Total: Second Quarter and First Half 2009 Results

Board Approves Interim 2009 Dividend of 1.14 €/Share

Total: Second Quarter and First Half 2009 Results

TOTAL

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

Main results 1-2

-- Second quarter adjusted net income 3

  1.7 billion euros   -54%
2.3 billion dollars -60%
0.77 euros per share -53%
1.05 dollars per share -59%

-- First half adjusted net income

3.8 billion euros -45%
5.1 billion dollars -52%

-- First half net income (Group share)

4.5 billion euros -46%

Highlights since the beginning of the second quarter 2009

  • Upstream production of 2,182 kboe/d in the second quarter 2009
  • Start-up of Tahiti in the Gulf of Mexico and Tyrihans in Norway
  • Launching construction of the Jubail refinery in Saudi Arabia in partnership with Saudi Aramco
  • Partnership with Cobalt International Energy, L.P. and start of first joint-exploration well in deep-offshore Gulf of Mexico
  • Launching engineering studies (FEED) for Ichthys LNG project in Australia
  • Signed 20-year extension of Gasco joint-venture in United Arab Emirates
  • Agreement for a 49% interest in Terneftegas for development of Termokarstovoye field in Russia
  • Acquired new exploration acreage in offshore Egypt, Norway and Cameroon
  • Successful appraisal well near Moho Bilondo in Congo and discovery on Niscota block in Colombia
  • Entered partnership with GDF SUEZ to participate in the EPR nuclear project in Penly, France and acquired interest in Gevo, an innovative US company developing bio-hydrocarbons

The Board of Directors of Total, led by Chairman Thierry Desmarest, met on July 30, 2009 to review the Group’s second quarter and first half 2009.

Adjusted net income was 1,721 million euros (M€), a decrease of 54% compared to the second quarter 2008 and 19% compared to first quarter 2009.

The Board of Directors approved the 2009 interim dividend of 1.14 €/share for payment in November4.

Commenting on the results, CEO Christophe de Margerie said :

«In the second quarter, the price of Brent rose by 33% compared to the first quarter, lifted by the anticipation of an economic recovery and by OPEC maintaining its production discipline. However, weak demand caused natural gas prices and refining margins to fall sharply. The environment for chemicals stabilized after recent quarters that were affected by low demand. The dollar averaged 1.36 $/€ in the quarter.

Total’s adjusted net income of 2.35 billion dollars and gearing close to 25% confirms that we are able to resist in a weaker environment. Since the start of the year, Total has issued close to 5 billion euros of debt with competitive terms to maintain its financial flexibility.

While maintaining a sustained level of investment to prepare for the future, Total is fully engaged in ongoing cost reduction and optimization programs needed to lower the breakeven points and launch new development projects. For example, after succeeding in significantly reducing costs, the Group made its final investment decision on the Jubail refinery project with Saudi Aramco and awarded construction contracts.

Since the beginning of the year, the Akpo, Tahiti and Tyrihans fields have started up as planned. Despite these successes, the Group’s hydrocarbon production declined relative to the first quarter of this year because of high maintenance, impact of higher prices on entitlement production and weak gas demand with only a partial offset from the contribution from new fields.

Over the remaining months of the year, we expect to benefit from the ramp-up of these new fields and the start-up of Yemen LNG, Qatargas II train B and Tombua Landana in Angola. Exploration success during the quarter, acquisition of new permits and the partnerships with Cobalt in the Gulf of Mexico and Novatek in Russia all combine to strengthen the potential of the Group.

The recent industrial accidents regrettably confirm that the Group must maintain its efforts for vigilance and improvement of safety at the highest levels. In the framework of its policy for investment, training and management, Total will continue to give priority to the safety of its personnel and the protection of the environment.

Confident in its outlook and financial strength, Total will pay an interim dividend to its shareholders in November4 of 1.14 € per share, the same amount as the interim and final 2008 dividends. »

  • Key figures 5
2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		   in millions of euros
except earnings per share and number of shares 		  1H09   1H08   1H09
vsvs
1H081H08
31,430 30,041 48,200 -35% Sales 61,471 92,413 -33%
3,044 3,615 7,786 -61% Adjusted operating income from business segments 6,659 14,905 -55%
1,678 2,050 3,756 -55% Adjusted net operating income from business segments 3,728 6,956 -46%
1,451 1,482 3,099 -53% = Upstream 2,933 5,830 -50%
156 600 587 -73% = Downstream 756 898 -16%
71 -32 70 +1% = Chemicals 39 228 -83%
1,721 2,113 3,723 -54% Adjusted net income 3,834 6,977 -45%
0.77 0.95 1.65 -53% Adjusted fully-diluted earnings per share (euros) 1.72 3.10 -45%
2,235.6 2,235.4 2,252.9 -1% Fully-diluted weighted-average shares (millions) 2,235.5 2,253.4 -1%
2,169 2,290 4,732 -54% Net income (Group share) 4,459 8,334 -46%
3,634 2,935 2,868 +27%

Investments6

6,569 5,511 +19%
3,575 2,840 2,138 +67% Investments6 including net investments in equity affiliates and non-consolidated companies 6,415 4,684 +37%
858 472 726 +18% Divestments 1,330 924 +44%
1,939 3,994 1,922 +1% Cash flow from operations 5,933 7,238 -18%
3,237 3,372 4,798 -33% Adjusted cash flow from operations 6,609 9,129 -28%
2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		  

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

  1H09   1H08   1H09
vsvs
1H081H08
42,845 39,140 75,298 -43% Sales 81,929 141,429 -42%
4,150 4,710 12,163 -66% Adjusted operating income from business segments 8,875 22,811 -61%
2,287 2,671 5,868 -61% Adjusted net operating income from business segments 4,969 10,645 -53%
1,978 1,931 4,841 -59% = Upstream 3,909 8,922 -56%
213 782 917 -77% = Downstream 1,008 1,374 -27%
97 -42 109 -11% = Chemicals 52 349 -85%
2,346 2,753 5,816 -60% Adjusted net income 5,110 10,678 -52%
1.05 1.23 2.58 -59% Adjusted fully-diluted earnings per share (dollars) 2.29 4.74 -52%
2,235.6 2,235.4 2,252.9 -1% Fully-diluted weighted-average shares (millions) 2,235.5 2,253.4 -1%
2,957 2,984 7,392 -60% Net income (Group share) 5,943 12,754 -53%
4,954 3,824 4,480 +11% Investments6 8,755 8,434 +4%
4,873 3,700 3,340 +46% Investments6 including net investments in equity affiliates and non-consolidated companies 8,550 7,168 +19%
1,170 615 1,134 +3% Divestments 1,773 1,414 +25%
2,643 5,204 3,003 -12% Cash flow from operations 7,908 11,077 -29%
4,413 4,393 7,495 -41% Adjusted cash flow from operations 8,808 13,971 -37%
  • Second quarter 2009 results

- Operating income

In the second quarter 2009, the Brent price averaged 59.1 $/b, a decrease of 51% compared to the second quarter 2008 and an increase of 33% compared to the first quarter 2009. The TRCV European refining margin indicator fell to 12.4 $/t on average in the second quarter 2009, a decrease of 69% compared to the second quarter 2008 and 64% compared to the first quarter 2009.

The euro-dollar exchange rate averaged 1.36 $/€ in the second quarter 2009 compared to 1.56 $/€ in the second quarter 2008 and 1.30 $/€ in the first quarter 2009.

In this environment, the adjusted operating income from the business segments was 3,044 M€, a decrease of 61% compared to the second quarter 20088. Expressed in dollars, the decrease was 66%.

The effective tax rate9 for the business segments was 56% in the second quarter 2009 compared to 58% in the second quarter 2008.

Adjusted net operating income from the business segments was 1,678 M€ compared to 3,756 M€ in the second quarter 2008, a decrease of 55%. The smaller decrease, relative to the one in adjusted operating income, is essentially due to a more limited decrease in the contribution from equity affiliates.

Expressed in dollars, adjusted net operating income from the business segments was 2.3 billion dollars (B$), a decrease of 61% compared to the second quarter 2008.

- Net income

Adjusted net income was 1,721 M€ compared to 3,723 M€ in the second quarter 2008, a decrease of 54%. Expressed in dollars, adjusted net income decreased by 60%. 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 788 M€ in the second quarter 2009 and 1,154 M€ in the second quarter 2008.
  • Special items had a negative impact on net income of 221 M€ in the second quarter 2009 and were comprised mainly of provisions in the Downstream and Chemicals segments, including the modernization plans for refining and petrochemicals in France announced in March 2009. In the second quarter 2008, special items had a negative impact on net income of 67 M€10.
  • The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 119 M€ in the second quarter 2009. The adjustments related to Sanofi-Aventis were 78 M€ in the second quarter 2008.

Reported net income (Group share) was 2,169 M€ compared to 4,732 M€ in the second quarter 2008.

The effective tax rate for the Group was 56% in the second quarter 2009.

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

Adjusted fully-diluted earnings per share, based on 2,235.6 million fully-diluted weighted-average shares, was 0.77 euros compared to 1.65 euros in the second quarter 2008, a decrease of 53%.

Expressed in dollars, adjusted fully-diluted earnings per share fell by 59% to $1.05.

- Investments – divestments11

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.1 B€ (4.2 B$) in the second quarter 2009 compared to 2.1 B€ (3.3 B$) in the second quarter 2008.

Acquisitions were 480 M€ in the second quarter 2009.

Asset sales in the second quarter 2009 were 781 M€, consisting essentially of Sanofi-Aventis shares.

Net investments 12 were 2.8 B€ (3.8 B$) in the second quarter 2009 compared to 2.1 B€ (3.3 B$) in the second quarter 2008.

- Cash flow

Cash flow from operating activities was 1,939 M€ in the second quarter 2009, stable compared to the second quarter 2008, mainly due to the offsetting effects of the decrease in net income, which was linked essentially to the drop in hydrocarbon prices between the two periods, and the change in working capital.

Adjusted cash flow13 was 3,237 M€, a decrease of 33% compared to second quarter 2008. Expressed in dollars, adjusted cash flow was 4.4 B$, a decrease of 41%.

Net cash flow14 for the Group was a negative of 837 M€ compared to a negative 220 M€ in the second quarter 2008. Expressed in dollars, net cash flow for the Group was a negative 1.1 B$ in the second quarter 2009.

  • First half 2009 results

- Operating income

Compared to the first half 2008, the first half 2009 oil environment was marked by a 53% fall in the price of Brent to 51.7 $/b. The TRCV European refining margin indicator decreased by 27% to 23.5 $/t. The environment for Total’s petrochemicals was unfavorable, mainly as a result of weak demand in the Atlantic basin.

The euro-dollar exchange rate was 1.33 $/€ compared to 1.53 $/€ in the first half 2008.

In this context, the adjusted operating income from the business segments was 6,659 M€, a decrease of 55% compared to the first half 200815.

The effective tax rate for the business segments was 54% in the first half 2009 compared to 59% in the first half 2008, reflecting mainly the lower tax rate in the Upstream.

Adjusted net operating income from the business segments was 3,728 M€ compared to 6,956 M€ in the first half 2008, a decrease of 46%. The smaller decrease, relative to the one in adjusted operating income, is essentially due to the lower effective tax rate between the two periods and a more limited decrease in the contribution from equity affiliates.

Expressed in dollars, adjusted net operating income from the business segments fell by 53%.

- Net income

Adjusted net income decreased by 45% to 3,834 M€ in the first half 2009 from 6,977 M€ in the first half 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 1,115 M€ in the first half 2009 compared to 1,428 M€ in the first half 2008.
  • Special items had a negative impact on net income of 308 M€ in the first half 2009 compared to a positive impact of 78 M€ in the first half 200816.
  • The Group’s share of adjustments and selected items related to Sanofi-Aventis had a negative impact on net income of 182 M€ in the first half 2009. The adjustments related to Sanofi-Aventis were 149 M€ in the first half 2008.

Reported net income (Group share) was 4,459 M€ compared to 8,334 M€ in the first half 2008.

The Group did not buy back shares in the first half 2009. On June 30, 2009, there were 2,235.5 million fully-diluted shares compared to 2,252.5 million on June 30, 2008.

Adjusted fully-diluted earnings per share, based on 2,235.5 million weighted-average shares was 1.72 euros compared to 3.10 euros in the first half 2008, a decrease of 45%.

Expressed in dollars, adjusted fully-diluted earnings per share was 2.29 compared to 4.74 in the first half 2008, a decrease of 52%.

- Investments – divestments17

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 5.8 B€ (7.8 B$) in the first half 2009 compared to 4.6 B€ (7.0 B$) in the first half 2008.

Acquisitions were 573 M€ in the first half 2009.

Asset sales in the first half 2009 were 1,140 M€, consisting essentially of Sanofi-Aventis shares.

Net investments 18 were 7.0 B$ in the first half 2009, equal to the first half 2008.

- Cash flow

Cash flow from operating activities was 5,933 M€, a decrease of 18% compared to the first half 2008.

Adjusted cash flow19 was 6,609 M€, a decrease of 28%. Expressed in dollars, adjusted cash flow was 8.8 B$, a decrease of 37%.

Net cash flow20 for the Group was 694 M€ compared to 2,651 M€ in the first half 2008. Expressed in dollars, net cash flow for the Group was 0.9 B$ in the first half 2009.

The net-debt-to-equity ratio was 24.7% on June 30, 2009 compared to 19.1% on March 31, 2009 and 25.1% on June 30, 200821, in line with the objectives of the Group.

  • Analysis of business segment results

Upstream

- Environment – liquids and gas price realizations *

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		       1H09   1H08   1H09
vsvs
1H081H08
59.1 44.5 121.2 -51% Brent ($/b) 51.7 109.0 -53%
54.8 41.5 114.9 -52% Average liquids price ($/b) 48.2 102.8 -53%
4.71 5.98 7.29 -35% Average gas price ($/Mbtu) 5.36 6.97 -23%
44.2 38.8 87.3 -49% Average hydrocarbons price ($/boe) 41.5 78.8 -47%

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

Total’s average realized liquids price decreased by 52% and 53%, respectively, in the second quarter and the first half 2009 compared to the same periods in 2008, in line with the changes in the price of Brent.

The average realized price for Total’s natural gas decreased by 35% in the second quarter 2009 compared to the second quarter 2008 and by 23% in the first half 2009 compared to the first half 2008.

- Production

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		   Hydrocarbon production   1H09   1H08   1H09
vsvs
1H081H08
2,182 2,322 2,353 -7% Combined production (kboe/d) 2,252 2,389 -6%
1,328 1,413 1,471 -10% = Liquids (kb/d) 1,370 1,491 -8%
4,686 4,957 4,772 -2% = Gas (Mcf/d) 4,821 4,880 -1%

Hydrocarbon production was 2,182 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2009, a decrease of 7.3% compared to the second quarter 2008, mainly as a result of :

  • -4% for OPEC reductions and lower gas demand linked to the economic recession,
  • -3% for changes in the portfolio, mainly Venezuela and Libya,
  • -1.5% for disruptions in Nigeria related to security issues,
  • +3% for the price effect22.
  • -2% for the natural decline and the high level of maintenance, including notably a shutdown of Alwyn, that were partially offset by the ramp-ups and start-ups of new fields.

In the first half 2009, hydrocarbon production was 2,252 kboe/d, a decrease of 5.7% compared to the first half 2008, mainly as a result of :

  • -4% for OPEC reductions and lower gas demand,
  • -2.5% for changes in the portfolio, mainly Venezuela and Libya,
  • +2.5% for the price effect18,
  • -1.5% for disruptions in Nigeria related to security issues.

The contribution from ramp-ups and start-ups of new fields was offset by the natural decline on existing fields.

- Results

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		   in millions of euros   1H09   1H08   1H09
vsvs
1H081H08
2,843 2,892 6,964 -59% Adjusted operating income* 5,735 13,387 -57%
1,451 1,482 3,099 -53% Adjusted net operating income* 2,933 5,830 -50%
176 227 317 -44%
  • includes income from equity affiliates
403 599 -33%
2,664 2,250 2,076 +28% Investments 4,914 4,254 +16%
105 129 565 -81% Divestments 234 672 -65%
1,943 2,578 3,643 -47% Cash flow from operating activities 4,521 7,894 -43%
2,550 2,679 3,904 -35% Adjusted cash flow 5,229 7,749 -33%

* detail of adjustment items shown in business segment information.

Adjusted net operating income for the Upstream segment was 1,451 M€ in the second quarter 2009 compared to 3,099 M€ in the second quarter 2008, a decrease of 53%.

Expressed in dollars, adjusted net operating income for the Upstream segment decreased by 59%, reflecting essentially the impact of lower hydrocarbon prices compared to the second quarter 2008 when Brent peaked at an average of 121 $/b.

Adjusted net operating income expressed in dollars (1,978 M$) was slightly higher compared to the first quarter 2009, mainly because the higher liquids price offset the lower gas price and lower production volumes.

Compared to the second quarter 2008, the decrease in income from equity affiliates was driven in particular by lower results from Nigeria LNG.

The effective tax rate for the Upstream segment was 58%, unchanged from the first quarter 2009. The effective tax rate for the Upstream segment was 61% in the second quarter 2008.

Adjusted net operating income for the Upstream segment in the first half 2009 was 2,933 M€ compared to 5,830 M€ in the first half 2008, a decrease of 50%.

Expressed in dollars, adjusted net operating income for the Upstream segment fell to 3.9 B$, a decrease of 56%, essentially due to lower hydrocarbon prices.

The return on average capital employed (ROACE 23) for the Upstream segment for the twelve months ended June 30, 2009 was 25% compared to 31% for the twelve months ended March 31, 2009 and 36% for the full year 2008.

Downstream

- Refinery throughput and utilization rates *

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		       1H09   1H08   1H09
vsvs
1H081H08
2,175 2,236 2,297 -5% Total refinery throughput (kb/d) 2,205 2,341 -6%
925 895 932 -1% = France 910 931 -2%
1,024 1,086 1,055 -3% = Rest of Europe 1,055 1,111 -5%
226 255 310 -27% = Rest of world 240 299 -20%
Utilization rates
79% 81% 85% = Based on crude only 80% 86%
84% 86% 88%   = Based on crude and other feedstock 85% 90%  

* includes share of CEPSA.

In the second quarter 2009, refinery throughput decreased by 5% compared to the second quarter 2008 and by 3% compared to the first quarter 2009.

The second quarter 2009 was affected by the completion of scheduled refinery turnarounds at Donges and Antwerp as well as scheduled turnarounds initiated at Lindsey and Vlissingen. Also, due to the economic conditions, certain refineries elected to reduce throughput during the quarter.

In the second quarter 2008, there was a scheduled turnaround at Leuna and partial turnarounds at Normandy and Grandpuits. In the first quarter 2009, there were scheduled turnarounds at Donges and Lindsey in addition to a voluntary throughput reduction at the Port Arthur refinery in March.

Increased turnarounds and voluntary throughput reductions in the second quarter 2009 reduced the utilization rate based on crude and other feedstocks to 84% from 88% in the second quarter 2008 and 86% in the first quarter 2009.

- Results

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		   in millions of euros
except TRCV refining marginsexcept TRCV refining margins		   1H09   1H08   1H09 vs 1H08
12.4 34.7 40.2 -69% European refining margin

indicator - TRCV ($/t)

23.5 32.4 -27%
               
141 791 744 -81% Adjusted operating income * 932 1,242 -25%
156 600 587 -73% Adjusted net operating income * 756 898 -16%
28 33 15 +87%
  • includes income from equity affiliates
61 17 x4
               
825 495 514 +61% Investments 1,320 808 +63%
26 36 128 -80% Divestments 62 152 -59%
(28) 1,648 (1,391) na Cash flow from operating activities 1,620 (223) na
239 934 623 -62% Adjusted cash flow 1,173 1,143 +3%

* detail of adjustment items shown in business segment information.

The TRCV European refining margin indicator averaged 12.4 $/t in the second quarter 2009, a decrease of 69% compared to the second quarter 2008 and a decrease of 64% compared to the first quarter 2009. Gasoline margins declined by less than diesel margins, but refining margins as a group suffered over the quarter.

Adjusted net operating income for the Downstream segment was 156 M€ in the second quarter 2009, a decrease of 73% compared to the second quarter 2008 and 74% compared to the first quarter 2009.

Expressed in dollars, adjusted net operating income for the Downstream segment was 213 M$, a decrease of 77% compared to the second quarter 2008 and 73% compared to the first quarter 2009, mainly due to the sharp decline of refining margins and to conditions for supply optimization that were particularly favorable in the first quarter 2009.

Adjusted net operating income for the Downstream segment in the first half 2009 was 756 M€, a decrease of 16% compared to the first half 2008.

Expressed in dollars, adjusted net operating income for the Downstream segment was 1 B$ in the first half 2009, a decrease of 27% compared to the first half 2008, reflecting essentially the less favorable refining environment.

The ROACE24 for the Downstream segment for the twelve months ended June 30, 2009 was 18% compared to 23% for the twelve months ended March 31, 2009 and 20% for the full year 2008.

Chemicals

2Q09   1Q09   2Q08   2Q09
vsvs
2Q082Q08		   in millions of euros   1H09   1H08   1H09 vs 1H08
3,684 3,218 5,478 -33% Sales 6,902 10,707 -36%
2,164 1,776 3,632 -40% = Base chemicals 3,940 7,052 -44%
1,520 1,442 1,846 -18% = Specialties 2,962 3,655 -19%
               
60 (68) 78 -23% Adjusted operating income * (8) 276 na
71 (32) 70 +1% Adjusted net operating income * 39 228 -83%
19 (40) (23) na
  • Base chemicals
(20) 38 na
58 16 97 -40%
  • Specialties
74 195 -62%
               
115 179 221 -48% Investments 294 385 -24%
8 6 12 -33% Divestments 14 19 -26%
280 178 169 +66% Cash flow from operating activities 458 (33) na
114 (134) 152 -25% Adjusted cash flow (20) 418 na

* detail of adjustment items shown in business segment information.

In the second quarter 2009, petrochemical margins remained under pressure from weak demand in the Atlantic basin and, in the second half of the quarter, suffered from rising naphtha prices. The utilization rate for petrochemical units, however, increased from the low levels of the previous quarter.

In the second quarter 2009, sales for the Chemicals segment were 3.7 B€.

Adjusted net operating income for the Chemicals segment was 71 M€, stable compared to the second quarter 2008 and an increase of more than 100 M€ compared to the first quarter 2009.

Compared to the first quarter 2009, the improvement in the Chemicals results were mainly due to relatively good petrochemical export sales to Asia and better resistance by the Specialties that reflected, in particular, their cost reduction efforts and a slight improvement in Asian demand.

In the first half 2009, adjusted net operating income for the Chemicals segment was 39 M€ compared to 228 M€ in the first half 2008, a decrease of 83% that resulted from the economic recession, particularly as it affected Europe and North America.

The ROACE25 for the Chemicals segment for the twelve months ended June 30, 2009 was 7% compared to 7% for the twelve months ended March 31, 2009 and 9% for the full year 2008.

  • Cancellation of shares

At the July 30, 2009 meeting, the Board of Directors approved the cancellation of 24,800,000 shares bought in 2008, adjusting the share capital to 5,867,520,185 € based on 2,347,008,074 shares with a par value of 2.5 € per share.

  • TOTAL S.A. - parent company accounts

Net income for TOTAL S.A., the parent company, was 3,240 M€ in the first half of 2009 compared to 3,083 M€ in the first half of 2008.

  • Summary and outlook

The ROACE for the twelve months ended June 30, 2009 was 19% for the Group and 21% for the business segments compared respectively to 24% and 26% for the twelve months ended March 31, 2009 and 26% and 28% for the full year 2008.

Return on equity for the twelve months ended June 30, 2009 was 23%.

Total will pay the 2009 interim dividend of 1.14 € per share on November 18, 200926.

The Group maintains its net-debt-to-equity ratio objective of 25-30% for year-end 2009.

Since the start of the third quarter 2009, oil prices have remained above the average of the first six months. European refining margins are currently at very weak levels. Chemicals are continuing to suffer the effects of reduced demand in the Atlantic basin, but there are positive signs for demand in Asia.

The coming months should be marked by production ramp-ups at the Akpo field in Nigeria, Tahiti in the Gulf of Mexico, Tyrihans in Norway as well as the start-up of Yemen LNG in the third quarter then Qatargas II train B and Tombua Landana in Angola by the end of the year.

To listen to CFO Patrick de la Chevardière’s conference call with financial analysts today at 15:00 (Paris time) please log on to www.total.com or call +44 (0)203 147 4744 in Europe or +1 866 907 5924 in the U.S. (access code : Total). For a replay, please consult the website or call +44 (0)207 107 0686 in Europe or 1 866 794 2598 in the US (code : 253 101).

This document does not constitute the Financial Report for the first half 2009 which will be separately published, in accordance with article L.451-1-2 III of the French Code monétaire et financier, and is available on our web site www.total.com or upon request at the company’s headquarters.

The June 30, 2009 notes to the condensed consolidated accounts are available on the Total web site (www.total.com). 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.

Operating information by segment

Second quarter and first half 2009

  • Upstream
2Q09   1Q09   2Q08   2Q09 vs 2Q08   Combined liquids and gas production by region (kboe/d)   1H09   1H08   1H09 vs 1H08
574 686 601 -4% Europe 629 614 +2%
713 741 789* -10% Africa 728 819* -11%
13 11 14 -7% North America 12 15 -20%
248 255 246 +1% Far East 251 249 +1%
420 419 433 -3% Middle East 419 435 -4%
193 184 244* -21% South America 189 230* -18%
21 26 26* -19% Rest of world 24 27* -11%
2,182 2,322 2,353 -7% Total production 2,252 2,389 -6%
342 350 418 -18% Includes equity and non-consolidated affiliates 346 407 -15%

* restated to reclassify Total’s 48.83% share of CEPSA’s production in Colombia

2Q09   1Q09   2Q08   2Q09 vs 2Q08   Liquids production by region (kb/d)   1H09   1H08   1H09 vs 1H08
275 320 299 -8% Europe 297 299 -1%
600 633 657* -9% Africa 618 687* -10%
11 10 11 - North America 10 11 -9%
33 36 27 +22% Far East 34 27 +26%
310 315 331 -6% Middle East 312 333 -6%
87 85 134* -35% South America 86 122* -30%
12 14 12* - Rest of world 13 12* +8%
1,328 1,413 1,471 -10% Total production 1,370 1,491 -8%
289 294 366 -21% Includes equity and non-consolidated affiliates 291 353 -18%

* restated to reclassify Total’s 48.83% share of CEPSA’s production in Colombia

2Q09   1Q09   2Q08   2Q09 vs 2Q08   Gas production by region (Mcf/d)   1H09   1H08   1H09 vs 1H08
1,639 1,985 1,639 - Europe 1,811 1,707 +6%
580 551 667 -13% Africa 566 678 -17%
9 8 19 -53% North America 9 21 -57%
1,215 1,223 1,210 - Far East 1,219 1,228 -1%
609 574 548 +11% Middle East 591 564 +5%
585 549 610 -4% South America 567 600 -5%
49 67 79 -38% Rest of world 58 82 -29%
4,686 4,957 4,772 -2% Total production 4,821 4,880 -1%
285 302 281 +1% Includes equity and non-consolidated affiliates 293 294 -
2Q09   1Q09   2Q08   2Q09 vs 2Q08   Liquefied natural gas   1H09   1H08   1H09 vs 1H08
2.12 2.10 2.16 -2% LNG sales* (Mt) 4.22 4.48 -6%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; data from 2008 previous period have been restated to reflect volumes estimation for Bontang LNG in Indonesia based on the 2008 SEC coefficient

  • Downstream
2Q09   1Q09   2Q08   2Q09 vs 2Q08   Refined products sales by region (kb/d)*   1H09   1H08   1H09 vs 1H08
1,979 2,176 1,999 -1% Europe 2,076 2,071 -
272 277 280 -3% Africa 275 280 -2%
161 189 220 -27% Americas 175 188 -7%
148 128 143 +3% Rest of world 138 144 -4%
2,560 2,770 2,642 -3% Total consolidated sales 2,664 2,683 -1%
1,092 1,000 956 +14% Trading 1,046 950 +10%
               
3,652 3,770 3,598 +2% Total refined product sales 3,710 3,633 +2%

* includes share of CEPSA

Adjustment items

  • Adjustments to operating income from business segments
2Q09   1Q09   2Q08   in millions of euros   1H09   1H08
(188) (103) - Special items affecting operating income from the business segments (291) -
- - - = Restructuring charges - -
(105) - - = Impairments (105) -
(83) (103) - = Other (186) -
1,065 477 1,687 Pre-tax inventory effect : FIFO vs. replacement cost 1,542 2,062
           
877 374 1,687 Total adjustments affecting operating income from the business segments 1,251 2,062
  • Adjustments to net income (Group share)
2Q09   1Q09   2Q08   in millions of euros   1H09   1H08
(221) (87) (67) Special items affecting net income (Group share) (308) 78
28 13 2 = Gain on asset sales 41 147
(99) (6) (44) = Restructuring charges (105) (44)
(71) - - = Impairments (71) -
(79) (94) (25) = Other (173) (25)
(119) (63) (78) Equity shares of adjustments and, from 2009, selected items related to Sanofi-Aventis* (182) (149)
788 327 1,154 After-tax inventory effect : FIFO vs. replacement cost 1,115 1,428
           
448 177 1,009 Total adjustments to net income 625 1,357

* based on Total’s share in Sanofi-Aventis of 9.7% at 6/30/2009, 10.9% at 3/31/2009 and 13% at 6/30/2008

Effective tax rates

2Q09   1Q09   2Q08   Effective tax rate *   1H09   1H08
58.3% 58.1% 61.2% Upstream 58.2% 61.8%
55.9% 52.2% 57.8% Group 53.9% 58.6%

* 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

2Q09   1Q09   2Q08   2Q09 vs 2Q08   in millions of euros   1H09   1H08   1H09 vs 1H08
3,095 2,747 2,091 +48% Investments* excluding acquisitions 5,842 4,589 +27%
154 228 205 -25%
  • Capitalized exploration
382 377 +1%
23 225 (522) na
  • Net investments in equity affiliates and non-consolidated companies
248 (410) na
480 93 47 x10 Acquisitions 573 95 x6
3,575 2,840 2,138 +67% Investments* including acquisitions 6,415 4,684 +37%
781 359 120 x7 Asset sales 1,140 195 x6
2,776 2,463 2,142 +30% Net investments ** 5,239 4,587 +14%
2Q09   1Q09   2Q08   2Q09 vs 2Q08   in millions of dollars***   1H09   1H08   1H09 vs 1H08
4,219 3,579 3,267 +29% Investments* excluding acquisitions 7,786 7,023 +11%
210 297 320 -34%
  • Capitalized exploration
509 577 -12%
31 293 (815) na
  • Net investments in equity affiliates and non-consolidated companies
331 (627) na
654 121 73 x9 Acquisitions 764 145 x5
4,873 3,700 3,340 +46% Investments* including acquisitions 8,550 7,168 +19%
1,065 468 187 x6 Asset sales 1,519 298 x5
3,784 3,209 3,346 +13% Net investments ** 6,983 7,020 -1%

* 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   6/30/2009   3/31/2009   6/30/2008
Current borrowings 7,916 4,771 4,795
Net current financial assets (123) (80) (49)
Non-current financial debt 19,640 19,078 14,777
Hedging instruments of non-current debt (875) (934) (540)
Cash and cash equivalents (14,299) (13,319) (7,245)
Net debt 12,259 9,516 11,738
       
Shareholders equity 51,299 52,597 48,273
Estimated dividend payable* (2,541) (3,812) (2,315)
Minority interests 963 1,004 855
Equity 49,721 49,789 46,813
       
Net-debt-to-equity ratio 24.7% 19.1% 25.1%

* June 30, 2009 based on the hypothesis of an annual dividend of 2.28 €/share

2009 Sensitivities*

    Scenario   Change   Impact on adjusted operating income(e)   Impact on adjusted net operating income(e)
Dollar 1.30 $/€ +0.1 $ per € -1.3 B€ -0.7 B€
Brent 60 $/b +1 $/b +0.32 B€ / 0.42 B$ +0.15 B€ / 0.20 B$
European refining margins TRCV 30 $/t +1 $/t +0.08 B€ / 0.11 B$ +0.06 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 75% and 65% respectively, and the remaining impact of the €-$ sensitivity is essentially in the Downstream segment.

Return on average capital employed

  • For the twelve months ended June 30, 2009
in millions of euros   Upstream   Downstream   Chemicals**   Segments       Group
Adjusted net operating income 7,827 2,427 479 10,733 11,388
Capital employed at 6/30/2008* 26,676 13,491 7,394 47,561 56,107
Capital employed at 6/30/2009* 35,385 13,939 6,915 56,239 62,294
ROACE 25.2% 17.7% 6.7% 20.7% 19.2%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 126 M€ pre-tax at 6/30/2008

  • For the twelve months ended March 31, 2009
in millions of euros   Upstream   Downstream   Chemicals**   Segments       Group
Adjusted net operating income 9,475 2,858 478 12,811 13,462
Capital employed at 3/31/2008* 25,731 11,415 7,266 44,412 52,015
Capital employed at 3/31/2009* 35,027 13,095 7,175 55,297 61,688
ROACE 31.2% 23.3% 6.6% 25.7% 23.7%

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

** capital employed for Chemicals reduced for the Toulouse-AZF provision of 129 M€ pre-tax at 3/31/2008

  • For the twelve months ended December 31, 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

Total Financial statements

Second quarter and first half 2009 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME      
TOTAL
(unaudited)
 
(M€) (a) 2nd quarter

2009

1st quarter

2009

2nd quarter

2008

Sales 31,430 30,041 48,200
Excise taxes (4,856) (4,573) (4,900)
Revenues from sales 26,574 25,468 43,300
Purchases, net of inventory variation (16,300) (15,228) (27,958)
Other operating expenses (4,724) (4,675) (4,439)
Exploration costs (155) (176) (203)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,636) (1,520) (1,384)
Other income 106 15 15
Other expense (216) (87) (121)
Financial interest on debt (140) (171) (204)
Financial income from marketable securities & cash equivalents 40 55 113
Cost of net debt (100) (116) (91)
Other financial income 240 159 229
Other financial expense (82) (81) (80)
Equity in income (loss) of affiliates 393 467 538
Income taxes (1,877) (1,902) (4,931)
Consolidated net income 2,223 2,324 4,875
Group share* 2,169 2,290 4,732
Minority interests 54 34 143
Earnings per share (€) 0,97 1,03 2,12
Fully-diluted earnings per share (€)** 0,97 1,02 2,10
       
* Adjusted net income 1,721 2,113 3,723
** Adjusted fully-diluted earnings per share (€) 0,77 0,95 1,65
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF INCOME    
TOTAL
(unaudited)
 
(M€) (a) 1st half

2009

1st half

2008

Sales 61,471 92,413
Excise taxes (9,429) (9,826)
Revenues from sales 52,042 82,587
Purchases, net of inventory variation (31,528) (53,577)
Other operating expenses (9,399) (9,271)
Exploration costs (331) (393)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,156) (2,678)
Other income 121 168
Other expense (303) (169)
Financial interest on debt (311) (461)
Financial income from marketable securities & cash equivalents 95 242
Cost of net debt (216) (219)
Other financial income 399 345
Other financial expense (163) (151)
Equity in income (loss) of affiliates 860 1,084
Income taxes (3,779) (9,148)
Consolidated net income 4,547 8,578
Group share* 4,459 8,334
Minority interests 88 244
Earnings per share (€) 2,00 3,72
Fully-diluted earnings per share (€)** 1,99 3,70
     
* Adjusted net income 3,834 6,977
** Adjusted fully-diluted earnings per share (€) 1,72 3,10
(a) Except for per share amounts.
CONSOLIDATED BALANCE SHEET        
TOTAL
 
 
(M€) June 30, 2009

(unaudited)

March 31, 2009

(unaudited)

December 31, 2008 June 30, 2008

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 5,955 5,904 5,341 4,381
Property, plant and equipment, net 48,762 48,773 46,142 41,756
Equity affiliates : investments and loans 14,075 15,093 14,668 14,524
Other investments 1,211 1,192 1,165 1,246
Hedging instruments of non-current financial debt 875 934 892 540
Other non-current assets 3,095 3,244 3,044 2,179
Total non-current assets 73,973 75,140 71,252 64,626
Current assets
Inventories, net 11,749 10,097 9,621 17,185
Accounts receivable, net 15,226 14,940 15,287 21,856
Other current assets 9,253 9,047 9,642 9,644
Current financial assets 217 150 187 223
Cash and cash equivalents 14,299 13,319 12,321 7,245
Total current assets 50,744 47,553 47,058 56,153
Total assets 124,717 122,693 118,310 120,779
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares 5,931 5,931 5,930 6,003
Paid-in surplus and retained earnings 55,031 55,198 52,947 55,024
Currency translation adjustment (4,656) (3,523) (4,876) (6,483)
Treasury shares (5,007) (5,009) (5,009) (6,271)
Total shareholders' equity - Group Share 51,299 52,597 48,992 48,273
Minority interests 963 1,004 958 855
Total shareholders' equity 52,262 53,601 49,950 49,128
Non-current liabilities
Deferred income taxes 8,561 8,478 7,973 7,748
Employee benefits 2,006 2,035 2,011 2,533
Provisions and other non-current liabilities 8,087 8,391 7,858 6,567
Total non-current liabilities 18,654 18,904 17,842 16,848
Non-current financial debt 19,640 19,078 16,191 14,777
Current liabilities
Accounts payable 14,036 13,894 14,815 19,297
Other creditors and accrued liabilities 12,115 12,375 11,632 15,760
Current borrowings 7,916 4,771 7,722 4,795
Other current financial liabilities 94 70 158 174
Total current liabilities 34,161 31,110 34,327 40,026
Total Liabilities and shareholders' equity 124,717 122,693 118,310 120,779
CONSOLIDATED STATEMENT OF CASH FLOW      
TOTAL
(unaudited)
 
(M€) 2nd quarter

2009

1st quarter

2009

2nd quarter

2008

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 2,223 2,324 4,875
Depreciation, depletion and amortization 1,712 1,661 1,482
Non-current liabilities, valuation allowances and deferred taxes 281 (68) 32
Impact of coverage of pension benefit plans - - -
(Gains) losses on sales of assets (31) (15) (15)
Undistributed affiliates' equity earnings 81 (79) 104
(Increase) decrease in working capital (2,363) 145 (4,563)
Other changes, net 36 26 7
Cash flow from operating activities 1,939 3,994 1,922
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (3,312) (2,484) (2,619)
Acquisitions of subsidiaries, net of cash acquired (109) (47) -
Investments in equity affiliates and other securities (131) (84) (41)
Increase in non-current loans (82) (320) (208)
Total expenditures (3,634) (2,935) (2,868)
Proceeds from disposal of intangible assets and property, plant and equipment 55 60 16
Proceeds from disposal of subsidiaries, net of cash sold - - 84
Proceeds from disposal of non-current investments 726 299 20
Repayment of non-current loans 77 113 606
Total divestments 858 472 726
Cash flow used in investing activities (2,776) (2,463) (2,142)
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 5 9 233
- Treasury shares 2 - (284)
- Minority shareholders - - -
Cash dividends paid:
- Parent company shareholders (2,541) - (2,404)
- Minority shareholders (141) (4) (127)
Net issuance (repayment) of non-current debt 2,010 2,844 1,562
Increase (decrease) in current borrowings 2,350 (3,417) 55
Increase (decrease) in current financial assets and liabilities - - (18)
Cash flow (from) / used financing activities 1,685 (568) (983)
Net increase (decrease) in cash and cash equivalents 848 963 (1,203)
Effect of exchange rates 132 35 107
Cash and cash equivalents at the beginning of the period 13,319 12,321 8,341
Cash and cash equivalents at the end of the period 14,299 13,319 7,245
CONSOLIDATED STATEMENT OF CASH FLOW    
TOTAL
(unaudited)
 
(M€) 1st half

2009

1st half

2008

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 4,547 8,578
Depreciation, depletion and amortization 3,373 2,887
Non-current liabilities, valuation allowances and deferred taxes 213 43
Impact of coverage of pension benefit plans - -
(Gains) losses on sales of assets (46) (168)
Undistributed affiliates' equity earnings 2 (198)
(Increase) decrease in working capital (2,218) (3,953)
Other changes, net 62 49
Cash flow from operating activities 5,933 7,238
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions (5,796) (4,946)
Acquisitions of subsidiaries, net of cash acquired (156) -
Investments in equity affiliates and other securities (215) (148)
Increase in non-current loans (402) (417)
Total expenditures (6,569) (5,511)
Proceeds from disposal of intangible assets and property, plant and equipment 115 22
Proceeds from disposal of subsidiaries, net of cash sold - 84
Proceeds from disposal of non-current investments 1,025 89
Repayment of non-current loans 190 729
Total divestments 1,330 924
Cash flow used in investing activities (5,239) (4,587)
CASH FLOW (FROM)/USED FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders 14 242
- Treasury shares 2 (711)
- Minority shareholders - (9)
Cash dividends paid:
- Parent company shareholders (2,541) (2,404)
- Minority shareholders (145) (128)
Net issuance (repayment) of non-current debt 4,854 2,065
Increase (decrease) in current borrowings (1,067) (832)
Increase (decrease) in current financial assets and liabilities - 817
Cash flow (from) / used financing activities 1,117 (960)
Net increase (decrease) in cash and cash equivalents 1,811 1,691
Effect of exchange rates 167 (434)
Cash and cash equivalents at the beginning of the period 12,321 5,988
Cash and cash equivalents at the end of the period 14,299 7,245
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 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 for the first half - - 8,334 - - - 8,334 244 8,578
Other comprehensive Income - - (43) (2,087) - - (2,130) (103) (2,233)
Comprehensive Income - - 8,291 (2,087) - - 6,204 141 6,345
Dividend - - (2,404) - - - (2,404) (128) (2,532)
Issuance of common shares 5,678,338 14 228 - - - 242 - 242
Purchase of treasury shares - - - - (16,000,000) (818) (818) - (818)
Sale of treasury shares (1) - - 28 - 2,679,805 79 107 - 107
Share-based payments - - 84 - - - 84 - 84
Other operations with minority interests - - - - - - - - -
Share cancellation - - - - - - - - -
Transactions with shareholders 5,678,338 14 (2,064) - (13,320,195) (739) (2,789) (128) (2,917)
As of June 30, 2008 2,401,210,435 6,003 55,024 (6,483) (164,741,427) (6,271) 48,273 855 49,128
Net income for the second half - - 2,256 - - - 2,256 119 2,375
Other comprehensive Income - - (215) 1,607 - - 1,392 69 1,461
Comprehensive Income - - 2,041 1,607 - - 3,648 188 3,836
Dividend - - (2,541) - - - (2,541) (85) (2,626)
Issuance of common shares 597,639 2 18 - - - 20 - 20
Purchase of treasury shares - - - - (11,600,000) (521) (521) - (521)
Sale of treasury shares (1) - - (99) - 3,259,332 142 43 - 43
Share-based payments - - 70 - - - 70 - 70
Other operations with minority interests - - - - - - - - -
Share cancellation (30,000,000) (75) (1,566) - 30,000,000 1,641 - - -
Transactions with shareholders (29,402,361) (73) (4,118) - 21,659,332 1,262 (2,929) (85) (3,014)
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 for the first half - - 4,459 - - - 4,459 88 4,547
Other comprehensive Income - - 96 220 - - 316 86 402
Comprehensive Income - - 4,555 220 - - 4,775 174 4,949
Dividend - - (2,541) - - - (2,541) (145) (2,686)
Issuance of common shares 565,886 1 13 - - - 14 - 14
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - - - 51,995 2 2 - 2
Share-based payments - - 80 - - - 80 - 80
Other operations with minority interests - - (23) - - - (23) (24) (47)
Share cancellation - - - - - - - - -
Transactions with shareholders 565,886 1 (2,471) - 51,995 2 (2,468) (169) (2,637)
As of June 30, 2009 2,372,373,960 5,931 55,031 (4,656) (143,030,100) (5,007) 51,299 963 52,262
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (a)  
TOTAL  
(unaudited)
 
(M€) 1st half

2009

1st half

2008

Net income 4,547 8,578
Other comprehensive income
Currency translation adjustment 246 (1,927)
Available for sale financial assets 39 (43)
Cash flow hedge 58 -
Share of other comprehensive income of associates, net amount 93 (270)
Other (11) (1)
 
Tax effect (23) 8
Total other comprehensive income (net amount) 402 (2,233)
     
Comprehensive income 4,949 6,345
- Group share 4,775 6,204
- Minority interests 174 141
 
(a) In accordance with revised IAS 1, applicable from January 1, 2009.
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st half 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 7,874 46,686 6,902 9 - 61,471
Intersegment sales 7,349 1,646 276 79 (9,350) -
Excise taxes - (9,429) - - - (9,429)
Revenues from sales 15,223 38,903 7,178 88 (9,350) 52,042
Operating expenses (7,367) (36,253) (6,635) (353) 9,350 (41,258)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,121) (683) (335) (17) - (3,156)
Operating income 5,735 1,967 208 (282) - 7,628
Equity in income (loss) of affiliates and other items 572 127 (121) 336 - 914
Tax on net operating income (3,413) (581) 1 143 - (3,850)
Net operating income 2,894 1,513 88 197 - 4,692
Net cost of net debt (145)
Minority interests           (88)
Net income 4,459
             
1st half 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 1,097 259 - 1,356
Depreciation, depletion and amortization of tangible assets and mineral interests - (62) (43) -   (105)
Operating income (b) - 1,035 216 - 1,251
Equity in income (loss) of affiliates and other items (c) (39) 63 (138) (141) (255)
Tax on net operating income - (341) (29) -   (370)
Net operating income (b) (39) 757 49 (141) 626
Net cost of net debt -
Minority interests           (1)
Net income 625
(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 - 1,278 264 -
On net operating income - 945 171 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (182)    
1st half 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 7,874 46,686 6,902 9 - 61,471
Intersegment sales 7,349 1,646 276 79 (9,350) -
Excise taxes - (9,429) - - - (9,429)
Revenues from sales 15,223 38,903 7,178 88 (9,350) 52,042
Operating expenses (7,367) (37,350) (6,894) (353) 9,350 (42,614)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,121) (621) (292) (17) - (3,051)
Adjusted operating income 5,735 932 (8) (282) - 6,377
Equity in income (loss) of affiliates and other items 611 64 17 477 - 1,169
Tax on net operating income (3,413) (240) 30 143 - (3,480)
Adjusted net operating income 2,933 756 39 338 - 4,066
Net cost of net debt (145)
Minority interests           (87)
Ajusted net income 3,834
             
1st half 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 4,914 1,320 294 41 6,569
Total divestments 234 62 14 1,020 1,330
Cash flow from operating activities 4,521 1,620 458 (666)   5,933
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
2nd quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 3,427 24,318 3,684 1 - 31,430
Intersegment sales 4,107 1,005 152 42 (5,306) -
Excise taxes - (4,856) - - - (4,856)
Revenues from sales 7,534 20,467 3,836 43 (5,306) 26,574
Operating expenses (3,635) (19,154) (3,498) (198) 5,306 (21,179)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,056) (382) (191) (7) - (1,636)
Operating income 2,843 931 147 (162) - 3,759
Equity in income (loss) of affiliates and other items 329 85 (117) 144 - 441
Tax on net operating income (1,739) (278) 18 81 - (1,918)
Net operating income 1,433 738 48 63 - 2,282
Net cost of net debt (59)
Minority interests           (54)
Net income 2,169
             
2nd quarter 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 852 130 - 982
Depreciation, depletion and amortization of tangible assets and mineral interests - (62) (43) -   (105)
Operating income (b) - 790 87 - 877
Equity in income (loss) of affiliates and other items (c) (18) 48 (119) (91) (180)
Tax on net operating income - (256) 9 -   (247)
Net operating income (b) (18) 582 (23) (91) 450
Net cost of net debt -
Minority interests           (2)
Net income 448
(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 - 933 132 -
On net operating income - 699 91 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (119)    
2nd quarter 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 3,427 24,318 3,684 1 - 31,430
Intersegment sales 4,107 1,005 152 42 (5,306) -
Excise taxes - (4,856) - - - (4,856)
Revenues from sales 7,534 20,467 3,836 43 (5,306) 26,574
Operating expenses (3,635) (20,006) (3,628) (198) 5,306 (22,161)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,056) (320) (148) (7) - (1,531)
Adjusted operating income 2,843 141 60 (162) - 2,882
Equity in income (loss) of affiliates and other items 347 37 2 235 - 621
Tax on net operating income (1,739) (22) 9 81 - (1,671)
Adjusted net operating income 1,451 156 71 154 - 1,832
Net cost of net debt (59)
Minority interests           (52)
Ajusted net income 1,721
             
2nd quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,664 825 115 30 3,634
Total divestments 105 26 8 719 858
Cash flow from operating activities 1,943 (28) 280 (256)   1,939
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,447 22,368 3,218 8 - 30,041
Intersegment sales 3,242 641 124 37 (4,044) -
Excise taxes - (4,573) - - - (4,573)
Revenues from sales 7,689 18,436 3,342 45 (4,044) 25,468
Operating expenses (3,732) (17,099) (3,137) (155) 4,044 (20,079)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,065) (301) (144) (10) - (1,520)
Operating income 2,892 1,036 61 (120) - 3,869
Equity in income (loss) of affiliates and other items 243 42 (4) 192 - 473
Tax on net operating income (1,674) (303) (17) 62 - (1,932)
Net operating income 1,461 775 40 134 - 2,410
Net cost of net debt (86)
Minority interests           (34)
Net income 2,290
             
1st quarter 2009 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 245 129 - 374
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) - 245 129 - 374
Equity in income (loss) of affiliates and other items (c) (21) 15 (19) (50) (75)
Tax on net operating income - (85) (38) -   (123)
Net operating income (b) (21) 175 72 (50) 176
Net cost of net debt -
Minority interests           1
Net income 177
(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 - 345 132 -
On net operating income - 246 80 -
(c) Of which equity share of adjustments and selected items related to Sanofi-Aventis - - - (63)    
1st quarter 2009 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,447 22,368 3,218 8 - 30,041
Intersegment sales 3,242 641 124 37 (4,044) -
Excise taxes - (4,573) - - - (4,573)
Revenues from sales 7,689 18,436 3,342 45 (4,044) 25,468
Operating expenses (3,732) (17,344) (3,266) (155) 4,044 (20,453)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,065) (301) (144) (10) - (1,520)
Adjusted operating income 2,892 791 (68) (120) - 3,495
Equity in income (loss) of affiliates and other items 264 27 15 242 - 548
Tax on net operating income (1,674) (218) 21 62 - (1,809)
Adjusted net operating income 1,482 600 (32) 184 - 2,234
Net cost of net debt (86)
Minority interests           (35)
Ajusted net income 2,113
             
1st quarter 2009

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,250 495 179 11 2,935
Total divestments 129 36 6 301 472
Cash flow from operating activities 2,578 1,648 178 (410)   3,994
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
1st half 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 11,935 69,770 10,707 1 - 92,413
Intersegment sales 13,980 3,050 706 70 (17,806) -
Excise taxes - (9,826) - - - (9,826)
Revenues from sales 25,915 62,994 11,413 71 (17,806) 82,587
Operating expenses (10,697) (59,346) (10,648) (356) 17,806 (63,241)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,831) (576) (257) (14) - (2,678)
Operating income 13,387 3,072 508 (299) - 16,668
Equity in income (loss) of affiliates and other items 904 (13) 3 383 - 1,277
Tax on net operating income (8,331) (898) (143) 150 - (9,222)
Net operating income 5,960 2,161 368 234 - 8,723
Net cost of net debt (145)
Minority interests           (244)
Net income 8,334
             
1st half 2008 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 1,830 232 - 2,062
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) - 1,830 232 - 2,062
Equity in income (loss) of affiliates and other items (c) 130 15 (22) (152) (29)
Tax on net operating income - (582) (70) -   (652)
Net operating income (b) 130 1,263 140 (152) 1,381
Net cost of net debt -
Minority interests           (24)
Net income 1,357
(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 - 1,830 232 -
On net operating income - 1,298 154 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (149)    
1st half 2008 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 11,935 69,770 10,707 1 - 92,413
Intersegment sales 13,980 3,050 706 70 (17,806) -
Excise taxes - (9,826) - - - (9,826)
Revenues from sales 25,915 62,994 11,413 71 (17,806) 82,587
Operating expenses (10,697) (61,176) (10,880) (356) 17,806 (65,303)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,831) (576) (257) (14) - (2,678)
Adjusted operating income 13,387 1,242 276 (299) - 14,606
Equity in income (loss) of affiliates and other items 774 (28) 25 535 - 1,306
Tax on net operating income (8,331) (316) (73) 150 - (8,570)
Adjusted net operating income 5,830 898 228 386 - 7,342
Net cost of net debt (145)
Minority interests           (220)
Ajusted net income 6,977
             
1st half 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 4,254 808 385 64 5,511
Total divestments 672 152 19 81 924
Cash flow from operating activities 7,894 (223) (33) (400)   7,238
BUSINESS SEGMENT INFORMATION            
TOTAL
(unaudited)
             
2nd quarter 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,739 36,990 5,478 (7) - 48,200
Intersegment sales 7,862 1,497 449 37 (9,845) -
Excise taxes - (4,900) - - - (4,900)
Revenues from sales 13,601 33,587 5,927 30 (9,845) 43,300
Operating expenses (5,679) (31,095) (5,491) (180) 9,845 (32,600)
Depreciation, depletion and amortization of tangible assets and mineral interests (958) (291) (128) (7) - (1,384)
Operating income 6,964 2,201 308 (157) - 9,316
Equity in income (loss) of affiliates and other items 439 20 (11) 133 - 581
Tax on net operating income (4,304) (651) (88) 78 - (4,965)
Net operating income 3,099 1,570 209 54 - 4,932
Net cost of net debt (57)
Minority interests           (143)
Net income 4,732
             
2nd quarter 2008 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 1,457 230 - 1,687
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) - 1,457 230 - 1,687
Equity in income (loss) of affiliates and other items (c) - (10) (22) (96) (128)
Tax on net operating income - (464) (69) -   (533)
Net operating income (b) - 983 139 (96) 1,026
Net cost of net debt -
Minority interests           (17)
Net income 1,009

(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 - 1,457 230 -
On net operating income - 1,018 153 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (78)    
2nd quarter 2008 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 5,739 36,990 5,478 (7) - 48,200
Intersegment sales 7,862 1,497 449 37 (9,845) -
Excise taxes - (4,900) - - - (4,900)
Revenues from sales 13,601 33,587 5,927 30 (9,845) 43,300
Operating expenses (5,679) (32,552) (5,721) (180) 9,845 (34,287)
Depreciation, depletion and amortization of tangible assets and mineral interests (958) (291) (128) (7) - (1,384)
Adjusted operating income 6,964 744 78 (157) - 7,629
Equity in income (loss) of affiliates and other items 439 30 11 229 - 709
Tax on net operating income (4,304) (187) (19) 78 - (4,432)
Adjusted net operating income 3,099 587 70 150 - 3,906
Net cost of net debt (57)
Minority interests           (126)
Ajusted net income 3,723
             
2nd quarter 2008

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,076 514 221 57 2,868
Total divestments 565 128 12 21 726
Cash flow from operating activities 3,643 (1,391) 169 (499)   1,922
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
(unaudited)
     
2nd quarter 2009

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 31,430 - 31,430
Excise taxes (4,856) - (4,856)
Revenues from sales 26,574 - 26,574
Purchases net of inventory variation (17,365) 1,065 (16,300)
Other operating expenses (4,641) (83) (4,724)
Exploration costs (155) - (155)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,531) (105) (1,636)
Other income 78 28 106
Other expense (56) (160) (216)
Financial interest on debt (140) - (140)
Financial income from marketable securities & cash equivalents 40 - 40
Cost of net debt (100) - (100)
Other financial income 240 - 240
Other financial expense (82) - (82)
Equity in income (loss) of affiliates 441 (48) 393
Income taxes (1,630) (247) (1,877)
Consolidated net income 1,773 450 2,223
Group share 1,721 448 2,169
Minority interests 52 2 54
 
 
     
2nd quarter 2008

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 48,200 - 48,200
Excise taxes (4,900) - (4,900)
Revenues from sales 43,300 - 43,300
Purchases net of inventory variation (29,645) 1,687 (27,958)
Other operating expenses (4,439) - (4,439)
Exploration costs (203) - (203)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,384) - (1,384)
Other income 13 2 15
Other expense (26) (95) (121)
Financial interest on debt (204) - (204)
Financial income from marketable securities & cash equivalents 113 - 113
Cost of net debt (91) - (91)
Other financial income 229 - 229
Other financial expense (80) - (80)
Equity in income (loss) of affiliates 573 (35) 538
Income taxes (4,398) (533) (4,931)
Consolidated net income 3,849 1,026 4,875
Group share 3,723 1,009 4,732
Minority interests 126 17 143
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)    
TOTAL  
(unaudited)
     
1st half 2009

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 61,471 - 61,471
Excise taxes (9,429) - (9,429)
Revenues from sales 52,042 - 52,042
Purchases net of inventory variation (33,070) 1,542 (31,528)
Other operating expenses (9,213) (186) (9,399)
Exploration costs (331) - (331)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,051) (105) (3,156)
Other income 80 41 121
Other expense (113) (190) (303)
Financial interest on debt (311) - (311)
Financial income from marketable securities & cash equivalents 95 - 95
Cost of net debt (216) - (216)
Other financial income 399 - 399
Other financial expense (163) - (163)
Equity in income (loss) of affiliates 966 (106) 860
Income taxes (3,409) (370) (3,779)
Consolidated net income 3,921 626 4,547
Group share 3,834 625 4,459
Minority interests 87 1 88
 
 
     
1st half 2008

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 92,413 - 92,413
Excise taxes (9,826) - (9,826)
Revenues from sales 82,587 - 82,587
Purchases net of inventory variation (55,639) 2,062 (53,577)
Other operating expenses (9,271) - (9,271)
Exploration costs (393) - (393)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,678) - (2,678)
Other income 21 147 168
Other expense (74) (95) (169)
Financial interest on debt (461) - (461)
Financial income from marketable securities & cash equivalents 242 - 242
Cost of net debt (219) - (219)
Other financial income 345 - 345
Other financial expense (151) - (151)
Equity in income (loss) of affiliates 1,165 (81) 1,084
Income taxes (8,496) (652) (9,148)
Consolidated net income 7,197 1,381 8,578
Group share 6,977 1,357 8,334
Minority interests 220 24 244

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 : 1.3632 $/€ in the 2nd quarter 2009, 1.5622 $/€ in the 2nd quarter 2008, 1.3029 $/€ in the 1st quarter 2009, 1.3328 $/€ in the 1st half 2009 and 1.5304 $/€ in the 1st half 2008.

3 adjusted net income = net income using replacement cost (Group share) adjusted for special items and excluding Total’s share of adjustments and, from 2009, selected items related to Sanofi-Aventis. Total’s net income (Group share) for the 2nd quarter 2009 was 2,169 M€.

4 the ex-dividend date for the 2009 interim dividend is November 13 and the payment date is November 18, 2009; for the ADR (NYSE :TOT) the ex-dividend date is November 9.

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 affecting operating income 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 17.

6 including acquisitions.

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

8 special items affecting operating income from the business segments had a negative impact of -188 M€ in the 2nd quarter 2009 and no impact in the 2nd quarter 2008.

9 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).

10 detail shown on page 17.

11 detail shown on page 18.

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

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

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

15 special items affecting operating income from the business segments had a negative impact of 291 M€ in the 1st half 2009 and no impact in the 1st half 2008

16 detail shown on page 17.

17 detail shown on page 18.

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

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

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

21 detail shown on page 19.

22 impact of changing hydrocarbon prices on entitlement volumes.

23 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

24 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

25 calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 20.

26 the ex-dividend date for the 2009 interim dividend is November 13 and the payment date is November 18, 2009; for the ADR (NYSE :TOT) the ex-dividend date is November 9.

TOTAL S.A.

Capital 5 867 520 185, 00 euros

542 051 180 R.C.S. Nanterre

TOTAL
Bertrand DE LA NOUEBertrand DE LA NOUE
Philippe HERGAUXPhilippe HERGAUX
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

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