TOTAL: First Quarter 2014 Results1

TOTAL: First Quarter 2014 Results1

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
ou
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France

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

  1Q14   1Q13   Change
vs 1Q13
 

Adjusted net income2

 

  • in billions of dollars (B$)
3.3 3.7 -10%
  • in dollars per share
1.46 1.63 -10%
  • in euro per share
1.07 1.23 -14%
             

Net income3 of 3.3 B$ in the first quarter 2014

Net-debt-to-equity ratio of 23.5% at March 31, 2014

Hydrocarbon production of 2,179 kboe/d in the first quarter 2014

1Q14 interim dividend of 0.61 €/share payable in September 20144

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

The Group reported adjusted net income of $3.3 billion for the first quarter, solid results albeit slightly lower than last year. The impact of sharply lower European refining margins was limited thanks to the implementation of performance improvement plans by the segment.

Operational excellence and capital discipline are the cornerstones of our robust results. With the CLOV project expected to start up on schedule, the Group launched the Kaombo project in the first quarter in ultra-deep offshore Angola. Kaombo illustrates perfectly our commitments and ambitions by combining innovative engineering solutions and disciplined cost management to create a competitive project. Regarding exploration, several promising wells are in progress or about to start, notably in Brazil, the Kwanza basin in Angola, and deep-offshore Ivory Coast, following our recent discovery in the frontier San Pedro basin.

In all the segments, our teams are working to translate our announced cost reduction commitment into tangible targets and are ready to participate in making the company more efficient, while keeping safety and the environment as our highest priorities.

  • Key figures5
Expressed in millions dollars
except earnings per share and number of shares 		  1Q14   4Q13   1Q13   1Q14 vs 1Q13
Sales   60,687   64,975   63,561   -5%
Adjusted operating income from business segments   6,182   6,533   7,503   -18%
Adjusted net operating income from business segments   3,699   3,835   4,026   -8%
= Upstream   3,092   3,065   3,257   -5%
= Refining & Chemicals 346 441 437 -21%
= Marketing & Services   261   329   332   -21%
Adjusted net income   3,327   3,385   3,698   -10%
Adjusted fully-diluted earnings per share (dollars)   1.46   1.49   1.63   -10%
Adjusted fully-diluted earnings per share (euros)   1.07   1.09   1.23   -14%
Fully-diluted weighted-average shares (millions)   2,277   2,276   2,269   -
Net income (Group share)   3,335   2,234   1,948   +71%
Investments1 Including acquisitions.   5,865   11,317   7,904   -26%
Divestments   1,840   939   813   X2
Net investments2 Net investments = investments including acquisitions – asset sales – other transactions with minority interests.   4,025   8,739   6,620   -39%
Cash flow from operations   5,338   9,578   4,913   +9%
Adjusted cash flow from operations   6,204   6,438   6,755   -8%
  • Main events since the start of the first quarter 2014
  • Started gas and condensate production on Itau Phase 2 in Bolivia
  • Launched the ultra-deep offshore Kaombo project in Angola
  • Discovered oil on Ivory Coast deep-offshore block CI-514
  • Acquired exploration permits for UK shale gas and Russian oil shale in the Bazhenov
  • Completed the acquisition of an interest in the Elk and Antelope major gas discoveries in Papua-New Guinea
  • Partial IPO of interest in Gaztransport & Technigaz (GTT)
  • Closed the sale of the 15% interest Angola block 15/06
  • Signed an LNG Cooperation Agreement to strengthen the existing partnership between Total and CNOOC
  • First quarter 2014 results

> Net operating income from business segments

In the first quarter 2014, the Brent price averaged 108.2 $/b, a decrease of 4% compared to the first quarter 2013 and 1% compared to the fourth quarter 2013. The European refining margin indicator (ERMI) averaged 6.6 $/t, compared to 26.9 $/t in the first quarter 2013 and 10.1 $/t in the fourth quarter 2013.

The effective tax rate8 for the business segments was 55.7% in the first quarter 2014 compared to 58.6% in the first quarter 2013.

Adjusted net operating income from the business segments was 3,699 M$ in the first quarter 2014 compared to 4,026 M$ in the first quarter 2013, a decrease of 8%. This decrease was mainly due to a decrease in the Upstream results in line with the decrease in Brent and to the lower contribution of the Refining & Chemicals and Marketing & Services segments, which were impacted by a much weaker environment in Europe.

> Net income (Group share)

Adjusted net income was 3,327 M$ compared to 3,698 M$ in the first quarter 2013, a decrease of 10%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items9:

  • The after-tax inventory effect had a negative impact on net income of 137 M$ in the first quarter 2014 and a negative impact of 68 M$ in the first quarter 2013.
  • Changes in fair value had a positive impact on net income of 21 M$ in the first quarter 2014 compared to a positive impact of 1 M$ in the first quarter 2013.
  • Special items10 had a positive impact on net income of 124 M$ in the first quarter 2014 including mainly the gain realized on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) and the impairment of the Shtokman project in Russia. Special items had a negative impact on net income in the first quarter 2013 of 1,683 M$.

Net income (Group share) was 3,335 M$ compared to 1,948 M$ in the first quarter 2013.

The effective tax rate for the Group was 57.7% in the first quarter 2014 compared to 59.2% in the first quarter 2013.

On March 31, 2014, there were 2,278 million fully-diluted shares, compared to 2,269 million on March 31, 2013.

Adjusted fully-diluted earnings per share, based on 2,277 million fully-diluted weighted-average shares, was $1.46 compared to $1.63 in the first quarter 2013.

Expressed in euro, adjusted fully-diluted earnings per share decreased by 14% to €1.07.

> Investments – divestments11

Investments, excluding acquisitions and including changes in non-current loans, were 5.2 B$ in the first quarter 2014 compared to 6.4 B$ in the first quarter 2013, a decrease of 19%.

Acquisitions were 299 M$ in the first quarter 2014, essentially comprised of the carry on the Utica gas and condensate field in the United States and the acquisition of marketing assets in Egypt.

Asset sales in the first quarter 2014 were 1,476 M$, essentially comprised of the sale of Angola block 15/06 and the partial IPO of an interest in GTT.

Net investments12 were 4.0 B$ in the first quarter 2014 compared to 6.6 B$ in the first quarter 2013.

> Cash flow

Cash flow from operations was 5,338 M$ in the first quarter 2014, an increase of 9% compared to the first quarter 2013.

Adjusted cash flow from operations13 was 6,204 M$, a decrease of 8% compared to the first quarter 2013.

The Group’s net cash flow14 was 1,313 M$ compared to negative 1,707 M$ in the first quarter 2013, essentially due to a decrease in net investments between the two periods.

The net-debt-to-equity ratio was 23.5% on March 31, 2014, compared to 23.3% on December 31, 2013 and 25.9 % on March 31, 201315.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

    1Q14   4Q13   1Q13   1Q14 vs 1Q13
Brent ($/b)   108.2   109.2   112.6   -4%
Average liquids price ($/b)   102.1   102.5   106.7   -4%
Average gas price ($/Mbtu)   7.06   7.36   7.31   -3%
Average hydrocarbon price ($/boe)   73.4   74.6   77.4   -5%

* consolidated subsidiaries, excluding fixed margins.

> Production

Hydrocarbon production   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Combined production (kboe/d)   2,179   2,284   2,323   -6%
= Liquids (kb/d)   1,031   1,142   1,193   -14%
= Gas (Mcf/d)   6,268   6,260   6,137   +2%

Hydrocarbon production was 2,179 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2014, a decrease of 6% compared to the first quarter 2013, essentially due to the following :

  • +1% for start-ups and growth from new projects and a lower level of maintenance which more than offset the normal production decline,
  • -5.5% for portfolio changes, essentially the expiration of the ADCO license in the United Arab Emirates and the sale of TOTAL’s exploration and production assets in Trinidad & Tobago, partially offset by the increase in production related to the interest in Novatek,
  • -1.5% for security issues in Libya and Nigeria.

Excluding the ADCO license, which expired in January 2014, hydrocarbon production in the first quarter 2014 decreased by 1% compared to the first quarter 2013 and increased slightly by 0.5% compared to the fourth quarter 2013.

> Results

In millions of dollars   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Adjusted operating income*   5,501   5,587   6,549   -16%
Adjusted net operating income*   3,092   3,065   3,257   -5%
  • includes income from equity affiliates
  733   704   837   -12%
       
 
Investments   5,311   9,498   6,941   -23%
Divestments   1,799   812   718   X2.5
Cash flow from operations   3,811   7,310   5,481   -30%
Adjusted cash flow from operations   5,133   5,095   5,528   -7%

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

Adjusted net operating income from the Upstream segment was 3,092 M$ in the first quarter 2014 compared to 3,257 M$ in the first quarter 2013, a decrease of 5%, reflecting essentially the lower average realized hydrocarbon prices between the two periods and a less favorable production mix, partially offset by a lower effective tax rate.

The effective tax rate for the Upstream segment was 59.5% compared to 62.7% in the first quarter 2013 which was particularly high due to non-deductible exploration charges.

The return on average capital employed (ROACE16) for the Upstream segment was 13% for the twelve months ended March 31, 2014, compared to 14% for the full-year 2013.

Refining & Chemicals

> Refinery throughput and utilization rates*

    1Q14   4Q13   1Q13   1Q14 vs 1Q13
Total refinery throughput (kb/d)   1,700   1,580   1,763   -4%
= France   617   535   627   -2%
= Rest of Europe 787 755 866 -9%
= Rest of world   296   290   270   +10%
Utlization rates**                
= Based on crude only 77% 73% 83%
= Based on crude and other feedstock   83%   77%   86%    

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

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

The decrease in refinery throughput compared to the first quarter 2013 was essentially due to a turnaround at Grandpuits, some unplanned maintenance at Provence and Antwerp, and some voluntary shutdowns in response to weak refining margins in Europe. In the first quarter 2013, there was scheduled maintenance at Donges and a turnaround at Normandy for the modernization project.

> Results

> Results

In millions of dollars
(except the ERMI)		   1Q14   4Q13   1Q13   1Q14 vs 1Q13
European refining margin

indicator - ERMI ($/t)

  6.6   10.1   26.9   -75%
       
Adjusted operating income*   328   421   438   -25%
Adjusted net operating income* 346 441 437 -21%
  • contribution of Specialty chemicals**
  139   160   119   +17%
 
Investments   250   956   703   -64%
Divestments   11   45   36   -69%
Cash flow from operations   1,593   1,816   (382)   na
Adjusted cash flow from operations   617   839   641   -4%

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

** Hutchinson, Bostik, Atotech.

The ERMI averaged 6.6 $/t over the quarter, a decrease of 75% compared to the first quarter 2013, in a very weak market for all refined products. Petrochemicals margins remained at high levels, particularly in the United States.

In this context, adjusted net operating income from the Refining & Chemicals segment was 346 M$ in the first quarter 2014, a decrease of 21% compared to the first quarter 2013.

This decrease was essentially due to the strong deterioration of the European refining environment, partially offset by better petrochemical and refining margins in the United States, which benefited the Port Arthur integrated platform, improvements in Specialty chemicals, and the ongoing implementation of synergy and efficiency plans in line with the objectives announced for 2014.

The ROACE17 for the Refining & Chemicals segment was 9% for the twelve months ended March 31, 2014, stable compared to the full-year 2013.

Marketing & Services

> Refined product sales

Sales in kb/d*   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Europe   1,058   1,150   1,108   -5%
Rest of world   593   605   607   -2%
Total Marketing & Services sales volumes   1,651   1,755   1,715   -4%

* excludes trading and bulk Refining sales, includes share of TotalErg.

In the first quarter 2014, sales decreased by 4% compared to the first quarter 2013, essentially due to a decrease in heating fuel and LPG sales in Europe that was linked to exceptionally mild winter weather this year versus the harsh winter in 2013. In contrast, gasoline sales by the retail network in Europe and Africa-Middle East increased between the two periods.

> Results

In millions of dollars   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Sales   26,470   28,378   27,732   -5%
Adjusted operating income*   353   525   516   -32%
Adjusted net operating income*   261   329   332   -21%
  • contribution of New Energies
  28   26   (17)   na
Investments   276   820   246   +12%
Divestments   26   63   50   -48%
Cash flow from operations   89   442   (120)   na
Adjusted cash flow from operations   379   599   551   -31%

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

The Marketing & Services segment’s sales were 26 B$, down 5% compared to the first quarter 2013.

Adjusted net operating income from the Marketing & Services segment was 261 M$ in the first quarter 2014, a decrease of 21% compared to the first quarter 2013, mainly due to the impact of weather on sales and lower margins in Europe, partially offset by better performance from Retail and Lubricants as well as improved results at New Energies.

The ROACE18 for the Marketing & Services segment, which includes New Energies, was 15% for the twelve months ended March 31, 2014, compared to 16% for the full-year 2013.

  • Summary and outlook

The ROACE19 for the Group for the twelve months ended March 31, 2014, was 12%, compared to 13% for the full-year 2013.

Return on equity for the twelve months ended March 31, 2014, was 15%, stable compared to 2013.

Pending approval at the May 16, 2014 Annual Shareholders Meeting, TOTAL S.A. will pay the remainder of the 2013 dividend on June 5, 2014, of 0.61 €/share20, an increase of 3.4%. The 2013 dividend represents a total of 2.38 €/share.

In addition, the Board of Directors decided on April 29, 2014, to pay a first quarter 2014 interim dividend of 0.61 €/share on September 26, 2014.21

In the Upstream, the next anticipated operated start-ups are the CLOV project in Angola at the end of June, then Laggan-Tormore in the United Kingdom and Ofon Phase 2 in Nigeria in the second half of the year. Following an encouraging start for exploration at the beginning of the year, the Group is continuing its high-potential exploration program in Brazil, in the Kwanza basin of Angola, South Africa and Ivory Coast.

In the second quarter, production will be impacted by heavy seasonal maintenance activity, mainly in the UK, Norway and Thailand.

In the Downstream, the integrated Satorp refinery in Saudi Arabia is finalizing the start-up of its last units and should be fully operational in the coming months.

Refinery throughput in the second quarter will be affected by major turnarounds at Leuna and Vlissingen. Since the beginning of the second quarter 2014, European refining margins have recovered from the very low levels of the first quarter, and the refining and petrochemicals environment has remained favorable in the United States.

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)203 194 0570 in Europe or +1 855 255 3884 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: 286 423).

This press release presents the first quarter 2014 results from the consolidated financial statements of TOTAL S.A. as of March 31, 2014. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).

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

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“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 price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.

(iii) Effect of changes in fair value

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

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

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

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

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

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

Operating information by segment for the first quarter 2014

  • Upstream
Combined liquids and gas production by region (kboe/d)   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Europe   394   405   392   +1%
Africa 655 644 692 -5%
Middle East 405 522 542 -25%
North America 82 75 71 +15%
South America 159 149 172 -8%
Asia-Pacific 242 242 236 +3%
CIS   242   247   218   +11%
Total production   2,179   2,284   2,323   -6%
Includes equity affiliates   583   692   681   -14%
Liquids production by region (kb/d)   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Europe   172   180   166   +4%
Africa 508 503 552 -8%
Middle East 203 314 329 -38%
North America 34 28 27 +26%
South America 50 50 57 -12%
Asia-Pacific 30 27 31 -3%
CIS   34   40   31   +10%
Total production   1,031   1,142   1,193   -14%
Includes equity affiliates   208   323   325   -36%
Gas production by region (Mcf/d)   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Europe   1,215   1,242   1,215   -
Africa 748 690 707 +6%
Middle East 1,104 1,139 1,165 -5%
North America 266 261 250 +6%
South America 609 554 637 -4%
Asia-Pacific 1,202 1,258 1,151 +4%
CIS   1,124   1,116   1,012   +11%
Total production   6,268   6,260   6,137   +2%
Includes equity affiliates   2,029   1,995   1,922   +6%
Liquefied natural gas   1Q14   4Q13   1Q13   1Q14 vs 1Q13
LNG sales* (Mt)   3.12   3.39   2.93   +6%

* sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.

  • Downstream (Refining & Chemicals and Marketing & Services)
Refined product sales by region (kb/d)*   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Europe   1,912   1,945   1,978   -3%
Africa 475 496 448 +6%
Americas 474 473 481 -1%
Rest of world   573   546   505   +13%
Total consolidated sales   3,434   3,460   3,412   +1%
Includes bulk sales   540   505   521   +4%
Includes trading   1,243   1,200   1,176   +6%

* includes share of TotalErg.

Adjustment items

  • Adjustments to operating income
In millions of dollars   1Q14   4Q13   1Q13
Special items affecting operating income   (115)   (560)   (7)
= Restructuring charges   -   (374)   (2)
= Impairments - (176) (5)
= Other   (115)   (10)   -
Pre-tax inventory effect : FIFO vs. replacement cost   (181)   (127)   (116)
Effect of changes in fair value   26   (23)   3
             
Total adjustments affecting operating income   (270)   (710)   (120)
  • Adjustments to net income (Group share)
In millions of dollars   1Q14   4Q13   1Q13
Special items affecting net income

(Group share)

  124   (1,029)   (1,683)
= Gain (loss) on asset sales   599   -   (1,646)
= Restructuring charges - (513) (33)
= Impairments (350) (181) (4)
= Other   (125)   (335)   -
After-tax inventory effect : FIFO vs. replacement cost   (137)   (103)   (68)
Effect of changes in fair value   21   (19)   1
             
Total adjustments affecting net income   8   (1,151)   (1,750)

Effective tax rates

Effective tax rate*   1Q14   4Q13   1Q13
Upstream   59.5%   58.8%   62.7%
Group   57.7%   56.7%   59.2%

* 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

Expressed in millions of dollars   1Q14   4Q13   1Q13   1Q14 vs 1Q13
Investments excluding acquisitions   5,202   8,848   6,412   -19%
  • Capitalized exploration
319 390 478 -33%
  • Increase in non-current loans
261 1,233 624 -58%
  • Repayment of non-current loans
  (364)   (584)   (259)   na
Acquisitions   299   1,885   1,233   -76%
Asset sales   1,476   355   554   X3
Other transactions with minority interests   -  

1,639

 

471

  na
Net investments*   4,025   8,739   6,620   -39%

* Net investments = investments including acquisitions – asset sales – other transactions with minority interests.

Net-debt-to-equity ratio

In millions of dollars   3/31/2014   12/31/2013   3/31/2013
Current borrowings   11,676   11,193   13,751
Net current financial assets (522) (358) (685)
Net financial assets classified as held for sale (17) (179) 873
Non-current financial debt 37,506 34,574 29,294
Hedging instruments of non-current debt (1,758) (1,418) (1,885)
Cash and cash equivalents   (22,787)   (20,200)   (17,178)
Net debt   24,098   23,612   24,170
             
Shareholders’ equity 103,136 100,241 94,524
Estimated dividend payable (3,817) (1,908) (3,411)
Non-controlling interests   3,248   3,138   2,286
Equity   102,567   101,471   93,399
             
Net-debt-to-equity ratio   23.5%   23.3%   25.9%

2014 sensitivities*

    Scenario   Change   Impact on adjusted operating income (e)   Impact on adjusted net operating income (e)
Dollar   1.30 $/€   +0.1 $ per €   -0.7 B$   -0.3 B$
Brent   100 $/b   +1 $/b   +0.30 B$   +0.15 B$
European refining margin index (ERMI)   30 $/t   +1 $/t   +0.08 B$   +0.05 B$

*Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Following the change to dollar-denominated reporting, effective January 1, 2014, the €-$ sensitivity has been changed. The impact of the €-$ sensitivity on operating income and on net operating income is 60% and 80% attributable to the Refining-Chemicals segment, respectively.

Sensitivities are estimates based on assumptions about the Group’s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.

Return on average capital employed

  • Twelve months ended March 31, 2014
in millions of dollars   Upstream   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income   12,285   1,766   1,483 14,863
Capital employed at 3/31/2013* 86,034 21,860 9,610 116,094
Capital employed at 3/31/2014*   97,924   18,516   10,314 126,068
ROACE   13.4%   8.7%   14.9% 12.3%
  • Full-year 2013
in millions of dollars   Upstream   Refining & Chemicals   Marketing & Services       Group
Adjusted net operating income   12,450   1,857   1,554 15,230
Capital employed at 12/31/2012* 84,260 20,783 9,232 111,080
Capital employed at 12/31/2013*   95,529   19,752   10,051 122,451
ROACE   13.8%   9.2%   16.1% 13.0%

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

1 TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the Euro to the US Dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated (see Note 11 to the unaudited interim consolidated financial statements), including the interpretation of IFRIC 21 « Levies » applied retrospectively (see Note 11 to the unaudited interim consolidated financial statements).

2 Definition of adjusted results on page 2 – euro amounts represent dollar amounts converted at the average €-$ exchange rate for the period : 1.3696 $/€ in the first quarter 2014, 1.3206 $/€ in the first quarter 2013 and 1.3610 $/€ in the fourth quarter 2013.

3 Group share.

4 The ex-dividend date will be September 23, 2014. Pending approval at the Annual Shareholders Meeting on May 16, 2014, the remaining 0.61 €/share dividend for 2013 will be paid June 5, 2014.

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 13 and the inventory valuation effect is explained on page 10.

6 Including acquisitions.

7 Net investments = investments including acquisitions – asset sales – other transactions with minority interests.

8 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).

9 Detail shown on page 10.

10 Detail shown on page 13.

11 Detail shown on page 14.

12 Net investments = investments including acquisitions and changes in non-current loans – asset sales – other transactions with minority interests.

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

14 Net cash flow = cash flow from operations - net investments (including other transactions with minority interests).

15 Detail shown on page 15.

16 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16.

17 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16.

18 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16.

19 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 16.

20 The ex-dividend date would be June 2, 2014.

21 The ex-dividend date will be September 23, 2014.

Total financial statements

First quarter 2014 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
 
(M$) (a)   1st quarter

2014

  4th quarter

2013

  1st quarter

2013

Sales 60,687 64,975 63,561
Excise taxes (5,832) (6,208) (5,541)
Revenues from sales 54,855 58,767 58,020
Purchases, net of inventory variation (38,332) (41,992) (40,319)
Other operating expenses (7,364) (7,620) (7,194)
Exploration costs (619) (658) (406)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,745) (2,934) (2,853)
Other income 1,100 288 42
Other expense (149) (446) (2,021)
Financial interest on debt (201) (217) (223)
Financial income from marketable securities & cash equivalents 19 26 28
Cost of net debt (182) (191) (195)
Other financial income 161 172 136
Other financial expense (166) (151) (169)
Equity in net income (loss) of affiliates 473 844 949
Income taxes   (3,597)   (3,752)   (3,975)
Consolidated net income   3,435   2,327   2,015
Group share 3,335 2,234 1,948
Non-controlling interests   100   93   67
Earnings per share ($)   1.47   0.98   0.86
Fully-diluted earnings per share ($)   1.46   0.98   0.86
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME      
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
 
(M$)   1st quarter

2014

  4th quarter

2013

  1st quarter

2013

Consolidated net income   3,435   2,327   2,015
Other comprehensive income
 
Actuarial gains and losses (199) 663 223
Tax effect 57 (284) (87)
Currency translation adjustment generated by the mother company   3   1,484   (2,212)
Items not potentially reclassifiable to profit and loss   (139)   1,863   (2,076)
Currency translation adjustment 36 (768) 597
Available for sale financial assets 3 25 (5)
Cash flow hedge 35 23 15
Share of other comprehensive income of equity affiliates, net amount (456) (198) 47
Other (3) 3 (11)
Tax effect   (13)   (12)   (3)
Items potentially reclassifiable to profit and loss   (398)   (927)   640
Total other comprehensive income (net amount)   (537)   936   (1,436)
             
Comprehensive income   2,898   3,263   579
- Group share 2,801 3,176 540
- Non-controlling interests 97 87 39
CONSOLIDATED BALANCE SHEET      
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
 
(M$)   March 31, 2014

(unaudited)

  December 31, 2013

(unaudited)

  March 31, 2013

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 18,899 18,395 17,354
Property, plant and equipment, net 106,377 104,480 90,505
Equity affiliates : investments and loans 19,951 20,417 19,385
Other investments 2,091 1,666 1,566
Hedging instruments of non-current financial debt 1,758 1,418 1,885
Deferred income taxes 2,933 3,838 3,297
Other non-current assets   4,265   4,406   3,643
Total non-current assets   156,274   154,620   137,635
Current assets
Inventories, net 21,755 22,097 21,890
Accounts receivable, net 23,359 23,422 28,164
Other current assets 15,873 14,892 13,956
Current financial assets 872 739 799
Cash and cash equivalents 22,787 20,200 17,178
Assets classified as held for sale   2,472   3,253   5,833
Total current assets   87,118   84,603   87,820
Total assets 243,392 239,223 225,455
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 7,496 7,493 7,454
Paid-in surplus and retained earnings 101,568 98,254 94,559
Currency translation adjustment (1,625) (1,203) (3,215)
Treasury shares   (4,303)   (4,303)   (4,274)
Total shareholders' equity - Group Share   103,136   100,241   94,524
Non-controlling interests   3,248   3,138   2,286
Total shareholders' equity   106,384   103,379   96,810
Non-current liabilities
Deferred income taxes 17,045 17,850 16,480
Employee benefits 4,362 4,235 4,486
Provisions and other non-current liabilities 17,582 17,517 14,795
Non-current financial debt   37,506   34,574   29,294
Total non-current liabilities   76,495   74,176   65,055
Current liabilities
Accounts payable 28,621 30,282 27,927
Other creditors and accrued liabilities 19,097 18,948 19,581
Current borrowings 11,676 11,193 13,751
Other current financial liabilities 350 381 114
Liabilities directly associated with the assets classified as held for sale   769   864   2,217
Total current liabilities   60,513   61,668   63,590
Total liabilities and shareholders' equity 243,392 239,223 225,455
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
 
(M$)   1st quarter

2014

  4th quarter

2013

  1st quarter

2013

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,435 2,327 2,015
Depreciation, depletion and amortization 3,174 3,363 3,046
Non-current liabilities, valuation allowances and deferred taxes 399 825 59
Impact of coverage of pension benefit plans - - -
(Gains) losses on disposals of assets (1,023) (193) 1,873
Undistributed affiliates' equity earnings 11 (102) (466)
(Increase) decrease in working capital (685) 3,267 (1,726)
Other changes, net   27   91   112
Cash flow from operating activities 5,338 9,578 4,913
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,448) (9,622) (6,489)
Acquisitions of subsidiaries, net of cash acquired - - (21)
Investments in equity affiliates and other securities (156) (462) (770)
Increase in non-current loans   (261)   (1,233)   (624)
Total expenditures (5,865) (11,317) (7,904)
Proceeds from disposals of intangible assets and property, plant and equipment 1,020 50 554
Proceeds from disposals of subsidiaries, net of cash sold - 21 -
Proceeds from disposals of non-current investments 456 284 -
Repayment of non-current loans   364   584   259
Total divestments   1,840   939   813
Cash flow used in investing activities (4,025) (10,378) (7,091)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 33 29 -
- Treasury shares - (2) -
Dividends paid:
- Parent company shareholders (1,835) (1,821) (1,760)
- Non-controlling interests (7) (49) (2)
Other transactions with non-controlling interests - 1,639 471
Net issuance (repayment) of non-current debt 4,189 2,137 3,765
Increase (decrease) in current borrowings (1,167) (1,418) (4,268)
Increase (decrease) in current financial assets and liabilities (117) 48 1,178
Cash flow used in financing activities   1,096   563   (616)
Net increase (decrease) in cash and cash equivalents 2,409 (237) (2,794)
Effect of exchange rates 178 326 (437)
Cash and cash equivalents at the beginning of the period   20,200   20,111   20,409
Cash and cash equivalents at the end of the period   22,787   20,200   17,178
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY      
TOTAL            
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
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, 2013   2,365,933,146   7,454   92,485   (1,696)   (108,391,639)   (4,274)   93,969   1,689   95,658
Net income of the first quarter - - 1,948 - - - 1,948 67 2,015
Other comprehensive Income - - 111 (1,519) - - (1,408) (28) (1,436)
Comprehensive Income - - 2,059 (1,519) - - 540 39 579
Dividend - - - - - - - (2) (2)
Issuance of common shares 480 - - - - - - - -
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 220 - - - -
Share-based payments - - 55 - - - 55 - 55
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (87) - - - (87) 558 471
Other items - - 47 - - - 47 2 49
As of March 31, 2013   2,365,933,626   7,454   94,559   (3,215)   (108,391,419)   (4,274)   94,524   2,286   96,810
Net income from April 1 to December 31, 2013 - - 9,280 - - - 9,280 226 9,506
Other comprehensive Income - - 362 2,011 - - 2,373 (28) 2,345
Comprehensive Income - - 9,642 2,011 - - 11,653 198 11,851
Dividend - - (7,116) - - - (7,116) (154) (7,270)
Issuance of common shares 11,744,534 39 446 - - - 485 - 485
Purchase of treasury shares - - - - (4,414,200) (238) (238) - (238)
Sale of treasury shares (1) - - (209) - 3,591,171 209 - - -
Share-based payments - - 134 - - - 134 - 134
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 836 1 - - 837 797 1,634
Other items - - (38) - - - (38) 11 (27)
As of December 31, 2013   2,377,678,160   7,493   98,254   (1,203)   (109,214,448)   (4,303)   100,241   3,138   103,379
Net income of the first quarter - - 3,335 - - - 3,335 100 3,435
Other comprehensive Income - - (112) (422) - - (534) (3) (537)
Comprehensive Income - - 3,223 (422) - - 2,801 97 2,898
Dividend - - - - - - - (7) (7)
Issuance of common shares 581,525 3 30 - - - 33 - 33
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 6,775 - - - -
Share-based payments - - 41 - - - 41 - 41
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (16) - - - (16) 16 -
Other items - - 36 - - - 36 4 40
As of March 31, 2014   2,378,259,685   7,496   101,568   (1,625)   (109,207,673)   (4,303)   103,136   3,248   106,384
 
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
1st quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,666 27,539 26,470 12 - 60,687
Intersegment sales 7,436 11,956 408 49 (19,849) -
Excise taxes   -   (1,160)   (4,672)   -   -   (5,832)
Revenues from sales 14,102 38,335 22,206 61 (19,849) 54,855
Operating expenses (6,514) (37,792) (21,689) (169) 19,849 (46,315)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,176)   (378)   (182)   (9)   -   (2,745)
Operating income 5,412 165 335 (117) - 5,795
Equity in net income (loss) of affiliates and other items 1,327 54 (8) 46 - 1,419
Tax on net operating income   (3,492)   6   (80)   (74)   -   (3,640)
Net operating income 3,247 225 247 (145) - 3,574
Net cost of net debt (139)
Non-controlling interests                       (100)
Net income 3,335
                         
1st quarter 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 26 - - - - 26
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 26 - - - - 26
Operating expenses (115) (163) (18) - - (296)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   -   -   -   -   -
Operating income (b) (89) (163) (18) - - (270)
Equity in net income (loss) of affiliates and other items 280 (8) - - - 272
Tax on net operating income   (36)   50   4   -   -   18
Net operating income (b) 155 (121) (14) - - 20
Net cost of net debt -
Non-controlling interests                       (12)
Net income 8
(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 - (163) (18) -
On net operating income - (111) (14) -

 

 

 

 

 

 

 

 

 

       
1st quarter 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,640 27,539 26,470 12 - 60,661
Intersegment sales 7,436 11,956 408 49 (19,849) -
Excise taxes   -   (1,160)   (4,672)   -   -   (5,832)
Revenues from sales 14,076 38,335 22,206 61 (19,849) 54,829
Operating expenses (6,399) (37,629) (21,671) (169) 19,849 (46,019)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,176)   (378)   (182)   (9)   -   (2,745)
Adjusted operating income 5,501 328 353 (117) - 6,065
Equity in net income (loss) of affiliates and other items 1,047 62 (8) 46 - 1,147
Tax on net operating income   (3,456)   (44)   (84)   (74)   -   (3,658)
Adjusted net operating income 3,092 346 261 (145) - 3,554
Net cost of net debt (139)
Non-controlling interests                       (88)
Adjusted net income                       3,327
Adjusted fully-diluted earnings per share ($)                       1.46
(a) Except for earnings per share.
                         
1st quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 5,311 250 276 28 - 5,865
Total divestments 1,799 11 26 4 - 1,840
Cash flow from operating activities   3,811   1,593   89   (155)   -   5,338
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
                         
4th quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,990 29,613 28,378 (6) - 64,975
Intersegment sales 10,218 13,040 388 57 (23,703) -
Excise taxes   -   (1,337)   (4,871)   -   -   (6,208)
Revenues from sales 17,208 41,316 23,895 51 (23,703) 58,767
Operating expenses (9,498) (40,949) (23,226) (300) 23,703 (50,270)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,146)   (576)   (201)   (11)   -   (2,934)
Operating income 5,564 (209) 468 (260) - 5,563
Equity in net income (loss) of affiliates and other items 808 (75) (38) 12 - 707
Tax on net operating income   (3,326)   (386)   (122)   42   -   (3,792)
Net operating income 3,046 (670) 308 (206) - 2,478
Net cost of net debt (151)
Non-controlling interests                       (93)
Net income 2,234
                         
4th quarter 2013 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (23) - - - - (23)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (23) - - - - (23)
Operating expenses - (458) (53) - - (511)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (172)   (4)   -   -   (176)
Operating income (b) (23) (630) (57) - - (710)
Equity in net income (loss) of affiliates and other items - (202) (23) - - (225)
Tax on net operating income   4   (279)   59   -   -   (216)
Net operating income (b) (19) (1,111) (21) - - (1,151)
Net cost of net debt -
Non-controlling interests                       -
Net income (1,151)
(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 - (82) (45) -
On net operating income - (66) (37) -
   

 

 

 

 

 

 

 

       
4th quarter 2013 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 7,013 29,613 28,378 (6) - 64,998
Intersegment sales 10,218 13,040 388 57 (23,703) -
Excise taxes   -   (1,337)   (4,871)   -   -   (6,208)
Revenues from sales 17,231 41,316 23,895 51 (23,703) 58,790
Operating expenses (9,498) (40,491) (23,173) (300) 23,703 (49,759)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,146)   (404)   (197)   (11)   -   (2,758)
Adjusted operating income 5,587 421 525 (260) - 6,273
Equity in net income (loss) of affiliates and other items 808 127 (15) 12 - 932
Tax on net operating income   (3,330)   (107)   (181)   42   -   (3,576)
Adjusted net operating income 3,065 441 329 (206) - 3,629
Net cost of net debt (151)
Non-controlling interests                       (93)
Adjusted net income                       3,385
Adjusted fully-diluted earnings per share ($)                       1.49
(a) Except for earnings per share.
                         
4th quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 9,498 956 820 43 - 11,317
Total divestments 812 45 63 19 - 939
Cash flow from operating activities   7,310   1,816   442   10   -   9,578
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
                         
1st quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 7,199 28,549 27,732 81 - 63,561
Intersegment sales 9,687 13,092 143 67 (22,989) -
Excise taxes   -   (1,096)   (4,445)   -   -   (5,541)
Revenues from sales 16,886 40,545 23,430 148 (22,989) 58,020
Operating expenses (8,076) (39,809) (22,750) (273) 22,989 (47,919)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,258)   (393)   (192)   (10)   -   (2,853)
Operating income 6,552 343 488 (135) - 7,248
Equity in net income (loss) of affiliates and other items (1,116) 95 (43) 1 - (1,063)
Tax on net operating income   (3,824)   (71)   (144)   29   -   (4,010)
Net operating income 1,612 367 301 (105) - 2,175
Net cost of net debt (160)
Non-controlling interests                       (67)
Net income 1,948
                         
1st quarter 2013 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 3 - - - - 3
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 3 - - - - 3
Operating expenses - (90) (28) - - (118)
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (5)   -   -   -   (5)
Operating income (b) 3 (95) (28) - - (120)
Equity in net income (loss) of affiliates and other items (1,875) (13) (13) - - (1,901)
Tax on net operating income   227   38   10   -   -   275
Net operating income (b) (1,645) (70) (31) - - (1,746)
Net cost of net debt -
Non-controlling interests                       (4)
Net income (1,750)
(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 - (88) (28) -
On net operating income - (46) (18) -
                         
1st quarter 2013 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 7,196 28,549 27,732 81 - 63,558
Intersegment sales 9,687 13,092 143 67 (22,989) -
Excise taxes   -   (1,096)   (4,445)   -   -   (5,541)
Revenues from sales 16,883 40,545 23,430 148 (22,989) 58,017
Operating expenses (8,076) (39,719) (22,722) (273) 22,989 (47,801)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,258)   (388)   (192)   (10)   -   (2,848)
Adjusted operating income 6,549 438 516 (135) - 7,368
Equity in net income (loss) of affiliates and other items 759 108 (30) 1 - 838
Tax on net operating income   (4,051)   (109)   (154)   29   -   (4,285)
Adjusted net operating income 3,257 437 332 (105) - 3,921
Net cost of net debt (160)
Non-controlling interests                       (63)
Adjusted net income                       3,698
Adjusted fully-diluted earnings per share ($)                       1.63
(a) Except for earnings per share.
                         
1st quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 6,941 703 246 14 - 7,904
Total divestments 718 36 50 9 - 813
Cash flow from operating activities   5,481   (382)   (120)   (66)   -   4,913
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited, 2013 data converted from the Euro to the US Dollar (for information concerning this restatement, see Note 11 to these Consolidated Financial Statements))
 
1st quarter 2014

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 60,661 26 60,687
Excise taxes (5,832) - (5,832)
Revenues from sales 54,829 26 54,855
Purchases, net of inventory variation (38,151) (181) (38,332)
Other operating expenses (7,249) (115) (7,364)
Exploration costs (619) - (619)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,745) - (2,745)
Other income 452 648 1,100
Other expense (130) (19) (149)
Financial interest on debt (201) - (201)
Financial income from marketable securities & cash equivalents 19 - 19
Cost of net debt (182) - (182)
Other financial income 161 - 161
Other financial expense (166) - (166)
Equity in net income (loss) of affiliates 830 (357) 473
Income taxes   (3,615)   18   (3,597)
Consolidated net income 3,415 20 3,435
Group share 3,327 8 3,335
Non-controlling interests 88 12 100
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
1st quarter 2013

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 63,558 3 63,561
Excise taxes (5,541) - (5,541)
Revenues from sales 58,017 3 58,020
Purchases, net of inventory variation (40,203) (116) (40,319)
Other operating expenses (7,192) (2) (7,194)
Exploration costs (406) - (406)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,848) (5) (2,853)
Other income 42 - 42
Other expense (127) (1,894) (2,021)
Financial interest on debt (223) - (223)
Financial income from marketable securities & cash equivalents 28 - 28
Cost of net debt (195) - (195)
Other financial income 136 - 136
Other financial expense (169) - (169)
Equity in net income (loss) of affiliates 956 (7) 949
Income taxes   (4,250)   275   (3,975)
Consolidated net income 3,761 (1,746) 2,015
Group share 3,698 (1,750) 1,948
Non-controlling interests 63 4 67
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.
Capital 5 944 195 400 euros
542 051 180 R.C.S. Nanterre

www.total.com

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
ou
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France

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