Total : First Quarter 2015 Results
Total : First Quarter 2015 Results
Total SA
Total (Paris:FP) (LSE:TTA) (NYSE:TOT) :
| 1Q15 | Â | 1Q14 | Â |
Change
vs 1Q14 |
|
| Â | |||||
|
Adjusted net income1 |
|||||
|
2.6 | 3.3 | -22% | ||
|
1.13 | 1.46 | -23% | ||
| Â | |||||
| Â | |||||
| Â | |||||
|
Net income2 of 2.7 B$ in 1Q15 Net-debt-to-equity ratio of 28.2% at March 31, 2015 |
|||||
|
Hydrocarbon production of 2,395 kboe/d in the first quarter 2015 1Q15 interim dividend of 0.61 €/share payable in October 20153 |
|||||
Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on April 27, 2015, to review the Group’s first quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:
“Against a backdrop of lower prices, Total’s first quarter results
include a number of significant accomplishments in all segments.
In
the Upstream, with CLOV producing above plateau, the start ups of West
Franklin Phase 2, Eldfisk II and Ofon Phase 2, as well as the entry into
the new ADCO concession, Total achieved strong production growth of 10%
(4% excluding ADCO), compared to the same period last year. The Group is
thus benefiting from its organic growth strategy. In Refining &
Chemicals we launched restructuring plans for the Lindsey, La Mède and
Donges refineries, thereby enabling us to meet the objective of a 20%
reduction in European capacity by 2017. Asset sales continued with the
completion of the sale of Bostik and several onshore fields in Nigeria.
While
the Brent price decreased by 50% compared to last year, our adjusted net
results this quarter were 2.6 billion dollars, a decrease of 22% over
the same period. Total is thus demonstrating its resilience and
profiting from its integrated model. In the Upstream, production growth
along with the first positive results of the cost reduction program
partially offset lower oil prices. Downstream again generated excellent
results due to its ongoing restructuring efforts and improved market
conditions in refining and marketing.
All of our teams are
mobilized to reduce costs, lower breakevens and deliver new projects.
With our strong balance sheet, we are confident in our ability to
adapt and respond to this period of lower prices and achieve our growth
targets for the benefit of our shareholders.â€
Key figures4
| in millions of dollars, except effective tax rate, earnings per share and number of shares | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Sales | Â | 42,313 | Â | 52,511 | Â | 60,687 | Â | -30% |
|
Adjusted operating income
from business segments |
 | 3,809 |  | 3,705 |  | 6,182 |  | -38% |
|
Adjusted net operating income
from business segments |
 | 2,780 |  | 2,797 |  | 3,699 |  | -25% |
| Upstream | Â | 1,359 | Â | 1,596 | Â | 3,092 | Â | -56% |
| Refining & Chemicals | 1,100 | 956 | 346 | x3 | ||||
| Marketing & Services | Â | 321 | Â | 245 | Â | 261 | Â | +23% |
|
Contribution of equity affiliates
to adjusted net income |
 | 634 |  | 653 |  | 830 |  | -24% |
|
Group effective tax rate5 |
 | 46.2% |  | 40.1% |  | 57.7% |  |  |
| Adjusted net income | Â | 2,602 | Â | 2,801 | Â | 3,327 | Â | -22% |
| Adjusted fully-diluted earnings per share (dollars) | Â | 1.13 | Â | 1.22 | Â | 1.46 | Â | -23% |
| Adjusted fully-diluted earnings per share (euros) | Â | 1.00 | Â | 0.98 | Â | 1.07 | Â | -6% |
| Fully-diluted weighted-average shares (million) | Â | 2,285 | Â | 2,287 | Â | 2,277 | Â | - |
| Net income (Group share) | Â | 2,663 | Â | (5,658) | Â | 3,335 | Â | -20% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
Investments6 |
 | 8,809 |  | 8,152 |  | 5,865 |  | +50% |
| Divestments | Â | 2,984 | Â | 1,689 | Â | 1,840 | Â | +62% |
|
Net investments7 |
 | 5,825 |  | 6,409 |  | 4,025 |  | +45% |
| Cash flow from operations | Â | 4,387 | Â | 7,354 | Â | 5,338 | Â | -18% |
| Adjusted cash flow from operations | Â | 4,635 | Â | 5,721 | Â | 6,204 | Â | -25% |
Highlights since the beginning of the first quarter 20158
- Entered new ADCO concession in Abu Dhabi with 10% interest for 40-year duration, effective January 1, 2015
- Finalized the sales of Bostik and several onshore blocks in Nigeria
- Started production from Eldfisk II in the Norwegian North Sea
- Started production from West Franklin Phase 2 in the UK North Sea
- Stopped flaring and started producing gas from the Ofon field in Nigeria
- Announced plans to reduce capacities of the refineries at Lindsey (United Kingdom) and La Mède (France) and to modernize the Donges (France) refinery
Analysis of business segments
Upstream
> Environment – liquids and gas price realizations*
| Â | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Brent ($/b) | Â | 53.9 | Â | 76.6 | Â | 108.2 | Â | -50% |
| Average liquids price ($/b) | Â | 49.5 | Â | 61.7 | Â | 102.1 | Â | -52% |
| Average gas price ($/Mbtu) | Â | 5.38 | Â | 6.29 | Â | 7.06 | Â | -24% |
| Average hydrocarbon price ($/boe) | Â | 41.8 | Â | 50.5 | Â | 73.4 | Â | -43% |
* Consolidated subsidiaries, excluding fixed margins.
> Production
| Hydrocarbon production | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Combined production (kboe/d) | Â | 2,395 | Â | 2,229 | Â | 2,179 | Â | +10% |
| Liquids (kb/d) | Â | 1,240 | Â | 1,077 | Â | 1,031 | Â | +20% |
| Gas (Mcf/d) | Â | 6,312 | Â | 6,219 | Â | 6,268 | Â | +1% |
Hydrocarbon production was 2,395 thousand barrels of oil equivalent per day (kboe/d) in the first quarter 2015, an increase of 10% compared to the first quarter 2014, due to the following:
- +4% for production from start ups, notably CLOV, Eldfisk II, Ofon Phase 2 and West Franklin Phase 2;
- +3% due to lower prices, notably on production sharing contracts;
- +6% for the new ADCO concession in the United Arab Emirates; and
- -3% due to natural decline.
> Results
|
in millions of dollars,
except effective tax rate |
 | 1Q15 |  | 4Q14 |  | 1Q14 |  | 1Q15 vs 1Q14 |
| Adjusted operating income* | Â | 2,029 | Â | 2,174 | Â | 5,501 | Â | -63% |
| Effective tax rate** | Â | 60.5% | Â | 57.0% | Â | 59.5% | Â | Â |
| Adjusted net operating income* | Â | 1,359 | Â | 1,596 | Â | 3,092 | Â | -56% |
| Includes income from equity affiliates | Â | 503 | Â | 533 | Â | 733 | Â | -31% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Investments | Â | 8,151 | Â | 6,287 | Â | 5,311 | Â | +53% |
| Divestments | Â | 1,162 | Â | 1,473 | Â | 1,799 | Â | -35% |
| Cash flow from operations | Â | 3,525 | Â | 2,608 | Â | 3,811 | Â | -8% |
| Adjusted cash flow from operations | Â | 2,919 | Â | 3,665 | Â | 5,133 | Â | -43% |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Tax on
adjusted net operating income / (adjusted net operating income - income
from equity affiliates - dividends received from investments + tax on
adjusted net operating income).
Adjusted net operating income from the Upstream segment was 1,359 M$ in the first quarter 2015, a decrease of 56% compared to the first quarter 2014, essentially due to the lower oil price, partially offset by production growth and the initial positive results of the cost reduction program. The Upstream effective tax rate was 60.5%, impacted in particular by the consolidation of ADCO.
Refining & Chemicals
> Refinery throughput and utilization rates*
| Â | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Total refinery throughput (kb/d) | Â | 1,931 | Â | 1,887 | Â | 1,700 | Â | +14% |
| France | Â | 737 | Â | 632 | Â | 617 | Â | +19% |
| Rest of Europe | 795 | 852 | 787 | +1% | ||||
| Rest of world | Â | 399 | Â | 403 | Â | 296 | Â | +35% |
| Utilization rates** | Â | Â | Â | Â | Â | Â | Â | Â |
| Based on crude only | 87% | 82% | 77% | |||||
| Based on crude and other feedstocks | Â | 88% | Â | 86% | Â | 83% | Â | Â |
* Includes share of TotalErg. Results for refineries in South Africa,
the French Antilles and Italy are reported in the Marketing & Services
segment.
** Based on distillation capacity at the beginning
of the year.
In the first quarter 2015, refinery throughput increased by 14% compared to the first quarter 2014, benefiting from lower levels of maintenance in France in the first quarter 2015 as well as the start up of Satorp, at full capacity since August 2014.
> Results
|
in millions of dollars, except the ERMI |
 | 1Q15 |  | 4Q14 |  | 1Q14 |  | 1Q15 vs 1Q14 |
|
European refining margin
indicator - ERMI ($/t) |
 | 47.1 |  | 27.6 |  | 6.6 |  | x7 |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Adjusted operating income* | Â | 1,335 | Â | 1,069 | Â | 328 | Â | x4 |
| Adjusted net operating income* | Â | 1,100 | Â | 956 | Â | 346 | Â | x3 |
| Contribution of Specialty Chemicals** | Â | 116 | Â | 155 | Â | 139 | Â | -17% |
| Â | Â | Â | Â | Â | Â | Â | Â | Â |
| Investments | Â | 434 | Â | 875 | Â | 250 | Â | +74% |
| Divestments | Â | 1,766 | Â | 157 | Â | 11 | Â | na |
| Cash flow from operations | Â | 314 | Â | 3,113 | Â | 1,593 | Â | -80% |
| Adjusted cash flow from operations | Â | 1,380 | Â | 1,465 | Â | 617 | Â | x2 |
* Detail of adjustment items shown in the business segment
information annex to financial statements.
** Hutchinson and
Atotech, Bostik until February 2015.
The European refining margin indicator averaged a very high level of 47.1 $/t this quarter, due to strong product demand, particularly gasoline, and due to a higher level of maintenance, notably in refineries located in the United States. Petrochemical margins remained favorable.
Adjusted net operating income from the Refining & Chemicals segment was 1,100 M$ in the first quarter 2015, three times higher than in the first quarter 2014. The segment continued to benefit from its restructuring and was able to take advantage of the higher margins.
Marketing & Services
> Petroleum product sales
| Sales (kb/d)* | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Europe | Â | 1,103 | Â | 1,132 | Â | 1,058 | Â | +4% |
| Rest of world | Â | 711 | Â | 678 | Â | 593 | Â | +20% |
| Total Marketing & Services sales | Â | 1,814 | Â | 1,810 | Â | 1,651 | Â | +10% |
* Excludes trading and bulk refining sales, includes share of TotalErg.
In the first quarter 2015, sales increased by 10% compared to the first quarter of last year, due to more typical winter conditions than in the same period last year and the repositioning of the Group’s networks in Europe as well as development in growth markets, notably in Egypt where Total is leveraging its acquisitions.
> Results
| in millions of dollars | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Sales | Â | 19,620 | Â | 24,079 | Â | 26,470 | Â | -26% |
| Adjusted operating income* | Â | 445 | Â | 462 | Â | 353 | Â | +26% |
| Adjusted net operating income* | Â | 321 | Â | 245 | Â | 261 | Â | +23% |
| Contribution of New Energies | Â | (42) | Â | (15) | Â | 28 | Â | na |
| Investments | Â | 215 | Â | 941 | Â | 276 | Â | -22% |
| Divestments | Â | 52 | Â | 53 | Â | 26 | Â | x2 |
| Cash flow from operations | Â | 644 | Â | 1,627 | Â | 89 | Â | x7 |
| Adjusted cash flow from operations | Â | 418 | Â | 544 | Â | 379 | Â | +10% |
* Detail of adjustment items shown in the business segment information annex to financial statements.
Adjusted net operating income from the Marketing & Services segment increased by 23% compared to the first quarter 2014, mainly due to an increase in sales and a recovery in margins for heating products, which were lower in the first quarter 2014 because of an unusually mild winter, as well as a positive accounting effect on the valuation of hedging positions.
First quarter 2015 results
> Net operating income from business segments
Adjusted net operating income from the business segments was 2,780 M$ in the first quarter 2015, a decrease of 25% compared to the first quarter 2014, reflecting mainly the lower oil price, partially offset by production growth, the initial positive results of the cost reduction program and the strong Downstream performance.
The effective tax rate9 for the business segments was 45.3% in the first quarter 2015 compared to 55.7% in the first quarter 2014, reflecting mainly the strong Downstream results which are taxed at a lower rate.
> Net income (Group share)
Adjusted net income was 2,602 M$ in the first quarter 2015 compared to 3,327 M$ in the first quarter 2014, a decrease of 22%.
Adjusted net income excludes the after-tax inventory effect, the impact of changes in fair value and special items10. Special items11 had a negative impact of 95 M$ in the first quarter 2015. This includes the impairment of assets in Libya and Yemen due to the deteriorated security situation this quarter, partially offset by the gain on the sale of Bostik and the interests in several onshore fields in Nigeria, as well as the effect of fiscal changes in the United Kingdom. Special items had a positive impact on net income in the first quarter 2014 of 124 M$.
On March 31, 2015, there were 2,286 million fully-diluted shares compared to 2,278 million shares on March 31, 2014.
> Divestments – acquisitions
Asset sales in the first quarter 2015 were 2,739 M$, essentially comprised of the sale of Bostik, the Group’s interests in OML 18 and 29 in Nigeria and the transportation rights in the Ocensa pipeline in Colombia.
Acquisitions were 2,495 M$ in the first quarter 2015, notably comprised of the entry into the new ADCO concession, the carry on the Utica gas and condensate field in the United States and the renewal of licenses in Nigeria.
> Cash flow
The Group’s net cash flow12 in the first quarter 2015 was negative 1,438 M$ compared to 1,313 M$ in the first quarter 2014. The decrease is due notably to the lower oil price, partially offset by a higher level of production, the initial positive results of the cost reduction program and the strong Downstream performance.
The Group also issued 5 B€ (5.6 B$) of perpetual subordinated notes, which are accounted for as equity.
Summary and outlook
In the context of the sharp decline in oil prices, Total is pursuing the implementation of its strong response which includes delivery of its new Upstream projects, a decrease in investments, a significant cost reduction program that is already bearing fruit and an acceleration of divestments.
In the Upstream, in addition to the three projects that have already started up in 2015, the Termokarstovoye gas field is scheduled to start up in the second quarter, followed by GLNG, Laggan-Tormore, Surmont 2 and Vega Pleyade in the second half of 2015. In the second quarter, production will be impacted by heavy seasonal maintenance activity, mainly in Nigeria, the United Kingdom and Norway. In addition, due to the lag effect in contractual formulas, gas prices in the second quarter will be further affected by the decreasing oil price.
In addition to the volatility in energy markets, the beginning of 2015 has been marked by rising geopolitical tensions. Due to the deteriorating security conditions in Libya and Yemen, production was halted in February 2015 in onshore Libya and in April 2015 in Yemen. Due to the geographic diversity of the Group’s portfolio, the impact of these events on the Group’s results is limited. The Group’s first priority wherever it is present is the safety of its people and the security of its installations.
Since the beginning of the second quarter, refining and petrochemical margins have remained strong, despite the structural overcapacity in Europe, which will weigh on margins in the medium term.
-- -- --
To listen to CFO Patrick de La Chevardière’s conference call with financial analysts today at 15:00 (London time) please log on to total.com or call +44 (0)203 427 1917 in Europe or +1 212 444 0481 in the United States (code 2369111). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code: 2369111).
Operating information by segment
Upstream
|
Combined liquids and gas
production by region (kboe/d) |
 | 1Q15 |  | 4Q14 |  | 1Q14 |  | 1Q15 vs 1Q14 |
| Europe | Â | 393 | Â | 393 | Â | 394 | Â | - |
| Africa | 687 | 690 | 655 | +5% | ||||
| Middle East | 540 | 391 | 405 | +33% | ||||
| North America | 98 | 99 | 82 | +20% | ||||
| South America | 155 | 151 | 159 | -3% | ||||
| Asia-Pacific | 261 | 235 | 242 | +8% | ||||
| CIS | Â | 261 | Â | 270 | Â | 242 | Â | +8% |
| Total production | Â | 2,395 | Â | 2,229 | Â | 2,179 | Â | +10% |
| Includes equity affiliates | Â | 573 | Â | 594 | Â | 583 | Â | -2% |
| Liquids production by region (kb/d) | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Europe | Â | 162 | Â | 168 | Â | 172 | Â | -6% |
| Africa | 551 | 558 | 508 | +8% | ||||
| Middle East | 358 | 185 | 203 | +76% | ||||
| North America | 41 | 45 | 34 | +21% | ||||
| South America | 50 | 49 | 50 | - | ||||
| Asia-Pacific | 37 | 33 | 30 | +23% | ||||
| CIS | Â | 41 | Â | 39 | Â | 34 | Â | +21% |
| Total production | Â | 1,240 | Â | 1,077 | Â | 1,031 | Â | +20% |
| Includes equity affiliates | Â | 207 | Â | 197 | Â | 208 | Â | - |
| Gas production by region (Mcf/d) | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Europe | Â | 1,265 | Â | 1,224 | Â | 1,215 | Â | +4% |
| Africa | 687 | 674 | 748 | -8% | ||||
| Middle East | 999 | 1,113 | 1,104 | -10% | ||||
| North America | 315 | 305 | 266 | +18% | ||||
| South America | 589 | 573 | 609 | -3% | ||||
| Asia-Pacific | 1,298 | 1,144 | 1,202 | +8% | ||||
| CIS | Â | 1,159 | Â | 1,186 | Â | 1,124 | Â | +3% |
| Total production | Â | 6,312 | Â | 6,219 | Â | 6,268 | Â | +1% |
| Includes equity affiliates | Â | 1,963 | Â | 2,064 | Â | 2,029 | Â | -3% |
| Liquefied Natural Gas | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| LNG sales* (Mt) | Â | 2.77 | Â | 3.06 | Â | 3.15 | Â | -12% |
* Sales, Group share, excluding trading; 2014 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 SEC coefficient.
Downstream (Refining & Chemicals and Marketing & Services)
| Petroleum product sales by region (kb/d)* | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Europe** | Â | 2,056 | Â | 2,112 | Â | 2,005 | Â | +3% |
| Africa | 663 | 606 | 475 | +40% | ||||
| Americas | 581 | 482 | 474 | +23% | ||||
| Rest of world | Â | 657 | Â | 660 | Â | 573 | Â | +15% |
| Total consolidated sales | Â | 3,957 | Â | 3,860 | Â | 3,528 | Â | +12% |
| Includes bulk sales | Â | 628 | Â | 628 | Â | 634 | Â | -1% |
| Includes trading | Â | 1,515 | Â | 1,421 | Â | 1,243 | Â | +22% |
* Includes share of TotalErg.
** Restated historical
amounts.
Adjustment items
> Adjustments to operating income
| in millions of dollars | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 |
| Special items affecting operating income | Â | (1,377) | Â | (7,812) | Â | (115) |
| Restructuring charges | Â | - | Â | - | Â | - |
| Impairments | (1,046) | (7,817) | - | |||
| Other | Â | (331) | Â | 5 | Â | (115) |
| Pre-tax inventory effect: FIFO vs. Replacement cost | Â | 228 | Â | (2,842) | Â | (181) |
| Effect of changes in fair value | Â | 4 | Â | 24 | Â | 26 |
| Â | Â | Â | Â | Â | Â | Â |
| Total adjustments affecting operating income | Â | (1,145) | Â | (10,630) | Â | (270) |
> Adjustment to net income (Group share)
| in millions of dollars | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 |
| Special items affecting net income (Group share) | Â | (95) | Â | (6,485) | Â | 124 |
| Gain (loss) on asset sales | Â | 1,002 | Â | 30 | Â | 599 |
| Restructuring charges | (31) | (8) | - | |||
| Impairments | (1,109) | (6,450) | (350) | |||
| Other | Â | 43 | Â | (57) | Â | (125) |
| After-tax inventory effect: FIFO vs. replacement cost | Â | 154 | Â | (1,993) | Â | (137) |
| Effect of changes in fair value | Â | 2 | Â | 19 | Â | 21 |
| Â | Â | Â | Â | Â | Â | Â |
| Total adjustments affecting net income | Â | 61 | Â | (8,459) | Â | 8 |
2015 Sensitivities*
| Â | Â | Scenario | Â | Change | Â | Impact on adjusted operating income (e) | Â | Impact on adjusted net operating income (e) |
| Dollar |  | 1.30 $/€ |  | -0.1 $ per € |  | +0.7 B$ |  | +0.2 B$ |
| Brent | Â | 60 $/b | Â | +10 $/b | Â | +3.1 B$ | Â | +1.7 B$ |
|
European refining margin
indicator (ERMI) |
 | 25 $/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. The impact of the $-€ sensitivity on operating income is attributable 60% to Exploration & Production. The impact of the $-€ sensitivity on adjusted net operating income is attributable 90% to Refining & Chemicals. Sensitivities are estimates based on assumptions about the Group’s portfolio in 2015. Actual results could vary significantly from estimates based on the application of these sensitivities.
Investments - Divestments
| in millions of dollars | Â | 1Q15 | Â | 4Q14 | Â | 1Q14 | Â | 1Q15 vs 1Q14 |
| Investments excluding acquisitions | Â | 6,069 | Â | 7,002 | Â | 5,202 | Â | +17% |
| Capitalized exploration | 399 | 422 | 319 | +25% | ||||
| Increase in non-current loans | 793 | 565 | 261 | x3 | ||||
| Repayment of non-current loans | Â | (245) | Â | (420) | Â | (364) | Â | -33% |
| Acquisitions | Â | 2,495 | Â | 730 | Â | 299 | Â | x8 |
| Asset sales | Â | 2,739 | Â | 1,269 | Â | 1,476 | Â | +86% |
| Other transactions with non-controlling interests | Â | - | Â | 54 | Â | - | Â | - |
| Net investments* | Â | 5,825 | Â | 6,409 | Â | 4,025 | Â | +45% |
* Net investments = investments including acquisitions - asset sales - other transactions with non-controlling interests.
Net-debt-to-equity ratio
| in millions of dollars | Â | 03/31/2015 | Â | 12/31/2014 | Â | 03/31/2014 |
| Current borrowings | Â | 13,604 | Â | 10,942 | Â | 11,676 |
| Net current financial assets | (2,262) | (1,113) | (522) | |||
| Net financial assets classified as held for sale | (27) | (56) | (17) | |||
| Non-current financial debt | 41,827 | 45,481 | 37,506 | |||
| Hedging instruments of non-current debt | (1,275) | (1,319) | (1,758) | |||
| Cash and cash equivalents | Â | (25,051) | Â | (25,181) | Â | (22,787) |
| Net debt | Â | 26,816 | Â | 28,754 | Â | 24,098 |
| Â | Â | Â | Â | Â | Â | Â |
| Shareholders’ equity | 95,096 | 90,330 | 103,136 | |||
| Estimated dividend payable | (2,988) | (1,686) | (3,817) | |||
| Non-controlling interests | Â | 3,024 | Â | 3,201 | Â | 3,248 |
| Equity | Â | 95,132 | Â | 91,845 | Â | 102,567 |
| Â | Â | Â | Â | Â | Â | Â |
| Net-debt-to-equity ratio | Â | 28.2% | Â | 31.3% | Â | 23.5% |
Return on average capital employed
> Twelve months ended March 31, 2015
| in millions of dollars | Â | Upstream | Â | Refining & Chemicals | Â | Marketing & Services | Â | Â | Group |
| Adjusted net operating income | Â | 8,771 | Â | 3,243 | Â | 1,314 | 12,780 | ||
| Capital employed at 03/31/2014* | 97,924 | 18,516 | 10,314 | 126,068 | |||||
| Capital employed at 03/31/2015* | Â | 103,167 | Â | 12,534 | Â | 7,928 | 123,218 | ||
| ROACE | Â | 8.7% | Â | 20.9% | Â | 14.4% | 10.3% |
> Full-year 2014
| in millions of dollars | Â | Upstream | Â | Refining & Chemicals | Â | Marketing & Services | Â | Â | Group |
| Adjusted net operating income | Â | 10,504 | Â | 2,489 | Â | 1,254 | 13,530 | ||
| Capital employed at 12/31/2013* | 95,529 | 19,752 | 10,051 | 122,451 | |||||
| Capital employed at 12/31/2014* | Â | 100,497 | Â | 13,451 | Â | 8,825 | 120,526 | ||
| ROACE | Â | 10.7% | Â | 15.0% | Â | 13.3% | 11.1% |
* At replacement cost (excluding after-tax inventory effect).
This press release presents the results for the first quarter 2015 from the consolidated financial statements of TOTAL S.A. as of March 31, 2015. The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.
This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.
Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SECâ€).
Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:
(i) Special items
Due to
their unusual nature or particular significance, certain transactions
qualified as "special items" are excluded from the business segment
figures. In general, special items relate to transactions that are
significant, infrequent or unusual. However, in certain instances,
transactions such as restructuring costs or asset disposals, which are
not considered to be representative of the normal course of business,
may be qualified as special items although they may have occurred within
prior years or are likely to occur again within the coming years.
(ii)
Inventory valuation effect
The adjusted results of
the Refining & Chemicals and Marketing & Services segments are presented
according to the replacement cost method. This method is used to assess
the segments’ performance and facilitate the comparability of the
segments’ performance with those of its competitors.
In the
replacement cost method, which approximates the LIFO (Last-In,
First-Out) method, the variation of inventory values in the statement of
income is, depending on the nature of the inventory, determined using
either the month-end price differentials between one period and another
or the average prices of the period rather than the historical value.
The inventory valuation effect is the difference between the results
according to the FIFO (First-In, First-Out) and the replacement cost.
(iii)
Effect of changes in fair value
The effect of changes
in fair value presented as an adjustment item reflects for some
transactions differences between internal measures of performance used
by TOTAL’s management and the accounting for these transactions under
IFRS.
IFRS requires that trading inventories be recorded at
their fair value using period-end spot prices. In order to best reflect
the management of economic exposure through derivative transactions,
internal indicators used to measure performance include valuations of
trading inventories based on forward prices.
Furthermore,
TOTAL, in its trading activities, enters into storage contracts, which
future effects are recorded at fair value in Group’s internal economic
performance. IFRS precludes recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.
Euro amounts presented herein represent dollar amounts converted at the average euro-dollar (€-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as “potential reserves†or “resourcesâ€, 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 total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website sec.gov.
TOTAL S.A.
Capital : 5 963 168 812,50 €
542 051 180
R.C.S. Nanterre
1 Definition of adjusted results on page 2.
2
Group share.
3 The ex-dividend date will be September
28, 2015 and the payment date will be set for October 21, 2015.
4
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 9 and the inventory valuation effect is
explained on page 12.
5 Tax on adjusted net operating
income / (adjusted net operating income - income from equity affiliates
- dividends received from investments + tax on adjusted net operating
income).
6 Including acquisitions.
7 Net
investments = investments including acquisitions and changes in
non-current loans - asset sales - other transactions with
non-controlling interests.
8 Certain transactions
referred to in the highlights are subject to approval by authorities or
to other conditions as per the agreements.
9 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 Details shown on page
12.
11 Details shown on page 9.
12 Net
cash flow = cash flow from operations - net investments (including other
transactions with non-controlling interests).
Total financial statements
First quarter 2015 consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
| (M$) (a) | Â |
1st quarter
2015 |
 |
4th quarter
2014 |
 |
1st quarter
2014 |
| Sales | Â | 42,313 | Â | 52,511 | Â | 60,687 |
| Excise taxes | (5,350) | (5,777) | (5,832) | |||
| Revenues from sales | 36,963 | 46,734 | 54,855 | |||
| Purchases, net of inventory variation | (23,706) | (35,644) | (38,332) | |||
| Other operating expenses | (6,272) | (6,831) | (7,364) | |||
| Exploration costs | (637) | (611) | (619) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (3,872) | (10,900) | (2,745) | |||
| Other income | 1,621 | 740 | 1,100 | |||
| Other expense | (442) | (487) | (149) | |||
| Financial interest on debt | (262) | (108) | (201) | |||
| Financial income from marketable securities & cash equivalents | 31 | 28 | 19 | |||
| Cost of net debt | (231) | (80) | (182) | |||
| Other financial income | 142 | 219 | 161 | |||
| Other financial expense | (166) | (168) | (166) | |||
| Equity in net income (loss) of affiliates | 590 | 464 | 473 | |||
| Income taxes | Â | (1,482) | Â | 722 | Â | (3,597) |
| Consolidated net income | Â | 2,508 | Â | (5,842) | Â | 3,435 |
| Group share | 2,663 | (5,658) | 3,335 | |||
| Non-controlling interests | Â | (155) | Â | (184) | Â | 100 |
| Earnings per share ($) | Â | 1.16 | Â | (2.49) | Â | 1.47 |
| Fully-diluted earnings per share ($) | Â | 1.16 | Â | (2.47) | Â | 1.46 |
| (a) Except for per share amounts. |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
| (M$) | Â |
1st quarter
2015 |
 |
4th quarter
2014 |
 |
1st quarter
2014 |
| Consolidated net income | Â | 2,508 | Â | (5,842) | Â | 3,435 |
| Other comprehensive income | Â | Â | Â | |||
| Â | ||||||
| Actuarial gains and losses | (95) | 99 | (199) | |||
| Tax effect | (36) | 11 | 57 | |||
| Currency translation adjustment generated by the parent company | Â | (8,192) | Â | (2,562) | Â | 3 |
| Items not potentially reclassifiable to profit and loss | Â | (8,323) | Â | (2,452) | Â | (139) |
| Currency translation adjustment | 3,748 | 980 | 36 | |||
| Available for sale financial assets | 8 | (5) | 3 | |||
| Cash flow hedge | (130) | (12) | 35 | |||
| Share of other comprehensive income of equity affiliates, net amount | 1,042 | (1,242) | (456) | |||
| Other | 3 | 3 | (3) | |||
| Tax effect | Â | 37 | Â | 10 | Â | (13) |
| Items potentially reclassifiable to profit and loss | Â | 4,708 | Â | (266) | Â | (398) |
| Total other comprehensive income (net amount) | Â | (3,615) | Â | (2,718) | Â | (537) |
| Â | Â | Â | Â | Â | Â | Â |
| Comprehensive income | Â | (1,107) | Â | (8,560) | Â | 2,898 |
| Group share | (916) | (8,365) | 2,801 | |||
| Non-controlling interests | (191) | (195) | 97 |
CONSOLIDATED BALANCE SHEET
TOTAL
| (M$) | Â |
March 31, 2015
(unaudited) |
 |
December 31, 2014 Â |
 |
March 31, 2014
(unaudited) |
| ASSETS | Â | Â | Â | |||
| Non-current assets | ||||||
| Intangible assets, net | 16,236 | 14,682 | 18,899 | |||
| Property, plant and equipment, net | 105,806 | 106,876 | 106,377 | |||
| Equity affiliates : investments and loans | 19,552 | 19,274 | 19,951 | |||
| Other investments | 1,325 | 1,399 | 2,091 | |||
| Hedging instruments of non-current financial debt | 1,275 | 1,319 | 1,758 | |||
| Deferred income taxes | 3,435 | 4,079 | 2,933 | |||
| Other non-current assets | Â | 4,093 | Â | 4,192 | Â | 4,265 |
| Total non-current assets | Â | 151,722 | Â | 151,821 | Â | 156,274 |
| Current assets | ||||||
| Inventories, net | 15,393 | 15,196 | 21,755 | |||
| Accounts receivable, net | 15,458 | 15,704 | 23,359 | |||
| Other current assets | 14,576 | 15,702 | 15,873 | |||
| Current financial assets | 2,464 | 1,293 | 872 | |||
| Cash and cash equivalents | 25,051 | 25,181 | 22,787 | |||
| Assets classified as held for sale | Â | 3,257 | Â | 4,901 | Â | 2,472 |
| Total current assets | Â | 76,199 | Â | 77,977 | Â | 87,118 |
| Total assets | 227,921 | 229,798 | 243,392 | |||
| Â | ||||||
| LIABILITIES & SHAREHOLDERS' EQUITY | ||||||
| Â | ||||||
| Shareholders' equity | ||||||
| Common shares | 7,519 | 7,518 | 7,496 | |||
| Paid-in surplus and retained earnings | 102,755 | 94,646 | 101,568 | |||
| Currency translation adjustment | (10,830) | (7,480) | (1,625) | |||
| Treasury shares | Â | (4,348) | Â | (4,354) | Â | (4,303) |
| Total shareholders' equity - Group share | Â | 95,096 | Â | 90,330 | Â | 103,136 |
| Non-controlling interests | Â | 3,024 | Â | 3,201 | Â | 3,248 |
| Total shareholders' equity | Â | 98,120 | Â | 93,531 | Â | 106,384 |
| Non-current liabilities | ||||||
| Deferred income taxes | 13,557 | 14,810 | 17,045 | |||
| Employee benefits | 4,483 | 4,758 | 4,362 | |||
| Provisions and other non-current liabilities | 17,050 | 17,545 | 17,582 | |||
| Non-current financial debt | Â | 41,827 | Â | 45,481 | Â | 37,506 |
| Total non-current liabilities | Â | 76,917 | Â | 82,594 | Â | 76,495 |
| Current liabilities | ||||||
| Accounts payable | 22,043 | 24,150 | 28,621 | |||
| Other creditors and accrued liabilities | 15,750 | 16,641 | 19,097 | |||
| Current borrowings | 13,604 | 10,942 | 11,676 | |||
| Other current financial liabilities | 202 | 180 | 350 | |||
| Liabilities directly associated with the assets classified as held for sale | Â | 1,285 | Â | 1,760 | Â | 769 |
| Total current liabilities | Â | 52,884 | Â | 53,673 | Â | 60,513 |
| Total liabilities and shareholders' equity | 227,921 | 229,798 | 243,392 |
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
| (M$) | Â |
1st quarter
2015 |
 |
4th quarter
2014 |
 |
1st quarter
2014 |
| CASH FLOW FROM OPERATING ACTIVITIES | Â | Â | Â | |||
| Consolidated net income | 2,508 | (5,842) | 3,435 | |||
| Depreciation, depletion and amortization | 4,424 | 11,310 | 3,174 | |||
| Non-current liabilities, valuation allowances and deferred taxes | (446) | (2,329) | 399 | |||
| Impact of coverage of pension benefit plans | - | - | - | |||
| (Gains) losses on disposals of assets | (1,357) | (460) | (1,023) | |||
| Undistributed affiliates' equity earnings | (68) | 403 | 11 | |||
| (Increase) decrease in working capital | (476) | 4,475 | (685) | |||
| Other changes, net | Â | (198) | Â | (203) | Â | 27 |
| Cash flow from operating activities | 4,387 | 7,354 | 5,338 | |||
| Â | ||||||
| CASH FLOW USED IN INVESTING ACTIVITIES | ||||||
| Â | ||||||
| Intangible assets and property, plant and equipment additions | (7,956) | (7,339) | (5,448) | |||
| Acquisitions of subsidiaries, net of cash acquired | (7) | (56) | - | |||
| Investments in equity affiliates and other securities | (53) | (192) | (156) | |||
| Increase in non-current loans | Â | (793) | Â | (565) | Â | (261) |
| Total expenditures | (8,809) | (8,152) | (5,865) | |||
| Proceeds from disposals of intangible assets and property, plant and equipment | 959 | 874 | 1,020 | |||
| Proceeds from disposals of subsidiaries, net of cash sold | 1,758 | 136 | - | |||
| Proceeds from disposals of non-current investments | 22 | 259 | 456 | |||
| Repayment of non-current loans | Â | 245 | Â | 420 | Â | 364 |
| Total divestments | Â | 2,984 | Â | 1,689 | Â | 1,840 |
| Cash flow used in investing activities | (5,825) | (6,463) | (4,025) | |||
| Â | ||||||
| CASH FLOW USED IN FINANCING ACTIVITIES | ||||||
| Â | ||||||
| Issuance (repayment) of shares: | ||||||
| - Parent company shareholders | 12 | 30 | 33 | |||
| - Treasury shares | - | - | - | |||
| Dividends paid: | ||||||
| - Parent company shareholders | (1,566) | (1,735) | (1,835) | |||
| - Non-controlling interests | (2) | (1) | (7) | |||
| Issuance of perpetual subordinated notes | 5,616 | - | - | |||
| Payments on perpetual subordinated notes | - | - | - | |||
| Other transactions with non-controlling interests | - | 54 | - | |||
| Net issuance (repayment) of non-current debt | 136 | 3,647 | 4,189 | |||
| Increase (decrease) in current borrowings | 423 | (928) | (1,167) | |||
| Increase (decrease) in current financial assets and liabilities | (1,022) | (255) | (117) | |||
| Cash flow used in financing activities | Â | 3,597 | Â | 812 | Â | 1,096 |
| Net increase (decrease) in cash and cash equivalents | 2,159 | 1,703 | 2,409 | |||
| Effect of exchange rates | (2,289) | (829) | 178 | |||
| Cash and cash equivalents at the beginning of the period | Â | 25,181 | Â | 24,307 | Â | 20,200 |
| Cash and cash equivalents at the end of the period | Â | 25,051 | Â | 25,181 | Â | 22,787 |
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
| Â | Common shares issued | Â | Paid-in surplus and retained earnings | Â | Currency translation adjustment | Â | Treasury shares | Â |
Shareholders' equity -
Group Share |
 | Non-controlling interests |  | Total shareholders' equity | |||||
| (M$) | Â | Number | Â | Amount | Â | Â | Â | Number | Â | Amount | Â | Â | Â | |||||
| As of January 1, 2014 | Â | 2,377,678,160 | Â | 7,493 | Â | 98,254 | Â | (1,203) | Â | (109,214,448) | Â | (4,303) | Â | 100,241 | Â | 3,138 | Â | 103,379 |
| Net income of the first quarter | Â | - | Â | - | Â | 3,335 | Â | - | Â | - | Â | - | Â | 3,335 | Â | 100 | Â | 3,435 |
| Other comprehensive Income | Â | - | Â | - | Â | (112) | Â | (422) | Â | - | Â | - | Â | (534) | Â | (3) | Â | (537) |
| Comprehensive Income | Â | - | Â | - | Â | 3,223 | Â | (422) | Â | - | Â | - | Â | 2,801 | Â | 97 | Â | 2,898 |
| Dividend | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | (7) | Â | (7) |
| Issuance of common shares | Â | 581,525 | Â | 3 | Â | 30 | Â | - | Â | - | Â | - | Â | 33 | Â | - | Â | 33 |
| Purchase of treasury shares | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Sale of treasury shares (1) | Â | - | Â | - | Â | - | Â | - | Â | 6,775 | Â | - | Â | - | Â | - | Â | - |
| Share-based payments | Â | - | Â | - | Â | 41 | Â | - | Â | - | Â | - | Â | 41 | Â | - | Â | 41 |
| Share cancellation | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Issuance of perpetual subordinated notes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Payments on perpetual subordinated notes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Other operations with non-controlling interests | Â | - | Â | - | Â | (16) | Â | - | Â | - | Â | - | Â | (16) | Â | 16 | Â | - |
| Other items | Â | - | Â | - | Â | 36 | Â | - | Â | - | Â | - | Â | 36 | Â | 4 | Â | 40 |
| As of March 31, 2014 | Â | 2,378,259,685 | Â | 7,496 | Â | 101,568 | Â | (1,625) | Â | (109,207,673) | Â | (4,303) | Â | 103,136 | Â | 3,248 | Â | 106,384 |
| Net income from April 1 to December 31, 2014 | Â | - | Â | - | Â | 909 | Â | - | Â | - | Â | - | Â | 909 | Â | (94) | Â | 815 |
| Other comprehensive Income | Â | - | Â | - | Â | (795) | Â | (5,853) | Â | - | Â | - | Â | (6,648) | Â | (40) | Â | (6,688) |
| Comprehensive Income | Â | - | Â | - | Â | 114 | Â | (5,853) | Â | - | Â | - | Â | (5,739) | Â | (134) | Â | (5,873) |
| Dividend | Â | - | Â | - | Â | (7,378) | Â | - | Â | - | Â | - | Â | (7,378) | Â | (147) | Â | (7,525) |
| Issuance of common shares | Â | 7,007,840 | Â | 22 | Â | 365 | Â | - | Â | - | Â | - | Â | 387 | Â | - | Â | 387 |
| Purchase of treasury shares | Â | - | Â | - | Â | - | Â | - | Â | (4,386,300) | Â | (283) | Â | (283) | Â | - | Â | (283) |
| Sale of treasury shares (1) | Â | - | Â | - | Â | (232) | Â | - | Â | 4,232,560 | Â | 232 | Â | - | Â | - | Â | - |
| Share-based payments | Â | - | Â | - | Â | 73 | Â | - | Â | - | Â | - | Â | 73 | Â | - | Â | 73 |
| Share cancellation | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Issuance of perpetual subordinated notes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Payments on perpetual subordinated notes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Other operations with non-controlling interests | Â | - | Â | - | Â | 164 | Â | (2) | Â | - | Â | - | Â | 162 | Â | 179 | Â | 341 |
| Other items | Â | - | Â | - | Â | (28) | Â | - | Â | - | Â | - | Â | (28) | Â | 55 | Â | 27 |
| As of December 31, 2014 | Â | 2,385,267,525 | Â | 7,518 | Â | 94,646 | Â | (7,480) | Â | (109,361,413) | Â | (4,354) | Â | 90,330 | Â | 3,201 | Â | 93,531 |
| Net income of the first quarter | Â | - | Â | - | Â | 2,663 | Â | - | Â | - | Â | - | Â | 2,663 | Â | (155) | Â | 2,508 |
| Other comprehensive Income | Â | - | Â | - | Â | (229) | Â | (3,350) | Â | - | Â | - | Â | (3,579) | Â | (36) | Â | (3,615) |
| Comprehensive Income | Â | - | Â | - | Â | 2,434 | Â | (3,350) | Â | - | Â | - | Â | (916) | Â | (191) | Â | (1,107) |
| Dividend | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | (2) | Â | (2) |
| Issuance of common shares | Â | 288,256 | Â | 1 | Â | 11 | Â | - | Â | - | Â | - | Â | 12 | Â | - | Â | 12 |
| Purchase of treasury shares | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Sale of treasury shares (1) | Â | - | Â | - | Â | (6) | Â | - | Â | 102,560 | Â | 6 | Â | - | Â | - | Â | - |
| Share-based payments | Â | - | Â | - | Â | 50 | Â | - | Â | - | Â | - | Â | 50 | Â | - | Â | 50 |
| Share cancellation | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Issuance of perpetual subordinated notes | Â | - | Â | - | Â | 5,616 | Â | - | Â | - | Â | - | Â | 5,616 | Â | - | Â | 5,616 |
| Payments on perpetual subordinated notes | Â | - | Â | - | Â | (16) | Â | - | Â | - | Â | - | Â | (16) | Â | - | Â | (16) |
| Other operations with non-controlling interests | Â | - | Â | - | Â | (15) | Â | - | Â | - | Â | - | Â | (15) | Â | 15 | Â | - |
| Other items | Â | - | Â | - | Â | 35 | Â | - | Â | - | Â | - | Â | 35 | Â | 1 | Â | 36 |
| As of March 31, 2015 | Â | 2,385,555,781 | Â | 7,519 | Â | 102,755 | Â | (10,830) | Â | (109,258,853) | Â | (4,348) | Â | 95,096 | Â | 3,024 | Â | 98,120 |
| Â | Â | |||||||||||||||||
| (1) Treasury shares related to the restricted stock grants. | ||||||||||||||||||
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
1st quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 5,225 | Â | 17,464 | Â | 19,620 | Â | 4 | Â | - | Â | 42,313 |
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | Â | - | Â | (933) | Â | (4,417) | Â | - | Â | - | Â | (5,350) |
| Revenues from sales | 9,609 | 23,498 | 15,475 | 56 | (11,675) | 36,963 | ||||||
| Operating expenses | (5,471) | (21,717) | (14,863) | (239) | 11,675 | (30,615) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (3,441) | Â | (252) | Â | (174) | Â | (5) | Â | - | Â | (3,872) |
| Operating income | 697 | 1,529 | 438 | (188) | - | 2,476 | ||||||
| Equity in net income (loss) of affiliates and other items | 769 | 762 | (80) | 294 | - | 1,745 | ||||||
| Tax on net operating income | Â | (866) | Â | (446) | Â | (131) | Â | (82) | Â | - | Â | (1,525) |
| Net operating income | 600 | 1,845 | 227 | 24 | - | 2,696 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 155 |
| Net income | 2,663 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | (146) | - | - | - | - | (146) | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | (146) | - | - | - | - | (146) | ||||||
| Operating expenses | (140) | 194 | (7) | - | - | 47 | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (1,046) | Â | - | Â | - | Â | - | Â | - | Â | (1,046) |
| Operating income (b) | (1,332) | 194 | (7) | - | - | (1,145) | ||||||
| Equity in net income (loss) of affiliates and other items | 136 | 661 | (89) | - | - | 708 | ||||||
| Tax on net operating income | Â | 437 | Â | (110) | Â | 2 | Â | - | Â | - | Â | 329 |
| Net operating income (b) | (759) | 745 | (94) | - | - | (108) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 169 |
| Net income | 61 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | 235 | (7) | - | ||||||||
| On net operating income | - | 150 | (5) | - | ||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,371 | 17,464 | 19,620 | 4 | - | 42,459 | ||||||
| Intersegment sales | 4,384 | 6,967 | 272 | 52 | (11,675) | - | ||||||
| Excise taxes | Â | - | Â | (933) | Â | (4,417) | Â | - | Â | - | Â | (5,350) |
| Revenues from sales | 9,755 | 23,498 | 15,475 | 56 | (11,675) | 37,109 | ||||||
| Operating expenses | (5,331) | (21,911) | (14,856) | (239) | 11,675 | (30,662) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,395) | Â | (252) | Â | (174) | Â | (5) | Â | - | Â | (2,826) |
| Adjusted operating income | 2,029 | 1,335 | 445 | (188) | - | 3,621 | ||||||
| Equity in net income (loss) of affiliates and other items | 633 | 101 | 9 | 294 | - | 1,037 | ||||||
| Tax on net operating income | Â | (1,303) | Â | (336) | Â | (133) | Â | (82) | Â | - | Â | (1,854) |
| Adjusted net operating income | 1,359 | 1,100 | 321 | 24 | - | 2,804 | ||||||
| Net cost of net debt | (188) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (14) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,602 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.13 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2015
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 8,151 | 434 | 215 | 9 | - | 8,809 | ||||||
| Total divestments | 1,162 | 1,766 | 52 | 4 | - | 2,984 | ||||||
| Cash flow from operating activities | Â | 3,525 | Â | 314 | Â | 644 | Â | (96) | Â | - | Â | 4,387 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
4th quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 5,415 | Â | 23,025 | Â | 24,079 | Â | (8) | Â | - | Â | 52,511 |
| Intersegment sales | 6,130 | 9,323 | 339 | 74 | (15,866) | - | ||||||
| Excise taxes | Â | - | Â | (1,117) | Â | (4,660) | Â | - | Â | - | Â | (5,777) |
| Revenues from sales | 11,545 | 31,231 | 19,758 | 66 | (15,866) | 46,734 | ||||||
| Operating expenses | (6,784) | (32,248) | (19,534) | (386) | 15,866 | (43,086) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (8,952) | Â | (1,739) | Â | (202) | Â | (7) | Â | - | Â | (10,900) |
| Operating income | (4,191) | (2,756) | 22 | (327) | - | (7,252) | ||||||
| Equity in net income (loss) of affiliates and other items | 958 | (70) | (195) | 75 | - | 768 | ||||||
| Tax on net operating income | Â | (209) | Â | 606 | Â | (13) | Â | 315 | Â | - | Â | 699 |
| Net operating income | (3,442) | (2,220) | (186) | 63 | - | (5,785) | ||||||
| Net cost of net debt | (57) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 184 |
| Net income | (5,658) | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4th quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 24 | - | - | - | - | 24 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 24 | - | - | - | - | 24 | ||||||
| Operating expenses | 30 | (2,427) | (440) | - | - | (2,837) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (6,419) | Â | (1,398) | Â | - | Â | - | Â | - | Â | (7,817) |
| Operating income (b) | (6,365) | (3,825) | (440) | - | - | (10,630) | ||||||
| Equity in net income (loss) of affiliates and other items | 171 | (197) | (131) | - | - | (157) | ||||||
| Tax on net operating income | Â | 1,156 | Â | 846 | Â | 140 | Â | - | Â | - | Â | 2,142 |
| Net operating income (b) | (5,038) | (3,176) | (431) | - | - | (8,645) | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 186 |
| Net income | (8,459) | |||||||||||
| Â | ||||||||||||
|
(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 | - | (2,406) | (436) | - | ||||||||
| On net operating income | - | (1,710) | (321) | - | ||||||||
| Â | Â |
 |
 |
 |
 |
 |
 |
 |
 |  |  |  |
|
4th quarter 2014 (adjusted)
(M$) (a) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 5,391 | 23,025 | 24,079 | (8) | - | 52,487 | ||||||
| Intersegment sales | 6,130 | 9,323 | 339 | 74 | (15,866) | - | ||||||
| Excise taxes | Â | - | Â | (1,117) | Â | (4,660) | Â | - | Â | - | Â | (5,777) |
| Revenues from sales | 11,521 | 31,231 | 19,758 | 66 | (15,866) | 46,710 | ||||||
| Operating expenses | (6,814) | (29,821) | (19,094) | (386) | 15,866 | (40,249) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | (2,533) | Â | (341) | Â | (202) | Â | (7) | Â | - | Â | (3,083) |
| Adjusted operating income | 2,174 | 1,069 | 462 | (327) | - | 3,378 | ||||||
| Equity in net income (loss) of affiliates and other items | 787 | 127 | (64) | 75 | - | 925 | ||||||
| Tax on net operating income | Â | (1,365) | Â | (240) | Â | (153) | Â | 315 | Â | - | Â | (1,443) |
| Adjusted net operating income | 1,596 | 956 | 245 | 63 | - | 2,860 | ||||||
| Net cost of net debt | (57) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (2) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 2,801 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.22 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
4th quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Total expenditures | 6,287 | 875 | 941 | 49 | - | 8,152 | ||||||
| Total divestments | 1,473 | 157 | 53 | 6 | - | 1,689 | ||||||
| Cash flow from operating activities | Â | 2,608 | Â | 3,113 | Â | 1,627 | Â | 6 | Â | - | Â | 7,354 |
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
|
1st quarter 2014
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | Â | 6,666 | Â | 27,539 | Â | 26,470 | Â | 12 | Â | - | Â | 60,687 |
| Intersegment sales | 7,436 | 11,956 | 408 | 49 | (19,849) | - | ||||||
| Excise taxes | Â | - | Â | (1,160) | Â | (4,672) | Â | - | Â | - | Â | (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 | Â | (2,176) | Â | (378) | Â | (182) | Â | (9) | Â | - | Â | (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 | Â | (3,492) | Â | 6 | Â | (80) | Â | (74) | Â | - | Â | (3,640) |
| Net operating income | 3,247 | 225 | 247 | (145) | - | 3,574 | ||||||
| Net cost of net debt | (139) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (100) |
| Net income | 3,335 | |||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014 (adjustments) (a)
(M$) |
 | Upstream |  | Refining & Chemicals |  | Marketing & Services |  | Corporate |  | Intercompany |  | Total |
| Non-Group sales | 26 | - | - | - | - | 26 | ||||||
| Intersegment sales | - | - | - | - | - | - | ||||||
| Excise taxes | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Revenues from sales | 26 | - | - | - | - | 26 | ||||||
| Operating expenses | (115) | (163) | (18) | - | - | (296) | ||||||
| Depreciation, depletion and amortization of tangible assets and mineral interests | Â | - | Â | - | Â | - | Â | - | Â | - | Â | - |
| Operating income (b) | (89) | (163) | (18) | - | - | (270) | ||||||
| Equity in net income (loss) of affiliates and other items | 280 | (8) | - | - | - | 272 | ||||||
| Tax on net operating income | Â | (36) | Â | 50 | Â | 4 | Â | - | Â | - | Â | 18 |
| Net operating income (b) | 155 | (121) | (14) | - | - | 20 | ||||||
| Net cost of net debt | - | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (12) |
| Net income | 8 | |||||||||||
| Â | ||||||||||||
|
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
 (b) Of which inventory valuation effect |
 |
 |
 |
 |
 |
 |
||||||
| On operating income | - | (163) | (18) | - | ||||||||
| On net operating income | - | (111) | (14) | - | ||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014 (adjusted)
(M$) (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 | Â | - | Â | (1,160) | Â | (4,672) | Â | - | Â | - | Â | (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 | Â | (2,176) | Â | (378) | Â | (182) | Â | (9) | Â | - | Â | (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 | Â | (3,456) | Â | (44) | Â | (84) | Â | (74) | Â | - | Â | (3,658) |
| Adjusted net operating income | 3,092 | 346 | 261 | (145) | - | 3,554 | ||||||
| Net cost of net debt | (139) | |||||||||||
| Non-controlling interests | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | (88) |
| Adjusted net income | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 3,327 |
| Adjusted fully-diluted earnings per share ($) | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | 1.46 |
| (a) Except for earnings per share. | ||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â |
|
1st quarter 2014
(M$) |
 | 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 | Â | 3,811 | Â | 1,593 | Â | 89 | Â | (155) | Â | - | Â | 5,338 |
Reconciliation of the information by business segment with consolidated financial statements
TOTAL
(unaudited)
|
1st quarter 2015
(M$) |
 | Adjusted |  | Adjustments (a) |  | Consolidated statement of income |
| Sales | Â | 42,459 | Â | (146) | Â | 42,313 |
| Excise taxes | (5,350) | - | (5,350) | |||
| Revenues from sales | 37,109 | (146) | 36,963 | |||
| Purchases, net of inventory variation | (23,934) | 228 | (23,706) | |||
| Other operating expenses | (6,176) | (96) | (6,272) | |||
| Exploration costs | (552) | (85) | (637) | |||
| Depreciation, depletion and amortization of tangible assets and mineral interests | (2,826) | (1,046) | (3,872) | |||
| Other income | 526 | 1,095 | 1,621 | |||
| Other expense | (99) | (343) | (442) | |||
| Financial interest on debt | (262) | - | (262) | |||
| Financial income from marketable securities & cash equivalents | 31 | - | 31 | |||
| Cost of net debt | (231) | - | (231) | |||
| Other financial income | 142 | - | 142 | |||
| Other financial expense | (166) | - | (166) | |||
| Equity in net income (loss) of affiliates | 634 | (44) | 590 | |||
| Income taxes | Â | (1,811) | Â | 329 | Â | (1,482) |
| Consolidated net income | 2,616 | (108) | 2,508 | |||
| Group share | 2,602 | 61 | 2,663 | |||
| Non-controlling interests | 14 | (169) | (155) | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
| Â | ||||||
|
1st quarter 2014
(M$) |
 | 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 | Â | (3,615) | Â | 18 | Â | (3,597) |
| Consolidated net income | 3,415 | 20 | 3,435 | |||
| Group share | 3,327 | 8 | 3,335 | |||
| Non-controlling interests | 88 | 12 | 100 | |||
| Â | ||||||
| (a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. | ||||||
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