Half-yearly Report

TOTAL S.A. Second quarter and first half 2007 results Main results -- Second quarter 2007 adjusted net income1-2 3.10 billion euros -8% 4.18 billion dollars3 -1% 1.36 euros per share -6% 1.83 dollars per share +1% -- First half 2007 adjusted net income4 6.09 billion euros -10% 8.10 billion dollars -2% -- First half 2007 net income4 6.46 billion euros -9% Highlights since the start of the second quarter 2007 -- Production growth of 1.4% to 2,322 kboe/d2 in the second quarter 2007 -- Contribution of Dalia added +74 kboe/d -- Impact of OPEC reductions for -25 kboe/d and accident at Nkossa for -22 kboe/d -- North Sea maintenance comparable to second quarter 2006 -- Successful start-ups of Rosa in Angola and Dolphin in Qatar -- Launched the Ofon II development in Nigeria -- Started construction of a desulphurization unit at Lindsey refinery (UK) -- Signed agreement to convert Sincor to 'mixed company' in Venezuela -- Entered into an agreement with Gazprom to study development of Phase 1 of the giant Shtokman field in Russia -- Joint venture with Sonatrach to build a new petrochemicals complex in Algeria that will include an ethane cracker -- Further strengthened gas portfolio in Nigeria with entry into offshore OML 136 permit -- Continued exploration success -- Major discoveries on Moho Bilondo in Congo and on Block 32 in Angola -- Addition of 32 exploration blocks in Alaska and acquisition in Angola of 30% interest in Block 17/06 and 15% in Block 15/06 1 adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total's share of amortization of intangibles related to the Sanofi-Aventis merger. Second quarter 2007 net income (Group share) was 3,411 million euros. 2 percent changes are relative to the second quarter 2006. 3 dollar amounts represent euro amounts converted at the average exchange rate for the period (1.3481 $/EUR in the second quarter 2007, 1.2582 $/EUR in the second quarter 2006, 1.3106 $/EUR in the first quarter 2007, 1.3291 $/EUR in the first half 2007 and 1.2296 $/EUR in the first half 2006). 4 percent changes are relative to the first half 2006 Total's second quarter 2007 adjusted net income was 3,100 million euros (MEUR ), or 4,179 million dollars (M$), a decrease of 8% and 1% respectively compared to the second quarter 2006. Commenting on the results, CEO Christophe de Margerie said : Â« In the second quarter 2007, oil prices rebounded to high levels approaching those that we saw in 2006. However, natural gas prices fell to lower levels in some markets, particularly in the UK spot market. Refining margins in Europe were stronger, notably as a result of numerous refinery shutdowns for maintenance during the quarter. The market environment for petrochemicals in Europe remained favorable. In this context, although cost inflation continued to weigh on the oil majors as a group, Total achieved a new record high by earning an adjusted 1.83 dollars per share in the second quarter. In the Upstream, the benefit of production growth from the ramp-up on the Dalia field in Angola was partially offset by an accident in May that shut down the Nkossa platform in Congo. In the Downstream, the benefit of ongoing self-help has been affected by heavy maintenance activity. Overall, the profitability of the business segments was 28%, at the level of the best among the majors. In recent weeks, the Group has started new production in Angola on the Rosa field and in Qatar on Dolphin, the first major gas export project to supply countries in the Persian Gulf. These successes further demonstrate Total's ability to effectively manage the development of major projects. Total also signed a series of important agreements with national oil companies : in Venezuela with PDVSA to transform the Sincor association into a mixed company; in Russia with Gazprom to launch studies for the development of the Shtokman field, one of the largest gas fields in the world; and in Algeria with Sonatrach for the construction of a world-class petrochemicals complex. Total is continuing to strengthen its unique portfolio by further diversifying and strategically positioning itself in important growth areas. Â» -- Key figures and consolidated accounts of Total1 -0- *T in millions of euros, 1H07 2Q07 1Q07 2Q06 2Q07 vs except earnings 1H07 1H06 vs 2Q06 per share and 1H06 number of shares ------- ------- ------- -------- --------------- ------- ------- ----- 39,094 37,043 40,909 -4% Sales 76,137 79,012 -4% ------- ------- ------- -------- --------------- ------- ------- ----- Adjusted operating income from business 5,756 5,729 6,672 -14% segments 11,485 13,360 -14% ------- ------- ------- -------- --------------- ------- ------- ----- Adjusted net operating income from business 3,081 2,948 3,369 -9% segments 6,029 6,609 -9% ------- ------- ------- -------- --------------- ------- ------- ----- 2,092 1,961 2,391 -13% = Upstream 4,053 4,791 -15% 755 708 787 -4% = Downstream 1,463 1,437 +2% 234 279 191 +23% = Chemicals 513 381 +35% ------- ------- ------- -------- --------------- ------- ------- ----- Adjusted net 3,100 2,992 3,361 -8% income 6,092 6,737 -10% ------- ------- ------- -------- --------------- ------- ------- ----- Adjusted fully- diluted earnings per 1.36 1.31 1.45 -6% share (euros) 2.67 2.89 -8% ------- ------- ------- -------- --------------- ------- ------- ----- Fully-diluted weighted- average shares 2,278.4 2,280.9 2,323.0 -2% (millions) 2,279.7 2,329.4 -2% ------- ------- ------- -------- --------------- ------- ------- ----- Net Income 3,411 3,049 3,441 -1% (Group share) 6,460 7,124 -9% 2,690 2,414 2,779 -3% Investments 5,104 5,529 -8% Divestments (at 222 244 624 -64% selling price) 466 1,021 -54% Cash flow from 3,589 6,388 4,046 -11% operations 9,977 8,885 +12% Adjusted cash flow from 4,563 4,116 4,678 -2% operations 8,679 8,965 -3% *T 1 adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total's equity share of amortization of intangibles related to the Sanofi-Aventis merger; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are listed on page 14. -- Second quarter 2007 results Operating income In the second quarter 2007, the average Brent price was 68.8 $/b, a decrease of 1% compared to the second quarter 2006 and an increase of 19% compared to the first quarter 2007. The UK spot price for gas decreased by 41% compared to the second quarter 2006 and 9% compared to the first quarter 2007. The European refining margin indicator (TRCV) averaged 42.8 $/t in the second quarter 2007, representing an increase of 12% compared to the second quarter 2006 and 30% compared to the first quarter 2007, and reflecting an environment that was marked by numerous shutdowns and sustained demand. Petrochemical margins in Europe were higher compared to the second quarter 2006 but lower compared to the high levels reached in the first quarter 2007, essentially due to higher raw material costs. The euro/dollar exchange rate was 1.35 $/EUR in the second quarter 2007, compared to 1.26 $/EUR in the second quarter 2006 and 1.31 $/EUR in the first quarter 2007. In this context, adjusted operating income from the business segments was 5,756 MEUR , a decrease of 14% compared to the second quarter 20061, or -8% expressed in dollars. Adjusted net operating income from the business segments was 3,081 MEUR compared to 3,369 MEUR in the second quarter 2006, a decrease of 9%. The lower percentage decrease relative to the decrease in adjusted operating income is mainly due to the higher proportion of the lower-taxed Downstream and Chemicals segments in the results and, in the Upstream segment, the larger contribution of equity affiliates. Expressed in dollars, adjusted net operating income from the business segments decreased by 2%. Net income Adjusted net income decreased by 8% to 3,100 MEUR from 3,361 MEUR in the second quarter 2006. This excludes the after-tax inventory effect, special items, and the Group's equity share of the amortization of intangibles related to the Sanofi-Aventis merger. The after-tax inventory effect had a positive impact on net income of 483 MEUR in the second quarter 2007 and of 276 MEUR in the second quarter 2006. Special items affecting net income in the second quarter of 2007 had a negative impact of 100 MEUR and were comprised of an additional risk provision. In the second quarter 2006, special items affecting net income had a negative impact of 110 MEUR and were composed mainly of exceptional charges in Chemicals and the equity share of special items recorded by Sanofi-Aventis. The Group's share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 72 MEUR in the second quarter 2007 and 86 MEUR in the second quarter 2006. Reported net income was 3,411 MEUR compared to 3,441 MEUR in the second quarter 2006. The effective tax rate2 for the Group decreased to 54% in the second quarter 2007 from 55% in the second quarter 2006, reflecting mainly the higher proportion of Downstream and Chemicals in the results. The effective tax rate was 54% in the first quarter 2007. In the second quarter 2007, the Group bought back 8 million of its shares for 449 MEUR . Adjusted fully-diluted earnings per share, based on 2,278.4 million fully-diluted weighted-average shares was 1.36 euros compared to 1.45 euros in the second quarter 2006, representing a decrease of 6%, which is a smaller decrease than shown for adjusted net income due to the accretive effect of the share buybacks. Adjusted fully-diluted earnings per share expressed in dollars rose to 1.83 in the second quarter 2007, an increase of 1% over the same quarter last year. Investments - divestments Investments were 2,690 MEUR compared to 2,779 MEUR in the second quarter 2006. Second quarter 2007 investments included 56 MEUR of acquisitions mainly for new exploration acreage and permits in Nigeria, Canada, and Alaska. Divestments in the second quarter 2007 were 222 MEUR . Expressed in dollars, investments in the second quarter 2007 increased by 4% to 3.6 billion. Net investments were 3.3 billion dollars (B$) compared to 2.7 B$ in the second quarter 2006. Cash flow Cash flow from operations was 3,589 MEUR , a decrease of 11% compared to the second quarter 2006. Adjusted cash flow from operations (cash flow from operations before changes in working capital at replacement cost) decreased by 2% to 4,563 MEUR . Net cash flow3 was 1,121 MEUR compared to 1,891 MEUR in the second quarter 2006. 1 there were no special items affecting operating income from the business segments in the second quarter 2007; in the second quarter 2006, special items were composed of a 50 MEUR charge in Chemicals. 2 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). 3 net cash flow = cash flow from operations + divestments - investments -- First half 2007 results Operating income Compared to the first half 2006, the oil market environment in the first half 2007 was marked by a 4% decrease in the Brent price to 63.2 $/b and a 60% decrease in the spot price for UK natural gas. The TRCV European refining margin indicator increased by 18% to 37.9 $/t. The market environment for petrochemicals was favorable in Europe despite the higher cost of raw materials. The euro/dollar exchange rate was 1.33 $/EUR compared to 1.23 $/EUR in the first half 2006. In this context, adjusted operating income from the business segments was 11,485 MEUR , a decrease of 14% compared to the first half 2006. There were no special items affecting operating income in the first half 2007. Special items had a negative impact on operating income of 55 MEUR 1 in the first half 2006. Adjusted net operating income from the business segments was 6,029 MEUR compared to 6,609 MEUR in the first half 2006, a decrease of 9%. The lower percentage decrease relative to the decrease in operating income is mainly due to the higher proportion of the lower-taxed Downstream and Chemicals segments in the results and, in the Upstream segment, the larger contribution of equity affiliates. Expressed in dollars, adjusted net operating income from the business segments decreased by 1%. Net income Adjusted net income decreased by 10% to 6,092 MEUR from 6,737 MEUR in the first half 2006. This excludes the after-tax inventory effect, special items, and the Group's equity share of the amortization of intangibles related to the Sanofi-Aventis merger. The after-tax inventory effect had a positive impact on net income of 616 MEUR in the first half 2007 and of 556 MEUR in the first half 2006. Special items affecting net income had a negative impact of 100 MEUR 9 in the first half 2007 and no impact in the first half 2006. The Group's share of the amortization of intangibles related to the Sanofi-Aventis merger had a negative impact on net income of 148 MEUR in the first half 2007 and 169 MEUR in the first half 2006. Reported net income was 6,460 MEUR compared to 7,124 MEUR in the first half 2006. The effective tax rate for the Group was 54% in the first half 2007 compared to 55% in the first half 2006. In the first half 2007, the Group bought back 14 million of its shares for 755 MEUR . The number of fully-diluted shares at June 30, 2007 was 2,278.6 million compared to 2,312.9 million at June 30, 2006. In July 2007 the Group bought back 3.09 million2 of its shares for 190 MEUR . Adjusted fully-diluted earnings per share, based on 2,279.7 million fully-diluted weighted-average shares was 2.67 euros compared to 2.89 euros in the first half 2006, a decrease of 8%, which is a smaller decrease than shown for adjusted net income due to the accretive effect of the share buybacks. Expressed in dollars, adjusted fully-diluted earnings per share was 3.55, essentially unchanged from the level of the first half 2006. Investments - divestments Investments were 5,104 MEUR compared to 5,529 MEUR in the first half 2006. First half 2007 investments included 67 MEUR of acquisitions mainly for new exploration acreage and permits in Nigeria, Canada, and Alaska. Divestments in the first half 2007 were 466 MEUR compared to 1,021 MEUR in the first half 2006, which included the sale of Canyon Express and the Aconcagua field in the Gulf of Mexico, certain Upstream assets in Norway, and targeted disposals in the Downstream and Specialty Chemicals. Expressed in dollars, first half 2007 investments were stable at approximately 6.8 billion. Net investments were 6.2 B$ compared to 5.5 B$ in the first half 2006. Cash flow Cash flow from operations was 9,977 MEUR , an increase of 12% compared to the first half 2006. Adjusted cash flow from operations (cash flow from operations before changes in working capital at replacement cost) decreased by 3% to 8,679 MEUR . Net cash flow was 5,339 MEUR compared to 4,377 MEUR in the first half 2006. The net-debt-to-equity ratio was 26% at June 30, 2007 compared to 23% at March 31, 2007 and 30% at June 30, 20063, in line with the target range of the Group. 1 calculations shown on page 14 2 includes 2.39 million shares purchased to cover the program of restricted share grants for employees approved by the Board of Directors on July 17, 2007 3 calculations shown on page 15 -- Analysis of business segment results Upstream -- Environment - liquids and gas price realizations* -0- *T 2Q07 1H07 2Q07 1Q07 2Q06 vs 1H07 1H06 vs 2Q06 1H06 -------- ------- ------- -------- --------------------- ---- ---- ---- 68.8 57.8 69.6 -1% Brent ($/b) 63.2 65.7 -4% -------- ------- ------- -------- --------------------- ---- ---- ---- Average liquids price 65.7 55.0 66.2 -1% ($/b) 60.2 62.4 -4% -------- ------- ------- -------- --------------------- ---- ---- ---- Average gas price 4.94 5.69 5.75 -14% ($/Mbtu) 5.32 5.96 -11% -------- ------- ------- -------- --------------------- ---- ---- ---- *T * consolidated subsidiaries, excluding fixed margin and buy-back contracts Total's average realized price for liquids moved in line with the change in the Brent price for the second quarter and first half 2007 compared to the same periods in 2006. Total's average realized gas price decreased in the second quarter and first half 2007 compared to the same periods in 2006 mainly due to a sharp decline in the spot price for natural gas in the UK. -- Production -0- *T 2Q07 1H07 2Q07 1Q07 2Q06 vs Hydrocarbon production 1H07 1H06 vs 2Q06 1H06 ----- -------- ------- ------ ----------------------- ----- ----- ---- Combined production 2,322 2,431 2,290 +1% (kboe/d) 2,376 2,364 +1% ----- -------- ------- ------ ----------------------- ----- ----- ---- 1,475 1,551 1,466 +1% = Liquids (kb/d) 1,513 1,513 - 4,599 4,781 4,501 +2% = Gas (Mcf/d) 4,689 4,647 +1% ----- -------- ------- ------ ----------------------- ----- ----- ---- *T Hydrocarbon production was 2,322 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2007 compared to 2,290 kboe/d in the second quarter 2006, or an increase of 1.4% that was mainly due to the following : -- +5% due to the ramp up of new fields partially offset by normal declines and production shutdowns, -- -1.5% due to an accident on the Nkossa platform in Congo and shutdowns in Nigerian delta because of security issues, -- -1% due to OPEC reductions, -- -1% due to changes in the portfolio. Excluding changes to the portfolio and OPEC reductions, the underlying production growth was about 3.5% between the second quarter 2006 and second quarter 2007. First half 2007 hydrocarbon production was 2,376 kboe/d compared to 2,364 kboe/d in the first half 2006, representing an increase of 0.5% that was mainly due to the following : -- +4% due to the ramp up of new fields partially offset by normal declines and production shutdowns, -- -1% due to an accident on the Nkossa platform in Congo and shutdowns in Nigerian delta because of security issues, -- -1.5% due to OPEC reductions, -- -1% due to changes in the portfolio. Excluding changes to the portfolio and OPEC reductions, the underlying production growth was close to 3% between the first half 2006 and first half 2007. Results -0- *T 2Q07 1H07 2Q07 1Q07 2Q06 vs in millions of euros 1H07 1H06 vs 2Q06 1H06 ----- ------- ------ ------- ----------------------- ----- ------ ---- Adjusted operating 4,440 4,375 5,376 -17% income* 8,815 10,977 -20% ----- ------- ------ ------- ----------------------- ----- ------ ---- Adjusted net operating 2,092 1,961 2,391 -13% income* 4,053 4,791 -15% = Includes income from 202 175 155 +30% equity affiliates 377 298 +27% ----- ------- ------ ------- ----------------------- ----- ------ ---- 2,109 1,989 2,209 -5% Investments 4,098 4,290 -4% Divestments at selling 191 173 502 -62% price 364 855 -57% 3,312 4,335 3,371 -2% Cash flow 7,647 7,202 +6% 3,011 2,966 3,414 -12% Adjusted cash flow 5,977 6,680 -11% *T * detail of adjustment items shown in business segment information Adjusted net operating income for the Upstream segment was 2,092 MEUR in the second quarter 2007 compared to 2,391 MEUR in the second quarter 2006, a decrease of 13%. Expressed in dollars, adjusted net operating income decreased by 6%, reflecting mainly the lower average gas price realization and higher costs, including the effect of increasing the exploration program. These effects were partially offset by a higher contribution from equity affiliates, mainly due to the ramp up of Nigeria LNG trains 4 and 5. The average tax rate for the Upstream segment was stable at 60% between the second quarter 2006 and second quarter 2007. Higher tax rates in the UK and Venezuela were mostly offset by the favorable mix effect from increasing the contribution from the Dalia field. Adjusted net operating income for the Upstream segment decreased by 15% to 4,053 MEUR in the first half 2007 from 4,791 MEUR in the first half 2006. Expressed in dollars, the 0.5 B$ decrease in adjusted net operating income for the Upstream segment was mainly due to the following : -- +0.35 B$ due to the impact of growth and other elements, -- -0.4 B$ due to lower hydrocarbon prices, -- -0.25 B$ due to increased exploration, -- -0.2 B$ due to higher costs. The return on average capital employed (ROACE1) for the Upstream segment was 33% for the twelve months ended June 30, 2007 compared to 34% for the twelve months ended March 31, 2007 and 35% for the full year 2006. 1 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16 Downstream Refinery throughput and utilization rates -0- *T 2Q07 1H07 2Q07 1Q07 2Q06 vs 1H07 1H06 vs 2Q06 1H06 ------- -------- ------- ------- -------------------- ----- ----- ---- Total refinery 2,354 2,421 2,432 -3% throughput (kb/d) * 2,386 2,429 -2% ------- -------- ------- ------- -------------------- ----- ----- ---- 936 988 888 +5% = France 961 894 +7% 1,112 1,167 1,214 -8% = Rest of Europe* 1,139 1,216 -6% 306 266 330 -7% = Rest of world 286 319 -10% ------- -------- ------- ------- -------------------- ----- ----- ---- Utilization rates = Based on crude 85% 87% 86% only 86% 86% = Based on crude and 87% 90% 90% other feedstock 88% 90% ------- -------- ------- ------- -------------------- ----- ----- ---- *T * includes share of Cepsa The lower refinery throughput and utilization rates were mainly due to heavy maintenance activity in the second quarter 2007, which included five of the eleven turnarounds scheduled for the year. The Donges, Antwerp, Vlissingen and Flanders refineries had partial turnarounds while the Rome refinery had a full turnaround. By comparison, in the second quarter 2006, the only turnaround was at the Provence refinery. > Results -0- *T 2Q07 in millions of euros 1H07 2Q07 1Q07 2Q06 vs (except European 1H07 1H06 vs 2Q06 refining margin 1H06 indicator) ------ ----- ------ -------- ----------------------- ----- ----- ----- European refining margin 42.8 33.0 38.3 +12% indicator - TRCV ($/t) 37.9 32.0 +18% ------ ----- ------ -------- ----------------------- ----- ----- ----- Adjusted operating 1,004 973 1,036 -3% income* 1,977 1,892 +4% ------ ----- ------ -------- ----------------------- ----- ----- ----- Adjusted net operating 755 708 787 -4% income* 1,463 1,437 +2% = Includes income from 75 63 81 -7% equity affiliates 138 142 -3% ------ ----- ------ -------- ----------------------- ----- ----- ----- 401 244 368 +9% Investments 645 689 -6% ------ ----- ------ -------- ----------------------- ----- ----- ----- Divestments at selling 28 22 50 -44% price 50 63 -21% ------ ----- ------ -------- ----------------------- ----- ----- ----- 1,432 1,905 984 +46% Cash flow 3,337 2,185 +53% ------ ----- ------ -------- ----------------------- ----- ----- ----- 999 1,039 1,087 -8% Adjusted cash flow 2,038 1,918 +6% *T * detail of adjustment items shown in business segment information Adjusted net operating income for the Downstream segment was 755 MEUR in the second quarter 2007 compared to 787 MEUR in the second quarter 2006, a decrease of 4%. Expressed in dollars, adjusted net operating income for the Downstream segment was 1,018 million, an increase of 3% compared to the second quarter 2006. The Downstream segment benefited from the contribution of the new distillate hydro-cracker (DHC) at the Normandy refinery. The positive effect of higher refining margins was limited because of the high level of maintenance affecting the Group's refineries. Adjusted net operating income for the Downstream segment in the first half 2007 was 1,463 MEUR compared to 1,437 MEUR in the first half 2006, an increase of 2%. Expressed in dollars, adjusted net operating income for the Downstream segment increased by 0.2 B$, reflecting mainly the positive effects of self-help programs, including productivity efforts in marketing and the contribution of the Normandy DHC. The ROACE for the Downstream segment was 25% for the twelve months ended June 30, 2007 compared to 25% for the twelve months ended March 31, 2007 and 23% for the full year 2006. Chemicals > Results -0- *T 2Q07 1H07 2Q07 1Q07 2Q06 vs in millions of euros 1H07 1H06 vs 2Q06 1H06 ------- ------- ------ ------- -------------------- ------ ----- ----- 5,070 4,995 4,965 +2% Sales 10,065 9,654 +4% 3,202 3,151 3,122 +3% = Base chemicals 6,353 5,985 +6% 1,868 1,844 1,843 +1% = Specialties 3,712 3,669 +1% ------- ------- ------ ------- -------------------- ------ ----- ----- *T -0- *T 312 381 260 +20% Adjusted operating income* 693 491 +41% ----- ------ ------ -------- ---------------------------- --- --- ---- Adjusted net operating 234 279 191 +23% income* 513 381 +35% 110 189 85 +29% = Base chemicals 299 163 +83% 124 93 109 +14% = Specialties 217 212 +2% ----- ------ ------ -------- ---------------------------- --- --- ---- *T -0- *T 173 173 176 -2% Investments 346 500 -31% ---- ----- ----- ----- --------------------------------- --- ---- ---- ns Divestments 1 47 67 at selling price 48 95 -49% ---- ----- ----- ----- --------------------------------- --- ---- ---- 254 107 (7) ns Cash flow 361 (44) ns ---- ----- ----- ----- --------------------------------- --- ---- ---- 302 329 255 +18% Adjusted cash flow 631 560 +13% ---- ----- ----- ----- --------------------------------- --- ---- ---- *T * detail of adjustment items shown in business segment information Sales for the Chemicals segment increased by 2% to 5,070 MEUR in the second quarter 2007 from 4,965 MEUR in the second quarter 2006. Adjusted net operating income for the Chemicals segment was 234 MEUR , an increase of 23% compared to the second quarter 2006. Despite higher raw material costs, petrochemical margins in Europe were higher in the second quarter 2007 than in the same quarter last year. Specialties continued to benefit from global economic growth and showed a significant increase in their results. In the first half 2007, adjusted net operating income for the Chemicals segment was 513 MEUR compared to 381 MEUR in the first half 2006, an increase of 35%, reflecting essentially the benefit of a more favorable petrochemicals environment. Expressed in dollars, the increase was 0.2 B$. The ROACE for the Chemicals segment was 14% for the twelve months ended June 30, 2007 compared to 14% for the twelve months ended March 31, 2007 and 13% for the full year 2006. -- Total S.A. accounts The parent company, Total S.A., reported net income of 2,804 MEUR in the first half 2007 compared to 2,593 MEUR in the first half 2006. -- Summary and outlook The ROACE for the twelve months ended June 30, 2007 was 25% for the Group and 28% for the business segments compared to 26% and 28% respectively for the twelve months ended March 31, 2007 and 26% and 29% respectively for the full year 2006. The return on equity for the twelve months ended June 30, 2007 was 30%. The Group maintains its net-debt-to-equity ratio around 25% to 30%. Total's investment program is continuing in line with its 2007 target of 16 B$ (excluding acquisitions). Since the beginning of the third quarter 2007, oil prices have remained at very high levels, but refining margins have fallen sharply. Although cost inflation continues to affect the industry, Total is maintaining its investment discipline and its quality-driven approach to managing its projects and operations. Total also continues to give high priority to safety and the preservation of the environment throughout its activities. These efforts, combined with steady progress on the development of new fields, continued exploration efforts and successful negotiations to secure major new projects with large national oil companies, strengthens the outlook for profitable growth for the coming years and for the very long term. To listen to the conference call with CFO Robert Castaigne and financial analysts today at 15:30 (Paris time) please call +44 (0)161 601 8918 in Europe or +1 866 907 5931 in the US (access code : Total) or log on to the company website www.total.com. For a replay, dial +44 (0)207 075 3214 in Europe or 1 866 828 2261 in the US (code : 200468). This document does not constitute the Financial Report for the first half 2007 which will be separately published, in accordance with article L.451-1-2 III of the French Code monÃ©taire et financier, and is available on our web site www.total.com or upon request at the company's headquarters. The June 30, 2007 notes to the consolidated accounts are available on the Total web site (www.total.com). This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company's financial results is provided in documents filed by the Group and its affiliates with the French AutoritÃ© des MarchÃ©s Financiers and the US Securities and Exchange Commission. The 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 ensure the comparability of the segments' results with those of its competitors, mainly North American. In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost. In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total's equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods. Main operating information by segment Second quarter and first half 2007 -- Upstream -0- *T 2Q07 vs Combined liquids and 1H07 2Q07 1Q07 2Q06 2Q06 gas production by 1H07 1H06 vs region (kboe/d) 1H06 ------ ------ ------- ------- ---------------------- ----- ----- ----- 644 746 708 -9% Europe 695 743 -6% 795 784 692 +15% Africa 790 717 +10% 21 26 7 x3 North America 24 10 +140% 247 256 250 -1% Far East 251 251 - 359 402 402 -11% Middle East 380 406 -6% 243 206 225 +8% South America 225 230 -2% 13 11 6 +117% Rest of world 11 7 +57% ------ ------ ------- ------- ---------------------- ----- ----- ----- 2,322 2,431 2,290 +1% Total production 2,376 2,364 +1% ------ ------ ------- ------- ---------------------- ----- ----- ----- Includes equity and non-consolidated 310 340 340 -9% affiliates 325 338 -4% ------ ------ ------- ------- ---------------------- ----- ----- ----- *T -0- *T 2Q07 vs Liquids production by 1H07 2Q07 1Q07 2Q06 2Q06 region (kb/d) 1H07 1H06 vs 1H06 ------ ------ ------- -------- --------------------- ----- ----- ----- 315 373 358 -12% Europe 344 368 -7% 670 679 604 +11% Africa 675 630 +7% 15 17 1 x15 North America 16 1 x16 28 30 29 -3% Far East 29 29 - 308 341 350 -12% Middle East 324 354 -8% 130 102 118 +10% South America 116 124 -6% 9 9 6 +50% Rest of world 9 7 +29% ------ ------ ------- -------- --------------------- ----- ----- ----- 1,475 1,551 1,466 +1% Total production 1,513 1,513 - ------ ------ ------- -------- --------------------- ----- ----- ----- Includes equity and non-consolidated 262 281 289 -9% affiliates 272 286 -5% ------ ------ ------- -------- --------------------- ----- ----- ----- *T -0- *T 2Q07 vs Gas production by 1H07 2Q07 1Q07 2Q06 2Q06 region (Mcfd) 1H07 1H06 vs 1H06 ------- ------- -------- ------- ------------------- ----- ----- ----- 1,785 2,019 1,900 -6% Europe 1,901 2,035 -7% 640 541 469 +36% Africa 591 463 +28% 33 45 31 +6% North America 39 47 -17% 1,228 1,260 1,231 - Far East 1,244 1,235 +1% 267 326 279 -4% Middle East 296 281 +5% 625 580 589 +6% South America 602 584 +3% 21 10 2 x10 Rest of world 16 2 x8 ------- ------- -------- ------- ------------------- ----- ----- ----- 4,599 4,781 4,501 +2% Total production 4,689 4,647 +1% ------- ------- -------- ------- ------------------- ----- ----- ----- Includes equity and non-consolidated 255 314 272 -6% affiliates 284 275 +3% ------- ------- -------- ------- ------------------- ----- ----- ----- *T -- Downstream -0- *T 2Q07 vs Refined products 1H07 2Q07 1Q07 2Q06 2Q06 sales by region 1H07 1H06 vs (kb/d)* 1H06 ------ ------ -------- -------- -------------------- ----- ----- ----- 2,185 2,302 2,237 -2% Europe 2,244 2,279 -2% 283 285 261 +8% Africa 283 263 +8% 170 246 311 -45% Americas 208 317 -34% 144 139 144 - Rest of world 141 139 +1% ------ ------ -------- -------- -------------------- ----- ----- ----- Total consolidated 2,782 2,972 2,953 -6% sales 2,876 2,998 -4% ------ ------ -------- -------- -------------------- ----- ----- ----- Trading (balancing 1,010 834 824 +23% and export sales) 922 822 +12% ------ ------ -------- -------- -------------------- ----- ----- ----- ------ ------ -------- -------- -------------------- ----- ----- ----- Total refined 3,792 3,806 3,777 - products sales 3,798 3,820 -1% ------ ------ -------- -------- -------------------- ----- ----- ----- *T * includes equity share in Cepsa Adjustment items -- Adjustments to operating income from the business segments -0- *T 2Q07 1Q07 2Q06 in millions of euros 1H07 1H06 ------ ------ ------ --------------------------------------- ---- ---- Special items affecting operating - - (50) income from the business segments - (55) ------ ------ ------ --------------------------------------- ---- ---- - - (23) = Restructuring charges - (23) - - - = Impairments - - - - (27) = Other - (32) ------ ------ ------ --------------------------------------- ---- ---- Pre-tax inventory effect : FIFO vs. 719 174 383 replacement cost 893 756 ------ ------ ------ --------------------------------------- ---- ---- ------ ------ ------ --------------------------------------- ---- ---- Total adjustments affecting operating 719 174 333 income from the business segments 893 701 ------ ------ ------ --------------------------------------- ---- ---- *T -- Adjustments to net income (Group share) -0- *T 2Q07 1Q07 2Q06 in millions of euros 1H07 1H06 ------- ----- ------ ------------------------------------- ----- ----- Special items affecting net income (100) - (110) (Group share) (100) - ------- ----- ------ ------------------------------------- ----- ----- = Equity share of special items - - (35) recorded by Sanofi-Aventis - (33) - - - = Gain on asset sales - 130 - - (44) = Restructuring charges - (59) - - - = Impairments - - (100) - (31) = Other (100) (38) ------- ----- ------ ------------------------------------- ----- ----- Adjustment related to the Sanofi- Aventis merger* (share of (72) (76) (86) amortization of intangible assets) (148) (169) ------- ----- ------ ------------------------------------- ----- ----- After-tax inventory effect : FIFO vs. 483 133 276 replacement cost 616 556 ------- ----- ------ ------------------------------------- ----- ----- ------- ----- ------ ------------------------------------- ----- ----- 311 57 80 Total adjustments to net income 368 387 ------- ----- ------ ------------------------------------- ----- ----- *T * based on 13% participation in Sanofi-Aventis at 06/30/2006, 03/31/2007 and 06/30/2007 Net-debt-to-equity ratio -0- *T in millions of euros 06/30/2007 03/31/2007 06/30/2006 ----------------------------------- ----------- ---------- ----------- Current borrowings 9,809 9,625 13,707 Net current financial assets (10,790) (10,918) (10,651) Non-current financial debt 15,045 13,836 13,256 Hedging instruments of non-current debt (287) (291) (588) Cash and cash equivalents (2,858) (2,962) (3,906) ----------------------------------- ----------- ---------- ----------- Net debt 10,919 9,290 11,818 ----------------------------------- ----------- ---------- ----------- ----------------------------------- ----------- ---------- ----------- Shareholders equity 43,657 42,866 40,272 Estimated dividend payable* (2,110) (3,305) (1,860) Minority interests 817 868 783 ----------------------------------- ----------- ---------- ----------- Equity 42,364 40,429 39,195 ----------------------------------- ----------- ---------- ----------- ----------------------------------- ----------- ---------- ----------- Net-debt-to-equity ratio 25.8% 23.0% 30.2% ----------------------------------- ----------- ---------- ----------- *T * as of 06/30/2007, based on a dividend of 1.87 EUR /share of 2.5 EUR of par value Effective tax rates -0- *T Effective tax rates* 2Q07 1Q07 2Q06 ------------------------ ------------- -------------- ---------------- Upstream 59.9% 60.3% 59.8% Group 54.0% 54.0% 55.3% ------------------------ ------------- -------------- ---------------- *T * tax on adjusted net operating income / (adjusted net operating income - income from affiliates, dividends received from investments, and impairments of acquisition goodwill + tax on adjusted net operating income) 2007 sensitivities* -0- *T Impact on Impact on Scenario Change operating net income (e) operating income (e) ------------------ ------------- ----------- ------------ ------------ EUR /$ 1.25 $/EUR +0.1 $ per -2.2 BEUR -1.1 BEUR EUR ------------------ ------------- ----------- ------------ ------------ Brent 60 $/b +1 $/b +0.38 BEUR +0.15 BEUR ------------------ ------------- ----------- ------------ ------------ European refining margin indicator 30 $/t +1 $/t +0.09 BEUR +0.06 BEUR TRCV ------------------ ------------- ----------- ------------ ------------ *T * sensitivities revised once per year upon publication of the previous year fourth quarter results Return on average capital employed -- For the twelve months ended June 30, 2007 -0- *T in millions of euros Upstream Downstream Chemicals Segments Group ** -------------------- ---------- ---------- ---------- --------- ------ Adjusted net operating income 7,971 2,810 1,016 11,797 12,584 Capital employed at 6/30/06* 23,119 11,335 7,147 41,601 49,798 Capital employed at 6/30/07* 25,218 11,204 7,264 43,686 52,645 -------------------- ---------- ---------- ---------- --------- ------ ROACE 33.0% 24.9% 14.1% 27.7% 24.6% -------------------- ---------- ---------- ---------- --------- ------ *T * at replacement cost (excluding after-tax inventory effect) ** capital employed for Chemicals reduced for the Toulouse-AZF provision of 113 MEUR pre-tax at 6/30/06 and 146 MEUR pre-tax at 6/30/07 -- For the twelve months ended March 31, 2007 -0- *T in millions of euros Upstream Downstream Chemicals Segments Group ** --------------------- --------- ------------ --------- -------- ------ Adjusted net operating income 8,270 2,842 973 12,085 12,855 Capital employed at 3/31/06* 23,282 11,296 7,187 41,765 49,615 Capital employed at 3/31/07* 24,808 11,442 7,129 43,379 50,773 --------------------- --------- ------------ --------- -------- ------ ROACE 34.4% 25.0% 13.6% 28.4% 25.6% --------------------- --------- ------------ --------- -------- ------ *T * at replacement cost (excluding after-tax inventory effect) ** capital employed for Chemicals reduced for the Toulouse-AZF provision of 122 MEUR pre-tax at 3/31/06 and 153 MEUR pre-tax at 3/31/07 and for the Arkema capital employed by 2,406 MEUR at 3/31/2006 -- For the full year 2006 -0- *T in millions of euros Upstream Downstream Chemicals Segments Group ** ---------------------- --------- ---------- ---------- -------- ------ Adjusted net operating income 8,709 2,784 884 12,377 13,162 Capital employed at 12/31/05* 23,522 11,421 6,885 41,828 49,341 Capital employed at 12/31/06* 25,543 12,384 6,920 44,847 52,263 ---------------------- --------- ---------- ---------- -------- ------ ROACE 35.5% 23.4% 12.8% 28.6% 25.9% ---------------------- --------- ---------- ---------- -------- ------ *T * at replacement cost (excluding after-tax inventory effect) ** capital employed for Chemicals reduced for the Toulouse-AZF provision of 133 MEUR pre-tax at 12/31/05 and 176 MEUR pre-tax at 12/31/06 and for the Arkema capital employed by 2,235 MEUR at 12/31/2005 Main indicators Chart updated around the middle of the month following the end of each quarter -0- *T European Average refining Brent liquids Average gas EUR /$ margins ($/b) price** price TRCV* ($/b) ($/Mbtu)** ($/t) --------------------- ------ ----------- -------- -------- ----------- Second quarter 2007 1.35 42.8 68.8 65.7 4.94 --------------------- ------ ----------- -------- -------- ----------- First quarter 2007 1.31 33.0 57.8 55.0 5.69 --------------------- ------ ----------- -------- -------- ----------- Fourth quarter 2006 1.29 22.8 59.6 57.1 6.16 --------------------- ------ ----------- -------- -------- ----------- Third quarter 2006 1.27 28.7 69.5 65.4 5.59 --------------------- ------ ----------- -------- -------- ----------- Second quarter 2006 1.26 38.3 69.6 66.2 5.75 --------------------- ------ ----------- -------- -------- ----------- First quarter 2006 1.20 25.8 61.8 58.8 6.16 --------------------- ------ ----------- -------- -------- ----------- Fourth quarter 2005 1.19 45.5 56.9 54.5 5.68 --------------------- ------ ----------- -------- -------- ----------- Third quarter 2005 1.22 44.3 61.5 57.8 4.65 --------------------- ------ ----------- -------- -------- ----------- Second quarter 2005 1.26 45.0 51.6 48.0 4.39 --------------------- ------ ----------- -------- -------- ----------- First quarter 2005 1.31 31.7 47.6 44.1 4.40 --------------------- ------ ----------- -------- -------- ----------- Fourth quarter 2004 1.30 42.4 44.0 40.6 4.24 --------------------- ------ ----------- -------- -------- ----------- Third quarter 2004 1.22 32.9 41.5 39.5 3.54 --------------------- ------ ----------- -------- -------- ----------- Second quarter 2004 1.20 34.4 35.4 34.2 3.44 --------------------- ------ ----------- -------- -------- ----------- First quarter 2004 1.25 21.6 32.0 31.0 3.70 --------------------- ------ ----------- -------- -------- ----------- Fourth quarter 2003 1.19 18.9 29.4 28.4 3.46 --------------------- ------ ----------- -------- -------- ----------- Third quarter 2003 1.12 14.6 28.4 27.6 3.04 --------------------- ------ ----------- -------- -------- ----------- Second quarter 2003 1.14 17.6 26.0 25.0 3.19 --------------------- ------ ----------- -------- -------- ----------- First quarter 2003 1.07 32.3 31.5 30.8 3.39 --------------------- ------ ----------- -------- -------- ----------- *T * 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 -0- *T (in millions of euros) (1) 1st half 1st half 2007 2006 ----------------------------------------- -------------- ------------- Sales 76,137 79,012 Excise taxes (10,961) (9,748) Revenues from sales 65,176 69,264 Purchases, net of inventory variation (41,094) (42,829) Other operating expenses (8,791) (9,922) Exploration costs (469) (261) Depreciation, depletion and amortization of tangible assets and leasehold rights (2,665) (2,443) ----------------------------------------- -------------- ------------- Operating income Corporate (221) (252) Business segments * 12,378 14,061 ----------------------------------------- -------------- ------------- Total operating income 12,157 13,809 ----------------------------------------- -------------- ------------- Other income 156 333 Other expense (166) (243) Financial interest on debt (877) (715) Financial income from marketable securities and cash equivalents 631 611 Cost of net debt (246) (104) Other financial income 337 307 Other financial expense (141) (120) Income taxes (6,382) (7,457) Equity in income (loss) of affiliates 918 820 ----------------------------------------- -------------- ------------- Consolidated net income from continuing operations (Group without Arkema) 6,633 7,345 Consolidated net income from discontinued operations (Arkema) - 8 ----------------------------------------- -------------- ------------- Consolidated net income 6,633 7,353 ----------------------------------------- -------------- ------------- Group share ** 6,460 7,124 Minority interests 173 229 ----------------------------------------- -------------- ------------- Earnings per share (euros) 2.86 3.08 ----------------------------------------- -------------- ------------- Fully-diluted earnings per share (euros) *** 2.83 3.06 ----------------------------------------- -------------- ------------- ----------------------------------------- -------------- ------------- * Adjusted operating income from business segments 11,485 13,360 ----------------------------------------- -------------- ------------- Adjusted net operating income from business segments 6,029 6,609 ----------------------------------------- -------------- ------------- ** Adjusted net income 6,092 6,737 ----------------------------------------- -------------- ------------- *** Adjusted fully-diluted earnings per share (euros) 2.67 2.89 ----------------------------------------- -------------- ------------- (1) Except for earnings per share *T -0- *T (in millions of euros) (1) 2nd 1st quarter 2nd quarter quarter 2007 2006 2007 --------------------------------- ---------- ------------ ------------ Sales 39,094 37,043 40,909 Excise taxes (5,595) (5,366) (5,141) Revenues from sales 33,499 31,677 35,768 Purchases, net of inventory variation (21,385) (19,709) (22,387) Other operating expenses (4,139) (4,652) (5,172) Exploration costs (255) (214) (146) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,365) (1,300) (1,212) --------------------------------- ---------- ------------ ------------ Operating income Corporate (120) (101) (154) Business segments * 6,475 5,903 7,005 --------------------------------- ---------- ------------ ------------ Total operating income 6,355 5,802 6,851 --------------------------------- ---------- ------------ ------------ Other income 60 96 72 Other expense (102) (64) (158) Financial interest on debt (447) (430) (387) Financial income from marketable securities and cash equivalents 337 294 340 Cost of net debt (110) (136) (47) Other financial income 209 128 201 Other financial expense (74) (67) (69) Income taxes (3,292) (3,090) (3,644) Equity in income (loss) of affiliates 449 469 376 --------------------------------- ---------- ------------ ------------ Consolidated net income from continuing operations (Group without Arkema) 3,495 3,138 3,582 Consolidated net income from discontinued operations (Arkema) - - - --------------------------------- ---------- ------------ ------------ Consolidated net income 3,495 3,138 3,582 --------------------------------- ---------- ------------ ------------ Group share ** 3,411 3,049 3,441 Minority interests 84 89 141 --------------------------------- ---------- ------------ ------------ Earnings per share (euros) 1.51 1.35 1.49 --------------------------------- ---------- ------------ ------------ Fully-diluted earnings per share (euros) *** 1.50 1.34 1.48 --------------------------------- ---------- ------------ ------------ --------------------------------- ---------- ------------ ------------ * Adjusted operating income from business segments 5,756 5,729 6,672 --------------------------------- ---------- ------------ ------------ Adjusted net operating income from business segments 3,081 2,948 3,369 --------------------------------- ---------- ------------ ------------ ** Adjusted net income 3,100 2,992 3,361 --------------------------------- ---------- ------------ ------------ *** Adjusted fully-diluted earnings per share (euros) 1.36 1.31 1.45 --------------------------------- ---------- ------------ ------------ (1) Except for earnings per share *T Results -0- *T (in millions of euros) June 30, March 31, December June 30, 2007 2007 31, 2006 (unaudited) (unaudited) 2006 (unaudited) ------------------------- ----------- ----------- -------- ----------- ASSETS Non-current assets Intangible assets, net 4,729 4,685 4,705 4,658 Property, plant and equipment, net 42,090 41,049 40,576 38,920 Equity affiliates : investments and loans 13,619 13,667 13,331 12,702 Other investments 1,385 1,342 1,250 1,656 Hedging instruments of non-current financial debt 287 291 486 588 Other non-current assets 1,801 1,837 2,088 2,186 ------------------------- ----------- ----------- -------- ----------- Total non-current assets 63,911 62,871 62,436 60,710 ------------------------- ----------- ----------- -------- ----------- Current assets Inventories, net 12,009 11,377 11,746 12,215 Accounts receivable, net 17,024 18,132 17,393 17,715 Prepaid expenses and other current assets 7,155 6,414 7,247 6,632 Current financial assets 10,883 10,929 3,908 10,855 Cash and cash equivalents 2,858 2,962 2,493 3,906 ------------------------- ----------- ----------- -------- ----------- Total current assets 49,929 49,814 42,787 51,323 ------------------------- ----------- ----------- -------- ----------- Total assets 113,840 112,685 105,223 112,033 ------------------------- ----------- ----------- -------- ----------- LIABILITIES & SHAREHOLDERS' EQUITY Shareholders' equity Common shares 5,983 5,982 6,064 6,179 Paid-in surplus and retained earnings 44,238 42,963 41,460 41,279 Cumulative translation adjustment (1,885) (1,716) (1,383) (650) Treasury shares (4,679) (4,363) (5,820) (6,536) ------------------------- ----------- ----------- -------- ----------- Total shareholders' equity - Group share 43,657 42,866 40,321 40,272 ------------------------- ----------- ----------- -------- ----------- Minority interests 817 868 827 783 ------------------------- ----------- ----------- -------- ----------- Total shareholders' equity 44,474 43,734 41,148 41,055 ------------------------- ----------- ----------- -------- ----------- Non-current liabilities Deferred income taxes 7,442 7,118 7,139 6,909 Employee benefits 2,814 2,841 2,773 2,976 Other non-current liabilities 6,359 6,360 6,467 6,187 ------------------------- ----------- ----------- -------- ----------- Total non-current liabilities 16,615 16,319 16,379 16,072 ------------------------- ----------- ----------- -------- ----------- Non-current financial debt 15,045 13,836 14,174 13,256 ------------------------- ----------- ----------- -------- ----------- Current liabilities Accounts payable 14,418 14,972 15,080 14,149 Other creditors and accrued liabilities 13,386 14,188 12,509 13,590 Current borrowings 9,809 9,625 5,858 13,707 Other current financial liabilities 93 11 75 204 ------------------------- ----------- ----------- -------- ----------- Total current liabilities 37,706 38,796 33,522 41,650 ------------------------- ----------- ----------- -------- ----------- Total liabilities and shareholders' equity 113,840 112,685 105,223 112,033 ------------------------- ----------- ----------- -------- ----------- *T -0- *T (in millions of euros) 1st half 1st half 2007 2006 -------------------------------------------- ------------ ------------ CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 6,633 7,353 Depreciation, depletion and amortization 2,933 2,843 Non-current liabilities, valuation allowances and deferred taxes 288 177 Impact of coverage of pension benefit plans - (37) (Gains) Losses on sales of assets (141) (333) Undistributed affiliates equity earnings (329) (264) (Increase) Decrease in operating assets and liabilities 405 (836) Other changes, net 188 (18) -------------------------------------------- ------------ ------------ Cash flow from operating activities 9,977 8,885 -------------------------------------------- ------------ ------------ CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (4,632) (4,594) Acquisitions of subsidiaries, net of cash acquired (20) (80) Investments in equity affiliates and other securities (147) (123) Increase in non-current loans (305) (732) -------------------------------------------- ------------ ------------ Total expenditures (5,104) (5,529) Proceeds from sale of intangible assets and property, plant and equipment 90 309 Proceeds from sale of subsidiaries, net of cash sold - - Proceeds from sale of non-current investments 83 89 Repayment of non-current loans 293 623 -------------------------------------------- ------------ ------------ Total divestitures 466 1,021 -------------------------------------------- ------------ ------------ Cash flow used in investing activities (4,638) (4,508) -------------------------------------------- ------------ ------------ CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company's shareholders 15 478 - Treasury shares (568) (2,086) - Minority shareholders - 13 Cash dividends paid: - Parent company's shareholders (2,262) (2,022) - Minority shareholders (162) (230) Net issuance (repayment) of non-current debt 2,413 1,125 Increase (Decrease) in current borrowings 2,507 9,573 Increase (Decrease) in current financial assets and liabilities (6,968) (10,696) Other changes, net - - -------------------------------------------- ------------ ------------ Cash flow used in financing activities (5,025) (3,845) -------------------------------------------- ------------ ------------ Net increase (decrease) in cash and cash equivalents 314 532 Effect of exchange rates and changes in reporting entity 51 (944) Cash and cash equivalents at the beginning of the period 2,493 4,318 -------------------------------------------- ------------ ------------ Cash and cash equivalents at the end of the period 2,858 3,906 -------------------------------------------- ------------ ------------ The statement of cash flows for the 1st half 2006 includes the sub- group Arkema which has been spun-off on May 18, 2006. *T -0- *T (in millions of euros) 2nd 1st 2nd quarter quarter quarter 2007 2007 2006 ------------------------------------- ---------- ---------- ---------- CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income 3,495 3,138 3,582 Depreciation, depletion and amortization 1,495 1,438 1,399 Non-current liabilities, valuation allowances and deferred taxes 315 (27) 83 Impact of coverage of pension benefit plans - - (37) (Gains) Losses on sales of assets (66) (75) (72) Undistributed affiliates equity earnings 1 (330) 111 (Increase) Decrease in operating assets and liabilities (1,693) 2,098 (1,015) Other changes, net 42 146 (5) ------------------------------------- ---------- ---------- ---------- Cash flow from operating activities 3,589 6,388 4,046 ------------------------------------- ---------- ---------- ---------- CASH FLOW USED IN INVESTING ACTIVITIES Intangible assets and property, plant and equipment additions (2,509) (2,123) (2,433) Acquisitions of subsidiaries, net of cash acquired - (20) (11) Investments in equity affiliates and other securities (47) (100) (64) Increase in non-current loans (134) (171) (271) ------------------------------------- ---------- ---------- ---------- Total expenditures (2,690) (2,414) (2,779) Proceeds from sale of intangible assets and property, plant and equipment 18 72 49 Proceeds from sale of subsidiaries, net of cash sold - - - Proceeds from sale of non-current investments 64 19 86 Repayment of non-current loans 140 153 489 ------------------------------------- ---------- ---------- ---------- Total divestitures 222 244 624 ------------------------------------- ---------- ---------- ---------- Cash flow used in investing activities (2,468) (2,170) (2,155) ------------------------------------- ---------- ---------- ---------- CASH FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of shares: - Parent company's shareholders 10 5 7 - Treasury shares (295) (273) (968) - Minority shareholders - - 1 Cash dividends paid: - Parent company's shareholders (2,262) - (2,012) - Minority shareholders (133) (29) (224) Net issuance (repayment) of non- current debt 1,309 1,104 395 Increase (Decrease) in current borrowings (135) 2,642 1,369 Increase (Decrease) in current financial assets and liabilities 138 (7,106) (193) Other changes, net - - - ------------------------------------- ---------- ---------- ---------- Cash flow used in financing activities (1,368) (3,657) (1,625) ------------------------------------- ---------- ---------- ---------- Net increase (decrease) in cash and cash equivalents (247) 561 266 Effect of exchange rates and changes in reporting entity 143 (92) (673) Cash and cash equivalents at the beginning of the period 2,962 2,493 4,313 ------------------------------------- ---------- ---------- ---------- Cash and cash equivalents at the end of the period 2,858 2,962 3,906 ------------------------------------- ---------- ---------- ---------- *T CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY -0- *T Common shares issued Paid-in surplus and retained earnings (Amounts in millions of euros) Number Amount ------------------------------ ------------- ------ --------- As of January 1, 2006 615,116,296 6,151 37,504 ------------------------------ ------------- ------ --------- Net income for the first half - - 7,124 Items recognized directly in equity - - 193 Total excluding transactions with shareholders - - 7,317 Four-for-one split of shares par value 1,845,348,888 - - Spin-off of Arkema - - (2,045) Cash dividend - - (2,022) Issuance of common shares 11,496,072 28 445 Purchase of treasury shares - - - Sale of treasury shares (1) - - 4 Share-based payments - - 76 Transactions with shareholders 1,856,844,960 28 (3,542) Cancellation of repurchased shares - - - As of June 30, 2006 2,471,961,256 6,179 41,279 ------------------------------ ------------- ------ --------- Net income for the second half - - 4,644 Items recognized directly in equity - - (230) Total excluding transactions with shareholders - - 4,414 Spin-off of Arkema - - (16) Cash dividend - - (1,977) Issuance of common shares 826,697 2 24 Purchase of treasury shares - - - Sale of treasury shares (1) - - (4) Share-based payments - - 81 Transactions with shareholders 826,697 2 (1,892) Cancellation of repurchased shares (47,020,000) (117) (2,341) As of December 31, 2006 2,425,767,953 6,064 41,460 ------------------------------ ------------- ------ --------- Net income for the first half - - 6,460 Items recognized directly in equity - - 108 Total excluding transactions with shareholders - - 6,568 Cash dividend - - (2,262) Issuance of common shares 549,873 1 14 Purchase of treasury shares - - - Sale of treasury shares (1) - - 28 Share-based payments - - 82 Transactions with shareholders 549,873 1 (2,138) Cancellation of repurchased shares (33,005,000) (82) (1,652) As of June 30, 2007 2,393,312,826 5,983 44,238 ------------------------------ ------------- ------ --------- (1) Treasury shares related to the stock option purchase plans Cumulative translation adjustment (Amounts in millions of euros) --------------------------------------------------------------- As of January 1, 2006 1,421 --------------------------------------------------------------- Net income for the first half - Items recognized directly in equity (1,862) Total excluding transactions with shareholders (1,862) Four-for-one split of shares par value - Spin-off of Arkema (209) Cash dividend - Issuance of common shares - Purchase of treasury shares - Sale of treasury shares (1) - Share-based payments - Transactions with shareholders (209) Cancellation of repurchased shares - As of June 30, 2006 (650) --------------------------------------------------------------- Net income for the second half - Items recognized directly in equity (733) Total excluding transactions with shareholders (733) Spin-off of Arkema - Cash dividend - Issuance of common shares - Purchase of treasury shares - Sale of treasury shares (1) - Share-based payments - Transactions with shareholders - Cancellation of repurchased shares - As of December 31, 2006 (1,383) --------------------------------------------------------------- Net income for the first half - Items recognized directly in equity (502) Total excluding transactions with shareholders (502) Cash dividend - Issuance of common shares - Purchase of treasury shares - Sale of treasury shares (1) - Share-based payments - Transactions with shareholders - Cancellation of repurchased shares - As of June 30, 2007 (1,885) --------------------------------------------------------------- (1) Treasury shares related to the stock option purchase plans Treasury shares Shareholders' Minority Total equity interests equity (Amounts in Number Amount millions of euros) ----------------------------- ------- ------------- ---------- ------- As of January 1, 2006 (34,249,332) (4,431) 40,645 838 41,483 ----------------------------- ------- ------------- ---------- ------- Net income for the first half - - 7,124 229 7,353 Items recognized directly in equity - - (1,669) (46) (1,715) Total excluding transactions with shareholders - - 5,455 183 5,638 Four-for-one split of shares par value (102,747,996) - - - - Spin-off of Arkema - - (2,254) (8) (2,262) Cash dividend - - (2,022) (230) (2,252) Issuance of common shares - - 473 - 473 Purchase of treasury shares (42,000,000) (2,193) (2,193) - (2,193) Sale of treasury shares (1) 2,967,320 88 92 - 92 Share-based payments - - 76 - 76 Transactions with shareholders (141,780,676) (2,105) (5,828) (238) (6,066) Cancellation of repurchased shares - - - - - As of June 30, 2006 (176,030,008) (6,536) 40,272 783 41,055 ----------------------------- ------- ------------- ---------- ------- Net income for the second half - - 4,644 138 4,782 Items recognized directly in equity - - (963) 2 (961) Total excluding transactions with shareholders - - 3,681 140 3,821 Spin-off of Arkema - 16 - - Cash dividend - - (1,977) (96) (2,073) Issuance of common shares - - 26 - 26 Purchase of treasury shares (36,220,684) (1,902) (1,902) - (1,902) Sale of treasury shares (1) 4,029,985 144 140 - 140 Share-based payments - - 81 - 81 Transactions with shareholders (32,190,699) (1,742) (3,632) (96) (3,728) Cancellation of repurchased shares 47,020,000 2,458 - - - As of December 31, 2006 (161,200,707) (5,820) 40,321 827 41,148 ----------------------------- ------- ------------- ---------- ------- Net income for the first half - - 6,460 173 6,633 Items recognized directly in equity - - (394) (21) (415) Total excluding transactions with shareholders - - 6,066 152 6,218 Cash dividend - - (2,262) (162) (2,424) Issuance of common shares - - 15 - 15 Purchase of treasury shares (14,000,000) (755) (755) - (755) Sale of treasury shares (1) 5,052,289 162 190 - 190 Share-based payments - - 82 - 82 Transactions with shareholders (8,947,711) (593) (2,730) (162) (2,892) Cancellation of repurchased shares 33,005,000 1,734 - - - As of June 30, 2007 (137,143,418) (4,679) 43,657 817 44,474 ----------------------------- ------- ------------- ---------- ------- (1) Treasury shares related to the stock option purchase plans *T BUSINESS SEGMENT INFORMATION -0- *T 1st half 2007 Upstream Downstream Chemicals (in millions of euros) -------------------------- -------------- ------------- ------------- Non-Group sales 9,690 56,363 10,065 Intersegment sales 9,816 2,444 501 Excise taxes - (10,961) - -------------------------- -------------- ------------- ------------- Revenues from sales 19,506 47,846 10,566 -------------------------- -------------- ------------- ------------- Operating expenses (8,872) (44,551) (9,467) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,819) (588) (243) -------------------------- -------------- ------------- ------------- Operating income 8,815 2,707 856 -------------------------- -------------- ------------- ------------- Equity in income (loss) of affiliates and other items 667 126 37 Tax on net operating income (5,429) (856) (271) -------------------------- -------------- ------------- ------------- Net operating income 4,053 1,977 622 -------------------------- -------------- ------------- ------------- Net cost of net debt Minority interests -------------------------- -------------- ------------- ------------- Net income from continuing operations Net income from discontinued operations -------------------------- -------------- ------------- ------------- Net income -------------------------- -------------- ------------- ------------- -------------------------- -------------- ------------- ------------- 1st half 2007 Upstream Downstream Chemicals (adjustments) (*) -------------------------- -------------- ------------- ------------- Non-Group sales Intersegment sales Excise taxes -------------------------- -------------- ------------- ------------- Revenues from sales -------------------------- -------------- ------------- ------------- Operating expenses - 730 163 Depreciation, depletion and amortization of tangible assets and leasehold rights - - - -------------------------- -------------- ------------- ------------- Operating income (1) - 730 163 -------------------------- -------------- ------------- ------------- Equity in income (loss) of affiliates and other items (2) - 24 - Tax on net operating income - (240) (54) -------------------------- -------------- ------------- ------------- Net operating income (1) - 514 109 -------------------------- -------------- ------------- ------------- Net cost of net debt Minority interests -------------------------- -------------- ------------- ------------- Net income from continuing operations Net income from discontinued operations -------------------------- -------------- ------------- ------------- Net income -------------------------- -------------- ------------- ------------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - 730 163 On net operating income - 514 109 (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger - - - -------------------------- -------------- ------------- ------------- 1st half 2007 Upstream Downstream Chemicals (adjusted) -------------------------- -------------- ------------- ------------- Non-Group sales 9,690 56,363 10,065 Intersegment sales 9,816 2,444 501 Excise taxes - (10,961) - -------------------------- -------------- ------------- ------------- Revenues from sales 19,506 47,846 10,566 -------------------------- -------------- ------------- ------------- Operating expenses (8,872) (45,281) (9,630) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,819) (588) (243) -------------------------- -------------- ------------- ------------- Adjusted operating income 8,815 1,977 693 -------------------------- -------------- ------------- ------------- Equity in income (loss) of affiliates and other items 667 102 37 Tax on net operating income (5,429) (616) (217) -------------------------- -------------- ------------- ------------- Adjusted net operating income 4,053 1,463 513 -------------------------- -------------- ------------- ------------- Net cost of net debt Minority interests -------------------------- -------------- ------------- ------------- Adjusted net income from continuing operations Adjusted net income from discontinued operations -------------------------- -------------- ------------- ------------- Adjusted net income -------------------------- -------------- ------------- ------------- -------------------------- -------------- ------------- ------------- 1st half 2007 Upstream Downstream Chemicals -------------------------- -------------- ------------- ------------- Total expenditures 4,098 645 346 Divestitures at selling price 364 50 48 Cash flow from operating activities 7,647 3,337 361 -------------------------- -------------- ------------- ------------- 1st half 2007 Corporate Intercompany Total (in millions of euros) ------------------------------------------ ------------- ------------- Non-Group sales 19 - 76,137 Intersegment sales 67 (12,828) - Excise taxes - - (10,961) ------------------------------------------ ------------- ------------- Revenues from sales 86 (12,828) 65,176 ------------------------------------------ ------------- ------------- Operating expenses (292) 12,828 (50,354) Depreciation, depletion and amortization of tangible assets and leasehold rights (15) - (2,665) ------------------------------------------ ------------- ------------- Operating income (221) - 12,157 ------------------------------------------ ------------- ------------- Equity in income (loss) of affiliates and other items 274 - 1,104 Tax on net operating income 83 - (6,473) ------------------------------------------ ------------- ------------- Net operating income 136 - 6,788 ------------------------------------------ ------------- ------------- Net cost of net debt (155) Minority interests (173) ------------------------------------------ ------------- ------------- Net income from continuing operations 6,460 Net income from discontinued operations - ------------------------------------------ ------------- ------------- Net income 6,460 ------------------------------------------ ------------- ------------- ------------------------------------------ ------------- ------------- 1st half 2007 Corporate Intercompany Total (adjustments) (*) ------------------------------------------ ------------- ------------- Non-Group sales Intersegment sales Excise taxes ------------------------------------------ ------------- ------------- Revenues from sales ------------------------------------------ ------------- ------------- Operating expenses - 893 Depreciation, depletion and amortization of tangible assets and leasehold rights - - ------------------------------------------ ------------- ------------- Operating income (1) - 893 ------------------------------------------ ------------- ------------- Equity in income (loss) of affiliates and other items (2) (248) (224) Tax on net operating income - (294) ------------------------------------------ ------------- ------------- Net operating income (1) (248) 375 ------------------------------------------ ------------- ------------- Net cost of net debt - Minority interests (7) ------------------------------------------ ------------- ------------- Net income from continuing operations 368 Net income from discontinued operations - ------------------------------------------ ------------- ------------- Net income 368 ------------------------------------------ ------------- ------------- (*) Adjustments include (*) Adjusted (*) Adjusted (*) Adjusted special items, inventory items items items valuation effect and equity include include include share of amortization of special special special intangible assets related to items, items, items, the Sanofi-Aventis merger inventory inventory inventory valuation valuation valuation (1) Of which inventory effect and effect and effect and valuation effect equity share equity share equity share of of of amortization amortization amortization of of of intangible intangible intangible assets assets assets related to related to related to the Sanofi- the Sanofi- the Sanofi- Aventis Aventis Aventis merger merger merger (1) Of which (1) Of which (1) Of which inventory inventory inventory valuation valuation valuation effect effect effect On operating income - On net operating income - (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger (148) ------------------------------------------ ------------- ------------- 1st half 2007 Corporate Intercompany Total (adjusted) ------------------------------------------ ------------- ------------- Non-Group sales 19 - 76,137 Intersegment sales 67 (12,828) - Excise taxes - - (10,961) ------------------------------------------ ------------- ------------- Revenues from sales 86 (12,828) 65,176 ------------------------------------------ ------------- ------------- Operating expenses (292) 12,828 (51,247) Depreciation, depletion and amortization of tangible assets and leasehold rights (15) - (2,665) ------------------------------------------ ------------- ------------- Adjusted operating income (221) - 11,264 ------------------------------------------ ------------- ------------- Equity in income (loss) of affiliates and other items 522 - 1,328 Tax on net operating income 83 - (6,179) ------------------------------------------ ------------- ------------- Adjusted net operating income 384 - 6,413 ------------------------------------------ ------------- ------------- Net cost of net debt (155) Minority interests (166) ------------------------------------------ ------------- ------------- Adjusted net income from continuing operations 6,092 Adjusted net income from discontinued operations - ------------------------------------------ ------------- ------------- Adjusted net income 6,092 ------------------------------------------ ------------- ------------- ------------------------------------------ ------------- ------------- 1st half 2007 Corporate Intercompany Total ------------------------------------------ ------------- ------------- Total expenditures 15 5,104 Divestitures at selling price 4 466 Cash flow from operating activities (1,368) 9,977 ------------------------------------------ ------------- ------------- *T BUSINESS SEGMENT INFORMATION -0- *T 1st half 2006 UpstreamDownstreamChemicalsCorporateIntercompany Total (in millions of euros) ---------------------------------------------------------------------- Non-Group sales 11,138 58,208 9,654 12 - 79,012 Intersegment sales 10,839 2,591 595 87 (14,112) - Excise taxes - (9,748) - - - (9,748) ---------------------------------------------------------------------- Revenues from sales 21,977 51,051 10,249 99 (14,112) 69,264 ---------------------------------------------------------------------- Operating expenses (9,382) (47,952) (9,458) (332) 14,112 (53,012) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,618) (543) (263) (19) - (2,443) ---------------------------------------------------------------------- Operating income 10,977 2,556 528 (252) - 13,809 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items 635 149 (27) 340 - 1,097 Tax on net operating income (6,691) (767) (128) 84 - (7,502) ---------------------------------------------------------------------- Net operating income 4,921 1,938 373 172 - 7,404 ---------------------------------------------------------------------- Net cost of net debt (59) Minority interests (229) ---------------------------------------------------------------------- Net income from continuing operations 7,116 Net income from discontinued operations 8 ---------------------------------------------------------------------- Net income 7,124 ---------------------------------------------------------------------- ---------------------------------------------------------------------- 1st half 2006 UpstreamDownstreamChemicalsCorporateIntercompany Total (adjustments) (*) ---------------------------------------------------------------------- Non-Group sales Intersegment sales Excise taxes ---------------------------------------------------------------------- Revenues from sales ---------------------------------------------------------------------- Operating expenses - 664 37 (11) 690 Depreciation, depletion and amortization of tangible assets and leasehold rights - - - - - ---------------------------------------------------------------------- Operating income (1) - 664 37 (11) 690 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items (2) 195 28 (50) (203) (30) Tax on net operating income (65) (191) 5 4 (247) ---------------------------------------------------------------------- Net operating income (1) 130 501 (8) (210) 413 ---------------------------------------------------------------------- Net cost of net debt - Minority interests (7) ---------------------------------------------------------------------- Net income from continuing operations 406 Net income from discontinued operations (19) ---------------------------------------------------------------------- Net income 387 ---------------------------------------------------------------------- *T -0- *T (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - 664 92 - On net operating income - 501 63 - (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger - - - (170) ------------------------------------------- ---- ------ ---- --------- *T -0- *T 1st half 2006 UpstreamDownstreamChemicalsCorporateIntercompany Total (adjusted) ---------------------------------------------------------------------- Non-Group sales 11,138 58,208 9,654 12 - 79,012 Intersegment sales 10,839 2,591 595 87 (14,112) - Excise taxes - (9,748) - - - (9,748) ---------------------------------------------------------------------- Revenues from sales 21,977 51,051 10,249 99 (14,112) 69,264 ---------------------------------------------------------------------- Operating expenses (9,382) (48,616) (9,495) (321) 14,112(53,702) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,618) (543) (263) (19) - (2,443) ---------------------------------------------------------------------- Adjusted operating income 10,977 1,892 491 (241) - 13,119 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items 440 121 23 543 - 1,127 Tax on net operating income (6,626) (576) (133) 80 - (7,255) ---------------------------------------------------------------------- Adjusted net operating income 4,791 1,437 381 382 - 6,991 ---------------------------------------------------------------------- Net cost of net debt (59) Minority interests (222) ---------------------------------------------------------------------- Adjusted net income from continuing operations 6,710 Adjusted net income from discontinued operations 27 ---------------------------------------------------------------------- Adjusted net income 6,737 ---------------------------------------------------------------------- ---------------------------------------------------------------------- 1st half 2006 UpstreamDownstreamChemicalsCorporateIntercompany Total ---------------------------------------------------------------------- Total expenditures 4,290 689 500 50 5,529 Divestitures at selling price 855 63 95 8 1,021 Cash flow from operating activities 7,202 2,185 (44) (458) 8,885 ---------------------------------------------------------------------- *T BUSINESS SEGMENT INFORMATION -0- *T 2nd quarter UpstreamDownstreamChemicalsCorporateIntercompany Total 2007 (in millions of euros) ---------------------------------------------------------------------- Non-Group sales 4,456 29,562 5,070 6 - 39,094 Intersegment sales 5,073 1,201 269 25 (6,568) - Excise taxes - (5,595) - - - (5,595) ---------------------------------------------------------------------- Revenues from sales 9,529 25,168 5,339 31 (6,568) 33,499 ---------------------------------------------------------------------- Operating expenses (4,148) (23,244) (4,812) (143) 6,568(25,779) Depreciation, depletion and amortization of tangible assets and leasehold rights (941) (297) (119) (8) - (1,365) ---------------------------------------------------------------------- Operating income 4,440 1,627 408 (120) - 6,355 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items 397 72 14 59 - 542 Tax on net operating income (2,745) (519) (123) 51 - (3,336) ---------------------------------------------------------------------- Net operating income 2,092 1,180 299 (10) - 3,561 ---------------------------------------------------------------------- Net cost of net debt (66) Minority interests (84) ---------------------------------------------------------------------- Net income from continuing operations 3,411 Net income from discontinued operations - ---------------------------------------------------------------------- Net income 3,411 ---------------------------------------------------------------------- ---------------------------------------------------------------------- 2nd quarter UpstreamDownstreamChemicalsCorporateIntercompany Total 2007 (adjustments) (*) ---------------------------------------------------------------------- Non-Group sales Intersegment sales Excise taxes ---------------------------------------------------------------------- Revenues from sales ---------------------------------------------------------------------- Operating expenses - 623 96 - 719 Depreciation, depletion and amortization of tangible assets and leasehold rights - - - - - ---------------------------------------------------------------------- Operating income (1) - 623 96 - 719 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items (2) - 6 1 (172) (165) Tax on net operating income - (204) (32) - (236) ---------------------------------------------------------------------- Net operating income (1) - 425 65 (172) 318 ---------------------------------------------------------------------- Net cost of net debt - Minority interests (7) ---------------------------------------------------------------------- Net income from continuing operations 311 Net income from discontinued operations - ---------------------------------------------------------------------- Net income 311 ---------------------------------------------------------------------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - 623 96 - On net operating income - 425 65 - (2) Of which equity share of amortization of intangible assets related to the Sanofi- Aventis merger - - - (72) ---------------------------------------------------------------------- 2nd quarter UpstreamDownstreamChemicalsCorporateIntercompany Total 2007 (adjusted) ---------------------------------------------------------------------- Non-Group sales 4,456 29,562 5,070 6 - 39,094 Intersegment sales 5,073 1,201 269 25 (6,568) - Excise taxes - (5,595) - - - (5,595) ---------------------------------------------------------------------- Revenues from sales 9,529 25,168 5,339 31 (6,568) 33,499 ---------------------------------------------------------------------- Operating expenses (4,148) (23,867) (4,908) (143) 6,568(26,498) Depreciation, depletion and amortization of tangible assets and leasehold rights (941) (297) (119) (8) - (1,365) ---------------------------------------------------------------------- Adjusted operating income 4,440 1,004 312 (120) - 5,636 ---------------------------------------------------------------------- Equity in income (loss) of affiliates and other items 397 66 13 231 - 707 Tax on net operating income (2,745) (315) (91) 51 - (3,100) ---------------------------------------------------------------------- Adjusted net operating income 2,092 755 234 162 - 3,243 ---------------------------------------------------------------------- Net cost of net debt (66) Minority interests (77) ---------------------------------------------------------------------- Adjusted net income from continuing operations 3,100 Adjusted net income from discontinued operations - ---------------------------------------------------------------------- Adjusted net income 3,100 ---------------------------------------------------------------------- ---------------------------------------------------------------------- 2nd quarter UpstreamDownstreamChemicalsCorporateIntercompany Total 2007 ---------------------------------------------------------------------- Total expenditures 2,109 401 173 7 2,690 Divestitures at selling price 191 28 1 2 222 Cash flow from operating activities 3,312 1,432 254 (1,409) 3,589 ---------------------------------------------------------------------- *T BUSINESS SEGMENT INFORMATION -0- *T 1st quarter 2007 Upstream Downstream Chemicals (in millions of euros) ------------------------------------- -------- ---------- ----------- Non-Group sales 5,234 26,801 4,995 Intersegment sales 4,743 1,243 232 Excise taxes - (5,366) - ------------------------------------- -------- ---------- ----------- Revenues from sales 9,977 22,678 5,227 ------------------------------------- -------- ---------- ----------- Operating expenses (4,724) (21,307) (4,655) Depreciation, depletion and amortization of tangible assets and leasehold rights (878) (291) (124) ------------------------------------- -------- ---------- ----------- Operating income 4,375 1,080 448 ------------------------------------- -------- ---------- ----------- Equity in income (loss) of affiliates and other items 270 54 23 Tax on net operating income (2,684) (337) (148) ------------------------------------- -------- ---------- ----------- Net operating income 1,961 797 323 ------------------------------------- -------- ---------- ----------- Net cost of net debt Minority interests ------------------------------------- -------- ---------- ----------- Net income from continuing operations Net income from discontinued operations ------------------------------------- -------- ---------- ----------- Net income ------------------------------------- -------- ---------- ----------- ------------------------------------- -------- ---------- ----------- 1st quarter 2007 Upstream Downstream Chemicals (adjustments) (*) ------------------------------------- -------- ---------- ----------- Non-Group sales Intersegment sales Excise taxes ------------------------------------- -------- ---------- ----------- Revenues from sales ------------------------------------- -------- ---------- ----------- Operating expenses - 107 67 Depreciation, depletion and amortization of tangible assets and leasehold rights - - - ------------------------------------- -------- ---------- ----------- Operating income (1) - 107 67 ------------------------------------- -------- ---------- ----------- Equity in income (loss) of affiliates and other items (2) - 18 (1) Tax on net operating income - (36) (22) ------------------------------------- -------- ---------- ----------- Net operating income (1) - 89 44 ------------------------------------- -------- ---------- ----------- Net cost of net debt Minority interests ------------------------------------- -------- ---------- ----------- Net income from continuing operations Net income from discontinued operations ------------------------------------- -------- ---------- ----------- Net income ------------------------------------- -------- ---------- ----------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - 107 67 On net operating income - 89 44 (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger - - - ------------------------------------- -------- ---------- ----------- 1st quarter 2007 Upstream Downstream Chemicals (adjusted) ------------------------------------- -------- ---------- ----------- Non-Group sales 5,234 26,801 4,995 Intersegment sales 4,743 1,243 232 Excise taxes - (5,366) - ------------------------------------- -------- ---------- ----------- Revenues from sales 9,977 22,678 5,227 ------------------------------------- -------- ---------- ----------- Operating expenses (4,724) (21,414) (4,722) Depreciation, depletion and amortization of tangible assets and leasehold rights (878) (291) (124) ------------------------------------- -------- ---------- ----------- Adjusted operating income 4,375 973 381 ------------------------------------- -------- ---------- ----------- Equity in income (loss) of affiliates and other items 270 36 24 Tax on net operating income (2,684) (301) (126) ------------------------------------- -------- ---------- ----------- Adjusted net operating income 1,961 708 279 ------------------------------------- -------- ---------- ----------- Net cost of net debt Minority interests ------------------------------------- -------- ---------- ----------- Adjusted net income from continuing operations Adjusted net income from discontinued operations ------------------------------------- -------- ---------- ----------- Adjusted net income ------------------------------------- -------- ---------- ----------- ------------------------------------- -------- ---------- ----------- 1st quarter 2007 Upstream Downstream Chemicals ------------------------------------- -------- ---------- ----------- Total expenditures 1,989 244 173 Divestitures at selling price 173 22 47 Cash flow from operating activities 4,335 1,905 107 ------------------------------------- -------- ---------- ----------- 1st quarter 2007 Corporate Intercompany Total (in millions of euros) -------------------------------------- --------- ------------ -------- Non-Group sales 13 - 37,043 Intersegment sales 42 (6,260) - Excise taxes - - (5,366) -------------------------------------- --------- ------------ -------- Revenues from sales 55 (6,260) 31,677 -------------------------------------- --------- ------------ -------- Operating expenses (149) 6,260 (24,575) Depreciation, depletion and amortization of tangible assets and leasehold rights (7) - (1,300) -------------------------------------- --------- ------------ -------- Operating income (101) - 5,802 -------------------------------------- --------- ------------ -------- Equity in income (loss) of affiliates and other items 215 - 562 Tax on net operating income 32 - (3,137) -------------------------------------- --------- ------------ -------- Net operating income 146 - 3,227 -------------------------------------- --------- ------------ -------- Net cost of net debt (89) Minority interests (89) -------------------------------------- --------- ------------ -------- Net income from continuing operations 3,049 Net income from discontinued operations - -------------------------------------- --------- ------------ -------- Net income 3,049 -------------------------------------- --------- ------------ -------- -------------------------------------- --------- ------------ -------- 1st quarter 2007 Corporate Intercompany Total (adjustments) (*) -------------------------------------- --------- ------------ -------- Non-Group sales Intersegment sales Excise taxes -------------------------------------- --------- ------------ -------- Revenues from sales -------------------------------------- --------- ------------ -------- Operating expenses - 174 Depreciation, depletion and amortization of tangible assets and leasehold rights - - -------------------------------------- --------- ------------ -------- Operating income (1) - 174 -------------------------------------- --------- ------------ -------- Equity in income (loss) of affiliates and other items (2) (76) (59) Tax on net operating income - (58) -------------------------------------- --------- ------------ -------- Net operating income (1) (76) 57 -------------------------------------- --------- ------------ -------- Net cost of net debt - Minority interests - -------------------------------------- --------- ------------ -------- Net income from continuing operations 57 Net income from discontinued operations - -------------------------------------- --------- ------------ -------- Net income 57 -------------------------------------- --------- ------------ -------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - On net operating income - (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger (76) -------------------------------------- --------- ------------ -------- 1st quarter 2007 Corporate Intercompany Total (adjusted) -------------------------------------- --------- ------------ -------- Non-Group sales 13 - 37,043 Intersegment sales 42 (6,260) - Excise taxes - - (5,366) -------------------------------------- --------- ------------ -------- Revenues from sales 55 (6,260) 31,677 -------------------------------------- --------- ------------ -------- Operating expenses (149) 6,260 (24,749) Depreciation, depletion and amortization of tangible assets and leasehold rights (7) - (1,300) -------------------------------------- --------- ------------ -------- Adjusted operating income (101) - 5,628 -------------------------------------- --------- ------------ -------- Equity in income (loss) of affiliates and other items 291 - 621 Tax on net operating income 32 - (3,079) -------------------------------------- --------- ------------ -------- Adjusted net operating income 222 - 3,170 -------------------------------------- --------- ------------ -------- Net cost of net debt (89) Minority interests (89) -------------------------------------- --------- ------------ -------- Adjusted net income from continuing operations 2,992 Adjusted net income from discontinued operations - -------------------------------------- --------- ------------ -------- Adjusted net income 2,992 -------------------------------------- --------- ------------ -------- -------------------------------------- --------- ------------ -------- 1st quarter 2007 Corporate Intercompany Total -------------------------------------- --------- ------------ -------- Total expenditures 8 2,414 Divestitures at selling price 2 244 Cash flow from operating activities 41 6,388 -------------------------------------- --------- ------------ -------- *T BUSINESS SEGMENT INFORMATION -0- *T 2nd quarter 2006 Upstream Downstream Chemicals (in millions of euros) ----------------------------------- -------- ---------- ------------- Non-Group sales 5,424 30,516 4,965 Intersegment sales 5,439 1,256 443 Excise taxes - (5,141) - ----------------------------------- -------- ---------- ------------- Revenues from sales 10,863 26,631 5,408 ----------------------------------- -------- ---------- ------------- Operating expenses (4,702) (25,021) (4,972) Depreciation, depletion and amortization of tangible assets and leasehold rights (785) (283) (134) ----------------------------------- -------- ---------- ------------- Operating income 5,376 1,327 302 ----------------------------------- -------- ---------- ------------- Equity in income (loss) of affiliates and other items 252 75 (44) Tax on net operating income (3,237) (394) (73) ----------------------------------- -------- ---------- ------------- Net operating income 2,391 1,008 185 ----------------------------------- -------- ---------- ------------- Net cost of net debt Minority interests ----------------------------------- -------- ---------- ------------- Net income from continuing operations Net income from discontinued operations ----------------------------------- -------- ---------- ------------- Net income ----------------------------------- -------- ---------- ------------- ----------------------------------- -------- ---------- ------------- 2nd quarter 2006 Upstream Downstream Chemicals (adjustments) (*) ----------------------------------- -------- ---------- ------------- Non-Group sales Intersegment sales Excise taxes ----------------------------------- -------- ---------- ------------- Revenues from sales ----------------------------------- -------- ---------- ------------- Operating expenses - 291 42 Depreciation, depletion and amortization of tangible assets and leasehold rights - - - ----------------------------------- -------- ---------- ------------- Operating income (1) - 291 42 ----------------------------------- -------- ---------- ------------- Equity in income (loss) of affiliates and other items (2) - 10 (51) Tax on net operating income - (80) 3 ----------------------------------- -------- ---------- ------------- Net operating income (1) - 221 (6) ----------------------------------- -------- ---------- ------------- Net cost of net debt Minority interests ----------------------------------- -------- ---------- ------------- Net income from continuing operations Net income from discontinued operations ----------------------------------- -------- ---------- ------------- Net income ----------------------------------- -------- ---------- ------------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - 291 92 On net operating income - 221 62 (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger - - - ----------------------------------- -------- ---------- ------------- 2nd quarter 2006 Upstream Downstream Chemicals (adjusted) ----------------------------------- -------- ---------- ------------- Non-Group sales 5,424 30,516 4,965 Intersegment sales 5,439 1,256 443 Excise taxes - (5,141) - ----------------------------------- -------- ---------- ------------- Revenues from sales 10,863 26,631 5,408 ----------------------------------- -------- ---------- ------------- Operating expenses (4,702) (25,312) (5,014) Depreciation, depletion and amortization of tangible assets and leasehold rights (785) (283) (134) ----------------------------------- -------- ---------- ------------- Adjusted operating income 5,376 1,036 260 ----------------------------------- -------- ---------- ------------- Equity in income (loss) of affiliates and other items 252 65 7 Tax on net operating income (3,237) (314) (76) ----------------------------------- -------- ---------- ------------- Adjusted net operating income 2,391 787 191 ----------------------------------- -------- ---------- ------------- Net cost of net debt Minority interests ----------------------------------- -------- ---------- ------------- Adjusted net income from continuing operations Adjusted net income from discontinued operations ----------------------------------- -------- ---------- ------------- Adjusted net income ----------------------------------- -------- ---------- ------------- ----------------------------------- -------- ---------- ------------- 2nd quarter 2006 Upstream Downstream Chemicals ----------------------------------- -------- ---------- ------------- Total expenditures 2,209 368 176 Divestitures at selling price 502 50 67 Cash flow from operating activities 3,371 984 (7) ----------------------------------- -------- ---------- ------------- 2nd quarter 2006 Corporate Intercompany Total (in millions of euros) ------------------------------------------------ ------------ -------- Non-Group sales 4 - 40,909 Intersegment sales 44 (7,182) - Excise taxes - - (5,141) ------------------------------------------------ ------------ -------- Revenues from sales 48 (7,182) 35,768 ------------------------------------------------ ------------ -------- Operating expenses (192) 7,182 (27,705) Depreciation, depletion and amortization of tangible assets and leasehold rights (10) - (1,212) ------------------------------------------------ ------------ -------- Operating income (154) - 6,851 ------------------------------------------------ ------------ -------- Equity in income (loss) of affiliates and other items 139 - 422 Tax on net operating income 31 - (3,673) ------------------------------------------------ ------------ -------- Net operating income 16 - 3,600 ------------------------------------------------ ------------ -------- Net cost of net debt (18) Minority interests (141) ------------------------------------------------ ------------ -------- Net income from continuing operations 3,441 Net income from discontinued operations - ------------------------------------------------ ------------ -------- Net income 3,441 ------------------------------------------------ ------------ -------- ------------------------------------------------ ------------ -------- 2nd quarter 2006 Corporate Intercompany Total (adjustments) (*) ------------------------------------------------ ------------ -------- Non-Group sales Intersegment sales Excise taxes ------------------------------------------------ ------------ -------- Revenues from sales ------------------------------------------------ ------------ -------- Operating expenses (11) 322 Depreciation, depletion and amortization of tangible assets and leasehold rights - - ------------------------------------------------ ------------ -------- Operating income (1) (11) 322 ------------------------------------------------ ------------ -------- Equity in income (loss) of affiliates and other items (2) (122) (163) Tax on net operating income 4 (73) ------------------------------------------------ ------------ -------- Net operating income (1) (129) 86 ------------------------------------------------ ------------ -------- Net cost of net debt - Minority interests (6) ------------------------------------------------ ------------ -------- Net income from continuing operations 80 Net income from discontinued operations - ------------------------------------------------ ------------ -------- Net income 80 ------------------------------------------------ ------------ -------- (*) Adjustments include special items, inventory valuation effect and equity share of amortization of intangible assets related to the Sanofi-Aventis merger (1) Of which inventory valuation effect On operating income - On net operating income - (2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger (87) ------------------------------------------------ ------------ -------- 2nd quarter 2006 Corporate Intercompany Total (adjusted) ------------------------------------------------ ------------ -------- Non-Group sales 4 - 40,909 Intersegment sales 44 (7,182) - Excise taxes - - (5,141) ------------------------------------------------ ------------ -------- Revenues from sales 48 (7,182) 35,768 ------------------------------------------------ ------------ -------- Operating expenses (181) 7,182 (28,027) Depreciation, depletion and amortization of tangible assets and leasehold rights (10) - (1,212) ------------------------------------------------ ------------ -------- Adjusted operating income (143) - 6,529 ------------------------------------------------ ------------ -------- Equity in income (loss) of affiliates and other items 261 - 585 Tax on net operating income 27 - (3,600) ------------------------------------------------ ------------ -------- Adjusted net operating income 145 - 3,514 ------------------------------------------------ ------------ -------- Net cost of net debt (18) Minority interests (135) ------------------------------------------------ ------------ -------- Adjusted net income from continuing operations 3,361 Adjusted net income from discontinued operations - ------------------------------------------------ ------------ -------- Adjusted net income 3,361 ------------------------------------------------ ------------ -------- ------------------------------------------------ ------------ -------- 2nd quarter 2006 Corporate Intercompany Total ------------------------------------------------ ------------ -------- Total expenditures 26 2,779 Divestitures at selling price 5 624 Cash flow from operating activities (302) 4,046 ------------------------------------------------ ------------ -------- *T CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments) -0- *T 1st half 2007 Adjusted Adjustment Consolidated (in millions of euros) items statement of income ------------------------------------- -------- ---------- ------------ Sales 76,137 - 76,137 Excise taxes (10,961) - (10,961) Revenues from sales 65,176 - 65,176 Purchases, net of inventory variation (41,987) 893 (41,094) Other operating expenses (8,791) - (8,791) Exploration costs (469) - (469) Depreciation, depletion and amortization of tangible assets and leasehold rights (2,665) - (2,665) ------------------------------------- -------- ---------- ------------ Operating income Corporate (221) - (221) Business segments 11,485 893 12,378 ------------------------------------- -------- ---------- ------------ Total operating income 11,264 893 12,157 ------------------------------------- -------- ---------- ------------ Other income 156 - 156 Other expense (66) (100) (166) Financial interest on debt (877) - (877) Financial income from marketable securities and cash equivalents 631 - 631 Cost of net debt (246) - (246) Other financial income 337 - 337 Other financial expense (141) - (141) Income taxes (6,088) (294) (6,382) Equity in income (loss) of affiliates 1,042 (124) 918 ------------------------------------- -------- ---------- ------------ Consolidated net income from continuing operations (Group without Arkema) 6,258 375 6,633 Consolidated net income from discontinued operations (Arkema) - - - ------------------------------------- -------- ---------- ------------ Consolidated net income 6,258 375 6,633 ------------------------------------- -------- ---------- ------------ Group share 6,092 368 6,460 Minority interests 166 7 173 ------------------------------------- -------- ---------- ------------ ------------------------------------- -------- ---------- ------------ 1st half 2006 Adjusted Adjustment Consolidated (in millions of euros) items statement of income ------------------------------------- -------- ---------- ------------ Sales 79,012 - 79,012 Excise taxes (9,748) - (9,748) Revenues from sales 69,264 - 69,264 Purchases, net of inventory variation (43,585) 756 (42,829) Other operating expenses (9,856) (66) (9,922) Exploration costs (261) - (261) Depreciation, depletion and amortization of tangible assets and leasehold rights (2,443) - (2,443) ------------------------------------- -------- ---------- ------------ Operating income Corporate (241) (11) (252) Business segments 13,360 701 14,061 ------------------------------------- -------- ---------- ------------ Total operating income 13,119 690 13,809 ------------------------------------- -------- ---------- ------------ Other income 139 194 333 Other expense (193) (50) (243) Financial interest on debt (715) - (715) Financial income from marketable securities and cash equivalents 611 - 611 Cost of net debt (104) - (104) Other financial income 307 - 307 Other financial expense (120) - (120) Income taxes (7,210) (247) (7,457) Equity in income (loss) of affiliates 994 (174) 820 ------------------------------------- -------- ---------- ------------ Consolidated net income from continuing operations (Group without Arkema) 6,932 413 7,345 Consolidated net income from discontinued operations (Arkema) 27 (19) 8 ------------------------------------- -------- ---------- ------------ Consolidated net income 6,959 394 7,353 ------------------------------------- -------- ---------- ------------ Group share 6,737 387 7,124 Minority interests 222 7 229 ------------------------------------- -------- ---------- ------------ *T CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments) -0- *T 2nd quarter 2007 Adjusted Adjustment Consolidated (in millions of euros) items statement of income ------------------------------------- -------- ---------- ------------ Sales 39,094 - 39,094 Excise taxes (5,595) - (5,595) Revenues from sales 33,499 - 33,499 Purchases, net of inventory variation (22,104) 719 (21,385) Other operating expenses (4,139) - (4,139) Exploration costs (255) - (255) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,365) - (1,365) ------------------------------------- -------- ---------- ------------ Operating income Corporate (120) - (120) Business segments 5,756 719 6,475 ------------------------------------- -------- ---------- ------------ Total operating income 5,636 719 6,355 ------------------------------------- -------- ---------- ------------ Other income 60 - 60 Other expense (2) (100) (102) Financial interest on debt (447) - (447) Financial income from marketable securities and cash equivalents 337 - 337 Cost of net debt (110) - (110) Other financial income 209 - 209 Other financial expense (74) - (74) Income taxes (3,056) (236) (3,292) Equity in income (loss) of affiliates 514 (65) 449 ------------------------------------- -------- ---------- ------------ Consolidated net income from continuing operations (Group without Arkema) 3,177 318 3,495 Consolidated net income from discontinued operations (Arkema) - - - ------------------------------------- -------- ---------- ------------ Consolidated net income 3,177 318 3,495 ------------------------------------- -------- ---------- ------------ Group share 3,100 311 3,411 Minority interests 77 7 84 ------------------------------------- -------- ---------- ------------ ------------------------------------- -------- ---------- ------------ 2nd quarter 2006 Adjusted Adjustment Consolidated (in millions of euros) items statement of income ------------------------------------- -------- ---------- ------------ Sales 40,909 - 40,909 Excise taxes (5,141) - (5,141) Revenues from sales 35,768 - 35,768 Purchases, net of inventory variation (22,770) 383 (22,387) Other operating expenses (5,111) (61) (5,172) Exploration costs (146) - (146) Depreciation, depletion and amortization of tangible assets and leasehold rights (1,212) - (1,212) ------------------------------------- -------- ---------- ------------ Operating income Corporate (143) (11) (154) Business segments 6,672 333 7,005 ------------------------------------- -------- ---------- ------------ Total operating income 6,529 322 6,851 ------------------------------------- -------- ---------- ------------ Other income 73 - 72 Other expense (108) (51) (158) Financial interest on debt (387) - (387) Financial income from marketable securities and cash equivalents 340 - 340 Cost of net debt (47) - (47) Other financial income 201 - 201 Other financial expense (69) - (69) Income taxes (3,571) (73) (3,644) Equity in income (loss) of affiliates 488 (112) 376 ------------------------------------- -------- ---------- ------------ Consolidated net income from continuing operations (Group without Arkema) 3,496 86 3,582 Consolidated net income from discontinued operations (Arkema) - - - ------------------------------------- -------- ---------- ------------ Consolidated net income 3,496 86 3,582 ------------------------------------- -------- ---------- ------------ Group share 3,361 80 3,441 Minority interests 135 6 141 ------------------------------------- -------- ---------- ------------ *T TOTAL 2, place de la Coupole La DÃ©fense 6 92 400 Courbevoie France Tel. : 33 (1) 47 44 58 53 Fax : 33 (1) 47 44 58 24 JÃ©rÃ´me SCHMITT Laurent WOLFFSHEIM Philippe HERGAUX Sandrine SABOUREAU Laurent KETTENMEYER or Robert HAMMOND (U.S.) Tel. : (1) 201 626 3500 Fax : (1) 201 626 4004

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