Total: Fourth Quarter and Full-Year 2017 Results
Total: Fourth Quarter and Full-Year 2017 Results
Total
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | Â | 4Q17 | Â |
Change
vs 4Q16 |
 | 2017 |  |
Change
vs 2016 |
| Â | Â | Â | Â | |||||
| Adjusted net income 1 | ||||||||
| - in billions of dollars (B$) | 2.9 | +19% | 10.6 | +28% | ||||
| - in dollars per share | 1.10 | +15% | 4.12 | +22% | ||||
| Â | ||||||||
|
Operating cash flow
before working capital changes 1 (B$) |
6.0 | +25% | 21.1 | +24% | ||||
| DACF 1 (B$) | 6.2 | +26% | 22.2 | +26% | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | ||||||||
|
Net income 2 of 8.6 B$ in 2017, a 39% increase compared to 2016 |
||||||||
| Net-debt-to-equity ratio of 13.8% at December 31, 2017 | ||||||||
| Hydrocarbon production of 2,566 kboe/d in 2017, a 4.6% increase compared to 2016 | ||||||||
| Fourth quarter 2017 dividend of 0.62 €/share payable in June 2018 3 | ||||||||
Total’s Board of Directors met on February 7, 2018, to review the
Group’s 2017 accounts. Commenting on the results, Chairman and CEO
Patrick Pouyanné said:
“Brent rose to $54/b on average in 2017
from $44/b in 2016 while remaining volatile. The Group demonstrated its
ability to capture the benefit of higher prices by reporting adjusted
net income of $10.6 billion, a 28% increase (compared to a 24% increase
in Brent) from 2016, and a return on equity above 10%, the highest among
the majors. The Upstream, in particular, increased its results by more
than 80% and its operating cash flow by close to 40%.
Financial
discipline was successfully maintained. Organic investments were $14.4
billion, in line with guidance of $13-15 billion, and cost savings
reached $3.7 billion in 2017, more than the target of $3.5 billion.
Production costs fell to $5.4/boe in 2017 from $9.9/boe in 2014.
These
strong results were driven by production growth (5% in 2017), notably
the start-up of Moho-Nord in the Republic of Congo, the ramp-up of
Kashagan in Kazahkstan, and the entry into Al-Shaheen in Qatar. The
Downstream confirmed again this year its ability to generate around $7
billion of operating cash flow and reported a return on capital employed
of more than 30%.
In 2017, the Group took advantage of the
cyclical low to launch five Upstream projects, including the first phase
of the Libra development in Brazil, as well as petrochemical projects in
the United States and South Korea. In E&P, the Group is preparing for
future growth with the announced acquisition of Maersk Oil,
strengthening its position in the North Sea, and finalized its entry
into the Lapa and Iara fields in Brazil in early 2018. In the US Gulf of
Mexico, the Group participated in a major discovery at the Ballymore
prospect. In the framework of reinforcing its integrated gas strategy,
it announced the acquisition of the LNG business of Engie to take full
advantage of the fast-growing LNG market. Marketing & Services continues
to grow, notably by expanding its retail network into Mexico.
The
strategy implemented since 2015 has enabled the Group to reduce its
pre-dividend organic breakeven to $27/b in 2017 and generate $22 billion
of debt-adjusted cash flow (DACF). The Group also continued to
strengthen its balance sheet, ending the year with 14% gearing, a
significant decrease compared to 2016.
In this context,
considering the anticipated growth in cash flow from 2018 forward from
increasing production and leverage to oil prices, the Board of Directors
decided to eliminate the discount on the scrip dividend and to propose a
shareholder return policy for the coming three years.â€
Key figures 4
| 4Q17 | Â | 3Q17 | Â | 4Q16 | Â |
4Q17
vs 4Q16 |
 |
In millions of dollars, except effective tax rate,
earnings per share and number of shares |
 | 2017 |  | 2016 |  |
2017
vs 2016 |
| 3,359 | Â | 3,062 | Â | 2,676 | Â | +26% | Â | Adjusted net operating income from business segments* | Â | 11,936 | Â | 9,410 | Â | +27% |
| 1,805 | Â | 1,439 | Â | 1,007 | Â | +79% | Â | Exploration & Production | Â | 5,985 | Â | 3,217 | Â | +86% |
| 232 | Â | 97 | Â | 132 | Â | +76% | Â | Gas, Renewables & Power | Â | 485 | Â | 439 | Â | +10% |
| 886 | Â | 1,020 | Â | 1,131 | Â | -22% | Â | Refining & Chemicals | Â | 3,790 | Â | 4,195 | Â | -10% |
| 436 | Â | 506 | Â | 406 | Â | +7% | Â | Marketing & Services | Â | 1,676 | Â | 1,559 | Â | +8% |
| 731 | Â | 674 | Â | 720 | Â | +2% | Â | Contribution of equity affiliates to adjusted net income | Â | 2,574 | Â | 2,531 | Â | +2% |
| 31.8% | Â | 32.6% | Â | 31.3% | Â | - | Â | Group effective tax rate 5 | Â | 31.1% | Â | 25.0% | Â | - |
| 2,872 | Â | 2,674 | Â | 2,407 | Â | +19% | Â | Adjusted net income | Â | 10,578 | Â | 8,287 | Â | +28% |
| 1.10 | Â | 1.04 | Â | 0.96 | Â | +15% | Â | Adjusted fully-diluted earnings per share (dollars) 6 | Â | 4.12 | Â | 3.38 | Â | +22% |
| 0.94 | Â | 0.88 | Â | 0.89 | Â | +5% | Â | Adjusted fully-diluted earnings per share (euros)** | Â | 3.65 | Â | 3.06 | Â | +19% |
| 2,536 | Â | 2,505 | Â | 2,433 | Â | +4% | Â | Fully-diluted weighted-average shares (millions) | Â | 2,495 | Â | 2,390 | Â | +4% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 1,021 | Â | 2,724 | Â | 548 | Â | +86% | Â | Net income (Group share) | Â | 8,631 | Â | 6,196 | Â | +39% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 5,103 | Â | 3,910 | Â | 5,855 | Â | -13% | Â | Investments 7 | Â | 16,896 | Â | 20,530 | Â | -18% |
| 1,467 | Â | 539 | Â | 927 | Â | +58% | Â | Divestments 8 | Â | 5,264 | Â | 2,877 | Â | +83% |
| 3,638 | Â | 3,373 | Â | 4,928 | Â | -26% | Â | Net investments 9 | Â | 11,636 | Â | 17,757 | Â | -34% |
| 4,442 | Â | 3,060 | Â | 4,728 | Â | -6% | Â | Organic investments 10 | Â | 14,395 | Â | 17,484 | Â | -18% |
| 107 | Â | 542 | Â | 651 | Â | -84% | Â | Resource acquisitions | Â | 714 | Â | 780 | Â | -8% |
| 5,955 | Â | 5,159 | Â | 4,758 | Â | +25% | Â | Operating cash flow before working capital changes 11 | Â | 21,135 | Â | 16,988 | Â | +24% |
| 6,233 | Â | 5,467 | Â | 4,964 | Â | +26% | Â |
Operating cash flow before working capital changes
w/o financial charges (DACF) 12 |
 | 22,183 |  | 17,581 |  | +26% |
| 8,615 | Â | 4,363 | Â | 7,018 | Â | +23% | Â | Cash flow from operations | Â | 22,319 | Â | 16,521 | Â | +35% |
* Average €-$ exchange rate: 1.1774 in the fourth quarter 2017 and 1.1297 in 2017.
Highlights since the beginning of the fourth quarter 2017 13
- Started gas exports from Yamal LNG in Russia, one of the largest liquefaction projects in the world with maximum capacity of 16.5 Mt/y of LNG
- Started giant Libra field in Brazil with first production from the 50 kboe/d Libra Pioneiro FPSO and launched first phase of large-scale development with a new 150 kboe/d FPSO
- Started production on the 180 kb/d Fort Hills project in Canada
- Major US Gulf of Mexico deep-offshore oil discovery on the Ballymore prospect, which Total entered with a 40% interest in September 2017
- Acquired 12.5% interest in the Anchor permit in the deep-offshore US Gulf of Mexico
- Entry of Total, as operator, on exploration Block 48 in Angola
- Acquisition of Engie’s upstream LNG business for $1.49 billion; Total ranks second in global LNG
- Sold interest in Martin Linge field in Norway for $1.45 billion
- Launched Total Spring in France to target residential market with gas and green power
- Sale in Italy of fuel distribution and refining activities of TotalErg (Total 49%)
- Strategic agreement between Total and CMA CGM to provide 0.3 Mt/y of LNG for future CMA CGM container ships
- Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total
Analysis of business segments
Exploration & Production
> Environment – liquids and gas price realizations*
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 |  |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 61.3 | Â | 52.1 | Â | 49.3 | Â | +24% | Â | Brent ($/b) | Â | 54.2 | Â | 43.7 | Â | +24% |
| 57.6 | Â | 48.9 | Â | 46.1 | Â | +25% | Â | Average liquids price ($/b) | Â | 50.2 | Â | 40.3 | Â | +25% |
| 4.23 | Â | 4.05 | Â | 3.89 | Â | +9% | Â | Average gas price ($/Mbtu) | Â | 4.08 | Â | 3.56 | Â | +15% |
| 43.3 | Â | 38.2 | Â | 35.6 | Â | +22% | Â | Average hydrocarbon price ($/boe) | Â | 38.7 | Â | 31.9 | Â | +21% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 | Hydrocarbon production |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 2,613 | Â | 2,581 | Â | 2,462 | Â | +6% | Â | Combined production (kboe/d) | Â | 2,566 | Â | 2,452 | Â | +5% |
| 1,389 | Â | 1,392 | Â | 1,257 | Â | +11% | Â | Liquids (kb/d) | Â | 1,346 | Â | 1,271 | Â | +6% |
| 6,832 | Â | 6,427 | Â | 6,597 | Â | +4% | Â | Gas (Mcf/d) | Â | 6,662 | Â | 6,447 | Â | +3% |
Hydrocarbon production was 2,613 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2017, an increase of close to 6% compared to 2016, due to the following:
- +6% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet, Yamal LNG and Angola LNG;
- +3% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway;
- +1% related to improved security conditions in Libya and Nigeria;
- -1% related to the PSC price effect and OPEC quotas;
- -3% due to natural field decline and the interruption of production on Elgin-Franklin following the rupture of the Forties pipeline.
For the full-year 2017, hydrocarbon production was 2,566 kboe/d, an increase of more than 5% compared to 2016, due to the following:
- +5% due to new start-ups and ramp-ups, notably Moho Nord, Kashagan, Edradour-Glenlivet and Angola LNG;
- +2% portfolio effect, mainly due to taking over the giant Al-Shaheen oil field concession in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Norway;
- +1% related to improved security conditions in Libya and Nigeria;
- -3% due to natural field decline, the PSC price effect and OPEC quotas.
> Results
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 | In millions of dollars, except effective tax rate |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 1,805 | Â | 1,439 | Â | 1,007 | Â | +79% | Â | Adjusted net operating income* | Â | 5,985 | Â | 3,217 | Â | +86% |
| 419 | Â | 435 | Â | 429 | Â | -2% | Â | including income from equity affiliates | Â | 1,542 | Â | 1,363 | Â | +13% |
| 42.8% | Â | 42.8% | Â | 47.1% | Â | Â | Â | Effective tax rate** | Â | 41.2% | Â | 27.7% | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3,490 | Â | 3,228 | Â | 4,833 | Â | -28% | Â | Investments | Â | 12,802 | Â | 16,085 | Â | -20% |
| 1,334 | Â | 339 | Â | 818 | Â | +63% | Â | Divestments | Â | 1,918 | Â | 2,187 | Â | -12% |
| 3,120 | Â | 2,388 | Â | 3,705 | Â | -16% | Â | Organic investments | Â | 11,310 | Â | 14,464 | Â | -22% |
| 3,915 | Â | 3,197 | Â | 2,895 | Â | +35% | Â | Operating cash flow before working capital changes | Â | 13,391 | Â | 9,736 | Â | +38% |
| 4,263 | Â | 3,574 | Â | 3,142 | Â | +36% | Â |
Operating cash flow before working capital changes
w/o financial charges |
 | 14,753 |  | 10,592 |  | +39% |
| 3,826 | Â | 2,633 | Â | 4,039 | Â | -5% | Â | Cash flow from operations | Â | 11,459 | Â | 9,010 | Â | +27% |
* 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).
Operating cash flow before working capital changes from Exploration & Production was 3,915 M$ in the fourth quarter 2017, an increase of 35% compared to the fourth quarter 2016, notably due to increases in production, hydrocarbon prices and lower operating costs.
For the full-year 2017, operating cash flow before working capital changes was 13,391 M$, an increase of 38% whereas oil prices only increased by 24%, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, the increase in hydrocarbon prices and operating cost reductions.
The Exploration & Production segment’s adjusted net operating income was:
- 1,805 M$ in the fourth quarter 2017, an increase of 79% compared to the fourth quarter 2016, notably due to production growth, cost reductions and an increase in oil and gas prices; and
- 5,985 M$ for the full-year 2017, an increase of 86% compared to 2016, for the same reasons above.
The effective tax rate increased from 27.7% in 2016 compared to 41.2% in 2017, in line with the rise in hydrocarbon prices.
Technical costs for consolidated affiliates, calculated in accordance with ASC 932 12 , continue to fall, to 19.5 $/boe in 2017 compared to 20.4 $/boe in 2016. This decrease was mainly due to the reduction in operating costs from 5.9 $/boe in 2016 to 5.4 $/boe in 2017.
Gas, Renewables & Power
> Results
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 | In millions of dollars |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 232 | Â | 97 | Â | 132 | Â | +76% | Â | Adjusted net operating income* | Â | 485 | Â | 439 | Â | +10% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 306 | Â | 99 | Â | (118) | Â | ns | Â | Investments | Â | 797 | Â | 1,221 | Â | -35% |
| 46 | Â | - | Â | 29 | Â | +59% | Â | Divestments | Â | 73 | Â | 166 | Â | -56% |
| 85 | Â | 98 | Â | (57) | Â | ns | Â | Organic investments | Â | 353 | Â | 270 | Â | +31% |
| 15 | Â | 87 | Â | 103 | Â | -85% | Â | Operating cash flow before working capital changes | Â | 232 | Â | 125 | Â | +86% |
| 25 | Â | 110 | Â | 124 | Â | -80% | Â |
Operating cash flow before working capital changes
w/o financial charges |
 | 294 |  | 176 |  | +67% |
| 657 | Â | 325 | Â | 732 | Â | -10% | Â | Cash flow from operations | Â | 993 | Â | 538 | Â | +85% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income for the Gas, Renewables & Power segment was 232 M$ in the fourth quarter 2017, including in particular the delivery of the El Pelicano solar farm in Chile. In 2017, adjusted net operating income increased by 10% compared to 2016.
Operating cash flow before working capital changes was 232 M$ for the full-year 2017, an increase of 86%.
Refining & Chemicals
> Refinery throughput and utilization rates*
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 |  |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 1,842 | Â | 1,877 | Â | 2,010 | Â | -8% | Â | Total refinery throughput (kb/d) | Â | 1,827 | Â | 1,965 | Â | -7% |
| 648 | Â | 648 | Â | 717 | Â | -10% | Â | France | Â | 624 | Â | 669 | Â | -7% |
| 784 | 802 | 787 | - | Rest of Europe | 767 | 802 | -4% | |||||||
| 410 | Â | 427 | Â | 506 | Â | -19% | Â | Rest of world | Â | 436 | Â | 494 | Â | -12% |
| 91% | Â | 90% | Â | 87% | Â | Â | Â | Utlization rate based on crude only** | Â | 88% | Â | 85% | Â | Â |
* Includes share of TotalErg, and African refineries reported in the
Marketing & Services segment.
** Based on distillation
capacity at the beginning of the year.
Refinery throughput:
- decreased by 8% in the fourth quarter 2017 compared to the fourth quarter 2016, mainly as a result of the ending of oil refining at La Mède and maintenance activities at the Port Arthur refinery in the United States.
- decreased by 7% for the full-year 2017 compared to 2016 as a result of the definitive ending of distillation capacity at La Mède (France) and Lindsey (UK) and the temporary shutdown due to Hurricane Harvey in the United States.
> Results
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 |
In millions of dollars
except the ERMI |
 |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 35.5 | Â | 48.2 | Â | 41.0 | Â | -13% | Â | European refining margin indicator - ERMI ($/t) | Â | 40.9 | Â | 34.1 | Â | +20% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 886 | Â | 1,020 | Â | 1,131 | Â | - | Â | Adjusted net operating income* | Â | 3,790 | Â | 4,195 | Â | -10% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 710 | Â | 357 | Â | 566 | Â | +25% | Â | Investments | Â | 1,734 | Â | 1,861 | Â | -7% |
| 36 | Â | 24 | Â | 15 | Â | x2,4 | Â | Divestments | Â | 2,820 | Â | 88 | Â | x32 |
| 684 | Â | 338 | Â | 548 | Â | +25% | Â | Organic investments | Â | 1,625 | Â | 1,642 | Â | -1% |
| 1,153 | Â | 1,218 | Â | 1,365 | Â | -16% | Â | Operating cash flow before working capital changes | Â | 4,757 | Â | 4,874 | Â | -2% |
| 1,142 | Â | 1,208 | Â | 1,368 | Â | -17% | Â |
Operating cash flow before working capital changes
w/o financial charges |
 | 4,728 |  | 4,873 |  | -3% |
| 3,041 | Â | 662 | Â | 1,746 | Â | +74% | Â | Cash flow from operations | Â | 7,440 | Â | 4,585 | Â | +62% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
The Group’s European refining margin indicator (ERMI) increased to 40.9 $/t on average in 2017, due to elevated petroleum product demand. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.
Refining & Chemicals adjusted net operating income was:
- 886 M$ in the fourth quarter 2017, a decrease of 22% compared to 2016 due to maintenance activities at Port Arthur in the United States and the sale of Atotech; and
- 3,790 M$ for the full-year 2017, a decrease of 10% compared to 2016, notably due to the impact of Hurricane Harvey, the impact of modernization work on the Antwerp platform and the sale of Atotech in early 2017 as well as lower trading results due to the evolution of the market into backwardation.
Operating cash flow before working capital changes remained stable between 2016 and 2017 at 4.8 B$.
Marketing & Services
> Petroleum product sales
|
4Q17 |
 |
3Q16 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 | Sales in kb/d* |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 1,821 | Â | 1,807 | Â | 1,808 | Â | +1% | Â | Total Marketing & Services sales | Â | 1,779 | Â | 1,793 | Â | -1% |
| 1,046 | Â | 1,072 | Â | 1,123 | Â | -7% | Â | Europe | Â | 1,049 | Â | 1,093 | Â | -4% |
| 775 | Â | 735 | Â | 685 | Â | +13% | Â | Rest of world | Â | 730 | Â | 700 | Â | +4% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature LPG distribution activities in Belgium and Germany.
> Results
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17
vs 4Q16 |
 | In millions of dollars |  |
2017 |
 |
2016 |
 |
2017
vs 2016 |
| 436 | Â | 506 | Â | 406 | Â | +7% | Â | Adjusted net operating income* | Â | 1,676 | Â | 1,559 | Â | +8% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 570 | Â | 190 | Â | 500 | Â | +14% | Â | Investments | Â | 1,457 | Â | 1,245 | Â | +17% |
| 45 | Â | 150 | Â | 65 | Â | -31% | Â | Divestments | Â | 413 | Â | 424 | Â | -3% |
| 533 | Â | 205 | Â | 460 | Â | +16% | Â | Organic investments | Â | 1,019 | Â | 1,003 | Â | +2% |
| 621 | Â | 517 | Â | 417 | Â | +49% | Â | Operating cash flow before working capital changes | Â | 2,151 | Â | 1,887 | Â | +14% |
| 644 | Â | 545 | Â | 440 | Â | +46% | Â |
Operating cash flow before working capital changes
w/o financial charges |
 | 2,242 |  | 1,966 |  | +14% |
| 992 | Â | 596 | Â | 340 | Â | x2,9 | Â | Cash flow from operations | Â | 2,130 | Â | 1,754 | Â | +21% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Marketing & Services results continue to grow in a context of strong retail margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 7% to 436 M$ in the fourth quarter 2017, and by 8% to 1,676 M$ for the full-year 2017.
Operating cash flow before working capital changes increased by 14% between 2016 and 2017.
Group results
> Adjusted net operating income from business segments
Adjusted net operating income from the business segments was:
- 3,359 M$ in the fourth quarter 2017, an increase of 26% compared to the fourth quarter 2016, mainly due to the 79% increase in contribution from Exploration & Production which benefited from new projects ramp-ups and higher prices;
- 11,936 M$ for the full-year 2017, an increase of 27% compared to 2016 for the same reasons above.
> Adjusted net income (Group share)
Adjusted net income was 2,872 M$ in the fourth quarter 2017, an increase of 19% compared to the fourth quarter 2016, and 10,578 M$ for the full-year 2017, an increase of 28%. The increase was the result of a much higher contribution from Exploration & Production and the continued decrease in the Group’s breakeven.
Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value 13 .
Total adjustments affecting net income (Group share) 14 were:
- -1,851 M$ in the fourth quarter 2017, including an impairment of Gladstone LNG in Australia and assets in Congo; and
- -1,947 M$ for the full-year 2017, including mainly an impairment of Fort Hills in Canada, Gladstone LNG in Australia and assets in Congo, partially offset by a gain on the sale of Atotech.
The effective tax rate for the business segments was:
- 31.8% in the fourth quarter 2017 compared to 31.3% in the fourth quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Group’s quarterly results, partially offset by the tax refund from the French government related to dividend tax; and
- 31.1% for the full-year 2017 compared to 25.0% in 2016, for the same reasons above.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share, based on 2,495 million fully-diluted weighted average shares, was $4.12 in 2017 compared to $3.38 in 2016, an increase of 22%.
The number of fully-diluted shares was 2,536 million on December 31, 2017, compared to 2,436 million on December 31, 2016.
> Divestments – acquisitions
Asset sales completed were:
- 1,119 M$ in the fourth quarter 2017, comprised mainly of the sale of mature assets in Gabon, Gina Krog in Norway and part of the interest in the Fort Hills project in Canada; and
- 4,239 M$ for the full-year 2017, essentially comprised of the sale of Atotech, mature assets in Gabon, Gina Krog in Norway, part of the interest in the Fort Hills project in Canada, the SPMR pipeline and LPG activities in Germany.
Acquisitions completed were:
- 313 M$ in the fourth quarter 2017, mainly comprised of the acquisition of a 23% equity share in EREN Renewable Energy and a 12.5% equity share in the Anchor license in the United States; and
- 1,476 M$ for the full-year 2017, mainly comprised of the bonus related to the license for Elk-Antelope in Papua New Guinea, a marketing and logistics network in East Africa, and a 23% equity share in Tellurian.
In addition, in early January 2018, the Group finalized the acquisition of assets in Brazil from Petrobras for 1.95 B$ as well as the sale of TotalErg in Italy for 415 M$ (including the B2B and LPG business).
> Cash flow
The Group’s net cash flow 15 was:
- 2,317 M$ in the fourth quarter 2017 compared to -170 M$ in the fourth quarter 2016, mainly due to the increase in operating cash flow before working capital changes and the increase in asset sales this quarter, leading to a decrease in net investments;
- 9,499 M$ for the full-year 2017 compared to -769 M$ in 2016, mainly due to the nearly 4 B$ increase in operating cash flow before working capital changes, the decrease in net investments related to the 3 B$ decrease in organic investments and the sale of Atotech.
> Return on equity
Return on equity for the twelve months ended December 31, 2017, was 10.1%, an increase compared to last year.
| In millions of dollars | Â |
January 1, 2017
|
 |
October 1, 2016 to
|
 |
January 1, 2016 to
|
| Adjusted net income | Â | 10,762 | Â | 10,244 | Â | 8,447 |
| Average adjusted shareholders' equity | Â | 106,078 | Â | 105,130 | Â | 96,929 |
| Return on equity (ROE) | Â | 10.1% | Â | 9.7% | Â | 8.7% |
Return on average capital employed increased to 9.4% in 2017 from 7.5% in 2016.
| In millions of dollars | Â |
January 1, 2017
|
 |
October 1, 2016 to
|
 |
January 1, 2016 to
|
| Adjusted net operating income | Â | 11,958 | Â | 11,298 | Â | 9,274 |
| Average captial employed | Â | 127,575 | Â | 130,860 | Â | 124,283 |
| ROACE | Â | 9.4% | Â | 8.6% | Â | 7.5% |
TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was €6,634 million in 2017 compared to €4,142 million in 2016, an increase due to a higher amount of dividends paid by affiliates of TOTAL S.A. to the parent company.
Proposed dividend
The Board of Directors met on February 7, 2018 and decided to propose to the Combined Shareholders’ Meeting, which will be held on June 1, 2018, an annual dividend of €2.48/share for 2017, a 1.2% increase compared to 2016. Given the three previous 2016 interim quarterly dividends of €0.62/share, a fourth quarter 2017 dividend of €0.62/share is therefore proposed.
The Board of Directors also decided to propose to the Combined Shareholders’ Meeting the alternative for shareholders to receive the fourth quarter 2017 dividend in cash or in new shares of the company without a discount. Subject to approval at the Combined Shareholders’ Meeting, the ex-dividend date for the fourth quarter dividend will be June 11, 2018, 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 28, 2018.
2018 Sensitivities*
| Â | Â | Scenario | Â | Change | Â |
Estimated impact
 |
 |
Estimated
|
| Dollar |  | 1.2 $/€ |  | +/- 0.1 $ par € |  | -/+ 0.1 B$ |  | ~0 B$ |
| Brent | Â | 50 $/b | Â | +/- 10 $/b | Â | +/- 2.3 B$ | Â | +/- 2.8 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 2018. 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 essentially attributable to Refining & Chemicals.
Summary and outlook
Since the end of 2017, Brent has been trading between 65-70 $/b, supported by strong demand (+1.6 Mb/d in 2017), the extended production cuts by OPEC and Russia and a decrease in crude oil inventories, which, nevertheless, remain higher than the past five-year average, which could contribute to continuing price volatility. The Group maintains its strategy to cut costs with the objective of achieving over 4 B$ of cost savings in 2018 and production costs of 5.5 $/boe for the year. Organic investments are projected at around 14 B$ in 2018, in line with the target of 13-15 B$.
In the Upstream, production is expected to increase by 6% in 2018, confirming the objective to grow by 5% per year on average between 2016 and 2022. As a result of this growth and the portfolio mix, the Group’s cash flow sensitivity to a 10 $/b change in the price of Brent increases to 2.8 B$ in 2018 from 2.5 B$ in 2017. The Group intends to take advantage of the favorable cost environment by continuing to launch projects in 2018. The growing demand for LNG supports the Group’s strategy to develop along the integrated gas value chain, as illustrated by the announced acquisition of Engie’s LNG portfolio.
In a context of sharply higher oil prices, rising refined product inventories, due to high global refining utilization rates, and seasonally weak winter demand, refining margins have decreased since December 2017. Despite the current weakness in refining margins, the Downstream is expected to generate 7 B$ of operating cash flow once again this year. Refining & Chemicals continues to expand its high-return integrated platforms notably in the United States and in Asia – Middle East. Marketing & Services continues to pursue its growth strategy in high-potential markets.
The Group’s pre-dividend organic breakeven is continuing to fall with an objective of $25/b in 2018.
After a period of heavy investment, the Group’s cash flow generation is growing strongly, driven by an increase in production that is at the best level among the majors. The Group has taken advantage of the low part of the oil price cycle to acquire high-quality resources at attractive prices and emerge stronger with better visibility on its cash flow generation and a net-debt-to-capital ratio below 20% 18 . In this context, the Board of Directors is proposing a shareholder return policy for the coming three years comprised of dividend increases and share buybacks.
-- -- --
To listen to the presentation by Chairman and CEO Patrick Pouyanné and CFO Patrick de La Chevardière’s today at 10:30 (London time) please log on to total.com or call +44 (0) 330 336 9411 in Europe or +1 720 543 0214 in the United States (code: 4126099). For a replay, please consult the website or call +44 (0) 207 660 0134 in Europe or +1 719 457 0820 in the United States (code: 4126099).
* * * * *
Operating information by segment
> Exploration & Production
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17 Â vs 4Q16 |
 |
Combined liquids and gas
production by region (kboe/d) |
 |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 764 | Â | 730 | Â | 752 | Â | +2% | Â | Europe and Central Asia | Â | 761 | Â | 757 | Â | +1% |
| 659 | 665 | 625 | +5% | Africa | 654 | 634 | +3% | |||||||
| 595 | 592 | 503 | +18% | Middle East and North Africa | 559 | 517 | +8% | |||||||
| 356 | 357 | 319 | +11% | Americas | 348 | 279 | +25% | |||||||
| 239 | Â | 237 | Â | 263 | Â | -9% | Â | Asia Pacific | Â | 244 | Â | 265 | Â | -8% |
| 2,613 | Â | 2,581 | Â | 2,462 | Â | +6% | Â | Total production | Â | 2,566 | Â | 2,452 | Â | +5% |
| 656 | Â | 659 | Â | 561 | Â | +17% | Â | including equity affiliates | Â | 639 | Â | 600 | Â | +7% |
| Â | Â | Â | Â | Â | Â |
 |
 |  |  |  |  |  |  |  |
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17 Â vs 4Q16 |
 | Liquids production by region (kb/d) |  |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 265 | 257 | 258 | +3% | Europe and Central Asia | 265 | 249 | +6% | |||||||
| 501 | 517 | 483 | +4% | Africa | 502 | 509 | -1% | |||||||
| 457 | 452 | 365 | +25% | Middle East and North Africa | 419 | 373 | +12% | |||||||
| 137 | 138 | 121 | +13% | Americas | 132 | 109 | +20% | |||||||
| 29 | Â | 29 | Â | 30 | Â | -2% | Â | Asia Pacific | Â | 28 | Â | 31 | Â | -7% |
| 1,389 | Â | 1,392 | Â | 1,257 | Â | +11% | Â | Total production | Â | 1,346 | Â | 1,271 | Â | +6% |
| 311 | Â | 311 | Â | 233 | Â | +34% | Â | including equity affiliates | Â | 283 | Â | 247 | Â | +15% |
| Â | Â | Â | Â | Â | Â |
 |
 |  |  |  |  |  |  |  |
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17 Â vs 4Q16 |
 | Gas production by region (Mcf/d) |  |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 2,657 | 2,556 | 2,665 | - | Europe and Central Asia | 2,672 | 2,737 | -2% | |||||||
| 980 | 663 | 710 | +38% | Africa | 759 | 621 | +22% | |||||||
| 759 | 778 | 767 | -1% | Middle East and North Africa | 772 | 795 | -3% | |||||||
| 1,225 | 1,228 | 1,108 | +11% | Americas | 1,212 | 944 | +28% | |||||||
| 1,211 | Â | 1,202 | Â | 1,347 | Â | -10% | Â | Asia Pacific | Â | 1,247 | Â | 1,350 | Â | -8% |
| 6,832 | Â | 6,427 | Â | 6,597 | Â | +4% | Â | Total production | Â | 6,662 | Â | 6,447 | Â | +3% |
| 2,022 | Â | 1,798 | Â | 1,779 | Â | +14% | Â | including equity affiliates | Â | 1,916 | Â | 1,894 | Â | +1% |
| Â | Â | Â | Â | Â | Â |
 |
 |  |  |  |  |  |  |  |
|
4Q17 |
 |
3Q17 |
 |
4Q16 |
 |
4Q17 Â vs 4Q16 |
 | Liquefied natural gas |  |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 2.67 | Â | 2.95 | Â | 2.75 | Â | -3% | Â | LNG sales* (Mt) | Â | 11.23 | Â | 10.99 | Â | +2% |
* Sales, Group share, excluding trading; 2017 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2017 SEC coefficient.
> Downstream (Refining & Chemicals and Marketing & Services)
|
4Q17 |
 | 3Q17* |  |
4Q16 |
 |
4Q17 Â vs 4Q16 |
 | Petroleum product sales by region (kb/d)** |  |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 2,034 | Â | 2,246 | Â | 2,330 | Â | -13% | Â | Europe | Â | 2,142 | Â | 2,355 | Â | -9% |
| 637 | 633 | 569 | +12% | Africa | 604 | 551 | +10% | |||||||
| 479 | 537 | 313 | +53% | Americas | 560 | 517 | +8% | |||||||
| 692 | Â | 728 | Â | 997 | Â | -31% | Â | Rest of world | Â | 713 | Â | 760 | Â | -6% |
| 3,842 | Â | 4,144 | Â | 4,209 | Â | -9% | Â | Total consolidated sales | Â | 4,019 | Â | 4,183 | Â | -4% |
| 587 | Â | 583 | Â | 678 | Â | -13% | Â | Including bulk sales | Â | 581 | Â | 700 | Â | -17% |
| 1,434 | Â | 1,754 | Â | 1,723 | Â | -17% | Â | Including trading | Â | 1,659 | Â | 1,690 | Â | -2% |
* 3Q17 data restated
**Includes share of TotalErg.
Adjustment items to net income (Group share)
| Adjustments to net income (Group share) | ||||||||||
|
4Q17 |
 |
3Q17 |
 |
3Q16 |
 | In millions of dollars |  |
2017 |
 |
2016 |
| (2,218) | Â | (123) | Â | (2,133) | Â | Special items affecting net income (Group share) | Â | (2,213) | Â | (2,567) |
| 188 | Â | - | Â | (45) | Â | Gain (loss) on asset sales | Â | 2,452 | Â | 267 |
| (5) | (2) | (10) | Restructuring charges | (66) | (32) | |||||
| (2,060) | (74) | (1,886) | Impairments | (3,884) | (2,097) | |||||
| (341) | Â | (47) | Â | (192) | Â | Other | Â | (715) | Â | (705) |
| 354 | Â | 183 | Â | 262 | Â | After-tax inventory effect: FIFO vs. replacement cost | Â | 282 | Â | 479 |
| 13 | Â | (10) | Â | 12 | Â | Effect of changes in fair value | Â | (16) | Â | (3) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (1,851) | Â | 50 | Â | (1,859) | Â | Total adjustments affecting net income | Â | (1,947) | Â | (2,091) |
Investments - Divestments
|
4Q17 |
 |
3Q17 |
 |
4Q17 Â vs 4Q16 |
 | In millions of dollars |  |
2017 |
 |
2016 |
 |
2017 Â vs 2016 |
| 3,060 | Â | 4,728 | Â | -6% | Â | Organic investments | Â | 14,395 | Â | 17,484 | Â | -18% |
| 161 | 119 | +52% | capitalized exploration | 619 | 655 | -5% | ||||||
| 153 | 157 | +32% | increase in non-current loans | 961 | 1,121 | -14% | ||||||
| (337) | Â | (511) | Â | -32% | Â | repayment of non-current loans | Â | (1,025) | Â | (1,013) | Â | +1% |
| 513 | Â | 616 | Â | -49% | Â | Acquisitions | Â | 1,476 | Â | 2,033 | Â | -27% |
| 202 | Â | 416 | Â | x2,7 | Â | Asset sales | Â | 4,239 | Â | 1,864 | Â | x2,3 |
| (2) | Â | - | Â | ns | Â | Other transactions with non-controlling interests | Â | (4) | Â | (104) | Â | ns |
| 3,373 | Â | 4,928 | Â | -26% | Â | Net investments | Â | 11,636 | Â | 17,757 | Â | -34% |
Net-debt-to-equity ratio
| In millions of dollars | Â | 12/31/2017 | Â | 9/30/2017 | Â | 12/31/2016 |
| Current borrowings | Â | 11,096 | Â | 11,206 | Â | 13,920 |
| Net current financial assets | (3,148) | (2,306) | (4,221) | |||
| Net financial assets classified as held for sale | 0 | (2) | (140) | |||
| Non-current financial debt | 41,340 | 40,226 | 43,067 | |||
| Hedging instruments of non-current debt | (679) | (626) | (908) | |||
| Cash and cash equivalents | Â | (33,185) | Â | (28,583) | Â | (24,597) |
| Net debt | Â | 15,424 | Â | 19,915 | Â | 27,121 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity - Group share |  | 111,556 |  | 109,801 |  | 98,680 |
| Estimated dividend payable | Â | (1,874) | Â | (1,826) | Â | (1,581) |
| Non-controlling interests | Â | 2,481 | Â | 2,799 | Â | 2,894 |
| Adjusted shareholders' equity | Â | 112,163 | Â | 110,774 | Â | 99,993 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio | Â | 13.8% | Â | 18.0% | Â | 27.1% |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-capital ratio* | Â | 12.1% | Â | 15.2% | Â | 21.3% |
* Net debt / (adjusted shareholders’ equity + net debt)
Return on average capital employed
> Full-year 2017
| In millions of dollars | Â |
Exploration &
|
 |
Gas,
|
 |
Refining &
|
 |
Marketing &
|
 |  |  | Group |
| Adjusted net operating income | Â | 5,985 | Â | 485 | Â | 3,790 | Â | 1,676 | 11,958 | |||
| Capital employed at 12/31/2016* | 107,617 | 4,976 | 11,618 | 5,884 | 127,423 | |||||||
| Capital employed at 12/31/2017* | Â | 107,921 | Â | 4,692 | Â | 11,045 | Â | 6,929 | 127,727 | |||
| ROACE | Â | 5.6% | Â | 10.0% | Â | 33.4% | Â | 26.2% | 9.4% |
> Twelve months ended September 30, 2017
| In millions of dollars | Â |
Exploration &
|
 |
Gas,
|
 |
Refining &
|
 |
Marketing &
|
 |  |  | Group |
| Adjusted net operating income | Â | 5,187 | Â | 385 | Â | 4,035 | Â | 1,646 | 11,298 | |||
| Capital employed at 6/30/2016* | 109,210 | 6,058 | 12,034 | 5,704 | 130,535 | |||||||
| Capital employed at 6/30/2017* | Â | 110,114 | Â | 5,388 | Â | 11,919 | Â | 6,871 | 131,185 | |||
| ROACE | Â | 4.7% | Â | 6.7% | Â | 33.7% | Â | 26.2% | 8.6% |
> Full-year 2016
| In millions of dollars | Â |
Exploration &
|
 |
Gas,
|
 |
Refining &
|
 |
Marketing &
|
 |  |  | Group |
| Adjusted net operating income | Â | 3,217 | Â | 439 | Â | 4,195 | Â | 1,559 | 9,274 | |||
| Capital employed at 12/31/2015* | 103,791 | 4,340 | 10,454 | 5,875 | 121,143 | |||||||
| Capital employed at 12/31/2016* | Â | 107,617 | Â | 4,975 | Â | 11,618 | Â | 5,884 | 127,423 | |||
| ROACE | Â | 3.0% | Â | 9.4% | Â | 38.0% | Â | 26.5% | 7.5% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the full-year 2017 from the consolidated financial statements of TOTAL S.A. as of December 31, 2017 (unaudited). 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. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects, for some transactions, differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, whose future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as “potential reserves†or “resourcesâ€, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
1 Definitions on page 2.
2 Group share.
3 The ex-dividend date will be June 11, 2018, and the payment date will be set for June 28, 2018.
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 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).
6 In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond
7 Including acquisitions and increases in non-current loans.
8 Including divestments and reimbursements of 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 DACF = debt adjusted cash flow.
13 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
14 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas.
15 Details shown on page 11.
16 Details shown on page 11 and in the annex to the financial statements.
18 Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
18 Excluding IFRS16 impact (under evaluation).
Total financial statements
Fourth quarter and full-year 2017 consolidated accounts, IFRS
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) (a) | Â |
4
th
quarter
2017 |
 |
3
rd
quarter
2017 |
 |
4
th
quarter
2016 |
| Sales | 47,351 | 43,044 | 42,275 | |||
| Excise taxes | (5,909) | (5,962) | (5,408) | |||
| Revenues from sales | 41,442 | 37,082 | 36,867 | |||
| Â | ||||||
| Purchases, net of inventory variation | (27,659) | (24,367) | (23,967) | |||
| Other operating expenses | (6,586) | (6,108) | (6,791) | |||
| Exploration costs | (287) | (181) | (260) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (5,691) | (3,035) | (4,939) | |||
| Other income | 512 | 404 | 337 | |||
| Other expense | (570) | (67) | (473) | |||
| Â | ||||||
| Financial interest on debt | (352) | (368) | (299) | |||
| Financial income and expense from cash & cash equivalents | (45) | (45) | (2) | |||
| Cost of net debt | (397) | (413) | (301) | |||
| Â | ||||||
| Other financial income | 240 | 204 | 203 | |||
| Other financial expense | (159) | (164) | (161) | |||
| Â | ||||||
| Net income (loss) from equity affiliates | 657 | 500 | 409 | |||
| Â | ||||||
| Income taxes | Â | (772) | Â | (1,092) | Â | (437) |
| Consolidated net income | Â | 730 | Â | 2,763 | Â | 487 |
| Group share | Â | 1,021 | Â | 2,724 | Â | 548 |
| Non-controlling interests | Â | (291) | Â | 39 | Â | (61) |
| Earnings per share ($) | Â | 0.37 | Â | 1.06 | Â | 0.20 |
| Fully-diluted earnings per share ($) | Â | 0.37 | Â | 1.06 | Â | 0.20 |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
4
th
quarter
2017 |
 |
3
rd
quarter
2017 |
 |
4
th
quarter
2016 |
| Consolidated net income | Â | 730 | Â | 2,763 | Â | 487 |
| Other comprehensive income | ||||||
| Â | ||||||
| Actuarial gains and losses | 794 | (129) | 205 | |||
| Tax effect | (373) | 36 | (64) | |||
| Currency translation adjustment generated by the parent company | Â | 1,432 | Â | 2,420 | Â | (3,515) |
| Items not potentially reclassifiable to profit and loss | Â | 1,853 | Â | 2,327 | Â | (3,374) |
| Currency translation adjustment | (585) | (575) | 619 | |||
| Available for sale financial assets | 3 | 4 | 3 | |||
| Cash flow hedge | 174 | 116 | 94 | |||
| Share of other comprehensive income of equity affiliates, net amount | (5) | (209) | 458 | |||
| Other | - | - | 1 | |||
| Tax effect | Â | (49) | Â | (42) | Â | (32) |
| Items potentially reclassifiable to profit and loss | Â | (462) | Â | (706) | Â | 1,143 |
| Total other comprehensive income (net amount) | Â | 1,391 | Â | 1,621 | Â | (2,231) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | 2,121 | Â | 4,384 | Â | (1,744) |
| Group share | 2,385 | 4,346 | (1,676) | |||
| Non-controlling interests | (264) | 38 | (68) |
| CONSOLIDATED STATEMENT OF INCOME | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) (a) | Â |
Year
2017 |
 |
Year
2016 |
| Sales | 171,493 | 149,743 | ||
| Excise taxes | (22,394) | (21,818) | ||
| Revenues from sales | 149,099 | 127,925 | ||
| Â | ||||
| Purchases, net of inventory variation | (99,411) | (83,377) | ||
| Other operating expenses | (24,966) | (24,302) | ||
| Exploration costs | (864) | (1,264) | ||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (16,103) | (13,523) | ||
| Other income | 3,811 | 1,299 | ||
| Other expense | (1,034) | (1,027) | ||
| Â | ||||
| Financial interest on debt | (1,396) | (1,108) | ||
| Financial income and expense from cash & cash equivalents | (138) | 4 | ||
| Cost of net debt | (1,534) | (1,104) | ||
| Â | ||||
| Other financial income | 957 | 971 | ||
| Other financial expense | (642) | (636) | ||
| Â | ||||
| Net income (loss) from equity affiliates | 2,015 | 2,214 | ||
| Â | ||||
| Income taxes | Â | (3,029) | Â | (970) |
| Consolidated net income | Â | 8,299 | Â | 6,206 |
| Group share | Â | 8,631 | Â | 6,196 |
| Non-controlling interests | Â | (332) | Â | 10 |
| Earnings per share ($) | Â | 3.36 | Â | 2.52 |
| Fully-diluted earnings per share ($) | Â | 3.34 | Â | 2.51 |
| (a) Except for per share amounts. |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) | Â |
Year
2017 |
 |
Year
2016 |
| Consolidated net income | Â | 8,299 | Â | 6,206 |
| Other comprehensive income | ||||
| Â | ||||
| Actuarial gains and losses | 823 | (371) | ||
| Tax effect | (390) | 55 | ||
| Currency translation adjustment generated by the parent company | Â | 9,316 | Â | (1,548) |
| Items not potentially reclassifiable to profit and loss | Â | 9,749 | Â | (1,864) |
| Currency translation adjustment | (2,578) | (1,098) | ||
| Available for sale financial assets | 7 | 4 | ||
| Cash flow hedge | 324 | 239 | ||
| Share of other comprehensive income of equity affiliates, net amount | (677) | 935 | ||
| Other | - | 1 | ||
| Tax effect | Â | (100) | Â | (76) |
| Items potentially reclassifiable to profit and loss | Â | (3,024) | Â | 5 |
| Total other comprehensive income (net amount) | Â | 6,725 | Â | (1,859) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 15,024 | Â | 4,347 |
| Group share | 15,312 | 4,336 | ||
| Non-controlling interests | (288) | 11 |
| CONSOLIDATED BALANCE SHEET | Â | Â | Â | |||
| TOTAL | ||||||
| Â | ||||||
| Â | ||||||
| (M$) | Â |
December 31,
 |
 |
September 30,
(unaudited) |
 |
December 31,
 |
| ASSETS | ||||||
| Â | ||||||
| Non-current assets | ||||||
| Intangible assets, net | 14,587 | 14,891 | 15,362 | |||
| Property, plant and equipment, net | 109,397 | 113,491 | 111,971 | |||
| Equity affiliates : investments and loans | 22,103 | 22,130 | 20,576 | |||
| Other investments | 1,727 | 1,124 | 1,133 | |||
| Non-current financial assets | 679 | 626 | 908 | |||
| Deferred income taxes | 5,206 | 5,345 | 4,368 | |||
| Other non-current assets | Â | 3,984 | Â | 4,291 | Â | 4,143 |
| Total non-current assets | Â | 157,683 | Â | 161,898 | Â | 158,461 |
| Â | ||||||
| Current assets | ||||||
| Inventories, net | 16,520 | 14,769 | 15,247 | |||
| Accounts receivable, net | 14,893 | 13,738 | 12,213 | |||
| Other current assets | 14,210 | 13,944 | 14,835 | |||
| Current financial assets | 3,393 | 2,579 | 4,548 | |||
| Cash and cash equivalents | 33,185 | 28,583 | 24,597 | |||
| Assets classified as held for sale | Â | 2,747 | Â | 997 | Â | 1,077 |
| Total current assets | Â | 84,948 | Â | 74,610 | Â | 72,517 |
| Total assets | 242,631 | 236,508 | 230,978 | |||
| Â | ||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Â | ||||||
| Shareholders' equity | ||||||
| Common shares | 7,882 | 7,806 | 7,604 | |||
| Paid-in surplus and retained earnings | 112,040 | 111,128 | 105,547 | |||
| Currency translation adjustment | (7,908) | (8,675) | (13,871) | |||
| Treasury shares | Â | (458) | Â | (458) | Â | (600) |
| Total shareholders' equity - Group share | Â | 111,556 | Â | 109,801 | Â | 98,680 |
| Non-controlling interests | Â | 2,481 | Â | 2,799 | Â | 2,894 |
| Total shareholders' equity | Â | 114,037 | Â | 112,600 | Â | 101,574 |
| Â | ||||||
| Non-current liabilities | ||||||
| Deferred income taxes | 10,828 | 11,326 | 11,060 | |||
| Employee benefits | 3,735 | 4,384 | 3,746 | |||
| Provisions and other non-current liabilities | 15,986 | 17,140 | 16,846 | |||
| Non-current financial debt | Â | 41,340 | Â | 40,226 | Â | 43,067 |
| Total non-current liabilities | Â | 71,889 | Â | 73,076 | Â | 74,719 |
| Â | ||||||
| Current liabilities | ||||||
| Accounts payable | 26,479 | 21,092 | 23,227 | |||
| Other creditors and accrued liabilities | 17,779 | 17,740 | 16,720 | |||
| Current borrowings | 11,096 | 11,206 | 13,920 | |||
| Other current financial liabilities | 245 | 273 | 327 | |||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,106 | Â | 521 | Â | 491 |
| Total current liabilities | Â | 56,705 | Â | 50,832 | Â | 54,685 |
| Total liabilities & shareholders' equity | 242,631 | 236,508 | 230,978 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | Â | |||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M$) | Â |
4
th
quarter
 |
 |
3
rd
quarter
 |
 |
4
th
quarter
 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Â | ||||||
| Consolidated net income | 730 | 2,763 | 487 | |||
| Depreciation, depletion, amortization and impairment | 5,857 | 3,164 | 5,030 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (44) | (93) | (275) | |||
| (Gains) losses on disposals of assets | (71) | (144) | 58 | |||
| Undistributed affiliates' equity earnings | (54) | (110) | 65 | |||
| (Increase) decrease in working capital | 2,206 | (1,057) | 1,913 | |||
| Other changes, net | Â | (9) | Â | (160) | Â | (260) |
| Cash flow from operating activities | 8,615 | 4,363 | 7,018 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (4,662) | (3,104) | (5,742) | |||
| Acquisitions of subsidiaries, net of cash acquired | (3) | (472) | 118 | |||
| Investments in equity affiliates and other securities | (231) | (181) | (74) | |||
| Increase in non-current loans | Â | (207) | Â | (153) | Â | (157) |
| Total expenditures | (5,103) | (3,910) | (5,855) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 901 | 55 | 413 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 213 | - | - | |||
| Proceeds from disposals of non-current investments | 5 | 147 | 3 | |||
| Repayment of non-current loans | Â | 348 | Â | 337 | Â | 511 |
| Total divestments | Â | 1,467 | Â | 539 | Â | 927 |
| Cash flow used in investing activities | (3,636) | (3,371) | (4,928) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 33 | 65 | 60 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (643) | - | (534) | |||
| - Non-controlling interests | (54) | (11) | (16) | |||
| Issuance of perpetual subordinated notes | - | - | 2,761 | |||
| Payments on perpetual subordinated notes | (57) | - | - | |||
| Other transactions with non-controlling interests | (2) | (2) | - | |||
| Net issuance (repayment) of non-current debt | 1,531 | 400 | (105) | |||
| Increase (decrease) in current borrowings | (878) | (3,717) | (335) | |||
| Increase (decrease) in current financial assets and liabilities | (916) | 1,182 | (3,006) | |||
| Cash flow used in financing activities | Â | (986) | Â | (2,083) | Â | (1,175) |
| Net increase (decrease) in cash and cash equivalents | 3,993 | (1,091) | 915 | |||
| Effect of exchange rates | 609 | 954 | (1,119) | |||
| Cash and cash equivalents at the beginning of the period | Â | 28,583 | Â | 28,720 | Â | 24,801 |
| Cash and cash equivalents at the end of the period | Â | 33,185 | Â | 28,583 | Â | 24,597 |
| CONSOLIDATED STATEMENT OF CASH FLOW | Â | Â | ||
| TOTAL | ||||
| Â | ||||
| Â | ||||
| (M$) | Â |
Year
2017 |
 |
Year
2016 |
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Â | ||||
| Consolidated net income | 8,299 | 6,206 | ||
| Depreciation, depletion, amortization and impairment | 16,611 | 14,423 | ||
| Non-current liabilities, valuation allowances and deferred taxes | (384) | (1,559) | ||
| (Gains) losses on disposals of assets | (2,598) | (263) | ||
| Undistributed affiliates' equity earnings | 42 | (643) | ||
| (Increase) decrease in working capital | 827 | (1,119) | ||
| Other changes, net | Â | (478) | Â | (524) |
| Cash flow from operating activities | 22,319 | 16,521 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (13,767) | (18,106) | ||
| Acquisitions of subsidiaries, net of cash acquired | (800) | (1,123) | ||
| Investments in equity affiliates and other securities | (1,368) | (180) | ||
| Increase in non-current loans | Â | (961) | Â | (1,121) |
| Total expenditures | (16,896) | (20,530) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,036 | 1,462 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | 2,909 | 270 | ||
| Proceeds from disposals of non-current investments | 294 | 132 | ||
| Repayment of non-current loans | Â | 1,025 | Â | 1,013 |
| Total divestments | Â | 5,264 | Â | 2,877 |
| Cash flow used in investing activities | (11,632) | (17,653) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 519 | 100 | ||
| - Treasury shares | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,643) | (2,661) | ||
| - Non-controlling interests | (141) | (93) | ||
| Issuance of perpetual subordinated notes | - | 4,711 | ||
| Payments on perpetual subordinated notes | (276) | (133) | ||
| Other transactions with non-controlling interests | (4) | (104) | ||
| Net issuance (repayment) of non-current debt | 2,277 | 3,576 | ||
| Increase (decrease) in current borrowings | (7,175) | (3,260) | ||
| Increase (decrease) in current financial assets and liabilities | 1,903 | 1,396 | ||
| Cash flow used in financing activities | Â | (5,540) | Â | 3,532 |
| Net increase (decrease) in cash and cash equivalents | 5,147 | 2,400 | ||
| Effect of exchange rates | 3,441 | (1,072) | ||
| Cash and cash equivalents at the beginning of the period | Â | 24,597 | Â | 23,269 |
| Cash and cash equivalents at the end of the period | Â | 33,185 | Â | 24,597 |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | 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 | Â | Â | Â |
|
Common shares issued |
Paid-in
|
Currency
|
Treasury shares |
Shareholders'
 |
Non-
|
Total
|
||||||||||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2016 | 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 | - | - | - | |||||||||
| 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 |
| Net income 2017 | - | - | 8,631 | - | - | - | 8,631 | (332) | 8,299 | |||||||||
| Other comprehensive Income | - | - | 718 | 5,963 | - | - | 6,681 | 44 | 6,725 | |||||||||
| Comprehensive Income | - | - | 9,349 | 5,963 | - | - | 15,312 | (288) | 15,024 | |||||||||
| Dividend | - | - | (6,992) | - | - | - | (6,992) | (141) | (7,133) | |||||||||
| Issuance of common shares | 98,623,754 | 278 | 4,431 | - | - | - | 4,709 | - | 4,709 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (142) | - | 2,211,066 | 142 | - | - | - | |||||||||
| Share-based payments | - | - | 151 | - | - | - | 151 | - | 151 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Issuance of perpetual subordinated notes | - | - | - | - | - | - | - | - | - | |||||||||
| Payments on perpetual subordinated notes | - | - | (302) | - | - | - | (302) | - | (302) | |||||||||
| Other operations with non-controlling interests | - | - | (8) | - | - | - | (8) | 4 | (4) | |||||||||
| Other items | - | - | 6 | - | - | - | 6 | 12 | 18 | |||||||||
| As of December 31, 2017 | Â | 2,528,989,616 | Â | 7,882 | Â | 112,040 | Â | (7,908) | Â | (8,376,756) | Â | (458) | Â | 111,556 | Â | 2,481 | Â | 114,037 |
| Â | ||||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,185 | 4,083 | 20,661 | 20,419 | 3 | - | 47,351 | |||||||
| Intersegment sales | 6,506 | 311 | 7,890 | 207 | 90 | (15,004) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (828) | Â | (5,081) | Â | - | Â | - | Â | (5,909) |
| Revenues from sales | 8,691 | 4,394 | 27,723 | 15,545 | 93 | (15,004) | 41,442 | |||||||
| Operating expenses | (3,806) | (4,385) | (26,191) | (14,849) | (305) | 15,004 | (34,532) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,890) | Â | (319) | Â | (284) | Â | (185) | Â | (13) | Â | - | Â | (5,691) |
| Operating income | (5) | (310) | 1,248 | 511 | (225) | - | 1,219 | |||||||
| Net income (loss) from equity affiliates and other items | 348 | 51 | 199 | 76 | 6 | - | 680 | |||||||
| Tax on net operating income | Â | (537) | Â | (86) | Â | (67) | Â | (157) | Â | 55 | Â | - | Â | (792) |
| Net operating income | (194) | (345) | 1,380 | 430 | (164) | - | 1,107 | |||||||
| Net cost of net debt | (377) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 291 |
| Net income - group share | 1,021 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2017 (adjustments)
(a)
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | 21 | - | - | - | - | 21 | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | 21 | - | - | - | - | 21 | |||||||
| Operating expenses | - | (243) | 355 | 33 | - | - | 145 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,382) | Â | (266) | Â | (3) | Â | (10) | Â | - | Â | - | Â | (2,661) |
| Operating income (b) | (2,382) | (488) | 352 | 23 | - | - | (2,495) | |||||||
| Net income (loss) from equity affiliates and other items | (112) | (22) | 9 | (19) | - | - | (144) | |||||||
| Tax on net operating income | Â | 495 | Â | (67) | Â | 133 | Â | (10) | Â | (136) | Â | - | Â | 415 |
| Net operating income (b) | (1,999) | (577) | 494 | (6) | (136) | - | (2,224) | |||||||
| Net cost of net debt | (8) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 381 |
| Net income - group share | (1,851) | |||||||||||||
|
(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 | - | - | 423 | 31 | - | |||||||||
| On net operating income | - | - | 354 | 11 | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2017 (adjusted)
(M$) (a) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,185 | 4,062 | 20,661 | 20,419 | 3 | - | 47,330 | |||||||
| Intersegment sales | 6,506 | 311 | 7,890 | 207 | 90 | (15,004) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (828) | Â | (5,081) | Â | - | Â | - | Â | (5,909) |
| Revenues from sales | 8,691 | 4,373 | 27,723 | 15,545 | 93 | (15,004) | 41,421 | |||||||
| Operating expenses | (3,806) | (4,142) | (26,546) | (14,882) | (305) | 15,004 | (34,677) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,508) | Â | (53) | Â | (281) | Â | (175) | Â | (13) | Â | - | Â | (3,030) |
| Adjusted operating income | 2,377 | 178 | 896 | 488 | (225) | - | 3,714 | |||||||
| Net income (loss) from equity affiliates and other items | 460 | 73 | 190 | 95 | 6 | - | 824 | |||||||
| Tax on net operating income | Â | (1,032) | Â | (19) | Â | (200) | Â | (147) | Â | 191 | Â | - | Â | (1,207) |
| Adjusted net operating income | 1,805 | 232 | 886 | 436 | (28) | - | 3,331 | |||||||
| Net cost of net debt | (369) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (90) |
| Adjusted net income - group share | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,872 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.10 |
| (a) Except for earnings per share. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 3,490 | 306 | 710 | 570 | 27 | - | 5,103 | |||||||
| Total divestments | 1,334 | 46 | 36 | 45 | 6 | - | 1,467 | |||||||
| Cash flow from operating activities | Â | 3,826 | Â | 657 | Â | 3,041 | Â | 992 | Â | 99 | Â | - | Â | 8,615 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3
rd
quarter 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,121 | 2,903 | 18,923 | 19,086 | 11 | - | 43,044 | |||||||
| Intersegment sales | 5,665 | 286 | 6,592 | 207 | 89 | (12,839) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (799) | Â | (5,163) | Â | - | Â | - | Â | (5,962) |
| Revenues from sales | 7,786 | 3,189 | 24,716 | 14,130 | 100 | (12,839) | 37,082 | |||||||
| Operating expenses | (3,632) | (3,117) | (23,110) | (13,386) | (250) | 12,839 | (30,656) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,548) | Â | (51) | Â | (258) | Â | (170) | Â | (8) | Â | - | Â | (3,035) |
| Operating income | 1,606 | 21 | 1,348 | 574 | (158) | - | 3,391 | |||||||
| Net income (loss) from equity affiliates and other items | 521 | 12 | 179 | 133 | 32 | - | 877 | |||||||
| Tax on net operating income | Â | (745) | Â | 7 | Â | (379) | Â | (173) | Â | 100 | Â | - | Â | (1,190) |
| Net operating income | 1,382 | 40 | 1,148 | 534 | (26) | - | 3,078 | |||||||
| Net cost of net debt | (315) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (39) |
| Net income - group share | 2,724 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3
rd
quarter 2017 (adjustments)
(a)
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (14) | - | - | - | - | (14) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (14) | - | - | - | - | (14) | |||||||
| Operating expenses | (2) | (32) | 166 | 51 | - | - | 183 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (57) | Â | - | Â | - | Â | - | Â | - | Â | - | Â | (57) |
| Operating income (b) | (59) | (46) | 166 | 51 | - | - | 112 | |||||||
| Net income (loss) from equity affiliates and other items | (2) | (15) | 12 | (5) | - | - | (10) | |||||||
| Tax on net operating income | Â | 4 | Â | 4 | Â | (50) | Â | (18) | Â | - | Â | - | Â | (60) |
| Net operating income (b) | (57) | (57) | 128 | 28 | - | - | 42 | |||||||
| Net cost of net debt | (7) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 15 |
| Net income - group share | 50 | |||||||||||||
|
(a)
Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||||
| On operating income | - | - | 210 | 51 | - | |||||||||
| On net operating income | - | - | 156 | 36 | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3
rd
quarter 2017 (adjusted)
(M$) (a) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,121 | 2,917 | 18,923 | 19,086 | 11 | - | 43,058 | |||||||
| Intersegment sales | 5,665 | 286 | 6,592 | 207 | 89 | (12,839) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (799) | Â | (5,163) | Â | - | Â | - | Â | (5,962) |
| Revenues from sales | 7,786 | 3,203 | 24,716 | 14,130 | 100 | (12,839) | 37,096 | |||||||
| Operating expenses | (3,630) | (3,085) | (23,276) | (13,437) | (250) | 12,839 | (30,839) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,491) | Â | (51) | Â | (258) | Â | (170) | Â | (8) | Â | - | Â | (2,978) |
| Adjusted operating income | 1,665 | 67 | 1,182 | 523 | (158) | - | 3,279 | |||||||
| Net income (loss) from equity affiliates and other items | 523 | 27 | 167 | 138 | 32 | - | 887 | |||||||
| Tax on net operating income | Â | (749) | Â | 3 | Â | (329) | Â | (155) | Â | 100 | Â | - | Â | (1,130) |
| Adjusted net operating income | 1,439 | 97 | 1,020 | 506 | (26) | - | 3,036 | |||||||
| Net cost of net debt | (308) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (54) |
| Adjusted net income - group share | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,674 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.04 |
| (a) Except for earnings per share. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3
rd
quarter 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 3,228 | 99 | 357 | 190 | 36 | - | 3,910 | |||||||
| Total divestments | 339 | - | 24 | 150 | 26 | - | 539 | |||||||
| Cash flow from operating activities | Â | 2,633 | Â | 325 | Â | 662 | Â | 596 | Â | 147 | Â | - | Â | 4,363 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||||
| (unaudited) | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2016
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,066 | 3,675 | 19,077 | 17,454 | 3 | - | 42,275 | |||||||
| Intersegment sales | 5,187 | 306 | 6,707 | 257 | 82 | (12,539) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (784) | Â | (4,624) | Â | - | Â | - | Â | (5,408) |
| Revenues from sales | 7,253 | 3,981 | 25,000 | 13,087 | 85 | (12,539) | 36,867 | |||||||
| Operating expenses | (3,724) | (3,847) | (23,155) | (12,535) | (296) | 12,539 | (31,018) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,329) | Â | (193) | Â | (252) | Â | (154) | Â | (11) | Â | - | Â | (4,939) |
| Operating income | (800) | (59) | 1,593 | 398 | (222) | - | 910 | |||||||
| Net income (loss) from equity affiliates and other items | 25 | (50) | 162 | 41 | 137 | - | 315 | |||||||
| Tax on net operating income | Â | (53) | Â | (5) | Â | (392) | Â | (132) | Â | 77 | Â | - | Â | (505) |
| Net operating income | (828) | (114) | 1,363 | 307 | (8) | - | 720 | |||||||
| Net cost of net debt | (233) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 61 |
| Net income - group share | 548 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2016 (adjustments)
(a)
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | 17 | - | - | - | - | 17 | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | 17 | - | - | - | - | 17 | |||||||
| Operating expenses | - | (64) | 379 | (116) | - | - | 199 | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (1,889) | Â | (139) | Â | - | Â | (1) | Â | - | Â | - | Â | (2,029) |
| Operating income (b) | (1,889) | (186) | 379 | (117) | - | - | (1,813) | |||||||
| Net income (loss) from equity affiliates and other items | (406) | (59) | (32) | (20) | (4) | - | (521) | |||||||
| Tax on net operating income | Â | 460 | Â | (1) | Â | (115) | Â | 38 | Â | 1 | Â | - | Â | 383 |
| Net operating income (b) | (1,835) | (246) | 232 | (99) | (3) | - | (1,951) | |||||||
| Net cost of net debt | (6) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 98 |
| Net income - group share | (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) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2016 (adjusted)
(M$) (a) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 2,066 | 3,658 | 19,077 | 17,454 | 3 | - | 42,258 | |||||||
| Intersegment sales | 5,187 | 306 | 6,707 | 257 | 82 | (12,539) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (784) | Â | (4,624) | Â | - | Â | - | Â | (5,408) |
| Revenues from sales | 7,253 | 3,964 | 25,000 | 13,087 | 85 | (12,539) | 36,850 | |||||||
| Operating expenses | (3,724) | (3,783) | (23,534) | (12,419) | (296) | 12,539 | (31,217) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,440) | Â | (54) | Â | (252) | Â | (153) | Â | (11) | Â | - | Â | (2,910) |
| Adjusted operating income | 1,089 | 127 | 1,214 | 515 | (222) | - | 2,723 | |||||||
| Net income (loss) from equity affiliates and other items | 431 | 9 | 194 | 61 | 141 | - | 836 | |||||||
| Tax on net operating income | Â | (513) | Â | (4) | Â | (277) | Â | (170) | Â | 76 | Â | - | Â | (888) |
| Adjusted net operating income | 1,007 | 132 | 1,131 | 406 | (5) | - | 2,671 | |||||||
| Net cost of net debt | (227) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (37) |
| Adjusted net income - group share | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,407 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 0.96 |
| (a) Except for earnings per share. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4
th
quarter 2016
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 4,833 | (118) | 566 | 500 | 74 | - | 5,855 | |||||||
| Total divestments | 818 | 29 | 15 | 65 | - | - | 927 | |||||||
| Cash flow from operating activities | Â | 4,039 | Â | 732 | Â | 1,746 | Â | 340 | Â | 161 | Â | - | Â | 7,018 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 8,477 | 12,854 | 75,505 | 74,634 | 23 | - | 171,493 | |||||||
| Intersegment sales | 22,837 | 1,180 | 26,844 | 857 | 374 | (52,092) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (3,008) | Â | (19,386) | Â | - | Â | - | Â | (22,394) |
| Revenues from sales | 31,314 | 14,034 | 99,341 | 56,105 | 397 | (52,092) | 149,099 | |||||||
| Operating expenses | (14,672) | (13,828) | (94,097) | (53,629) | (1,107) | 52,092 | (125,241) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (13,850) | Â | (482) | Â | (1,074) | Â | (657) | Â | (40) | Â | - | Â | (16,103) |
| Operating income | 2,792 | (276) | 4,170 | 1,819 | (750) | - | 7,755 | |||||||
| Net income (loss) from equity affiliates and other items | 1,546 | 31 | 2,979 | 497 | 54 | - | 5,107 | |||||||
| Tax on net operating income | Â | (2,233) | Â | (140) | Â | (944) | Â | (561) | Â | 540 | Â | - | Â | (3,338) |
| Net operating income | 2,105 | (385) | 6,205 | 1,755 | (156) | - | 9,524 | |||||||
| Net cost of net debt | (1,225) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 332 |
| Net income - group share | 8,631 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2017 (adjustments)
(a)
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (20) | - | - | - | - | (20) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (20) | - | - | - | - | (20) | |||||||
| Operating expenses | (119) | (389) | 167 | (11) | (64) | - | (416) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (4,308) | Â | (291) | Â | (53) | Â | (10) | Â | - | Â | - | Â | (4,662) |
| Operating income (b) | (4,427) | (700) | 114 | (21) | (64) | - | (5,098) | |||||||
| Net income (loss) from equity affiliates and other items | (328) | (116) | 2,177 | 102 | - | - | 1,835 | |||||||
| Tax on net operating income | Â | 875 | Â | (54) | Â | 124 | Â | (2) | Â | (114) | Â | - | Â | 829 |
| Net operating income (b) | (3,880) | (870) | 2,415 | 79 | (178) | - | (2,434) | |||||||
| Net cost of net debt | - | - | - | - | - | - | (29) | |||||||
| Non-controlling interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | 516 |
| Net income - group share | - | - | - | - | - | - | (1,947) | |||||||
|
(a)
Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||||
| On operating income | - | - | 344 | 13 | - | |||||||||
| On net operating income | - | - | 298 | (3) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2017 (adjusted)
(M$) (a) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 8,477 | 12,874 | 75,505 | 74,634 | 23 | - | 171,513 | |||||||
| Intersegment sales | 22,837 | 1,180 | 26,844 | 857 | 374 | (52,092) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (3,008) | Â | (19,386) | Â | - | Â | - | Â | (22,394) |
| Revenues from sales | 31,314 | 14,054 | 99,341 | 56,105 | 397 | (52,092) | 149,119 | |||||||
| Operating expenses | (14,553) | (13,439) | (94,264) | (53,618) | (1,043) | 52,092 | (124,825) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (9,542) | Â | (191) | Â | (1,021) | Â | (647) | Â | (40) | Â | - | Â | (11,441) |
| Adjusted operating income | 7,219 | 424 | 4,056 | 1,840 | (686) | - | 12,853 | |||||||
| Net income (loss) from equity affiliates and other items | 1,874 | 147 | 802 | 395 | 54 | - | 3,272 | |||||||
| Tax on net operating income | Â | (3,108) | Â | (86) | Â | (1,068) | Â | (559) | Â | 654 | Â | - | Â | (4,167) |
| Adjusted net operating income | 5,985 | 485 | 3,790 | 1,676 | 22 | - | 11,958 | |||||||
| Net cost of net debt | (1,196) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (184) |
| Adjusted net income - group share | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,578 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.12 |
| (a) Except for earnings per share. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2017
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 12,802 | 797 | 1,734 | 1,457 | 106 | - | 16,896 | |||||||
| Total divestments | 1,918 | 73 | 2,820 | 413 | 40 | - | 5,264 | |||||||
| Cash flow from operating activities | Â | 11,459 | Â | 993 | Â | 7,440 | Â | 2,130 | Â | 297 | Â | - | Â | 22,319 |
| BUSINESS SEGMENT INFORMATION | Â | Â | Â | Â | Â | Â | Â | |||||||
| TOTAL | ||||||||||||||
| Â | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2016
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 7,629 | 10,124 | 65,632 | 66,351 | 7 | - | 149,743 | |||||||
| Intersegment sales | 17,759 | 1,009 | 21,467 | 744 | 307 | (41,286) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (3,544) | Â | (18,274) | Â | - | Â | - | Â | (21,818) |
| Revenues from sales | 25,388 | 11,133 | 83,555 | 48,821 | 314 | (41,286) | 127,925 | |||||||
| Operating expenses | (14,236) | (10,993) | (77,562) | (46,432) | (1,006) | 41,286 | (108,943) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (11,583) | Â | (301) | Â | (1,002) | Â | (600) | Â | (37) | Â | - | Â | (13,523) |
| Operating income | (431) | (161) | 4,991 | 1,789 | (729) | - | 5,459 | |||||||
| Net income (loss) from equity affiliates and other items | 1,375 | 71 | 779 | 170 | 426 | - | 2,821 | |||||||
| Tax on net operating income | Â | 401 | Â | (4) | Â | (1,244) | Â | (541) | Â | 164 | Â | - | Â | (1,224) |
| Net operating income | 1,345 | (94) | 4,526 | 1,418 | (139) | - | 7,056 | |||||||
| Net cost of net debt | (850) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (10) |
| Net income - group share | 6,196 | |||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2016 (adjustments)
(a)
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | - | (231) | - | - | - | - | (231) | |||||||
| Intersegment sales | - | - | - | - | - | - | - | |||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | - | (231) | - | - | - | - | (231) | |||||||
| Operating expenses | (691) | (79) | 625 | (136) | - | - | (281) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (2,089) | Â | (139) | Â | - | Â | (1) | Â | - | Â | - | Â | (2,229) |
| Operating income (b) | (2,780) | (449) | 625 | (137) | - | - | (2,741) | |||||||
| Net income (loss) from equity affiliates and other items | (200) | (135) | (93) | (40) | (4) | - | (472) | |||||||
| Tax on net operating income | Â | 1,108 | Â | 51 | Â | (201) | Â | 36 | Â | 1 | Â | - | Â | 995 |
| Net operating income (b) | (1,872) | (533) | 331 | (141) | (3) | - | (2,218) | |||||||
| Net cost of net debt | (23) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 150 |
| Net income - group share | (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) | - | |||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2016 (adjusted)
(M$) (a) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 7,629 | 10,355 | 65,632 | 66,351 | 7 | - | 149,974 | |||||||
| Intersegment sales | 17,759 | 1,009 | 21,467 | 744 | 307 | (41,286) | - | |||||||
| Excise taxes | Â | - | Â | - | Â | (3,544) | Â | (18,274) | Â | - | Â | - | Â | (21,818) |
| Revenues from sales | 25,388 | 11,364 | 83,555 | 48,821 | 314 | (41,286) | 128,156 | |||||||
| Operating expenses | (13,545) | (10,914) | (78,187) | (46,296) | (1,006) | 41,286 | (108,662) | |||||||
| Depreciation, depletion and impairment of tangible assets and mineral interests | Â | (9,494) | Â | (162) | Â | (1,002) | Â | (599) | Â | (37) | Â | - | Â | (11,294) |
| Adjusted operating income | 2,349 | 288 | 4,366 | 1,926 | (729) | - | 8,200 | |||||||
| Net income (loss) from equity affiliates and other items | 1,575 | 206 | 872 | 210 | 430 | - | 3,293 | |||||||
| Tax on net operating income | Â | (707) | Â | (55) | Â | (1,043) | Â | (577) | Â | 163 | Â | - | Â | (2,219) |
| Adjusted net operating income | 3,217 | 439 | 4,195 | 1,559 | (136) | - | 9,274 | |||||||
| Net cost of net debt | (827) | |||||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (160) |
| Adjusted net income - group share | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 8,287 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3.38 |
| (a) Except for earnings per share. | ||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Year 2016
(M$) |
 | Exploration & Production |  | Gas, Renewables & Power |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 16,085 | 1,221 | 1,861 | 1,245 | 118 | - | 20,530 | |||||||
| Total divestments | 2,187 | 166 | 88 | 424 | 12 | - | 2,877 | |||||||
| Cash flow from operating activities | Â | 9,010 | Â | 538 | Â | 4,585 | Â | 1,754 | Â | 634 | Â | - | Â | 16,521 |
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| (unaudited) | ||||||
| Â | ||||||
|
4
th
quarter 2017
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 47,330 | 21 | 47,351 | |||
| Excise taxes | (5,909) | - | (5,909) | |||
| Revenues from sales | 41,421 | 21 | 41,442 | |||
| Â | ||||||
| Purchases, net of inventory variation | (28,020) | 361 | (27,659) | |||
| Other operating expenses | (6,370) | (216) | (6,586) | |||
| Exploration costs | (287) | - | (287) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (3,030) | (2,661) | (5,691) | |||
| Other income | 220 | 292 | 512 | |||
| Other expense | (208) | (362) | (570) | |||
| Â | ||||||
| Financial interest on debt | (344) | (8) | (352) | |||
| Financial income and expense from cash & cash equivalents | (45) | - | (45) | |||
| Cost of net debt | (389) | (8) | (397) | |||
| Â | ||||||
| Other financial income | 240 | - | 240 | |||
| Other financial expense | (159) | - | (159) | |||
| Â | ||||||
| Net income (loss) from equity affiliates | 731 | (74) | 657 | |||
| Â | ||||||
| Income taxes | Â | (1,187) | Â | 415 | Â | (772) |
| Consolidated net income | 2,962 | (2,232) | 730 | |||
| Group share | 2,872 | (1,851) | 1,021 | |||
| Non-controlling interests | 90 | (381) | (291) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
4
th
quarter 2016
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 42,258 | 17 | 42,275 | |||
| Excise taxes | (5,408) | - | (5,408) | |||
| Revenues from sales | 36,850 | 17 | 36,867 | |||
| Â | ||||||
| Purchases, net of inventory variation | (24,253) | 286 | (23,967) | |||
| Other operating expenses | (6,704) | (87) | (6,791) | |||
| Exploration costs | (260) | - | (260) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (2,910) | (2,029) | (4,939) | |||
| Other income | 337 | - | 337 | |||
| Other expense | (263) | (210) | (473) | |||
| Â | ||||||
| Financial interest on debt | (293) | (6) | (299) | |||
| Financial income and expense from cash & cash equivalents | (2) | - | (2) | |||
| Cost of net debt | (295) | (6) | (301) | |||
| Â | ||||||
| Other financial income | 203 | - | 203 | |||
| Other financial expense | (161) | - | (161) | |||
| Â | ||||||
| Net income (loss) from equity affiliates | 720 | (311) | 409 | |||
| Â | ||||||
| Income taxes | Â | (820) | Â | 383 | Â | (437) |
| Consolidated net income | 2,444 | (1,957) | 487 | |||
| Group share | 2,407 | (1,859) | 548 | |||
| Non-controlling interests | 37 | (98) | (61) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Reconciliation of the information by business segment with consolidated financial statements | ||||||
| TOTAL | Â | Â | Â | |||
| Â | ||||||
| Â | ||||||
|
Year 2017
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 171,513 | (20) | 171,493 | |||
| Excise taxes | (22,394) | - | (22,394) | |||
| Revenues from sales | 149,119 | (20) | 149,099 | |||
| Â | ||||||
| Purchases, net of inventory variation | (99,534) | 123 | (99,411) | |||
| Other operating expenses | (24,427) | (539) | (24,966) | |||
| Exploration costs | (864) | - | (864) | |||
| Depreciation, depletion and impairment of tangible assets and mineral interests | (11,441) | (4,662) | (16,103) | |||
| Other income | 772 | 3,039 | 3,811 | |||
| Other expense | (389) | (645) | (1,034) | |||
| Â | ||||||
| Financial interest on debt | (1,367) | (29) | (1,396) | |||
| Financial income and expense from cash & cash equivalents | (138) | - | (138) | |||
| Cost of net debt | (1,505) | (29) | (1,534) | |||
| Â | ||||||
| Other financial income | 957 | - | 957 | |||
| Other financial expense | (642) | - | (642) | |||
| Â | ||||||
| Net income (loss) from equity affiliates | 2,574 | (559) | 2,015 | |||
| Â | ||||||
| Income taxes | Â | (3,858) | Â | 829 | Â | (3,029) |
| Consolidated net income | 10,762 | (2,463) | 8,299 | |||
| Group share | 10,578 | (1,947) | 8,631 | |||
| Non-controlling interests | 184 | (516) | (332) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
Year 2016
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 149,974 | (231) | 149,743 | |||
| Excise taxes | (21,818) | - | (21,818) | |||
| Revenues from sales | 128,156 | (231) | 127,925 | |||
| Â | ||||||
| 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) | |||
| Â | ||||||
| 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) | |||
| Â | ||||||
| Other financial income | 971 | - | 971 | |||
| Other financial expense | (636) | - | (636) | |||
| Â | ||||||
| Net income (loss) from equity affiliates | 2,531 | (317) | 2,214 | |||
| Â | ||||||
| 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 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
Total
Media Relations:
+33 1 47 44 46 99
presse@total.com
@TotalPress
or
Investors
Relations:
+44 (0)207 719 7962
ir@total.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20180208005719/en/
Latest directors dealings
- 2 hours ago Tertiary Minerals
- 2 hours ago Hargreaves Services
- 15 hours ago ASOS
- 16 hours ago MJ Gleeson
- 16 hours ago Rolls-Royce Holdings