,850) | 143,940 | ||||||
| Operating expenses | (21,287) | (86,639) | (58,151) | (865) | 45,850 | (121,092) | ||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (9,074) | Â | (1,022) | Â | (720) | Â | (27) | Â | - | Â | (10,843) |
| Adjusted operating income | 4,925 | 5,649 | 2,098 | (667) | - | 12,005 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,283 | 608 | 273 | 541 | - | 3,705 | ||||||
| Tax on net operating income | Â | (2,434) | Â | (1,368) | Â | (672) | Â | 164 | Â | - | Â | (4,310) |
| Adjusted net operating income | 4,774 | 4,889 | 1,699 | 38 | - | 11,400 | ||||||
| Net cost of net debt | (702) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (180) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,518 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.51 |
(a) Except for earnings per share.
|
Year 2015
(M$) |
 | Upstream |  |
Refining & |
 |
Marketing & |
 | Corporate |  | Intercompany |  | Total |
| Total expenditures | Â | 24,270 | Â | 1,843 | Â | 1,841 | Â | 79 | Â | - | Â | 28,033 |
| Total divestments | 3,215 | 3,488 | 856 | 25 | - | 7,584 | ||||||
| Cash flow from operating activities | Â | 11,182 | Â | 6,432 | Â | 2,323 | Â | 9 | Â | - | Â | 19,946 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
4th quarter 2016 (M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 42,258 | 17 | 42,275 | |||
| Excise taxes | (5,408) | - | (5,408) | |||
| Revenues from sales | 36,850 | 17 | 36,867 | |||
| Purchases, net of inventory variation | (24,253) | 286 | (23,967) | |||
| Other operating expenses | (6,704) | (87) | (6,791) | |||
| Exploration costs | (260) | - | (260) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,910) | (2,029) | (4,939) | |||
| Other income | 337 | - | 337 | |||
| Other expense | (263) | (210) | (473) | |||
| Financial interest on debt | (293) | (6) | (299) | |||
| Financial income and expense from cash & cash equivalents | (2) | - | (2) | |||
| Cost of net debt | (295) | (6) | (301) | |||
| Other financial income | 203 | - | 203 | |||
| Other financial expense | (161) | - | (161) | |||
| Equity in net income (loss) of affiliates | 720 | (311) | 409 | |||
| Income taxes | Â | (820) | Â | 383 | Â | (437) |
| Consolidated net income | 2,444 | (1,957) | 487 | |||
| Group share | 2,407 | (1,859) | 548 | |||
| Non-controlling interests | 37 | (98) | (61) | |||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
|
4th quarter 2015 (M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | Â | 37,954 | Â | (205) | Â | 37,749 |
| Excise taxes | (5,457) | - | (5,457) | |||
| Revenues from sales | 32,497 | (205) | 32,292 | |||
| Purchases, net of inventory variation | (21,410) | (464) | (21,874) | |||
| Other operating expenses | (6,063) | (185) | (6,248) | |||
| Exploration costs | (373) | (354) | (727) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,739) | (4,933) | (7,672) | |||
| Other income | 169 | 664 | 833 | |||
| Other expense | (47) | (251) | (298) | |||
| Financial interest on debt | (230) | (11) | (241) | |||
| Financial income and expense from cash & cash equivalents | 25 | - | 25 | |||
| Cost of net debt | (205) | (11) | (216) | |||
| Other financial income | 300 | - | 300 | |||
| Other financial expense | (171) | - | (171) | |||
| Equity in net income (loss) of affiliates | 610 | (10) | 600 | |||
| Income taxes | Â | (364) | Â | 1,745 | Â | 1,381 |
| Consolidated net income | 2,204 | (4,004) | (1,800) | |||
| Group share | 2,075 | (3,701) | (1,626) | |||
| Non-controlling interests | 129 | (303) | (174) |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| Â | ||||||
| Â | ||||||
|
Year 2016 (M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | 149,974 | (231) | 149,743 | |||
| Excise taxes | (21,818) | - | (21,818) | |||
| Revenues from sales | 128,156 | (231) | 127,925 | |||
| Purchases, net of inventory variation | (83,916) | 539 | (83,377) | |||
| Other operating expenses | (23,832) | (470) | (24,302) | |||
| Exploration costs | (914) | (350) | (1,264) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (11,294) | (2,229) | (13,523) | |||
| Other income | 964 | 335 | 1,299 | |||
| Other expense | (537) | (490) | (1,027) | |||
| Financial interest on debt | (1,085) | (23) | (1,108) | |||
| Financial income and expense from cash & cash equivalents | 4 | - | 4 | |||
| Cost of net debt | (1,081) | (23) | (1,104) | |||
| Other financial income | 971 | - | 971 | |||
| Other financial expense | (636) | - | (636) | |||
| Equity in net income (loss) of affiliates | 2,531 | (317) | 2,214 | |||
| Income taxes | Â | (1,965) | Â | 995 | Â | (970) |
| Consolidated net income | 8,447 | (2,241) | 6,206 | |||
| Group share | 8,287 | (2,091) | 6,196 | |||
| Non-controlling interests | 160 | (150) | 10 | |||
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
|
Year 2015 (M$) |
 | Adjusted |  | Adjustments (a) |  |
Consolidated |
| Sales | Â | 165,876 | Â | (519) | Â | 165,357 |
| Excise taxes | (21,936) | - | (21,936) | |||
| Revenues from sales | 143,940 | (519) | 143,421 | |||
| Purchases, net of inventory variation | (95,558) | (1,113) | (96,671) | |||
| Other operating expenses | (23,984) | (361) | (24,345) | |||
| Exploration costs | (1,550) | (441) | (1,991) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (10,843) | (6,877) | (17,720) | |||
| Other income | 1,468 | 2,138 | 3,606 | |||
| Other expense | (405) | (1,172) | (1,577) | |||
| Financial interest on debt | (956) | (11) | (967) | |||
| Financial income and expense from cash & cash equivalents | 94 | - | 94 | |||
| Cost of net debt | (862) | (11) | (873) | |||
| Other financial income | 882 | - | 882 | |||
| Other financial expense | (654) | - | (654) | |||
| Equity in net income (loss) of affiliates | 2,414 | (53) | 2,361 | |||
| Income taxes | Â | (4,150) | Â | 2,497 | Â | (1,653) |
| Consolidated net income | 10,698 | (5,912) | 4,786 | |||
| Group share | 10,518 | (5,431) | 5,087 | |||
| Non-controlling interests | 180 | (481) | (301) |
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain
RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719
7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax
: +1 713-483-5629
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006009/en/
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