Total: Fourth Quarter and Full-Year 2011 Results

Total: Fourth Quarter and Full-Year 2011 Results

TOTAL

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

    4Q11   Change

vs 4Q10

  2011   Change vs 2010
       

Adjusted net income1

 
  • in billion euros (B€)
2.7 +7% 11.4 +11%
  • in billion dollars (B$)
3.7 +6% 15.9 +17%
 
  • in euros per share
1.20 +6% 5.06 +10%
  • in dollars per share
1.62 +5% 7.05 +16%
                 
 

Net income (Group share) of 12.3 B€ in 2011

Net-debt-to-equity ratio of 23% at December 31, 2011

Upstream production of 2,384 kboe/d in 4Q11

Dividend in 4Q11 of 0.57 €/share payable in June 20122

2011 full-year dividend of 2.28 €/share2

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

« In a period of economic slowdown, ongoing tensions on the global oil supply supported the Brent price above 110 $/b in 2011. This environment has been favorable for the Upstream, but it was difficult for the Downstream activities, notably in Europe. In this context, the Group posted a 17% increase in earnings, expressed in dollars, compared to 2010. With its track record of operational excellence, the Group also confirms its constant improvement in safety performance.

The successful start-up of the Pazflor field in Angola was the crowning achievement of an important year for Total. This start-up and the ones to follow will ensure a return to production growth in 2012 and the years to come. All the segments realized notable advances, including a bolder exploration program that yielded three giant discoveries in 2011, the formation of a new, more competitive structure for the Downstream, and the further strengthening of leading positions in LNG and deep-offshore. Finally, the increased asset sale and acquisition activity in 2011 continued to demonstrate the dynamic rebalancing of the portfolio in favor of Upstream assets with strong growth potential.

Total is confident in its model for delivering sustainable growth, and, with a strong balance sheet, the Group announces a 2012 net investment budget of 20 billion dollars while remaining committed to a competitive return for shareholders.»

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on February 9, 2012 and decided to propose at its Annual Shareholders Meeting on May 11, 2012, a dividend of 2.28 €/share, stable as compared to the previous year.

  • Key figures3
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   in millions of euros
except earnings per share and number of shares 		  2011   2010   2011
vs
2010
47,492 46,163 40,157 +18% Sales 184,693 159,269 +16%
6,263 5,881 5,102 +23% Adjusted operating income from business segments 24,409 19,797 +23%
3,049 2,950 2,736 +11% Adjusted net operating income from business segments 12,263 10,622 +15%
2,776 2,323 2,300 +21%

-- Upstream

10,405 8,597 +21%
222 388 266 -17%

-- Downstream

1,083 1,168 -7%
51 239 170 -70%

-- Chemicals

775 857 -10%
2,725 2,801 2,556 +7% Adjusted net income 11,424 10,288 +11%
1.20 1.24 1.14 +6% Adjusted fully-diluted earnings per share (euros) 5.06 4.58 +10%
2,264 2,261 2,248 +1% Fully-diluted weighted-average shares (millions) 2,257 2,244 +1%
2,290 3,314 2,030 +13% Net income (Group share) 12,276 10,571 +16%
7,367 3,921 5,026 +47%

Investments4

24,541 16,273 +51%
1,495 5,082 1,344 +11% Divestments 8,578 4,316 +99%
5,872 (1,161) 3,682 +59% Net investments 15,963 11,957 +34%
2,794 5,964 3,387 -18% Cash flow from operations 19,536 18,493 +6%
5,865 4,575 4,648 +26% Adjusted cash flow from operations 20,060 17,996 +11%
               
4Q11 3Q11 4Q10 4Q11
vs
4Q10

in millions of dollars5
except earnings per share and number of shares

2011 2010 2011
vs
2010
64,029 65,214 54,545 +17% Sales 257,093 211,143 +22%
8,444 8,308 6,930 +22% Adjusted operating income from business segments 33,977 26,245 +29%
4,111 4,167 3,716 +11% Adjusted net operating income from business segments 17,070 14,082 +21%
3,743 3,282 3,124 +20%

-- Upstream

14,484 11,397 +27%
299 548 361 -17%

-- Downstream

1,508 1,548 -3%
69 338 231 -70%

-- Chemicals

1,079 1,136 -5%
3,674 3,957 3,472 +6% Adjusted net income 15,902 13,639 +17%
1.62 1.75 1.54 +5% Adjusted fully-diluted earnings per share (euros) 7.05 6.08 +16%
2,264 2,261 2,248 +1% Fully-diluted weighted-average shares (millions) 2,257 2,244 +1%
3,087 4,682 2,757 +12% Net income (Group share) 17,088 14,014 +22%
9,932 5,539 6,827 +45% Investments4 34,161 21,573 +58%
2,016   7,179 1,826 +10% Divestments 11,941 5,722 x2
7,917   (1,640) 5,001 +58% Net investments 22,220 15,851 +40%
3,767   8,425 4,601 -18% Cash flow from operations 27,194 24,516 +11%
7,907   6,463 6,313 +25% Adjusted cash flow from operations 27,924 23,857 +17%
  • Highlights since the beginning of the fourth quarter 2011
  • Launched the Ichthys LNG project in Australia, development of the Termokarstovoye field in Russia, the Hild field in Norway and the second phase of development for the offshore Ofon field in Nigeria
  • Oil discovery on offshore OML 102 permit in Nigeria
  • Acquired additional 2% of the share capital of Novatek, raising the Group’s stake to 14.09%
  • Acquired 25% of a Utica shale gas and condensate field in the US
  • Acquired additional interest in the Elgin and Franklin fields in the UK North Sea, raising the Group’s share to 46.2%
  • Expanded exploration acreage with three pre-salt blocks in deep-offshore Angola and two blocks in Mauritania
  • Sold Upstream assets, including assets in Colombia, two licences in Nigeria and six producing assets in France
  • Restructuring Downstream-Chemicals : effective January 1, 2012, created the Refining-Chemicals segment and the Supply-Marketing segment
  • Launched a project to expand and modernize the Samsung Total Petrochemicals site at Daesan, South Korea
  • Signed an agreement to acquire an additional 35% interest in Fina Antwerp Olefins, raising Total’s share to 100% in the Antwerp petrochemicals platform in Belgium
  • Fourth quarter 2011 results

> Operating Income

In the fourth quarter 2011, the Brent price averaged 109.3 $/b, an increase of 26% compared to the fourth quarter 2010 and a decrease of 4% compared to the third quarter 2011. The European refining margin indicator (ERMI) averaged 15.1 $/t compared to 32.3 $/t in the fourth quarter 2010 and 13.4 $/t in the third quarter 2011.

The euro-dollar exchange rate averaged 1.35 $/€ in the fourth quarter 2011 compared to 1.36 $/€ in the fourth quarter 2010 and 1.41 $/€ in the third quarter 2011.

In this environment, the adjusted operating income from the business segments was 6,263 M€ in the fourth quarter 2011, an increase of 23% compared to fourth quarter 20106. Expressed in dollars, the increase was 22%.

The effective tax rate7 for the business segments was 59.0% in the fourth quarter 2011 compared to 57.0% in the fourth quarter 2010.

Adjusted net operating income from the business segments was 3,049 M€ in the fourth quarter 2011 compared to 2,736 M€ in the fourth quarter 2010, an increase of 11%.
Expressed in dollars, the adjusted net operating income from the business segments was 4.1 billion dollars (B$), an increase of 11% compared to the fourth quarter 2010.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income was 2,725 M€ compared to 2,556 M€ in the fourth quarter 2010, an increase of 7%. Expressed in dollars, adjusted net income increased by 6%.

Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value8 :

  • The after-tax inventory effect had a positive impact of 49 M€ in the fourth quarter 2011 and a positive impact of 283 M€ in the fourth quarter 2010.
  • Changes in fair value had a positive impact on net income of 20 M€ in the fourth quarter 2011.
  • Special items9 had a negative impact on net income of 504 M€ in the fourth quarter 2011, comprised essentially of impairments on European refining and New Energies, partially offset by the gain on the sale of the Gassled pipeline in Norway. In the fourth quarter 2010, special items had a negative impact on net income of 809 M€.

Net income (Group share) was 2,290 M€ compared to 2,030 M€ in the fourth quarter 2010.

The effective tax rate for the Group was 60.8% in the fourth quarter 2011 compared to 57.2% in the fourth quarter 2010.

Adjusted fully-diluted earnings per share, based on 2,263.5 million fully-diluted weighted average shares, was 1.20 euros compared to 1.14 euros in the fourth quarter 2010, an increase of 6%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 5% to $1.62.

> Investments – divestments10

Investments, excluding acquisitions and including the change in non-current loans, were 5.2 B€ (7.0 B$) in the fourth quarter 2011 compared to 3.5 B€ (4.7 B$) in the fourth quarter 2010.

Acquisitions were 1,858 M€ (2,505 M$) in the fourth quarter 2011, essentially comprised of an additional 2% interest in the share capital of Novatek, a 20% stake in Yamal LNG in Russia, a joint venture (JV) interest in a shale gas and condensate field in the Utica basin and the pre-payment of a carry commitment in the Barnett shale JV in the US.

Asset sales in the fourth quarter 2011 were 1,211 M€ (1,633 M$), essentially comprised of UK Marketing assets, interests in two non-operated blocks in Nigeria and shares of Sanofi.

Net investments11 were 5.9 B€ (7.9 B$) in the fourth quarter 2011 compared to 3.7 B€ (5.0 B$) in the fourth quarter 2010.

> Cash flow

Cash flow from operations was 2,794 M€ in the fourth quarter 2011 compared to 3,387 M€ in the fourth quarter 2010. The decrease of 18% is essentially due to changes in working capital.

Adjusted cash flow from operations12 was 5,865 M€, an increase of 26% compared to the fourth quarter 2010. Expressed in dollars, adjusted cash flow from operations was 7.9 B$, an increase of 25%.

The Group’s net cash flow13 was a negative 3,078 M€ compared to a negative 295 M€ in the fourth quarter 2010, reflecting mainly a higher level of net investments. Expressed in dollars, the Group’s net cash flow was a negative 4.1 B$ in the fourth quarter 2011.

  • Results for the full year 2011

> Operating income

Compared to the full year 2010, the 2011 oil market environment was marked by a 40% increase in the average Brent price to 111.3 $/b and a 27% increase in the average realized price of gas to 6.53 $/Mbtu. The ERMI fell to 17.4 $/t in 2011 from 27.4 $/t in 2010.
The euro-dollar exchange rate was 1.39 $/€ compared to 1.33 $/€ on average in 2010.

In this environment, the adjusted operating income from the business segments was 24,409 M€, an increase of 23% compared to 201014.
Expressed in dollars, adjusted operating income from the business segments was 34.0 B$, an increase of 29% compared to 2010, essentially due to the positive effect of higher hydrocarbon prices on the performance of the Upstream.

The effective tax rate for the business segments was 57.9% compared to 56.0% in 2010.

The adjusted net operating income from the business segments was 12,263 M€ compared to 10,622 M€ in 2010, an increase of 15%.

Expressed in dollars, adjusted net operating income from the business segments increased by 21%.
The lower relative increase in adjusted net operating income from the business segments compared to the increase in adjusted operating income from the business segments is mainly due to the increase in the effective tax rate for the business segments.

> Net income (Group share)

Adjusted net income increased by 11% to 11,424 M€ compared to 10,288 M€ in 2010. Expressed in dollars, the adjusted net income increased by 17%.

Adjusted net income excludes the after-tax inventory effect, special items and effective January 1, 2011, the effect of changes in fair value15 :

  • The after-tax inventory effect had a positive impact on net income of 834 M€ in 2011 compared to a positive impact748 M€ in 2010.
  • Changes in fair value had a positive impact on net income of 32 M€ in 2011.
  • Special items16 had a negative impact on net income of 14 M€ in 2011, comprised mainly of 1,014 M€ of impairments and 1,538 M€ of gains on asset sales. Special items had a negative impact on net income of 384 M€ in 2010.

In 2010, the Group’s share of adjustment items related to Sanofi had a negative impact on net income of 81 M€.

Net income (Group share) was 12,276 M€ compared to 10,571 M€ in 2010.

The effective tax rate for the Group was 58.4% in 2011 compared to 55.9% in 2010.

As of December 31, 2011, there were 2,263.8 million fully-diluted shares compared to 2,249.3 on December 31, 2010.

Adjusted fully-diluted earnings per share, based on 2,257.0 million fully-diluted weighted-average shares, was €5.06 in 2011 compared to €4.58 in 2010, an increase of 10%.

Expressed in dollars, adjusted fully-diluted earnings per share was $7.05 in 2011 compared to $6.08 in 2010, an increase of 16%.

> Investments – divestments17

Investments, excluding acquisitions and including changes in non-current loans, were 14.8 B€ (20.6 B$) in 2011 compared to 11.9 B€ (15.8 B$) in 2010.

Acquisitions were 8.8 B€ (12.3 B$) in 2011, comprised essentially of 14% of the share capital of Novatek in Russia, interests in the Fort Hills and Voyageur projects in Canada, assets in the Utica basin and 60% of SunPower.

Asset sales in 2011 were 7.7 B€ (10.7 B$), comprised essentially of the Group’s interests in CEPSA and its E&P Cameroon subsidiary, Sanofi shares, interests in the Joslyn project in Canada and in the Ocensa pipeline in Colombia, UK Marketing assets and part of the Specialty Chemicals resins activities.

Net investments were 16.0 B€ (22.2 B$) in 2011, an increase of 34% compared to 12.0 B€ (15.9 B$) in 2010. Expressed in dollars, net investments rose by 40% in 2011.

> Cash flow

Cash flow from operations was 19,536 M€, an increase of 6% compared to 2010, essentially due to the increase in net income that was partially offset by changes in working capital.

Adjusted cash flow from operations18 was 20,060 M€, an increase of 11%. Expressed in dollars, adjusted cash flow from operations was 27.9 B$, an increase of 17%.

The Group’s net cash flow19 was 3,573 M€ compared to 6,536 M€ in 2010. Expressed in dollars, the Group’s net cash flow was 5.0 B$ in 2011.

The net-debt-to-equity ratio was 23.0% on December 31, 2011, compared to 15.2% on September 30, 2011 and 22.2% on December 31, 201020.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

4Q11   3Q11   4Q10   4Q11
vs
4Q10		       2011   2010   2011
vs
2010
109.3   113.4   86.5   +26%   Brent ($/b)   111.3   79.5   +40%
104.3   106.8   83.7   +25%   Average liquids price ($/b)   105.0   76.3   +38%
6.79   6.56   5.62   +21%   Average gas price ($/Mbtu)   6.53   5.15   +27%
75.9   75.3   61.9   +23%   Average hydrocarbons price ($/boe)   74.9   56.7   +32%

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

> Production

4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Hydrocarbon production   2011   2010   2011
vs
2010
2,384   2,319   2,387   -   Combined production (kboe/d)   2,346   2,378   -1%
1,237   1,176   1,337   -7%  

-- Liquids (kb/d)

  1,226   1,340   -9%
6,201   6,228   5,692   +9%  

-- Gas (Mcf/d)

  6,098   5,648   +8%

Hydrocarbon production was 2,384 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2011, stable compared to the same quarter last year, essentially as a result of :

  • -1% for normal decline, net of production ramp-ups on new projects, including the initial contribution of Pazflor in Angola,
  • +4% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
  • +0.5% for the end of OPEC reductions,
  • -1,5% for security conditions, mainly in Libya,
  • -2% for the price effect21.

For the full-year 2011, hydrocarbon production was 2,346 kboe/d, a decrease of 1.3% compared to 2010, essentially as a result of :

  • -1.5% for normal decline, net of production ramp-ups on new projects,
  • +2.5% for changes in the portfolio, integrating the net share of Novatek production and impact of the sale of interests in CEPSA,
  • +1% for the end of OPEC reductions,
  • -1.5% for security conditions, mainly in Libya,
  • -2% for the price effect 21.

> Reserves

Year-end reserves   2011   2010   %
Hydrocarbon reserves (Mboe)   11,423   10,695   +7%

-- Liquids (Mb)

  5,784   5,987   -3%

-- Gas (Bcf)

  30,717   25,788   +19%

Proved reserves based on SEC rules (based on Brent at 110.96 $/b) were 11,423 Mboe at December 31, 2011. Based on the 2011 average rate of production, the reserve life is 13 years.

The 2011 proved reserve replacement rate22, based on SEC rules, was 185%.

As of year-end 2011, Total has a solid and diversified portfolio of proved and probable reserves23 representing more than 20 years of reserve life based on the 2011 average production rate, and resources24 representing more than 40 years of reserve life.

Results

4Q11   3Q11   4Q10   4Q11
vs
4Q10		   in millions of euros   2011   2010   2011
vs
2010
6,055 5,208 4,695 +29% Adjusted operating income* 22,474 17,653 +27%
2,776 2,323 2,300 +21% Adjusted net operating income* 10,405 8,597 +21%
476 433 313 +52%
  • includes adjusted income from equity affiliates
1,649 1,254 +31%
               
6,300 3,289 3,942 +60% Investments

21,689

13,208 +64%
447 953 771 -42% Divestments 2,656 2,067 +28%
3,648 3,158 3,908 -7% Cash flow from operating activities 17,054 15,573 +10%
5,430 3,855 3,619 +50% Adjusted cash flow 17,566 14,136 +24%

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

Adjusted net operating income from the Upstream segment was 2,776 M€ in the fourth quarter 2011 compared to 2,300 M€ in the fourth quarter 2010, an increase of 21%.
Effective fourth quarter 2011, any hydrocarbon production overlifting / underlifting position is valued at market prices ; there is a positive contribution of 103 M€ at December 31, 2011.

Expressed in dollars, the increase is 20% and reflects mainly the impact of higher hydrocarbon prices.

The effective tax rate for the Upstream segment was 60.4% compared to 58.9% in the fourth quarter 2010.

For the full year 2011, adjusted net operating income from the Upstream segment was 10,405 M€ compared to 8,597 M€ in 2010, an increase of 21%.
Expressed in dollars, adjusted net operating income from the Upstream segment was 14.5 B$, an increase of 27% compared to 2010, essentially due to the impact of higher hydrocarbon prices.

Technical costs for consolidated subsidiaries, in accordance with ASC 93225, were 18.9 $/boe in 2011, compared to 16.6 $/boe in 2010.

The return on average capital employed (ROACE26) for the Upstream segment was 20%, for the full-year 2011 compared to 21% for the full year 2010.

Downstream

> Refinery throughput and utilization rates*

4Q11   3Q11   4Q10   4Q11
vs
4Q10		       2011   2010   2011
vs
2010
1,674   1,922   1,832   -9%   Total refinery throughput (kb/d)   1,863   2,009   -7%
742   752   550   +35%  

-- France

  732   697   +5%
714 904 1,039 -31%

-- Rest of Europe

885 1,059 -16%
218   266   243   -10%  

-- Rest of world

  246   253   -3%
Utilization rates**
77% 83% 66%

-- Based on crude only

78% 73%
79%   88%   71%      

-- Based on crude and other feedstock

  83%   77%    

* includes share of CEPSA through July 31, 2011, and, starting October 2010, of TotalErg.

**based on distillation capacity at the beginning of the year, excluding share of CEPSA effective August 1, 2011 – 3Q11 data adjusted.

In the fourth quarter 2011, refinery throughput decreased by 9% compared to the fourth quarter 2010. The decrease was essentially the result of the sale of the Group’s interest in CEPSA, partially offset by a comparative increase in fourth quarter throughput in France due to the impact of strikes in 2010.

For the full-year 2011, refinery throughput decreased by 7% compared 2010, essentially due to the sale of the Group’s interest in CEPSA and a higher level of major turnarounds than in 2010.

> Results

4Q11   3Q11   4Q10   4Q11
vs
4Q10		   in millions of euros
(except the ERMI)		   2011   2010   2011
vs
2010
15.1 13.4 32.3 -53% European refining margin

indicator - ERMI ($/t)

17.4 27.4 -36%
               
242 482 274 -12% Adjusted operating income* 1,238 1,251 -1%
222 388 266 -17% Adjusted net operating income* 1,083 1,168 -7%
(15) (2) 61 n/a
  • includes adjusted income from equity affiliates
30 179 -83%
               
704 440 757 -7% Investments 1,870 2,343 -20%
493 2,691 433 +14% Divestments 3,235 499 X6
(775) 1,775 (955) n/a Cash flow from operating activities 2,165 1,441 +50%
334 553 753 -56% Adjusted cash flow 1,645 2,405 -32%

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

The European refinery margin indicator (ERMI) averaged 15.1 $/t in the fourth quarter 2011, about half of the 32.3 $/t average in the fourth quarter 2010. For the full year 2011, the ERMI was 17.4$/t, a decrease of 36% compared to 2010.

Adjusted net operating income from the Downstream segment was 222 M€ in the fourth quarter 2011 compared to 266 M€ the fourth quarter 2010.
Expressed in dollars, adjusted net operating income from the Downstream segment was 299 M$ compared to 361 M$. The decrease reflects the weaker environment for refining.

For the full year 2011, adjusted net operating income for the Downstream segment was 1,083 M€, a decrease of 7% compared to 1,168 M€ in 2010.
Expressed in dollars, the adjusted net operating income for the Downstream segment was 1.5 B$, a decrease of 3% compared to 2010. The decrease is essentially due to the negative impact of the deterioration in refining margins in 2011 while marketing performed nearly at the 2010 level.

The persistence of an unfavorable economic environment for refining, affecting Europe in particular, led the Group to recognize an impairment in the Downstream, on European refining assets, in the fourth quarter 2011 in the amount of 532 M€ in operating income and 348 M€ in net operating income. These elements have been treated as adjustment items.

The ROACE27 for the Downstream segment was 7% in 2011 compared to 8% in 2010.

Chemicals

4Q11   3Q11   4Q10   4Q11
vs
4Q10		   in millions of euros   2011   2010   2011
vs
2010
4,412 4,669 4,218 +5% Sales 19,477 17,490 +11%
2,841 3,096 2,579 +10%

-- Base chemicals

12,656 10,653 +19%
1,570 1,572 1,639 -4%

-- Specialties

6,819 6,824 -
               
(34) 191 133 n/a Adjusted operating income* 697 893 -22%
51 239 170 -70% Adjusted net operating income* 775 857 -10%
(15) 137 67 n/a
  • Base chemicals
373 393 -5%
78 109 109 -28%
  • Specialties
426 475 -10%
               
299 168 292 +2% Investments 847 641 +32%
44 1,094 23 +91% Divestments 1,164 347 X3
159 359 332 -52% Cash flow from operating activities 512 934 -45%
69 177 189 -63% Adjusted cash flow 871 1,157 -25%

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

In the fourth quarter 2011, the environment for petrochemicals deteriorated significantly due to a decrease in product demand.

Sales for the Chemicals segment were 4,412 M€ in the fourth quarter 2011.

The adjusted net operating income for the Chemicals segment was 51 M€ compared to 170 M€ in the fourth quarter 2010, reflecting in particular the impact of lower petrochemical margins in Europe and the US as well as the sale of part of the resins activities and the Group’s interest in CEPSA in the third quarter 2011.

For the full year 2011, Chemicals segment sales, excluding intra-Group sales, were 19,477 M€, an increase of 11% compared to 2010.

The adjusted net operating income for the Chemicals segment was 775 M€ compared to 857 M€ in 2010. The decrease reflects essentially the impact of the sale of the Group’s interest in CEPSA and part of the resins activities. Globally, for the full-year 2011, Petrochemicals benefited from ramp-ups in its activities in Qatar and South Korea but suffered from deteriorating margins in the second half of the year in Europe and in the US. Specialty chemicals, excluding the effect of changes in the portfolio, maintained results at a level close to the 2010 level.

The ROACE28 for Chemicals was 10% in 2011 compared to 12% in 2010.

  • Total S.A., parent company accounts

Net income for Total S.A., the parent company, was 9,766 M€ in 2011 compared to 5,840 M€ in 2010.

  • Proposed dividend

After closing the accounts, the Board of Directors decided to propose at the May 11, 2012, Annual Shareholders Meeting a dividend of 2.28 euros per share for 2011, stable compared to the previous year.

Based on 2011 adjusted net income, the pay-out ratio would be 45%.

Taking into account the three 2011 interim dividends, the remaining 0.57 euros per share would be paid on June 21, 201229.

  • Summary and outlook

The full-year 2011 ROACE was 16% at the Group level and 17% for the business segments, stable compared to 2010.

The return on equity for the Group was 18% in 2011 compared to 19% in 2010.

The 2012 net investment budget is 20 B$. Total intends to continue to actively manage its asset portfolio with, in particular, a program of non-strategic asset sales. The 2012 budget for organic investments is 24 B$, of which more than 80% will be dedicated to the Upstream.

In the Upstream, Total expects in 2012 to implement its strategy to accelerate production growth and increase the profitability of its asset portfolio. The ramp-up of Pazflor in Angola and the start-up of several major projects, including Usan in Nigeria, Angola LNG, and Bongkot South in Thailand, will contribute to production growth in 2012 and to achieving the objective of growing production by 2.5% per year on average between 2010 and 2015. After launching Ichthys in Australia, announced at the start of this year, the Group intends to continue work on the drivers for post-2015 growth by preparing to launch, notably, projects in West Africa, Russia and Canada. At the same time, the Group intends to continue the dynamic exploration effort and budgeted 2.5 B$, a 20% increase from the previous year, to fund its ambitious program.

With a new organization better adapted to face challenges in the market, the Group expects to realize soon the first benefits from an integrated Refining-Chemicals segment and a more customer-oriented Supply-Marketing segment. Major projects, portfolio optimization and productivity gains are expected to lead to an increase in returns from 9% in 2010 to 14% in 2015.

The Group confirms its commitment in favor of a competitive policy for returns to shareholders, based on an average payout ratio of 50%, in keeping with its objective of sustainable growth.

Since the beginning of the first quarter 2012, the environment remained favorable in the Upstream and refining margins improved appreciably following the sharp fall observed at the end of 2011.

To listen to a presentation by CEO Christophe de Margerie to financial analysts today in London at 14:00 (London time) please log on to www.total.com or call +44 (0)207 162 0025 in Europe or +1 334 323 6201 in the U.S. For a replay through February 24, 2012, please consult the Web site or call +44 (0)207 031 4064 in Europe or +1 954 334 0342 in the U.S. (code : 909 303).

This document does not constitute the annual financial report within the meaning of Article L.451-1-2 of the French monetary and financial code, which is included in the company’s Registration document available on the Group’s Web site at www.total.com or by request from the company’s headquarters.
This document may contain forward-looking statements, including 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.
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. Neither TOTAL nor any of its subsidiaries assumes 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 with the French Autorité des Marchés Financiers and the U.S. Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL.
Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods.
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 Downstream and Chemicals segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end prices differential between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
As from January 1, 2011, 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.
(iv) Until June 30, 2010, TOTAL’s equity share of adjustment items reconciling “Business net income” to Net income attributable to equity holders of Sanofi

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 as from January 1st, 2011 and excluding TOTAL’s equity share of adjustment items related to Sanofi until June 30, 2010.

Dollar amounts presented herein represent euro amounts converted at the average euro-dollar exchange rate for the applicable period and are not the result of financial statements prepared in dollars.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – La Défense 6 – 92078 Paris – La Défense Cedex, France, or at our Web site: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s Web site: www.sec.gov.

1 Definition of adjusted results on page 2 - dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.3482 $/€ for the 4th quarter 2011 ; 1.3583 $/€ for the 4th quarter 2010 ; 1.4127 $/€ for the 3rd quarter 2011 ; 1.3920 $/€ for the full year 2011 ; and 1.3257 $/€ for the full year 2010.
Net income (Group share) was 2,290 M€ in the fourth quarter 2011.

2 Pending approval at the May 11, 2012, Annual Shareholders Meeting, ex-dividend date for the dividend will be June 18, 2012.

3 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value from January 1, 2011, and, through June 30, 2010, excluding Total’s equity share of adjustments related to Sanofi. 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 19 and the inventory valuation effect are explained on page 16.

4 Including acquisitions.

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

6 Special items affecting operating income from the business segments had a negative impact of 484 M€ in the 4th quarter 2011 and a negative impact of 1,305 M€ in the 4th quarter 2010.

7 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).

8 Adjustment items explained on page 16.

9 Detail shown on page 19.

10 Detail shown on page 20.

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

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

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

14 Special items affecting operating income from the business segments had a negative impact of 873 M€ in 2011 and a negative impact of 1,394 M€ in 2010.

15 Adjustment items explained on page 16.

16 Detail shown on page 19.

17 Detail shown on page 20.

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

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

20 Detail shown on page 21.

21 Impact of changing hydrocarbon prices on entitlement volumes.

22 Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions – divestments) / production for the period. The reserve replacement rate would be 84% in an environment with a constant 79.02 $/b oil price, excluding acquisitions and divestments.

23 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 100 $/b Brent environment, including projects developed by mining.

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

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

26 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

27 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

28 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 22.

29 the ex-dividend date for the remainder of the 2011 dividend would be June 18, 2012 ; for the ADR (NYSE :TOT) the ex-dividend date would be June 13, 2012.

 
 
Operating information by segment
Fourth quarter and full year 2011
-- Upstream
             
4Q11 2011
4Q11 3Q11 4Q10 vs Combined liquids and gas vs
            4Q10   production by region (kboe/d)   2011   2010   2010
518 474 573 -10% Europe 512 580 -12%
693 623 764 -9% Africa 659 756 -13%
546 581 540 +1% Middle East 570 527 +8%
67 68 68 -1% North America 67 65 +3%
182 194 179 +2% South America 188 179 +5%
212 232 241 -12% Asia-Pacific 231 248 -7%
166   147   22   X8   CIS   119   23   X5
2,384   2,319   2,387   -   Total production   2,346   2,378   -1%
580   600   477   +22%   Includes equity and non-consolidated affiliates   571   444   +29%
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Liquids production by region (kb/d)   2011   2010   2011
vs
2010
244   234   265   -8%   Europe   245   269   -9%
553 481 614 -10% Africa 517 616 -16%
304 316 310 -2% Middle East 317 308 +3%
22 28 30 -27% North America 27 30 -10%
62 67 83 -25% South America 71 76 -7%
25 26 22 +14% Asia-Pacific 27 28 -4%
27   24   13   X2   CIS   22   13   +69%
1,237   1,176   1,337   -7%   Total production   1,226   1,340   -9%
295   312   318   -7%   Includes equity and non-consolidated affiliates   316   301   +5%
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Gas production by region (Mcf/d)   2011   2010   2011
vs
2010
1,491   1,299   1,676   -11%   Europe   1,453   1,690   -14%
688 720 739 -7% Africa 715 712 -
1,307 1,430 1,253 +4% Middle East 1,370 1,185 +16%
246 228 214 +15% North America 227 199 +14%
664 707 533 +25% South America 648 569 +14%
1,056 1,173 1,226 -14% Asia-Pacific 1,160 1,237 -6%
749   671   51   X15   CIS   525   56   X9
6,201   6,228   5,692   +9%   Total production   6,098   5,648   +8%
1,537   1,560   857   +79%   Includes equity and non-consolidated affiliates   1,383   781   +77%
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Liquefied natural gas   2011   2010   2011
vs
2010
3.15   3.35   3.12   +1%   LNG sales* (Mt)   13.19   12.32   +7%

* sales, Group share, excluding trading ; 2011 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2011 SEC coefficient.

  • Downstream
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Refined products sales by region (kb/d)*   2011   2010   2011
vs
2010
1,685   1,888   1,968   -14%   Europe   1,848   1,929   -4%
304 307 295 +3% Africa 304 292 +4%
94 101 95 -1% Americas 100 115 -13%
177   174   165   +7%   Rest of world   172   159   +8%
2,260   2,470   2,523   -10%   Total consolidated sales   2,424   2,495   -3%
1,062   1,270   1,307   -19%   Trading   1,215   1,281   -5%
                             
3,322   3,740   3,830   -13%   Total refined product sales   3,639   3,776   -4%

* includes trading, share of CEPSA through July 31, 2011, and, starting October 1, 2010, of TotalErg.

Adjustment items

  • Adjustments to operating income from business segments
4Q11   3Q11   4Q10   in millions of euros   2011   2010
(484)   (326)   (1,305)   Special items affecting operating income from the business segments   (873)   (1,394)
-   -   -  

-- Restructuring charges

  -   -
(535) (245) (1,393)

-- Impairments

(781) (1,416)
51   (81)   88  

-- Other

  (92)   22
58   (112)   397   Pre-tax inventory effect : FIFO vs. replacement cost   1,215   993
30   (14)   -   Effect of change in fair value   45   -
                     
(396)   (452)   (908)   Total adjustments affecting operating income from the business segments   387   (401)
  • Adjustments to net income (Group share)
4Q11   3Q11   4Q10   in millions of euros   2011   2010
(504)   610   (809)   Special items affecting net income (Group share)   (14)   (384)
268   1,054   352  

-- Gain on asset sales

  1,538   1,046
(66)   (56)   (42)  

-- Restructuring charges

  (122)   (53)
(716) (251) (1,058)

-- Impairments

(1,014) (1,224)
10   (137)   (61)  

-- Other

  (416)   (153)
49   (87)   283   After-tax inventory effect : FIFO vs. replacement cost   834   748
20   (10)   -   Effect of changes in fair value   32   -
-   -   -   Equity share of adjustment items related to Sanofi*   -   (81)
                     
(435)   513   (526)   Total adjustments to net income   852   283

* effective July 1, 2010, Sanofi is no longer treated as an equity affiliate. Total’s share in Sanofi was 3.22% on December 31, 2011 and 5.5% on December 31, 2010.

         

Effective tax rates

 
4Q11   3Q11   4Q10   Effective tax rate*   2011   2010
60.4% 63.9% 58.9% Upstream 60.7% 59.1%
60.8%   57.9%   57.2%   Group   58.4%   55.9%

* 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

             
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   in millions of euros   2011   2010   2011
vs
2010
5,225 3,349 3,454 +51% Investments excluding acquisitions* 14,828 11,894 +25%
328 287 462 -29%

-- Capitalized exploration

1,074 1,042 +3%
244   93   (315)   n/a  

-- Change in non-current loans**

  339   81   X4
1,858   445   970   +92%   Acquisitions   8,840   3,515   X3
7,083   3,794   4,424   +60%   Investments including acquisitions*   23,668   15,409   +54%
1,211   4,955   742   +63%   Asset sales   7,705   3,452   X2
5,872   (1,161)   3,682   +59%   Net investments   15,963   11,957   +34%
4Q11   3Q11   4Q10   4Q11
vs
4Q10		   Expressed in millions of dollars***   2011   2010   2011
vs
2010
7,044   4,731   4,692   +50%   Investments excluding acquisitions*   20,641   15,768   +31%
442 405 628 -30%

-- Capitalized exploration

1,495 1,381 +8%
329   131   (427)   n/a  

-- Change in non-current loans**

  472   107   X4
2,505   629   1,318   +90%   Acquisitions   12,305   4,660   X3
9,549   5,360   6,009   +59%   Investments including acquisitions*   32,946   20,428   +61%
1,633   7,000   1,008   +62%   Asset sales   10,725   4,576   X2
7,917   (1,640)   5,001   +58%   Net investments   22,220   15,851   +40%

* includes changes in non-current loans.
** includes net investments in equity affiliates and non-consolidated companies + net financing for employees related stock purchase plans.
*** dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period.

Net-debt-to-equity ratio

     
in millions of euros   12/31/2011   9/30/2011   12/31/2010
Current borrowings 9,675 10,406 9,653
Net current financial assets (533) (923) (1,046)
Non-current financial debt 22,557 22,415 20,783
Hedging instruments of non-current debt (1,976) (2,012) (1,870)
Cash and cash equivalents   (14,025)   (19,942)   (14,489)
Net debt   15,698   9,944   13,031
             
Shareholders’ equity 68,037 65,290 60,414
Estimated dividend payable (1,255) (1,254) (2,553)
Minority interests   1,352   1,467   857
Equity   68,134   65,503   58,718
             
Net-debt-to-equity ratio   23.0%   15.2%   22.2%
 

2012 Sensitivities*

       
    Scenario   Change   Impact on adjusted operating income(e)   Impact on adjusted net operating income(e)
Dollar   1.40 $/€   +0.1 $ per €   -1.8 B€   -0.95 B€
Brent   100 $/b   +1 $/b   +0.25 B€ / 0.35 B$   +0.11 B€ / 0.15 B$
European refining margins (ERMI)   25 $/t   +1 $/t   +0.06 B€ / 0.08 B$   +0.04 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 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 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   10,405   1,083   775   12,263 12,045
Capital employed at 12/31/2010* 43,972 15,561 7,312 66,845 70,866
Capital employed at 12/31/2011*   58,939   13,801   7,473   80,213 81,066
ROACE   20.2%   7.4%   10.5%   16.7% 15.9%

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

  • Twelve months ended September 30, 2011
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   9,929   1,127   894   11,950 11,828
Capital employed at 9/30/2010* 41,629 15,379 7,232 64,240 68,242
Capital employed at 9/30/2011*   51,851   12,691   7,194   71,736 72,764
ROACE   21.2%   8.0%   12.4%   17.6% 16.8%

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

  • Full year 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments   Group
Adjusted net operating income   8,597   1,168   857   10,622 10,748
Capital employed at 12/31/2009* 37,397 15,299 6,898 59,594 64,451
Capital employed at 12/31/2010*   43,972   15,561   7,312   66,845 70,866
ROACE   21.1%   7.6%   12.1%   16.8% 15.9%

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

Total Financial Statements

Fourth quarter and full year 2011 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
 
(unaudited)
 

(M€) (a)

  4th quarter

2011

  3rd quarter

2011

  4th quarter

2010

Sales 47,492 46,163 40,157
Excise taxes (4,534) (4,638) (4,397)
Revenues from sales 42,958 41,525 35,760
Purchases, net of inventory variation (29,233) (29,018) (23,623)
Other operating expenses (5,276) (5,061) (4,749)
Exploration costs (339) (242) (197)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,416) (1,873) (3,160)
Other income 281 1,334 582
Other expense (838) (212) (513)
Financial interest on debt (156) (262) (126)
Financial income from marketable securities & cash equivalents 57 114 43
Cost of net debt (99) (148) (83)
Other financial income 91 108 118
Other financial expense (102) (115) (114)
Equity in net income (loss) of affiliates 478 497 515
Income taxes   (3,121)   (3,448)   (2,455)
Consolidated net income   2,384   3,347   2,081
Group share 2,290 3,314 2,030
Non-controlling interests   94   33   51
Earnings per share (€)   1.02   1.47   0.91
Fully-diluted earnings per share (€)   1.01   1.47   0.90
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
TOTAL  
(unaudited)
 
(M€)   4th quarter

2011

  3rd quarter

2011

  4th quarter

2010

Consolidated net income   2,384   3,347   2,081
Other comprehensive income
Currency translation adjustment 1,833 2,309 762
Available for sale financial assets 296 (389) (52)
Cash flow hedge 5 (54) 9
Share of other comprehensive income of associates, net amount 219 (131) 27
Other 2 (2) (1)
 
Tax effect   (108)   82   (3)
Total other comprehensive income (net amount)   2,247   1,815   742
             
Comprehensive income   4,631   5,162   2,823
- Group share 4,478 5,077 2,757
- Non-controlling interests 153 85 66
CONSOLIDATED STATEMENT OF INCOME    
TOTAL

 

 
(M€) (a)   Year

2011

  Year

2010

Sales 184,693 159,269
Excise taxes (18,143) (18,793)
Revenues from sales 166,550 140,476
Purchases, net of inventory variation (113,892) (93,171)
Other operating expenses (19,843) (19,135)
Exploration costs (1,019) (864)
Depreciation, depletion and amortization of tangible assets and mineral interests (7,506) (8,421)
Other income 1,946 1,396
Other expense (1,247) (900)
Financial interest on debt (713) (465)
Financial income from marketable securities & cash equivalents 273 131
Cost of net debt (440) (334)
Other financial income 609 442
Other financial expense (429) (407)
Equity in net income (loss) of affiliates 1,925 1,953
Income taxes   (14,073)   (10,228)
Consolidated net income   12,581   10,807
Group share 12,276 10,571
Non-controlling interests   305   236
Earnings per share (€)   5.46   4.73
Fully-diluted earnings per share (€)   5.44   4.71
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME  
TOTAL  

 

 
(M€)   Year

2011

  Year

2010

Consolidated net income   12,581   10,807
Other comprehensive income
Currency translation adjustment 1,498 2,231
Available for sale financial assets 337 (100)
Cash flow hedge (84) (80)
Share of other comprehensive income of associates, net amount (15) 302
Other (2) (7)
 
Tax effect   (55)   28
Total other comprehensive income (net amount)   1,679   2,374
         
Comprehensive income   14,260   13,181
- Group share 13,911 12,936
- Non-controlling interests 349 245
CONSOLIDATED BALANCE SHEET      
TOTAL
 
 
(M€)  

December 31,
2011

 

September 30,
2011
(unaudited)

 

 

December 31,
2010

ASSETS
Non-current assets
Intangible assets, net 12,413 10,280 8,917
Property, plant and equipment, net 64,457 59,729 54,964
Equity affiliates : investments and loans 12,995 11,455 11,516
Other investments 3,674 3,767 4,590
Hedging instruments of non-current financial debt 1,976 2,012 1,870
Other non-current assets   4,871   4,248   3,655
Total non-current assets   100,386   91,491   85,512
Current assets
Inventories, net 18,122 16,024 15,600
Accounts receivable, net 20,049 18,786 18,159
Other current assets 10,767 7,938 7,483
Current financial assets 700 1,172 1,205
Cash and cash equivalents   14,025   19,942   14,489
Total current assets   63,663   63,862   56,936
Assets classified as held for sale   -   1,630   1,270
Total assets 164,049 156,983 143,718
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,909 5,909 5,874
Paid-in surplus and retained earnings 66,506 65,862 60,538
Currency translation adjustment (988) (3,091) (2,495)
Treasury shares   (3,390)   (3,390)   (3,503)
Total shareholders' equity - Group Share   68,037   65,290   60,414
Non-controlling interests   1,352   1,467   857
Total shareholders' equity   69,389   66,757   61,271
Non-current liabilities
Deferred income taxes 12,260 10,601 9,947
Employee benefits 2,232 2,180 2,171
Provisions and other non-current liabilities 10,909 8,920 9,098
Non-current financial debt   22,557   22,415   20,783
Total non-current liabilities   47,958   44,116   41,999
Current liabilities
Accounts payable 22,086 18,753 18,450
Other creditors and accrued liabilities 14,774 16,361 11,989
Current borrowings 9,675 10,406 9,653
Other current financial liabilities   167   249   159
Total current liabilities   46,702   45,769   40,251
Liabilities directly associated with the assets classified as held for sale   -   341   197
Total liabilities and shareholders' equity 164,049 156,983 143,718
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€)   4th quarter

2011

  3rd quarter

2011

  4th quarter

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,384 3,347 2,081
Depreciation, depletion and amortization 3,037 2,062 3,338
Non-current liabilities, valuation allowances and deferred taxes 505 312 199
Impact of coverage of pension benefit plans - - (60)
(Gains) losses on sales of assets (73) (1,282) (429)
Undistributed affiliates' equity earnings 50 (34) (133)
(Increase) decrease in working capital (3,129) 1,501 (1,658)
Other changes, net   20   58   49
Cash flow from operating activities 2,794 5,964 3,387
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,559) (3,802) (4,477)
Acquisitions of subsidiaries, net of cash acquired (45) 170 (6)
Investments in equity affiliates and other securities (1,235) (69) (256)
Increase in non-current loans   (528)   (220)   (287)
Total expenditures (7,367) (3,921) (5,026)
Proceeds from disposal of intangible assets and property, plant and equipment 600 213 538
Proceeds from disposal of subsidiaries, net of cash sold 5 399 -
Proceeds from disposal of non-current investments 606 4,343 204
Repayment of non-current loans   284   127   602
Total divestments   1,495   5,082   1,344
Cash flow used in investing activities (5,872) 1,161 (3,682)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders - 77 27
- Treasury shares - - -
Dividends paid:
- Parent company shareholders (1,285) (1,283) (2,550)
- Non-controlling interests (75) (35) (62)
Other transactions with non-controlling interests (632) - 21
Net issuance (repayment) of non-current debt 129 1,034 57
Increase (decrease) in current borrowings (1,617) (2,541) (1,490)
Increase (decrease) in current financial assets and liabilities 531 1,999 474
Cash flow used in financing activities   (2,949)   (749)   (3,523)
Net increase (decrease) in cash and cash equivalents (6,027) 6,376 (3,818)
Effect of exchange rates 110 179 60
Cash and cash equivalents at the beginning of the period   19,942   13,387   18,247
Cash and cash equivalents at the end of the period   14,025   19,942   14,489
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL

 

 
(M€)   Year

2011

  Year

2010

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 12,581 10,807
Depreciation, depletion and amortization 8,628 9,117
Non-current liabilities, valuation allowances and deferred taxes 1,665 527
Impact of coverage of pension benefit plans - (60)
(Gains) losses on sales of assets (1,590) (1,046)
Undistributed affiliates' equity earnings (107) (470)
(Increase) decrease in working capital (1,739) (496)
Other changes, net   98   114
Cash flow from operating activities 19,536 18,493
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (17,950) (13,812)
Acquisitions of subsidiaries, net of cash acquired (854) (862)
Investments in equity affiliates and other securities (4,525) (654)
Increase in non-current loans   (1,212)   (945)
Total expenditures (24,541) (16,273)
Proceeds from disposal of intangible assets and property, plant and equipment 1,439 1,534
Proceeds from disposal of subsidiaries, net of cash sold 575 310
Proceeds from disposal of non-current investments 5,691 1,608
Repayment of non-current loans   873   864
Total divestments   8,578   4,316
Cash flow used in investing activities (15,963) (11,957)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 481 41
- Treasury shares - 49
Dividends paid:
- Parent company shareholders (5,140) (5,098)
- Non controlling interests (172) (152)
Other transactions with non-controlling interests (573) (429)
Net issuance (repayment) of non-current debt 4,069 3,789
Increase (decrease) in current borrowings (3,870) (731)
Increase (decrease) in current financial assets and liabilities 896 (817)
Cash flow used in financing activities   (4,309)   (3,348)
Net increase (decrease) in cash and cash equivalents (736) 3,188
Effect of exchange rates 272 (361)
Cash and cash equivalents at the beginning of the period   14,489   11,662
Cash and cash equivalents at the end of the period   14,025   14,489
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY        
TOTAL          
(unaudited)                                    
Common shares issued Paid-in surplus and retained earnings Currency translation adjustment Treasury shares Shareholders' equity Group Share Non-controlling interests Total shareholders' equity
(M€)   Number   Amount           Number   Amount            
As of January 1, 2010   2,348,422,884   5,871   55,372   (5,069)   (115,407,190)   (3,622)   52,552   987   53,539
Net income 2010 - - 10,571 - - - 10,571 236 10,807
Other comprehensive Income - - (216) 2,581 - - 2,365 9 2,374
Comprehensive Income - - 10,355 2,581 - - 12,936 245 13,181
Dividend - - (5,098) - - - (5,098) (152) (5,250)
Issuance of common shares 1,218,047 3 38 - - - 41 - 41
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (70) - 2,919,511 119 49 - 49
Share-based payments - - 140 - - - 140 - 140
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (199) (7) - - (206) (223) (429)
Other items - - - - - - - - -
As of December 31, 2010   2,349,640,931   5,874   60,538   (2,495)   (112,487,679)   (3,503)   60,414   857   61,271
Net income 2011 - - 12,276 - - - 12,276 305 12,581
Other comprehensive Income - - 231 1,404 - - 1,635 44 1,679
Comprehensive Income - - 12,507 1,404 - - 13,911 349 14,260
Dividend - - (6,457) - - - (6,457) (172) (6,629)
Issuance of common shares 14,126,382 35 446 - - - 481 - 481
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (113) - 2,933,506 113 - - -
Share-based payments - - 161 - - - 161 - 161
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (553) 103 - - (450) (123) (573)
Other items - - (23) - - - (23) 441 418
As of December 31, 2011   2,363,767,313   5,909   66,506   (988)   (109,554,173)   (3,390)   68,037   1,352   69,389
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 6,716 36,367 4,412 (3) - 47,492
Intersegment sales 7,450 1,284 349 56 (9,139) -
Excise taxes   -   (4,534)   -   -   -   (4,534)
Revenues from sales 14,166 33,117 4,761 53 (9,139) 42,958
Operating expenses (6,626) (32,344) (4,800) (217) 9,139 (34,848)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,455)   (825)   (127)   (9)   -   (2,416)
Operating income 6,085 (52) (166) (173) - 5,694
Equity in net income (loss) of affiliates and other items (142) (42) 52 42 - (90)
Tax on net operating income   (3,303)   120   61   (26)   -   (3,148)
Net operating income 2,640 26 (53) (157) - 2,456
Net cost of net debt (72)
Non-controlling interests                       (94)
Net income 2,290
                         
4th quarter 2011 (adjustments) (a)

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 30 - - - 30
Intersegment sales
Excise taxes                        
Revenues from sales 30 - - - 30
Operating expenses - 238 (129) - 109
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (532)   (3)   -       (535)
Operating income (b) 30 (294) (132) - (396)
Equity in net income (loss) of affiliates and other items (460) (95) (22) 21 (556)
Tax on net operating income   294   193   50   (7)       530
Net operating income (b) (136) (196) (104) 14 (422)
Net cost of net debt -
Non-controlling interests                       (13)
Net income (435)
 

(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - 170 (112) -
On net operating income - 140 (78) -

 

 

 

 

 

 

 

 

 

       
4th quarter 2011 (adjusted)

(M€) (a)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 6,686 36,367 4,412 (3) - 47,462
Intersegment sales 7,450 1,284 349 56 (9,139) -
Excise taxes   -   (4,534)   -   -   -   (4,534)
Revenues from sales 14,136 33,117 4,761 53 (9,139) 42,928
Operating expenses (6,626) (32,582) (4,671) (217) 9,139 (34,957)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,455)   (293)   (124)   (9)   -   (1,881)
Adjusted operating income 6,055 242 (34) (173) - 6,090
Equity in net income (loss) of affiliates and other items 318 53 74 21 - 466
Tax on net operating income   (3,597)   (73)   11   (19)   -   (3,678)
Adjusted net operating income 2,776 222 51 (171) - 2,878
Net cost of net debt (72)
Non-controlling interests                       (81)
Ajusted net income                       2,725
Adjusted fully-diluted earnings per share (€)                       1.20
(a) Except for per share amounts.                        
                         
4th quarter 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Total expenditures 6,300 704 299 64 7,367
Total divestments 447 493 44 511 1,495
Cash flow from operating activities   3,648   (775)   159   (238)       2,794
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
3rd quarter 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 5,272 36,220 4,669 2 - 46,163
Intersegment sales 6,571 1,582 243 45 (8,441) -
Excise taxes   -   (4,638)   -   -   -   (4,638)
Revenues from sales 11,843 33,164 4,912 47 (8,441) 41,525
Operating expenses (5,443) (32,559) (4,624) (136) 8,441 (34,321)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,281)   (464)   (119)   (9)   -   (1,873)
Operating income 5,119 141 169 (98) - 5,331
Equity in net income (loss) of affiliates and other items 922 347 319 24 - 1,612
Tax on net operating income   (3,401)   (58)   (45)   41   -   (3,463)
Net operating income 2,640 430 443 (33) - 3,480
Net cost of net debt (133)
Non-controlling interests                       (33)
Net income 3,314
                         
3rd quarter 2011 (adjustments) (a)

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales (14) - - - (14)
Intersegment sales
Excise taxes                        
Revenues from sales (14) - - - (14)
Operating expenses - (173) (19) - (192)
Depreciation, depletion and amortization of tangible assets and mineral interests   (75)   (168)   (3)   -       (246)
Operating income (b) (89) (341) (22) - (452)
Equity in net income (loss) of affiliates and other items 530 339 243 15 1,127
Tax on net operating income   (124)   44   (17)   (71)       (168)
Net operating income (b) 317 42 204 (56) 507
Net cost of net debt -
Non-controlling interests                       6
Net income 513
 

(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - (100) (12) -
On net operating income - (83) (7) -

 

 

 

 

 

 

 

 

 

       
3rd quarter 2011 (adjusted)

(M€) (a)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 5,286 36,220 4,669 2 - 46,177
Intersegment sales 6,571 1,582 243 45 (8,441) -
Excise taxes   -   (4,638)   -   -   -   (4,638)
Revenues from sales 11,857 33,164 4,912 47 (8,441) 41,539
Operating expenses (5,443) (32,386) (4,605) (136) 8,441 (34,129)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,206)   (296)   (116)   (9)   -   (1,627)
Adjusted operating income 5,208 482 191 (98) - 5,783
Equity in net income (loss) of affiliates and other items 392 8 76 9 - 485
Tax on net operating income   (3,277)   (102)   (28)   112   -   (3,295)
Adjusted net operating income 2,323 388 239 23 - 2,973
Net cost of net debt (133)
Non-controlling interests                       (39)
Ajusted net income                       2,801
Adjusted fully-diluted earnings per share (€)                       1.24
(a) Except for per share amounts.
                         
3rd quarter 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Total expenditures 3,289 440 168 24 - 3,921
Total divestments 953 2,691 1,094 344 - 5,082
Cash flow from operating activities   3,158   1,775   359   672   -   5,964
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
4th quarter 2010

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 5,002 30,940 4,218 (3) - 40,157
Intersegment sales 5,861 1,069 231 55 (7,216) -
Excise taxes   -   (4,397)   -   -   -   (4,397)
Revenues from sales 10,863 27,612 4,449 52 (7,216) 35,760
Operating expenses (4,891) (26,577) (4,113) (204) 7,216 (28,569)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,465)   (1,544)   (140)   (11)   -   (3,160)
Operating income 4,507 (509) 196 (163) - 4,031
Equity in net income (loss) of affiliates and other items 640 (115) 49 14 - 588
Tax on net operating income   (2,750)   240   (47)   77   -   (2,480)
Net operating income 2,397 (384) 198 (72) - 2,139
Net cost of net debt (58)
Non-controlling interests                       (51)
Net income 2,030
                         
4th quarter 2010 (adjustments) (a)

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses - 409 76 - 485
Depreciation, depletion and amortization of tangible assets and mineral interests   (188)   (1,192)   (13)   -       (1,393)
Operating income (b) (188) (783) 63 - (908)
Equity in net income (loss) of affiliates and other items 244 (192) (32) 4 24
Tax on net operating income   41   325   (3)   (1)       362
Net operating income (b) 97 (650) 28 3 (522)
Net cost of net debt -
Non-controlling interests                       (4)
Net income (526)
 

(a) Adjustments include special items and inventory valuation effect.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - 299 98 -
On net operating income - 197 93 -

 

 

 

 

 

 

 

 

 

       
4th quarter 2010 (adjusted)

(M€) (a)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 5,002 30,940 4,218 (3) - 40,157
Intersegment sales 5,861 1,069 231 55 (7,216) -
Excise taxes   -   (4,397)   -   -   -   (4,397)
Revenues from sales 10,863 27,612 4,449 52 (7,216) 35,760
Operating expenses (4,891) (26,986) (4,189) (204) 7,216 (29,054)
Depreciation, depletion and amortization of tangible assets and mineral interests   (1,277)   (352)   (127)   (11)   -   (1,767)
Adjusted operating income 4,695 274 133 (163) - 4,939
Equity in net income (loss) of affiliates and other items 396 77 81 10 - 564
Tax on net operating income   (2,791)   (85)   (44)   78   -   (2,842)
Adjusted net operating income 2,300 266 170 (75) - 2,661
Net cost of net debt (58)
Non-controlling interests                       (47)
Ajusted net income                       2,556
Adjusted fully-diluted earnings per share (€)                       1.14
(a) Except for per share amounts.
                         
4th quarter 2010

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Total expenditures 3,942 757 292 35 5,026
Total divestments 771 433 23 117 1,344
Cash flow from operating activities   3,908   (955)   332   102       3,387
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
Year 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 23,298 141,907 19,477 11 - 184,693
Intersegment sales 27,301 5,983 1,234 185 (34,703) -
Excise taxes   -   (18,143)   -   -   -   (18,143)
Revenues from sales 50,599 129,747 20,711 196 (34,703) 166,550
Operating expenses (23,079) (126,145) (19,566) (667) 34,703 (134,754)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,076)   (1,908)   (487)   (35)   -   (7,506)
Operating income 22,444 1,694 658 (506) - 24,290
Equity in net income (loss) of affiliates and other items 1,596 401 471 336 - 2,804
Tax on net operating income   (13,506)   (409)   (225)   (38)   -   (14,178)
Net operating income 10,534 1,686 904 (208) - 12,916
Net cost of net debt (335)
Non-controlling interests                       (305)
Net income 12,276
                         
Year 2011 (adjustments) (a)

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 45 - - - 45
Intersegment sales
Excise taxes                        
Revenues from sales 45 - - - 45
Operating expenses - 1,156 (33) - 1,123
Depreciation, depletion and amortization of tangible assets and mineral interests   (75)   (700)   (6)   -       (781)
Operating income (b) (30) 456 (39) - 387
Equity in net income (loss) of affiliates and other items 191 256 209 90 746
Tax on net operating income   (32)   (109)   (41)   (80)       (262)
Net operating income (b) 129 603 129 10 871
Net cost of net debt -
Non-controlling interests                       (19)
Net income 852
 

(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.

 

(b) Of which inventory valuation effect

On operating income - 1,224 (9) -
On net operating income - 859 10 -

 

 

 

 

 

 

 

 

 

       
Year 2011 (adjusted)

(M€) (a)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 23,253 141,907 19,477 11 - 184,648
Intersegment sales 27,301 5,983 1,234 185 (34,703) -
Excise taxes   -   (18,143)   -   -   -   (18,143)
Revenues from sales 50,554 129,747 20,711 196 (34,703) 166,505
Operating expenses (23,079) (127,301) (19,533) (667) 34,703 (135,877)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,001)   (1,208)   (481)   (35)   -   (6,725)
Adjusted operating income 22,474 1,238 697 (506) - 23,903
Equity in net income (loss) of affiliates and other items 1,405 145 262 246 - 2,058
Tax on net operating income   (13,474)   (300)   (184)   42   -   (13,916)
Adjusted net operating income 10,405 1,083 775 (218) - 12,045
Net cost of net debt (335)
Non-controlling interests                       (286)
Ajusted net income                       11,424
Adjusted fully-diluted earnings per share (€)                       5.06
(a) Except for per share amounts.
                         
Year 2011

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Total expenditures 21,689 1,870 847 135 24,541
Total divestments 2,656 3,235 1,164 1,523 8,578
Cash flow from operating activities   17,054   2,165   512   (195)       19,536
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
                         
Year 2010

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 18,527 123,245 17,490 7 - 159,269
Intersegment sales 22,540 4,693 981 186 (28,400) -
Excise taxes   -   (18,793)   -   -   -   (18,793)
Revenues from sales 41,067 109,145 18,471 193 (28,400) 140,476
Operating expenses (18,271) (105,660) (16,974) (665) 28,400 (113,170)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,346)   (2,503)   (533)   (39)   -   (8,421)
Operating income 17,450 982 964 (511) - 18,885
Equity in net income (loss) of affiliates and other items 1,533 141 215 595 - 2,484
Tax on net operating income   (10,131)   (201)   (267)   263   -   (10,336)
Net operating income 8,852 922 912 347 - 11,033
Net cost of net debt (226)
Non-controlling interests                       (236)
Net income 10,571
                         
Year 2010 (adjustments) (a)

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales
Intersegment sales
Excise taxes                        
Revenues from sales
Operating expenses - 923 92 - 1,015
Depreciation, depletion and amortization of tangible assets and mineral interests   (203)   (1,192)   (21)   -       (1,416)
Operating income (b) (203) (269) 71 - (401)
Equity in net income (loss) of affiliates and other items (c) 183 (126) (16) 227 268
Tax on net operating income   275   149   -   (6)       418
Net operating income (b) 255 (246) 55 221 285
Net cost of net debt -
Non-controlling interests                       (2)
Net income 283
 

(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.

 

(b) Of which inventory valuation effect

On operating income - 863 130 -
On net operating income - 640 113 -
(c) Of which equity share of adjustments related to Sanofi - - - (81)
                         
Year 2010 (adjusted)

(M€) (a)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Non-Group sales 18,527 123,245 17,490 7 - 159,269
Intersegment sales 22,540 4,693 981 186 (28,400) -
Excise taxes   -   (18,793)   -   -   -   (18,793)
Revenues from sales 41,067 109,145 18,471 193 (28,400) 140,476
Operating expenses (18,271) (106,583) (17,066) (665) 28,400 (114,185)
Depreciation, depletion and amortization of tangible assets and mineral interests   (5,143)   (1,311)   (512)   (39)   -   (7,005)
Adjusted operating income 17,653 1,251 893 (511) - 19,286
Equity in net income (loss) of affiliates and other items 1,350 267 231 368 - 2,216
Tax on net operating income   (10,406)   (350)   (267)   269   -   (10,754)
Adjusted net operating income 8,597 1,168 857 126 - 10,748
Net cost of net debt (226)
Non-controlling interests                       (234)
Ajusted net income                       10,288
Adjusted fully-diluted earnings per share (€)                       4.58
(a) Except for per share amounts.
                         
Year 2010

(M€)

  Upstream   Downstream   Chemicals   Corporate   Intercompany   Total
Total expenditures 13,208 2,343 641 81 16,273
Total divestments 2,067 499 347 1,403 4,316
Cash flow from operating activities   15,573   1,441   934   545       18,493
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited)
 
4(th) quarter 2011 Adjusted Adjustments ((a)) Consolidated
(M€)           statement of income
Sales 47,462 30 47,492
Excise taxes (4,534) - (4,534)
Revenues from sales 42,928 30 42,958
Purchases net of inventory variation (29,291) 58 (29,233)
Other operating expenses (5,327) 51 (5,276)
Exploration costs (339) - (339)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,881) (535) (2,416)
Other income 252 29 281
Other expense (312) (526) (838)
Financial interest on debt (156) - (156)
Financial income from marketable securities & cash equivalents 57 - 57
Cost of net debt (99) - (99)
Other financial income 91 - 91
Other financial expense (102) - (102)
Equity in net income (loss) of affiliates 537 (59) 478
Income taxes   (3,651)   530   (3,121)
Consolidated net income 2,806 (422) 2,384
Group share 2,725 (435) 2,290
Non-controlling interests 81 13 94
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
4(th) quarter 2010 Adjusted Adjustments ((a)) Consolidated
(M€)           statement of income
Sales 40,157 - 40,157
Excise taxes (4,397) - (4,397)
Revenues from sales 35,760 - 35,760
Purchases net of inventory variation (24,142) 519 (23,623)
Other operating expenses (4,715) (34)

(4,749)

Exploration costs (197) - (197)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,767) (1,393) (3,160)
Other income 221 361 582
Other expense (138) (375) (513)
Financial interest on debt (126) - (126)
Financial income from marketable securities & cash equivalents 43 - 43
Cost of net debt (83) - (83)
Other financial income 118 - 118
Other financial expense (114) - (114)
Equity in net income (loss) of affiliates 477 38 515
Income taxes   (2,817)   362   (2,455)
Consolidated net income 2,603 (522) 2,081
Group share 2,556 (526) 2,030
Non-controlling interests 47 4 51
 
(a) Adjustments include special items and inventory valuation effect.
Reconciliation of the information by business segment with consolidated financial statements
TOTAL      
(unaudited)
 
Year 2011 Adjusted Adjustments ((a)) Consolidated
(M€)           statement of income
Sales 184,648 45 184,693
Excise taxes (18,143) - (18,143)
Revenues from sales 166,505 45 166,550
Purchases net of inventory variation (115,107) 1,215 (113,892)
Other operating expenses (19,751) (92) (19,843)
Exploration costs (1,019) - (1,019)
Depreciation, depletion and amortization of tangible assets and mineral interests (6,725) (781) (7,506)
Other income 430 1,516 1,946
Other expense (536) (711) (1,247)
Financial interest on debt (713) - (713)
Financial income from marketable securities & cash equivalents 273 - 273
Cost of net debt (440) - (440)
Other financial income 609 - 609
Other financial expense (429) - (429)
Equity in net income (loss) of affiliates 1,984 (59) 1,925
Income taxes   (13,811)   (262)   (14,073)
Consolidated net income 11,710 871 12,581
Group share 11,424 852 12,276
Non-controlling interests 286 19 305
 
(a) Adjustments include special items, inventory valuation effect and, as from January 1st, 2011, the effect of changes in fair value.
Year 2010 Adjusted Adjustments ((a)) Consolidated
(M€)           statement of income
Sales 159,269 - 159,269
Excise taxes (18,793) - (18,793)
Revenues from sales 140,476 - 140,476
Purchases net of inventory variation (94,286) 1,115 (93,171)
Other operating expenses (19,035) (100) (19,135)
Exploration costs (864) - (864)
Depreciation, depletion and amortization of tangible assets and mineral interests (7,005) (1,416) (8,421)
Other income 524 872 1,396
Other expense (346) (554) (900)
Financial interest on debt (465) - (465)
Financial income from marketable securities & cash equivalents 131 - 131
Cost of net debt (334) - (334)
Other financial income 442 - 442
Other financial expense (407) - (407)
Equity in net income (loss) of affiliates 2,003 (50) 1,953
Income taxes   (10,646)   418   (10,228)
Consolidated net income 10,522 285 10,807
Group share 10,288 283 10,571
Non-controlling interests 234 2 236
 
(a) Adjustments include special items, inventory valuation effect and, until June 30,2010, equity share of adjustments related to Sanofi.
 

TOTAL
Martin DEFFONTAINES
Laurent KETTENMEYER
Matthieu GOT
Karine KACZKA
Tel. : 33 (1) 47 44 58 53
Fax : 33 (1) 47 44 58 24
ou
Robert HAMMOND (U.S.)
Tel. : (1) 713-483-5070
Fax : (1) 713-483-5629
www.total.com

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