Fourth Quarter and Full Year 2010 Results

Fourth Quarter and Full Year 2010 Results

TOTAL

Fourth Quarter and Full Year 2010 Results

Total (Paris:FP) (LSE:TTA) (NYSE:TOT):

       
4Q10 Change 2010 Change
    vs 4Q09   vs 2009
 

Adjusted net income1

 
  • in billion euros (B€)

2.6

+23% 10.3 +32%
  • in billion dollars (B$)

3.5

+13% 13.6 +26%
 
  • in euros per share
1.14 +23% 4.58 +32%
  • in dollars per share
1.54 +12% 6.08 +25%
         

Net income (Group share) of 10.6 B€ in 2010

Net-debt-to-equity ratio of 22% at December 31, 2010

Hydrocarbon production of 2,387 kboe/d in the fourth quarter 2010

2010 dividend of 2.28 €/share(2)
 

Commenting on the results, Chairman and CEO Christophe de Margerie said :

“Beyond the more favorable environment than the one in 2009, the increase in the 2010 results reflects the improvement in the Group’s performance, with notably production growth of more than 4% compared to 2009 and a strong rebound in Chemicals.

The year 2010 also marks a new dynamic in the implementation of our strategy, with a bolder exploration program and profound changes to the portfolio in each business segment. Throughout our operations, wherever we are present, the Group reaffirms the priority of safety, reliability and acceptability as essential to sustainability and growth.

Confident in a favorable environment and in the ability of our people to develop value creating projects, the Group announces a 2011 investment budget of 20 billion dollars, or about 16 billion euros, and commits to maintain its policy for shareholder returns while keeping a strong balance sheet.”

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 10, 2011, and decided to propose at its Annual Shareholders Meeting on May 13, 2011, a dividend of 2.28 €/share, stable as compared to the previous year.

  • Key figures3
      4Q10         2010
4Q10 3Q10 4Q09 vs in millions of euros vs
            4Q09   except earnings per share and number of shares   2010   2009   2009
40,157   40,180   36,228   +11%   Sales   159,269   131,327   +21%
5,102   4,728   3,985   +28%   Adjusted operating income from business segments   19,797   14,154   +40%
2,736   2,643   2,071   +32%   Adjusted net operating income from business segments   10,622   7,607   +40%
2,300 2,123 1,948 +18%

- Upstream

8,597 6,382 +35%
266 264 51 X5

- Downstream

1,168 953 +23%
170   256   72   X2  

- Chemicals

  857   272   X3
2,556   2,475   2,081   +23%   Adjusted net income   10,288   7,784   +32%
1.14   1.10   0.93   +23%   Adjusted fully-diluted earnings per share (euros)   4.58   3.48   +32%
2,247.9   2,244.9   2,241.4   -   Fully-diluted weighted-average shares (millions)   2,244.5   2,237.3   -
2,030   2,827   2,065   -2%   Net income (Group share)   10,571   8,447   +25%
5,026   4,092   3,524   +43%  

Investments4

  16,273   13,349   +22%
4,424   4,005   3,419   +29%   Investments including net investments in equity affiliates and non-consolidated companies4   15,445   13,003   +19%
1,344   1,074   944   +42%   Divestments   4,316   3,081   +40%
3,387   4,904   1,889   +79%   Cash flow from operations   18,493   12,360   +50%
4,648   4,359   3,408   +36%   Adjusted cash flow from operations   17,996   13,471   +34%
4Q10 2010
4Q10 3Q10 4Q09 vs in millions of dollars(5) vs
            4Q09   except earnings per share and number of shares   2010   2009   2009
54,545   51,872   53,541   2%   Sales   211,143   183,175   +15%
6,930   6,104   5,889   18%   Adjusted operating income from business segments   26,245   19,742   +33%
3,716   3,412   3,061   21%   Adjusted net operating income from business segments   14,082   10,610   +33%
3,124 2,741 2,879 9%

- Upstream

11,397 8,902 +28%
361 341 75 X5

- Downstream

1,548 1,329 +16%
231   330   106   X2  

- Chemicals

  1,136   379   X3
3,472   3,195   3,076   +13%   Adjusted net income   13,639   10,857   +26%
1.54   1.42   1.37   +12%   Adjusted fully-diluted earnings per share (dollars)   6.08   4.85   +25%
2,247.9   2,244.9   2,241.4   -   Fully-diluted weighted-average shares (millions)   2,244.5   2,237.3   -
2,757   3,650   3,052   -10%   Net income (Group share)   14,014   11,782   +19%
6,827   5,283   5,208   +31%   Investments4   21,573   18,619   +16%
6,009   5,170   5,053   +19%   Investments including net investments in equity affiliates and non-consolidated companies4   20,475   18,137   +13%
1,826   1,387   1,395   +31%   Divestments   5,722   4,297   +33%
4,601   6,331   2,792   +65%   Cash flow from operations   24,516   17,240   +42%
6,313   5,627   5,037   +25%   Adjusted cash flow from operations   23,857   18,789   +27%
 
  • Highlights since the beginning of the fourth quarter 2010
    • Formed a strategic alliance with Suncor encompassing the Fort Hills and Joslyn oil sands mining projects and the Voyageur upgrader in Canada
    • Increased share to 27.5% and launched the GLNG project in Australia to develop and liquefy coal seam gas
    • Launched the West Franklin phase two development in the UK North Sea
    • Offshore discoveries : on Moho Bilondo in Congo, near Laggan Tormore in the UK North Sea, on Block 15/06 in Angola and on Block B in Brunei
    • Expanded resource base by acquiring interests in exploration permits in deep-offshore Malaysia and Ivory Coast, in three onshore permits in Gabon, in shale gas in Argentina and three pre-salt blocks in Angola
    • Sold the 5% interest in Block 31 in Angola
    • Signed an agreement to sell the exploration and production subsidiary in Cameroon and a 20% interest in the Ipati and Aquio permits in Bolivia
    • Closed the refinery at Dunkirk
    • Signed a partnership agreement to study a coal-to-olefins petrochemical plant in China
    • Announced plan to sell the resins activities in Specialty Chemicals
  • Fourth quarter 2010 results

> Operating Income

In the fourth quarter 2010, the Brent price averaged 86.5 $/b, an increase of 16% compared to the fourth quarter 2009 and 12% compared to the third quarter 2010. The European refining margin indicator (ERMI) averaged 32.3 $/t compared to 11.7 $/t in the fourth quarter 2009 and 16.4 $/t in the third quarter 2010.

The euro-dollar exchange rate averaged 1.36 $/€ in the fourth quarter 2010 compared to 1.48 $/€ in the fourth quarter 2009 and 1.29 $/€ in the third quarter 2010.

In this environment, the adjusted operating income from the business segments was 5,102 M€ in the fourth quarter 2010, an increase of 28% compared to fourth quarter 20096. Expressed in dollars, the increase was 18%.

The effective tax rate7 for the business segments was 57% in the fourth quarter 2010, stable compared to fourth quarter 2009.

Adjusted net operating income from the business segments was 2,736 M€ in the fourth quarter 2010 compared to 2,071 M€ in the fourth quarter 2009, an increase of 32%.

Expressed in dollars, the adjusted net operating income from the business segments was 3.7 billion dollars (B$), an increase of 21% compared to the fourth quarter 2009.

> Net Income

Adjusted net income was 2,556 M€ in the fourth quarter 2010 compared to 2,081 M€ in the fourth quarter 2009, an increase of 23%. Expressed in dollars, adjusted net income increased by 13%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. In the fourth quarter 2009, the contribution to the Group’s adjusted net income from Sanofi Aventis was 131 M€. Excluding the contribution of Sanofi-Aventis, the Group’s adjusted net income would have increased by 31% in euros and 20% in dollars.

Adjusted net income excludes the after-tax inventory effect and special items.

  • The after-tax inventory effect had a positive impact of 283 M€ in the fourth quarter 2010 and a positive impact of 296 M€ in the fourth quarter 2009.
  • Special items had a negative impact on net income of 809 M€ in the fourth quarter 2010, comprised essentially of impairments on European refining assets, partially offset by gains on asset sales. In the fourth quarter 2009, special items had a negative impact on net income of 264 M€8.
  • In the fourth quarter 2009, special items included the Group’s equity share of adjustment items related to Sanofi-Aventis that had a negative impact on net income of 48 M€.

Net income (Group share) was 2,030 M€ compared to 2,065 M€ in the fourth quarter 2009.

The effective tax rate for the Group was 57% in the fourth quarter 2010 compared to 55% in the fourth quarter 2009.

Adjusted fully-diluted earnings per share, based on 2,247.9 million fully-diluted weighted average shares, was 1.14 euros compared to 0.93 euros in the fourth quarter 2009, an increase of 23%.

Expressed in dollars, adjusted fully-diluted earnings per share increased 12% to 1.54 dollars.

> Investments – Divestments9

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.5 B€ (4.7 B$) in the fourth quarter 2010 compared to 3.3 B€ (4.9 B$) in the fourth quarter 2009.

Acquisitions were 970 M€ in the fourth quarter 2010, including essentially the acquisition of a 20% share in the GLNG project in Australia. The transaction to increase the interest in GLNG from 20% to 27.5% will be finalized in 2011.

Asset sales in the fourth quarter 2010 were 742 M€, comprised essentially of the sale of the company’s 5% share in Block 31 in Angola.

Net investments10 were 3.7 B€ (5.0 B$) in the fourth quarter 2010 compared to 2.6 B€ (3.8 B$) in the fourth quarter 2009.

> Cash flow

Cash flow from operations was 3,387 M€ in the fourth quarter 2010 compared to 1,889 M€ in the fourth quarter 2009. The increase is essentially due to the increase in net income before the fourth quarter 2010 impairment charges on European refining assets.

Adjusted cash flow from operations11 was 4,648 M€, an increase of 36% compared to the fourth quarter 2009. Expressed in dollars, the adjusted cash flow from operations was 6.3 B$, an increase of 25%.

The Group’s net cash flow12 was a negative 295 M€ compared to a negative 691 M€ in the fourth quarter 2009. Expressed in dollars, the Group’s net cash flow was a negative 0.4 B$ in the fourth quarter 2010.

  • Results for the full year 2010

> Operating income

Compared to the full year 2009, the 2010 oil market environment was marked by a 29% increase in the average Brent price to 79.5 $/b while the average realized price of gas was stable. The ERMI increased to 27.4 $/t in 2010 from 17.8 $/t in 2009.

The euro-dollar exchange rate was 1.33 $/€ compared to 1.39 $/€ on average in 2009.

In this environment, the adjusted operating income from the business segments was 19,797 M€, an increase of 40% compared to 200913. Expressed in dollars, the adjusted operating income from the business segments was 26.2 B$, an increase of 33% compared to 2009.

The effective tax rate14 for the business segments was 56% compared to 55% in 2009.

The adjusted net operating income from the business segments was 10,622 M€ compared to 7,607 M€ in 2009, an increase of 40%.

Expressed in dollars, the adjusted net operating income from business segments increased by 33%.

> Net income

Adjusted net income increased by 32% to 10,288 M€ compared to 7,784 M€ in 2009. Expressed in dollars, the adjusted net income increased by 26%.

Effective July 1, 2010, the Group no longer accounts for its interest in Sanofi-Aventis as an equity affiliate. The contribution to the Group’s adjusted net income from Sanofi Aventis was 290 M€ in 2010 compared to 786 M€ in 2009. Excluding the impact of the contribution of Sanofi-Aventis, the Group’s adjusted net income would have increased by 43% in euros and 36% in dollars.

Adjusted net income excludes the after-tax inventory effect, special items, and through June 30, 2010, the Group’s equity share of adjustment items related to Sanofi-Aventis.

  • The after-tax inventory effect had a positive impact of 748 M€ compared to a positive impact of 1,533 M€ in 2009.
  • The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact of 81 M€ in 2010 and a negative impact of 300 M€ in 2009.
  • Special items had a negative impact on net income of 384 M€ in 2010, comprised essentially of asset impairments that had a negative impact of 1,224 M€ and gains on asset sales that had a positive impact of 1,046 M€. Special items had a negative impact of 570 M€ in 200915.

Net income (Group share) was 10,571 M€ compared to 8,447 M€ in 2009.

The effective tax rate for the Group was 56% in 2010 compared to 55% in 2009.

On December 31, 2010, there were 2,249.3 million fully-diluted shares compared to 2,243.7 million fully-diluted shares on December 31, 2009.

In 2010, the adjusted fully-diluted earnings per share, based on 2,244.5 million weighted-average shares, was 4.58 euros compared 3.48 euros in 2009, an increase of 32%.

Expressed in dollars, adjusted fully-diluted earnings per share were 6.08 compared to 4.85 in 2009, an increase of 25%.

> Investments – divestments16

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 11.9 B€ (15.8 B$) in 2010 compared to 12.3 B€ (17.1 B$) in 2009.

Acquisitions were 3.5 B€ in 2010, comprised essentially of the acquisition of assets in the Barnett Shale in the United States, UTS in Canada, a 20% interest in the GLNG project in Australia and an increased stake in the Laggan Tormore blocks in the UK.

Asset sales in 2010 were 3.5 B€, comprised essentially of the sale of Sanofi-Aventis shares, the Valhall and Hod fields in Norway, the 5% interest in Block 31 in Angola, and the Mapa Spontex unit in the Chemicals segment.

Net investments17 increased by 16% to 12.0 B€ from 10.3 B€ in 2009. Expressed in dollars, net investments in 2010 increased by 11% to 15.9 B$.

> Cash flow

Cash flow from operations was 18,493 M€, an increase of 50% compared to 2009, essentially due to the increase in net income and the more favorable change in working capital than in 2009.

Adjusted cash flow from operations18 was 17,996 M€, an increase of 34%. Expressed in dollars, adjusted cash flow from operations was 23.9 B$, an increase of 27%.

The Group’s net cash flow19 was 6,536 M€ compared to 2,092 M€ in 2009. Expressed in dollars, the Group’s net cash flow was 8.7 B$ in 2010.

The net-debt-to-equity ratio was 22.2% on December 31, 2010, compared to 18.2% on September 30, 2010 and 26.6% on December 31, 200920.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

      4Q10         2010
4Q10 3Q10 4Q09 vs 2010 2009 vs
            4Q09               2009
86.5   76.9   74.5   +16%   Brent ($/b)   79.5   61.7   +29%
83.7 72.8 70.6 +19% Average liquids price ($/b) 76.3 58.1 +31%
5.62   5.13   5.07   +11%   Average gas price ($/Mbtu)   5.15   5.17   -
61.9   54.9   54.4   +14%   Average hydrocarbons price ($/boe)   56.7   47.1   +20%

* consolidated subsidiaries, excluding fixed margin and buy-back contracts.

> Production

      4Q10         2010
4Q10 3Q10 4Q09 vs Hydrocarbon production 2010 2009 vs
            4Q09               2009
2,387   2,340   2,377   -   Combined production (kboe/d)   2,378   2,281   +4%
1,337 1,325 1,404 -5%

- Liquids (kb/d)

1,340 1,381 -3%
5,692   5,529   5,320   +7%  

- Gas (Mcf/d)

  5,648   4,923   +15%

In the fourth quarter 2010, hydrocarbon production was 2,387 thousand barrels of oil equivalent per day (kboe/d), an increase of 0.4% compared to the fourth quarter 2009, essentially as a result of :

  • production ramp-ups on new projects more than offsetting the normal decline,
  • +1% for lower OPEC reductions and an improvement in gas demand,
  • +0.5% for improved security conditions in Nigeria,
  • +0.5% for changes in the portfolio,
  • -2% for the price effect21.

In 2010, hydrocarbon production was 2,378 kboe/d, an increase of 4.3% compared to 2009, essentially as a result of :

  • +3% for production ramp-ups on new projects, net of the normal decline, and a lower level of turnarounds,
  • +1.5% for lower OPEC reductions and an increase in gas demand,
  • +1% for improved security conditions in Nigeria,
  • +2% for changes in the portfolio,
  • -3% for the price effect21.

> Reserves

Year-end reserves   2010   2009   %
Hydrocarbon reserves (Mboe)   10,695   10,483   +2%

- Liquids (Mb)

  5,987   5,689   +5%

- Gas (Bcf)

  25,788   26,318   -2%

Proved reserves based on SEC rules (based on Brent at 79.02 $/b) were 10,695 Mboe at December 31, 2010. Based on the 2010 average rate of production, the reserve life is more than 12 years.

The 2010 reserve replacement rate22, based on SEC rules, was 124%.

As of year-end 2010, Total has a solid and diversified portfolio of proved and probable reserves23 representing more than 20 years of reserve life based on the 2010 average production rate, and resources24 representing more than 40 years of reserve life.

> Results

      4Q10         2010
4Q10 3Q10 4Q09 vs in millions of euros 2010 2009 vs
            4Q09               2009
4,695   4,190   3,908   +20%   Adjusted operating income*   17,653   12,879   +37%
2,300 2,123 1,948 +18% Adjusted net operating income* 8,597 6,382 +35%
313   335   293   +7%  

- includes income from equity affiliates

  1,254   886   +42%
3,942   3,400   2,429   +62%   Investments   13,208   9,855   +34%
771   1,035   77   x10   Divestments   2,067   398   x5
3,908   2,831   2,825   +38%   Cash flow from operating activities   15,573   10,200   +53%
3,619   3,498   3,168   +14%   Adjusted cash flow   14,136   11,336   +25%

* detail of adjustment items shown in the business segment information annex to financial statements.

Adjusted net operating income from the Upstream segment was 2,300 M€ in the fourth quarter 2010 compared to 1,948 M€ in the fourth quarter 2009, an increase of 18%.

Expressed in dollars, adjusted net operating income for the Upstream segment increased by 9%, reflecting essentially the impact of higher hydrocarbon prices compared to the fourth quarter 2009.

The effective tax rate for the Upstream segment was 59% compared to 58% in the fourth quarter 2009.

For the full year 2010, adjusted net operating income from the Upstream segment was 8,597 M€ compared to 6,382 M€ in 2009, an increase of 35%. Expressed in dollars, adjusted net operating income for the Upstream segment increased by 28% to 11.4 B$, reflecting essentially the impact of production growth and higher hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 93225, were 16.6 $/boe in 2010, compared to 15.4 $/boe in 2009.

The return on average capital employed (ROACE26) for the Upstream segment was 21% in 2010 compared to 18% in 2009.

Downstream

> Refinery throughput and utilization rates*

      4Q10         2010
4Q10 3Q10 4Q09 vs 2010 2009 vs
            4Q09               2009
1,832   2,068   2,055   -11%   Total refinery throughput (kb/d)   2,009   2,151   -7%
550 773 701 -22%

- France

697 836 -17%
1,039 1,038 1,104 -6%

- Rest of Europe

1,059 1,065 -1%
243   257   250   -3%  

- Rest of world

  253   250   +1%
Utilization rates
66% 74% 75%

- Based on crude only

73% 78%
71%   80%   79%      

- Based on crude and other feedstock

  77%   83%    

* includes share of CEPSA.

In the fourth quarter 2010, refinery throughput decreased by 11% compared to the fourth quarter 2009, mainly due to strikes that affected all French refineries in the fourth quarter 2010 as well as the shut-down of a distillation unit at the Lindsey refinery in the UK following an incident in June 2010.

For the full year 2010, refinery throughput decreased by 7% compared to 2009, reflecting essentially the shutdown of the Dunkirk refinery and a distillation unit at the Normandy refinery as well as impacts from strikes in France.

> Results

      4Q10         2010
4Q10 3Q10 4Q09 vs in millions of euros vs
            4Q09  

(except the ERMI)

  2010   2009   2009
32.3   16.4   11.7   x3  

European refining margin indicator - ERMI ($/t)

 

  27.4   17.8   +54%
274   237   11   x25   Adjusted operating income*   1,251   1,026   +22%
266 264 51 x5 Adjusted net operating income* 1,168 953 +23%
61   60   19   x3  

- includes income from equity affiliates

  179   155   +15%
757   568   844   -10%   Investments   2,343   2,771   -15%
433   28   48   x9   Divestments   499   133   x4
(955)   900   (1,400)   na   Cash flow from operating activities   1,441   1,164   +24%
753   555   199   x4   Adjusted cash flow   2,405   1,601   +50%

* detail of adjustment items shown in the business segment information annex to financial statements.

The European refinery margin indicator (ERMI) averaged 32.3 $/t in the fourth quarter 2010, representing a nearly three-fold increase compared to the fourth quarter 2009. For the full year 2010, the ERMI was 27.4$/t, an increase of 54% compared to 2009.

Adjusted net operating income from the Downstream segment was 266 M€ in the fourth quarter 2010, compared to 51 M€ in the fourth quarter 2009.

Expressed in dollars, adjusted net operating income from the Downstream segment was 361 M$. This result represents close to a 5-fold increase over the fourth quarter 2009, and is mainly due to the rebound in fourth quarter 2010 refining margins versus the very low levels of margins in the fourth quarter 2009. However, the Group did not fully benefit from the improved environment due to significantly lower throughput as compared to the fourth quarter 2009 in the French refineries and the Lindsey refinery in the UK. The impact of the strikes on adjusted net operating income was determined to be close to 100 M$.

For the full year 2010, adjusted net operating income for the Downstream segment 1,168 M€ compared to 953 M€ in 2009.

Expressed in dollars, the adjusted net operating income for the Downstream segment was 1.5 B$, an increase of 16% compared to 2009. The increase is essentially due to the positive impact of the refining margin improvement, which was partially offset by lower throughput and reliability of the Group’s refineries in 2010 and less favorable conditions for supply optimization.

The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream, essentially on French and UK refining assets, in the fourth quarter 2010 in the amount of 1,192 M€ in operating income and 913 M€ in net operating income. These elements have been treated as adjustment items.

The ROACE27 for the Downstream segment was 8% in 2010 compared to 7% in 2009.

Chemicals

      4Q10         2010
4Q10 3Q10 4Q09 vs in millions of euros vs
            4Q09       2010   2009   2009
4,218 4,460 3,932 +7% Sales 17,490 14,726 +19%
2,579 2,748 2,389 +8%

- Base chemicals

10,653 8,655 +23%
1,639   1,710   1,543   +6%  

- Specialties

  6,824   6,071   +12%
133   301   66   x2   Adjusted operating income*   893   249   x3,5
170 256 72 x2 Adjusted net operating income* 857 272 x3
67 133 (16) na

- Base chemicals

393 16 x25
109   125   93   +17%  

- Specialties

  475   279   +70%
292   111   225   +30%   Investments   641   631   +2%
23   (10)   20   +15%   Divestments   347   47   x7
332   215   324   +2%   Cash flow from operating activities   934   1,082   -14%
189   322   218   -13%   Adjusted cash flow   1,157   442   x3

* detail of adjustment items shown in the business segment information annex to financial statements.

The environment for the Base chemicals was weaker in the fourth quarter 2010 than in the third quarter 2010, affected by a decrease in petrochemical margins, particularly in Europe; however, globally the environment remained more favorable than in the fourth quarter 2009.

For the full year 2010, Chemicals benefited from a strong rebound in demand and Base chemical margins as well as an increase in demand in the Specialties chemicals markets.

Sales, excluding intra-Group sales, for the Chemicals segment were 4,218 M€ in the fourth quarter 2010.

The adjusted net operating income for the Chemicals segment was 170 M€ in the fourth quarter 2010, representing more than a two-fold increase over the fourth quarter 2009.

For the full year 2010, Chemicals segment sales, excluding intra-Group sales, were 17,490 M€, an increase of 19% compared to 2009.

The adjusted net operating income was 857 M€ compared to 272 M€ in 2009.

The adjusted net operating income for the Base chemicals increased by 377 M€, due to an improved environment and the ramp up of new production units in Qatar. In 2010, Specialties benefited from strong operational performance and good positioning in growth markets.

The ROACE28 of the Chemicals segment was 12% in 2010 compared to 4% in 2009.

  • Total S.A., parent company accounts and proposed dividend

Net income for Total S.A., the parent company, was 5,840 M€ in 2010 compared to 5,634 M€ in 2009. After closing the accounts, the Board of Directors decided to propose at the May 13, 2011, Annual Shareholders Meeting a dividend of 2.28 euros per share for 2010, stable compared to the previous year.

Based on 2010 adjusted net income, the pay-out ratio would be 50%.

Taking into account the interim dividend of 1.14 euros per share paid on November 17, 2010, the remaining 1.14 euros per share would be paid on May 26, 201129.

  • Summary and outlook

The ROACE for the full year 2010 was 16% for the Group and 17% for the business segments. In 2009, the ROACE was 13% for the Group and for the business segments.

Return on equity was 19% in 2010 compared to 16% in 2009.

Total plans to continue in 2011 to consolidate the drivers for future growth, while reaffirming the priority to the safety and acceptability of its operations.

The 2011 investment budget is 20 B$, and 80% will be dedicated to the Upstream. In addition, Total intends to continue to pursue targeted acquisitions and divestments of non-core assets.

The Group also confirms its commitment to research and development by raising its 2011 budget to close to 1 B$.

In the Upstream, Total will start production from a new wave of major projects beginning in mid-2011, in particular with the start-up of Pazflor in Angola expected in the fourth quarter. The Group will continue to study numerous projects, notably in Russia, Australia, Canada and China ; the expectation is to launch these projects over the next two years, which will contribute to increasing the visibility on medium-term growth. With an exploration budget raised to 2.1 B$ for 2011, the Group is implementing a bolder and more diversified approach that targets larger discoveries.

In the Downstream and Chemicals segments, Total will continue to pursue measures to improve its competitiveness by adapting its European portfolio, by starting up new units at the Port Arthur refinery in the United States and by increasing its presence in growth markets.

Since the beginning of the first quarter 2011, the price of Brent has traded between 90 and 100 $/b, a significant increase over the fourth quarter 2010 average. The European refining environment remains difficult with weaker margins compared to the fourth quarter 2010.

â–  â–  â– 

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in Paris at 11:30 (Paris time) please log on to www.total.com or call +44 (0) 207 162 0177 in Europe or +1 334 323 6203 in the U.S. For a replay through February 25, 2011 please consult the Web site or call +44 (0)207 031 4064 in Europe or +1 954 334 0342 in the U.S. (code : 883 819).

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 16:30 (London time) please log on to www.total.com or call +44 (0)207 162 0177 in Europe or +1 334 323 6203 in the U.S. For a replay through February 25, 2011, please consult the Web site or call +44 (0)207 031 4064 in Europe or +1 954 334 0342 in the U.S. (code : 883 820).

This document does not constitute the annual financial report within the meaning of Article L.451-1-2 of the French monetary and financial code, which is included in the company’s Registration document available on the Group’s Web site at www.total.com or by request from the company’s headquarters.

This document may contain forward-looking statements, including within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL.
Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).
Business segment information is presented in accordance with the Group internal reporting system used by the chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.
The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and the replacement cost.
In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and, through June 30, 2010, excluding TOTAL’s equity share of adjustments related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

 

Operating information by segment

Fourth quarter and full year 2010

 
  • Upstream
      4Q10         2010
4Q10 3Q10 4Q09 vs Combined liquids and gas 2010 2009 vs
            4Q09   production by region (kboe/d)           2009
573 521 627 -9% Europe 580 613 -5%
764 765 780 -2% Africa 756 749 +1%
540 534 493 +10% Middle East 527 438 +20%
68 65 41 +66% North America 65 24 x3
179 179 167 +7% South America 179 182 -2%
241 253 242 - Asia-Pacific 248 251 -1%
22   23   27   -19%   CIS   23   24   -4%
2,387   2,340   2,377   -   Total production   2,378   2,281   +4%
477   455   393   +21%   Includes equity and non-consolidated affiliates   444   359   +24%
 
 
 
4Q10 2010
4Q10 3Q10 4Q09 vs Liquids production by region (kb/d) 2010 2009 vs
            4Q09               2009
265 251 306 -13% Europe 269 295 -9%
614 617 648 -5% Africa 616 632 -3%
310 313 304 +2% Middle East 308 307 -
30 29 30 - North America 30 20 +50%
83 72 68 +22% South America 76 80 -5%
22 30 31 -29% Asia-Pacific 28 33 -15%
13   13   17   -24%   CIS   13   14   -7%
1,337   1,325   1,404   -5%   Total production   1,340   1,381   -3%
318   304   276   +15%   Includes equity and non-consolidated affiliates   300   286   +5%
 
 
 
4Q10 2010
4Q10 3Q10 4Q09 vs Gas production by region (Mcf/d) 2010 2009 vs
            4Q09               2009
1,676 1,464 1,736 -3% Europe 1,690 1,734 -3%
739 758 681 +9% Africa 712 599 +19%
1,253 1,207 1,050 +19% Middle East 1,185 724 +64%
214 203 53 x4 North America 199 22 x9
533 593 546 -2% South America 569 564 +1%
1,226 1,249 1,196 +3% Asia-Pacific 1,237 1,228 +1%
51   55   58   -12%   CIS   56   52   +8%
5,692   5,529   5,320   +7%   Total production   5,648   4,923   +15%
857   820   635   +35%   Includes equity and non-consolidated affiliates   781   395   +98%
 
 
 
4Q10 2010
4Q10 3Q10 4Q09 vs Liquefied natural gas 2010 2009 vs
            4Q09               2009
3.12   3.39   2.35   +33%   LNG sales* (Mt)   12.32   8.83   +40%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; 2010 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2010 SEC coefficient.

  • Downstream
      4Q10         2010
4Q10 3Q10 4Q09 vs Refined products sales by region (kb/d)* 2010 2009 vs
            4Q09               2009
1,968 1,920 2,046 -4% Europe 1,929 2,053 -6%
295 286 295 - Africa 292 281 +4%
95 102 145 -34% Americas 115 165 -30%
165   161   158   +4%   Rest of world   159   142   +12%
2,523   2,469   2,644   -5%   Total consolidated sales   2,495   2,641   -6%
1,307   1,300   921   +42%   Trading   1,281   975   +31%
                             
3,830   3,769   3,565   +7%   Total refined product sales   3,776   3,616   +4%

* includes share of CEPSA and, starting October 2010, TotalERG.

Adjustment items

  • Adjustments to operating income from business segments
4Q10   3Q10   4Q09   in millions of euros   2010   2009
(1,305)   (15)   (411)   Special items affecting operating income from the business segments   (1,394)   (711)
-   -   -  
  • Restructuring charges
  -   -
(1,393) (15) (283)
  • Impairments
(1,416) (391)
88   -   (128)  
  • Other
  22   (320)
397   (104)   449   Pre-tax inventory effect : FIFO vs. replacement cost   993   2,205
                     
(908)   (119)   38   Total adjustments affecting operating income from the business segments   (401)   1,494
  • Adjustments to net income (Group share)
4Q10   3Q10   4Q09   in millions of euros   2010   2009
(809)   400   (264)   Special items affecting net income (Group share)   (384)   (570)
352   502   92  
  • Gain on asset sales
  1,046   179
(42) (1) (17)
  • Restructuring charges
(53) (129)
(1,058) (101) (260)
  • Impairments
(1,224) (333)
(61)   -   (79)  
  • Other
  (153)   (287)
-   -   (48)   Equity shares of adjustments related to Sanofi-Aventis*   (81)   (300)
283   (48)   296   After-tax inventory effect : FIFO vs. replacement cost   748   1,533
                     
(526)   352   (16)   Total adjustments to net income   283   663

* based on Total’s share in Sanofi-Aventis of 7.4% at 12/31/2009.

Effective July 1, 2010, Sanofi-Aventis is no longer treated as an equity affiliate. Total’s share in Sanofi-Aventis was 5.5% on December 31, 2010 and 5.7% on September 30, 2010.

         

Effective tax rates

 
4Q10   3Q10   4Q09   Effective tax rate*   2010   2009
58.9% 59.5% 57.6% Upstream 59.1% 58.3%
57.2%   56.3%   55.4%   Group   55.9%   55.0%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income).

             

Investments – Divestments

 
4Q10 2010
4Q10 3Q10 4Q09 vs in millions of euros 2010 2009 vs
            4Q09               2009
3,454 2,982 3,307 +4% Investments excluding acquisitions* 11,930 12,260 -3%
462 160 256 +80%
  • Capitalized exploration
1,042 865 +20%
(315)   151   159   na  
  • Net investments in equity affiliates and non-consolidated companies
  117   594   -80%
970   1,023   112   x9   Acquisitions   3,515   743   x5
4,424   4,005   3,419   +29%   Investments including acquisitions*   15,445   13,003   +19%
742   987   821   -10%   Asset sales   3,452   2,663   +30%
3,682   3,018   2,580   +43%   Net investments**   11,957   10,268   +16%
4Q10 3Q10 4Q09 4Q10 vs 4Q09 expressed in millions of dollars*** 2010 2009 2010 vs 2009
4,692 3,850 4,887 -4% Investments excluding acquisitions* 15,816 17,100 -8%
628 207 378 +66%
  • Capitalized exploration
1,381 1,207 +14%
(427) 195 235 na
  • Net investments in equity affiliates and non-consolidated companies
155 829 -81%
1,318 1,321 166 x8 Acquisitions 4,660 1,036 x4
6,009 5,170 5,053 +19% Investments including acquisitions* 20,475 18,137 +13%
1,008 1,274 1,213 -17% Asset sales 4,576 3,714 +23%
5,001 3,896 3,813 +31% Net investments** 15,851 14,322 +11%

* includes net investments in equity affiliates and non-consolidated companies.
** net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

     

Net-debt-to-equity ratio

 
in millions of euros   12/31/2010   9/30/2010   12/31/2009
Current borrowings 9,653 10,201 6,994
Net current financial assets (1,046) (1,351) (188)
Non-current financial debt 20,783 21,566 19,437
Hedging instruments of non-current debt (1,870) (1,760) (1,025)
Cash and cash equivalents   (14,489)   (18,247)   (11,662)
Net debt   13,031   10,409   13,556
             
Shareholders’ equity 60,414 57,583 52,552
Estimated dividend payable* (2,553) (1,273) (2,546)
Minority interests   857   838   987
Equity   58,718   57,148   50,993
             
Net-debt-to-equity ratio   22.2%   18.2%   26.6%

* based on a 2010 dividend equal to the dividend paid in 2009 (2.28 €/share), after deducting the interim dividend of 1.14 € per share approved by the Board of Directors on July 29, 2010.

 

2011 Sensitivities*

       
Impact on adjusted Impact on adjusted
Scenario Change operating net operating
            income(e)   income(e)
Dollar   1.30 $/€   +0.1 $ per €   -1.6 B€   -0.8 B€
Brent   80 $/b   +1 $/b   +0.27 B€ / 0.35 B$   +0.13 B€ / 0.17 B$
European refining margins ERMI   30 $/t   +1 $/t   +0.07 B€ / 0.09 B$   +0.05 B€ / 0.07 B$

* sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 75% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

  • Full year 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   8,597   1,168   857   10,622   10,748
Capital employed at 12/31/2009* 37,397 15,299 6,898 59,594 64,451
Capital employed at 12/31/2010*   43,972   15,561   7,312   66,845 70,866
ROACE   21.1%   7.6%   12.1%   16.8% 15.9%

* at replacement cost (excluding after-tax inventory effect).

  • Twelve months ended September 30, 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   8,245   953   759   9,957 10,272
Capital employed at 9/30/2009* 35,514 13,513 6,845 55,872 61,030
Capital employed at 9/30/2010*   41,629   15,379   7,232   64,240 68,242
ROACE   21.4%   6.6%   10.8%   16.6% 15.9%

* at replacement cost (excluding after-tax inventory effect).

  • Full year 2009
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   6,382   953   272   7,607 8,226
Capital employed at 12/31/2008* 32,681 13,623 7,417 53,721 59,764
Capital employed at 12/31/2009*   37,397   15,299   6,898   59,594 64,451
ROACE   18.2%   6.6%   3.8%   13.4% 13.2%

* at replacement cost (excluding after-tax inventory effect).

1 definition of adjusted results on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3583 $/€ for the 4th quarter 2010 ; 1.4779 $/€ for the 4th quarter 2009 ; 1.2910 $/€ for the 3rd quarter 2010 ; 1.3257 $/€ for the full year 2010 ; and 1.3948 $/€ for the full year 2009.

Net income (Group share) was 2,030 M€ in the fourth quarter 2010.

2 pending approval at the May 13, 2011, Annual Shareholders Meeting.

3 adjusted results (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 19 and the inventory valuation effect is shown on page 16.

4 including acquisitions.

5 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

6 special items affecting operating income from the business segments had a negative impact of 1,305 M€ in the 4th quarter 2010 and a negative impact of 411 M€ in the 4th quarter 2009.

7 defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

8 detail shown on page 19.

9 detail shown on page 20.

10 net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.

11 cash flow from operations at replacement cost before changes in working capital.

12 net cash flow = cash flow from operations + divestments – gross investments.

13 special items affecting operating income from the business segments had a negative impact of 1,394 M€ in 2010 and a negative impact of 711 M€ in 2009.

14 defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments and impairments of acquisition goodwill + tax on adjusted net operating income).

15 detail shown on page 19.

16 detail shown on page 20.

17 net investments = investments including acquisitions and net investments in equity affiliates and non-consolidated companies – asset sales + net financing for employees related to stock purchase plans.

18 cash flow from operations at replacement cost before changes in working capital.

19 net cash flow = cash flow from operations + divestments – gross investments.

20 detail shown on page 21.

21 impact of changing hydrocarbon prices on entitlement volumes.

22 change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period. The reserve replacement rate would be 95% in an environment with a constant 59.91 $/b oil price, excluding acquisitions and divestments.

23 limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 80 $/b Brent environment, including projects developed by mining.

24 proved and probable reserves plus contingent resources (potential average recoverable reserves from known accumulations - Society of Petroleum Engineers - 03/07).

25 FASB Accounting Standards Codification Topic 932, Extractive industries – Oil and Gas

26 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

27 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

28 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

29 the ex-dividend date for the remainder of the 2010 dividend would be May 23, 2011 ; for the ADR (NYSE :TOT) the ex-dividend date would be May 18, 2011.

         

Main indicators

 
Chart updated around the middle of the month following the end of each quarter

 

 
€/$ European refining Brent ($/b) Average liquids price*** ($/b) Average gas price ($/Mbtu)***
        margins ERMI* ($/t)**            
Fourth quarter 2010   1.36   32.3   86.5   83.7   5.62
Third quarter 2010   1.29   16.4   76.9   72.8   5.13
Second quarter 2010   1.27   31.2   78.2   74.8   4.82
First quarter 2010   1.38   29.5   76.4   74.2   5.06
Fourth quarter 2009   1.48   11.7   74.5   70.6   5.07
Third quarter 2009   1.43   12.0   68.1   65.1   4.89
Second quarter 2009   1.36   17.1   59.1   54.8   4.71
First quarter 2009   1.30   30.5   44.5   41.5   5.98
 

* European Refining Margin Indicator (ERMI) is an indicator intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region.   - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total’s particular refinery configurations, product mix effects or other company-specific operating conditions.
** 1 $/t = 0.136 $/b
*** consolidated subsidiaries, excluding fixed margin and buy-back contracts

 

Disclaimer : these data are based on Total’s reporting and are not audited. They are subject to change.

 
     
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
 
4(th) quarter 3(rd) quarter 4(th) quarter
(M€) ((a))   2010   2010   2009
Sales 40,157 40,180 36,228
Excise taxes (4,397) (4,952) (4,933)
Revenues from sales 35,760 35,228 31,295
Purchases, net of inventory variation (23,623) (23,918) (20,590)
Other operating expenses (4,749) (4,841) (4,684)
Exploration costs (197) (160) (237)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,160) (1,805) (1,927)
Other income 582 540 123
Other expense (513) (61) (202)
Financial interest on debt (126) (126) (111)
Financial income from marketable securities & cash equivalents 43 40 16
Cost of net debt (83) (86) (95)
Other financial income 118 111 177
Other financial expense (114) (103) (92)
Equity in income (loss) of affiliates 515 401 384
Income taxes   (2,455)   (2,426)   (2,045)
Consolidated net income   2,081   2,880   2,107
Group share 2,030 2,827 2,065
Minority interests   51   53   42
Earnings per share (€)   0.91   1.27   0.93
Fully-diluted earnings per share (€)   0.90   1.26   0.92
 
(a) Except for per share amounts.
 
   
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL  
(unaudited)
 
4(th) quarter 3(rd) quarter 4(th) quarter
(M€)   2010   2010   2009
Consolidated net income   2,081   2,880   2,107
Other comprehensive income
Currency translation adjustment 762 (3,527) 615
Available for sale financial assets (52) 4 (12)
Cash flow hedge 9 (38) 65
Share of other comprehensive income of associates, net amount 27 (200) 183
Other (1) (9) 1
 
Tax effect   (3)   13   (7)
Total other comprehensive income (net amount)   742   (3,757)   845
 
Comprehensive income   2,823   (877)   2,952
- Group share 2,757 (865) 2,865
- Minority interests 66 (12) 87
 
   
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
 
(M€) (a)   Year

2010

  Year

2009

Sales 159,269 131,327
Excise taxes (18,793) (19,174)
Revenues from sales 140,476 112,153
Purchases, net of inventory variation (93,171) (71,058)
Other operating expenses (19,135) (18,591)
Exploration costs (864) (698)
Depreciation, depletion and amortization of tangible assets and mineral interests (8,421) (6,682)
Other income 1,396 314
Other expense (900) (600)
Financial interest on debt (465) (530)
Financial income from marketable securities & cash equivalents 131 132
Cost of net debt (334) (398)
Other financial income 442 643
Other financial expense (407) (345)
Equity in income (loss) of affiliates 1,953 1,642
Income taxes   (10,228)   (7,751)
Consolidated net income   10,807   8,629
Group share 10,571 8,447
Minority interests   236   182
Earnings per share (€)   4.73   3.79
Fully-diluted earnings per share (€)   4.71   3.78
 
(a) Except for per share amounts.
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL  
(unaudited)
 
(M€)   Year

2010

  Year

2009

Consolidated net income   10,807   8,629
Other comprehensive income
Currency translation adjustment 2,231 (244)
Available for sale financial assets (100) 38
Cash flow hedge (80) 128
Share of other comprehensive income of associates, net amount 302 234
Other (7) (5)
 
Tax effect   28   (38)
Total other comprehensive income (net amount)   2,374   113
 
Comprehensive income   13,181   8,742
- Group share 12,936 8,500
- Minority interests 245 242
 
     
CONSOLIDATED BALANCE SHEET
TOTAL
 
 
December 31, September 30, December 31,
2010 2010 2009
(M€)       (unaudited)    
ASSETS
Non-current assets
Intangible assets, net 8,917 9,214 7,514
Property, plant and equipment, net 54,964 54,341 51,590
Equity affiliates : investments and loans 11,516 11,322 13,624
Other investments 4,590 4,825 1,162
Hedging instruments of non-current financial debt 1,870 1,760 1,025
Other non-current assets   3,655   3,210   3,081
Total non-current assets   85,512   84,672   77,996
Current assets
Inventories, net 15,600 14,171 13,867
Accounts receivable, net 18,159 17,435 15,719
Other current assets 7,483 8,332 8,198
Current financial assets 1,205 1,686 311
Cash and cash equivalents   14,489   18,247   11,662
Total current assets   56,936   59,871   49,757
Assets classified as held for sale   1,270   -   -
Total assets 143,718 144,543 127,753
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,874 5,872 5,871
Paid-in surplus and retained earnings 60,538 58,569 55,372
Currency translation adjustment (2,495) (3,286) (5,069)
Treasury shares   (3,503)   (3,572)   (3,622)
Total shareholders' equity - Group Share   60,414   57,583   52,552
Minority interests   857   838   987
Total shareholders' equity   61,271   58,421   53,539
Non-current liabilities
Deferred income taxes 9,947 9,757 8,948
Employee benefits 2,171 2,125 2,040
Provisions and other non-current liabilities   9,098   8,693   9,381
Total non-current liabilities   21,216   20,575   20,369
Non-current financial debt   20,783   21,566   19,437
Current liabilities
Accounts payable 18,450 16,191 15,383
Other creditors and accrued liabilities 11,989 17,254 11,908
Current borrowings 9,653 10,201 6,994
Other current financial liabilities   159   335   123
Total current liabilities   40,251   43,981   34,408
Liabilities directly associated with the assets classified as held for sale   197   -   -
Total liabilities and shareholders' equity 143,718 144,543 127,753
 
     
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
4(th) quarter 3(rd) quarter 4(th) quarter
(M€)   2010   2010   2009
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,081 2,880 2,107
Depreciation, depletion and amortization 3,338 1,912 2,061
Non-current liabilities, valuation allowances and deferred taxes 199 34 (82)
Impact of coverage of pension benefit plans (60) - -
(Gains) losses on disposals of assets (429) (445) (104)
Undistributed affiliates' equity earnings (133) (154) (148)
(Increase) decrease in working capital (1,658) 649 (1,968)
Other changes, net   49   28   23
Cash flow from operating activities 3,387 4,904 1,889
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,477) (2,913) (3,204)
Acquisitions of subsidiaries, net of cash acquired (6) (856) (4)
Investments in equity affiliates and other securities (256) (85) (52)
Increase in non-current loans   (287)   (238)   (264)
Total expenditures (5,026) (4,092) (3,524)
Proceeds from disposal of intangible assets and property, plant and equipment 538 873 19
Proceeds from disposal of subsidiaries, net of cash sold - (11) -
Proceeds from disposal of non-current investments 204 125 802
Repayment of non-current loans   602   87   123
Total divestments   1,344   1,074   944
Cash flow used in investing activities (3,682) (3,018) (2,580)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 27 3 22
- Treasury shares - - 19
- Minority shareholders - - -
Dividends paid:
- Parent company shareholders (2,550) - (2,545)
- Minority shareholders (62) (8) (59)
Other transactions with minority shareholders 21 - -
Net issuance (repayment) of non-current debt 57 1,690 1,285
Increase (decrease) in current borrowings (1,490) 383 (109)
Increase (decrease) in current financial assets and liabilities 474 (341) (54)
Cash flow used in financing activities   (3,523)   1,727   (1,441)
Net increase (decrease) in cash and cash equivalents (3,818) 3,613 (2,132)
Effect of exchange rates 60 (198) 19
Cash and cash equivalents at the beginning of the period   18,247   14,832   13,775
Cash and cash equivalents at the end of the period   14,489   18,247   11,662
 
   
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
Year Year
(M€)   2010   2009
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 10,807 8,629
Depreciation, depletion and amortization 9,117 7,107
Non-current liabilities, valuation allowances and deferred taxes 527 441
Impact of coverage of pension benefit plans (60) -
(Gains) losses on disposals of assets (1,046) (200)
Undistributed affiliates' equity earnings (470) (378)
(Increase) decrease in working capital (496) (3,316)
Other changes, net   114   77
Cash flow from operating activities 18,493 12,360
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (13,812) (11,849)
Acquisitions of subsidiaries, net of cash acquired (862) (160)
Investments in equity affiliates and other securities (654) (400)
Increase in non-current loans   (945)   (940)
Total expenditures (16,273) (13,349)
Proceeds from disposal of intangible assets and property, plant and equipment 1,534 138
Proceeds from disposal of subsidiaries, net of cash sold 310 -
Proceeds from disposal of non-current investments 1,608 2,525
Repayment of non-current loans   864   418
Total divestments   4,316   3,081
Cash flow used in investing activities (11,957) (10,268)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 41 41
- Treasury shares 49 22
- Minority shareholders - -
Dividends paid:
- Parent company shareholders (5,098) (5,086)
- Minority shareholders (152) (189)
Other transactions with minority shareholders (429) -
Net issuance (repayment) of non-current debt 3,789 5,522
Increase (decrease) in current borrowings (731) (3,124)
Increase (decrease) in current financial assets and liabilities (817) (54)
Cash flow used in financing activities   (3,348)   (2,868)
Net increase (decrease) in cash and cash equivalents 3,188 (776)
Effect of exchange rates (361) 117
Cash and cash equivalents at the beginning of the period   11,662   12,321
Cash and cash equivalents at the end of the period   14,489   11,662
 
       
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL          
(unaudited)                                    
Paid-in
Common shares issued surplus and Currency Treasury shares Shareholders' Total
  retained translation   equity Group Minority shareholders'
earnings adjustment Share interests equity
(M€)   Number   Amount           Number   Amount            
As of January 1, 2009   2,371,808,074   5,930   52,947   (4,876)   (143,082,095)   (5,009)   48,992   958   49,950
Net income 2009 - - 8,447 - - - 8,447 182 8,629
Other comprehensive Income - - 246 (193) - - 53 60 113
Comprehensive Income - - 8,693 (193) - - 8,500 242 8,742
Dividend - - (5,086) - - - (5,086) (189) (5,275)
Issuance of common shares 1,414,810 3 38 - - - 41 - 41
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (143) - 2,874,905 165 22 - 22
Share-based payments - - 106 - - - 106

-

106
Other operations with minority interests - - (23) - - - (23) (24) (47)
Share cancellation (24,800,000) (62) (1,160) - 24,800,000 1,222 - - -
Transactions with shareholders (23,385,190) (59) (6,268) - 27,674,905 1,387 (4,940) (213) (5,153)
As of December 31, 2009   2,348,422,884   5,871   55,372   (5,069)   (115,407,190)   (3,622)   52,552   987   53,539
Net income 2010 - - 10,571 - - - 10,571 236 10,807
Other comprehensive Income - - (216) 2,581 - - 2,365 9 2,374
Comprehensive Income - - 10,355 2,581 - - 12,936 245 13,181
Dividend - - (5,098) - - - (5,098) (152) (5,250)
Issuance of common shares 1,218,047 3 38 - - - 41 - 41
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (70) - 2,919,511 119 49 - 49
Share-based payments - - 140 - - - 140 - 140
Other operations with minority interests - - (199) (7) - - (206) (223) (429)
Share cancellation - - - - - - - - -
Transactions with shareholders 1,218,047 3 (5,189) (7) 2,919,511 119 (5,074) (375) (5,449)
As of December 31, 2010   2,349,640,931   5,874   60,538   (2,495)   (112,487,679)   (3,503)   60,414   857   61,271
 
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         

4th quarter 2010

Upstream Downstream Chemicals Corporate Intercompany Total

(M€)

                       
Non-Group sales 5,002 30,940 4,218 (3) - 40,157
Intersegment sales 5,861 1,069 231 55 (7,216) -
Excise taxes   -   (4,397)   -   -   -   (4,397)
Revenues from sales 10,863 27,612 4,449 52 (7,216) 35,760
Operating expenses (4,891) (26,577) (4,113) (204) 7,216 (28,569)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,465)   (1,544)   (140)   (11)   -   (3,160)
Operating income 4,507 (509) 196 (163) - 4,031
Equity in income (loss) of affiliates and other items 640 (115) 49 14 - 588
Tax on net operating income   (2,750)   240   (47)   77   -   (2,480)
Net operating income 2,397 (384) 198 (72) - 2,139
Net cost of net debt (58)
Minority interests                       (51)
Net income 2,030
                         

4th quarter 2010 (adjustments)(a)

Upstream Downstream Chemicals Corporate Intercompany Total

(M€)

                       
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses - 409 76 - 485
Depreciation, depletion and amortization of tangible assets and mineral interests   (188)   (1,192)   (13)   -       (1,393)

Operating income(b)

(188) (783) 63 - (908)

Equity in income (loss) of affiliates and other items(c)

244 (192) (32) 4 24
Tax on net operating income   41   325   (3)   (1)       362

Net operating income(b)

97 (650) 28 3 (522)
Net cost of net debt -
Minority interests                       (4)
Net income (526)

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

 

(b) Of which inventory valuation effect

On operating income - 299 98 -
On net operating income - 197 93 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - -
 

4th quarter 2010 (adjusted)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€) ((a))                        
Non-Group sales 5,002 30,940 4,218 (3) - 40,157
Intersegment sales 5,861 1,069 231 55 (7,216) -
Excise taxes   -   (4,397)   -   -   -   (4,397)
Revenues from sales 10,863 27,612 4,449 52 (7,216) 35,760
Operating expenses (4,891) (26,986) (4,189) (204) 7,216 (29,054)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,277)   (352)   (127)   (11)   -   (1,767)
Adjusted operating income 4,695 274 133 (163) - 4,939
Equity in income (loss) of affiliates and other items 396 77 81 10 - 564
Tax on net operating income   (2,791)   (85)   (44)   78   -   (2,842)
Adjusted net operating income 2,300 266 170 (75) - 2,661
Net cost of net debt (58)
Minority interests                       (47)
Ajusted net income                       2,556
Adjusted fully-diluted earnings per share (€)                       1.14
(a) Except for per share amounts.
                         

4th quarter 2010

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Total expenditures 3,942 757 292 35 5,026
Total divestments 771 433 23 117 1,344
Cash flow from operating activities   3,908   (955)   332   102       3,387
 
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         

3rd quarter 2010

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales 4,410 31,307 4,460 3 - 40,180
Intersegment sales 5,660 1,149 243 44 (7,096) -
Excise taxes   -   (4,952)   -   -   -   (4,952)
Revenues from sales 10,070 27,504 4,703 47 (7,096) 35,228
Operating expenses (4,562) (27,002) (4,308) (143) 7,096 (28,919)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,333)   (336)   (127)   (9)   -   (1,805)
Operating income 4,175 166 268 (105) - 4,504
Equity in income (loss) of affiliates and other items 595 101 43 149 - 888
Tax on net operating income   (2,386)   (27)   (82)   44   -   (2,451)
Net operating income 2,384 240 229 88 - 2,941
Net cost of net debt (61)
Minority interests                       (53)
Net income 2,827
                         

3rd quarter 2010 (adjustments) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses - (71) (33) - (104)

Depreciation, depletion and amortization of tangible assets and mineral interests

  (15)   -   -   -       (15)

Operating income (b)

(15) (71) (33) - (119)

Equity in income (loss) of affiliates and other items (c)

85 25 (6) 139 243
Tax on net operating income   191   22   12   (3)       222

Net operating income (b)

261 (24) (27) 136 346
Net cost of net debt -
Minority interests                       6
Net income 352
 

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

 

 

(b) Of which inventory valuation effect

On operating income - (71) (33) -
On net operating income - (24) (30) -
(c) Of which equity share of adjustments related to Sanofi-Aventis   -   -   -   -        

3rd quarter 2010 (adjusted)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€) ((a))                        
Non-Group sales 4,410 31,307 4,460 3 - 40,180
Intersegment sales 5,660 1,149 243 44 (7,096) -
Excise taxes   -   (4,952)   -   -   -   (4,952)
Revenues from sales 10,070 27,504 4,703 47 (7,096) 35,228
Operating expenses (4,562) (26,931) (4,275) (143) 7,096 (28,815)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,318)   (336)   (127)   (9)   -   (1,790)
Adjusted operating income 4,190 237 301 (105) - 4,623
Equity in income (loss) of affiliates and other items 510 76 49 10 - 645
Tax on net operating income   (2,577)   (49)   (94)   47   -   (2,673)
Adjusted net operating income 2,123 264 256 (48) - 2,595
Net cost of net debt (61)
Minority interests                       (59)
Ajusted net income                       2,475
Adjusted fully-diluted earnings per share (€)                       1.10

(a) Except for per share amounts.

                         

3rd quarter 2010

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Total expenditures 3,400 568 111 13 4,092
Total divestments 1,035 28 (10) 21 1,074
Cash flow from operating activities   2,831   900   215   958       4,904
 
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         

4th quarter 2009

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales 4,880 27,423 3,932 (7) - 36,228
Intersegment sales 4,460 1,217 218 41 (5,936) -
Excise taxes   -   (4,933)   -   -   -   (4,933)
Revenues from sales 9,340 23,707 4,150 34 (5,936) 31,295
Operating expenses (4,299) (23,046) (3,912) (190) 5,936 (25,511)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,154)   (622)   (141)   (10)   -   (1,927)
Operating income 3,887 39 97 (166) - 3,857
Equity in income (loss) of affiliates and other items 155 (4) 44 195 - 390
Tax on net operating income   (2,188)   (1)   (20)   129   -   (2,080)
Net operating income 1,854 34 121 158 - 2,167
Net cost of net debt (60)
Minority interests                       (42)
Net income 2,065
                         

4th quarter 2009 (adjustments) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses (17) 313 25 - 321
Depreciation, depletion and amortization of tangible assets and mineral interests   (4)   (285)   6   -       (283)

Operating income (b)

(21) 28 31 - 38

Equity in income (loss) of affiliates and other items (c)

(90) (22) 23 46 (43)
Tax on net operating income   17   (23)   (5)   (2)       (13)

Net operating income (b)

(94) (17) 49 44 (18)
Net cost of net debt -
Minority interests                       2
Net income (16)
 

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

 

(b) Of which inventory valuation effect

On operating income - 388 61 -
On net operating income - 259 38 -
(c) Of which equity share of adjustments related to Sanofi-Aventis   -   -   -   (48)        

4th quarter 2009 (adjusted)

Upstream Downstream Chemicals Corporate Intercompany Total

(M€) (a)

                       
Non-Group sales 4,880 27,423 3,932 (7) - 36,228
Intersegment sales 4,460 1,217 218 41 (5,936) -
Excise taxes   -   (4,933)   -   -   -   (4,933)
Revenues from sales 9,340 23,707 4,150 34 (5,936) 31,295
Operating expenses (4,282) (23,359) (3,937) (190) 5,936 (25,832)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,150)   (337)   (147)   (10)   -   (1,644)
Adjusted operating income 3,908 11 66 (166) - 3,819
Equity in income (loss) of affiliates and other items 245 18 21 149 - 433
Tax on net operating income   (2,205)   22   (15)   131   -   (2,067)
Adjusted net operating income 1,948 51 72 114 - 2,185
Net cost of net debt (60)
Minority interests                       (44)
Ajusted net income                       2,081
Adjusted fully-diluted earnings per share (€)                       0.93
(a) Except for per share amounts.
                         

4th quarter 2009

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Total expenditures 2,429 844 225 26 3,524
Total divestments 77 48 20 799 944
Cash flow from operating activities   2,825   (1,400)   324   140       1,889
 
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         
Year 2010 Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales 18,527 123,245 17,490 7 - 159,269
Intersegment sales 22,540 4,693 981 186 (28,400) -
Excise taxes   -   (18,793)   -   -   -   (18,793)
Revenues from sales 41,067 109,145 18,471 193 (28,400) 140,476
Operating expenses (18,271) (105,660) (16,974) (665) 28,400 (113,170)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,346)   (2,503)   (533)   (39)   -   (8,421)
Operating income 17,450 982 964 (511) - 18,885
Equity in income (loss) of affiliates and other items 1,533 141 215 595 - 2,484
Tax on net operating income   (10,131)   (201)   (267)   263   -   (10,336)
Net operating income 8,852 922 912 347 - 11,033
Net cost of net debt (226)
Minority interests                       (236)
Net income 10,571
                         

Year 2010 (adjustments) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses - 923 92 - 1,015
Depreciation, depletion and amortization of tangible assets and mineral interests   (203)   (1,192)   (21)   -       (1,416)

Operating income (b)

(203) (269) 71 - (401)

Equity in income (loss) of affiliates and other items (c)

183 (126) (16) 227 268
Tax on net operating income   275   149   -   (6)       418

Net operating income (b)

255 (246) 55 221 285
Net cost of net debt -
Minority interests                       (2)
Net income 283
 

(a) Adjustments include special items, inventory valuation effect and, until June 30, 2010, equity share of adjustments related to Sanofi-Aventis.

 

(b) Of which inventory valuation effect

On operating income - 863 130 -
On net operating income - 640 113 -
(c) Of which equity share of adjustments related to Sanofi-Aventis   -   -   -   (81)        
Year 2010 (adjusted) Upstream Downstream Chemicals Corporate Intercompany Total
(M€) ((a))                        
Non-Group sales 18,527 123,245 17,490 7 - 159,269
Intersegment sales 22,540 4,693 981 186 (28,400) -
Excise taxes   -   (18,793)   -   -   -   (18,793)
Revenues from sales 41,067 109,145 18,471 193 (28,400) 140,476
Operating expenses (18,271) (106,583) (17,066) (665) 28,400 (114,185)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,143)   (1,311)   (512)   (39)   -   (7,005)
Adjusted operating income 17,653 1,251 893 (511) - 19,286
Equity in income (loss) of affiliates and other items 1,350 267 231 368 - 2,216
Tax on net operating income   (10,406)   (350)   (267)   269   -   (10,754)
Adjusted net operating income 8,597 1,168 857 126 - 10,748
Net cost of net debt (226)
Minority interests                       (234)
Ajusted net income                       10,288
Adjusted fully-diluted earnings per share (€)                       4.58
(a) Except for per share amounts.
                         
Year 2010 Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Total expenditures 13,208 2,343 641 81 16,273
Total divestments 2,067 499 347 1,403 4,316
Cash flow from operating activities   15,573   1,441   934   545       18,493
 
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
Year 2009 Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales 16,072 100,518 14,726 11 - 131,327
Intersegment sales 15,958 3,786 735 156 (20,635) -
Excise taxes   -   (19,174)   -   -   -   (19,174)
Revenues from sales 32,030 85,130 15,461 167 (20,635) 112,153
Operating expenses (14,752) (81,281) (14,293) (656) 20,635 (90,347)
Depreciation, depletion and amortization of tangible assets and mineral interests   (4,420)   (1,612)   (615)   (35)   -   (6,682)
Operating income 12,858 2,237 553 (524) - 15,124
Equity in income (loss) of affiliates and other items 846 169 (58) 697 - 1,654
Tax on net operating income   (7,486)   (633)   (92)   326   -   (7,885)
Net operating income 6,218 1,773 403 499 - 8,893
Net cost of net debt (264)
Minority interests                       (182)
Net income 8,447
                         

Year 2009 (adjustments) (a)

Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses (17) 1,558 344 - 1,885
Depreciation, depletion and amortization of tangible assets and mineral interests   (4)   (347)   (40)   -       (391)

Operating income (b)

(21) 1,211 304 - 1,494

Equity in income (loss) of affiliates and other items (c)

(160) 22 (123) (117) (378)
Tax on net operating income   17   (413)   (50)   (3)       (449)

Net operating income (b)

(164) 820 131 (120) 667
Net cost of net debt -
Minority interests                       (4)
Net income 663
 

(a) Adjustments include special items, inventory valuation effect and equity share of adjustments related to Sanofi-Aventis.

 

 

(b) Of which inventory valuation effect

On operating income - 1,816 389 -
On net operating income - 1,285 254 -
(c) Of which equity share of adjustments related to Sanofi-Aventis   -   -   -   (300)        
Year 2009 (adjusted) Upstream Downstream Chemicals Corporate Intercompany Total

(M€) (a)

                       
Non-Group sales 16,072 100,518 14,726 11 - 131,327
Intersegment sales 15,958 3,786 735 156 (20,635) -
Excise taxes   -   (19,174)   -   -   -   (19,174)
Revenues from sales 32,030 85,130 15,461 167 (20,635) 112,153
Operating expenses (14,735) (82,839) (14,637) (656) 20,635 (92,232)
Depreciation, depletion and amortization of tangible assets and mineral interests   (4,416)   (1,265)   (575)   (35)   -   (6,291)
Adjusted operating income 12,879 1,026 249 (524) - 13,630
Equity in income (loss) of affiliates and other items 1,006 147 65 814 - 2,032
Tax on net operating income   (7,503)   (220)   (42)   329   -   (7,436)
Adjusted net operating income 6,382 953 272 619 - 8,226
Net cost of net debt (264)
Minority interests                       (178)
Ajusted net income                       7,784
Adjusted fully-diluted earnings per share (€)                       3.48

(a) Except for per share amounts.

                         
Year 2009 Upstream Downstream Chemicals Corporate Intercompany Total
(M€)                        
Total expenditures 9,855 2,771 631 92 13,349
Total divestments 398 133 47 2,503 3,081
Cash flow from operating activities   10,200   1,164   1,082   (86)       12,360
 
   
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL  
(unaudited)
 

4th quarter 2010

Adjusted Adjustments Consolidated
(M€)           statement of income
Sales 40,157 - 40,157
Excise taxes (4,397) - (4,397)
Revenues from sales 35,760 - 35,760
Purchases net of inventory variation (24,142) 519 (23,623)
Other operating expenses (4,715) (34) (4,749)
Exploration costs (197) - (197)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,767) (1,393) (3,160)
Other income 221 361 582
Other expense (138) (375) (513)
Financial interest on debt (126) - (126)
Financial income from marketable securities & cash equivalents 43 - 43
Cost of net debt (83) - (83)
Other financial income 118 - 118
Other financial expense (114) - (114)
Equity in income (loss) of affiliates 477 38 515
Income taxes   (2,817)   362   (2,455)
Consolidated net income 2,603 (522) 2,081
Group share 2,556 (526) 2,030
Minority interests 47 4 51
 
 

4th quarter 2009

Adjusted Adjustments Consolidated
(M€)           statement of income
Sales 36,228 - 36,228
Excise taxes (4,933) - (4,933)
Revenues from sales 31,295 - 31,295
Purchases net of inventory variation (21,039) 449 (20,590)
Other operating expenses (4,556) (128) (4,684)
Exploration costs (237) - (237)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,644) (283) (1,927)
Other income 29 94 123
Other expense (148) (54) (202)
Financial interest on debt (111) - (111)
Financial income from marketable securities & cash equivalents 16 - 16
Cost of net debt (95) - (95)
Other financial income 177 - 177
Other financial expense (92) - (92)
Equity in income (loss) of affiliates 467 (83) 384
Income taxes   (2,032)   (13)   (2,045)
Consolidated net income 2,125 (18) 2,107
Group share 2,081 (16) 2,065
Minority interests 44 (2) 42
 
   
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL  
(unaudited)
 
Year 2010 Adjusted Adjustments Consolidated
(M€)           statement of income
Sales 159,269 - 159,269
Excise taxes (18,793) - (18,793)
Revenues from sales 140,476 - 140,476
Purchases net of inventory variation (94,286) 1,115 (93,171)
Other operating expenses (19,035) (100) (19,135)
Exploration costs (864) - (864)
Depreciation, depletion and amortization of tangible assets and mineral interests (7,005) (1,416) (8,421)
Other income 524 872 1,396
Other expense (346) (554) (900)
Financial interest on debt (465) - (465)
Financial income from marketable securities & cash equivalents 131 - 131
Cost of net debt (334) - (334)
Other financial income 442 - 442
Other financial expense (407) - (407)
Equity in income (loss) of affiliates 2,003 (50) 1,953
Income taxes   (10,646)   418   (10,228)
Consolidated net income 10,522 285 10,807
Group share 10,288 283 10,571
Minority interests 234 2 236
 
 
Year 2009 Adjusted Adjustments Consolidated
(M€)           statement of income
Sales 131,327 - 131,327
Excise taxes (19,174) - (19,174)
Revenues from sales 112,153 - 112,153
Purchases net of inventory variation (73,263) 2,205 (71,058)
Other operating expenses (18,271) (320) (18,591)
Exploration costs (698) - (698)
Depreciation, depletion and amortization of tangible assets and mineral interests (6,291) (391) (6,682)
Other income 131 183 314
Other expense (315) (285) (600)
Financial interest on debt (530) - (530)
Financial income from marketable securities & cash equivalents 132 - 132
Cost of net debt (398) - (398)
Other financial income 643 - 643
Other financial expense (345) - (345)
Equity in income (loss) of affiliates 1,918 (276) 1,642
Income taxes   (7,302)   (449)   (7,751)
Consolidated net income 7,962 667 8,629
Group share 7,784 663 8,447
Minority interests 178 4 182
 

TOTAL
2, place Jean Millier2, place Jean Millier
La Défense 6La Défense 6
92 400 Courbevoie - France92 400 Courbevoie - France
Tel. : 33 (1) 47 44 58 53Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24 Fax : 33 (1) 47 44 58 24

Bertrand DE LA NOUE
Sandrine SABOUREAUSandrine SABOUREAU
Laurent KETTENMEYERLaurent KETTENMEYER
Matthieu GOT Matthieu GOT

Robert Hammond (U.S.)
Tel: (1) 713-483-5070Tel: (1) 713-483-5070
Fax: (1) 713-483-5629 Fax: (1) 713-483-5629

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