Total: Third Quarter and First Nine Months 2014...
Total: Third Quarter and First Nine Months 2014 Results1
Total S.A.
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
| Â | Â | 3Q14 | Â |
Change
vs 3Q13 |
 | 9M14 |  |
Change
vs 9M13 |
|||
|
Adjusted net income2 |
 |  |  |  | |||||||
|
3.6 | -2% | 10.0 | -8% | |||||||
|
 | 1.56 |  | -2% |  | 4.40 |  | -8% | |||
|
Net income3 of 3.5 B$ in 3Q14 and 9.9 B$ in the first nine months of 2014  Net-debt-to-equity ratio of 27.8% on September 30, 2014  Hydrocarbon production of 2,122 kboe/d in 3Q14  Interim dividend for 3Q14 of 0.61 €/share payable in March 20154  |
|||||||||||
Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on October 28, 2014, and reviewed the Group’s third quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:
“Since the announcement of the death of Christophe de Margerie, Total has received an outpouring of messages commemorating the man, the captain of industry, the visionary. Under his leadership, our Group changed profoundly. In an industry confronted with crucial issues, he set out with conviction to make Total a stronger, more responsible company, capable of responding to the energy challenges of today and the future. Today, it is this commitment that drives me to forge ahead. The quality of our teams, the governance in place and our organization ensure more than ever the continuity of the process to transform the Group, for which, at his side, we worked on for many years.
In this context, it is my responsibility, nevertheless, to comment on
the Group’s results. We reported solid adjusted net income of 3.6
billion dollars in the third quarter, an increase of 13% compared to the
second quarter. The Upstream was resilient and the Downstream
performance was strong, notably Refining & Chemicals, which captured the
full benefit of higher refining margins.
The recent decrease
in the price of Brent highlights the importance of the programs we
launched to reduce costs and control investments to strengthen the
resilience of the Group, which is already among the most robust in the
industry.
We are continuing to pursue the asset sales
program, notably with the announcement of our plan to sell Bostik.â€
- Key figures5
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 |
Expressed in millions of dollars except earnings per share and number of shares |
 | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 60,363 | Â | 62,561 | Â | 61,844 | Â | -2% | Â | Sales | Â | 183,611 | Â | 186,750 | Â | -2% |
| 6,134 | Â | 5,583 | Â | 6,874 | Â | -11% | Â | Adjusted operating income from business segments | Â | 17,899 | Â | 21,085 | Â | -15% |
| 3,927 | Â | 3,824 | Â | 3,995 | Â | -2% | Â | Adjusted net operating income from business segments | Â | 11,450 | Â | 12,026 | Â | -5% |
| 2,765 | Â | 3,051 | Â | 3,087 | Â | -10% | Â | = Upstream | Â | 8,908 | Â | 9,385 | Â | -5% |
| 786 | 401 | 461 | +70% | = Refining & Chemicals | 1,533 | 1,416 | +8% | |||||||
| 376 | Â | 372 | Â | 447 | Â | -16% | Â | = Marketing & Services | Â | 1,009 | Â | 1,225 | Â | -18% |
| 3,558 | Â | 3,151 | Â | 3,628 | Â | -2% | Â | Adjusted net income | Â | 10,036 | Â | 10,907 | Â | -8% |
| 1.56 | Â | 1.38 | Â | 1.59 | Â | -2% | Â | Adjusted fully-diluted earnings per share (dollars) | Â | 4.40 | Â | 4.81 | Â | -8% |
| 1.17 | Â | 1.00 | Â | 1.20 | Â | -2% | Â | Adjusted fully-diluted earnings per share (euro) | Â | 3.25 | Â | 3.65 | Â | -11% |
| 2,285 | Â | 2,281 | Â | 2,275 | Â | - | Â | Fully-diluted weighted-average shares (millions) | Â | 2,279 | Â | 2,269 | Â | - |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3,463 | Â | 3,104 | Â | 3,682 | Â | -6% | Â | Net income (Group share) | Â | 9,902 | Â | 8,994 | Â | +10% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 7,769 | Â | 8,723 | Â | 7,751 | Â | - | Â |
Investments6 |
 | 22,357 |  | 23,114 |  | -3% |
| 2,030 | Â | 631 | Â | 2,897 | Â | -30% | Â | Divestments | Â | 4,501 | Â | 5,460 | Â | -18% |
| 5,740 | Â | 7,966 | Â | 4,804 | Â | +19% | Â |
Net investments7 |
 | 17,731 |  | 17,140 |  | +3% |
| 7,639 | Â | 5,277 | Â | 9,184 | Â | -17% | Â | Cash flow from operations | Â | 18,254 | Â | 18,935 | Â | -4% |
| 6,741 | Â | 5,931 | Â | 7,235 | Â | -7% | Â | Adjusted cash flow from operations | Â | 18,876 | Â | 20,615 | Â | -8% |
-
Highlights since the beginning of the third quarter 20148
- Nomination of Thierry Desmarest as Chairman of the Board of Directors and Patrick Pouyanné as Chief Executive Officer
- CLOV achieved plateau production of 160 kb/d ahead of schedule
- Launched development of Edradour and acquired an interest in Glenlivet in the UK
- Agreements to sell Bostik, Totalgaz, mining assets in South Africa and an interest in the non-operated Gina Krog field in Norway
- Third quarter 2014 results
> Net operating income from business segments
In the third quarter 2014, the Brent price averaged 101.9 $/b, a decrease of 8% compared to the third quarter 2013 and 7% compared to the second quarter 2014. The Group’s European refining margin indicator (ERMI) averaged 29.9 $/t compared to 10.6 $/t in the third quarter 2013 and 10.9 $/t in the second quarter 2014.
The effective tax rate9 for the business segments was 52.1% in the third quarter 2014 compared to 54.6% in the third quarter 2013, reflecting mainly the strong Downstream results which are taxed at a lower rate.
Adjusted net operating income from the business segments was 3,927 M$ in the third quarter 2014 compared to 3,995 M$ in the third quarter 2013, a decrease of 2%, reflecting mainly a lower contribution from Upstream, driven essentially by the lower price of Brent, and largely offset by the solid performance of Refining & Chemicals.
> Net income (Group share)
Adjusted net income was 3,558 M$ in the third quarter 2014 compared to 3,628 M$ in the third quarter 2013, a decrease of 2%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items10:
- The after-tax inventory effect had a negative impact on net income of 403 M$ in the third quarter 2014 compared to a negative impact of 32Â M$ in the third quarter 2013.
- Changes in fair value had a positive impact on net income of 14 M$ in the third quarter 2014 compared to a negative impact of 9 M$ in the third quarter 2013.
- Special items11 had a positive impact on net income of 294 M$ in the third quarter 2014, including mainly the gain on the sale of the Group’s interest in the Shah Deniz field in Azerbaijan and the impairment of the Ahnet project in Algeria. Special items had a positive impact on net income in the third quarter 2013 of 95 M$.
Net income (Group share) was 3,463 M$ in the third quarter 2014 compared to 3,682 M$ in the third quarter 2013.
The effective tax rate for the Group was 54.1% in the third quarter 2014 compared to 55.7% in the third quarter 2013. This decrease is mainly due to the proportion of Downstream in the results for the quarter, which benefitted from a more favorable tax rate.
On September 30, 2014, there were 2,285 million fully-diluted shares compared to 2,274Â million shares on September 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,285 million fully-diluted weighted-average shares, was $1.56 compared to $1.59 in the third quarter 2013.
Expressed in euro, adjusted fully-diluted earnings per share were €1.17, a 2% decrease.
> Investments – divestments12
Investments, excluding acquisitions and including changes in non-current loans, were 7.0Â B$ in the third quarter 2014, an increase of 7% compared to 6.6Â B$ in the third quarter 2013.
Acquisitions were 411 M$ in the third quarter 2014, notably comprised of the carry on the Utica gas and condensate field in the United States and the acquisition of additional Novatek13 shares in July.
Asset sales in the third quarter 2014 were 1,704 M$, essentially comprised of the sale of the Group’s interest in the Shah Deniz field in Azerbaijan.
Net investments14 were 5.7 B$ in the third quarter 2014 compared to 4.8Â B$ in the third quarter 2013.
> Cash flow
Cash flow from operations was 7,639 M$ in the third quarter 2014, a decrease of 17% compared to the third quarter 2013.
Adjusted cash flow from operations15 was 6,741 M$, a decrease of 7% compared to the third quarter 2013.
The Group’s net cash flow16 was 1,899 M$ in the third quarter 2014 compared to 4,380 M$ in the third quarter 2013. The decrease is essentially due to a lower contribution from Upstream, which was affected by the decrease in the price of Brent, and an increase in net investments.
The net-debt-to-equity ratio was 27.8% on September 30, 2014, compared to 27.1% on June 30, 2014, and 23.0% on September 30, 201317.
- Results for the first nine months 2014
> Net operating income from business segments
Compared to the first nine months of 2013, the average Brent price decreased by 2% to 106.5 $/b. The European refining margin indicator (ERMI) was 15.8 $/t compared to 20.5Â $/t in the first nine months of 2013, a decrease of 23%. The environment for the petrochemicals improved.
The effective tax rate18 for the business segments was 52.3% in the first nine months of 2014 compared to 55.6% in the first nine months of 2013, reflecting mainly the benefit of tax allowances in the UK in the second quarter 2014.
Adjusted net operating income from the business segments was 11,450 M$ compared to 12,026 M$ in the first nine months of 2013, a decrease of 5% that was due essentially to a lower contribution from Upstream in the third quarter 2014, which was affected by the decrease in the price of Brent, and the very unfavorable economic environment for the Downstream in the first half 2014.
> Net income (Group share)
Adjusted net income was 10,036 M$ compared to 10,907 M$ in the first nine months of 2013, a decrease of 8%.
Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items19:
- The after-tax inventory effect had a negative impact on net income of 460 M$ in the first nine months 2014 and a negative impact of 625Â M$ in the first nine months of 2013.
- Changes in fair value had a positive impact on net income of 6 M$ in the first nine months of 2014 compared to a negative impact of 39 M$ in the first nine of months 2013.
- Special items20 had a positive impact on net income of 320 M$ in the first nine months 2014, including mainly the gain on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) and the gain on the sale of the Shah Deniz field in Azerbaijan, partially offset by the impairment of the Shtokman project in Russia. Special items had a negative impact on net income of 1,249 M$ in the first nine months of 2013.
Net income (Group share) was 9,902 M$ compared to 8,994 M$ in the first nine months of 2013.
The effective tax rate for the Group was 55.7% compared to 56.8% in the first nine months of 2013. The lower rate reflects mainly the benefit of tax allowances in the UK in the second quarter 2014, partially offset by the fact that since January 1, 2014, due to its fiscal situation in France, the Group is no longer recognizing the benefit of tax credits related to net operating losses in France.
On September 30, 2014, there were 2,285 million fully-diluted shares compared to 2,274Â million shares on September 30, 2013.
Adjusted fully-diluted earnings per share, based on 2,279 million fully-diluted weighted-average shares, was $4.40 compared to $4.81 in the first nine months of 2013.
Expressed in euro, adjusted fully-diluted earnings per share were €3.25, a decrease of 11%.
> Investments – divestments21
Investments, excluding acquisitions and including changes in non-current loans, were 19.4 B$ in the first nine months of 2014, stable compared to the first nine months of 2013.
Acquisitions were 1,809 M$ in the first nine months of 2014, essentially comprised of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of additional Novatek22 shares and the carry on the Utica gas and condensate field in the United States.
Asset sales in the first nine months of 2014 were 3,381 M$, essentially comprised of the sale of the the Group’s interest in the Shah Deniz field in Azerbaijan and the sale of block 15/06 in Angola.
Net investments23 were 17.7 B$ compared to 17.1 B$ in the first nine months of 2013, an increase of 3%.
> Cash flow
Cash flow from operations was 18,254 M$ in the first nine months of 2014, a decrease of 4% compared to the first nine months 2013.
Adjusted cash flow from operations24 was 18,876 M$, a decrease of 8% compared to the first nine months of 2013.
The Group’s net cash flow25 was 523 M$ compared to 1,795 M$ in the first nine months of 2013. The decrease is essentially due to a lower contribution from asset sales as well as the decrease in cash flow from operations between the two periods.
The net-debt-to-equity ratio was 27.8% on September 30, 2014, compared to 23.0% on September 30, 201326.
- Analysis of business segment results
Upstream
> Environment – liquids and gas price realizations*
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 |  |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 101.9 | Â | 109.7 | Â | 110.3 | Â | -8% | Â | Brent ($/b) | Â | 106.5 | Â | 108.5 | Â | -2% |
| 94.0 | Â | 103.0 | Â | 107.2 | Â | -12% | Â | Average liquids price ($/b) | Â | 99.6 | Â | 103.5 | Â | -4% |
| 6.40 | Â | 6.52 | Â | 7.18 | Â | -11% | Â | Average gas price ($/Mbtu) | Â | 6.67 | Â | 7.04 | Â | -5% |
| 69.1 | Â | 73.1 | Â | 77.3 | Â | -11% | Â | Average hydrocarbon price ($/boe) | Â | 71.8 | Â | 74.8 | Â | -4% |
* consolidated subsidiaries, excluding fixed margins.
> Production
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 | Hydrocarbon production |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 2,122 | Â | 2,054 | Â | 2,299 | Â | -8% | Â | Combined production (kboe/d) | Â | 2,118 | Â | 2,304 | Â | -8% |
| 1,043 | Â | 984 | Â | 1,174 | Â | -11% | Â |
- Liquids (kb/d) |
 | 1,019 |  | 1,175 |  | -13% |
| 5,902 | Â | 5,867 | Â | 6,167 | Â | -4% | Â |
- Gas (Mcf/d) |
 | 6,011 |  | 6,158 |  | -2% |
Hydrocarbon production was 2,122 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2014, a decrease of 8% compared to the third quarter 2013, due to the following:
- -7% essentially for the expiration of the Adco license in the United Arab Emirates,
- -3% for natural decline, partially offset by lower planned maintenance and improved security conditions in Nigeria,
- +2% for production growth from start-ups, notably CLOV in Angola.
Excluding Adco, which expired in January 2014, hydrocarbon production in the third quarter decreased by 1.5% compared to the third quarter 2013 and increased by 3% compared to the second quarter 2014.
For the first nine months of 2014, hydrocarbon production was 2,118 kboe/d, a decrease of 8% compared to the first nine months of 2013, due to the following:
- -6% essentially for the expiration of the Adco license in the United Arab Emirates,
- -3% essentially for natural decline,
- +1% for production growth from start-ups.
For the first nine months of 2014, excluding Adco, hydrocarbon production decreased by 2% compared to the first nine months of 2013.
> Results
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 | In millions of dollars |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 4,671 | Â | 4,810 | Â | 5,943 | Â | -21% | Â | Adjusted operating income* | Â | 14,982 | Â | 18,113 | Â | -17% |
| 2,765 | Â | 3,051 | Â | 3,087 | Â | -10% | Â | Adjusted net operating income* | Â | 8,908 | Â | 9,385 | Â | -5% |
| 824 | Â | 769 | Â | 661 | Â | +25% | Â |
|
 | 2,326 |  | 2,185 |  | +6% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 6,923 | Â | 7,999 | Â | 6,708 | Â | +3% | Â | Investments | Â | 20,233 | Â | 20,252 | Â | - |
| 1,924 | Â | 568 | Â | 2,800 | Â | -31% | Â | Divestments | Â | 4,291 | Â | 4,974 | Â | -14% |
| 5,442 | Â | 4,805 | Â | 6,302 | Â | -14% | Â | Cash flow from operations | Â | 14,058 | Â | 14,547 | Â | -3% |
| 5,028 | Â | 4,841 | Â | 5,793 | Â | -13% | Â | Adjusted cash flow from operations | Â | 15,002 | Â | 16,916 | Â | -11% |
* detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Upstream segment was 2,765 M$ in the third quarter 2014, a decrease of 10% compared to the third quarter 2013, essentially due to the decrease in the average realized prices of oil and gas.
The effective tax rate for the Upstream segment was 59.1%, essentially stable compared to 60.1% in the third quarter 2013.
Adjusted net operating income from the Upstream segment in the first nine months of 2014 was 8,908 M$ compared to 9,385Â M$ in the first nine months of 2013, a decrease of 5% which was due essentially to the decrease in hydrocarbon production and the decrease in the average realized prices of oil and gas.
The return on average capital employed (ROACE27) for the Upstream segment was 12% for the twelve months ended September 30, 2014, compared to 13% for the twelve months ended June 30, 2014, and 14% for the full-year 2013.
Refining & Chemicals
> Refinery throughput and utilization rates*
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 |  |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 1,884 | Â | 1,622 | Â | 1,759 | Â | +7% | Â | Total refinery throughput (kb/d) | Â | 1,735 | Â | 1,764 | Â | -2% |
| 672 | Â | 634 | Â | 696 | Â | -3% | Â |
- France |
 | 641 |  | 684 |  | -6% |
| 840 | 695 | 784 | +7% |
- Rest of Europe |
774 | 810 | -4% | |||||||
| 372 | Â | 293 | Â | 279 | Â | +33% | Â |
- Rest of world |
 | 320 |  | 270 |  | +19% |
| Â | Â | Â | Â | Â | Â | Â | Â | Utlization rates** | Â | Â | Â | Â | Â | Â |
| 82% | 72% | 81% | - |
- Based on crude only |
75% | 82% | - | |||||||
| 86% | Â | 74% | Â | 86% | Â | - | Â |
- Based on crude and other feedstock |
 | 79% |  | 86% |  | - |
* includes share of TotalErg. Results for refineries in South Africa,
French Antilles and Italy are reported in the Marketing & Services
segment.
** based on distillation capacity at the beginning
of the year.
In the third quarter 2014, refinery throughput increased by 7% compared to the third quarter 2013, due to the start up of Satorp, which reached full throughput capacity, and a more limited maintenance program in Europe.
For the first nine months of 2014, refinery throughput decreased slightly compared to the first nine months of 2013, essentially due to voluntary throughput reductions in Europe linked to low margins in the first half 2014.
> Results
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 |
In millions of dollars (except the ERMI) |
 | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 29.9 | Â | 10.9 | Â | 10.6 | Â | x2.8 | Â |
European refining margin
indicator - ERMI ($/t) |
 | 15.8 |  | 20.5 |  | -23% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 974 | Â | 368 | Â | 387 | Â | x2.5 | Â | Adjusted operating income* | Â | 1,670 | Â | 1,345 | Â | +24% |
| 786 | Â | 401 | Â | 461 | Â | +70% | Â | Adjusted net operating income* | Â | 1,533 | Â | 1,416 | Â | +8% |
| 161 | Â | 174 | Â | 158 | Â | +2% | Â |
|
 | 473 |  | 423 |  | +12% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 422 | Â | 475 | Â | 550 | Â | -23% | Â | Investments | Â | 1,147 | Â | 1,752 | Â | -35% |
| 9 | Â | 15 | Â | 12 | Â | -25% | Â | Divestments | Â | 35 | Â | 320 | Â | -89% |
| 1,729 | Â | (133) | Â | 1,113 | Â | +55% | Â | Cash flow from operations | Â | 3,189 | Â | 2,444 | Â | +30% |
| 1,263 | Â | 683 | Â | 694 | Â | +82% | Â | Adjusted cash flow from operations | Â | 2,563 | Â | 2,135 | Â | +20% |
* detail of adjustment items shown in the business segment
information annex to financial statements.
** Hutchinson,
Bostik, Atotech.
The European refining margin indicator was 29.9 $/t in the third quarter, nearly three times higher than in the third quarter 2013, due to the decrease in the price of Brent and relatively strong refined product prices in the context of turnarounds for maintenance, notably in the United States. The environment for petrochemicals also remained favorable during the quarter, particularly in the United States.
Adjusted net operating income from the Refining & Chemicals segment was 786 M$ in the third quarter 2014 compared to 461 M$ in the third quarter 2013, an increase of 70%. The segment, strengthened by ongoing plans for operational efficiencies and synergies, was able to fully benefit from the higher margins during the quarter thanks to excellent reliability.
Adjusted net operating income from the Refining & Chemicals segment for the first nine months of 2014 was 1,533Â M$, an increase of 8% compared to the first nine months of 2013 despite a 23% decrease in the refining margin indicator compared to the same period last year. The restructuring is bearing fruit and, in a volatile environment, Total has adapted itself by reducing its breakeven point and is able to benefit when the environment is good.
The ROACE28 for the Refining & Chemicals segment was 10% for the twelve months ended September 30, 2014, compared to 8% for the twelve months ended June 30, 2014, and 9% for the full-year 2013.
Marketing & Services
> Refined product sales
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 |
Sales in kb/d* |
 | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 1,107 | Â | 1,102 | Â | 1,144 | Â | -3% | Â | Europe | Â | 1,089 | Â | 1,134 | Â | -4% |
| 674 | Â | 731 | Â | 599 | Â | +13% | Â | Rest of world | Â | 666 | Â | 613 | Â | +9% |
| 1,781 | Â | 1,833 | Â | 1,743 | Â | +2% | Â | Total Marketing & Services sales | Â | 1,755 | Â | 1,747 | Â | - |
* excludes trading and bulk Refining sales, includes share of TotalErg
In the third quarter 2014, sales increased by 2% compared to the third quarter of last year, due to higher sales in growth areas, notably in Africa and the Middle East.
Sales volumes for the first nine months of 2014 were stable compared to the first nine months of 2013, reflecting a decrease of 4% in Europe that was offset by net growth in Africa and the Middle East.
> Results
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14 vs 3Q13 |
 | In millions of dollars |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 27,747 | Â | 28,213 | Â | 27,912 | Â | -1% | Â | Sales | Â | 82,430 | Â | 82,495 | Â | - |
| 489 | Â | 405 | Â | 544 | Â | -10% | Â | Adjusted operating income* | Â | 1,247 | Â | 1,627 | Â | -23% |
| 376 | Â | 372 | Â | 447 | Â | -16% | Â | Adjusted net operating income* | Â | 1,009 | Â | 1,225 | Â | -18% |
| 5 | Â | (8) | Â | (10) | Â | na | Â |
|
 | 25 |  | (27) |  | na |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 398 | Â | 203 | Â | 430 | Â | -7% | Â | Investments | Â | 877 | Â | 994 | Â | -12% |
| 56 | Â | 28 | Â | 57 | Â | -2% | Â | Divestments | Â | 110 | Â | 123 | Â | -11% |
| 701 | Â | 304 | Â | 1,693 | Â | -59% | Â | Cash flow from operations | Â | 1,094 | Â | 2,115 | Â | -48% |
| 542 | Â | 551 | Â | 643 | Â | -16% | Â | Adjusted cash flow from operations | Â | 1,472 | Â | 1,898 | Â | -22% |
* detail of adjustment items shown in the business segment information annex to financial statements.
The Marketing & Services segment’s sales were 28 B$ in the third quarter 2014, a slight decrease compared to the third quarter 2013.
Adjusted net operating income for Marketing & Services was 376 M$ in the third quarter 2014, a decrease of 16% compared to the third quarter 2013, mainly due to lower margins in Europe, which were exceptionally high in the third quarter 2013, notably in the European network.
Adjusted net operating income for Marketing & Services for the first nine months of 2014 was 1,009Â M$, a decrease of 18% compared to the first nine months of 2013, mainly due to the impact of weather conditions in the first half and a less favorable evolution of margins, which were significantly higher for the European network in the same period last year.
The ROACE29 for the Marketing & Services segment was 14% for the twelve months ended September 30, 2014, unchanged compared to the twelve months ended June 30, 2014. For the full year 2013, the ROACE was 16%.
- Summary and outlook
The ROACE30 for the Group for the twelve months ended September 30, 2014, was 12%, unchanged compared to the twelve months ended June 30, 2014. It was 13% for the full-year 2013.
Return on equity for the twelve months ended September 30, 2014, was 14%.
Since the end of the third quarter, the price of Brent has been weaker. Despite being prepared for periods of volatility, the Group maintains a medium and long term outlook for the price of Brent that is higher than those seen since the start of October.
In the Upstream, although it has the lowest technical costs among the majors, Total has already launched initiatives for cost reduction and is preparing for the start-up of its development projects that will fuel the growth of its cash flow.
In the Downstream, the reduction of the breakeven point for Refining & Chemicals in Europe is continuing, strengthening the profitability of its operations and capacity to adapt to less favorable environments than those experienced through mid-October. The diversified marketing activities of the Group, expanding in growth areas, will contribute to the stability of future performance.
With the completion of several sales announced this year, the target of 15-20 B$ of asset sales for the 2012-14 period will be fully achieved.
As approved by the Board of Directors, Total will pay a third quarter 2014 interim dividend of 0.61 €/share on March 25, 2014.
The strength of the Group is in the quality of its teams, its strategy, its discipline and its integrated portfolio. These were the qualities of Christophe de Margerie in whose memory the Group’s employees are mobilized toward success.
â– â– â–
To listen to CEO Patrick Pouyanné and 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)203 364 5196 in Europe or +1 855 255 3883 in the United States. For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 289774).
This press release presents the results for the third quarter 2014 and first nine months of 2014 from the consolidated financial statements of TOTAL S.A. as of September 30, 2014. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SECâ€).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special items
Due to
their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent or unusual. However, in certain instances,
transactions such as restructuring costs or asset disposals, which are
not considered to be representative of the normal course of business,
may be qualified as special items although they may have occurred within
prior years or are likely to occur again within the coming years.
(ii)
Inventory valuation effect
The adjusted results of
the Refining & Chemicals and Marketing & Services segments are presented
according to the replacement cost method. This method is used to assess
the segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.
In the
replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using
either the month-end 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, which
future effects are recorded at fair value in Group’s internal economic
performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
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 presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our 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
for the third quarter
and the first nine months of 2014
- Upstream
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14
vs 3Q13 |
 | Combined liquids and gas production by region (kboe/d) |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 340 | Â | 329 | Â | 386 | Â | -12% | Â | Europe | Â | 354 | Â | 387 | Â | -9% |
| 665 | 618 | 656 | +1% | Africa | 646 | 678 | -5% | |||||||
| 387 | 380 | 553 | -30% | Middle East | 391 | 541 | -28% | |||||||
| 89 | 91 | 77 | +16% | North America | 87 | 73 | +19% | |||||||
| 159 | 157 | 172 | -8% | South America | 159 | 172 | -8% | |||||||
| 237 | 238 | 235 | +1% | Asia-Pacific | 239 | 233 | +3% | |||||||
| 245 | Â | 241 | Â | 220 | Â | +11% | Â | CIS | Â | 242 | Â | 220 | Â | +10% |
| 2,122 | Â | 2,054 | Â | 2,299 | Â | -8% | Â | Total production | Â | 2,118 | Â | 2,304 | Â | -8% |
| 562 | Â | 544 | Â | 697 | Â | -19% | Â | Includes equity affiliates | Â | 563 | Â | 685 | Â | -18% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14
vs 3Q13 |
 | Liquids production by region (kb/d) |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 161 | 159 | 170 | -5% | Europe | 164 | 164 | - | |||||||
| 539 | 482 | 527 | +2% | Africa | 510 | 540 | -6% | |||||||
| 190 | 190 | 335 | -43% | Middle East | 194 | 328 | -41% | |||||||
| 39 | 40 | 29 | +34% | North America | 37 | 28 | +32% | |||||||
| 50 | 50 | 53 | -6% | South America | 50 | 55 | -9% | |||||||
| 30 | 29 | 30 | - | Asia-Pacific | 30 | 30 | - | |||||||
| 34 | Â | 34 | Â | 30 | Â | +13% | Â | CIS | Â | 34 | Â | 30 | Â | +13% |
| 1,043 | Â | 984 | Â | 1,174 | Â | -11% | Â | Total production | Â | 1,019 | Â | 1,175 | Â | -13% |
| 199 | Â | 197 | Â | 331 | Â | -40% | Â | Includes equity affiliates | Â | 201 | Â | 326 | Â | -38% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14
vs 3Q13 |
 | Gas production by region (Mcf/d) |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 982 | 936 | 1,185 | -17% | Europe | 1,044 | 1,228 | -15% | |||||||
| 643 | 710 | 654 | -2% | Africa | 700 | 701 | - | |||||||
| 1,076 | 1,042 | 1,212 | -11% | Middle East | 1,074 | 1,161 | -7% | |||||||
| 284 | 285 | 269 | +6% | North America | 278 | 254 | +9% | |||||||
| 613 | 601 | 667 | -8% | South America | 608 | 651 | -7% | |||||||
| 1,178 | 1,188 | 1,151 | +2% | Asia-Pacific | 1,189 | 1,141 | +4% | |||||||
| 1,126 | Â | 1,105 | Â | 1,029 | Â | +9% | Â | CIS | Â | 1,118 | Â | 1,022 | Â | +9% |
| 5,902 | Â | 5,867 | Â | 6,167 | Â | -4% | Â | Total production | Â | 6,011 | Â | 6,158 | Â | -2% |
| 1,966 | Â | 1,895 | Â | 2,002 | Â | -2% | Â | Includes equity affiliates | Â | 1,963 | Â | 1,942 | Â | +1% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14
vs 3Q13 |
 | Liquefied natural gas |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 2.95 | Â | 2.93 | Â | 3.01 | Â | -2% | Â | LNG sales* (Mt) | Â | 9.01 | Â | 8.77 | Â | +3% |
* sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.
- Downstream (Refining & Chemicals and Marketing & Services)
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â |
3Q14
vs 3Q13 |
 | Refined product sales by region (kb/d)* |  | 9M14 |  | 9M13 |  |
9M14 vs 9M13 |
| 2,053 | Â | 2,017 | Â | 2,111 | Â | -3% | Â | Europe ** | Â | 2,025 | Â | 2,088 | Â | -3% |
| 540 | 587 | 430 | +26% | Africa | 534 | 440 | +21% | |||||||
| 632 | 643 | 490 | +29% | Americas | 583 | 505 | +16% | |||||||
| 604 | Â | 611 | Â | 397 | Â | +52% | Â | Rest of world | Â | 596 | Â | 474 | Â | +26% |
| 3,829 | Â | 3,858 | Â | 3,428 | Â | +12% | Â | Total consolidated sales | Â | 3,738 | Â | 3,507 | Â | +7% |
| 621 | Â | 576 | Â | 603 | Â | +3% | Â | Includes bulk sales | Â | 610 | Â | 620 | Â | -2% |
| 1,427 | Â | 1,449 | Â | 1,082 | Â | +32% | Â | Includes trading | Â | 1,373 | Â | 1,140 | Â | +20% |
* includes share of TotalErg.
** restated historical
amounts.
Adjustment items
- Adjustments to operating income
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â | In millions of dollars | Â | 9M14 | Â | 9M13 |
| (216) | Â | (62) | Â | (1,014) | Â | Special items affecting operating income | Â | (393) | Â | (1,070) |
| - | Â | - | Â | - | Â |
- Restructuring charges |
 | - |  | (2) |
| (122) | (40) | (862) |
- Impairments |
(162) | (867) | |||||
| (94) | Â | (22) | Â | (152) | Â |
- Other |
 | (231) |  | (201) |
| (563) | Â | 117 | Â | (60) | Â | Pre-tax inventory effect : FIFO vs. replacement cost | Â | (627) | Â | (938) |
| 17 | Â | (36) | Â | (12) | Â | Effect of changes in fair value | Â | 7 | Â | (51) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (762) | Â | 19 | Â | (1,086) | Â | Total adjustments affecting operating income | Â | (1,013) | Â | (2,059) |
- Adjustments to net income (Group share)
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â | In millions of dollars | Â | 9M14 | Â | 9M13 |
| 294 | Â | (98) | Â | 95 | Â |
Special items affecting net income
(Group share) |
 | 320 |  | (1,249) |
| 580 | Â | - | Â | 1,157 | Â |
- Gain (loss) on asset sales |
 | 1,179 |  | (117) |
| (7) | (5) | (21) |
- Restructuring charges |
(12) | (54) | |||||
| (187) | (76) | (588) |
- Impairments |
(613) | (592) | |||||
| (92) | Â | (17) | Â | (453) | Â |
- Other |
 | (234) |  | (486) |
| (403) | Â | 80 | Â | (32) | Â | After-tax inventory effect : FIFO vs. replacement cost | Â | (460) | Â | (625) |
| 14 | Â | (29) | Â | (9) | Â | Effect of changes in fair value | Â | 6 | Â | (39) |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| (95) | Â | (47) | Â | 54 | Â | Total adjustments affecting net income | Â | (134) | Â | (1,913) |
Effective tax rates
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â | Effective tax rate* | Â | 9M14 | Â | 9M13 |
| 59.1% | Â | 52.3% | Â | 60.1% | Â | Upstream | Â | 57.1% | Â | 60.4% |
| 54.1% | Â | 55.1% | Â | 55.7% | Â | Group | Â | 55.7% | Â | 56.8% |
* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
Investments - Divestments
| 3Q14 | Â | 2Q14 | Â | 3Q13 | Â | 3Q14 vs 3Q13 | Â | Expressed in millions of dollars | Â | 9M14 | Â | 9M13 | Â |
9M14
vs 9M13 |
| 7,032 | Â | 7,193 | Â | 6,575 | Â | +7% | Â | Investments excluding acquisitions | Â | 19,428 | Â | 19,437 | Â | - |
| 512 | 362 | 434 | +18% |
|
1,193 | 1,431 | -17% | |||||||
| 868 | 1,075 | 682 | +27% |
|
2,204 | 1,673 | +32% | |||||||
| (326) | Â | (430) | Â | (449) | Â | -27% | Â |
|
 | (1,120) |  | (1,065) |  | +5% |
| 411 | Â | 1,100 | Â | 727 | Â | -44% | Â | Acquisitions | Â | 1,809 | Â | 2,612 | Â | -31% |
| 1,704 | Â | 201 | Â | 2,448 | Â | -30% | Â | Asset sales | Â | 3,381 | Â | 4,395 | Â | -23% |
| (1) | Â | 126 | Â | 50 | Â | na | Â | Other transactions with non-controlling interests | Â | 125 | Â | 514 | Â | -76% |
| 5,740 | Â | 7,966 | Â | 4,804 | Â | +19% | Â | Net investments* | Â | 17,731 | Â | 17,140 | Â | +3% |
* Net investments = investments including acquisitions – asset sales – other transactions with non-controlling interests.
Net-debt-to-equity ratio
|
in millions of dollars |
 | 9/30/2014 |  |
6/30/2014 |
 |
9/30/2013 |
|
Current borrowings |
 | 11,826 |  |
13,525 |
 |
11,086 |
|
Net current financial assets |
(848) |
(531) |
(400) |
|||
|
Net financial assets classified as held for sale |
(77) |
(62) |
(57) |
|||
|
Non-current financial debt |
43,242 |
39,433 |
33,937 |
|||
|
Hedging instruments of non-current debt |
(1,491) |
(1,973) |
(1,840) |
|||
|
Cash and cash equivalents |
 | (24,307) |  |
(22,166) |
 |
(20,111) |
|
Net debt |
 | 28,345 |  |
28,226 |
 |
22,615 |
| Â | Â | Â | Â | Â | Â | Â |
|
Shareholders’ equity |
100,408 |
102,872 |
97,938 |
|||
|
Estimated dividend payable |
(1,746) |
(1,894) |
(1,807) |
|||
|
Non-controlling interests |
 | 3,382 |  |
3,344 |
 |
2,328 |
| Equity | Â | 102,044 | Â |
104,322 |
 |
98,459 |
| Â | Â | Â | Â | Â | Â | Â |
|
Net-debt-to-equity ratio |
 | 27.8% |  |
27.1% |
 |
23.0% |
2014 sensitivities*
| Â | Â | Scenario | Â | Change | Â |
Impact on adjusted |
 |
Impact on adjusted |
| Dollar |  | 1.30 $/€ |  | +0.1 $ par € |  | -0.7 B$ |  | -0.3 B$ |
| Brent | Â | 100 $/b | Â | +1 $/b | Â | +0.30 B$ | Â | +0.15 B$ |
| European refining margin (ERMI) | Â | 30 $/t | Â | +1 $/t | Â | +0.08 B$ | Â | +0.05 B$ |
*Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Following the change to dollar-denominated reporting, effective January 1, 2014, the €-$ sensitivity has been changed. The impact of the €-$ sensitivity on operating income and on net operating income is 60% and 80% attributable to the Refining & Chemicals segment, respectively.
Sensitivities are estimates based on assumptions about the Group’s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.
Return on average capital employed
- Twelve months ended September 30, 2014
|
in millions of dollars |
 |
Upstream |
 |
Refining & Chemicals |
 |
Marketing & Services |
 |
Group |
|
Adjusted net operating income |
 |
11,973 |
 |
1,974 |
 |
1,338 |
14,299 |
|
|
Capital employed at 9/30/2013* |
91,140 |
20,884 |
9,254 |
118,319 |
||||
|
Capital employed at 9/30/2014* |
 |
104,488 |
 |
17,611 |
 |
9,633 |
128,360 |
|
| ROACE | Â | 12.2% | Â | 10.3% | Â | 14.2% | 11.6% |
- Twelve months ended June 30, 2014
|
in millions of dollars |
 |
Upstream |
 |
Refining & |
 |
Marketing |
 |
Group |
|
Adjusted net operating income |
 |
12,295 |
 |
1,649 |
 |
1,409 |
14,431 |
|
|
Capital employed at 6/30/2013* |
91,097 |
20,924 |
9,838 |
118,852 |
||||
|
Capital employed at 6/30/2014* |
 |
103,572 |
 |
19,265 |
 |
10,324 |
129,967 |
|
| ROACE | Â | 12.6% | Â | 8.2% | Â | 14.0% | 11.6% |
- Full-year 2013
|
in millions of dollars |
 |
Upstream |
 |
Refining & |
 |
Marketing |
 |
Group |
|
Adjusted net operating income |
 |
12,450 |
 |
1,857 |
 |
1,554 |
15,230 |
|
|
Capital employed at 12/31/2012* |
84,260 |
20,783 |
9,232 |
111,080 |
||||
|
Capital employed at 12/31/2013* |
 |
95,529 |
 |
19,752 |
 |
10,051 |
122,451 |
|
| ROACE | Â | 13.8% | Â | 9.2% | Â | 16.1% | 13.0% |
* at replacement cost (excluding after-tax inventory effect).
1 TOTAL changed the presentation currency of the Group’s
Consolidated Financial Statements from the euro to the US dollar,
effective January 1, 2014, to make its financial information more
readable by better reflecting the performance of its activities, which
are carried out mainly in US dollars. Comparative 2013 information has
been restated.
2 Definition of adjusted results on page
2 – euro amounts represent dollar amounts converted at the average €-$
exchange rate for the period: 1.3256 $/€ in the third quarter 2014,
1.3242 $/€ in the third quarter 2013, 1.3711 $/€ in the second quarter
2014, 1.3549 $/€ in the first nine months 2014 and 1.3171 $/€ in the
first nine months 2013.
3 Group share.
4 The
ex-dividend date for the interim dividend will be March 23, 2015, and
the payment date will be March 25, 2015.
5 Adjusted
results are defined as income using replacement cost, adjusted for
special items, excluding the impact of changes for fair value. Adjusted
cash flow from operations is defined as cash flow from operations before
changes in working capital at replacement cost; adjustment items are on
page 16 and the inventory valuation effect is explained on page 13.
6
Including acquisitions.
7 Net investments =
investments including acquisitions – asset sales – other transactions
with non-controlling interests.
8 Certain transactions
referred to in the highlights are subject to approval by authorities or
to other conditions as per the agreements.
9 Defined as:
(tax on adjusted net operating income) / (adjusted net operating income
- income from equity affiliates - dividends received from investments +
tax on adjusted net operating income).
10 Detail shown
on page 13.
11 Detail shown on page 16.
12
Detail shown on page 17.
13 The Group’s interest in
Novatek has been 18.2% since July 18, 2014.
14 Net
investments = investments including acquisitions and changes in
non-current loans – asset sales – other transactions with
non-controlling interests.
15 Cash flow from operations
at replacement cost before changes in working capital.
16
Net cash flow = cash flow from operations - net investments (including
other transactions with non-controlling interests).
17
Detail shown on page 18.
18 Defined as: (tax on adjusted
net operating income) / (adjusted net operating income - income from
equity affiliates - dividends received from investments + tax on
adjusted net operating income).
19 Detail shown on page
13.
20 Detail shown on page 16.
21
Detail shown on page 17.
22 The Group’s interest in
Novatek has been 18.2% since July 18, 2014.
23 Net
investments = investments including acquisitions and changes in
non-current loans – asset sales – other transactions with
non-controlling interests.
24 Cash flow from operations
at replacement cost before changes in working capital.
25
Net cash flow = cash flow from operations - net investments (including
other transactions with non-controlling interests).
26
Detail shown on page 18.
27 Calculated based on adjusted
net operating income and average capital employed, using replacement
cost, as shown on page 19.
28 Calculated based on
adjusted net operating income and average capital employed, using
replacement cost, as shown on page 19.
29 Calculated
based on adjusted net operating income and average capital employed,
using replacement cost, as shown on page 19.
30
Calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 19.
Total financial statements
Third quarter 2014 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) (a) | Â |
3rd quarter
2014 |
 |
2nd quarter
2014 |
 |
3rd quarter
2013 |
| Sales | Â | 60,363 | Â | 62,561 | Â | 61,844 |
|
Excise taxes Revenues from sales  |
(6,141) 54,222 |
(6,354) 56,207 |
(6,168) 55,676 |
|||
| Â | ||||||
| Purchases, net of inventory variation | (38,628) | (40,371) | (38,907) | |||
| Other operating expenses | (6,925) | (7,229) | (6,662) | |||
| Exploration costs | (433) | (301) | (751) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,082) | (2,929) | (3,673) | |||
| Other income | 641 | 96 | 1,498 | |||
| Other expense | (155) | (163) | (213) | |||
| Â | ||||||
| Financial interest on debt | (173) | (266) | (211) | |||
|
Financial income from marketable securities & cash equivalents Cost of net debt |
30 (143) |
31 (235) |
13 (198) |
|||
| Â | ||||||
| Other financial income | 176 | 265 | 182 | |||
| Other financial expense | (159) | (183) | (203) | |||
| Â | ||||||
| Equity in net income (loss) of affiliates | 851 | 874 | 828 | |||
| Â | ||||||
| Income taxes | Â | (2,837) | Â | (2,902) | Â | (3,811) |
| Consolidated net income | Â | 3,528 | Â | 3,129 | Â | 3,766 |
| Group share | Â | 3,463 | Â | 3,104 | Â | 3,682 |
| Non-controlling interests | Â | 65 | Â | 25 | Â | 84 |
| Earnings per share ($) | Â | 1.52 | Â | 1.37 | Â | 1.62 |
| Fully-diluted earnings per share ($) | Â | 1.52 | Â | 1.36 | Â | 1.62 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) | Â |
3rd quarter
2014 |
 |
2nd quarter
2014 |
 |
3rd quarter
2013 |
| Consolidated net income | Â | 3,528 | Â | 3,129 | Â | 3,766 |
| Other comprehensive income | Â | Â | Â | |||
| Â | ||||||
| Actuarial gains and losses | (1,010) | (416) | 44 | |||
| Tax effect | 358 | 154 | (11) | |||
| Currency translation adjustment generated by the mother company | Â | (5,748) | Â | (732) | Â | 2,244 |
| Items not potentially reclassifiable to profit and loss | Â | (6,400) | Â | (994) | Â | 2,277 |
| Currency translation adjustment | 2,717 | 512 | (766) | |||
| Available for sale financial assets | (21) | (6) | 5 | |||
| Cash flow hedge | 44 | 30 | 38 | |||
| Share of other comprehensive income of equity affiliates, net amount | (276) | 436 | (113) | |||
| Other | 7 | (4) | (3) | |||
| Tax effect | Â | (10) | Â | (5) | Â | (15) |
| Items potentially reclassifiable to profit and loss | Â | 2,461 | Â | 963 | Â | (854) |
| Total other comprehensive income (net amount) | Â | (3,939) | Â | (31) | Â | 1,423 |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | (411) | Â | 3,098 | Â | 5,189 |
| Group share | (452) | 3,078 | 5,109 | |||
| Non-controlling interests | 41 | 20 | 80 |
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) (a) | Â |
9 months
2014 |
 |
9 months
2013 |
| Sales | Â | 183,611 | Â | 186,750 |
| Excise taxes | (18,327) | (17,548) | ||
| Revenues from sales | 165,284 | 169,202 | ||
| Â | ||||
| Purchases, net of inventory variation | (117,331) | (118,857) | ||
| Other operating expenses | (21,518) | (21,144) | ||
| Exploration costs | (1,353) | (1,511) | ||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (8,756) | (9,060) | ||
| Other income | 1,837 | 2,002 | ||
| Other expense | (467) | (2,354) | ||
| Â | ||||
| Financial interest on debt | (640) | (672) | ||
| Financial income from marketable securities & cash equivalents | 80 | 59 | ||
| Cost of net debt | (560) | (613) | ||
| Â | ||||
| Other financial income | 602 | 524 | ||
| Other financial expense | (508) | (551) | ||
| Â | ||||
| Equity in net income (loss) of affiliates | 2,198 | 2,571 | ||
| Â | ||||
| Income taxes | Â | (9,336) | Â | (11,015) |
| Consolidated net income | Â | 10,092 | Â | 9,194 |
| Group share | 9,902 | 8,994 | ||
| Non-controlling interests | Â | 190 | Â | 200 |
| Earnings per share ($) | Â | 4.36 | Â | 3.97 |
| Fully-diluted earnings per share ($) | Â | 4.35 | Â | 3.96 |
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) | Â |
9 months
2014 |
 |
9 months
2013 |
| Consolidated net income | Â | 10,092 | Â | 9,194 |
| Other comprehensive income | Â | Â | ||
| Â | ||||
| Actuarial gains and losses | (1,625) | 19 | ||
| Tax effect | 569 | (3) | ||
| Currency translation adjustment generated by the mother company | Â | (6,477) | Â | 1,645 |
| Items not potentially reclassifiable to profit and loss | Â | (7,533) | Â | 1,661 |
| Currency translation adjustment | 3,265 | (1,157) | ||
| Available for sale financial assets | (24) | 8 | ||
| Cash flow hedge | 109 | 133 | ||
| Share of other comprehensive income of equity affiliates, net amount | (296) | (607) | ||
| Other | - | (15) | ||
| Tax effect | Â | (28) | Â | (50) |
| Items potentially reclassifiable to profit and loss | Â | 3,026 | Â | (1,688) |
| Total other comprehensive income (net amount) | Â | (4,507) | Â | (27) |
| Â | Â | Â | Â | Â |
| Comprehensive income | Â | 5,585 | Â | 9,167 |
| Group share | 5,427 | 9,017 | ||
| Non-controlling interests | 158 | 150 |
CONSOLIDATED BALANCE SHEET
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) | Â |
September 30, 2014
(unaudited) |
 |
June 30, 2014
(unaudited) |
 |
December 31, 2013
(unaudited) |
 |
September 30, 2013
(unaudited) |
| ASSETS | Â | Â | Â | Â | ||||
| Non-current assets | ||||||||
| Intangible assets, net | 18,071 | 18,995 | 18,395 | 17,007 | ||||
| Property, plant and equipment, net | 109,437 | 108,468 | 104,480 | 97,134 | ||||
| Equity affiliates : investments and loans | 21,043 | 21,256 | 20,417 | 19,750 | ||||
| Other investments | 1,645 | 1,786 | 1,666 | 1,777 | ||||
| Hedging instruments of non-current financial debt | 1,491 | 1,973 | 1,418 | 1,840 | ||||
| Deferred income taxes | 2,684 | 2,842 | 3,838 | 3,691 | ||||
| Other non-current assets | Â | 4,184 | Â | 4,263 | Â | 4,406 | Â | 3,930 |
| Total non-current assets | Â | 158,555 | Â | 159,583 | Â | 154,620 | Â | 145,129 |
| Current assets | ||||||||
| Inventories, net | 20,873 | 23,484 | 22,097 | 21,469 | ||||
| Accounts receivable, net | 20,511 | 21,698 | 23,422 | 24,883 | ||||
| Other current assets | 15,798 | 16,519 | 14,892 | 15,185 | ||||
| Current financial assets | 1,205 | 1,003 | 739 | 457 | ||||
| Cash and cash equivalents | 24,307 | 22,166 | 20,200 | 20,111 | ||||
| Assets classified as held for sale | Â | 5,327 | Â | 4,317 | Â | 3,253 | Â | 3,112 |
| Total current assets | Â | 88,021 | Â | 89,187 | Â | 84,603 | Â | 85,217 |
| Total assets | 246,576 | 248,770 | 239,223 | 230,346 | ||||
| Â | ||||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||||
| Â | ||||||||
| Shareholders' equity | ||||||||
| Common shares | 7,516 | 7,511 | 7,493 | 7,491 | ||||
| Paid-in surplus and retained earnings | 101,979 | 101,100 | 98,254 | 96,442 | ||||
| Currency translation adjustment | (4,727) | (1,436) | (1,203) | (1,695) | ||||
| Treasury shares | Â | (4,360) | Â | (4,303) | Â | (4,303) | Â | (4,300) |
| Total shareholders' equity - Group share | Â | 100,408 | Â | 102,872 | Â | 100,241 | Â | 97,938 |
| Non-controlling interests | Â | 3,382 | Â | 3,344 | Â | 3,138 | Â | 2,328 |
| Total shareholders' equity | Â | 103,790 | Â | 106,216 | Â | 103,379 | Â | 100,266 |
| Non-current liabilities | ||||||||
| Deferred income taxes | 16,222 | 16,397 | 17,850 | 17,442 | ||||
| Employee benefits | 5,232 | 4,725 | 4,235 | 4,799 | ||||
| Provisions and other non-current liabilities | 17,017 | 17,445 | 17,517 | 14,786 | ||||
| Non-current financial debt | Â | 43,242 | Â | 39,433 | Â | 34,574 | Â | 33,937 |
| Total non-current liabilities | Â | 81,713 | Â | 78,000 | Â | 74,176 | Â | 70,964 |
| Current liabilities | ||||||||
| Accounts payable | 27,394 | 28,902 | 30,282 | 27,811 | ||||
| Other creditors and accrued liabilities | 19,610 | 19,994 | 18,948 | 19,299 | ||||
| Current borrowings | 11,826 | 13,525 | 11,193 | 11,086 | ||||
| Other current financial liabilities | 357 | 472 | 381 | 57 | ||||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,886 | Â | 1,661 | Â | 864 | Â | 863 |
| Total current liabilities | Â | 61,073 | Â | 64,554 | Â | 61,668 | Â | 59,116 |
| Total liabilities and shareholders' equity | 246,576 | 248,770 | 239,223 | 230,346 |
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) | Â |
3rd quarter
2014 |
 |
2nd quarter
2014 |
 |
3rd quarter
2013 |
| CASH FLOW FROM OPERATING ACTIVITIES | Â | Â | Â | |||
| Consolidated net income | 3,528 | 3,129 | 3,766 | |||
| Depreciation, depletion and amortization | 3,288 | 3,087 | 4,190 | |||
| Non-current liabilities, valuation allowances and deferred taxes | 106 | (156) | 791 | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (479) | (17) | (1,397) | |||
| Undistributed affiliates' equity earnings | (260) | (125) | (301) | |||
| (Increase) decrease in working capital | 1,461 | (771) | 2,009 | |||
| Other changes, net | Â | (5) | Â | 130 | Â | 126 |
| Cash flow from operating activities | 7,639 | 5,277 | 9,184 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (6,733) | (6,800) | (6,801) | |||
| Acquisitions of subsidiaries, net of cash acquired | (1) | (414) | - | |||
| Investments in equity affiliates and other securities | (167) | (434) | (268) | |||
| Increase in non-current loans | Â | (868) | Â | (1,075) | Â | (682) |
| Total expenditures | (7,769) | (8,723) | (7,751) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 1,413 | 135 | 56 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | - | - | 2,369 | |||
| Proceeds from disposals of non-current investments | 291 | 66 | 23 | |||
| Repayment of non-current loans | Â | 326 | Â | 430 | Â | 449 |
| Total divestments | Â | 2,030 | Â | 631 | Â | 2,897 |
| Cash flow used in investing activities | (5,739) | (8,092) | (4,854) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 53 | 304 | 24 | |||
| - Treasury shares | (289) | - | (236) | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (1,837) | (1,901) | (1,775) | |||
| - Non-controlling interests | (7) | (139) | (13) | |||
| Other transactions with non-controlling interests | (1) | 126 | 50 | |||
| Net issuance (repayment) of non-current debt | 5,019 | 2,931 | 4,466 | |||
| Increase (decrease) in current borrowings | (1,235) | 956 | (2,457) | |||
| Increase (decrease) in current financial assets and liabilities | (44) | 65 | 66 | |||
| Cash flow used in financing activities | Â | 1,659 | Â | 2,342 | Â | 125 |
| Net increase (decrease) in cash and cash equivalents | 3,559 | (473) | 4,455 | |||
| Effect of exchange rates | (1,418) | (148) | 538 | |||
| Cash and cash equivalents at the beginning of the period | Â | 22,166 | Â | 22,787 | Â | 15,118 |
| Cash and cash equivalents at the end of the period | Â | 24,307 | Â | 22,166 | Â | 20,111 |
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| (M$) | Â |
9 months
2014 |
 |
9 months
2013 |
| CASH FLOW FROM OPERATING ACTIVITIES | Â | Â | ||
| Consolidated net income | 10,092 | 9,194 | ||
| Depreciation, depletion and amortization | 9,549 | 9,995 | ||
| Non-current liabilities, valuation allowances and deferred taxes | 349 | 742 | ||
| Impact of coverage of pension benefit plans | - | - | ||
| (Gains) losses on disposals of assets | (1,519) | 113 | ||
| Undistributed affiliates' equity earnings | (374) | (673) | ||
| (Increase) decrease in working capital | 5 | (742) | ||
| Other changes, net | Â | 152 | Â | 306 |
| Cash flow from operating activities | 18,254 | 18,935 | ||
| Â | ||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||
| Â | ||||
| Intangible assets and property, plant and equipment additions | (18,981) | (20,126) | ||
| Acquisitions of subsidiaries, net of cash acquired | (415) | (21) | ||
| Investments in equity affiliates and other securities | (757) | (1,294) | ||
| Increase in non-current loans | Â | (2,204) | Â | (1,673) |
| Total expenditures | (22,357) | (23,114) | ||
| Proceeds from disposals of intangible assets and property, plant and equipment | 2,568 | 1,716 | ||
| Proceeds from disposals of subsidiaries, net of cash sold | - | 2,633 | ||
| Proceeds from disposals of non-current investments | 813 | 46 | ||
| Repayment of non-current loans | Â | 1,120 | Â | 1,065 |
| Total divestments | Â | 4,501 | Â | 5,460 |
| Cash flow used in investing activities | (17,856) | (17,654) | ||
| Â | ||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||
| Â | ||||
| Issuance (repayment) of shares: | ||||
| - Parent company shareholders | 390 | 456 | ||
| - Treasury shares | (289) | (236) | ||
| Dividends paid: | - | - | ||
| - Parent company shareholders | (5,573) | (5,307) | ||
| - Non-controlling interests | (153) | (107) | ||
| Other transactions with non-controlling interests | 125 | 514 | ||
| Net issuance (repayment) of non-current debt | 12,139 | 8,965 | ||
| Increase (decrease) in current borrowings | (1,446) | (7,619) | ||
| Increase (decrease) in current financial assets and liabilities | (96) | 1,250 | ||
| Cash flow used in financing activities | Â | 5,097 | Â | (2,084) |
| Net increase (decrease) in cash and cash equivalents | 5,495 | (803) | ||
| Effect of exchange rates | (1,388) | 505 | ||
| Cash and cash equivalents at the beginning of the period | Â | 20,200 | Â | 20,409 |
| Cash and cash equivalents at the end of the period | Â | 24,307 | Â | 20,111 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
| Â | Common shares issued | Â | Paid-in surplus and retained earnings | Â | Currency translation adjustment | Â | Treasury shares | Â |
Shareholders' equity -
Group Share |
 | Non-controlling interests |  | Total shareholders' equity | |||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Number | Â | Amount | Â | Â | Â | Â | Â | Â |
| As of January 1, 2013 | Â | 2,365,933,146 | Â | 7,454 | Â | 92,485 | Â | (1,696) | Â | (108,391,639) | Â | (4,274) | Â | 93,969 | Â | 1,689 | Â | 95,658 |
| Net income of the first 9 months 2013 | - | Â | - | 8,994 | - | - | Â | - | 8,994 | 200 | 9,194 | |||||||
| Other comprehensive Income | - | - | 23 | - | - | - | 23 | (50) | (27) | |||||||||
| Comprehensive Income | - | - | 9,017 | - | - | - | 9,017 | 150 | 9,167 | |||||||||
| Dividend | - | - | (5,300) | - | - | - | (5,300) | (107) | (5,407) | |||||||||
| Issuance of common shares | 11,263,033 | 37 | 419 | - | - | - | 456 | - | 456 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,414,200) | (236) | (236) | - | (236) | |||||||||
| Sale of treasury shares (1) | - | - | (210) | - | 3,590,641 | 210 | - | - | - | |||||||||
| Share-based payments | - | - | 148 | - | - | - | 148 | - | 148 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | (120) | 1 | - | - | (119) | 587 | 468 | |||||||||
| Other items | - | - | 3 | - | - | - | 3 | 9 | 12 | |||||||||
| As of September 30, 2013 | Â | 2,377,196,179 | Â | 7,491 | Â | 96,442 | Â | (1,695) | Â | (109,215,198) | Â | (4,300) | Â | 97,938 | Â | 2,328 | Â | 100,266 |
| Net income from October 1 to December 31, 2013 | - | - | 2,234 | - | - | - | 2,234 | 93 | 2,327 | |||||||||
| Other comprehensive Income | - | - | 450 | 492 | - | - | 942 | (6) | 936 | |||||||||
| Comprehensive Income | - | - | 2,684 | 492 | - | - | 3,176 | 87 | 3,263 | |||||||||
| Dividend | - | - | (1,816) | - | - | - | (1,816) | (49) | (1,865) | |||||||||
| Issuance of common shares | 481,981 | 2 | 27 | - | - | - | 29 | - | 29 | |||||||||
| Purchase of treasury shares | - | - | - | - | - | (2) | (2) | - | (2) | |||||||||
| Sale of treasury shares (1) | - | - | 1 | - | 750 | (1) | - | - | - | |||||||||
| Share-based payments | - | - | 41 | - | - | - | 41 | - | 41 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 869 | - | - | - | 869 | 768 | 1,637 | |||||||||
| Other items | - | - | 6 | - | - | - | 6 | 4 | 10 | |||||||||
| As of December 31, 2013 | Â | 2,377,678,160 | Â | 7,493 | Â | 98,254 | Â | (1,203) | Â | (109,214,448) | Â | (4,303) | Â | 100,241 | Â | 3,138 | Â | 103,379 |
| Net income of the first 9 months 2014 | - | - | 9,902 | - | - | - | 9,902 | 190 | 10,092 | |||||||||
| Other comprehensive Income | - | - | (953) | (3,522) | - | - | (4,475) | (32) | (4,507) | |||||||||
| Comprehensive Income | - | - | 8,949 | (3,522) | - | - | 5,427 | 158 | 5,585 | |||||||||
| Dividend | - | - | (5,644) | - | - | - | (5,644) | (153) | (5,797) | |||||||||
| Issuance of common shares | 6,848,895 | 23 | 367 | - | - | - | 390 | - | 390 | |||||||||
| Purchase of treasury shares | - | - | - | - | (4,386,300) | (289) | (289) | - | (289) | |||||||||
| Sale of treasury shares (1) | - | - | (232) | - | 4,239,135 | 232 | - | - | - | |||||||||
| Share-based payments | - | - | 119 | - | - | - | 119 | - | 119 | |||||||||
| Share cancellation | - | - | - | - | - | - | - | - | - | |||||||||
| Other operations with non-controlling interests | - | - | 106 | (2) | - | - | 104 | 183 | 287 | |||||||||
| Other items | - | - | 60 | - | - | - | 60 | 56 | 116 | |||||||||
| As of September 30, 2014 | Â | 2,384,527,055 | Â | 7,516 | Â | 101,979 | Â | (4,727) | Â | (109,361,613) | Â | (4,360) | Â | 100,408 | Â | 3,382 | Â | 103,790 |
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
3rd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 5,198 | Â | 27,417 | Â | 27,747 | Â | 1 | Â | - | Â | 60,363 |
| Intersegment sales | 7,560 | 11,931 | 466 | 67 | (20,024) | - | ||||||
| Excise taxes | Â | - | Â | (1,292) | Â | (4,849) | Â | - | Â | - | Â | (6,141) |
| Revenues from sales | 12,758 | 38,056 | 23,364 | 68 | (20,024) | 54,222 | ||||||
| Operating expenses | (5,763) | (37,230) | (22,742) | (275) | 20,024 | (45,986) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,496) | Â | (376) | Â | (199) | Â | (11) | Â | - | Â | (3,082) |
| Operating income | 4,499 | 450 | 423 | (218) | - | 5,154 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,298 | 41 | (35) | 50 | - | 1,354 | ||||||
| Tax on net operating income | Â | (2,627) | Â | (107) | Â | (123) | Â | (31) | Â | - | Â | (2,888) |
| Net operating income | 3,170 | 384 | 265 | (199) | - | 3,620 | ||||||
| Net cost of net debt | (92) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (65) |
| Net income | 3,463 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 17 | - | - | - | - | 17 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 17 | - | - | - | - | 17 | ||||||
| Operating expenses | (79) | (512) | (66) | - | - | (657) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (110) | Â | (12) | Â | - | Â | - | Â | - | Â | (122) |
| Operating income (b) | (172) | (524) | (66) | - | - | (762) | ||||||
| Equity in net income (loss) of affiliates and other items | 432 | (45) | (65) | - | - | 322 | ||||||
| Tax on net operating income | Â | 145 | Â | 167 | Â | 20 | Â | - | Â | - | Â | 332 |
| Net operating income (b) | 405 | (402) | (111) | - | - | (108) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 13 |
| Net income | (95) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (497) | (66) | - | ||||||||
| On net operating income | - | (370) | (46) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
3rd quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,181 | 27,417 | 27,747 | 1 | - | 60,346 | ||||||
| Intersegment sales | 7,560 | 11,931 | 466 | 67 | (20,024) | - | ||||||
| Excise taxes | Â | - | Â | (1,292) | Â | (4,849) | Â | - | Â | - | Â | (6,141) |
| Revenues from sales | 12,741 | 38,056 | 23,364 | 68 | (20,024) | 54,205 | ||||||
| Operating expenses | (5,684) | (36,718) | (22,676) | (275) | 20,024 | (45,329) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,386) | Â | (364) | Â | (199) | Â | (11) | Â | - | Â | (2,960) |
| Adjusted operating income | 4,671 | 974 | 489 | (218) | - | 5,916 | ||||||
| Equity in net income (loss) of affiliates and other items | 866 | 86 | 30 | 50 | - | 1,032 | ||||||
| Tax on net operating income | Â | (2,772) | Â | (274) | Â | (143) | Â | (31) | Â | - | Â | (3,220) |
| Adjusted net operating income | 2,765 | 786 | 376 | (199) | - | 3,728 | ||||||
| Net cost of net debt | (92) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (78) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,558 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.56 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,923 | 422 | 398 | 26 | - | 7,769 | ||||||
| Total divestments | 1,924 | 9 | 56 | 41 | - | 2,030 | ||||||
| Cash flow from operating activities | Â | 5,442 | Â | 1,729 | Â | 701 | Â | (233) | Â | - | Â | 7,639 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 6,205 | Â | 28,143 | Â | 28,213 | Â | - | Â | - | Â | 62,561 |
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,262 | 38,602 | 23,542 | 46 | (20,245) | 56,207 | ||||||
| Operating expenses | (7,174) | (37,744) | (22,966) | (262) | 20,245 | (47,901) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (408) | Â | (198) | Â | (9) | Â | - | Â | (2,929) |
| Operating income | 4,774 | 450 | 378 | (225) | - | 5,377 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 65 | 98 | 7 | - | 889 | ||||||
| Tax on net operating income | Â | (2,471) | Â | (114) | Â | (128) | Â | (218) | Â | - | Â | (2,931) |
| Net operating income | 3,022 | 401 | 348 | (436) | - | 3,335 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (25) |
| Net income | 3,104 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
2nd quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (36) | - | - | - | - | (36) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (36) | - | - | - | - | (36) | ||||||
| Operating expenses | - | 122 | (27) | - | - | 95 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | (40) | Â | - | Â | - | Â | - | Â | (40) |
| Operating income (b) | (36) | 82 | (27) | - | - | 19 | ||||||
| Equity in net income (loss) of affiliates and other items | - | (32) | (7) | - | - | (39) | ||||||
| Tax on net operating income | Â | 7 | Â | (50) | Â | 10 | Â | - | Â | - | Â | (33) |
| Net operating income (b) | (29) | - | (24) | - | - | (53) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 6 |
| Net income | (47) | |||||||||||
|
(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 | - | 122 | (5) | - | ||||||||
| On net operating income | - | 77 | (3) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
2nd quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 6,241 | 28,143 | 28,213 | - | - | 62,597 | ||||||
| Intersegment sales | 8,057 | 11,740 | 402 | 46 | (20,245) | - | ||||||
| Excise taxes | Â | - | Â | (1,281) | Â | (5,073) | Â | - | Â | - | Â | (6,354) |
| Revenues from sales | 14,298 | 38,602 | 23,542 | 46 | (20,245) | 56,243 | ||||||
| Operating expenses | (7,174) | (37,866) | (22,939) | (262) | 20,245 | (47,996) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,314) | Â | (368) | Â | (198) | Â | (9) | Â | - | Â | (2,889) |
| Adjusted operating income | 4,810 | 368 | 405 | (225) | - | 5,358 | ||||||
| Equity in net income (loss) of affiliates and other items | 719 | 97 | 105 | 7 | - | 928 | ||||||
| Tax on net operating income | Â | (2,478) | Â | (64) | Â | (138) | Â | (218) | Â | - | Â | (2,898) |
| Adjusted net operating income | 3,051 | 401 | 372 | (436) | - | 3,388 | ||||||
| Net cost of net debt | (206) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (31) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,151 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.38 |
| (a) Except for earnings per share. | 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 |
|
2nd quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 7,999 | 475 | 203 | 46 | - | 8,723 | ||||||
| Total divestments | 568 | 15 | 28 | 20 | - | 631 | ||||||
| Cash flow from operating activities | Â | 4,805 | Â | (133) | Â | 304 | Â | 301 | Â | - | Â | 5,277 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
3rd quarter 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 5,938 | Â | 28,161 | Â | 27,912 | Â | (167) | Â | - | Â | 61,844 |
| Intersegment sales | 9,237 | 13,334 | 570 | 18 | (23,159) | - | ||||||
| Excise taxes | Â | - | Â | (1,290) | Â | (4,878) | Â | - | Â | - | Â | (6,168) |
| Revenues from sales | 15,175 | 40,205 | 23,604 | (149) | (23,159) | 55,676 | ||||||
| Operating expenses | (7,106) | (39,601) | (22,826) | 54 | 23,159 | (46,320) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (3,106) | Â | (377) | Â | (180) | Â | (10) | Â | - | Â | (3,673) |
| Operating income | 4,963 | 227 | 598 | (105) | - | 5,683 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,974 | 99 | 85 | (66) | - | 2,092 | ||||||
| Tax on net operating income | Â | (3,396) | Â | (243) | Â | (156) | Â | (43) | Â | - | Â | (3,838) |
| Net operating income | 3,541 | 83 | 527 | (214) | - | 3,937 | ||||||
| Net cost of net debt | (171) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (84) |
| Net income | 3,682 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2013 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (12) | - | - | - | - | (12) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (12) | - | - | - | - | (12) | ||||||
| Operating expenses | (113) | (153) | 54 | - | - | (212) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (855) | Â | (7) | Â | - | Â | - | Â | - | Â | (862) |
| Operating income (b) | (980) | (160) | 54 | - | - | (1,086) | ||||||
| Equity in net income (loss) of affiliates and other items | 1,239 | (5) | 40 | (34) | - | 1,240 | ||||||
| Tax on net operating income | Â | 195 | Â | (213) | Â | (14) | Â | (45) | Â | - | Â | (77) |
| Net operating income (b) | 454 | (378) | 80 | (79) | - | 77 | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (23) |
| Net income | 54 | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (153) | 93 | - | ||||||||
| On net operating income | - | (84) | 65 | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
3rd quarter 2013 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,950 | 28,161 | 27,912 | (167) | - | 61,856 | ||||||
| Intersegment sales | 9,237 | 13,334 | 570 | 18 | (23,159) | - | ||||||
| Excise taxes | Â | - | Â | (1,290) | Â | (4,878) | Â | - | Â | - | Â | (6,168) |
| Revenues from sales | 15,187 | 40,205 | 23,604 | (149) | (23,159) | 55,688 | ||||||
| Operating expenses | (6,993) | (39,448) | (22,880) | 54 | 23,159 | (46,108) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,251) | Â | (370) | Â | (180) | Â | (10) | Â | - | Â | (2,811) |
| Adjusted operating income | 5,943 | 387 | 544 | (105) | - | 6,769 | ||||||
| Equity in net income (loss) of affiliates and other items | 735 | 104 | 45 | (32) | - | 852 | ||||||
| Tax on net operating income | Â | (3,591) | Â | (30) | Â | (142) | Â | 2 | Â | - | Â | (3,761) |
| Adjusted net operating income | 3,087 | 461 | 447 | (135) | - | 3,860 | ||||||
| Net cost of net debt | (171) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (61) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,628 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.59 |
| (a) Except for earnings per share. | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
3rd quarter 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,708 | 550 | 430 | 63 | - | 7,751 | ||||||
| Total divestments | 2,800 | 12 | 57 | 28 | - | 2,897 | ||||||
| Cash flow from operating activities | Â | 6,302 | Â | 1,113 | Â | 1,693 | Â | 76 | Â | - | Â | 9,184 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
9 months 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 18,069 | Â | 83,099 | Â | 82,430 | Â | 13 | Â | - | Â | 183,611 |
| Intersegment sales | 23,053 | 35,627 | 1,276 | 162 | (60,118) | - | ||||||
| Excise taxes | Â | - | Â | (3,733) | Â | (14,594) | Â | - | Â | - | Â | (18,327) |
| Revenues from sales | 41,122 | 114,993 | 69,112 | 175 | (60,118) | 165,284 | ||||||
| Operating expenses | (19,451) | (112,766) | (67,397) | (706) | 60,118 | (140,202) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,986) | Â | (1,162) | Â | (579) | Â | (29) | Â | - | Â | (8,756) |
| Operating income | 14,685 | 1,065 | 1,136 | (560) | - | 16,326 | ||||||
| Equity in net income (loss) of affiliates and other items | 3,344 | 160 | 55 | 103 | - | 3,662 | ||||||
| Tax on net operating income | Â | (8,590) | Â | (215) | Â | (331) | Â | (323) | Â | - | Â | (9,459) |
| Net operating income | 9,439 | 1,010 | 860 | (780) | - | 10,529 | ||||||
| Net cost of net debt | (437) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (190) |
| Net income | 9,902 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 7 | - | - | - | - | 7 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 7 | - | - | - | - | 7 | ||||||
| Operating expenses | (194) | (553) | (111) | - | - | (858) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (110) | Â | (52) | Â | - | Â | - | Â | - | Â | (162) |
| Operating income (b) | (297) | (605) | (111) | - | - | (1,013) | ||||||
| Equity in net income (loss) of affiliates and other items | 712 | (85) | (72) | - | - | 555 | ||||||
| Tax on net operating income | Â | 116 | Â | 167 | Â | 34 | Â | - | Â | - | Â | 317 |
| Net operating income (b) | 531 | (523) | (149) | - | - | (141) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 7 |
| Net income | (134) | |||||||||||
|
(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 | - | (538) | (89) | - | ||||||||
| On net operating income | - | (404) | (63) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
9 months 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 18,062 | 83,099 | 82,430 | 13 | - | 183,604 | ||||||
| Intersegment sales | 23,053 | 35,627 | 1,276 | 162 | (60,118) | - | ||||||
| Excise taxes | Â | - | Â | (3,733) | Â | (14,594) | Â | - | Â | - | Â | (18,327) |
| Revenues from sales | 41,115 | 114,993 | 69,112 | 175 | (60,118) | 165,277 | ||||||
| Operating expenses | (19,257) | (112,213) | (67,286) | (706) | 60,118 | (139,344) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,876) | Â | (1,110) | Â | (579) | Â | (29) | Â | - | Â | (8,594) |
| Adjusted operating income | 14,982 | 1,670 | 1,247 | (560) | - | 17,339 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,632 | 245 | 127 | 103 | - | 3,107 | ||||||
| Tax on net operating income | Â | (8,706) | Â | (382) | Â | (365) | Â | (323) | Â | - | Â | (9,776) |
| Adjusted net operating income | 8,908 | 1,533 | 1,009 | (780) | - | 10,670 | ||||||
| Net cost of net debt | (437) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (197) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,036 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.40 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 20,233 | 1,147 | 877 | 100 | - | 22,357 | ||||||
| Total divestments | 4,291 | 35 | 110 | 65 | - | 4,501 | ||||||
| Cash flow from operating activities | Â | 14,058 | Â | 3,189 | Â | 1,094 | Â | (87) | Â | - | Â | 18,254 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
9 months 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 19,377 | Â | 84,870 | Â | 82,495 | Â | 8 | Â | - | Â | 186,750 |
| Intersegment sales | 27,432 | 39,235 | 1,771 | 120 | (68,558) | - | ||||||
| Excise taxes | Â | - | Â | (3,477) | Â | (14,071) | Â | - | Â | - | Â | (17,548) |
| Revenues from sales | 46,809 | 120,628 | 70,195 | 128 | (68,558) | 169,202 | ||||||
| Operating expenses | (22,377) | (119,082) | (68,117) | (494) | 68,558 | (141,512) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (7,338) | Â | (1,160) | Â | (532) | Â | (30) | Â | - | Â | (9,060) |
| Operating income | 17,094 | 386 | 1,546 | (396) | - | 18,630 | ||||||
| Equity in net income (loss) of affiliates and other items | 1,880 | 256 | 93 | (37) | - | 2,192 | ||||||
| Tax on net operating income | Â | (10,380) | Â | (226) | Â | (438) | Â | (71) | Â | - | Â | (11,115) |
| Net operating income | 8,594 | 416 | 1,201 | (504) | - | 9,707 | ||||||
| Net cost of net debt | (513) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (200) |
| Net income | 8,994 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2013 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (51) | - | - | - | - | (51) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (51) | - | - | - | - | (51) | ||||||
| Operating expenses | (113) | (947) | (81) | - | - | (1,141) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (855) | Â | (12) | Â | - | Â | - | Â | - | Â | (867) |
| Operating income (b) | (1,019) | (959) | (81) | - | - | (2,059) | ||||||
| Equity in net income (loss) of affiliates and other items | (305) | (66) | 27 | (34) | - | (378) | ||||||
| Tax on net operating income | Â | 533 | Â | 25 | Â | 30 | Â | (45) | Â | - | Â | 543 |
| Net operating income (b) | (791) | (1,000) | (24) | (79) | - | (1,894) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (19) |
| Net income | (1,913) | |||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (896) | (42) | - | ||||||||
| On net operating income | - | (590) | (26) | - | ||||||||
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
9 months 2013 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 19,428 | 84,870 | 82,495 | 8 | - | 186,801 | ||||||
| Intersegment sales | 27,432 | 39,235 | 1,771 | 120 | (68,558) | - | ||||||
| Excise taxes | Â | - | Â | (3,477) | Â | (14,071) | Â | - | Â | - | Â | (17,548) |
| Revenues from sales | 46,860 | 120,628 | 70,195 | 128 | (68,558) | 169,253 | ||||||
| Operating expenses | (22,264) | (118,135) | (68,036) | (494) | 68,558 | (140,371) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,483) | Â | (1,148) | Â | (532) | Â | (30) | Â | - | Â | (8,193) |
| Adjusted operating income | 18,113 | 1,345 | 1,627 | (396) | - | 20,689 | ||||||
| Equity in net income (loss) of affiliates and other items | 2,185 | 322 | 66 | (3) | - | 2,570 | ||||||
| Tax on net operating income | Â | (10,913) | Â | (251) | Â | (468) | Â | (26) | Â | - | Â | (11,658) |
| Adjusted net operating income | 9,385 | 1,416 | 1,225 | (425) | - | 11,601 | ||||||
| Net cost of net debt | (513) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (181) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 10,907 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 4.81 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
9 months 2013
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 20,252 | 1,752 | 994 | 116 | - | 23,114 | ||||||
| Total divestments | 4,974 | 320 | 123 | 43 | - | 5,460 | ||||||
| Cash flow from operating activities | Â | 14,547 | Â | 2,444 | Â | 2,115 | Â | (171) | Â | - | Â | 18,935 |
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
3rd quarter 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | Â | 60,346 | Â | 17 | Â | 60,363 |
| Excise taxes | (6,141) | - | (6,141) | |||
| Revenues from sales | 54,205 | 17 | 54,222 | |||
| Purchases, net of inventory variation | (38,065) | (563) | (38,628) | |||
| Other operating expenses | (6,831) | (94) | (6,925) | |||
| Exploration costs | (433) | - | (433) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,960) | (122) | (3,082) | |||
| Other income | 209 | 432 | 641 | |||
| Other expense | (143) | (12) | (155) | |||
| Financial interest on debt | (173) | - | (173) | |||
| Financial income from marketable securities & cash equivalents | 30 | - | 30 | |||
| Cost of net debt | (143) | - | (143) | |||
| Other financial income | 176 | - | 176 | |||
| Other financial expense | (159) | - | (159) | |||
| Equity in net income (loss) of affiliates | 949 | (98) | 851 | |||
| Income taxes | Â | (3,169) | Â | 332 | Â | (2,837) |
| Consolidated net income | 3,636 | (108) | 3,528 | |||
| Group share | 3,558 | (95) | 3,463 | |||
| Non-controlling interests | 78 | (13) | 65 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
3rd quarter 2013
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 61,856 | (12) | 61,844 | |||
| Excise taxes | (6,168) | - | (6,168) | |||
| Revenues from sales | 55,688 | (12) | 55,676 | |||
| Purchases, net of inventory variation | (38,847) | (60) | (38,907) | |||
| Other operating expenses | (6,510) | (152) | (6,662) | |||
| Exploration costs | (751) | - | (751) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,811) | (862) | (3,673) | |||
| Other income | 186 | 1,312 | 1,498 | |||
| Other expense | (129) | (84) | (213) | |||
| Financial interest on debt | (211) | - | (211) | |||
| Financial income from marketable securities & cash equivalents | 13 | - | 13 | |||
| Cost of net debt | (198) | - | (198) | |||
| Other financial income | 182 | - | 182 | |||
| Other financial expense | (203) | - | (203) | |||
| Equity in net income (loss) of affiliates | 816 | 12 | 828 | |||
| Income taxes | Â | (3,734) | Â | (77) | Â | (3,811) |
| Consolidated net income | 3,689 | 77 | 3,766 | |||
| Group share | 3,628 | 54 | 3,682 | |||
| Non-controlling interests | 61 | 23 | 84 | |||
| 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
(unaudited, 2013 data converted from the Euro to the US Dollar)
|
9 months 2014
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | Â | 183,604 | Â | 7 | Â | 183,611 |
| Excise taxes | (18,327) | - | (18,327) | |||
| Revenues from sales | 165,277 | 7 | 165,284 | |||
| Purchases, net of inventory variation | (116,704) | (627) | (117,331) | |||
| Other operating expenses | (21,287) | (231) | (21,518) | |||
| Exploration costs | (1,353) | - | (1,353) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (8,594) | (162) | (8,756) | |||
| Other income | 757 | 1,080 | 1,837 | |||
| Other expense | (406) | (61) | (467) | |||
| Financial interest on debt | (640) | - | (640) | |||
| Financial income from marketable securities & cash equivalents | 80 | - | 80 | |||
| Cost of net debt | (560) | - | (560) | |||
| Other financial income | 602 | - | 602 | |||
| Other financial expense | (508) | - | (508) | |||
| Equity in net income (loss) of affiliates | 2,662 | (464) | 2,198 | |||
| Income taxes | Â | (9,653) | Â | 317 | Â | (9,336) |
| Consolidated net income | 10,233 | (141) | 10,092 | |||
| Group share | 10,036 | (134) | 9,902 | |||
| Non-controlling interests | 197 | (7) | 190 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
9 months 2013
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | 186,801 | (51) | 186,750 | |||
| Excise taxes | (17,548) | - | (17,548) | |||
| Revenues from sales | 169,253 | (51) | 169,202 | |||
| Purchases, net of inventory variation | (117,919) | (938) | (118,857) | |||
| Other operating expenses | (20,941) | (203) | (21,144) | |||
| Exploration costs | (1,511) | - | (1,511) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (8,193) | (867) | (9,060) | |||
| Other income | 359 | 1,643 | 2,002 | |||
| Other expense | (345) | (2,009) | (2,354) | |||
| Financial interest on debt | (672) | - | (672) | |||
| Financial income from marketable securities & cash equivalents | 59 | - | 59 | |||
| Cost of net debt | (613) | - | (613) | |||
| Other financial income | 524 | - | 524 | |||
| Other financial expense | (551) | - | (551) | |||
| Equity in net income (loss) of affiliates | 2,583 | (12) | 2,571 | |||
| Income taxes | Â | (11,558) | Â | 543 | Â | (11,015) |
| Consolidated net income | 11,088 | (1,894) | 9,194 | |||
| Group share | 10,907 | (1,913) | 8,994 | |||
| Non-controlling interests | 181 | 19 | 200 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
TOTAL S.A.
Capital : 5 945 861 837,50 €
542 051 180
R.C.S. Nanterre
www.total.com
Total
Martin DEFFONTAINES
Mike SANGSTER
Nicolas
FUMEX
Patrick GUENKEL
Karine KACZKA
Magali PAILHE
Tel.
: + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert
HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629
or
2,
place Jean Millier
Arche Nord Coupole/Regnault
92 400
Courbevoie France
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