Total: Second Quarter and First Half 2010 Resul...
Total: Second Quarter and First Half 2010 Results - Board Approves Interim 2010 Dividend of 1.14 €/Share
TOTAL
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Main results1-2 | Â | Â | Â | ||
| -- Second quarter adjusted net income3 | 3.0 billion euros | +72% | |||
| 3.8 billion dollars | +60% | ||||
| 1.32 euros per share | +71% | ||||
| 1.68 dollars per share | +60% | ||||
| -- First half adjusted net income3 | 5.3 billion euros | +37% | |||
| 7.0 billion dollars | +36% | ||||
| -- First half net income4 | 5.7 billion euros | +28% |
Highlights since the beginning of the second quarter 2010
- Upstream production of 2,359 kboe/d in the second quarter 2010, an increase of 8% compared to the second quarter 2009
- Started up Yemen LNG liquefaction Train II and Qatofin ethane cracker in Qatar
- Launched development of the Islay field in the North Sea
- New discoveries on deep-offshore Block 15/06 in Angola and OML 136 in Nigeria
- Signed an agreement to acquire UTS and its 20% interest in the Fort Hills heavy oil project in Canada
- Added exploration acreage through acquisition of interests in a block on the pre-salt area of the Santos Basin in Brazil, in two permits in the Arafura Sea in Indonesia, in Block 72 in Yemen and on the joint development zone between Nigeria, Sao Tomé and Principe
- Divested Upstream assets in Norway, Valhall and Hod, and in the Gulf of Mexico, Virgo and Matterhorn
- Divested the Specialty chemicals consumer products unit Mapa Spontex
- Continued to develop the new energies portfolio through :
- Equity investment and strategic partnership with Amyris for research and development to produce products from biomass
- Construction launched in Abu Dhabi of the largest concentrated solar energy plant in the world
- Equity investment in AE Polysilicon, a company which has developed advanced polysilicon production technology for solar panels
The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on July 29, 2010 to review the Group’s second quarter and first half 2010 accounts.
Adjusted net income for the second quarter 2010 was 2,961 million euros (M€), an increase of 72% compared to the second quarter 2009 and 29% compared to first quarter 2010. Expressed in dollars, the increases were 60% and 19%, respectively.
The Board of Directors approved the 2010 interim dividend of 1.14 €/share for payment in November5, at the same level as the interim and final dividend payments for 2009.
Commenting on the results, Christophe de Margerie said :
«Our industry was marked by the accident in the second quarter on the Macondo well in the Gulf of Mexico. We are reminded once again that safety and the environment must remain our top priorities in this business. Total reacted immediately by launching a complete review of all its existing procedures and drilling operations, including the procedures to be implemented in the event of an accident. More generally, the Group is pursuing a particularly strict policy to put in place the necessary means to define and apply rigorous processes, by emphasizing the proper training and management of our teams.
In the second quarter, the economic environment for our activities was globally favorable with Brent trading around 75 $/b, refining margins at slightly higher levels and improved Chemicals environment compared to the first quarter 2010. However, natural gas prices were still depressed.
In this context, adjusted net income rose to 3.8 billion dollars (B$) in the second quarter 2010, a 60% increase compared to the second quarter 2009 and a 19% increase compared to the first quarter 2010, which is at the level of the best among the majors. In euros, the increase in adjusted net income was 72% and 29%, respectively, due to the appreciation of the dollar this quarter.
Cash flow from operations increased to 6.3 billion dollars, more than twice the level of the same quarter last year. As of June 30, 2010, the Group’s net-debt-to-equity ratio was 23%.
In addition to the generally favorable environment, these results reflect our strong operational performance and the growth in our activities. In particular, Upstream production grew by 8% compared to the second quarter 2009 and by 6% in the first half 2010 compared to the first half last year, essentially due to the ramp-ups on major projects started up in 2009.
In addition, the Group continued to expand its asset portfolio : in the Upstream, the agreement with UTS should allow Total to acquire 20% of the Fort Hills project in Canada and reconfigure its heavy oil portfolio there. The Group also acquired several exploration permits in Brazil, Indonesia, Yemen and the joint development zone between Nigeria, Sao Tomé and Principe. In the Downstream and Chemicals, completing the financing for the Jubail refinery and starting up the Qatofin cracker in Qatar are new steps in progressively repositioning the portfolio, with projects that are particularly robust and oriented toward growing markets. In new energies, the Group expanded its portfolio notably through an equity interest and strategic partnership in biomass and by launching the construction of a concentrated solar energy plant in Abu Dhabi.
Based on strong operational performance, a capacity to adapt to changes in the environment and a solid balance sheet, the Group approaches the second half of 2010 confidant in its outlook and its strategy for growth as an integrated major.»
â– â– â–
- Key figures6
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 |
in millions of euros except earnings per share and number of shares |
 | 1H10 |  | 1H09 |  |
1H10 vsvs 1H091H09 |
| 41,329 | 37,603 | 31,430 | +31% | Sales | 78,932 | 61,471 | +28% | |||||||
| 5,461 | 4,506 | 3,044 | +79% | Adjusted operating income from business segments | 9,967 | 6,659 | +50% | |||||||
| 2,960 | 2,283 | 1,678 | +76% | Adjusted net operating income from business segments | 5,243 | 3,728 | +41% | |||||||
| 2,203 | 1,971 | 1,451 | +52% |
-- Upstream |
4,174 | 2,933 | +42% | |||||||
| 483 | 155 | 156 | x3.1 |
-- Downstream |
638 | 756 | -16% | |||||||
| 274 | 157 | 71 | x3.9 |
-- Chemicals |
431 | 39 | x11.1 | |||||||
| 2,961 | 2,296 | 1,721 | +72% | Adjusted net income | 5,257 | 3,834 | +37% | |||||||
| 1.32 | 1.02 | 0.77 | +71% | Adjusted fully-diluted earnings per share (euros) | 2.34 | 1.72 | +36% | |||||||
| 2,242.5 | 2,242.7 | 2,235.6 | - | Fully-diluted weighted-average shares (millions) | 2,242.6 | 2,235.5 | - | |||||||
| Â | ||||||||||||||
| 3,101 | 2,613 | 2,169 | +43% | Net income (Group share) | 5,714 | 4,459 | +28% | |||||||
| Â | ||||||||||||||
| 3,446 | 3,709 | 3,634 | -5% |
Investments 7 |
7,155 | 6,569 | +9% | |||||||
| 3,372 | 3,644 | 3,575 | -6% | Investments including net investments in equity affiliates and non-consolidated companies7 | 7,016 | 6,415 | +9% | |||||||
| 850 | 1,048 | 858 | -1% | Divestments | 1,898 | 1,330 | +43% | |||||||
| 4,942 | 5,260 | 1,939 | x2.5 | Cash flow from operations | 10,202 | 5,933 | +72% | |||||||
| 5,250 | 3,739 | 3,237 | +62% | Adjusted cash flow from operations | 8,989 | 6,609 | +36% | |||||||
| Â | ||||||||||||||
| 2Q10 | 1Q10 | 2Q09 |
2Q10 vsvs 2Q092Q09 |
in millions of dollars 8 |
1H10 | 1H09 |
1H10 vsvs 1H091H09 |
|||||||
| 52,521 | 52,001 | 42,845 | +23% | Sales | 104,727 | 81,929 | +28% | |||||||
| 6,940 | 6,231 | 4,150 | +67% | Adjusted operating income from business segments | 13,224 | 8,875 | +49% | |||||||
| 3,762 | 3,157 | 2,287 | +64% | Adjusted net operating income from business segments | 6,956 | 4,969 | +40% | |||||||
| 2,800 | 2,726 | 1,978 | +42% |
-- Upstream |
5,538 | 3,909 | +42% | |||||||
| 614 | 214 | 213 | x2 9 |
-- Downstream |
846 | 1,008 | -16% | |||||||
| 348 | 217 | 97 | x3.6 |
-- Chemicals |
572 | 52 | x11 | |||||||
| 3,763 | 3,175 | 2,346 | +60% | Adjusted net income | 6,975 | 5,110 | +36% | |||||||
| 1.68 | 1.42 | 1.05 | +60% | Adjusted fully-diluted earnings per share (dollars) | 3.11 | 2.29 | +36% | |||||||
| 2,242.5 | 2,242.7 | 2,235.6 | - | Fully-diluted weighted-average shares (millions) | 2,242.6 | 2,235.5 | - | |||||||
| Â | ||||||||||||||
| 3,941 | 3,614 | 2,957 | +33% | Net income (Group share) | 7,581 | 5,943 | +28% | |||||||
| Â | ||||||||||||||
| 4,379 | 5,129 | 4,954 | -12% | Investments7 | 9,493 | 8,755 | +8% | |||||||
| 4,285 | 5,039 | 4,873 | -12% | Investments including net investments in equity affiliates and non-consolidated companies7 | 9,309 | 8,550 | +9% | |||||||
| 1,080 | 1,449 | 1,170 | -8% | Divestments | 2,518 | 1,773 | +42% | |||||||
| 6,280 | 7,274 | 2,643 | x2.4 | Cash flow from operations | 13,536 | 7,908 | +71% | |||||||
| 6,672 | 5,171 | 4,413 | +51% | Adjusted cash flow from operations | 11,927 | 8,808 | +35% |
- Second quarter 2010 results
> Operating income
In the second quarter 2010, the Brent price averaged 78.2 $/b, an increase of 32% compared to the second quarter 2009 and 2% compared to the first quarter 2010. The average natural gas price, however, remained depressed, increasing by only 2% compared to the second quarter 2009 and decreasing by 5% compared to the first quarter 2010. The European refining margin indicator (ERMI) averaged 31.2 $/t in the second quarter 2010, an increase of 82% compared to the second quarter 2009 and 6% compared to the first quarter 2010. The environment for petrochemicals and specialty chemicals showed a net improvement, reflecting continued demand growth since the second half of 2009.
The euro-dollar exchange rate averaged 1.27 $/€ in the second quarter 2010 compared to 1.36 $/€ in second quarter 2009 and 1.38 $/€ in the first quarter 2010.
In this environment, the adjusted operating income from the business segments was 5,461 M€, an increase of 79% compared to the second quarter 20099. Expressed in dollars, the increase was 67%.
The effective tax rate10 for the business segments was 54% in the second quarter 2010 compared to 56% in the second quarter 2009, essentially due to the larger relative contribution of Downstream and Chemicals to the results.
Adjusted net operating income from the business segments was 2,960 M€ compared to 1,678 M€ in the second quarter 2009, an increase of 76%.
Expressed in dollars, adjusted net operating income from the business segments was 3.8 billion dollars (B$), an increase of 64% compared to the second quarter 2009.
> Net income
Adjusted net income was 2,961 M€ compared to 1,721 M€ in the second quarter 2009, an increase of 72%. Expressed in dollars, adjusted net income increased by 60%.
This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.
- The after-tax inventory effect had a positive impact on net income of 169 M€ in the second quarter 2010 and a positive impact of 788 M€ in the second quarter 2009.
- Special items had a positive impact on net income of 11 M€ in the second quarter 2010 and a negative impact on net income of 221 M€11 in the second quarter 2009.
- The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 40 M€ in the second quarter 2010 and a negative impact on net income of 119 M€ in the second quarter 2009.
Net income (Group share) was 3,101 M€ compared to 2,169 M€ in the second quarter 2009.
The effective tax rate9 for the Group was 53% in the second quarter 2010.
The Group did not buy back shares in the second quarter 2010.
Adjusted fully-diluted earnings per share, based on 2,242.5 million fully-diluted weighted-average shares, was 1.32 euros compared to 0.77 euros in the second quarter 2009, an increase of 71%.
Expressed in dollars, adjusted fully-diluted earnings per share increased by 60% to 1.68 dollars.
> Investments – divestments12
Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.1 B€ (3.9 B$) in the second quarter 2010 compared to 3.1 B€ (4.2 B$) in the second quarter 2009.
Acquisitions were 305 M€ in the second quarter 2010, essentially comprised of interests in new energies and carried investments in the Barnett Shale in the United States.
Asset sales in the second quarter 2010 were 758 M€, essentially comprised of the sale of Mapa Spontex and sales of Sanofi-Aventis shares.
Net investments13 were 2.6 B€ (3.3 B$) in the second quarter 2010 compared to 2.8 B€ (3.8 B$) in the second quarter 2009.
> Cash flow
Cash flow from operations was 4,942 M€ in the second quarter 2010 compared to 1,939 M€ in the second quarter 2009, reflecting essentially the increase in net income and a lower increase in working capital requirements. Expressed in dollars, cash flow from operations was 6.3 B$.
Adjusted cash flow from operations14 was 5,250 M€, an increase of 62% compared to the second quarter 2009. Expressed in dollars, adjusted cash flow from operations was 6.7 B$, an increase of 51%.
The Group’s net cash flow15 was 2,346 M€ compared to a negative 837 M€ in the second quarter 2009. Expressed in dollars, net cash flow was 3.0 B$ in the second quarter 2010 compared to a negative 1.1 B$ in the second quarter 2009.
- First half 2010 results
> Operating income
Compared to the first half 2009, the average Brent price increased by 50% to 77.3Â $/b. The average natural gas price, however, decreased by 8%. The ERMI European refining margin indicator was 30.4 $/t compared to 23.8 $/t in the first half 2009. The environment for the petrochemicals and specialty chemicals improved significantly.
The euro-dollar exchange rate was 1.33 $/€, stable compared to the first half 2009.
In this context, the adjusted operating income from the business segments was 9,967 M€, an increase of 50% compared to the first half 200916.
The effective tax rate for the business segments was 55% in the first half 2010 compared to 54% in the first half 2009.
Adjusted net operating income from the business segments was 5,243 M€ compared to 3,728 M€ in the first half 2009, an increase of 41%.
This increase is lower than that of the adjusted operating income from the business segments essentially due to changes in other financial income and expenses and the effective tax rate.
Expressed in dollars, adjusted net operating income from the business segments increased by 40%.
> Net income
Adjusted net income increased by 37% to 5,257 M€ from 3,834 M€ in the first half 2009. Expressed in dollars, adjusted net income increased by 36%.
This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.
- The after-tax inventory effect had a positive impact on net income of 513 M€ in the first half 2010 and a positive impact of 1,115 M€ in the first half 2009.
- Special items had a positive impact on net income of 25 M€ in the first half 2010 and a negative impact on net income of 308 M€ in the first half 200917.
- The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 81 M€ in the first half 2010 and a negative impact on net income of 182 M€ in the first half 2009.
Net income (Group share) was 5,714 M€ compared to 4,459 M€ in the first half 2009.
The Group did not buy back shares in the first half 2010. On June 30, 2010, there were 2,243.6 million fully-diluted shares compared to 2,235.5 on June 30, 2009.
Adjusted fully-diluted earnings per share, based on 2,242.6 million weighted-average shares was 2.34 euros compared to 1.72 euros in the first half 2009, an increase of 36%.
Expressed in dollars, adjusted fully-diluted earnings per share was 3.11 compared to 2.29 in the first half 2009, an increase of 36%.
> Investments – divestments18
Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 5.5 B€ (7.3 B$) in the first half 2010 compared to 5.8 B€ (7.8 B$) in the first half 2009.
Acquisitions were 1.5 B€ in the first half 2010, essentially comprised of the acquisition of assets in the Barnett Shale in the US and the Laggan Tormore project in the UK.
Asset sales in the first half 2010 were 1.7 B€, essentially comprised of sales of Sanofi-Aventis shares and the sale of Mapa Spontex.
Net investments19 were 5.3 B€ (7.0 B$) in the first half 2010, compared to 5.2 B€ (7.0 B$) in the first half 2009.
> Cash flow
Cash flow from operations was 10,202 M€, an increase of 72% compared to the first half 2009.
Adjusted cash flow from operations20 was 8,989 M€, an increase of 36%. Expressed in dollars, adjusted cash flow from operations was 11.9 B$, an increase of 35%.
The Group’s net cash flow21 was 4,945 M€ compared to 694 M€ in the first half 2009. Expressed in dollars, net cash flow was 6.6 B$ in the first half 2010.
The net-debt-to-equity ratio was 22.7% on June 30, 2010 compared to 21.5% on March 31, 2010 and 24.7% on June 30, 200922, in line with the Group’s objectives.
- Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 |  |  | 1H10 |  | 1H09 |  |
1H10 vsvs 1H091H09 |
| 78.2 | 76.4 | 59.1 | +32% | Brent ($/b) | 77.3 | 51.7 | +50% | |||||||
| 74.8 | 74.2 | 54.8 | +36% | Average liquids price ($/b) | 74.5 | 48.2 | +55% | |||||||
| 4.82 | 5.06 | 4.71 | +2% | Average gas price ($/Mbtu) | 4.94 | 5.36 | -8% | |||||||
| 54.8 | 55.5 | 44.2 | +24% | Average hydrocarbons price ($/boe) | 55.2 | 41.5 | +33% |
* consolidated subsidiaries, excluding fixed margin and buy-back contracts.
> Production
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 | Hydrocarbon production |  | 1H10 |  | 1H09 |  |
1H10 vsvs 1H091H09 |
| 2,359 | 2,427 | 2,182 | +8% | Combined production (kboe/d) | 2,393 | 2,252 | +6% | |||||||
| 1,327 | 1,373 | 1,328 | - |
-- Liquids (kb/d) |
1,350 | 1,370 | -1% | |||||||
| 5,549 | 5,829 | 4,686 | +18% |
-- Gas (Mcf/d) |
5,689 | 4,821 | +18% |
In the second quarter 2010, hydrocarbon production was 2,359 thousand barrels of oil equivalent per day (kboe/d), an increase of 8% compared to the second quarter 2009, essentially as a result of :
- +7.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
- +2% for lower OPEC reductions and an improvement in gas demand,
- +1% for lower levels of disruptions in Nigeria related to security issues,
- +0.5% for changes in the portfolio,
- -3% for the price effect23.
In the first half 2010, hydrocarbon production was 2,393 kboe/d, an increase of close to 6.5% compared to the first half 2009, essentially as a result of :
- +6.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
- +2% for lower OPEC reductions and an improvement in gas demand,
- +1% for lower levels of disruptions in Nigeria related to security issues,
- +0.5% for changes in the portfolio,
- -3.5% for the price effect23.
For the first half 2010, the ramp-up on new projects, net of the normal decline and lower level of turnarounds, provided the Group’s production growth.
> Results
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 | in millions of euros |  | 1H10 |  | 1H09 |  |
1H10 vsvs 1H091H09 |
| 4,607 | 4,161 | 2,843 | +62% | Adjusted operating income* | 8,768 | 5,735 | +53% | |||||||
| 2,203 | 1,971 | 1,451 | +52% | Adjusted net operating income* | 4,174 | 2,933 | +42% | |||||||
| 271 | 335 | 176 | +54% |
|
606 | 403 | +50% | |||||||
| Â | ||||||||||||||
| 2,723 | 3,143 | 2,664 | +2% | Investments | 5,866 | 4,914 | +19% | |||||||
| 174 | 87 | 105 | +66% | Divestments | 261 | 234 | +12% | |||||||
| 4,154 | 4,680 | 1,943 | x2.1 | Cash flow from operating activities | 8,834 | 4,521 | +95% | |||||||
| 3,895 | 3,124 | 2,550 | +53% | Adjusted cash flow | 7,019 | 5,229 | +34% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income for the Upstream segment in the second quarter 2010 was 2,203 M€ compared to 1,451 M€ in the second quarter 2009, an increase of 52%.
Expressed in dollars, adjusted net operating income for the Upstream segment was 2.8Â B$, an increase of 42% compared to the second quarter 2009, reflecting essentially the increase in both production and hydrocarbon prices.
The effective tax rate for the Upstream segment was 58%, compared to 60% in the first quarter 2010. The effective tax rate for the Upstream segment was 58% in the second quarter 2009.
Adjusted net operating income for the Upstream segment in the first half 2010 was 4,174 M€ compared to 2,933 M€ in the first half 2009, an increase of 42%.
Expressed in dollars, adjusted net operating income for the Upstream segment was 5.5Â B$, an increase of 42% compared to the first half 2009, reflecting essentially the increase in both production and hydrocarbon prices.
The return on average capital employed (ROACE24) for the Upstream segment for the twelve months ended June 30, 2010 was 19% compared to 18% for the twelve months ended March 31, 2010 and the full year 2009.
The annualized second quarter 2010 ROACE for the Upstream segment was 21%.
Downstream
> Refinery throughput and utilization rates*
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 |  |  | 1H10 |  | 1H09 |  |
1H10 vsvs 1H091H09 |
| 2,141 | 1,993 | 2,175 | -2% | Total refinery throughput (kb/d) | 2,067 | 2,205 | -6% | |||||||
| 784 | 680 | 925 | -15% |
-- France |
732 | 910 | -20% | |||||||
| 1,110 | 1,050 | 1,024 | +8% |
-- Rest of Europe |
1,080 | 1,055 | +2% | |||||||
| 247 | 263 | 226 | +9% |
-- Rest of world |
255 | 240 | +6% | |||||||
| Utilization rates | ||||||||||||||
| 78% | 73% | 79% |
-- Based on crude only |
75% | 80% | |||||||||
| 83% | 77% | 84% | Â |
-- Based on crude and other feedstock |
80% | 85% | Â |
* includes share of CEPSA.
Second quarter 2010 refinery throughput decreased by 2% compared to the second quarter 2009 but increased by 7% compared to the first quarter 2010.
Scheduled turnarounds in the second quarter 2010 affected the Rome and Lindsey refineries. Despite the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped throughout the second quarter 2010, the improved reliability of the refineries and the relatively low level of scheduled turnarounds led to an increase in the utilization rate based on crude and other feedstock to 83% in the second quarter 2010 compared to 77% in the first quarter 2010 and 84% in the second quarter 2009.
In the first half 2010, refinery throughput decreased by 6% compared to the first half 2009, reflecting essentially the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped.
> Results
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 |
in millions of euros (except the ERMI refining margin indicator) (except the ERMI refining margin indicator) |
 | 1H10 |  | 1H09 |  | 1H10 vs 1H09 |
| 31.2 | 29.5 | 17.1 | +82% |
European refining margin
indicator - ERMI ($/t) |
30.4 | 23.8 | +28% | |||||||
| 549 | 191 | 141 | x3.9 | Adjusted operating income* | 740 | 932 | -21% | |||||||
| 483 | 155 | 156 | x3.1 | Adjusted net operating income* | 638 | 756 | -16% | |||||||
| 44 | 14 | 28 | +57% |
|
58 | 61 | -5% | |||||||
| Â | ||||||||||||||
| 562 | 456 | 825 | -32% | Investments | 1,018 | 1,320 | -23% | |||||||
| 11 | 27 | 26 | -58% | Divestments | 38 | 62 | -39% | |||||||
| 1,042 | 454 | (28) | n/a | Cash flow from operating activities | 1,496 | 1,620 | -8% | |||||||
| 774 | 323 | 239 | x3.2 | Adjusted cash flow | 1,097 | 1,173 | -6% |
* detail of adjustment items shown in the business segment information annex to financial statements.
The European refinery indicator averaged 31.2 $/t in the second quarter 2010, nearly double the 17.1 $/t average in the second quarter 2009.
Adjusted net operating income from the Downstream segment was 483 M€ in the second quarter 2010, compared to 156 M€ in the second quarter 2009.
Expressed in dollars, adjusted net operating income for the Downstream segment was 614Â M$ compared to 213 M$ in the second quarter 2009, thanks to the strong performance of the refineries in an environment that was much more favorable than in the previous year.
Adjusted net operating income from the Downstream segment was 638 M€ in the first half 2010, a decrease of 16% compared to the first half 2009.
Expressed in dollars, adjusted net operating income for the Downstream segment was 846Â M$, a decrease of 16% compared to the first half 2009 despite the improvement in refining margins. The decrease reflects essentially the less favorable conditions for supply optimization in 2010.
The ROACE25 for the Downstream segment for the twelve months ended June 30, 2010 was 6% compared to 4% for the twelve months ended March 31, 2010 and 7% for the full year 2009.
The annualized second quarter 2010 ROACE for the Downstream segment was 12%.
Chemicals
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â |
2Q10 vsvs 2Q092Q09 |
 | in millions of euros |  | 1H10 |  | 1H09 |  | 1H10 vs 1H09 |
| 4,589 | 4,223 | 3,684 | +25% | Sales | 8,812 | 6,902 | +28% | |||||||
| 2,794 | 2,532 | 2,164 | +29% |
-- Base chemicals |
5,326 | 3,940 | +35% | |||||||
| 1,784 | 1,691 | 1,520 | +17% |
-- Specialties |
3,475 | 2,962 | +17% | |||||||
| Â | ||||||||||||||
| 305 | 154 | 60 | x5.1 | Adjusted operating income* | 459 | (8) | n/a | |||||||
| 274 | 157 | 71 | x3.9 | Adjusted net operating income* | 431 | 39 | x11.1 | |||||||
| 149 | 44 | 19 | x7.8 |
-- Base chemicals |
193 | (20) | n/a | |||||||
| 124 | 117 | 58 | x2.1 |
-- Specialties |
241 | 74 | x3.3 | |||||||
| Â | ||||||||||||||
| 144 | 94 | 115 | +25% | Investments | 238 | 294 | -19% | |||||||
| 328 | 6 | 8 | x41.0 | Divestments | 334 | 14 | x23.9 | |||||||
| 477 | (90) | 280 | +70% | Cash flow from operating activities | 387 | 458 | -16% | |||||||
| 418 | 228 | 114 | x3.7 | Adjusted cash flow | 646 | (20) | n/a |
* detail of adjustment items shown in the business segment information annex to financial statements.
In the second quarter 2010, petrochemical margins showed a net improvement over the second quarter 2009, driven by stronger margins in the Atlantic basin.
Sales for the Chemical segment were 4.6 B€.
Adjusted net operating income from the Chemicals segment increased to 274 M€ in the second quarter 2010 from 71 M€ in the second quarter 2009 due to the improved petrochemicals and specialties environment and the benefits realized through cost reduction.
In the first half 2010, adjusted net operating income from the Chemicals segment was 431 M€ compared to 39 M€ in the first half 2009. The increase resulted from the improvement in market conditions in 2010 as well as from the cost reduction efforts implemented over the course of the past years and the effective positioning of the Group’s Specialty chemicals during the recovery from the crisis.
The ROACE26 of the Chemical segment for the twelve months ended June 30, 2010 was 9% compared to 6% for the twelve months ended March 31, 2010 and 4% for the full year 2009.
The annualized second quarter 2010 ROACE for the Chemicals segment was 15%.
- TOTAL S.A. - parent company accounts
Net income for TOTAL S.A., the parent company, was 2,941 M€ in the first half of 2010 compared to 3,240 M€ in the first half of 2009.
- Summary and outlook
The ROACE for the Group for the twelve months ended June 30, 2010, was 14%, compared to 13% for the twelve months ended March 31, 2010 and the full year 2009. The annualized second quarter 2010 ROACE for the Group was 18%.
Return on equity for the twelve months ended June 30, 2010, was 17%.
Total will pay a 2010 interim dividend of 1.14 € per share27 on November 17, 201028.
Investments excluding acquisitions for 2010 are expected to be in line with the 2010 budget level of 18 B$.
The Group maintains its net-debt-to-equity objective range of 25-30% for year-end 2010.
As of June 30, 2010, the Group’s equity interest in Sanofi-Aventis, following progressive sales of the shares, was 5.7%. Effective July 1, 2010, Sanofi-Aventis will no longer be accounted for as an equity affiliate but will instead be treated as a financial asset available for sale in the line “Other investments†of the balance sheet. In the second quarter 2010, Sanofi-Aventis contributed 141 M€ to adjusted net operating income and its portion of the adjustment items was a negative 40 M€.
Since the third quarter 2010 began, oil prices have traded around 75 $/b, but European refining margins have pulled back sharply from the second quarter level. The environment for the Chemicals has remained globally comparable to that of the second quarter.
â– â– â–
To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 367 9453 in Europe or +1 866 907 5923 in the U.S. (access code : Total). A replay available will be available until August 12 and can be accessed through the website or by calling +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 270 381).
This document does not constitute the Financial Report for the first half which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on our web site www.total.com or upon request at the company’s headquarters.
The June 30, 2010 notes to the consolidated financial statements are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the United States Securities and Exchange Commission.
Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or 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, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and the replacement cost.
In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the adjustment items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission 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 the SEC rules. We may use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92400 Courbevoie, France, or on our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.
Operating information by segment
Second quarter and first half 2010
- Upstream
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | 2Q10 vs 2Q09 | Â | Combined liquids and gas production by region (kboe/d) | Â | 1H10 | Â | 1H09 | Â | 1H10 vs 1H09 |
| 577 | 647 | 574 | +1% | Europe | 612 | 629 | -3% | |||||||
| 752 | 746 | 713 | +5% | Africa | 749 | 728 | +3% | |||||||
| 515 | 516 | 420 | +23% | Middle East | 515 | 419 | +23% | |||||||
| 63 | 66 | 13 | x4.8 | North America | 65 | 12 | x5.4 | |||||||
| 184 | 172 | 193 | -5% | South America | 178 | 189 | -6% | |||||||
| 246 | 254 | 248 | -1% | Asia-Pacific | 250 | 251 | - | |||||||
| 22 | 26 | 21 | +5% | CIS | 24 | 24 | - | |||||||
| 2,359 | 2,427 | 2,182 | +8% | Total production | 2,393 | 2,252 | +6% | |||||||
| 434 | 415 | 342 | +27% | Includes equity and non-consolidated affiliates | 425 | 346 | +23% | |||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| 2Q10 | 1Q10 | 2Q09 | 2Q10 vs 2Q09 | Liquids production by region (kb/d) | 1H10 | 1H09 | 1H10 vs 1H09 | |||||||
| 258 | 301 | 275 | -6% | Europe | 280 | 297 | -6% | |||||||
| 611 | 620 | 600 | +2% | Africa | 616 | 618 | - | |||||||
| 309 | 302 | 310 | - | Middle East | 305 | 312 | -2% | |||||||
| 30 | 32 | 11 | x2.7 | North America | 31 | 10 | x3.1 | |||||||
| 76 | 72 | 87 | -13% | South America | 74 | 86 | -14% | |||||||
| 30 | 32 | 33 | -9% | Asia-Pacific | 31 | 34 | -9% | |||||||
| 13 | 14 | 12 | +8% | CIS | 13 | 13 | - | |||||||
| 1,327 | 1,373 | 1,328 | - | Total production | 1,350 | 1,370 | -1% | |||||||
| 298 | 284 | 289 | +3% | Includes equity and non-consolidated affiliates | 291 | 291 | - | |||||||
| 2Q10 | 1Q10 | 2Q09 | 2Q10 vs 2Q09 | Gas production by region (Mcf/d) | 1H10 | 1H09 | 1H10 vs 1H09 | |||||||
| 1,689 | 1,940 | 1,639 | +3% | Europe | 1,814 | 1,811 | - | |||||||
| 704 | 644 | 580 | +21% | Africa | 675 | 566 | +19% | |||||||
| 1,098 | 1,188 | 609 | +80% | Middle East | 1,143 | 591 | +93% | |||||||
| 191 | 188 | 9 | x21.2 | North America | 190 | 9 | x21.1 | |||||||
| 594 | 554 | 585 | +2% | South America | 574 | 567 | +1% | |||||||
| 1,220 | 1,249 | 1,215 | - | Asia-Pacific | 1,234 | 1,219 | +1% | |||||||
| 53 | 66 | 49 | +8% | CIS | 59 | 58 | +2% | |||||||
| 5,549 | 5,829 | 4,686 | +18% | Total production | 5,689 | 4,821 | +18% | |||||||
| 737 | 709 | 285 | x2.6 | Includes equity and non-consolidated affiliates | 723 | 293 | x2.5 | |||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| 2Q10 | 1Q10 | 2Q09 | 2Q10 vs 2Q09 | Liquefied natural gas | 1H10 | 1H09 | 1H10 vs 1H09 | |||||||
| 3.04 | 2.89 | 2.15 | +41% | LNG sales* (Mt) | 5.93 | 4.30 | +38% |
* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; 2009 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2009 SEC coefficient.
- Downstream
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | 2Q10 vs 2Q09 | Â | Refined products sales by region (kb/d)* | Â | 1H10 | Â | 1H09 | Â | 1H10 vs 1H09 |
| 1,881 | 1,949 | 1,979 | -5% | Europe | 1,915 | 2,076 | -8% | |||||||
| 301 | 286 | 272 | +11% | Africa | 294 | 275 | +7% | |||||||
| 115 | 147 | 161 | -29% | Americas | 131 | 175 | -25% | |||||||
| 163 | 145 | 148 | +10% | Rest of world | 154 | 138 | +12% | |||||||
| 2,460 | 2,527 | 2,560 | -4% | Total consolidated sales | 2,494 | 2,664 | -6% | |||||||
| 1,526 | 990 | 1,092 | +40% | Trading | 1,258 | 1,046 | +20% | |||||||
| Â | Â | Â | Â | Â | Â | Â | Â | |||||||
| 3,986 | 3,517 | 3,652 | +9% | Total refined product sales | 3,752 | 3,710 | +1% |
* includes tradin g and share of CEPSA.
Adjustment items
- Adjustments to operating income from business segments
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | in millions of euros | Â | 1H10 | Â | 1H09 |
| (24) | (50) | (188) | Special items affecting operating income from the business segments | (74) | (291) | |||||
| - | - | - |
|
- | - | |||||
| (8) | - | (105) |
|
(8) | (105) | |||||
| (16) | (50) | (83) |
|
(66) | (186) | |||||
| 214 | 486 | 1,065 | Pre-tax inventory effect : FIFO vs. replacement cost | 700 | 1,542 | |||||
| Â | Â | Â | Â | Â | Â | |||||
| 190 | 436 | 877 | Total adjustments affecting operating income from the business segments | 626 | 1,251 |
- Adjustments to net income (Group share)
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | in millions of euros | Â | 1H10 | Â | 1H09 |
| 11 | 14 | (221) | Special items affecting net income (Group share) | 25 | (308) | |||||
| 63 | 129 | 28 |
|
192 | 41 | |||||
| (10) | - | (99) |
|
(10) | (105) | |||||
| (6) | (59) | (71) |
|
(65) | (71) | |||||
| (36) | (56) | (79) |
|
(92) | (173) | |||||
| (40) | (41) | (119) | Equity shares of adjustments related to Sanofi-Aventis* | (81) | (182) | |||||
| 169 | 344 | 788 | After-tax inventory effect : FIFO vs. replacement cost | 513 | 1,115 | |||||
| Â | Â | Â | Â | Â | Â | |||||
| 140 | 317 | 448 | Total adjustments to net income | 457 | 625 |
* based on Total’s share in Sanofi-Aventis of 5.7% on 6/30/2010, 6.2% on 3/31/2010 and 9.7% on 6/30/2009.
Effective tax rates
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | Effective tax rate* | Â | 1H10 | Â | 1H09 |
| 58.3% | 60.0% | 58.3% | Upstream | 59.1% | 58.2% | |||||
| 53.3% | 57.1% | 55.9% | Group | 55.0% | 53.9% |
* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).
Investments – Divestments
| 2Q10 | Â | 1Q10 | Â | 2Q09 | Â | 2Q10 vs 2Q09 | Â | in millions of euros | Â | 1H10 | Â | 1H09 | Â | 1H10 vs 1H09 |
| 3,067 | 2,427 | 3,095 | -1% | Investments excluding acquisitions* | 5,494 | 5,842 | -6% | |||||||
| 221 | 199 | 154 | +44% |
|
420 | 382 | +10% | |||||||
| 170 | 111 | 23 | x7.4 |
|
281 | 248 | +13% | |||||||
| 305 | 1,217 | 480 | -36% | Acquisitions | 1,522 | 573 | x2.7 | |||||||
| 3,372 | 3,644 | 3,575 | -6% | Investments including acquisitions* | 7,016 | 6,415 | +9% | |||||||
| 758 | 965 | 781 | -3% | Asset sales | 1,723 | 1,140 | +51% | |||||||
| 2,596 | 2,661 | 2,776 | -6% | Net investments** | 5,257 | 5,239 | - | |||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| Â | ||||||||||||||
| 2Q10 | 1Q10 | 2Q09 | 2Q10 vs 2Q09 | expressed in millions of dollars*** | 1H10 | 1H09 | 1H10 vs 1H09 | |||||||
| 3,898 | 3,356 | 4,219 | -8% | Investments excluding acquisitions* | 7,289 | 7,786 | -6% | |||||||
| 281 | 275 | 210 | +34% |
|
557 | 509 | +9% | |||||||
| 216 | 154 | 31 | x7.0 |
|
373 | 331 | +13% | |||||||
| 388 | 1,683 | 654 | -41% | Acquisitions | 2,019 | 764 | x2.6 | |||||||
| 4,285 | 5,039 | 4,873 | -12% | Investments including acquisitions* | 9,309 | 8,550 | +9% | |||||||
| 963 | 1,334 | 1,065 | -10% | Asset sales | 2,286 | 1,519 | +50% | |||||||
| 3,299 | 3,680 | 3,784 | -13% | Net investments** | 6,975 | 6,983 | - |
* includes net investments in equity affiliates and non-consolidated companies.
** net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
Net-debt-to-equity ratio
| in millions of euros | Â | 6/30/2010 | Â | 3/31/2010 | Â | 6/30/2009 |
| Current borrowings | 8,521 | 6,840 | 7,916 | |||
| Net current financial assets | (1,225) | (654) | (123) | |||
| Non-current financial debt | 22,813 | 19,727 | 19,640 | |||
| Hedging instruments of non-current debt | (1,812) | (1,212) | (875) | |||
| Cash and cash equivalents | (14,832) | (12,954) | (14,299) | |||
| Net debt | 13,465 | 11,747 | 12,259 | |||
| Â | Â | Â | Â | |||
| Shareholders’ equity | 60,955 | 57,283 | 51,299 | |||
| Estimated dividend payable* | (2,547) | (3,821) | (2,541) | |||
| Minority interests | 858 | 1,083 | 963 | |||
| Equity** | 59,266 | 54,545 | 49,721 | |||
| Â | Â | Â | Â | |||
| Net-debt-to-equity ratio | 22.7% | 21.5% | 24.7% |
* June 30, 2010 based on the hypothesis of an annual dividend of 2.28 €/share
** includes the 450 M€ impact in 2Q 2010 of the squeeze out of the Elf Aquitaine minority interest
2010 Sensitivities*
| Â | Â | Scenario | Â | Change | Â | Impact on adjusted operating income(e) | Â | Impact on adjusted net operating income(e) |
| Dollar | 1.40 $/€ | +0.1 $ per € | -1.1 B€ | -0.6 B€ | ||||
| Brent | 60 $/b | +1 $/b | +0.25 B€ / 0.35 B$ | +0.11 B€ / 0.15 B$ | ||||
| European refining margins ERMI | 15 $/t | +1 $/t | +0.07 B€ / 0.10 B$ | +0.05 B€ / 0.07 B$ |
*sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.
Return on average capital employed
- Twelve months ended June 30, 2010
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Â | Â | Group |
| Adjusted net operating income | 7,623 | 835 | 664 | 9,122 | 9,652 | |||||||
| Capital employed at 6/30/2009* | 35,385 | 13,939 | 6,915 | 56,239 | 62,294 | |||||||
| Capital employed at 6/30/2010* | 43,908 | 16,010 | 7,286 | 67,204 | 72,042 | |||||||
| ROACE | 19.2% | 5.6% | 9.4% | 14.8% | 14.4% |
* at replacement cost (excluding after-tax inventory effect).
- Twelve months ended March 31, 2010
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals | Â | Segments | Â | Â | Â | Group |
| Adjusted net operating income | 6,871 | 508 | 461 | 7,840 | 8,399 | |||||||
| Capital employed at 3/31/2009* | 35,027 | 13,095 | 7,175 | 55,297 | 61,688 | |||||||
| Capital employed at 3/31/2010* | 39,925 | 15,634 | 7,412 | 62,971 | 67,099 | |||||||
| ROACE | 18.3% | 3.5% | 6.3% | 13.3% | 13.0% |
* at replacement cost (excluding after-tax inventory effect).
- Full year 2009
| in millions of euros | Â | Upstream | Â | Downstream | Â | Chemicals** | Â | Segments | Â | Â | Â | Group |
| Adjusted net operating income | 6,382 | 953 | 272 | 7,607 | 8,226 | |||||||
| Capital employed at 12/31/2008* | 32,681 | 13,623 | 7,417 | 53,721 | 59,764 | |||||||
| Capital employed at 12/31/2009* | 37,397 | 15,299 | 6,898 | 59,594 | 64,451 | |||||||
| ROACE | 18.2% | 6.6% | 3.8% | 13.4% | 13.2% |
* at replacement cost (excluding after-tax inventory effect).
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 256 M€ pre-tax at 12/31/2008
1 percent changes are relative to the same period 2009.
2 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.2708 $/€ in the 2nd quarter 2010, 1.3632 $/€ in the 2nd quarter 2009, 1.3829 $/€ in the 1st quarter 2010, 1.3268 $/€ in the 1st half 2010 and 1.3328 $/€ in the 1st half 2009.
3 adjusted net income = net income using replacement cost (Group share), adjusted for special items and excluding Total’s share of adjustments related to Sanofi-Aventis.
4 Group share ; net income (Group share) for the 2nd quarter 2010 was 3,101 M€.
5 the ex-dividend date for the 2010 interim dividend will be November 12 and the payment date is November 17, 2010; for the ADR (NYSEÂ :TOT) the ex-dividend date is November 9, 2010.
6 adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of adjustments related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 17.
7 including acquisitions.
8 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.
9 special items affecting operating income from the business segments had a negative impact of 24 M€ in the 2nd quarter 2010 and a negative impact of 188 M€ in the 2nd quarter 2009.
10 defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).
11 detail shown on page 17.
12 detail shown on page 18.
13 net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
14 cash flow from operations at replacement cost before changes in working capital.
15 net cash flow = cash flow from operations + divestments – gross investments.
16 special items affecting operating income from the business segments had a negative impact of 74 M€ in the 1st half 2010 and a negative impact of 291 M€ in the 1st half 2009.
17 detail shown on page 17.
18 detail shown on page 18.
19 net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
20 cash flow from operations at replacement cost before changes in working capital.
21 net cash flow = cash flow from operations + divestments – gross investments.
22 detail shown on page 19.
23 impact of changing hydrocarbon prices on entitlement volumes.
24 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
25 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
26 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.
27 approved by the Board of Directors on July 29, 2010.
28 the ex-dividend date for the 2010 interim dividend is November 12, 2010 ; for the ADR (NYSEÂ :TOT) the ex-dividend date is November 9, 2010.
Total financial statements
Second quarter 2010 consolidated accounts, IFRS
| Â | Â | Â | ||||
| CONSOLIDATED STATEMENT OF INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) (a) |
2nd quarter
2010 |
1st quarter
2010 |
2nd quarter
2009 |
|||
| Sales | 41,329 | 37,603 | 31,430 | |||
| Excise taxes | (5,002) | (4,442) | (4,856) | |||
| Revenues from sales | 36,327 | 33,161 | 26,574 | |||
| Â | ||||||
| Purchases, net of inventory variation | (23,929) | (21,701) | (16,300) | |||
| Other operating expenses | (4,833) | (4,712) | (4,724) | |||
| Exploration costs | (292) | (215) | (155) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,757) | (1,699) | (1,636) | |||
| Other income | 114 | 160 | 106 | |||
| Other expense | (114) | (212) | (216) | |||
| Â | ||||||
| Financial interest on debt | (113) | (100) | (140) | |||
| Financial income from marketable securities & cash equivalents | 24 | 24 | 40 | |||
| Cost of net debt | (89) | (76) | (100) | |||
| Â | ||||||
| Other financial income | 142 | 71 | 240 | |||
| Other financial expense | (95) | (95) | (82) | |||
| Â | ||||||
| Equity in income (loss) of affiliates | 513 | 524 | 393 | |||
| Â | ||||||
| Income taxes | (2,819) | (2,528) | (1,877) | |||
| Consolidated net income | 3,168 | 2,678 | 2,223 | |||
| Group share* | 3,101 | 2,613 | 2,169 | |||
| Minority interests | 67 | 65 | 54 | |||
| Earnings per share (€) | 1.39 | 1.17 | 0.97 | |||
| Fully-diluted earnings per share (€)** | 1.38 | 1.17 | 0.97 | |||
| Â | ||||||
| Â | ||||||
| * Adjusted net income | 2,961 | 2,296 | 1,721 | |||
| ** Adjusted fully-diluted earnings per share (€) | 1.32 | 1.02 | 0.77 | |||
| (a) Except for per share amounts. |
| Â | Â | Â | ||||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) |
2nd quarter
2010 |
1st quarter
2010 |
2nd quarter
2009 |
|||
| Consolidated net income | 3,168 | 2,678 | 2,223 | |||
| Â | ||||||
| Other comprehensive income | ||||||
| Currency translation adjustment | 3,149 | 1,847 | (966) | |||
| Available for sale financial assets | (49) | (3) | 50 | |||
| Cash flow hedge | (75) | 24 | 128 | |||
| Share of other comprehensive income of associates, net amount | 242 | 233 | (66) | |||
| Other | 2 | 1 | (25) | |||
| Â | ||||||
| Tax effect | 26 | (8) | (48) | |||
| Total other comprehensive income (net amount) | 3,295 | 2,094 | (927) | |||
| Â | Â | Â | Â | |||
| Comprehensive income | 6,463 | 4,772 | 1,296 | |||
| - Group share | 6,368 | 4,676 | 1,196 | |||
| - Minority interests | 95 | 96 | 100 |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M€) (a) |
1st half
2010 |
1st half
2009 |
||
| Sales | 78,932 | 61,471 | ||
| Excise taxes | (9,444) | (9,429) | ||
| Revenues from sales | 69,488 | 52,042 | ||
| Â | ||||
| Purchases, net of inventory variation | (45,630) | (31,528) | ||
| Other operating expenses | (9,545) | (9,399) | ||
| Exploration costs | (507) | (331) | ||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,456) | (3,156) | ||
| Other income | 274 | 121 | ||
| Other expense | (326) | (303) | ||
| Â | ||||
| Financial interest on debt | (213) | (311) | ||
| Financial income from marketable securities & cash equivalents | 48 | 95 | ||
| Cost of net debt | (165) | (216) | ||
| Â | ||||
| Other financial income | 213 | 399 | ||
| Other financial expense | (190) | (163) | ||
| Â | ||||
| Equity in income (loss) of affiliates | 1,037 | 860 | ||
| Â | ||||
| Income taxes | (5,347) | (3,779) | ||
| Consolidated net income | 5,846 | 4,547 | ||
| Group share* | 5,714 | 4,459 | ||
| Minority interests | 132 | 88 | ||
| Earnings per share (€) | 2.56 | 2.00 | ||
| Fully-diluted earnings per share (€)** | 2.55 | 1.99 | ||
| Â | Â | Â | ||
| * Adjusted net income | 5,257 | 3,834 | ||
| ** Adjusted fully-diluted earnings per share (€) | 2.34 | 1.72 | ||
| (a) Except for per share amounts. |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M€) |
1st half
2010 |
1st half
2009 |
||
| Consolidated net income | 5,846 | 4,547 | ||
| Â | ||||
| Other comprehensive income | ||||
| Currency translation adjustment | 4,996 | 246 | ||
| Available for sale financial assets | (52) | 39 | ||
| Cash flow hedge | (51) | 58 | ||
| Share of other comprehensive income of associates, net amount | 475 | 93 | ||
| Other | 3 | (11) | ||
| Â | ||||
| Tax effect | 18 | (23) | ||
| Â | ||||
| Total other comprehensive income (net amount) | 5,389 | 402 | ||
| Â | Â | Â | ||
| Comprehensive income | 11,235 | 4,949 | ||
| - Group share | 11,044 | 4,775 | ||
| - Minority interests | 191 | 174 |
| Â | Â | Â | Â | |||||
| CONSOLIDATED BALANCE SHEET | ||||||||
| TOTAL | ||||||||
| Â | ||||||||
| Â | ||||||||
| (M€) |
June 30, 2010
(unaudited) |
March 31, 2010
(unaudited) |
December 31, 2009 |
June 30, 2009
(unaudited) |
||||
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets, net | 8,767 | 8,272 | 7,514 | 5,955 | ||||
| Property, plant and equipment, net | 57,825 | 53,549 | 51,590 | 48,762 | ||||
| Equity affiliates : investments and loans | 15,363 | 14,656 | 13,624 | 14,075 | ||||
| Other investments | 1,220 | 1,122 | 1,162 | 1,211 | ||||
| Hedging instruments of non-current financial debt | 1,812 | 1,212 | 1,025 | 875 | ||||
| Other non-current assets | 3,437 | 3,273 | 3,081 | 3,095 | ||||
| Total non-current assets | 88,424 | 82,084 | 77,996 | 73,973 | ||||
| Â | ||||||||
| Current assets | ||||||||
| Inventories, net | 15,130 | 14,185 | 13,867 | 11,749 | ||||
| Accounts receivable, net | 18,193 | 17,921 | 15,719 | 15,226 | ||||
| Other current assets | 8,289 | 7,817 | 8,198 | 9,253 | ||||
| Current financial assets | 1,603 | 968 | 311 | 217 | ||||
| Cash and cash equivalents | 14,832 | 12,954 | 11,662 | 14,299 | ||||
| Total current assets | 58,047 | 53,845 | 49,757 | 50,744 | ||||
| Total assets | 146,471 | 135,929 | 127,753 | 124,717 | ||||
| Â | ||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Â | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 5,872 | 5,871 | 5,871 | 5,931 | ||||
| Paid-in surplus and retained earnings | 58,274 | 58,026 | 55,372 | 55,031 | ||||
| Currency translation adjustment | 381 | (3,010) | (5,069) | (4,656) | ||||
| Treasury shares | (3,572) | (3,604) | (3,622) | (5,007) | ||||
| Total shareholders' equity - Group Share | 60,955 | 57,283 | 52,552 | 51,299 | ||||
| Minority interests | 858 | 1,083 | 987 | 963 | ||||
| Total shareholders' equity | 61,813 | 58,366 | 53,539 | 52,262 | ||||
| Â | ||||||||
| Non-current liabilities | ||||||||
| Deferred income taxes | 10,328 | 9,486 | 8,948 | 8,561 | ||||
| Employee benefits | 2,181 | 2,127 | 2,040 | 2,006 | ||||
| Provisions and other non-current liabilities | 9,418 | 9,015 | 9,381 | 8,087 | ||||
| Total non-current liabilities | 21,927 | 20,628 | 20,369 | 18,654 | ||||
| Non-current financial debt | 22,813 | 19,727 | 19,437 | 19,640 | ||||
| Â | ||||||||
| Current liabilities | ||||||||
| Accounts payable | 17,557 | 16,367 | 15,383 | 14,036 | ||||
| Other creditors and accrued liabilities | 13,462 | 13,687 | 11,908 | 12,115 | ||||
| Current borrowings | 8,521 | 6,840 | 6,994 | 7,916 | ||||
| Other current financial liabilities | 378 | 314 | 123 | 94 | ||||
| Total current liabilities | 39,918 | 37,208 | 34,408 | 34,161 | ||||
| Total liabilities and shareholders' equity | 146,471 | 135,929 | 127,753 | 124,717 |
| Â | Â | Â | ||||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||||
| TOTAL | ||||||
| (unaudited) | ||||||
| Â | ||||||
| (M€) |
2nd quarter
2010 |
1st quarter
2010 |
2nd quarter
2009 |
|||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||||
| Consolidated net income | 3,168 | 2,678 | 2,223 | |||
| Depreciation, depletion and amortization | 1,996 | 1,871 | 1,712 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 239 | 55 | 281 | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on sales of assets | (24) | (148) | (31) | |||
| Undistributed affiliates' equity earnings | 79 | (262) | 81 | |||
| (Increase) decrease in working capital | (522) | 1,035 | (2,363) | |||
| Other changes, net | 6 | 31 | 36 | |||
| Cash flow from operating activities | 4,942 | 5,260 | 1,939 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (2,958) | (3,464) | (3,312) | |||
| Acquisitions of subsidiaries, net of cash acquired | - | - | (109) | |||
| Investments in equity affiliates and other securities | (244) | (69) | (131) | |||
| Increase in non-current loans | (244) | (176) | (82) | |||
| Total expenditures | (3,446) | (3,709) | (3,634) | |||
| Proceeds from disposal of intangible assets and property, plant and equipment | 89 | 34 | 55 | |||
| Proceeds from disposal of subsidiaries, net of cash sold | 321 | - | - | |||
| Proceeds from disposal of non-current investments | 348 | 931 | 726 | |||
| Repayment of non-current loans | 92 | 83 | 77 | |||
| Total divestments | 850 | 1,048 | 858 | |||
| Cash flow used in investing activities | (2,596) | (2,661) | (2,776) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 6 | 5 | 5 | |||
| - Treasury shares | 31 | 18 | 2 | |||
| - Minority shareholders | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (2,548) | - | (2,541) | |||
| - Minority shareholders | (82) | - | (141) | |||
| Other transactions with minority shareholders | (450) | - | - | |||
| Net issuance (repayment) of non-current debt | 1,979 | 63 | 2,010 | |||
| Increase (decrease) in current borrowings | 977 | (601) | 2,350 | |||
| Increase (decrease) in current financial assets and liabilities | (453) | (497) | - | |||
| Cash flow used in financing activities | (540) | (1,012) | 1,685 | |||
| Net increase (decrease) in cash and cash equivalents | 1,806 | 1,587 | 848 | |||
| Effect of exchange rates | 72 | (295) | 132 | |||
| Cash and cash equivalents at the beginning of the period | 12,954 | 11,662 | 13,319 | |||
| Cash and cash equivalents at the end of the period | 14,832 | 12,954 | 14,299 |
| Â | Â | |||
| CONSOLIDATED STATEMENT OF CASH FLOW | ||||
| TOTAL | ||||
| (unaudited) | ||||
| Â | ||||
| (M€) |
1st half
2010 |
1st half
2009 |
||
| CASH FLOW FROM OPERATING ACTIVITIES | ||||
| Â | ||||
| Consolidated net income | 5,846 | 4,547 | ||
| Depreciation, depletion and amortization | 3,867 | 3,373 | ||
| Non-current liabilities, valuation allowances and deferred taxes | 294 | 213 | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on sales of assets | (172) | (46) | ||
| Undistributed affiliates' equity earnings | (183) | 2 | ||
| (Increase) decrease in working capital | 513 | (2,218) | ||
| Other changes, net | 37 | 62 | ||
| Cash flow from operating activities | 10,202 | 5,933 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (6,422) | (5,796) | ||
| Acquisitions of subsidiaries, net of cash acquired | - | (156) | ||
| Investments in equity affiliates and other securities | (313) | (215) | ||
| Increase in non-current loans | (420) | (402) | ||
| Total expenditures | (7,155) | (6,569) | ||
| Proceeds from disposal of intangible assets and property, plant and equipment | 123 | 115 | ||
| Proceeds from disposal of subsidiaries, net of cash sold | 321 | - | ||
| Proceeds from disposal of non-current investments | 1,279 | 1,025 | ||
| Repayment of non-current loans | 175 | 190 | ||
| Total divestments | 1,898 | 1,330 | ||
| Cash flow used in investing activities | (5,257) | (5,239) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 11 | 14 | ||
| - Treasury shares | 49 | 2 | ||
| - Minority shareholders | - | - | ||
| Dividends paid: | ||||
| - Parent company shareholders | (2,548) | (2,541) | ||
| - Minority shareholders | (82) | (145) | ||
| Other transactions with minority shareholders | (450) | - | ||
| Net issuance (repayment) of non-current debt | 2,042 | 4,854 | ||
| Increase (decrease) in current borrowings | 376 | (1,067) | ||
| Increase (decrease) in current financial assets and liabilities | (950) | - | ||
| Cash flow used in financing activities | (1,552) | 1,117 | ||
| Net increase (decrease) in cash and cash equivalents | 3,393 | 1,811 | ||
| Effect of exchange rates | (223) | 167 | ||
| Cash and cash equivalents at the beginning of the period | 11,662 | 12,321 | ||
| Cash and cash equivalents at the end of the period | 14,832 | 14,299 |
| Â | Â | Â | Â | Â | Â | |||||||||||||
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY | ||||||||||||||||||
| TOTAL | Â | Â | Â | |||||||||||||||
| (unaudited) | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Common shares issued | Paid-in surplus and retained earnings | Currency translation adjustment | Treasury shares | Shareholders' equity Group Share | Minority interests | Total shareholders' equity | ||||||||||||
| (M€) | Number | Amount |  |  | Number | Amount |  |  |  | |||||||||
| As of January 1, 2009 | 2,371,808,074 | 5,930 | 52,947 | (4,876) | (143,082,095) | (5,009) | 48,992 | 958 | 49,950 | |||||||||
| Net income of the first half | - | - | 4,459 | - | - | - | 4,459 | 88 | 4,547 | |||||||||
| Other comprehensive Income | - | - | 96 | 220 | - | - | 316 | 86 | 402 | |||||||||
| Comprehensive Income | - | - | 4,555 | 220 | - | - | 4,775 | 174 | 4,949 | |||||||||
| Dividend | - | - | (2,541) | - | - | - | (2,541) | (145) | (2,686) | |||||||||
| Issuance of common shares | 565,886 | 1 | 13 | - | - | - | 14 | - | 14 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | - | - | 51,995 | 2 | 2 | - | 2 | |||||||||
| Share-based payments | - | - | 80 | - | - | - | 80 | - | 80 | |||||||||
| Other operations with minority interests | - | - | (23) | - | - | - | (23) | (24) | (47) | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Transactions with shareholders | 565,886 | 1 | (2,471) | - | 51,995 | 2 | (2,468) | (169) | (2,637) | |||||||||
| As of June 30, 2009 | 2,372,373,960 | 5,931 | 55,031 | (4,656) | (143,030,100) | (5,007) | 51,299 | 963 | 52,262 | |||||||||
| Net income from July 1 to December 31, 2009 | - | - | 3,988 | - | - | - | 3,988 | 94 | 4,082 | |||||||||
| Other comprehensive Income | - | - | 150 | (413) | - | - | (263) | (26) | (289) | |||||||||
| Comprehensive Income | - | - | 4,138 | (413) | - | - | 3,725 | 68 | 3,793 | |||||||||
| Dividend | - | - | (2,545) | - | - | - | (2,545) | (44) | (2,589) | |||||||||
| Issuance of common shares | 848,924 | 2 | 25 | - | - | - | 27 | - | 27 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (143) | - | 2,822,910 | 163 | 20 | - | 20 | |||||||||
| Share-based payments | - | - | 26 | - | - | - | 26 | - | 26 | |||||||||
| Other operations with minority interests | - | - | - | - | - | - | - | - | - | |||||||||
| Share cancellation | (24,800,000) | (62) | (1,160) | - | 24,800,000 | 1,222 | - | - | - | |||||||||
| Transactions with shareholders | (23,951,076) | (60) | (3,797) | - | 27,622,910 | 1,385 | (2,472) | (44) | (2,516) | |||||||||
| As of December 31, 2009 | 2,348,422,884 | 5,871 | 55,372 | (5,069) | (115,407,190) | (3,622) | 52,552 | 987 | 53,539 | |||||||||
| Net income of the first half | - | - | 5,714 | - | - | - | 5,714 | 132 | 5,846 | |||||||||
| Other comprehensive Income | - | - | (130) | 5,460 | - | - | 5,330 | 59 | 5,389 | |||||||||
| Comprehensive Income | - | - | 5,584 | 5,460 | - | - | 11,044 | 191 | 11,235 | |||||||||
| Dividend | - | - | (2,548) | - | - | - | (2,548) | (82) | (2,630) | |||||||||
| Issuance of common shares | 306,577 | 1 | 10 | - | - | - | 11 | - | 11 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | - | - | - | - | |||||||||
| Sale of treasury shares (1) | - | - | (1) | - | 1,258,812 | 50 | 49 | - | 49 | |||||||||
| Share-based payments | - | - | 59 | - | - | - | 59 | - | 59 | |||||||||
| Other operations with minority interests | - | - | (202) | (10) | - | - | (212) | (238) | (450) | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Transactions with shareholders | 306,577 | 1 | (2,682) | (10) | 1,258,812 | 50 | (2,641) | (320) | (2,961) | |||||||||
| As of June 30, 2010 | 2,348,729,461 | 5,872 | 58,274 | 381 | (114,148,378) | (3,572) | 60,955 | 858 | 61,813 | |||||||||
| Â | ||||||||||||||||||
| (1) Treasury shares related to the stock option purchase plans and restricted stock grants | ||||||||||||||||||
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,546 | 32,190 | 4,589 | 4 | - | 41,329 | ||||||
| Intersegment sales | 5,717 | 1,394 | 270 | 45 | (7,426) | - | ||||||
| Excise taxes | - | (5,002) | - | - | - | (5,002) | ||||||
| Revenues from sales | 10,263 | 28,582 | 4,859 | 49 | (7,426) | 36,327 | ||||||
| Operating expenses | (4,364) | (27,460) | (4,483) | (173) | 7,426 | (29,054) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,292) | (318) | (136) | (11) | - | (1,757) | ||||||
| Operating income | 4,607 | 804 | 240 | (135) | - | 5,516 | ||||||
| Equity in income (loss) of affiliates and other items | 190 | 124 | 78 | 168 | - | 560 | ||||||
| Tax on net operating income | (2,621) | (250) | (65) | 85 | - | (2,851) | ||||||
| Net operating income | 2,176 | 678 | 253 | 118 | - | 3,225 | ||||||
| Net cost of net debt | (57) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (67) | ||||||
| Net income | 3,101 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2010 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 255 | (57) | - | 198 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | - | (8) | - | Â | (8) | ||||||
| Operating income (b) | - | 255 | (65) | - | 190 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (40) | 25 | 18 | (7) | (4) | |||||||
| Tax on net operating income | 13 | (85) | 26 | - | Â | (46) | ||||||
| Net operating income (b) | (27) | 195 | (21) | (7) | 140 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | - | ||||||
| Net income | 140 | |||||||||||
|
(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis. |
||||||||||||
|
(b) Of which inventory valuation effect |
||||||||||||
| On operating income | - | 255 | (41) | - | ||||||||
| On net operating income | - | 195 | (25) | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (40) | Â | Â | ||||||
| Â | ||||||||||||
|
2nd quarter 2010 (adjusted)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,546 | 32,190 | 4,589 | 4 | - | 41,329 | ||||||
| Intersegment sales | 5,717 | 1,394 | 270 | 45 | (7,426) | - | ||||||
| Excise taxes | - | (5,002) | - | - | - | (5,002) | ||||||
| Revenues from sales | 10,263 | 28,582 | 4,859 | 49 | (7,426) | 36,327 | ||||||
| Operating expenses | (4,364) | (27,715) | (4,426) | (173) | 7,426 | (29,252) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,292) | (318) | (128) | (11) | - | (1,749) | ||||||
| Adjusted operating income | 4,607 | 549 | 305 | (135) | - | 5,326 | ||||||
| Equity in income (loss) of affiliates and other items | 230 | 99 | 60 | 175 | - | 564 | ||||||
| Tax on net operating income | (2,634) | (165) | (91) | 85 | - | (2,805) | ||||||
| Adjusted net operating income | 2,203 | 483 | 274 | 125 | - | 3,085 | ||||||
| Net cost of net debt | (57) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (67) | ||||||
| Ajusted net income | 2,961 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 2,723 | 562 | 144 | 17 | 3,446 | |||||||
| Total divestments | 174 | 11 | 328 | 337 | 850 | |||||||
| Cash flow from operating activities | 4,154 | 1,042 | 477 | (731) | Â | 4,942 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,569 | 28,808 | 4,223 | 3 | - | 37,603 | ||||||
| Intersegment sales | 5,302 | 1,081 | 237 | 42 | (6,662) | - | ||||||
| Excise taxes | - | (4,442) | - | - | - | (4,442) | ||||||
| Revenues from sales | 9,871 | 25,447 | 4,460 | 45 | (6,662) | 33,161 | ||||||
| Operating expenses | (4,454) | (24,621) | (4,070) | (145) | 6,662 | (26,628) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,256) | (305) | (130) | (8) | - | (1,699) | ||||||
| Operating income | 4,161 | 521 | 260 | (108) | - | 4,834 | ||||||
| Equity in income (loss) of affiliates and other items | 108 | 31 | 45 | 264 | - | 448 | ||||||
| Tax on net operating income | (2,374) | (164) | (73) | 57 | - | (2,554) | ||||||
| Net operating income | 1,895 | 388 | 232 | 213 | - | 2,728 | ||||||
| Net cost of net debt | (50) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (65) | ||||||
| Net income | 2,613 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 330 | 106 | - | 436 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | - | - | - | Â | - | ||||||
| Operating income (b) | - | 330 | 106 | - | 436 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (106) | 16 | 4 | 91 | 5 | |||||||
| Tax on net operating income | 30 | (113) | (35) | (2) | Â | (120) | ||||||
| Net operating income (b) | (76) | 233 | 75 | 89 | 321 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (4) | ||||||
| Net income | 317 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect
and equity share of adjustments related to Sanofi-Aventis.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 380 | 106 | - | ||||||||
| On net operating income | - | 272 | 75 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (41) | Â | Â | ||||||
| Â | ||||||||||||
|
1st quarter 2010 (adjusted)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 4,569 | 28,808 | 4,223 | 3 | - | 37,603 | ||||||
| Intersegment sales | 5,302 | 1,081 | 237 | 42 | (6,662) | - | ||||||
| Excise taxes | - | (4,442) | - | - | - | (4,442) | ||||||
| Revenues from sales | 9,871 | 25,447 | 4,460 | 45 | (6,662) | 33,161 | ||||||
| Operating expenses | (4,454) | (24,951) | (4,176) | (145) | 6,662 | (27,064) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,256) | (305) | (130) | (8) | - | (1,699) | ||||||
| Adjusted operating income | 4,161 | 191 | 154 | (108) | - | 4,398 | ||||||
| Equity in income (loss) of affiliates and other items | 214 | 15 | 41 | 173 | - | 443 | ||||||
| Tax on net operating income | (2,404) | (51) | (38) | 59 | - | (2,434) | ||||||
| Adjusted net operating income | 1,971 | 155 | 157 | 124 | - | 2,407 | ||||||
| Net cost of net debt | (50) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (61) | ||||||
| Ajusted net income | 2,296 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st quarter 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 3,143 | 456 | 94 | 16 | - | 3,709 | ||||||
| Total divestments | 87 | 27 | 6 | 928 | - | 1,048 | ||||||
| Cash flow from operating activities | 4,680 | 454 | (90) | 216 | - | 5,260 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2009
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,427 | 24,318 | 3,684 | 1 | - | 31,430 | ||||||
| Intersegment sales | 4,107 | 1,005 | 152 | 42 | (5,306) | - | ||||||
| Excise taxes | - | (4,856) | - | - | - | (4,856) | ||||||
| Revenues from sales | 7,534 | 20,467 | 3,836 | 43 | (5,306) | 26,574 | ||||||
| Operating expenses | (3,635) | (19,154) | (3,498) | (198) | 5,306 | (21,179) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,056) | (382) | (191) | (7) | - | (1,636) | ||||||
| Operating income | 2,843 | 931 | 147 | (162) | - | 3,759 | ||||||
| Equity in income (loss) of affiliates and other items | 329 | 85 | (117) | 144 | - | 441 | ||||||
| Tax on net operating income | (1,739) | (278) | 18 | 81 | - | (1,918) | ||||||
| Net operating income | 1,433 | 738 | 48 | 63 | - | 2,282 | ||||||
| Net cost of net debt | (59) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (54) | ||||||
| Net income | 2,169 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2009 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 852 | 130 | - | 982 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | (62) | (43) | - | Â | (105) | ||||||
| Operating income (b) | - | 790 | 87 | - | 877 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (18) | 48 | (119) | (91) | (180) | |||||||
| Tax on net operating income | - | (256) | 9 | - | Â | (247) | ||||||
| Net operating income (b) | (18) | 582 | (23) | (91) | 450 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (2) | ||||||
| Net income | 448 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect
and equity share of adjustments related to Sanofi-Aventis.
 (b) Of which inventory valuation effect |
||||||||||||
| On operating income | - | 933 | 132 | - | ||||||||
| On net operating income | - | 699 | 91 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (119) | Â | Â | ||||||
| Â | ||||||||||||
|
2nd quarter 2009 (adjusted)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 3,427 | 24,318 | 3,684 | 1 | - | 31,430 | ||||||
| Intersegment sales | 4,107 | 1,005 | 152 | 42 | (5,306) | - | ||||||
| Excise taxes | - | (4,856) | - | - | - | (4,856) | ||||||
| Revenues from sales | 7,534 | 20,467 | 3,836 | 43 | (5,306) | 26,574 | ||||||
| Operating expenses | (3,635) | (20,006) | (3,628) | (198) | 5,306 | (22,161) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,056) | (320) | (148) | (7) | - | (1,531) | ||||||
| Adjusted operating income | 2,843 | 141 | 60 | (162) | - | 2,882 | ||||||
| Equity in income (loss) of affiliates and other items | 347 | 37 | 2 | 235 | - | 621 | ||||||
| Tax on net operating income | (1,739) | (22) | 9 | 81 | - | (1,671) | ||||||
| Adjusted net operating income | 1,451 | 156 | 71 | 154 | - | 1,832 | ||||||
| Net cost of net debt | (59) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (52) | ||||||
| Ajusted net income | 1,721 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
2nd quarter 2009
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 2,664 | 825 | 115 | 30 | 3,634 | |||||||
| Total divestments | 105 | 26 | 8 | 719 | 858 | |||||||
| Cash flow from operating activities | 1,943 | (28) | 280 | (256) | Â | 1,939 | ||||||
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 9,115 | 60,998 | 8,812 | 7 | - | 78,932 | ||||||
| Intersegment sales | 11,019 | 2,475 | 507 | 87 | (14,088) | - | ||||||
| Excise taxes | - | (9,444) | - | - | - | (9,444) | ||||||
| Revenues from sales | 20,134 | 54,029 | 9,319 | 94 | (14,088) | 69,488 | ||||||
| Operating expenses | (8,818) | (52,081) | (8,553) | (318) | 14,088 | (55,682) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,548) | (623) | (266) | (19) | - | (3,456) | ||||||
| Operating income | 8,768 | 1,325 | 500 | (243) | - | 10,350 | ||||||
| Equity in income (loss) of affiliates and other items | 298 | 155 | 123 | 432 | - | 1,008 | ||||||
| Tax on net operating income | (4,995) | (414) | (138) | 142 | - | (5,405) | ||||||
| Net operating income | 4,071 | 1,066 | 485 | 331 | - | 5,953 | ||||||
| Net cost of net debt | (107) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (132) | ||||||
| Net income | 5,714 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2010 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 585 | 49 | - | 634 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | - | (8) | - | Â | (8) | ||||||
| Operating income (b) | - | 585 | 41 | - | 626 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (146) | 41 | 22 | 84 | 1 | |||||||
| Tax on net operating income | 43 | (198) | (9) | (2) | Â | (166) | ||||||
| Net operating income (b) | (103) | 428 | 54 | 82 | 461 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (4) | ||||||
| Net income | 457 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect
and equity share of adjustments related to Sanofi-Aventis.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 635 | 65 | - | ||||||||
| On net operating income | - | 467 | 50 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (81) | Â | Â | ||||||
| Â | ||||||||||||
|
1st half 2010 (adjusted)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 9,115 | 60,998 | 8,812 | 7 | - | 78,932 | ||||||
| Intersegment sales | 11,019 | 2,475 | 507 | 87 | (14,088) | - | ||||||
| Excise taxes | - | (9,444) | - | - | - | (9,444) | ||||||
| Revenues from sales | 20,134 | 54,029 | 9,319 | 94 | (14,088) | 69,488 | ||||||
| Operating expenses | (8,818) | (52,666) | (8,602) | (318) | 14,088 | (56,316) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,548) | (623) | (258) | (19) | - | (3,448) | ||||||
| Adjusted operating income | 8,768 | 740 | 459 | (243) | - | 9,724 | ||||||
| Equity in income (loss) of affiliates and other items | 444 | 114 | 101 | 348 | - | 1,007 | ||||||
| Tax on net operating income | (5,038) | (216) | (129) | 144 | - | (5,239) | ||||||
| Adjusted net operating income | 4,174 | 638 | 431 | 249 | - | 5,492 | ||||||
| Net cost of net debt | (107) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (128) | ||||||
| Ajusted net income | 5,257 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2010
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 5,866 | 1,018 | 238 | 33 | 7,155 | |||||||
| Total divestments | 261 | 38 | 334 | 1,265 | 1,898 | |||||||
| Cash flow from operating activities | 8,834 | 1,496 | 387 | (515) | Â | 10,202 |
| Â | Â | Â | Â | Â | Â | |||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| TOTAL | ||||||||||||
| (unaudited) | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2009
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 7,874 | 46,686 | 6,902 | 9 | - | 61,471 | ||||||
| Intersegment sales | 7,349 | 1,646 | 276 | 79 | (9,350) | - | ||||||
| Excise taxes | - | (9,429) | - | - | - | (9,429) | ||||||
| Revenues from sales | 15,223 | 38,903 | 7,178 | 88 | (9,350) | 52,042 | ||||||
| Operating expenses | (7,367) | (36,253) | (6,635) | (353) | 9,350 | (41,258) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,121) | (683) | (335) | (17) | - | (3,156) | ||||||
| Operating income | 5,735 | 1,967 | 208 | (282) | - | 7,628 | ||||||
| Equity in income (loss) of affiliates and other items | 572 | 127 | (121) | 336 | - | 914 | ||||||
| Tax on net operating income | (3,413) | (581) | 1 | 143 | - | (3,850) | ||||||
| Net operating income | 2,894 | 1,513 | 88 | 197 | - | 4,692 | ||||||
| Net cost of net debt | (145) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (88) | ||||||
| Net income | 4,459 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2009 (adjustments) (a)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | ||||||||||||
| Intersegment sales | ||||||||||||
| Excise taxes | Â | Â | Â | Â | Â | Â | ||||||
| Revenues from sales | ||||||||||||
| Operating expenses | - | 1,097 | 259 | - | 1,356 | |||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | - | (62) | (43) | - | Â | (105) | ||||||
| Operating income (b) | - | 1,035 | 216 | - | 1,251 | |||||||
| Equity in income (loss) of affiliates and other items (c) | (39) | 63 | (138) | (141) | (255) | |||||||
| Tax on net operating income | - | (341) | (29) | - | Â | (370) | ||||||
| Net operating income (b) | (39) | 757 | 49 | (141) | 626 | |||||||
| Net cost of net debt | - | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (1) | ||||||
| Net income | 625 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items, inventory valuation effect
and equity share of adjustments related to Sanofi-Aventis.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 1,278 | 264 | - | ||||||||
| On net operating income | - | 945 | 171 | - | ||||||||
| (c) Of which equity share of adjustments related to Sanofi-Aventis | - | - | - | (182) | Â | Â | ||||||
| Â | ||||||||||||
|
1st half 2009 (adjusted)
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Non-Group sales | 7,874 | 46,686 | 6,902 | 9 | - | 61,471 | ||||||
| Intersegment sales | 7,349 | 1,646 | 276 | 79 | (9,350) | - | ||||||
| Excise taxes | - | (9,429) | - | - | - | (9,429) | ||||||
| Revenues from sales | 15,223 | 38,903 | 7,178 | 88 | (9,350) | 52,042 | ||||||
| Operating expenses | (7,367) | (37,350) | (6,894) | (353) | 9,350 | (42,614) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,121) | (621) | (292) | (17) | - | (3,051) | ||||||
| Adjusted operating income | 5,735 | 932 | (8) | (282) | - | 6,377 | ||||||
| Equity in income (loss) of affiliates and other items | 611 | 64 | 17 | 477 | - | 1,169 | ||||||
| Tax on net operating income | (3,413) | (240) | 30 | 143 | - | (3,480) | ||||||
| Adjusted net operating income | 2,933 | 756 | 39 | 338 | - | 4,066 | ||||||
| Net cost of net debt | (145) | |||||||||||
| Minority interests | Â | Â | Â | Â | Â | (87) | ||||||
| Ajusted net income | 3,834 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | ||||||
|
1st half 2009
(M€) |
Upstream | Downstream | Chemicals | Corporate | Intercompany | Total | ||||||
| Total expenditures | 4,914 | 1,320 | 294 | 41 | 6,569 | |||||||
| Total divestments | 234 | 62 | 14 | 1,020 | 1,330 | |||||||
| Cash flow from operating activities | 4,521 | 1,620 | 458 | (666) | Â | 5,933 |
| Â | Â | |||||
| CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments) | ||||||
| TOTAL | Â | |||||
| (unaudited) | ||||||
| Â | ||||||
|
2nd quarter 2010
(M€) |
Adjusted | Adjustments | Consolidated statement of income | |||
| Sales | 41,329 | - | 41,329 | |||
| Excise taxes | (5,002) | - | (5,002) | |||
| Revenues from sales | 36,327 | - | 36,327 | |||
| Â | ||||||
| Purchases net of inventory variation | (24,143) | 214 | (23,929) | |||
| Other operating expenses | (4,817) | (16) | (4,833) | |||
| Exploration costs | (292) | - | (292) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,749) | (8) | (1,757) | |||
| Other income | 52 | 62 | 114 | |||
| Other expense | (61) | (53) | (114) | |||
| Â | ||||||
| Financial interest on debt | (113) | - | (113) | |||
| Financial income from marketable securities & cash equivalents | 24 | - | 24 | |||
| Cost of net debt | (89) | - | (89) | |||
| Â | ||||||
| Other financial income | 142 | - | 142 | |||
| Other financial expense | (95) | - | (95) | |||
| Â | ||||||
| Equity in income (loss) of affiliates | 526 | (13) | 513 | |||
| Â | ||||||
| Income taxes | (2,773) | (46) | (2,819) | |||
| Consolidated net income | 3,028 | 140 | 3,168 | |||
| Group share | 2,961 | 140 | 3,101 | |||
| Minority interests | 67 | - | 67 | |||
| Â | ||||||
| Â | ||||||
|
2nd quarter 2009
(M€) |
Adjusted | Adjustments | Consolidated statement of income | |||
| Sales | 31,430 | - | 31,430 | |||
| Excise taxes | (4,856) | - | (4,856) | |||
| Revenues from sales | 26,574 | - | 26,574 | |||
| Â | ||||||
| Purchases net of inventory variation | (17,365) | 1,065 | (16,300) | |||
| Other operating expenses | (4,641) | (83) | (4,724) | |||
| Exploration costs | (155) | - | (155) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (1,531) | (105) | (1,636) | |||
| Other income | 78 | 28 | 106 | |||
| Other expense | (56) | (160) | (216) | |||
| Â | ||||||
| Financial interest on debt | (140) | - | (140) | |||
| Financial income from marketable securities & cash equivalents | 40 | - | 40 | |||
| Cost of net debt | (100) | - | (100) | |||
| Â | ||||||
| Other financial income | 240 | - | 240 | |||
| Other financial expense | (82) | - | (82) | |||
| Â | ||||||
| Equity in income (loss) of affiliates | 441 | (48) | 393 | |||
| Â | ||||||
| Income taxes | (1,630) | (247) | (1,877) | |||
| Consolidated net income | 1,773 | 450 | 2,223 | |||
| Group share | 1,721 | 448 | 2,169 | |||
| Minority interests | 52 | 2 | 54 | |||
| Â | Â | |||||
| CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments) | ||||||
| TOTAL | Â | |||||
| (unaudited) | ||||||
| Â | ||||||
|
1st half 2010
(M€) |
Adjusted | Adjustments | Consolidated statement of income | |||
| Sales | 78,932 | - | 78,932 | |||
| Excise taxes | (9,444) | - | (9,444) | |||
| Revenues from sales | 69,488 | - | 69,488 | |||
| Â | ||||||
| Purchases net of inventory variation | (46,330) | 700 | (45,630) | |||
| Other operating expenses | (9,479) | (66) | (9,545) | |||
| Exploration costs | (507) | - | (507) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,448) | (8) | (3,456) | |||
| Other income | 80 | 194 | 274 | |||
| Other expense | (167) | (159) | (326) | |||
| Â | ||||||
| Financial interest on debt | (213) | - | (213) | |||
| Financial income from marketable securities & cash equivalents | 48 | - | 48 | |||
| Cost of net debt | (165) | - | (165) | |||
| Â | ||||||
| Other financial income | 213 | - | 213 | |||
| Other financial expense | (190) | - | (190) | |||
| Â | ||||||
| Equity in income (loss) of affiliates | 1,071 | (34) | 1,037 | |||
| Â | ||||||
| Income taxes | (5,181) | (166) | (5,347) | |||
| Consolidated net income | 5,385 | 461 | 5,846 | |||
| Group share | 5,257 | 457 | 5,714 | |||
| Minority interests | 128 | 4 | 132 | |||
|
1st half 2009
(M€) |
 | Adjusted |  | Adjustments |  | Consolidated statement of income |
| Sales | 61,471 | - | 61,471 | |||
| Excise taxes | (9,429) | - | (9,429) | |||
| Revenues from sales | 52,042 | - | 52,042 | |||
| Â | ||||||
| Purchases net of inventory variation | (33,070) | 1,542 | (31,528) | |||
| Other operating expenses | (9,213) | (186) | (9,399) | |||
| Exploration costs | (331) | - | (331) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,051) | (105) | (3,156) | |||
| Other income | 80 | 41 | 121 | |||
| Other expense | (113) | (190) | (303) | |||
| Â | ||||||
| Financial interest on debt | (311) | - | (311) | |||
| Financial income from marketable securities & cash equivalents | 95 | - | 95 | |||
| Cost of net debt | (216) | - | (216) | |||
| Â | ||||||
| Other financial income | 399 | - | 399 | |||
| Other financial expense | (163) | - | (163) | |||
| Â | ||||||
| Equity in income (loss) of affiliates | 966 | (106) | 860 | |||
| Â | ||||||
| Income taxes | (3,409) | (370) | (3,779) | |||
| Consolidated net income | 3,921 | 626 | 4,547 | |||
| Group share | 3,834 | 625 | 4,459 | |||
| Minority interests | 87 | 1 | 88 |
TOTAL S.A.
Capital 5.871.057.210 eurosCapital 5.871.057.210 euros
542 051 180 R.C.S.
Nanterre542 051 180 R.C.S.
Nanterre
www.total.com
TOTAL
Bertrand DE LA NOUEBertrand DE LA NOUE
Sandrine SABOUREAUSandrine SABOUREAU
Laurent
KETTENMEYERLaurent
KETTENMEYER
Matthieu GOTMatthieu GOT
Tel. : 33 (1) 47 44 58 53Tel. : 33 (1) 47 44 58 53
Fax :
33 (1) 47 44 58 24Fax :
33 (1) 47 44 58 24
oror
Robert HAMMOND (U.S.)Robert HAMMOND (U.S.)
Tel. : (1)
713-483-5070Tel. : (1)
713-483-5070
Fax : (1) 713-483-5629Fax : (1) 713-483-5629
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