Total: Fourth Quarter 2009 Adjusted Net Income ...

Total: Fourth Quarter 2009 Adjusted Net Income of 2.1 Billion Euros -

Full-Year 2009 Adjusted Net Income of 7.8 Billion Euros -

Proposed 2009 Dividend of 2.28 Euros Per Share

TOTAL

Regulatory News:

Total: Fourth Quarter 2009 Adjusted Net Income of 2.1 Billion Euros -

Full-Year 2009 Adjusted Net Income of 7.8 Billion Euros -

Proposed 2009 Dividend of 2.28 Euros Per Share

Main results1-2

-- Fourth quarter adjusted net income3       2.1 billion euros       -28%
3.1 billion dollars -19%
0.93 euros per share -28%
1.37 dollars per share -19%
-- 2009 adjusted net income 7.8 billion euros -44%
10.9 billion dollars -47%
-- 2009 net income (Group share) 8.4 billion euros -20%

Highlights since the beginning of the fourth quarter 2009

  • Fourth quarter 2009 Upstream production of 2,377 kboe/d
  • Started up Yemen LNG first train in October
  • Acquired a 25% interest in Chesapeake’s Barnett Shale unconventional gas portfolio in Texas
  • Launched the Canadian heavy oil project Surmont Phase II
  • New oil discoveries in offshore Angola on blocks 17/06 and 15/06, in Nigeria on OPL 223 and in Vietnam on block 15-1/05
  • Acquired a 47% interest in Algeria’s Ahnet permit, a 25% interest to explore the Guyane Maritime Permit off French Guiana, and signed a cooperation agreement for the development of the Khvalynskoye gas field in the Caspian Sea
  • Signed an agreement to develop Iraq’s giant Halfaya field in partnership with CNPC and Petronas
  • Merged the refining and marketing assets of Total and ERG in Italy into a joint company that is 49% held by Total
  • Started up a pilot project for CO2 capture and storage at Lacq in France

The Board of Directors of Total (Paris:FP) (LSE:TTA) (NYSE:TOT), led by Chairman Thierry Desmarest, met on February 10, 2010 to review the Group’s fourth quarter 2009 accounts and to close the parent company and consolidated accounts for 2009. Adjusted net income was 7.8 billion euros (B€), a 44% decrease compared to 2008. Expressed in dollars, adjusted net income was 10.9 billion dollars (B$), a decrease of 47%.

The Board of Directors decided to propose at its annual meeting on May 21, 2010, a dividend of 2.28 €/share, stable in euros compared to 2008 and, expressed in dollars4, an increase of 9%.

Commenting on the results, CEO Christophe de Margerie said :

«The 2009 oil and gas market environment was marked by a sharp decline in the demand for oil, natural gas and refined products. Crude oil prices, nonetheless, rebounded during the year to average 61.7 $/b thanks to the support from OPEC reductions and the anticipation by the market of an economic recovery. In contrast, natural gas spot prices remained depressed and refining margins fell to historically low levels, under pressure from significant overcapacity. In Chemicals, despite strong demand for polymers in China, the environment was hurt by low margins and a sharp drop in demand in OECD markets.

In this context, Total’s 2009 adjusted net income was 10.9 B$, a decrease of 47% compared to 2008. The Group’s results for the year were among the most resilient of the major oils. In the fourth quarter, thanks to a 6% increase in Upstream production, higher oil prices and Downstream results that remained slightly positive despite very weak refining margins, adjusted net income rose to 3.1 B$, an increase of 15% compared to the third quarter.

With its strong balance sheet and financial flexibility, Total has been able to continue its investment program and dividend policy in 2009, while keeping its net-debt-to-equity ratio, in line with its objectives, at 27% at the end of December 2009.

In the Upstream, in 2009 five major projects started production in Nigeria, the Gulf of Mexico, Angola, Qatar and Yemen. The Group also approved the investment to launch the Surmont Phase II project in Canada, and, to further strengthen its portfolio, entered into a number of joint ventures, notably with Chesapeake and Cobalt in the United States, Novatek in Russia, and Sonatrach in Algeria. These additions were made within the framework of the company’s strict financial criteria. In addition, cost reduction plans launched in late 2008 led to an 8% reduction in operating costs and allowed the company to maintain its technical costs at 15.4 $/boe, the same level as in 2008.

The Downstream and Chemicals segments continued to implement plans to adapt to the particularly difficult conditions they faced in 2009 that included reducing capacity to restore profitability to these activities in an environment undergoing profound transformation. The measures taken in the modernization of the refining and petrochemicals site at Normandy demonstrate the Group’s will to be socially responsible as it adapts its industrial operations to structural changes in the market.

In addition, outlays for research and development rose to 650 million euros in 2009, an increase of 6% compared to 2008. In particular, this allowed the Group to start up this year the pilot project for CO2 capture and storage at Lacq, which illustrates its commitment to the fight against global climate change.

In reaffirming the priority of safety and the environment and by building on its investment discipline, its high-quality portfolio and its recognized expertise, Total is confident in its ability to pursue its strategy of profitable and responsible growth to create value for all of its stakeholders».

â–  â–  â– 

  • Key figures5
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   in millions of euros
except earnings per share and number of shares 		  2009   2008   2009
vsvs
20082008
36,228 33,628 38,714 -6% Sales 131,327 179,976 -27%
3,985 3,510 5,126 -22% Adjusted operating income from business segments 14,154 28,114 -50%
2,071 1,808 2,942 -30% Adjusted net operating income from business segments 7,607 13,961 -46%
1,948 1,501 1,995 -2% = Upstream 6,382 10,724 -40%
51 146 770 -93% = Downstream 953 2,569 -63%
72 161 177 -59% = Chemicals 272 668 -59%
2,081 1,869 2,873 -28% Adjusted net income 7,784 13,920 -44%
0.93 0.84 1.29 -28% Adjusted fully-diluted earnings per share (euros) 3.48 6.20 -44%
2,241.4 2,236.8 2,235.5 - Fully-diluted weighted-average shares (millions) 2,237.2 2,246.7 -
                             
2,065 1,923 -794 n/a Net income (Group share) 8,447 10,590 -20%
                             
3,524 3,256 4,758 -26%

Investments 1

13,349 13,640 -2%
3,419 3,169 4,565 -25% Investments including net investments in equity affiliates and non-consolidated companies6 13,003 12,444 +4%
944 807 943 - Divestments 3,081 2,585 +19%
1,889 4,538 4,093 -54% Cash flow from operations 12,360 18,669 -34%
3,408 3,454 4,830 -29% Adjusted cash flow from operations 13,471 19,601 -31%
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		  

in millions of dollars 7
except earnings per share and number of shares

  2009   2008   2009
vsvs
20082008
53,541 48,098 51,025 +5% Sales 183,175 264,709 -31%
5,889 5,020 6,756 -13% Adjusted operating income from business segments 19,742 41,350 -52%
3,061 2,586 3,878 -21% Adjusted net operating income from business segments 10,610 20,534 -48%
2,879 2,147 2,629 +10% = Upstream 8,902 15,773 -44%
75 209 1,015 -93% = Downstream 1,329 3,778 -65%
106 230 233 -55% = Chemicals 379 982 -61%
3,076 2,673 3,787 -19% Adjusted net income 10,857 20,474 -47%
1.37 1.20 1.69 -19% Adjusted fully-diluted earnings per share (dollars) 4.85 9.11 -47%
2,241.4 2,236.8 2,235.5 - Fully-diluted weighted-average shares (millions) 2,237.3 2,246,7 -
                             
3,052 2,750 -1,046 n/a Net income (Group share) 11,782 15,576 -24%
                             
5,208 4,657 6,271 -17% Investments6 18,619 20,062 -7%
5,053 4,533 6,017 -16% Investments including net investments in equity affiliates and non-consolidated companies6 18,137 18,303 -1%
1,395 1,154 1,243 +12% Divestments 4,297 3,802 +13%
2,792 6,491 5,395 -48% Cash flow from operations 17,240 27,458 -37%
5,037 4,940 6,366 -21% Adjusted cash flow from operations 18,789 28,829 -35%
  • Fourth quarter 2009

> Operating income

In the fourth quarter 2009, Total’s indicator for realized liquids prices averaged 70.6 $/b, an increase of 43% compared to the fourth quarter 2008 and 8% compared to the third quarter 2009. In contrast, Total’s indicator for realized natural gas prices averaged 5.07 $/Mbtu, a decrease of 33% compared to the fourth quarter 2008 and an increase of 4% compared to the third quarter 2009. The European refining margin indicator (ERMI8) was 11.7 $/t on average in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2009 and 3% compared to the third quarter 2009.

The euro-dollar exchange rate averaged 1.48 $/€ in the fourth quarter 2009 compared to 1.32 $/€ in the fourth quarter 2008 and 1.43 $/€ in the third quarter 2009.

In this context, the adjusted operating income from the business segments was 3,985 M€, a decrease of 22% compared to the fourth quarter 20089. Expressed in dollars, the decrease was 13%.

The effective tax rate10 for the business segments was 57% in the fourth quarter 2009 compared to 51% in the fourth quarter 2008, essentially reflecting the larger contribution of Upstream to the Group’s results in the fourth quarter 2009 compared to the fourth quarter 2008.

Adjusted net operating income from the business segments was 2,071 M€ compared to 2,942 M€ in the fourth quarter 2008, a decrease of 30%.

Expressed in dollars, adjusted net operating income from the business segments was 3.1 billion dollars (B$), a decrease of 21% compared to the fourth quarter 2008.

> Net income

Adjusted net income was 2,081 M€ compared to 2,873 M€ in the fourth quarter 2008, a decrease of 28%. Expressed in dollars, adjusted net income decreased by 19%. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.

  • The after-tax inventory effect had a positive impact on net income of 296 M€ in the fourth quarter 2009 and a negative effect of 3,128 M€ in the fourth quarter 2008.
  • The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 48 M€ in the fourth quarter 2009 and a negative impact of 166 M€ in the fourth quarter 2008.
  • Other special items had a negative impact on net income of 264 M€ in the fourth quarter 2009, comprised essentially of impairments in the Downstream, and a negative impact of 373 M€11 in the fourth quarter 2008.

Reported net income (Group share) was 2,065 M€ in the fourth quarter 2009. In the fourth quarter 2008, the Group reported a net loss of 794 M€.

The effective tax rate for the Group was 55% in the fourth quarter 2009.

The Group did not buy back shares in the fourth quarter 2009.

Adjusted fully-diluted earnings per share, based on 2,241.4 million fully-diluted weighted-average shares, was 0.93 euros compared to 1.29 euros in the fourth quarter 2008, a decrease of 28%.

Expressed in dollars, adjusted fully-diluted earnings per share fell by 19% to $1.37.

> Investments – divestments12

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 3.3 B€ (4.9 B$) in the fourth quarter 2009 compared to 4.1 B€ (5.3 B$) in the fourth quarter 2008.

Acquisitions were 112 M€ in the fourth quarter 2009.

Asset sales in the fourth quarter 2009 were 821 M€, consisting essentially of Sanofi-Aventis shares.

Net investments13 were 2.6 B€ (3.8 B$) in the fourth quarter 2009 compared to 3.8 B€ (5.0 B$) in the fourth quarter 2008.

> Cash flow

Cash flow from operating activities was 1,889 M€ in the fourth quarter 2009 compared to 4,093 M€ in the fourth quarter 2008. The 54% decrease was mainly due to changes in working capital requirements.

Adjusted cash flow14 was 3,408 M€, a decrease of 29% compared to the fourth quarter 2008. Expressed in dollars, adjusted cash flow was 5.0 B$, a decrease of 21%.

Net cash flow15 for the Group was a negative 691 M€ compared to a positive 278 M€ in the fourth quarter 2008, mainly due to an increase in working capital. Expressed in dollars, net cash flow for the Group was a negative 1.0 B$ in the fourth quarter 2009.

  • Results for the full year 2009

> Operating income

Using Total’s market indicators and comparing 2009 to 2008, the environment was marked by a 36% decrease in the average realized liquids price and a 30% decrease in the average realized natural gas price. The ERMI refining margin indicator for Europe fell by 65% to 17.8 $/t. The Chemicals environment was marked by a drop in demand for polymers and specialty chemicals.

The euro-dollar exchange rate was 1.39 $/€ in 2009 compared to 1.47 $/€ in 2008.

In this context, the adjusted operating income from the business segments was 14,154 M€, a decrease of 50% compared to the 200816. Expressed in dollars, adjusted operating income from the business segments was 19.7 B$, a decrease of 52% compared to 2008.

The effective tax rate17 for the business segments was 55% compared to 56% in 2008.

Adjusted net operating income from the business segments was 7,607 M€ compared to 13,961 M€ in 2008, a decrease of 46%. The smaller decrease, relative to the one in adjusted operating income, is essentially due to the more limited decrease in the contribution from equity affiliates.

Expressed in dollars, adjusted net operating income from the business segments fell by 48%.

> Net income

Adjusted net income decreased by 44% to 7,784 M€ in 2009 from 13,920 M€ in 2008. It excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustments and selected items related to Sanofi-Aventis.

  • The after-tax inventory effect had a positive impact on net income of 1,533 M€ in 2009 compared to a negative impact of 2,452 M€ in 2008.
  • The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 300 M€ in 2009 and a negative impact on net income of 393 M€ in 2008.
  • Other special items had a negative impact on net income of 570 M€ in 2009 compared to a negative impact of 485 M€ in 200818.

Reported net income (Group share) was 8,447 M€ compared to 10,590 M€ in 2008.

The effective tax rate for the Group was 55% in 2009 compared to 56% in 2008.

The Group did not buy back shares in 2009. On December 31, 2009, there were 2,243.7 million fully-diluted shares compared to 2,235.3 million fully-diluted shares on December 31, 2008.

Adjusted fully-diluted earnings per share, based on 2,237.3 million weighted-average shares was 3.48 euros compared to 6.20 euros in 2008, a decrease of 44%.

Expressed in dollars, the adjusted fully-diluted earnings per share was 4.85 compared to 9.11 in 2008, a decrease of 47%.

> Investments – divestments19

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies were 12.3 B€ (17.1 B$) in 2009 compared to 11.4 B€ (16.8 B$) in 2008.

Acquisitions were 743 M€ in 2009.

Asset sales in 2009 were 2,663 M€, consisting essentially of Sanofi-Aventis shares.

Net investments20 were 10.3 B€ in 2009 compared to 11.1 B€ in 2008. Expressed in dollars, net investments in 2009 were 14.3 B$, a decrease of 12% compared to the 16.3 B$ of net investments in 2008.

> Cash flow

Cash flow from operating activities was 12,360 M€, a decrease of 34% compared to 2008.

Adjusted cash flow21 was 13,471 M€, a decrease of 31%, reflecting mainly the decrease in adjusted net income. Expressed in dollars, adjusted cash flow was 18.8 B$, a decrease of 35%.

Net cash flow22 for the Group was 2,092 M€ compared to 7,614 M€ in 2008, essentially due to an increase in working capital requirements. Expressed in dollars, net cash flow for the Group was 2.9 B$ in 2009.

The net-debt-to-equity ratio was 26.6% on December 31, 2009 compared to 22.5% on December 31, 200823.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		       2009   2008   2009
vsvs
20082008
74.5 68.1 55.5 +34% Brent ($/b) 61.7 97.3 -37%
70.6 65.1 49.4 +43% Average liquids price ($/b) 58.1 91.1 -36%
5.07 4.89 7.57 -33% Average gas price ($/Mbtu) 5.17 7.38 -30%
54.4 50.7 47.1 +15% Average hydrocarbons price ($/boe) 47.1 72.1 -35%

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

In the fourth quarter 2009, Total’s average realized liquids price increased by 43% compared to the fourth quarter 2008. For the full year, Total’s average realized liquids price decreased by 36%.

The average realized price for Total’s natural gas decreased by 33% in the fourth quarter 2009 compared to the fourth quarter 2008. Total’s average natural gas price decreased by 30% compared to 2008.

> Production

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Hydrocarbon production   2009   2008   2009
vsvs
20082008
2,377 2,243 2,354 +1% Combined production (kboe/d) 2,281 2,341 -3%
1,404 1,379 1,434 -2% = Liquids (kb/d) 1,381 1,456 -5%
5,320 4,726 5,127 +4% = Gas (Mcf/d) 4,923 4,837 +2%

Hydrocarbon production was 2,377 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2009, an increase of 1% compared to the fourth quarter 2008 and 6% compared to the third quarter 2009.

Compared to the fourth quarter 2008, production increased mainly as a result of:

  • +6.5% for ramp-ups and start-ups of new fields net of the normal decline,
  • -2% for the price effect 24,
  • -1.5% for OPEC reductions,
  • -0.5% for disruptions in Nigeria related to security issues,
  • -1.5% for changes in the portfolio, mainly in Venezuela. The impact of terminating the Hamra concession in Algeria was offset in the quarter by the start of the contract on the Tabiyeh field in Syria.

Excluding the impact of OPEC reductions, production growth was 2.5% compared to the fourth quarter 2008.

For the full year 2009, hydrocarbon production was 2,281 kboe/d, a decrease of 2.6% compared to 2008, mainly as a result of:

  • +2% for ramp-ups and start-ups of new fields net of the normal decline,
  • +1.5% for the price effect24,
  • -3% for OPEC reductions and lower gas demand,
  • -1% for disruptions in Nigeria related to security issues,
  • -2% for changes in the portfolio, essentially in Venezuela and Libya.

Excluding the impact of OPEC reductions, production was stable compared to 2008.

> Reserves

Year-end reserves   2009   2008   %
Hydrocarbon reserves (Mboe) 10,483 10,458 -
= Liquids (Mb) 5,689 5,695 -
= Gas (Bcf) 26,318 26,218 -

Proved reserves based on SEC rules (59.91 $/b Brent) were 10,483 Mboe at December 31, 2009. At the 2009 average rate of production, the reserve life is more than 12 years.

The 2009 reserve replacement rate25, based on SEC rules, was 103%. Excluding acquisitions and divestments, the reserve replacement rate was 93%.

As of year-end 2009, Total has a solid and diversified portfolio of proved and probable reserves26 representing 20 Bboe, or more than a 20-year reserve life based on the 2009 average production rate, and resources27 representing more than a 40-year reserve life.

> Results

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   in millions of euros   2009   2008   2009
vsvs
20082008
3,908 3,236 3,727 +5% Adjusted operating income* 12,879 23,639 -46%
1,948 1,501 1,995 -2% Adjusted net operating income* 6,382 10,724 -40%
293 190 269 +9%
  • includes income from equity affiliates
886 1,236 -28%
                             
2,429 2,512 3,283 -26% Investments 9,855 10,017 -2%
77 87 270 -71% Divestments 398 1,130 -65%
2,825 2,854 2,139 +32% Cash flow from operating activities 10,200 13,765 -26%
3,168 2,939 2,849 +11% Adjusted cash flow 11,336 14,313 -21%

* detail of adjustment items shown in business segment information.

Adjusted net operating income for the Upstream segment was 1,948 M€ in the fourth quarter 2009 compared to 1,995 M€ in the fourth quarter 2008, a decrease of 2%.

Expressed in dollars, adjusted net operating income for the Upstream segment increased by 10%, reflecting essentially the impact of higher hydrocarbon prices compared to the fourth quarter 2008.

The effective tax rate for the Upstream segment was 58% compared to 57% in the fourth quarter 2008 and 59% in the third quarter 2009.

Over the full year 2009, adjusted net operating income for the Upstream segment was 6,382 M€ compared to 10,724 M€ in 2008, a decrease of 40%. Expressed in dollars, adjusted net operating income for the Upstream segment was 8.9 B$, a 44% decrease compared to 2008, essentially due to lower hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 93228 (previously FAS69) were 15.4 $/boe in 2009, stable compared to 2008, with a decrease of 8% in operating expenses per barrel offsetting an increase in depreciation, depletion and amortization (DD&A) charges related notably to the start-up of new projects.

The return on average capital employed (ROACE29) for the Upstream segment was 18% in 2009 compared to 36% in 2008.

Downstream

> Refinery throughput and utilization rates*

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		       2009   2008   2009
vsvs
20082008
2,055 2,142 2,371 -13% Total refinery throughput (kb/d) 2,151 2,362 -9%
701 828 944 -26% = France 836 956 -13%
1,104 1,045 1,146 -4% = Rest of Europe 1,065 1,134 -6%
250 269 281 -11% = Rest of world 250 272 -8%
Utilization rates
75% 78% 90% = Based on crude only 78% 88%
79% 82% 91%   = Based on crude and other feedstock 83% 91%  

* includes share of CEPSA.

In the fourth quarter 2009, refinery throughput decreased by 13% compared to the fourth quarter 2008 and by 4% compared to the third quarter 2009.

In the fourth quarter 2009, most of the Group’s refineries continued to use voluntary throughput reductions to adjust to poor economic conditions. These reductions decreased the utilization rate for crude and other feedstocks to 79% from 91% in the fourth quarter 2008. Compared to the third quarter 2009, the decrease in the utilization for crude and other feedstocks rate from 82% to 79% was mainly due to shutting down production at the Flanders (Dunkirk) refinery in mid-September 2009.

For the full year 2009, the utilization rate based on crude was 78% (83% for crude and other feedstocks) compared to 88% in 2008 (91% for crude and other feedstocks) reflecting the voluntary throughput reductions in the Group’s refineries. Five refineries had scheduled turnarounds for maintenance in 2009 compared to six in 2008. Turnaround activity in 2010 is expected to be lower than in 2009.

> Results

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   in millions of euros
except ERMIexcept ERMI* refining margins 		  2009   2008   2009
vsvs
20082008
11.7 12.0 40.9 -71% European refining margin

indicator - ERMI* ($/t)

17.8 51.1 -65%
                             
11 83 1,145 -99% Adjusted operating income** 1,026 3,602 -72%
51 146 770 -93% Adjusted net operating income** 953 2,569 -63%
19 75 21 -10%
  • includes income from equity affiliates
155 77 x2
                             
844 607 972 -13% Investments 2,771 2,418 +15%
48 23 18 x2.7 Divestments 133 216 -38%
(1,400) 944 603 n/a Cash flow from operating activities 1,164 3,111 -63%
199 229 1,409 -86% Adjusted cash flow 1,601 4,018 -60%

* ERMI has replaced TRCV as the European refining margin indicator, as announced by Total on January 15, 2010 in the publication of its 4th quarter indicators. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI should be more representative of the margin on average variable costs for a theoretical European refinery.

** detail of adjustment items shown in business segment information.

The ERMI European refining margin indicator averaged 11.7 $/t in the fourth quarter 2009, a decrease of 71% compared to the fourth quarter 2008. For the full year 2009, the European refining margin indicator was 17.8 $/t, a decrease of 65% compared to 2008.

Adjusted net operating income for the Downstream segment was 51 M€ in the fourth quarter 2009, a decrease of 93% compared to the fourth quarter 2008, reflecting essentially the sharp decrease in refining margins and less favorable conditions for marketing and supply optimization.

Expressed in dollars, adjusted net operating income for the Downstream segment was 75 M$, a decrease of 93% compared to the fourth quarter 2008.

Adjusted net operating income for the Downstream segment for the full year 2009 was 953 M€, a decrease of 63% compared to 2008.

Expressed in dollars, adjusted net operating income for the Downstream segment was 1,329 M$ in 2009, a decrease of 65% compared to 3,778 M$ in 2008, reflecting essentially the significantly weaker refining environment.

The decreases in cash flow from operating activities and adjusted cash flow shown for the fourth quarter and full year 2009 were due to a large increase in working capital requirements and the decrease in adjusted net operating income.

The ROACE30 for the Downstream segment for the full year 2009 was 7% compared to 20% for 2008.

Chemicals

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   in millions of euros   2009   2008   2009
vsvs
20082008
3,932 3,892 4,012 -2% Sales 14,726 20,150 -27%
2,389 2,326 2,449 -2%
  • Base chemicals
8,655 13,176 -34%
1,543 1,566 1,563 -1%
  • Specialties
6,071 6,974 -13%
                             
66 191 254 -74% Adjusted operating income* 249 873 -71%
72 161 177 -59% Adjusted net operating income* 272 668 -59%
-16 53 109 n/a
  • Base chemicals
16 323 -95%
93 111 55 +69%
  • Specialties
279 339 -18%
                             
225 112 477 -53% Investments 631 1,074 -41%
20 13 20 - Divestments 47 53 -11%
324 300 939 -65% Cash flow from operating activities 1,082 920 +18%
218 244 323 -33% Adjusted cash flow 442 1,093 -60%

* detail of adjustment items shown in business segment information.

In the fourth quarter and full year 2009, the environment for the Chemicals segment was affected by weak demand in the OECD countries.

Adjusted net operating income for the Chemicals segment was 72 M€ in the fourth quarter 2009, a decrease of 59% compared to the fourth quarter 2008 that was essentially due to the significantly weaker market conditions for Base chemicals.

For the full year 2009, adjusted net operating income for the Chemicals segment was 272 M€ compared to 668 M€ in 2008, a decrease of 59% that resulted from the significantly weaker environment for Base chemicals and, to a lesser degree, lower sales and results from the Specialties.

The ROACE31 for the Chemicals segment for the full year 2009 was 4% compared to 9% for 2008.

  • TOTAL S.A. parent company accounts and proposed dividend

Net income for Total S.A., the parent company, was 5,634 M€ in 2009 compared to 6,008 M€ in 2008. After closing the accounts, the Board of Directors decided to propose at the May 21, 2010 Annual Shareholders Meeting a dividend of 2.28 euros per share for 2009, stable in euros compared to the previous year.

Based on 2009 adjusted net income, Total’s pay-out ratio would be 66%.

Taking into account the interim dividend of 1.14 euros per share paid on November 18, 2009, the remaining 1.14 euros per share would be paid on June 1, 201032.

  • Summary and outlook

The ROACE for the full year 2009 was 13% for the Group and 13% for the business segments compared to 26% and 28%, respectively, for the full year 2008.

Return on equity was 16% in 2009 compared to 32% in 2008.

In the Upstream, 2010 production is expected to increase thanks to the ramp-up on projects started up in 2009. Total will continue to build on its large and diversified portfolio, its recognized expertise in project management and cost control. Following the launch of the Surmont Phase II project announced in January, Total expects to launch several other major projects, including CLOV in Angola, Laggan/Tormore in the United Kingdom, and Ofon II and Egina in Nigeria.

In the Downstream and Chemicals, the Group plans to continue to adapt its activities in mature areas and reinforce its portfolio in growing markets, notably with the construction of the Jubail refinery and the benefit from the start-up of a new ethane cracker in Qatar.

The Group is continuing to pursue its growth policy in 2010 with an investment budget of 18 billion dollars33, stable compared to the 2009 budget ; 80% of the investments will be dedicated to the Upstream. In addition, Total intends to divest non-strategic assets, in particular through the progressive sale of its shares in Sanofi-Aventis and a project to sell Mapa Spontex, a subsidiary in its Specialty chemicals sector. Based on this, the Group maintains its net-debt-to-equity ratio objective of around 25-to-30%. Total is confident in its ability to maintain its dividend policy.

Since the beginning of the first quarter 2010, the price of Brent has traded between 70 and 80 $/b and natural gas prices have recovered somewhat. The environment for refining and petrochemicals remains difficult.

â–  â–  â– 

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in Paris at 11:30 (Paris time) please log on to www.total.com or call +44 (0)203 367 9455 in Europe or +1 866 907 5925 in the U.S. For a replay through February 26, 2010 please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 269 259).

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 16:30 (London time) please log on to www.total.com or call +44 (0)203 367 9457 in Europe or +1 866 907 5925 in the U.S. For a replay through February 26, 2010 please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 269 261).

This document does not constitute the annual financial report that will be published separately in conformance with Article L.451-1-2 III of the Code monétaire et financier and will be available on the Group’s website www.total.com or by request from company’s headquarters.

This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.

Business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.

The adjusted results of the Downstream and Chemical segments are also presented according to the replacement cost method. This method is used to assess the segments’ performance and ensure the comparability of the segments’ results with those of its competitors, mainly North American.

In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the income statement is determined by the average price of the period rather than the historical value. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and replacement cost.

In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the adjustments and, from 2009, selected items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

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

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission 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 the SEC rules. We may use certain terms in this press release, 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 No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 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

Fourth quarter and full year 2009

  • Upstream
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Combined liquids and gas production by region (kboe/d)   2009   2008   2009
vsvs
20082008
627 569 684 -8% Europe 613 616 -
780 762 746 +5% Africa 749 783 -4%
41 31 13 x3.2 North America 24 14 +71%
242 259 241 - Far East 251 246 +2%
493 419 426 +16% Middle East 438 432 +1%
167 183 217 -23% South America 182 224 -19%
27 20 27 - Rest of world 24 26 -8%
2,377 2,243 2,354 +1% Total production 2,281 2,341 -3%
393 351 400 -2% Includes equity and non-consolidated affiliates 359 403 -11%
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Liquids production by region (kb/d)   2009   2008   2009
vsvs
20082008
306 279 321 -5% Europe 295 302 -2%
648 647 618 +5% Africa 632 654 -3%
30 27 12 x2.5 North America 20 11 +82%
31 33 31 - Far East 33 29 +14%
304 300 320 -5% Middle East 307 329 -7%
68 79 118 -42% South America 80 119 -33%
17 14 14 +21% Rest of world 14 12 +17%
1,404 1,379 1,434 -2% Total production 1,381 1,456 -5%
276 286 341 -19% Includes equity and non-consolidated affiliates 286 347 -18%
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Gas production by region (Mcf/d)   2009   2008   2009
vsvs
20082008
1,736 1,580 1,957 -11% Europe 1,734 1,704 +2%
681 583 658 +3% Africa 599 659 -9%
53 19 8 x6.6 North America 22 15 +47%
1,196 1,276 1,280 -7% Far East 1,228 1,236 -1%
1,050 657 604 +74% Middle East 724 569 +27%
546 575 550 -1% South America 564 579 -3%
58 36 70 -17% Rest of world 52 75 -31%
5,320 4,726 5,127 +4% Total production 4,923 4,837 +2%
635 355 316 x2 Includes equity and non-consolidated affiliates 395 298 +33%
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Liquefied natural gas   2009   2008   2009
vsvs
20082008
2.35 2.18 2.38 -1% LNG sales* (Mt) 8.83 9.15 -3%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2009 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2009 SEC coefficient.

  • Downstream
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   Refined products sales by region (kb/d)*   2009   2008   2009
vsvs
20082008
2,046 2,014 2,186 -6% Europe 2,053 2,123 -3%
295 278 281 +5% Africa 281 279 +1%
145 164 168 -14% Americas 165 170 -3%
158 134 156 +1% Rest of world 142 148 -4%
2,644 2,590 2,791 -5% Total consolidated sales 2,641 2,720 -3%
921 887 860 +7% Trading 975 938 +4%
               
3,565 3,477 3,651 -2% Total refined product sales 3,616 3,658 -1%

* includes share of CEPSA

Adjustment items

  • Adjustments to operating income from business segments
4Q09   3Q09   4Q08   in millions of euros   2009   2008
(411) (9) (375) Special items affecting operating income from the business segments (711) (375)
- - -
  • Restructuring charges
- -
(283) (3) (177)
  • Impairments
(391) (177)
(128) (6) (198)
  • Other
(320) (198)
449 214 (4,372) Pre-tax inventory effect : FIFO vs. replacement cost 2,205 (3,503)
           
38 205 (4,747) Total adjustments affecting operating income from the business segments 1,494 (3,878)
  • Adjustments to net income (Group share)
4Q09   3Q09   4Q08   in millions of euros   2009   2008
(264) 2 (373) Special items affecting net income (Group share) (570) (485)
92 46 17
  • Gain on asset sales
179 214
(17) (7) (21)
  • Restructuring charges
(129) (69)
(260) (2) (171)
  • Impairments
(333) (205)
(79) (35) (198)
  • Other
(287) (425)
(48) (70) (166) Equity shares of adjustments and, from 2009, selected items related to Sanofi-Aventis* (300) (393)
296 122 (3,128) After-tax inventory effect : FIFO vs. replacement cost 1,533 (2,452)
           
(16) 54 (3,667) Total adjustments to net income 663 (3,330)

* based on Total’s share in Sanofi-Aventis of 7.4% at 12/31/2009, 8.6% at 9/30/2009 and 11.4% at 12/31/2008, – selected items as from the year 2009.

Effective tax rates

4Q09   3Q09   4Q08   Effective tax rate*   2009   2008
57.6% 59.3% 57.4% Upstream 58.3% 61.0%
55.4% 56.5% 50.6% Group 55.0% 56.3%

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

Investments - Divestments

4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   in millions of euros   2009   2008   2009
vsvs
20082008
3,307 3,111 4,059 -19% Investments excluding acquisitions* 12,260 11,422 +7%
256 227 183 +40%
  • Capitalized exploration
865 772 +12%
159 187 74 x2.1
  • Net investments in equity affiliates and non-consolidated companies
594 (392) n/a
112 58 506 -78% Acquisitions 743 1,022 -27%
3,419 3,169 4,565 -25% Investments including acquisitions* 13,003 12,444 +4%
821 702 732 +12% Asset sales 2,663 1,451 +84%
2,580 2,449 3,815 -32% Net investments ** 10,268 11,055 -7%
4Q09   3Q09   4Q08   4Q09
vsvs
4Q084Q08		   expressed in millions of dollars***   2009   2008   2009
vsvs
20082008
4,887 4,450 5,350 -9% Investments excluding acquisitions* 17,100 16,799 +2%
378 325 241 +57%
  • Capitalized exploration
1,207 1,135 +6%
235 267 98 x2.4
  • Net investments in equity affiliates and non-consolidated companies
829 (577) n/a
166 83 667 -75% Acquisitions 1,036 1,503 -31%
5,053 4,533 6,017 -16% Investments including acquisitions* 18,137 18,303 -1%
1,213 1,004 965 +26% Asset sales 3,714 2,134 +74%
3,813 3,503 5,028 -24% Net investments ** 14,322 16,260 -12%

* includes net investments in equity affiliates and non-consolidated companies.

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

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

Net-debt-to-equity ratio

in millions of euros   12/31/2009   9/30/2009   12/31/2008
Current borrowings 6,994 6,012 7,722
Net current financial assets (188) (160) (29)
Non-current financial debt 19,437 19,146 16,191
Hedging instruments of non-current debt (1,025) (983) (892)
Cash and cash equivalents (11,662) (13,775) (12,321)
Net debt 13,556 10,240 10,671
       
Shareholders’ equity 52,552 49,620 48,992
Estimated dividend payable* (2,546) (1,273) (2,540)
Minority interests 987 959 958
Equity 50,993 49,306 47,410
       
Net-debt-to-equity ratio 26.6% 20.8% 22.5%

* based on a 2009 dividend equal to the 2008 dividend (2.28 €/share) less the interim dividend 1.14 €/share (2,545 M€) paid in November 2009.

2010 Sensitivities*

    Scenario   Change   Impact on adjusted operating income(e)   Impact on adjusted net operating income(e)
Dollar 1.40 $/€ +0.1 $ per € -1.1 B€ -0.6 B€
Brent 60 $/b +1 $/b +0.25 B€ / 0.35 B$ +0.11 B€ / 0.15 B$
European refining margins ERMI 15 $/t +1 $/t +0.07 B€ / 0.10 B$ +0.05 B€ / 0.07 B$

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

Return on average capital employed

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

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 256 M€ pre-tax at 12/31/2008

  • Twelve months ended September 30, 2009
in millions of euros   Upstream   Downstream   Chemicals**   Segments       Group***
Adjusted net operating income 6,429 1,672 377 8,478 9,096
Capital employed at 9/30/2008* 30,184 12,649 8,107 50,940 58,165
Capital employed at 9/30/2009* 35,514 13,513 6,845 55,872 61,030
ROACE 19.6% 12.8% 5.0% 15.9% 15.3%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 121 M€ pre-tax at 9/30/2008

*** capital employed for the Group adjusted for the amount of the interim dividend payable approved in July 2009 (2,544 M€).

  • Full year 2008
in millions of euros   Upstream   Downstream   Chemicals**   Segments       Group
Adjusted net operating income 10,724 2,569 668 13,961 14,664
Capital employed at 12/31/2007* 27,062 12,190 7,033 46,285 54,158
Capital employed at 12/31/2008* 32,681 13,623 7,417 53,721 59,764
ROACE 35.9% 19.9% 9.2% 27.9% 25.7%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 134 M€ pre-tax at 12/31/2007 and 256 M€ pre-tax at 12/31/2008.

1 percent changes are relative to the same period 2008.

2 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.4779 $/€ in the fourth quarter 2009, 1.3180 $/€ in the fourth quarter 2008, 1.4303 $/€ in the third quarter 2009, 1.3948 $/€ in 2009 and 1.4708 $/€ in 2008.

3 adjusted net income = net income using replacement cost (Group share), adjusted for special items and excluding Total’s share of amortization of intangibles related to the Sanofi-Aventis merger, and, from 2009, selected items related to Sanofi-Aventis. Net income (Group share) for the fourth quarter 2009 was 2,065 M€. Detail of adjustment items shown on page 18.

4 based on 1€=$1.40 on the payment date for the remainder of the 2009 dividend

5 adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of adjustments and, from 2009, selected items related to Sanofi-Aventis; adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 18.

6 including acquisitions.

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

8 ERMI has replaced TRCV as the European refining margin indicator, as announced by Total on January 15, 2010 in the publication of its 4th quarter indicators. In view of market changes over the past years (particularly in terms of refinery complexity, crude feedstocks and product runs) the ERMI should be more representative of the margin on average variable costs for a theoretical European refinery.

9 special items affecting operating income from the business segments had a negative impact of 411 M€ in the 4th quarter 2009 and a negative impact of 375 M€ in the 4th quarter 2008.

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

11 detail shown on page 18.

12 detail shown on page 19.

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

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

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

16 special items affecting operating income from the business segments had a negative impact of 711 M€ in 2009 and a negative impact of 375 M€ in 2008.

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

18 detail shown on page 18.

19 detail shown on page 19.

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

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

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

23 detail shown on page 20.

24 impact of changing hydrocarbon prices on entitlement volumes.

25 change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period. In an environment with a constant 36.55 $/b oil price, excluding acquisitions and divestments, the reserve replacement rate would be 97%.

26 limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in a 60 $/b Brent environment, including projects developed by mining.

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

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

29 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

30 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

31 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 21.

32 the ex-dividend date for the remainder of the 2009 dividend would be May 27, 2010.

33 including net investments in equity affiliates and non-consolidated companies, excluding acquisitions, based on 1€=$1.40 for 2010.

Main indicators

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

    €/$   European refining margins ERMI* ($/t)**   Brent ($/b)   Average liquids price*** ($/b)   Average gas price ($/Mbtu)***
Fourth quarter 2009 1.48 11.7 74.5 70.6 5.07
Third quarter 2009 1.43 12.0 68.1 65.1 4.89
Second quarter 2009 1.36 17.1 59.1 54.8 4.71
First quarter 2009 1.30 30.5 44.5 41.5 5.98
Fourth quarter 2008 1.32 40.9 55.5 49.4 7.57

* European Refining Margin Indicator (ERMI) represents an indicator reported for the first time in this interim update. - The ERMI is intended to represent the margin after variable costs for a hypothetical complex refinery located around Rotterdam in Northern Europe that processes a mix of crude oil and other inputs commonly supplied to this region to produce and market the main refined products at prevailing prices in this region. - The indicator margin may not be representative of the actual margins achieved by Total in any period because of Total’s particular refinery configurations, product mix effects or other company-specific operating conditions.

TRCV was the indicator margin reported in previous quarters in the interim updates. For comparative purposes, TRCV is 5.7 $/t for fourth quarter 2009 and was 6.6 $/t for third quarter 2009, 12.4 $/t for second quarter 2009, 34.7 $/t for first quarter 2009 and 41.4 $/t for fourth quarter 2008. TRCV will be discontinued effective in the first quarter 2010.

** 1 $/t = 0.136 $/b

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

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

Total financial statements

Fourth quarter and full year 2009 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M€) (a) 4th quarter

2009

3rd quarter

2009

4th quarter

2008

Sales 36,228 33,628 38,714
Excise taxes (4,933) (4,812) (5,009)
Revenues from sales 31,295 28,816 33,705
Purchases, net of inventory variation (20,590) (18,940) (26,393)
Other operating expenses (4,684) (4,508) (5,122)
Exploration costs (237) (130) (227)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,927) (1,599) (1,748)
Other income 123 70 94
Other expense (202) (95) (123)
Financial interest on debt (111) (108) (298)
Financial income from marketable securities & cash equivalents 16 21 117
Cost of net debt (95) (87) (181)
Other financial income 177 67 243
Other financial expense (92) (90) (95)
Equity in income (loss) of affiliates 384 398 31
Income taxes (2,045) (1,927) (960)
Consolidated net income 2,107 1,975 (776)
Group share* 2,065 1,923 (794)
Minority interests 42 52 18
Earnings per share (€) 0.93 0.86 (0.36)
Fully-diluted earnings per share (€)** 0.92 0.86 (0.36)
       
* Adjusted net income 2,081 1,869 2,873
** Adjusted fully-diluted earnings per share (€) 0.93 0.84 1.29
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF INCOME    
TOTAL

 

 
(M€) (a) Year

2009

Year

2008

Sales 131,327 179,976
Excise taxes (19,174) (19,645)
Revenues from sales 112,153 160,331
Purchases, net of inventory variation (71,058) (111,024)
Other operating expenses (18,591) (19,101)
Exploration costs (698) (764)
Depreciation, depletion and amortization of tangible assets and mineral interests (6,682) (5,755)
Other income 314 369
Other expense (600) (554)
Financial interest on debt (530) (1,000)
Financial income from marketable securities & cash equivalents 132 473
Cost of net debt (398) (527)
Other financial income 643 728
Other financial expense (345) (325)
Equity in income (loss) of affiliates 1,642 1,721
Income taxes (7,751) (14,146)
Consolidated net income 8,629 10,953
Group share* 8,447 10,590
Minority interests 182 363
Earnings per share (€) 3.79 4.74
Fully-diluted earnings per share (€)** 3.78 4.71
     
* Adjusted net income 7,784 13,920
** Adjusted fully-diluted earnings per share (€) 3.48 6.20
(a) Except for per share amounts.
CONSOLIDATED BALANCE SHEET      
TOTAL
 
 
(M€) December 31, 2009 September 30, 2009

(unaudited)

December 31, 2008
ASSETS
Non-current assets
Intangible assets, net 7,514 5,845 5,341
Property, plant and equipment, net 51,590 49,292 46,142
Equity affiliates : investments and loans 13,624 13,685 14,668
Other investments 1,162 1,187 1,165
Hedging instruments of non-current financial debt 1,025 983 892
Other non-current assets 3,081 3,179 3,044
Total non-current assets 77,996 74,171 71,252
 
Current assets
Inventories, net 13,867 12,002 9,621
Accounts receivable, net 15,719 14,198 15,287
Other current assets 8,198 8,141 9,642
Current financial assets 311 329 187
Cash and cash equivalents 11,662 13,775 12,321
Total current assets 49,757 48,445 47,058
Total assets 127,753 122,616 118,310
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 5,871 5,869 5,930
Paid-in surplus and retained earnings 55,372 53,136 52,947
Currency translation adjustment (5,069) (5,744) (4,876)
Treasury shares (3,622) (3,641) (5,009)
Total shareholders' equity - Group Share 52,552 49,620 48,992
Minority interests 987 959 958
Total shareholders' equity 53,539 50,579 49,950
 
Non-current liabilities
Deferred income taxes 8,948 8,894 7,973
Employee benefits 2,040 2,013 2,011
Provisions and other non-current liabilities 9,381 7,936 7,858
Total non-current liabilities 20,369 18,843 17,842
Non-current financial debt 19,437 19,146 16,191
Current liabilities
Accounts payable 15,383 13,916 14,815
Other creditors and accrued liabilities 11,908 13,951 11,632
Current borrowings 6,994 6,012 7,722
Other current financial liabilities 123 169 158
Total current liabilities 34,408 34,048 34,327
Total Liabilities and shareholders' equity 127,753 122,616 118,310
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€) 4th quarter

2009

3rd quarter

2009

4th quarter

2008

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,107 1,975 (776)
Depreciation, depletion and amortization 2,061 1,673 1,853
Non-current liabilities, valuation allowances and deferred taxes (82) 310 (435)
Impact of coverage of pension benefit plans - - (505)
(Gains) losses on sales of assets (104) (50) (28)
Undistributed affiliates' equity earnings (148) (232) 263
(Increase) decrease in working capital (1,968) 870 3,635
Other changes, net 23 (8) 86
Cash flow from operating activities 1,889 4,538 4,093
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (3,204) (2,849) (3,987)
Acquisitions of subsidiaries, net of cash acquired (4) - (368)
Investments in equity affiliates and other securities (52) (133) (136)
Increase in non-current loans (264) (274) (267)
Total expenditures (3,524) (3,256) (4,758)
Proceeds from disposal of intangible assets and property, plant and equipment 19 4 73
Proceeds from disposal of subsidiaries, net of cash sold - - -
Proceeds from disposal of non-current investments 802 698 659
Repayment of non-current loans 123 105 211
Total divestments 944 807 943
Cash flow used in investing activities (2,580) (2,449) (3,815)
 
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 22 5 4
- Treasury shares 19 1 (144)
- Minority shareholders - - 6
Cash dividends paid:
- Parent company shareholders (2,545) - (2,541)
- Minority shareholders (59) 15 (86)
Net issuance (repayment) of non-current debt 1,285 (617) (435)
Increase (decrease) in current borrowings (109) (1,948) 2,244
Increase (decrease) in current financial assets and liabilities (54) - 29
Cash flow (from) / used in financing activities   (1,441)   (2,544)   (923)
Net increase (decrease) in cash and cash equivalents (2,132) (455) (645)
Effect of exchange rates 19 (69) (265)
Cash and cash equivalents at the beginning of the period 13,775 14,299 13,231
Cash and cash equivalents at the end of the period   11,662   13,775   12,321
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL

 

 
(M€) Year

2009

Year

2008

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 8,629 10,953
Depreciation, depletion and amortization 7,107 6,197
Non-current liabilities, valuation allowances and deferred taxes 441 (150)
Impact of coverage of pension benefit plans - (505)
(Gains) losses on sales of assets (200) (257)
Undistributed affiliates' equity earnings (378) (311)
(Increase) decrease in working capital (3,316) 2,571
Other changes, net 77 171
Cash flow from operating activities 12,360 18,669
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (11,849) (11,861)
Acquisitions of subsidiaries, net of cash acquired (160) (559)
Investments in equity affiliates and other securities (400) (416)
Increase in non-current loans (940) (804)
Total expenditures (13,349) (13,640)
Proceeds from disposal of intangible assets and property, plant and equipment 138 130
Proceeds from disposal of subsidiaries, net of cash sold - 88
Proceeds from disposal of non-current investments 2,525 1,233
Repayment of non-current loans 418 1,134
Total divestments 3,081 2,585
Cash flow used in investing activities (10,268) (11,055)
 
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 41 262
- Treasury shares 22 (1,189)
- Minority shareholders - (4)
Cash dividends paid:
- Parent company shareholders (5,086) (4,945)
- Minority shareholders (189) (213)
Net issuance (repayment) of non-current debt 5,522 3,009
Increase (decrease) in current borrowings (3,124) 1,437
Increase (decrease) in current financial assets and liabilities (54) 850
Cash flow (from) / used in financing activities   (2,868)   (793)
Net increase (decrease) in cash and cash equivalents (776) 6,821
Effect of exchange rates 117 (488)
Cash and cash equivalents at the beginning of the period 12,321 5,988
Cash and cash equivalents at the end of the period   11,662   12,321
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY        
TOTAL          

 

                 
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity Group Share Minority interests Total shareholders' equity
(M€) Number Amount     Number Amount      
As of January 1, 2008 2,395,532,097 5,989 48,797 (4,396) (151,421,232) (5,532) 44,858 842 45,700
Net income 2008 - - 10,590 - - - 10,590 363 10,953
Other comprehensive Income - - (258) (480) - - (738) (34) (772)
Comprehensive Income - - 10,332 (480) - - 9,852 329 10,181
Dividend - - (4,945) - - - (4,945) (213) (5,158)
Issuance of common shares 6,275,977 16 246 - - - 262 - 262
Purchase of treasury shares - - - - (27,600,000) (1,339) (1,339) - (1,339)
Sale of treasury shares (1) - - (71) - 5,939,137 221 150 - 150
Share-based payments - - 154 - - - 154 - 154
Other operations with minority interests - - - - - - - - -
Share cancellation (30,000,000) (75) (1,566) - 30,000,000 1,641 - - -
Transactions with shareholders (23,724,023) (59) (6,182) - 8,339,137 523 (5,718) (213) (5,931)
As of December 31, 2008 2,371,808,074 5,930 52,947 (4,876) (143,082,095) (5,009) 48,992 958 49,950
Net income 2009 - - 8,447 - - - 8,447 182 8,629
Other comprehensive Income - - 246 (193) - - 53 60 113
Comprehensive Income - - 8,693 (193) - - 8,500 242 8,742
Dividend - - (5,086) - - - (5,086) (189) (5,275)
Issuance of common shares 1,414,810 3 38 - - - 41 - 41
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (143) - 2,874,905 165 22 - 22
Share-based payments - - 106 - - - 106 - 106
Other operations with minority interests - - (23) - - - (23) (24) (47)
Share cancellation (24,800,000) (62) (1,160) - 24,800,000 1,222 - - -
Transactions with shareholders (23,385,190) (59) (6,268) - 27,674,905 1,387 (4,940) (213) (5,153)
As of December 31, 2009 2,348,422,884 5,871 55,372 (5,069) (115,407,190) (3,622) 52,552 987 53,539
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (a)  
TOTAL  
 
 
(M€) Year

2009

Year

2008

Net income 8,629 10,953
Other comprehensive income
Currency translation adjustment (244) (722)
Available for sale financial assets 38 (254)
Cash flow hedge 128 -
Share of other comprehensive income of associates, net amount 234 173
Other (5) 1
 
Tax effect (38) 30
Total other comprehensive income (net amount) 113 (772)
     
Comprehensive income 8,742 10,181
- Group share 8,500 9,852
- Minority interests 242 329
 
(a) In accordance with revised IAS 1, applicable from January 1, 2009.
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
4th quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,880 27,423 3,932 (7) - 36,228
Intersegment sales 4,460 1,217 218 41 (5,936) -
Excise taxes - (4,933) - - - (4,933)
Revenues from sales 9,340 23,707 4,150 34 (5,936) 31,295
Operating expenses (4,299) (23,046) (3,912) (190) 5,936 (25,511)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,154) (622) (141) (10) - (1,927)
Operating income 3,887 39 97 (166) - 3,857
Equity in income (loss) of affiliates and other items 155 (4) 44 195 - 390
Tax on net operating income (2,188) (1) (20) 129 - (2,080)
Net operating income 1,854 34 121 158 - 2,167
Net cost of net debt (60)
Minority interests           (42)
Net income 2,065
             
4th quarter 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses (17) 313 25 - 321
Depreciation, depletion and amortization of tangible assets and mineral interests (4) (285) 6 -   (283)
Operating income (b) (21) 28 31 - 38
Equity in income (loss) of affiliates and other items (c) (90) (22) 23 46 (43)
Tax on net operating income 17 (23) (5) (2)   (13)
Net operating income (b) (94) (17) 49 44 (18)
Net cost of net debt -
Minority interests           (2)
Net income (16)
 

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

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - 388 61 -
On net operating income - 259 38 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (48)    
 
4th quarter 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,880 27,423 3,932 (7) - 36,228
Intersegment sales 4,460 1,217 218 41 (5,936) -
Excise taxes - (4,933) - - - (4,933)
Revenues from sales 9,340 23,707 4,150 34 (5,936) 31,295
Operating expenses (4,282) (23,359) (3,937) (190) 5,936 (25,832)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,150) (337) (147) (10) - (1,644)
Adjusted operating income 3,908 11 66 (166) - 3,819
Equity in income (loss) of affiliates and other items 245 18 21 149 - 433
Tax on net operating income (2,205) 22 (15) 131 - (2,067)
Adjusted net operating income 1,948 51 72 114 - 2,185
Net cost of net debt (60)
Minority interests           (44)
Ajusted net income 2,081
             
4th quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,429 844 225 26 3,524
Total divestments 77 48 20 799 944
Cash flow from operating activities 2,825 (1,400) 324 140   1,889
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
3rd quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 3,318 26,409 3,892 9 - 33,628
Intersegment sales 4,149 923 241 36 (5,349) -
Excise taxes - (4,812) - - - (4,812)
Revenues from sales 7,467 22,520 4,133 45 (5,349) 28,816
Operating expenses (3,086) (21,982) (3,746) (113) 5,349 (23,578)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,145) (307) (139) (8) - (1,599)
Operating income 3,236 231 248 (76) - 3,639
Equity in income (loss) of affiliates and other items 119 46 19 166 - 350
Tax on net operating income (1,885) (51) (73) 54 - (1,955)
Net operating income 1,470 226 194 144 - 2,034
Net cost of net debt (59)
Minority interests           (52)
Net income 1,923
             
3rd quarter 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales - - - - -
Operating expenses - 148 60 - 208
Depreciation, depletion and amortization of tangible assets and mineral interests - - (3) -   (3)
Operating income (b) - 148 57 - 205
Equity in income (loss) of affiliates and other items (c) (31) (19) (8) (22) (80)
Tax on net operating income - (49) (16) (1)   (66)
Net operating income (b) (31) 80 33 (23) 59
Net cost of net debt -
Minority interests           (5)
Net income 54
 

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

 

 

 

 

 

 

 

(b) Of which inventory valuation effect

On operating income

- 150 64 -
On net operating income - 81 45 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (70)    
 
3rd quarter 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 3,318 26,409 3,892 9 - 33,628
Intersegment sales 4,149 923 241 36 (5,349) -
Excise taxes - (4,812) - - - (4,812)
Revenues from sales 7,467 22,520 4,133 45 (5,349) 28,816
Operating expenses (3,086) (22,130) (3,806) (113) 5,349 (23,786)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,145) (307) (136) (8) - (1,596)
Adjusted operating income 3,236 83 191 (76) - 3,434
Equity in income (loss) of affiliates and other items 150 65 27 188 - 430
Tax on net operating income (1,885) (2) (57) 55 - (1,889)
Adjusted net operating income 1,501 146 161 167 - 1,975
Net cost of net debt (59)
Minority interests           (47)
Ajusted net income 1,869
             
3rd quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,512 607 112 25 - 3,256
Total divestments 87 23 13 684 - 807
Cash flow from operating activities 2,854 944 300 440 - 4,538
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
4th quarter 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 6,925 27,746 4,012 31 - 38,714
Intersegment sales 4,097 810 207 15 (5,129) -
Excise taxes - (5,009) - - - (5,009)
Revenues from sales 11,022 23,547 4,219 46 (5,129) 33,705
Operating expenses (6,188) (25,635) (4,845) (203) 5,129 (31,742)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,278) (328) (135) (7) - (1,748)
Operating income 3,556 (2,416) (761) (164) - 215
Equity in income (loss) of affiliates and other items 440 (259) (61) 30 - 150
Tax on net operating income (2,201) 807 274 108 - (1,012)
Net operating income 1,795 (1,868) (548) (26) - (647)
Net cost of net debt (129)
Minority interests           (18)
Net income (794)
             
4th quarter 2008 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales - - - - -
Operating expenses - (3,561) (1,009) - (4,570)
Depreciation, depletion and amortization of tangible assets and mineral interests (171) - (6) -   (177)
Operating income (b) (171) (3,561) (1,015) - (4,747)
Equity in income (loss) of affiliates and other items (c) (86) (243) (59) (139) (527)
Tax on net operating income 57 1,166 349 -   1,572
Net operating income (b) (200) (2,638) (725) (139) (3,702)
Net cost of net debt -
Minority interests           35
Net income (3,667)
 

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

 

(b) Of which inventory valuation effect

On operating income - (3,561) (811) -
On net operating income - (2,604) (559) -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (166)    
 
4th quarter 2008 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 6,925 27,746 4,012 31 - 38,714
Intersegment sales 4,097 810 207 15 (5,129) -
Excise taxes - (5,009) - - - (5,009)
Revenues from sales 11,022 23,547 4,219 46 (5,129) 33,705
Operating expenses (6,188) (22,074) (3,836) (203) 5,129 (27,172)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,107) (328) (129) (7) - (1,571)
Adjusted operating income 3,727 1,145 254 (164) - 4,962
Equity in income (loss) of affiliates and other items 526 (16) (2) 169 - 677
Tax on net operating income (2,258) (359) (75) 108 - (2,584)
Adjusted net operating income 1,995 770 177 113 - 3,055
Net cost of net debt (129)
Minority interests           (53)
Ajusted net income 2,873
             
4th quarter 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 3,283 972 477 26 4,758
Total divestments 270 18 20 635 943
Cash flow from operating activities 2,139 603 939 412   4,093
BUSINESS SEGMENT INFORMATION            
TOTAL
 
             
Year 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 16,072 100,518 14,726 11 - 131,327
Intersegment sales 15,958 3,786 735 156 (20,635) -
Excise taxes - (19,174) - - - (19,174)
Revenues from sales 32,030 85,130 15,461 167 (20,635) 112,153
Operating expenses (14,752) (81,281) (14,293) (656) 20,635 (90,347)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,420) (1,612) (615) (35) - (6,682)
Operating income 12,858 2,237 553 (524) - 15,124
Equity in income (loss) of affiliates and other items 846 169 (58) 697 - 1,654
Tax on net operating income (7,486) (633) (92) 326 - (7,885)
Net operating income 6,218 1,773 403 499 - 8,893
Net cost of net debt (264)
Minority interests           (182)
Net income 8,447
             
Year 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses (17) 1,558 344 - 1,885
Depreciation, depletion and amortization of tangible assets and mineral interests (4) (347) (40) -   (391)
Operating income (b) (21) 1,211 304 - 1,494
Equity in income (loss) of affiliates and other items (c) (160) 22 (123) (117) (378)
Tax on net operating income 17 (413) (50) (3)   (449)
Net operating income (b) (164) 820 131 (120) 667
Net cost of net debt -
Minority interests           (4)
Net income 663
 

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

 

 

 

 

 

 

 

(b) Of which inventory valuation effect

On operating income - 1,816 389 -
On net operating income - 1,285 254 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (300)    
 
Year 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 16,072 100,518 14,726 11 - 131,327
Intersegment sales 15,958 3,786 735 156 (20,635) -
Excise taxes - (19,174) - - - (19,174)
Revenues from sales 32,030 85,130 15,461 167 (20,635) 112,153
Operating expenses (14,735) (82,839) (14,637) (656) 20,635 (92,232)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,416) (1,265) (575) (35) - (6,291)
Adjusted operating income 12,879 1,026 249 (524) - 13,630
Equity in income (loss) of affiliates and other items 1,006 147 65 814 - 2,032
Tax on net operating income (7,503) (220) (42) 329 - (7,436)
Adjusted net operating income 6,382 953 272 619 - 8,226
Net cost of net debt (264)
Minority interests           (178)
Ajusted net income 7,784
             
Year 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 9,855 2,771 631 92 13,349
Total divestments 398 133 47 2,503 3,081
Cash flow from operating activities 10,200 1,164 1,082 (86)   12,360
BUSINESS SEGMENT INFORMATION            
TOTAL
 
             
Year 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 24,256 135,524 20,150 46 - 179,976
Intersegment sales 25,132 5,574 1,252 120 (32,078) -
Excise taxes - (19,645) - - - (19,645)
Revenues from sales 49,388 121,453 21,402 166 (32,078) 160,331
Operating expenses (21,915) (119,425) (20,942) (685) 32,078 (130,889)
Depreciation, depletion and amortization of tangible assets and mineral interests (4,005) (1,202) (518) (30) - (5,755)
Operating income 23,468 826 (58) (549) - 23,687
Equity in income (loss) of affiliates and other items 1,541 (158) (34) 590 - 1,939
Tax on net operating income (14,563) (143) 76 315 - (14,315)
Net operating income 10,446 525 (16) 356 - 11,311
Net cost of net debt (358)
Minority interests           (363)
Net income 10,590
             
Year 2008 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales - - - - -
Operating expenses - (2,776) (925) - (3,701)
Depreciation, depletion and amortization of tangible assets and mineral interests (171) - (6) -   (177)
Operating income (b) (171) (2,776) (931) - (3,878)
Equity in income (loss) of affiliates and other items (c) (164) (195) (82) (345) (786)
Tax on net operating income 57 927 329 (2)   1,311

Net operating income (b)

(278) (2,044) (684) (347) (3,353)
Net cost of net debt -

Minority interests

          23
Net income (3,330)
 

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

 

(b) Of which inventory valuation effect

On operating income - (2,776) (727) -
On net operating income - (1,971) (504) -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (393)    
 
Year 2008 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 24,256 135,524 20,150 46 - 179,976
Intersegment sales 25,132 5,574 1,252 120 (32,078) -
Excise taxes - (19,645) - - - (19,645)
Revenues from sales 49,388 121,453 21,402 166 (32,078) 160,331
Operating expenses (21,915) (116,649) (20,017) (685) 32,078 (127,188)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,834) (1,202) (512) (30) - (5,578)
Adjusted operating income 23,639 3,602 873 (549) - 27,565
Equity in income (loss) of affiliates and other items 1,705 37 48 935 - 2,725
Tax on net operating income (14,620) (1,070) (253) 317 - (15,626)
Adjusted net operating income 10,724 2,569 668 703 - 14,664
Net cost of net debt (358)
Minority interests           (386)
Ajusted net income 13,920
             
Year 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 10,017 2,418 1,074 131 13,640
Total divestments 1,130 216 53 1,186 2,585
Cash flow from operating activities 13,765 3,111 920 873   18,669
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
(unaudited)
 
4th quarter 2009

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 36,228 - 36,228
Excise taxes (4,933) - (4,933)
Revenues from sales 31,295 - 31,295
Purchases net of inventory variation (21,039) 449 (20,590)
Other operating expenses (4,556) (128) (4,684)
Exploration costs (237) - (237)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,644) (283) (1,927)
Other income 29 94 123
Other expense (148) (54) (202)
 
Financial interest on debt (111) - (111)
Financial income from marketable securities & cash equivalents 16 - 16
Cost of net debt (95) - (95)
 
Other financial income 177 - 177
Other financial expense (92) - (92)
 
Equity in income (loss) of affiliates 467 (83) 384
 
Income taxes (2,032) (13) (2,045)
Consolidated net income 2,125 (18) 2,107
Group share 2,081 (16) 2,065
Minority interests 44 (2) 42
 
 
4th quarter 2008

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 38,714 - 38,714
Excise taxes (5,009) - (5,009)
Revenues from sales 33,705 - 33,705
Purchases net of inventory variation (22,021) (4,372) (26,393)
Other operating expenses (4,924) (198) (5,122)
Exploration costs (227) - (227)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,571) (177) (1,748)
Other income 77 17 94
Other expense (18) (105) (123)
 
Financial interest on debt (298) - (298)
Financial income from marketable securities & cash equivalents 117 - 117
Cost of net debt (181) - (181)
 
Other financial income 243 - 243
Other financial expense (95) - (95)
 
Equity in income (loss) of affiliates 470 (439) 31
 
Income taxes (2,532) 1,572 (960)
Consolidated net income 2,926 (3,702) (776)
Group share 2,873 (3,667) (794)
Minority interests 53 (35) 18
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
 
 
Year 2009

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 131,327 - 131,327
Excise taxes (19,174) - (19,174)
Revenues from sales 112,153 - 112,153
 
Purchases net of inventory variation (73,263) 2,205 (71,058)
Other operating expenses (18,271) (320) (18,591)
Exploration costs (698) - (698)
Depreciation, depletion and amortization of tangible assets and mineral interests (6,291) (391) (6,682)
Other income 131 183 314
Other expense (315) (285) (600)
 
Financial interest on debt (530) - (530)
Financial income from marketable securities & cash equivalents 132 - 132
Cost of net debt (398) - (398)
 
Other financial income 643 - 643
Other financial expense (345) - (345)
 
Equity in income (loss) of affiliates 1,918 (276) 1,642
 
Income taxes (7,302) (449) (7,751)
Consolidated net income 7,962 667 8,629
Group share 7,784 663 8,447
Minority interests 178 4 182
 
 
Year 2008

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 179,976 - 179,976
Excise taxes (19,645) - (19,645)
Revenues from sales 160,331 - 160,331
 
Purchases net of inventory variation (107,521) (3,503) (111,024)
Other operating expenses (18,903) (198) (19,101)
Exploration costs (764) - (764)
Depreciation, depletion and amortization of tangible assets and mineral interests (5,578) (177) (5,755)
Other income 153 216 369
Other expense (147) (407) (554)
 
Financial interest on debt (1,000) - (1,000)
Financial income from marketable securities & cash equivalents 473 - 473
Cost of net debt (527) - (527)
 
Other financial income 728 - 728
Other financial expense (325) - (325)
 
Equity in income (loss) of affiliates 2,316 (595) 1,721
 
Income taxes (15,457) 1,311 (14,146)
Consolidated net income 14,306 (3,353) 10,953
Group share 13,920 (3,330) 10,590
Minority interests 386 (23) 363

TOTAL S.A.
Capital 5.871.057.210 eurosCapital 5.871.057.210 euros
542 051 180 R.C.S. Nanterre542 051 180 R.C.S. Nanterre
www.total.com

Contact:

Total
Bertrand DE LA NOUEBertrand DE LA NOUE
Sandrine SABOUREAUSandrine SABOUREAU
Laurent KETTENMEYERLaurent KETTENMEYER
Matthieu GOTMatthieu GOT
Tel. : 33 (1) 47 44 58 53Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24Fax : 33 (1) 47 44 58 24
oror
Robert HAMMOND (U.S.)Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629Fax : (1) 713-483-5629

Companies

TotalEnergies SE (TTE)
UK 100
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