Total: First Quarter 2013 Results1

Total: First Quarter 2013 Results1

TOTAL

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

  1Q13   1Q12       Change

vs 1Q12

                 

Adjusted net income2.

 

-- in billion euros (B€)

2.9 3.1 -7%

-- in billion dollars (B$)

3.8 4.0 -6%
 

-- in euros per share

1.26 1.36 -7%

-- in dollars per share

1.67 1.78 -7%
 
                 
 

Net income3 of 1.5 B€ in the first quarter 2013

 

Net-debt-to-equity ratio of 25.9% on March 31, 2013

Upstream production of 2,323 kboe/d in the first quarter 2013

 

1Q13 interim dividend of 0.59 €/ share payable in September 20134

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

« The Group delivered solid results of 2.9 billion euros in adjusted net income for the first quarter, illustrating the Group’s many strengths.

In the UK North Sea, the Group internalized lessons learned to successfully restart the Elgin-Franklin fields in March. With the launch of the Moho Nord project, the most significant of its kind in the Republic of Congo, the Group will deploy innovative deep-offshore technologies, further demonstrating the Group’s ability to expand its horizons while respecting the social and environmental commitments inherent to its operations.

The Group’s commitment to strict investment discipline was evidenced, in particular, by the sale of its interest in the Voyageur upgrader in Canada following a comprehensive review of strategic options.

Finally, in the downstream, the quality of the results generated in the first quarter highlights the progress made in implementing the optimization programs.

With this ability to adapt to an evolving environment and opportunity set, Total continues to progress with confidence toward achieving its goals. »

  • Key figures5

in millions of euros

except earnings per share and number of shares

  1Q13   4Q12   1Q12   1Q13 vs 1Q12
Sales   48,130   49,868   51,168   -6%
Adjusted operating income from business segments   5,779   5,819   6,788   -15%
Adjusted net operating income from business segments   3,114   3,320   3,262   -5%

- Upstream

  2,466   2,686   3,057   -19%

- Refining & Chemicals

383 367 64 X6

- Marketing & Services

  265   267   141   88%
Adjusted net income   2,863   3,041   3,080   -7%
Adjusted fully-diluted earnings per share (euros)   1.26   1.34   1.36   -7%
Fully-diluted weighted-average shares (millions)   2,269   2,270   2,265   -
                 
Net income (Group share)   1,537   2,341   3,668   -58%
                 

Investments6

  5,984   6,623   5,940   1%
Divestments   616   1,566   1,690   -64%
Net investments   5,368   5,057   4,250   26%
Cash flow from operations   3,718   5,865   5,267   -29%
Adjusted cash flow from operations   5,209   5,691   5,095   2%
                 

In millions of dollars7

except earnings per share and number of shares

  1Q13   4Q12   1Q12   1Q13 vs 1Q12
Sales   63,560   64,664   67,071   -5%
Adjusted operating income from business segments   7,632   7,545   8,898   -14%
Adjusted net operating income from business segments   4,112   4,305   4,276   -4%

- Upstream

3,257 3,483 4,007 -19%

- Refining & Chemicals

506 476 84 X6

- Marketing & Services

  350   346   185   89%
Adjusted net income   3,781   3,943   4,037   -6%
Adjusted fully-diluted earnings per share (euros)   1.67   1.74   1.78   -7%
Fully-diluted weighted-average shares (millions)   2,269   2,270   2,265   -
Net income (Group share)   2,030   3,036   4,808   -58%
Investments6   7,902   8,588   7,786   1%
Divestments   813   2,031   2,215   -63%
Net investments   7,089   6,557   5,571   27%
Cash flow from operations   4,910   7,605   6,904   -29%
Adjusted cash flow from operations   6,879   7,380   6,679   3%
  • Main events since the start of the first quarter 2013
    • Launched the development of Moho Nord in the Republic of Congo
    • Restarted production at Elgin-Franklin in the UK North Sea
    • Exploration well Ivoire-1X on block CI-100 in the Ivory Coast encountered a horizon with high-quality oil.
    • Expanded exploration acreage by obtaining permits in offshore Cyprus
    • Finalized an agreement to acquire an additional 6% in the Ichthys LNG project in Australia
    • Sold of a 49% stake in the Voyageur project in Canada and finalized the sale of a 9.99% indirect interest in Block 14 offshore Angola
    • Announced the sale of a 25% interest in Tempa Rossa in Italy
    • Signed agreement with a consortium of buyers for the sale of TIGF, a natural gas transportation and storage affiliate in France
    • Received a binding offer and entered into exclusive negotiations for the sale by Total of its fertilizers business subsidiary GPN SA
  • First quarter 2013 results

> Operating income from business segments

In the first quarter 2013, the Brent price averaged 112.6 $/b, a decrease of 5% compared to the first quarter 2012 and an increase of 2% compared to the fourth quarter 2012. The European refining margin indicator (ERMI) averaged 26.9 $/t, an increase of 29% compared to the first quarter 2012, but a decrease of 21% compared to the fourth quarter 2012. The environment for petrochemicals improved in Europe thanks to a decline in feedstock costs, yet demand continued to be weak.

The euro-dollar exchange rate averaged 1.32 $/€ in the first quarter 2013, compared to 1.31 $/€ in the first quarter 2012 and 1.30 $/€ in the fourth quarter 2012.

In this environment, the adjusted operating income8 from business segments was

5,779 M€, a decrease of 15% compared to the first quarter 2012. Expressed in dollars, there was a decrease of 14%. This decrease is essentially due to the decrease in Upstream results compared to the first quarter 2012, which was partially offset by improved results from Refining & Chemicals and Marketing & Services.

The effective tax rate9 for the business segments was 58.1% in the first quarter 2013 compared to 60.1% in the first quarter 2012, essentially due to an increased contribution of downstream activities to the pre-tax results of the Group.

Adjusted net operating income from the business segments was 3,114 M€ for the first quarter 2013 compared to 3,262 M€ in the first quarter 2012, a decrease of 5%.

Expressed in dollars, the adjusted net operating income from the business segments was 4.1 B$, a decrease of 4% compared to the first quarter 2012. This decrease is mainly due to a lower contribution from Upstream in an environment less favorable than that of the first quarter 2012.

> Net income (Group share)

Adjusted net income was 2,863 M€ compared to 3,080 M€ in the first quarter 2012, a decrease of 7%. Expressed in dollars, adjusted net income decreased by 6%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value, and special items10:

  • The after-tax inventory effect had a negative impact on net income of 51 M€ in the first quarter 2013 compared to a positive impact of 590 M€ in the first quarter 2012.
  • Changes in fair value had a positive impact on net income of 1 M€ in the first quarter 2013 compared to a negative impact of 20 M€ in the first quarter 2012.
  • Special items11 had a negative impact on net income of 1,276 M€ in the first quarter 2013, comprised essentially of a net loss of 1,247 M€ relating to the sale of a 49% interest in the Voyageur upgrader project in Canada. This decision, following a strategic review of this project, is consistent with the Group’s commitment to economically develop its Canadian oil sands projects and provides investment savings of about 6 B$ over the next five years.
  • In the first quarter 2012, special items had a positive impact of 18 M€.

Net income (Group share) was 1,537 M€ compared to 3,668 M€ in the first quarter 2012.

The effective tax rate for the Group was 58.8% in the first quarter 2013, compared to 60.6% in the first quarter 2012.

On March 31, 2013, there were 2,269 million fully-diluted shares, compared to 2,264 on March 31, 2012.

Adjusted fully-diluted earnings per share, based on 2,269 million fully-diluted weighted-average shares, was €1.26, compared to €1.36 in the first quarter 2012.

Expressed in dollars, adjusted fully-diluted earnings per share decreased by 7% to $1.67.

> Investments – Divestments12

Investments, excluding acquisitions and including changes in non-current loans, were 4.85 B€ (6.4 B$) in the first quarter 2013, an increase of 25% compared to 3.9 B€ (5.1 B$) in the first quarter 2012.

Acquisitions were 934 M€ (1,233 M$) in the first quarter 2013, comprised essentially of the acquisition of an additional 6% stake in Ichthys LNG, exploration permits in Mozambique, and the carry agreement in the Utica shale gas and condensates field in the United States.

Asset sales in the first quarter 2013 were 420 M€ (555 M$), including mainly the sale of a 49% interest in the Voyageur upgrader project in Canada. Several asset sales have been announced by the Group, including TIGF, Usan, and Tempa Rossa, which are in-progress and are not reported in the accounts of the first quarter 2013. These transactions represent about 5 B$ in the aggregate.

Net investments12 were 5.4 B€ (7.1 B$) in the first quarter 2013 compared to 4.2 B€ (5.6 B$) in the first quarter 2012.

> Cash flow

Cash flow from operations was 3,718 M€ in the first quarter 2013, a decrease of 29% compared to the first quarter 2012.

Adjusted cash flow from operations14 was 5,209 M€, an increase of 2% compared to the first quarter 2012. Expressed in dollars, adjusted cash flow from operations was 6.9 B$, an increase of 3% compared to the first quarter 2012.

The Group’s net cash flow15 was negative 1,650 M€, compared to positive 1,017 M€ in the first quarter 2012.

Expressed in dollars, the Group’s net cash flow was negative 2.2 B€ in the first quarter 2013, compared to positive 1.3 B€ in the first quarter 2012. This decrease is mainly due to changes in working capital and net investments between the two periods.

The net-debt-to-equity ratio was 25.9% on March 31, 2013, compared to 21.9% on December 31, 2012, and 22.6% on March 31, 2012.16

  • Analysis of business segment results

Upstream

> Environment – liquids and price realizations*

        1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Brent ($/b)       112.6       110.1       118.6       -5%
Average liquids price ($/b)       106.7       106.4       115.2       -7%
Average gas price ($/Mbtu)       7.31       6.94       7.16       +2%
Average hydrocarbons price ($/boe)       77.4       77.0       82.1       -6%

* consolidated subsidiaries, excluding fixed margins

> Production

Hydrocarbon production       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Combined production (kboe/d)       2,323       2,293       2,372       -2%

-- Liquids (kb/d)

      1,193       1,206       1,229       -3%

-- Gas (Mcf/d)

      6,137       5,897       6,226       -1%

Hydrocarbon production was 2,323 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2013, a decrease compared to the first quarter 2012, essentially as a result of:

  • +4% for start-ups and ramp-ups of new projects,
  • -3% for normal decline and maintenance,
  • -0.5% for portfolio changes, comprised essentially of the sale of assets in the UK, Nigeria and Columbia, net of the positive effect of an increased interest in Novatek,
  • -2.5% for the incident at Elgin in the UK North Sea and security conditions in Nigeria.

Results

Effective July 1, 2012, the Upstream segment no longer includes the activities of New Energies, which are now reported with Marketing & Services. As a result, certain information has been restated according to the new organization.

in millions of euros       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Adjusted operating income*       4,960       5,049       6,508       -24%
Adjusted net operating income*       2,466       2,686       3,057       -19%

-- includes adjusted income from equity affiliates

      633       350       495       +28%
Investments       5,255       5,518       5,306       -1%
Divestments       543       1,415       748       -27%
Cash flow from operating activities       4,150       4,429       5,766       -28%
Adjusted cash flow

from operating activities

      4,186       4,494       4,713       -11%

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

Adjusted net operating income from the Upstream segment was 2,466 M€ in the first quarter 2013 compared to 3,057 M€ in the first quarter 2012, a decrease of 19%. Expressed in dollars, adjusted net operating income from the Upstream segment was 4,007 M$ in the first quarter of 2012, compared to 3,257 M$ in the first quarter 2013. The decrease is explained by a less favorable environment and a decrease in production between the two periods, as well as higher technical costs. The increase in technical costs is mainly due to higher amortization.

The effective tax rate for the Upstream segment was 62.7%, compared to 61.0% in the first quarter 2012, mainly due to increased non-deductible exploration charges.

For the twelve months ended March 31, 2013, the return on average capital employed (ROACE16) for the Upstream segment was 17%, compared to 18% for the full-year 2012.

The annualized for the first quarter 2013 ROACE of the Upstream segment was 15%.

Refining & Chemicals

> Refinery throughput and utilization rates*

        1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Total refinery throughput (kb/d)       1,763       1,648       1,830       -4%

-- France

      627       532       692       -9%

-- Rest of Europe

866 847 879 -1%

-- Rest of world

      270       269       259       +4%
Utilization rates**                                

-- Based on crude only

83% 76% 82%

-- Based on crdue and other feedstock

      86%       79%       88%        

* includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Serives segment.

** based on distillation capacity at the beginning of the year

The decrease in refinery throughput compared to the first quarter 2012 is mainly due to the turnaround of the Normandy refinery in the context of a modernization project for the first part of the quarter, maintenance at the Donges refinery, and the closure of the Rome refinery that occurred at the end of the third quarter 2012. Throughput was down at the beginning of the quarter during a challenging environment, yet progressively returned to levels comparable to those of the first quarter 2012.

> Results

in millions of euros
(except the ERMI)		       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
European refining margin

indicator - ERMI ($/t)

      26.9       33.9       20.9       +29%
Adjusted operating income*       410       388       (43)       n/a
Adjusted net operating income*       383       367       64       x6

-- contribution of Specialty Chemicals**

      90       94       91       -1%
nvestments       533       573       429       +24%
Divestments       27       101       141       -81%
Cash flow from operations       (288)       502       (36)       n/a
Adjusted cash flow from operations       563       672       128       x4

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

** Hutchinson, Bostik, Atotech

The ERMI averaged 26.9 $/t in the first quarter 2013, an increase of 29% compared to the first quarter 2012.

Adjusted net operating income from the Refining & Chemicals segment was 383 M€ in the first quarter 2013, nearly six times than that of the first quarter 2012.

Expressed in dollars, the increase is identical and is due to the improvement of refining margins and petrochemical margins at the end of the quarter as well as improved operational performance of facilities.

For the twelve months ended March 31, 2013, the ROACE for the Refining & Chemicals segment was 10%, compared to 9% for the full-year 2012.

The annualized first quarter 2013 ROACE of the Refining & Chemicals segment was 9%.

Marketing & Services

> Refined product sales

Sales in kb/d*       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Europe       1,108       1,123       1,211       -9%
Rest of world       607       583       529       +15%
Total sales volumes       1,715       1,706       1,740       -1%

* excludes trading and bulk sales, includes share of TotalErg

In the first quarter 2013, sales volumes decreased by 1% compared to the first quarter 2012. This decrease is due to a decline in European sales, which were particularly impacted by the closure of the Rome refinery, in an environment of decreasing demand for refined products. The decrease in sales of specialty products was partially offset by increased sales outside of Europe.

> Results

Effective July 1, 2012, Marketing & Services includes the activities of New Energies. As a result, certain information has been restated according to the new organization.

in millions of euros       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Sales       20,999       21,669       21,852       -4%
Adjusted operating income*       409       382       323       +27%
Adjusted net operating income*       265       267       141       +88%

-- contribution of New Energies

      (13)       14       (116)       n/a
Investments       187       508       198       -6%
Divestments       38       46       45       -16%
Cash flow from operating activities       (93)       1 024       (444)       n/a
Adjusted cash flow       434       353       270       +61%

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

Marketing & Services sales were 21 B€, a decrease of 4% compared to the first quarter 2012.

Adjusted net operating income from the Marketing & Services segment was 265 M€ in the first quarter 2013, an increase of 88% compared to the first quarter 2012, mainly due to improved margins on certain specialty products and an improved contribution from New Energies.

For the twelve months ended March 31, 2013, the ROACE for the Marketing & Services segment was 13%, compared to 12% for the full-year 2012.

The annualized first quarter 2013 ROACE of the Marketing & Services segment was 15%.

  • Summary and Outlook

The ROACE for the Group for the twelve months ended March 31, 2013, was 15%, compared to 16% for the full-year 2012. The annualized first quarter 2013 ROACE for the Group was 14%.

The return on equity for the twelve months ended March 31, 2013, was 17%, compared to 18% for the full-year 2012.

Pending approval at the May 17, 2013 Annual Shareholders Meeting, TOTAL S.A. will pay on June 27, 2013, the 0.59 €/share remainder of the 2012 dividend.17 The 2012 cash dividend represents a total of 2.34 €/share, an increase of 3% compared to the previous year.

In addition, the Board of Directors decided on April 25, 2013, to pay a first quarter 2013 interim dividend of 0.59 €/share on September 27, 2013.18

Since the beginning of the year, the Group successfully restarted production at Elgin-Franklin in the UK North Sea following the approval of the safety case by UK authorities. Production has reached nearly 50% of the fields’ potential. The next scheduled start-ups include Angola LNG, Sulige in China, and Kashagan in Kazakhstan. Total continues to pursue the development of its major projects, most recently with the launch of Moho Nord.

The Group’s ambitious exploration program continues with high-potential wells targeting frontier prospects, including in Gabon, Kenya and Indonesia. 80% of Total’s exploration potential this year is yet to be drilled.

In the downstream, refinery throughput in the second quarter will be impacted by a turnaround at Carling and scheduled maintenance at Antwerp. Since the beginning of the second quarter 2013, European refining margins and petrochemicals margins have been trending favorably.

To listen to a presentation by CFO Patrick de la Chevardière to financial analysts today at 15:00 (Paris time), please log on to www.total.com or call +44 (0)203 367 9459 in Europe or +1 855 402 7763 in the U.S. (listen-only). For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the U.S. (code: 281 147).

This press release presents the first quarter 2013 results from the interim consolidated financial statements of TOTAL S.A. as of March 31, 2013. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:

(i) Special items

Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.

(ii) Inventory valuation effect

The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

The effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.

IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.

Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

Operating information by segment

for first quarter 2013

  • Upstream
Combined liquids and gas production

by region (kboe/d)

      1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Europe       392       421       499       -21%
Africa 692 701 709 -2%
Middle East 542 482 511 +6%
North America 71 67 68 +4%
South America 172 175 182 -5%
Asia-Pacific 236 227 214 +10%
CIS       218       220       189       +15%
Total production       2,323       2,293       2,372       -2%
Includes equity affiliates       681       624       628       +8%
Liquids production by region (kb/d)       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Europe       166       185       226       -27%
Africa 552 568 566 -2%
Middle East 329 312 300 +10%
North America 27 26 24 +13%
South America 57 57 63 -10%
Asia-Pacific 31 28 24 +29%
CIS       31       30       26       +19%
Total production       1,193       1,206       1,229       -3%
Includes equity affiliates       325       307       299       +9%
Gas production by region (Mcf/d)       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Europe       1,215       1,270       1,492       -19%
Africa 707 654 730 -3%
Middle East 1,165 930 1,143 +2%
North America 250 228 247 +1%
South America 637 657 663 -4%
Asia-Pacific 1,151 1,127 1 073 +7%
CIS       1,012       1,031       878       +15%
Total production       6,137       5,897       6,226       -1%
Includes equity affiliates       1,922       1,712       1,773       +8%
Liquefied natural gas       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
LNG sales* (Mt)       2.90       2.73       3.22       -10%

* sales, Group share, excluding trading; 2012 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2012 SEC coefficient

  • Downstream (Refining & Chemicals and Marketing & Services)
Refined product sales by region (kb/d)* 1Q13 4Q12 1Q12 1Q13 vs 1Q12
Europe 1,978 1,964 2,066 -4%
Africa 448 413 392 +14%
Americas 481 435 441 +9%
Rest of world 505 531 568 -11%
Total consolidated sales 3,412 3,343 3,467 -2%
Includes bulk sales 521 545 501 +4%
Includes trading 1,176 1,092 1,226 -4%

* includes share of TotalErg

Adjustment items

  • Adjustments to operating income
in millions of euros       1Q13       4Q12       1Q12    
Special items affecting operating income       (6)       (826)       (65)

- Restructuring charges

      (2)       62       -

- Impairments

(4) (340) -

- Other

      -       (548)       (65)
Pre-tax inventory effect : FIFO vs. replacement cost       (88)       (462)       846
Effect of change in fair value       2       13       (25)
                         
Total adjustments affecting operating income       (92)       (1,275)       756
  • Adjustments to net income (Group share)
in millions of euros       1Q13       4Q12       1Q12    
Special items affecting operating income (Group share)       (1,276)       (398)       18

- Gain (loss) on asset sales

      (1,247)       226       80

- Restructuring charges

(26) (4) -

- Impairments

(3) (337) (20)

- Other

      -       (283)       (42)
After-tax inventory effect : FIFO vs. replacement cost       (51)       (312)       590
Effect of change in fair value       1       10       (20)
                         
Total adjustments affecting net income       (1,326)       (700)       588

Effective tax rates

Effective tax rate*       1Q13       4Q12       1Q12    
Upstream       62.7%       54.8%       61.0%
Group       58.8%       52.5%       60.6%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates, dividends received from investments + tax on adjusted net operating income)

Investments - Divestments

in millions of euros       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Investments excluding acquisitions*       4,854       5,360       3,873       +25%

-- Capitalized exploration

      362       380       350       +3%

-- Changes in non-current loans**

      277       (181)       159       +74%
Acquisitions       934       578       1,832       -49%
Investments including acquisitions*       5,788       5,938       5,705       +1%
Asset sales       420       881       1,455       -71%
Net investments**       5,368       5,057       4,250       +26%
expressed in millions of dollars***       1Q13       4Q12       1Q12       1Q13 vs 1Q12    
Investments excluding acquisitions*       6,410       6,950       5,077       +26%

-- Capitalized exploration

      478       493       459       +4%

-- Changes in non-current loans**

      366       (235)       208       +76%
Acquisitions       1,233       749       2,401       -49%
Investments including acquisitions*       7,644       7,700       7,478       +2%
Asset sales       555       1,142       1,907       -71%
Net investments**       7,089       6,557       5,571       +27%

* includes changes in non-current loans

** includes net investments in equity affiliates and non-consolidated companies + net financing for employee-related stock purchase plans

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

Net-debt-to-equity ratio

in millions of euros       03/31/2013       12/31/2012       03/31/2012    
Current borrowings       10,739       11,016       9,574
Net current financial assets (535) (1,386) (1,322)
Net financial assets classified as held for sale 682 756 -
Non-current financial debt 22,875 22,274 22,428
Hedging instruments of non-current debt (1,472) (1,626) (1,882)
Cash and cash equivalents       (13,415)       (15,469)       (13,330)
Net debt       18,874       15,565       15,468
                         
Shareholders’ equity 73,846 71,185 69,862
Estimated dividend payable (2,666) (1,299) (2,573)
Minority interests       1,785       1,280       1,274
Equity       72,965       71,166       68,563
                         
Net-debt-to-equity ratio       25.9%       21.9%       22.6%

2013 sensitivities*

      Scenario       Change       Impact on adjusted       Impact on adjusted    
                        operating income       net operating income
Dollar       1.30 $/€       +0.1 $ par €       -2,2 B€       -0,95 B€
Brent       100 $/b       +1 $/b       +0.24 B€ / 0.31 B$       +0.11 B€ / 0.14 B$
European refining margins (ERMI)       30 $/t       +1 $/t       +0.08 B€ / 0.1 B$       +0.05 B€ / 0.06 B$

* Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Sensitivities are estimates based on assumptions of the Group’s portfolio in 2013. Actual results could vary significantly from estimates based on the application of these sensitivities.

The impact of the €-$ sensitivity on adjusted operating income and adjusted net operating income attributable to the Upstream segment are approximately 80% and 70% respectively. The remaining impact is essentially on the Refining & Chemicals segment.

Return on average capital employed

  • Twelve months ended March 31, 2013
in millions of euros     Upstream  

Refining &
Chemicals

  

Marketing
& Services

       Group
Adjusted net operating income     10,554   1,695   954 12,764
Capital employed at 03/31/2012* 57,382 15,790 7,484 82,009
Capital employed at 03/31/2013*    

67,187

  17,096   7,503 90,694
ROACE     16.9%   10.3%   12.7% 14.8%
  • Full-year 2012
in millions of euros       Upstream      

Refining &
Chemicals

      

Marketing
& Services

       Group            
Adjusted net operating income       11,145       1,376       830 12,927
Capital employed at 12/31/2011* 56,910 15,454 6,852 79,976
Capital employed at 12/31/2012*       63,862       15,726       6,986 84,152
ROACE       18.5%       8.8%       12.0% 15.8%

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

1 Following the application of revised accounting standard IAS 19 effective January 1, 2013, the information for 2012 and 2011 has been restated; however, the impact on such restated results is not significant (see note 1 of the notes to the consolidated financial statements).

2 Definition of adjusted results on page 2 – dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period: 1.3206 $/€ in the 1st quarter 2013, 1.3108 $/€ in the 1st quarter 2012, 1.2967 $/€ in the 4th quarter 2012.

3 Group share

4 The ex-dividend date will be September 24, 2013. Pending approval at the May 17, 2013, Annual Shareholders Meeting, the remaining 0.59 €/share dividend for 2012 will be paid June 27, 2013.

5 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 15 and the inventory valuation effect is explained on page 12.

6 Including acquisitions.

7 Dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

8 Special items affecting operating income from the business segments had a negative impact of 6 M€ in the 1st quarter 2013 and a negative impact of 65 M€ in the 1st quarter 2012.

9 Defined as: (tax on adjusted net operating income) / (adjusted net operating income – income from equity affiliates, dividends received from investments + tax on adjusted net operating income).

10 Adjustment items explained on page 12.

11 Detail shown on page 15.

12 Detail shown on page 16.

13 Net investments = investments including acquisitions and changes in non-current loans – asset sales.

14 Cash flow from operations at replacement cost before changes in working capital.

15 Net cash flow = cash flow from operations - net investments.

16 Detail shown on page 17.

17 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 18.

18 The ex-dividend date will be June 24, 2013.

19 The ex-dividend date will be September 24, 2013.

CONSOLIDATED STATEMENT OF INCOME          
TOTAL
(unaudited)
 

1st quarter

4th quarter

1st quarter

(M€) ((a))   2013       2012       2012  
Sales 48,130 49,868 51,168
Excise taxes (4,196 ) (4,399 ) (4,393 )
Revenues from sales 43,934 45,469 46,775
Purchases, net of inventory variation (30,530 ) (31,854 ) (32,041 )
Other operating expenses (5,352 ) (6,277 ) (5,080 )
Exploration costs (307 ) (504 ) (356 )
Depreciation, depletion and amortization of tangible assets and mineral interests (2,160 ) (2,413 ) (1,838 )
Other income 31 474 289
Other expense (1,532 ) (239 ) (96 )
Financial interest on debt (169 ) (160 ) (187 )
Financial income from marketable securities & cash equivalents 22 33 35
Cost of net debt (147 ) (127 ) (152 )
Other financial income 103 123 85
Other financial expense (128 )

(110

) (136 )
Equity in net income (loss) of affiliates 718 392 541
Income taxes   (3,042 )     (2,557 )     (4,311 )
Consolidated net income   1,588       2,377       3,680  
Group share 1,537 2,341 3,668
Non-controlling interests   51       36       12  
Earnings per share (€)   0.68       1.04       1.63  
Fully-diluted earnings per share (€)   0.68       1.03       1.62  
(a) Except for per share amounts.
 
     
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 

1st quarter

4th quarter

1st quarter

(M€)   2013     2012     2012  
Consolidated net income   1,588     2,377     3,680  
Other comprehensive income
 
Actuarial gains and losses 169 (437 ) (1 )
Tax effect   (66 )   190     (2 )
Items not potentially reclassifiable to profit and loss   103     (247 )   (3 )
Currency translation adjustment 951 (987 ) (1,048 )
Available for sale financial assets (4 ) 4 (66 )
Cash flow hedge 11 29 70
Share of other comprehensive income of equity affiliates, net amount 94 (31 ) 162
Other (8 ) - (7 )
Tax effect   (2 )   (9 )   (11 )
Items potentially reclassifiable to profit and loss   1,042     (994 )   (900 )
Total other comprehensive income (net amount)   1,145     (1,241 )   (903 )
                   
Comprehensive income   2,733     1,136     2,777  
- Group share 2,649 1,131 2,792
- Non-controlling interests 84 5 (15 )
 
     
CONSOLIDATED BALANCE SHEET
TOTAL
 
 
March 31, December 31, March 31, 2012
2013 2012 (unaudited)
(M€)   (unaudited)        
ASSETS
Non-current assets
Intangible assets, net 13,552 12,858 13,231
Property, plant and equipment, net 70,680 69,332 65,082
Equity affiliates : investments and loans 15,139 13,759 13,194
Other investments 1,223 1,190 2,958
Hedging instruments of non-current financial debt 1,472 1,626 1,882
Deferred income taxes 2,568 2,279 1,780
Other non-current assets   2,846   2,663   2,331
Total non-current assets   107,480   103,707   100,458
Current assets
Inventories, net 17,095 17,397 18,886
Accounts receivable, net 21,995 19,206 22,811
Other current assets 10,898 10,086 10,346
Current financial assets 624 1,562 1,471
Cash and cash equivalents 13,415 15,469 13,330
Assets classified as held for sale   4,555   3,797   -
Total current assets   68,582   67,517   66,844
Total assets 176,062 171,224 167,302
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,915 5,915 5,911
Paid-in surplus and retained earnings 71,751 70,116 69,207
Currency translation adjustment (478) (1,504) (1,866)
Treasury shares   (3,342)   (3,342)   (3,390)
Total shareholders' equity - Group Share   73,846   71,185   69,862
Non-controlling interests   1,785   1,280   1,274
Total shareholders' equity   75,631   72,465   71,136
Non-current liabilities
Deferred income taxes 12,877 12,132 11,774
Employee benefits 3,503 3,744 3,321
Provisions and other non-current liabilities 11,554 11,585 10,579
Non-current financial debt   22,875   22,274   22,428
Total non-current liabilities   50,809   49,735   48,102
Current liabilities
Accounts payable 21,809 21,648 22,647
Other creditors and accrued liabilities 15,254 14,698 15,694
Current borrowings 10,739 11,016 9,574
Other current financial liabilities 89 176 149
Liabilities directly associated with the assets classified as held for sale   1,731   1,486   -
Total current liabilities   49,622   49,024   48,064
Total liabilities and shareholders' equity 176,062 171,224 167,302
 
     
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M€)  

1st quarter

2013

 

4th quarter

2012

 

1st quarter

2012

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 1,588 2,377 3,680
Depreciation, depletion and amortization 2,306 2,801 2,103
Non-current liabilities, valuation allowances and deferred taxes 77 358 358
Impact of coverage of pension benefit plans - - -
(Gains) losses on disposals of assets 1,418 (456) (281)
Undistributed affiliates' equity earnings (353) 119 34
(Increase) decrease in working capital (1,403) 636 (674)
Other changes, net   85   30   47
Cash flow from operating activities 3,718 5,865 5,267
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (4,913) (6,038) (5,227)
Acquisitions of subsidiaries, net of cash acquired (16) 8 (121)
Investments in equity affiliates and other securities (582) (89) (198)
Increase in non-current loans   (473)   (504)   (394)
Total expenditures (5,984) (6,623) (5,940)
Proceeds from disposals of intangible assets and property, plant and equipment 420 482 567
Proceeds from disposals of subsidiaries, net of cash sold - 317 34
Proceeds from disposals of non-current investments - 82 854
Repayment of non-current loans   196   685   235
Total divestments   616   1,566   1,690
Cash flow used in investing activities (5,368) (5,057) (4,250)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - - 31
- Treasury shares - - -
Dividends paid:
- Parent company shareholders (1,333) (1,332) (1,286)
- Non-controlling interests (2) (4) (2)
Other transactions with non-controlling interests 357 - -
Net issuance (repayment) of non-current debt 2,850 144 1,664
Increase (decrease) in current borrowings (3,232) (862) (1,101)
Increase (decrease) in current financial assets and liabilities 892 23 (929)
Cash flow used in financing activities   (468)   (2,031)   (1,623)
Net increase (decrease) in cash and cash equivalents (2,118) (1,223) (606)
Effect of exchange rates 64 (141) (89)
Cash and cash equivalents at the beginning of the period   15,469   16,833   14,025
Cash and cash equivalents at the end of the period   13,415   15,469   13,330
 
       
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL          

 

Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity Group Share Non-controlling interests Total shareholders' equity
(M€)   Number   Amount           Number   Amount            
As of January 1, 2012   2,363,767,313   5,909   65,430   (1,004)   (109,554,173)   (3,390)   66,945   1,352   68,297
Net income of the first quarter - - 3,668 - - - 3,668 12 3,680
Other comprehensive Income - - (6) (870) - - (876) (27) (903)
Comprehensive Income - - 3,662 (870) - - 2,792 (15) 2,777
Dividend - - - - - - - (2) (2)
Issuance of common shares 778,664 2 29 - - - 31 - 31
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 2,752 - - - -
Share-based payments - - 37 - - - 37 - 37
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 11 8 - - 19 (19) -
Other items - - 38 - - - 38 (42) (4)
As of March 31, 2012   2,364,545,977   5,911   69,207   (1,866)   (109,551,421)   (3,390)   69,862   1,274   71,136
Net income from April 1 to December 31, 2012 - - 6,941 - - - 6,941 135 7,076
Other comprehensive Income - - (763) 364 - - (399) (13) (412)
Comprehensive Income - - 6,178 364 - - 6,542 122 6,664
Dividend - - (5,237) - - - (5,237) (102) (5,339)
Issuance of common shares 1,387,169 4 (3) - - - 1 - 1
Purchase of treasury shares - - - - (1,800,000) (68) (68) - (68)
Sale of treasury shares (1) - - (116) - 2,959,782 116 - - -
Share-based payments - - 109 - - - 109 - 109
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - - (2) - - (2) 3 1
Other items - - (22) - - - (22) (17) (39)
As of December 31, 2012   2,365,933,146   5,915   70,116   (1,504)   (108,391,639)   (3,342)   71,185   1,280   72,465
Net income of the first quarter - - 1,537 - - - 1,537 51 1,588
Other comprehensive Income - - 85 1,027 - - 1,112 33 1,145
Comprehensive Income - - 1,622 1,027 - - 2,649 84 2,733
Dividend - - - - - - - (2) (2)
Issuance of common shares 480 - - - - - - - -
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 220 - - - -
Share-based payments - - 42 - - - 42 - 42
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (65) (1) - - (66) 423 357
Other items - - 36 - - - 36 - 36
As of March 31, 2013   2,365,933,626   5,915   71,751   (478)   (108,391,419)   (3,342)   73,846   1,785   75,631
 
 
(1) Treasury shares related to the restricted stock grants.
 
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         
1st quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,452 21,618 20,999 61 - 48,130
Intersegment sales 7,335 9,914 108 51 (17,408) -
Excise taxes   -   (830)   (3,366)   -   -   (4,196)
Revenues from sales 12,787 30,702 17,741 112 (17,408) 43,934
Operating expenses (6,115) (30,067) (17,208) (207) 17,408 (36,189)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,710)   (298)   (145)   (7)   -   (2,160)
Operating income 4,962 337 388 (102) - 5,585
Equity in net income (loss) of affiliates and other items (846) 72 (32) (2) - (808)
Tax on net operating income   (2,896)   (79)   (115)   21   -   (3,069)
Net operating income 1,220 330 241 (83) - 1,708
Net cost of net debt (120)
Non-controlling interests                       (51)
Net income 1,537
                         
1st quarter 2013 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 2 - - - - 2
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 2 - - - - 2
Operating expenses - (69) (21) - - (90)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (4)   -   -   -   (4)
Operating income (b) 2 (73) (21) - - (92)
Equity in net income (loss) of affiliates and other items (1,420) (10) (10) - - (1,440)
Tax on net operating income   172   30   7   -   -   209
Net operating income (b) (1,246) (53) (24) - - (1,323)
Net cost of net debt -
Non-controlling interests                       (3)
Net income (1,326)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (67) (21) -
On net operating income - (34) (14) -
                         
1st quarter 2013 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,450 21,618 20,999 61 - 48,128
Intersegment sales 7,335 9,914 108 51 (17,408) -
Excise taxes   -   (830)   (3,366)   -   -   (4,196)
Revenues from sales 12,785 30,702 17,741 112 (17,408) 43,932
Operating expenses (6,115) (29,998) (17,187) (207) 17,408 (36,099)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,710)   (294)   (145)   (7)   -   (2,156)
Adjusted operating income 4,960 410 409 (102) - 5,677
Equity in net income (loss) of affiliates and other items 574 82 (22) (2) - 632
Tax on net operating income   (3,068)   (109)   (122)   21   -   (3,278)
Adjusted net operating income 2,466 383 265 (83) - 3,031
Net cost of net debt (120)
Non-controlling interests                       (48)
Ajusted net income                       2,863
Adjusted fully-diluted earnings per share (€)                       1.26
(a) Except for earnings per share.
                         
1st quarter 2013

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,255 533 187 9 - 5,984
Total divestments 543 27 38 8 - 616
Cash flow from operating activities   4,150   (288)   (93)   (51)   -   3,718
 
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         
4th quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,988 22,169 21,669 42 - 49,868
Intersegment sales 8,081 11,013 148 59 (19,301) -
Excise taxes   -   (959)   (3,440)   -   -   (4,399)
Revenues from sales 14,069 32,223 18,377 101 (19,301) 45,469
Operating expenses (7,892) (31,885) (17,945) (214) 19,301 (38,635)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,752)   (491)   (160)   (10)   -   (2,413)
Operating income 4,425 (153) 272 (123) - 4,421
Equity in net income (loss) of affiliates and other items 692 57 (122) 13 - 640
Tax on net operating income   (2,519)   45   (82)   3   -   (2,553)
Net operating income 2,598 (51) 68 (107) - 2,508
Net cost of net debt (131)
Non-controlling interests                       (36)
Net income 2,341
                         
4th quarter 2012 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 13 - - - - 13
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 13 - - - - 13
Operating expenses (571) (337) (102) - - (1,010)
Depreciation, depletion and amortization of tangible assets and mineral interests   (66)   (204)   (8)   -   -   (278)
Operating income (b) (624) (541) (110) - - (1,275)
Equity in net income (loss) of affiliates and other items 240 (29) (123) (13) - 75
Tax on net operating income   296   152   34   (2)   -   480
Net operating income (b) (88) (418) (199) (15) - (720)
Net cost of net debt -
Non-controlling interests                       20
Net income (700)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (351) (111) -
On net operating income - (236) (74) -
                         
4th quarter 2012 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,975 22,169 21,669 42 - 49,855
Intersegment sales 8,081 11,013 148 59 (19,301) -
Excise taxes   -   (959)   (3,440)   -   -   (4,399)
Revenues from sales 14,056 32,223 18,377 101 (19,301) 45,456
Operating expenses (7,321) (31,548) (17,843) (214) 19,301 (37,625)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,686)   (287)   (152)   (10)   -   (2,135)
Adjusted operating income 5,049 388 382 (123) - 5,696
Equity in net income (loss) of affiliates and other items 452 86 1 26 - 565
Tax on net operating income   (2,815)   (107)   (116)   5   -   (3,033)
Adjusted net operating income 2,686 367 267 (92) - 3,228
Net cost of net debt (131)
Non-controlling interests                       (56)
Ajusted net income                       3,041
Adjusted fully-diluted earnings per share (€)                       1.34
(a) Except for earnings per share.
                         
4th quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,518 573 508 24 - 6,623
Total divestments 1,415 101 46 4 - 1,566
Cash flow from operating activities   4,429   502   1,024   (90)   -   5,865
 
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
                         
1st quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,177 23,096 21,852 43 - 51,168
Intersegment sales 8,234 11,815 231 45 (20,325) -
Excise taxes   -   (804)   (3,588)   (1)   -   (4,393)
Revenues from sales 14,411 34,107 18,495 87 (20,325) 46,775
Operating expenses (6,535) (33,053) (17,987) (227) 20,325 (37,477)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,393)   (314)   (122)   (9)   -   (1,838)
Operating income 6,483 740 386 (149) - 7,460
Equity in net income (loss) of affiliates and other items 543 92 (69) 117 - 683
Tax on net operating income   (3,989)   (215)   (156)   2   -   (4,358)
Net operating income 3,037 617 161 (30) - 3,785
Net cost of net debt (105)
Non-controlling interests                       (12)
Net income 3,668
                         
1st quarter 2012 (adjustments) (a)

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (25) - - - - (25)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (25) - - - - (25)
Operating expenses - 783 63 (65) - 781
Depreciation, depletion and amortization of tangible assets and mineral interests   -   -   -   -   -   -
Operating income (b) (25) 783 63 (65) - 756
Equity in net income (loss) of affiliates and other items - 23 (21) 110 - 112
Tax on net operating income   5   (253)   (22)   (7)   -   (277)
Net operating income (b) (20) 553 20 38 - 591
Net cost of net debt -
Non-controlling interests                       (3)
Net income 588

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - 783 63 -
On net operating income - 553 40 -
                         
1st quarter 2012 (adjusted)

(M€) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,202 23,096 21,852 43 - 51,193
Intersegment sales 8,234 11,815 231 45 (20,325) -
Excise taxes   -   (804)   (3,588)   (1)   -   (4,393)
Revenues from sales 14,436 34,107 18,495 87 (20,325) 46,800
Operating expenses (6,535) (33,836) (18,050) (162) 20,325 (38,258)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,393)   (314)   (122)   (9)   -   (1,838)
Adjusted operating income 6,508 (43) 323 (84) - 6,704
Equity in net income (loss) of affiliates and other items 543 69 (48) 7 - 571
Tax on net operating income   (3,994)   38   (134)   9   -   (4,081)
Adjusted net operating income 3,057 64 141 (68) - 3,194
Net cost of net debt (105)
Non-controlling interests                       (9)
Ajusted net income                       3,080
Adjusted fully-diluted earnings per share (€)                       1.36
(a) Except for earnings per share.
                         
1st quarter 2012

(M€)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,306 429 198 7 - 5,940
Total divestments 748 141 45 756 - 1,690
Cash flow from operating activities   5,766   (36)   (444)   (19)   -   5,267
 
 
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited)
 
1st quarter 2013

(M€)

  Adjusted   Adjustments (a)  

Consolidated
statement of
income

Sales 48,128 2 48,130
Excise taxes (4,196) - (4,196)
Revenues from sales 43,932 2 43,934
Purchases net of inventory variation (30,442) (88) (30,530)
Other operating expenses (5,350) (2) (5,352)
Exploration costs (307) - (307)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,156) (4) (2,160)
Other income 31 - 31
Other expense (97) (1,435) (1,532)
Financial interest on debt (169) - (169)
Financial income from marketable securities & cash equivalents 22 - 22
Cost of net debt (147) - (147)
Other financial income 103 - 103
Other financial expense (128) - (128)
Equity in net income (loss) of affiliates 723 (5) 718
Income taxes   (3,251)   209   (3,042)
Consolidated net income 2,911 (1,323) 1,588
Group share 2,863 (1,326) 1,537
Non-controlling interests 48 3 51
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

1st quarter 2012

(M€)

  Adjusted   Adjustments (a)  

Consolidated
statement of
income

Sales 51,193 (25) 51,168
Excise taxes (4,393) - (4,393)
Revenues from sales 46,800 (25) 46,775
Purchases net of inventory variation (32,887) 846 (32,041)
Other operating expenses (5,015) (65) (5,080)
Exploration costs (356) - (356)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,838) - (1,838)
Other income 179 110 289
Other expense (92) (4) (96)
Financial interest on debt (187) - (187)
Financial income from marketable securities & cash equivalents 35 - 35
Cost of net debt (152) - (152)
Other financial income 85 - 85
Other financial expense (136) - (136)
Equity in net income (loss) of affiliates 535 6 541
Income taxes   (4,034)   (277)   (4,311)
Consolidated net income 3,089 591 3,680
Group share 3,080 588 3,668
Non-controlling interests 9 3 12
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 

TOTAL
Jérôme SCHMITT
Philippe HERGAUX
Sandrine SABOUREAU
Laurent KETTENMEYER
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
or
Robert HAMMOND (U.S.)
Tel. : (1) 201 626 3500
Fax : (1) 201 626 4004
www.total.com

Companies

TotalEnergies SE (TTE)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today