Total: Second Quarter and First Half 2010 Resul...

Total: Second Quarter and First Half 2010 Results - Board Approves Interim 2010 Dividend of 1.14 €/Share

TOTAL

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

Main results1-2      
-- Second quarter adjusted net income3 3.0 billion euros +72%
3.8 billion dollars +60%
1.32 euros per share +71%
1.68 dollars per share +60%
-- First half adjusted net income3 5.3 billion euros +37%
7.0 billion dollars +36%
-- First half net income4 5.7 billion euros +28%

Highlights since the beginning of the second quarter 2010

  • Upstream production of 2,359 kboe/d in the second quarter 2010, an increase of 8% compared to the second quarter 2009
  • Started up Yemen LNG liquefaction Train II and Qatofin ethane cracker in Qatar
  • Launched development of the Islay field in the North Sea
  • New discoveries on deep-offshore Block 15/06 in Angola and OML 136 in Nigeria
  • Signed an agreement to acquire UTS and its 20% interest in the Fort Hills heavy oil project in Canada
  • Added exploration acreage through acquisition of interests in a block on the pre-salt area of the Santos Basin in Brazil, in two permits in the Arafura Sea in Indonesia, in Block 72 in Yemen and on the joint development zone between Nigeria, Sao Tomé and Principe
  • Divested Upstream assets in Norway, Valhall and Hod, and in the Gulf of Mexico, Virgo and Matterhorn
  • Divested the Specialty chemicals consumer products unit Mapa Spontex
  • Continued to develop the new energies portfolio through :

- Equity investment and strategic partnership with Amyris for research and development to produce products from biomass

- Construction launched in Abu Dhabi of the largest concentrated solar energy plant in the world

- Equity investment in AE Polysilicon, a company which has developed advanced polysilicon production technology for solar panels

The Board of Directors of Total, led by Chairman and CEO Christophe de Margerie, met on July 29, 2010 to review the Group’s second quarter and first half 2010 accounts.

Adjusted net income for the second quarter 2010 was 2,961 million euros (M€), an increase of 72% compared to the second quarter 2009 and 29% compared to first quarter 2010. Expressed in dollars, the increases were 60% and 19%, respectively.

The Board of Directors approved the 2010 interim dividend of 1.14 €/share for payment in November5, at the same level as the interim and final dividend payments for 2009.

Commenting on the results, Christophe de Margerie said :

«Our industry was marked by the accident in the second quarter on the Macondo well in the Gulf of Mexico. We are reminded once again that safety and the environment must remain our top priorities in this business. Total reacted immediately by launching a complete review of all its existing procedures and drilling operations, including the procedures to be implemented in the event of an accident. More generally, the Group is pursuing a particularly strict policy to put in place the necessary means to define and apply rigorous processes, by emphasizing the proper training and management of our teams.

In the second quarter, the economic environment for our activities was globally favorable with Brent trading around 75 $/b, refining margins at slightly higher levels and improved Chemicals environment compared to the first quarter 2010. However, natural gas prices were still depressed.

In this context, adjusted net income rose to 3.8 billion dollars (B$) in the second quarter 2010, a 60% increase compared to the second quarter 2009 and a 19% increase compared to the first quarter 2010, which is at the level of the best among the majors. In euros, the increase in adjusted net income was 72% and 29%, respectively, due to the appreciation of the dollar this quarter.

Cash flow from operations increased to 6.3 billion dollars, more than twice the level of the same quarter last year. As of June 30, 2010, the Group’s net-debt-to-equity ratio was 23%.

In addition to the generally favorable environment, these results reflect our strong operational performance and the growth in our activities. In particular, Upstream production grew by 8% compared to the second quarter 2009 and by 6% in the first half 2010 compared to the first half last year, essentially due to the ramp-ups on major projects started up in 2009.

In addition, the Group continued to expand its asset portfolio : in the Upstream, the agreement with UTS should allow Total to acquire 20% of the Fort Hills project in Canada and reconfigure its heavy oil portfolio there. The Group also acquired several exploration permits in Brazil, Indonesia, Yemen and the joint development zone between Nigeria, Sao Tomé and Principe. In the Downstream and Chemicals, completing the financing for the Jubail refinery and starting up the Qatofin cracker in Qatar are new steps in progressively repositioning the portfolio, with projects that are particularly robust and oriented toward growing markets. In new energies, the Group expanded its portfolio notably through an equity interest and strategic partnership in biomass and by launching the construction of a concentrated solar energy plant in Abu Dhabi.

Based on strong operational performance, a capacity to adapt to changes in the environment and a solid balance sheet, the Group approaches the second half of 2010 confidant in its outlook and its strategy for growth as an integrated major.»

â–  â–  â– 

  • Key figures6
2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		   in millions of euros
except earnings per share and number of shares 		  1H10   1H09   1H10
vsvs
1H091H09
41,329 37,603 31,430 +31% Sales 78,932 61,471 +28%
5,461 4,506 3,044 +79% Adjusted operating income from business segments 9,967 6,659 +50%
2,960 2,283 1,678 +76% Adjusted net operating income from business segments 5,243 3,728 +41%
2,203 1,971 1,451 +52%

-- Upstream

4,174 2,933 +42%
483 155 156 x3.1

-- Downstream

638 756 -16%
274 157 71 x3.9

-- Chemicals

431 39 x11.1
2,961 2,296 1,721 +72% Adjusted net income 5,257 3,834 +37%
1.32 1.02 0.77 +71% Adjusted fully-diluted earnings per share (euros) 2.34 1.72 +36%
2,242.5 2,242.7 2,235.6 - Fully-diluted weighted-average shares (millions) 2,242.6 2,235.5 -
 
3,101 2,613 2,169 +43% Net income (Group share) 5,714 4,459 +28%
 
3,446 3,709 3,634 -5%

Investments 7

7,155 6,569 +9%
3,372 3,644 3,575 -6% Investments including net investments in equity affiliates and non-consolidated companies7 7,016 6,415 +9%
850 1,048 858 -1% Divestments 1,898 1,330 +43%
4,942 5,260 1,939 x2.5 Cash flow from operations 10,202 5,933 +72%
5,250 3,739 3,237 +62% Adjusted cash flow from operations 8,989 6,609 +36%
 
2Q10 1Q10 2Q09 2Q10
vsvs
2Q092Q09

in millions of dollars 8
except earnings per share and number of shares

1H10 1H09 1H10
vsvs
1H091H09
52,521 52,001 42,845 +23% Sales 104,727 81,929 +28%
6,940 6,231 4,150 +67% Adjusted operating income from business segments 13,224 8,875 +49%
3,762 3,157 2,287 +64% Adjusted net operating income from business segments 6,956 4,969 +40%
2,800 2,726 1,978 +42%

-- Upstream

5,538 3,909 +42%
614 214 213 x2 9

-- Downstream

846 1,008 -16%
348 217 97 x3.6

-- Chemicals

572 52 x11
3,763 3,175 2,346 +60% Adjusted net income 6,975 5,110 +36%
1.68 1.42 1.05 +60% Adjusted fully-diluted earnings per share (dollars) 3.11 2.29 +36%
2,242.5 2,242.7 2,235.6 - Fully-diluted weighted-average shares (millions) 2,242.6 2,235.5 -
 
3,941 3,614 2,957 +33% Net income (Group share) 7,581 5,943 +28%
 
4,379 5,129 4,954 -12% Investments7 9,493 8,755 +8%
4,285 5,039 4,873 -12% Investments including net investments in equity affiliates and non-consolidated companies7 9,309 8,550 +9%
1,080 1,449 1,170 -8% Divestments 2,518 1,773 +42%
6,280 7,274 2,643 x2.4 Cash flow from operations 13,536 7,908 +71%
6,672 5,171 4,413 +51% Adjusted cash flow from operations 11,927 8,808 +35%
  • Second quarter 2010 results

> Operating income

In the second quarter 2010, the Brent price averaged 78.2 $/b, an increase of 32% compared to the second quarter 2009 and 2% compared to the first quarter 2010. The average natural gas price, however, remained depressed, increasing by only 2% compared to the second quarter 2009 and decreasing by 5% compared to the first quarter 2010. The European refining margin indicator (ERMI) averaged 31.2 $/t in the second quarter 2010, an increase of 82% compared to the second quarter 2009 and 6% compared to the first quarter 2010. The environment for petrochemicals and specialty chemicals showed a net improvement, reflecting continued demand growth since the second half of 2009.

The euro-dollar exchange rate averaged 1.27 $/€ in the second quarter 2010 compared to 1.36 $/€ in second quarter 2009 and 1.38 $/€ in the first quarter 2010.

In this environment, the adjusted operating income from the business segments was 5,461 M€, an increase of 79% compared to the second quarter 20099. Expressed in dollars, the increase was 67%.

The effective tax rate10 for the business segments was 54% in the second quarter 2010 compared to 56% in the second quarter 2009, essentially due to the larger relative contribution of Downstream and Chemicals to the results.

Adjusted net operating income from the business segments was 2,960 M€ compared to 1,678 M€ in the second quarter 2009, an increase of 76%.

Expressed in dollars, adjusted net operating income from the business segments was 3.8 billion dollars (B$), an increase of 64% compared to the second quarter 2009.

> Net income

Adjusted net income was 2,961 M€ compared to 1,721 M€ in the second quarter 2009, an increase of 72%. Expressed in dollars, adjusted net income increased by 60%.

This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.

  • The after-tax inventory effect had a positive impact on net income of 169 M€ in the second quarter 2010 and a positive impact of 788 M€ in the second quarter 2009.
  • Special items had a positive impact on net income of 11 M€ in the second quarter 2010 and a negative impact on net income of 221 M€11 in the second quarter 2009.
  • The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 40 M€ in the second quarter 2010 and a negative impact on net income of 119 M€ in the second quarter 2009.

Net income (Group share) was 3,101 M€ compared to 2,169 M€ in the second quarter 2009.

The effective tax rate9 for the Group was 53% in the second quarter 2010.

The Group did not buy back shares in the second quarter 2010.

Adjusted fully-diluted earnings per share, based on 2,242.5 million fully-diluted weighted-average shares, was 1.32 euros compared to 0.77 euros in the second quarter 2009, an increase of 71%.

Expressed in dollars, adjusted fully-diluted earnings per share increased by 60% to 1.68 dollars.

> Investments – divestments12

Investments, excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 3.1 B€ (3.9 B$) in the second quarter 2010 compared to 3.1 B€ (4.2 B$) in the second quarter 2009.

Acquisitions were 305 M€ in the second quarter 2010, essentially comprised of interests in new energies and carried investments in the Barnett Shale in the United States.

Asset sales in the second quarter 2010 were 758 M€, essentially comprised of the sale of Mapa Spontex and sales of Sanofi-Aventis shares.

Net investments13 were 2.6 B€ (3.3 B$) in the second quarter 2010 compared to 2.8 B€ (3.8 B$) in the second quarter 2009.

> Cash flow

Cash flow from operations was 4,942 M€ in the second quarter 2010 compared to 1,939 M€ in the second quarter 2009, reflecting essentially the increase in net income and a lower increase in working capital requirements. Expressed in dollars, cash flow from operations was 6.3 B$.

Adjusted cash flow from operations14 was 5,250 M€, an increase of 62% compared to the second quarter 2009. Expressed in dollars, adjusted cash flow from operations was 6.7 B$, an increase of 51%.

The Group’s net cash flow15 was 2,346 M€ compared to a negative 837 M€ in the second quarter 2009. Expressed in dollars, net cash flow was 3.0 B$ in the second quarter 2010 compared to a negative 1.1 B$ in the second quarter 2009.

  • First half 2010 results

> Operating income

Compared to the first half 2009, the average Brent price increased by 50% to 77.3 $/b. The average natural gas price, however, decreased by 8%. The ERMI European refining margin indicator was 30.4 $/t compared to 23.8 $/t in the first half 2009. The environment for the petrochemicals and specialty chemicals improved significantly.

The euro-dollar exchange rate was 1.33 $/€, stable compared to the first half 2009.

In this context, the adjusted operating income from the business segments was 9,967 M€, an increase of 50% compared to the first half 200916.

The effective tax rate for the business segments was 55% in the first half 2010 compared to 54% in the first half 2009.

Adjusted net operating income from the business segments was 5,243 M€ compared to 3,728 M€ in the first half 2009, an increase of 41%.

This increase is lower than that of the adjusted operating income from the business segments essentially due to changes in other financial income and expenses and the effective tax rate.

Expressed in dollars, adjusted net operating income from the business segments increased by 40%.

> Net income

Adjusted net income increased by 37% to 5,257 M€ from 3,834 M€ in the first half 2009. Expressed in dollars, adjusted net income increased by 36%.

This excludes the after-tax inventory effect, special items, and the Group’s equity share of adjustment items related to Sanofi-Aventis.

  • The after-tax inventory effect had a positive impact on net income of 513 M€ in the first half 2010 and a positive impact of 1,115 M€ in the first half 2009.
  • Special items had a positive impact on net income of 25 M€ in the first half 2010 and a negative impact on net income of 308 M€ in the first half 200917.
  • The Group’s share of adjustment items related to Sanofi-Aventis had a negative impact on net income of 81 M€ in the first half 2010 and a negative impact on net income of 182 M€ in the first half 2009.

Net income (Group share) was 5,714 M€ compared to 4,459 M€ in the first half 2009.

The Group did not buy back shares in the first half 2010. On June 30, 2010, there were 2,243.6 million fully-diluted shares compared to 2,235.5 on June 30, 2009.

Adjusted fully-diluted earnings per share, based on 2,242.6 million weighted-average shares was 2.34 euros compared to 1.72 euros in the first half 2009, an increase of 36%.

Expressed in dollars, adjusted fully-diluted earnings per share was 3.11 compared to 2.29 in the first half 2009, an increase of 36%.

> Investments – divestments18

Investments excluding acquisitions and including net investments in equity affiliates and non-consolidated companies, were 5.5 B€ (7.3 B$) in the first half 2010 compared to 5.8 B€ (7.8 B$) in the first half 2009.

Acquisitions were 1.5 B€ in the first half 2010, essentially comprised of the acquisition of assets in the Barnett Shale in the US and the Laggan Tormore project in the UK.

Asset sales in the first half 2010 were 1.7 B€, essentially comprised of sales of Sanofi-Aventis shares and the sale of Mapa Spontex.

Net investments19 were 5.3 B€ (7.0 B$) in the first half 2010, compared to 5.2 B€ (7.0 B$) in the first half 2009.

> Cash flow

Cash flow from operations was 10,202 M€, an increase of 72% compared to the first half 2009.

Adjusted cash flow from operations20 was 8,989 M€, an increase of 36%. Expressed in dollars, adjusted cash flow from operations was 11.9 B$, an increase of 35%.

The Group’s net cash flow21 was 4,945 M€ compared to 694 M€ in the first half 2009. Expressed in dollars, net cash flow was 6.6 B$ in the first half 2010.

The net-debt-to-equity ratio was 22.7% on June 30, 2010 compared to 21.5% on March 31, 2010 and 24.7% on June 30, 200922, in line with the Group’s objectives.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		       1H10   1H09   1H10
vsvs
1H091H09
78.2 76.4 59.1 +32% Brent ($/b) 77.3 51.7 +50%
74.8 74.2 54.8 +36% Average liquids price ($/b) 74.5 48.2 +55%
4.82 5.06 4.71 +2% Average gas price ($/Mbtu) 4.94 5.36 -8%
54.8 55.5 44.2 +24% Average hydrocarbons price ($/boe) 55.2 41.5 +33%

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

> Production

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		   Hydrocarbon production   1H10   1H09   1H10
vsvs
1H091H09
2,359 2,427 2,182 +8% Combined production (kboe/d) 2,393 2,252 +6%
1,327 1,373 1,328 -

-- Liquids (kb/d)

1,350 1,370 -1%
5,549 5,829 4,686 +18%

-- Gas (Mcf/d)

5,689 4,821 +18%

In the second quarter 2010, hydrocarbon production was 2,359 thousand barrels of oil equivalent per day (kboe/d), an increase of 8% compared to the second quarter 2009, essentially as a result of :

  • +7.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
  • +2% for lower OPEC reductions and an improvement in gas demand,
  • +1% for lower levels of disruptions in Nigeria related to security issues,
  • +0.5% for changes in the portfolio,
  • -3% for the price effect23.

In the first half 2010, hydrocarbon production was 2,393 kboe/d, an increase of close to 6.5% compared to the first half 2009, essentially as a result of :

  • +6.5% for production ramp-ups on new fields, net of the normal decline, and a lower level of turnarounds,
  • +2% for lower OPEC reductions and an improvement in gas demand,
  • +1% for lower levels of disruptions in Nigeria related to security issues,
  • +0.5% for changes in the portfolio,
  • -3.5% for the price effect23.

For the first half 2010, the ramp-up on new projects, net of the normal decline and lower level of turnarounds, provided the Group’s production growth.

> Results

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		   in millions of euros   1H10   1H09   1H10
vsvs
1H091H09
4,607 4,161 2,843 +62% Adjusted operating income* 8,768 5,735 +53%
2,203 1,971 1,451 +52% Adjusted net operating income* 4,174 2,933 +42%
271 335 176 +54%
  • includes income from equity affiliates
606 403 +50%
 
2,723 3,143 2,664 +2% Investments 5,866 4,914 +19%
174 87 105 +66% Divestments 261 234 +12%
4,154 4,680 1,943 x2.1 Cash flow from operating activities 8,834 4,521 +95%
3,895 3,124 2,550 +53% Adjusted cash flow 7,019 5,229 +34%

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

Adjusted net operating income for the Upstream segment in the second quarter 2010 was 2,203 M€ compared to 1,451 M€ in the second quarter 2009, an increase of 52%.

Expressed in dollars, adjusted net operating income for the Upstream segment was 2.8 B$, an increase of 42% compared to the second quarter 2009, reflecting essentially the increase in both production and hydrocarbon prices.

The effective tax rate for the Upstream segment was 58%, compared to 60% in the first quarter 2010. The effective tax rate for the Upstream segment was 58% in the second quarter 2009.

Adjusted net operating income for the Upstream segment in the first half 2010 was 4,174 M€ compared to 2,933 M€ in the first half 2009, an increase of 42%.

Expressed in dollars, adjusted net operating income for the Upstream segment was 5.5 B$, an increase of 42% compared to the first half 2009, reflecting essentially the increase in both production and hydrocarbon prices.

The return on average capital employed (ROACE24) for the Upstream segment for the twelve months ended June 30, 2010 was 19% compared to 18% for the twelve months ended March 31, 2010 and the full year 2009.

The annualized second quarter 2010 ROACE for the Upstream segment was 21%.

Downstream

> Refinery throughput and utilization rates*

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		       1H10   1H09   1H10
vsvs
1H091H09
2,141 1,993 2,175 -2% Total refinery throughput (kb/d) 2,067 2,205 -6%
784 680 925 -15%

-- France

732 910 -20%
1,110 1,050 1,024 +8%

-- Rest of Europe

1,080 1,055 +2%
247 263 226 +9%

-- Rest of world

255 240 +6%
Utilization rates
78% 73% 79%

-- Based on crude only

75% 80%
83% 77% 84%  

-- Based on crude and other feedstock

80% 85%  

* includes share of CEPSA.

Second quarter 2010 refinery throughput decreased by 2% compared to the second quarter 2009 but increased by 7% compared to the first quarter 2010.

Scheduled turnarounds in the second quarter 2010 affected the Rome and Lindsey refineries. Despite the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped throughout the second quarter 2010, the improved reliability of the refineries and the relatively low level of scheduled turnarounds led to an increase in the utilization rate based on crude and other feedstock to 83% in the second quarter 2010 compared to 77% in the first quarter 2010 and 84% in the second quarter 2009.

In the first half 2010, refinery throughput decreased by 6% compared to the first half 2009, reflecting essentially the Dunkirk refinery and a distillation unit at the Normandy refinery being stopped.

> Results

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		   in millions of euros
(except the ERMI refining margin indicator) (except the ERMI refining margin indicator) 		  1H10   1H09   1H10 vs 1H09
31.2 29.5 17.1 +82% European refining margin

indicator - ERMI ($/t)

30.4 23.8 +28%
549 191 141 x3.9 Adjusted operating income* 740 932 -21%
483 155 156 x3.1 Adjusted net operating income* 638 756 -16%
44 14 28 +57%
  • includes income from equity affiliates
58 61 -5%
 
562 456 825 -32% Investments 1,018 1,320 -23%
11 27 26 -58% Divestments 38 62 -39%
1,042 454 (28) n/a Cash flow from operating activities 1,496 1,620 -8%
774 323 239 x3.2 Adjusted cash flow 1,097 1,173 -6%

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

The European refinery indicator averaged 31.2 $/t in the second quarter 2010, nearly double the 17.1 $/t average in the second quarter 2009.

Adjusted net operating income from the Downstream segment was 483 M€ in the second quarter 2010, compared to 156 M€ in the second quarter 2009.

Expressed in dollars, adjusted net operating income for the Downstream segment was 614 M$ compared to 213 M$ in the second quarter 2009, thanks to the strong performance of the refineries in an environment that was much more favorable than in the previous year.

Adjusted net operating income from the Downstream segment was 638 M€ in the first half 2010, a decrease of 16% compared to the first half 2009.

Expressed in dollars, adjusted net operating income for the Downstream segment was 846 M$, a decrease of 16% compared to the first half 2009 despite the improvement in refining margins. The decrease reflects essentially the less favorable conditions for supply optimization in 2010.

The ROACE25 for the Downstream segment for the twelve months ended June 30, 2010 was 6% compared to 4% for the twelve months ended March 31, 2010 and 7% for the full year 2009.

The annualized second quarter 2010 ROACE for the Downstream segment was 12%.

Chemicals

2Q10   1Q10   2Q09   2Q10
vsvs
2Q092Q09		   in millions of euros   1H10   1H09   1H10 vs 1H09
4,589 4,223 3,684 +25% Sales 8,812 6,902 +28%
2,794 2,532 2,164 +29%

-- Base chemicals

5,326 3,940 +35%
1,784 1,691 1,520 +17%

-- Specialties

3,475 2,962 +17%
 
305 154 60 x5.1 Adjusted operating income* 459 (8) n/a
274 157 71 x3.9 Adjusted net operating income* 431 39 x11.1
149 44 19 x7.8

-- Base chemicals

193 (20) n/a
124 117 58 x2.1

-- Specialties

241 74 x3.3
 
144 94 115 +25% Investments 238 294 -19%
328 6 8 x41.0 Divestments 334 14 x23.9
477 (90) 280 +70% Cash flow from operating activities 387 458 -16%
418 228 114 x3.7 Adjusted cash flow 646 (20) n/a

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

In the second quarter 2010, petrochemical margins showed a net improvement over the second quarter 2009, driven by stronger margins in the Atlantic basin.

Sales for the Chemical segment were 4.6 B€.

Adjusted net operating income from the Chemicals segment increased to 274 M€ in the second quarter 2010 from 71 M€ in the second quarter 2009 due to the improved petrochemicals and specialties environment and the benefits realized through cost reduction.

In the first half 2010, adjusted net operating income from the Chemicals segment was 431 M€ compared to 39 M€ in the first half 2009. The increase resulted from the improvement in market conditions in 2010 as well as from the cost reduction efforts implemented over the course of the past years and the effective positioning of the Group’s Specialty chemicals during the recovery from the crisis.

The ROACE26 of the Chemical segment for the twelve months ended June 30, 2010 was 9% compared to 6% for the twelve months ended March 31, 2010 and 4% for the full year 2009.

The annualized second quarter 2010 ROACE for the Chemicals segment was 15%.

  • TOTAL S.A. - parent company accounts

Net income for TOTAL S.A., the parent company, was 2,941 M€ in the first half of 2010 compared to 3,240 M€ in the first half of 2009.

  • Summary and outlook

The ROACE for the Group for the twelve months ended June 30, 2010, was 14%, compared to 13% for the twelve months ended March 31, 2010 and the full year 2009. The annualized second quarter 2010 ROACE for the Group was 18%.

Return on equity for the twelve months ended June 30, 2010, was 17%.

Total will pay a 2010 interim dividend of 1.14 € per share27 on November 17, 201028.

Investments excluding acquisitions for 2010 are expected to be in line with the 2010 budget level of 18 B$.

The Group maintains its net-debt-to-equity objective range of 25-30% for year-end 2010.

As of June 30, 2010, the Group’s equity interest in Sanofi-Aventis, following progressive sales of the shares, was 5.7%. Effective July 1, 2010, Sanofi-Aventis will no longer be accounted for as an equity affiliate but will instead be treated as a financial asset available for sale in the line “Other investments” of the balance sheet. In the second quarter 2010, Sanofi-Aventis contributed 141 M€ to adjusted net operating income and its portion of the adjustment items was a negative 40 M€.

Since the third quarter 2010 began, oil prices have traded around 75 $/b, but European refining margins have pulled back sharply from the second quarter level. The environment for the Chemicals has remained globally comparable to that of the second quarter.

â–  â–  â– 

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)203 367 9453 in Europe or +1 866 907 5923 in the U.S. (access code : Total). A replay available will be available until August 12 and can be accessed through the website or by calling +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the US (code : 270 381).

This document does not constitute the Financial Report for the first half 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, 2010 notes to the consolidated financial statements 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 United States 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 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. The inventory valuation effect is the difference between the results according to FIFO (First-In, First-Out) and the 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 adjustment items related to Sanofi-Aventis. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

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

Cautionary Note to U.S. Investors — The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this press release, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our annual report on Form 20-F, File No. 1-10888 available from us at 2, place Jean Millier — La Défense 6 — 92400 Courbevoie, France, or on our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

Operating information by segment

Second quarter and first half 2010

  • Upstream
2Q10   1Q10   2Q09   2Q10 vs 2Q09   Combined liquids and gas production by region (kboe/d)   1H10   1H09   1H10 vs 1H09
577 647 574 +1% Europe 612 629 -3%
752 746 713 +5% Africa 749 728 +3%
515 516 420 +23% Middle East 515 419 +23%
63 66 13 x4.8 North America 65 12 x5.4
184 172 193 -5% South America 178 189 -6%
246 254 248 -1% Asia-Pacific 250 251 -
22 26 21 +5% CIS 24 24 -
2,359 2,427 2,182 +8% Total production 2,393 2,252 +6%
434 415 342 +27% Includes equity and non-consolidated affiliates 425 346 +23%
 
 
 
2Q10 1Q10 2Q09 2Q10 vs 2Q09 Liquids production by region (kb/d) 1H10 1H09 1H10 vs 1H09
258 301 275 -6% Europe 280 297 -6%
611 620 600 +2% Africa 616 618 -
309 302 310 - Middle East 305 312 -2%
30 32 11 x2.7 North America 31 10 x3.1
76 72 87 -13% South America 74 86 -14%
30 32 33 -9% Asia-Pacific 31 34 -9%
13 14 12 +8% CIS 13 13 -
1,327 1,373 1,328 - Total production 1,350 1,370 -1%
298 284 289 +3% Includes equity and non-consolidated affiliates 291 291 -
2Q10 1Q10 2Q09 2Q10 vs 2Q09 Gas production by region (Mcf/d) 1H10 1H09 1H10 vs 1H09
1,689 1,940 1,639 +3% Europe 1,814 1,811 -
704 644 580 +21% Africa 675 566 +19%
1,098 1,188 609 +80% Middle East 1,143 591 +93%
191 188 9 x21.2 North America 190 9 x21.1
594 554 585 +2% South America 574 567 +1%
1,220 1,249 1,215 - Asia-Pacific 1,234 1,219 +1%
53 66 49 +8% CIS 59 58 +2%
5,549 5,829 4,686 +18% Total production 5,689 4,821 +18%
737 709 285 x2.6 Includes equity and non-consolidated affiliates 723 293 x2.5
 
 
 
2Q10 1Q10 2Q09 2Q10 vs 2Q09 Liquefied natural gas 1H10 1H09 1H10 vs 1H09
3.04 2.89 2.15 +41% LNG sales* (Mt) 5.93 4.30 +38%

* sales, Group share, excluding trading ; 1 Mt/y = approx. 133 Mcf/d ; 2009 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2009 SEC coefficient.

  • Downstream
2Q10   1Q10   2Q09   2Q10 vs 2Q09   Refined products sales by region (kb/d)*   1H10   1H09   1H10 vs 1H09
1,881 1,949 1,979 -5% Europe 1,915 2,076 -8%
301 286 272 +11% Africa 294 275 +7%
115 147 161 -29% Americas 131 175 -25%
163 145 148 +10% Rest of world 154 138 +12%
2,460 2,527 2,560 -4% Total consolidated sales 2,494 2,664 -6%
1,526 990 1,092 +40% Trading 1,258 1,046 +20%
               
3,986 3,517 3,652 +9% Total refined product sales 3,752 3,710 +1%

* includes tradin g and share of CEPSA.

Adjustment items

  • Adjustments to operating income from business segments
2Q10   1Q10   2Q09   in millions of euros   1H10   1H09
(24) (50) (188) Special items affecting operating income from the business segments (74) (291)
- - -
  • Restructuring charges
- -
(8) - (105)
  • Impairments
(8) (105)
(16) (50) (83)
  • Other
(66) (186)
214 486 1,065 Pre-tax inventory effect : FIFO vs. replacement cost 700 1,542
           
190 436 877 Total adjustments affecting operating income from the business segments 626 1,251
  • Adjustments to net income (Group share)
2Q10   1Q10   2Q09   in millions of euros   1H10   1H09
11 14 (221) Special items affecting net income (Group share) 25 (308)
63 129 28
  • Gain on asset sales
192 41
(10) - (99)
  • Restructuring charges
(10) (105)
(6) (59) (71)
  • Impairments
(65) (71)
(36) (56) (79)
  • Other
(92) (173)
(40) (41) (119) Equity shares of adjustments related to Sanofi-Aventis* (81) (182)
169 344 788 After-tax inventory effect : FIFO vs. replacement cost 513 1,115
           
140 317 448 Total adjustments to net income 457 625

* based on Total’s share in Sanofi-Aventis of 5.7% on 6/30/2010, 6.2% on 3/31/2010 and 9.7% on 6/30/2009.

Effective tax rates

2Q10   1Q10   2Q09   Effective tax rate*   1H10   1H09
58.3% 60.0% 58.3% Upstream 59.1% 58.2%
53.3% 57.1% 55.9% Group 55.0% 53.9%

* 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

2Q10   1Q10   2Q09   2Q10 vs 2Q09   in millions of euros   1H10   1H09   1H10 vs 1H09
3,067 2,427 3,095 -1% Investments excluding acquisitions* 5,494 5,842 -6%
221 199 154 +44%
  • Capitalized exploration
420 382 +10%
170 111 23 x7.4
  • Net investments in equity affiliates and non-consolidated companies
281 248 +13%
305 1,217 480 -36% Acquisitions 1,522 573 x2.7
3,372 3,644 3,575 -6% Investments including acquisitions* 7,016 6,415 +9%
758 965 781 -3% Asset sales 1,723 1,140 +51%
2,596 2,661 2,776 -6% Net investments** 5,257 5,239 -
 
 
 
2Q10 1Q10 2Q09 2Q10 vs 2Q09 expressed in millions of dollars*** 1H10 1H09 1H10 vs 1H09
3,898 3,356 4,219 -8% Investments excluding acquisitions* 7,289 7,786 -6%
281 275 210 +34%
  • Capitalized exploration
557 509 +9%
216 154 31 x7.0
  • Net investments in equity affiliates and non-consolidated companies
373 331 +13%
388 1,683 654 -41% Acquisitions 2,019 764 x2.6
4,285 5,039 4,873 -12% Investments including acquisitions* 9,309 8,550 +9%
963 1,334 1,065 -10% Asset sales 2,286 1,519 +50%
3,299 3,680 3,784 -13% Net investments** 6,975 6,983 -

* 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   6/30/2010   3/31/2010   6/30/2009
Current borrowings 8,521 6,840 7,916
Net current financial assets (1,225) (654) (123)
Non-current financial debt 22,813 19,727 19,640
Hedging instruments of non-current debt (1,812) (1,212) (875)
Cash and cash equivalents (14,832) (12,954) (14,299)
Net debt 13,465 11,747 12,259
       
Shareholders’ equity 60,955 57,283 51,299
Estimated dividend payable* (2,547) (3,821) (2,541)
Minority interests 858 1,083 963
Equity** 59,266 54,545 49,721
       
Net-debt-to-equity ratio 22.7% 21.5% 24.7%

* June 30, 2010 based on the hypothesis of an annual dividend of 2.28 €/share

** includes the 450 M€ impact in 2Q 2010 of the squeeze out of the Elf Aquitaine minority interest

2010 Sensitivities*

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

*sensitivities 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

  • Twelve months ended June 30, 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments       Group
Adjusted net operating income 7,623 835 664 9,122 9,652
Capital employed at 6/30/2009* 35,385 13,939 6,915 56,239 62,294
Capital employed at 6/30/2010* 43,908 16,010 7,286 67,204 72,042
ROACE 19.2% 5.6% 9.4% 14.8% 14.4%

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

  • Twelve months ended March 31, 2010
in millions of euros   Upstream   Downstream   Chemicals   Segments       Group
Adjusted net operating income 6,871 508 461 7,840 8,399
Capital employed at 3/31/2009* 35,027 13,095 7,175 55,297 61,688
Capital employed at 3/31/2010* 39,925 15,634 7,412 62,971 67,099
ROACE 18.3% 3.5% 6.3% 13.3% 13.0%

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

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

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

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

1 percent changes are relative to the same period 2009.

2 dollar amounts represent euro amounts converted at the average €-$ exchange rate for the period : 1.2708 $/€ in the 2nd quarter 2010, 1.3632 $/€ in the 2nd quarter 2009, 1.3829 $/€ in the 1st quarter 2010, 1.3268 $/€ in the 1st half 2010 and 1.3328 $/€ in the 1st half 2009.

3 adjusted net income = net income using replacement cost (Group share), adjusted for special items and excluding Total’s share of adjustments related to Sanofi-Aventis.

4 Group share ; net income (Group share) for the 2nd quarter 2010 was 3,101 M€.

5 the ex-dividend date for the 2010 interim dividend will be November 12 and the payment date is November 17, 2010; for the ADR (NYSE :TOT) the ex-dividend date is November 9, 2010.

6 adjusted income (adjusted operating income, adjusted net operating income and adjusted net income) is defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of adjustments 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.

7 including acquisitions.

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

9 special items affecting operating income from the business segments had a negative impact of 24 M€ in the 2nd quarter 2010 and a negative impact of 188 M€ in the 2nd quarter 2009.

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

11 detail shown on page 17.

12 detail shown on page 18.

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

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

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

16 special items affecting operating income from the business segments had a negative impact of 74 M€ in the 1st half 2010 and a negative impact of 291 M€ in the 1st half 2009.

17 detail shown on page 17.

18 detail shown on page 18.

19 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.

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

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

22 detail shown on page 19.

23 impact of changing hydrocarbon prices on entitlement volumes.

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

27 approved by the Board of Directors on July 29, 2010.

28 the ex-dividend date for the 2010 interim dividend is November 12, 2010 ; for the ADR (NYSE :TOT) the ex-dividend date is November 9, 2010.

Total financial statements

Second quarter 2010 consolidated accounts, IFRS

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

2010

1st quarter

2010

2nd quarter

2009

Sales 41,329 37,603 31,430
Excise taxes (5,002) (4,442) (4,856)
Revenues from sales 36,327 33,161 26,574
 
Purchases, net of inventory variation (23,929) (21,701) (16,300)
Other operating expenses (4,833) (4,712) (4,724)
Exploration costs (292) (215) (155)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,757) (1,699) (1,636)
Other income 114 160 106
Other expense (114) (212) (216)
 
Financial interest on debt (113) (100) (140)
Financial income from marketable securities & cash equivalents 24 24 40
Cost of net debt (89) (76) (100)
 
Other financial income 142 71 240
Other financial expense (95) (95) (82)
 
Equity in income (loss) of affiliates 513 524 393
 
Income taxes (2,819) (2,528) (1,877)
Consolidated net income 3,168 2,678 2,223
Group share* 3,101 2,613 2,169
Minority interests 67 65 54
Earnings per share (€) 1.39 1.17 0.97
Fully-diluted earnings per share (€)** 1.38 1.17 0.97
 
 
* Adjusted net income 2,961 2,296 1,721
** Adjusted fully-diluted earnings per share (€) 1.32 1.02 0.77
(a) Except for per share amounts.
     
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 
(M€) 2nd quarter

2010

1st quarter

2010

2nd quarter

2009

Consolidated net income 3,168 2,678 2,223
 
Other comprehensive income
Currency translation adjustment 3,149 1,847 (966)
Available for sale financial assets (49) (3) 50
Cash flow hedge (75) 24 128
Share of other comprehensive income of associates, net amount 242 233 (66)
Other 2 1 (25)
 
Tax effect 26 (8) (48)
Total other comprehensive income (net amount) 3,295 2,094 (927)
       
Comprehensive income 6,463 4,772 1,296
- Group share 6,368 4,676 1,196
- Minority interests 95 96 100
   
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
 
(M€) (a) 1st half

2010

1st half

2009

Sales 78,932 61,471
Excise taxes (9,444) (9,429)
Revenues from sales 69,488 52,042
 
Purchases, net of inventory variation (45,630) (31,528)
Other operating expenses (9,545) (9,399)
Exploration costs (507) (331)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,456) (3,156)
Other income 274 121
Other expense (326) (303)
 
Financial interest on debt (213) (311)
Financial income from marketable securities & cash equivalents 48 95
Cost of net debt (165) (216)
 
Other financial income 213 399
Other financial expense (190) (163)
 
Equity in income (loss) of affiliates 1,037 860
 
Income taxes (5,347) (3,779)
Consolidated net income 5,846 4,547
Group share* 5,714 4,459
Minority interests 132 88
Earnings per share (€) 2.56 2.00
Fully-diluted earnings per share (€)** 2.55 1.99
     
* Adjusted net income 5,257 3,834
** Adjusted fully-diluted earnings per share (€) 2.34 1.72
(a) Except for per share amounts.
   
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
 
(M€) 1st half

2010

1st half

2009

Consolidated net income 5,846 4,547
 
Other comprehensive income
Currency translation adjustment 4,996 246
Available for sale financial assets (52) 39
Cash flow hedge (51) 58
Share of other comprehensive income of associates, net amount 475 93
Other 3 (11)
 
Tax effect 18 (23)
 
Total other comprehensive income (net amount) 5,389 402
     
Comprehensive income 11,235 4,949
- Group share 11,044 4,775
- Minority interests 191 174
       
CONSOLIDATED BALANCE SHEET
TOTAL
 
 
(M€) June 30, 2010

(unaudited)

March 31, 2010

(unaudited)

December 31, 2009 June 30, 2009

(unaudited)

ASSETS
Non-current assets
Intangible assets, net 8,767 8,272 7,514 5,955
Property, plant and equipment, net 57,825 53,549 51,590 48,762
Equity affiliates : investments and loans 15,363 14,656 13,624 14,075
Other investments 1,220 1,122 1,162 1,211
Hedging instruments of non-current financial debt 1,812 1,212 1,025 875
Other non-current assets 3,437 3,273 3,081 3,095
Total non-current assets 88,424 82,084 77,996 73,973
 
Current assets
Inventories, net 15,130 14,185 13,867 11,749
Accounts receivable, net 18,193 17,921 15,719 15,226
Other current assets 8,289 7,817 8,198 9,253
Current financial assets 1,603 968 311 217
Cash and cash equivalents 14,832 12,954 11,662 14,299
Total current assets 58,047 53,845 49,757 50,744
Total assets 146,471 135,929 127,753 124,717
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 5,872 5,871 5,871 5,931
Paid-in surplus and retained earnings 58,274 58,026 55,372 55,031
Currency translation adjustment 381 (3,010) (5,069) (4,656)
Treasury shares (3,572) (3,604) (3,622) (5,007)
Total shareholders' equity - Group Share 60,955 57,283 52,552 51,299
Minority interests 858 1,083 987 963
Total shareholders' equity 61,813 58,366 53,539 52,262
 
Non-current liabilities
Deferred income taxes 10,328 9,486 8,948 8,561
Employee benefits 2,181 2,127 2,040 2,006
Provisions and other non-current liabilities 9,418 9,015 9,381 8,087
Total non-current liabilities 21,927 20,628 20,369 18,654
Non-current financial debt 22,813 19,727 19,437 19,640
 
Current liabilities
Accounts payable 17,557 16,367 15,383 14,036
Other creditors and accrued liabilities 13,462 13,687 11,908 12,115
Current borrowings 8,521 6,840 6,994 7,916
Other current financial liabilities 378 314 123 94
Total current liabilities 39,918 37,208 34,408 34,161
Total liabilities and shareholders' equity 146,471 135,929 127,753 124,717
     
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M€) 2nd quarter

2010

1st quarter

2010

2nd quarter

2009

CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income 3,168 2,678 2,223
Depreciation, depletion and amortization 1,996 1,871 1,712
Non-current liabilities, valuation allowances and deferred taxes 239 55 281
Impact of coverage of pension benefit plans - - -
(Gains) losses on sales of assets (24) (148) (31)
Undistributed affiliates' equity earnings 79 (262) 81
(Increase) decrease in working capital (522) 1,035 (2,363)
Other changes, net 6 31 36
Cash flow from operating activities 4,942 5,260 1,939
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (2,958) (3,464) (3,312)
Acquisitions of subsidiaries, net of cash acquired - - (109)
Investments in equity affiliates and other securities (244) (69) (131)
Increase in non-current loans (244) (176) (82)
Total expenditures (3,446) (3,709) (3,634)
Proceeds from disposal of intangible assets and property, plant and equipment 89 34 55
Proceeds from disposal of subsidiaries, net of cash sold 321 - -
Proceeds from disposal of non-current investments 348 931 726
Repayment of non-current loans 92 83 77
Total divestments 850 1,048 858
Cash flow used in investing activities (2,596) (2,661) (2,776)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 6 5 5
- Treasury shares 31 18 2
- Minority shareholders - - -
Dividends paid:
- Parent company shareholders (2,548) - (2,541)
- Minority shareholders (82) - (141)
Other transactions with minority shareholders (450) - -
Net issuance (repayment) of non-current debt 1,979 63 2,010
Increase (decrease) in current borrowings 977 (601) 2,350
Increase (decrease) in current financial assets and liabilities (453) (497) -
Cash flow used in financing activities (540) (1,012) 1,685
Net increase (decrease) in cash and cash equivalents 1,806 1,587 848
Effect of exchange rates 72 (295) 132
Cash and cash equivalents at the beginning of the period 12,954 11,662 13,319
Cash and cash equivalents at the end of the period 14,832 12,954 14,299
   
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
 
(M€) 1st half

2010

1st half

2009

CASH FLOW FROM OPERATING ACTIVITIES
 
Consolidated net income 5,846 4,547
Depreciation, depletion and amortization 3,867 3,373
Non-current liabilities, valuation allowances and deferred taxes 294 213
Impact of coverage of pension benefit plans - -
(Gains) losses on sales of assets (172) (46)
Undistributed affiliates' equity earnings (183) 2
(Increase) decrease in working capital 513 (2,218)
Other changes, net 37 62
Cash flow from operating activities 10,202 5,933
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (6,422) (5,796)
Acquisitions of subsidiaries, net of cash acquired - (156)
Investments in equity affiliates and other securities (313) (215)
Increase in non-current loans (420) (402)
Total expenditures (7,155) (6,569)
Proceeds from disposal of intangible assets and property, plant and equipment 123 115
Proceeds from disposal of subsidiaries, net of cash sold 321 -
Proceeds from disposal of non-current investments 1,279 1,025
Repayment of non-current loans 175 190
Total divestments 1,898 1,330
Cash flow used in investing activities (5,257) (5,239)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 11 14
- Treasury shares 49 2
- Minority shareholders - -
Dividends paid:
- Parent company shareholders (2,548) (2,541)
- Minority shareholders (82) (145)
Other transactions with minority shareholders (450) -
Net issuance (repayment) of non-current debt 2,042 4,854
Increase (decrease) in current borrowings 376 (1,067)
Increase (decrease) in current financial assets and liabilities (950) -
Cash flow used in financing activities (1,552) 1,117
Net increase (decrease) in cash and cash equivalents 3,393 1,811
Effect of exchange rates (223) 167
Cash and cash equivalents at the beginning of the period 11,662 12,321
Cash and cash equivalents at the end of the period 14,832 14,299
           
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, 2009 2,371,808,074 5,930 52,947 (4,876) (143,082,095) (5,009) 48,992 958 49,950
Net income of 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
Net income from July 1 to December 31, 2009 - - 3,988 - - - 3,988 94 4,082
Other comprehensive Income - - 150 (413) - - (263) (26) (289)
Comprehensive Income - - 4,138 (413) - - 3,725 68 3,793
Dividend - - (2,545) - - - (2,545) (44) (2,589)
Issuance of common shares 848,924 2 25 - - - 27 - 27
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (143) - 2,822,910 163 20 - 20
Share-based payments - - 26 - - - 26 - 26
Other operations with minority interests - - - - - - - - -
Share cancellation (24,800,000) (62) (1,160) - 24,800,000 1,222 - - -
Transactions with shareholders (23,951,076) (60) (3,797) - 27,622,910 1,385 (2,472) (44) (2,516)
As of December 31, 2009 2,348,422,884 5,871 55,372 (5,069) (115,407,190) (3,622) 52,552 987 53,539
Net income of the first half - - 5,714 - - - 5,714 132 5,846
Other comprehensive Income - - (130) 5,460 - - 5,330 59 5,389
Comprehensive Income - - 5,584 5,460 - - 11,044 191 11,235
Dividend - - (2,548) - - - (2,548) (82) (2,630)
Issuance of common shares 306,577 1 10 - - - 11 - 11
Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (1) - 1,258,812 50 49 - 49
Share-based payments - - 59 - - - 59 - 59
Other operations with minority interests - - (202) (10) - - (212) (238) (450)
Share cancellation - - - - - - - - -
Transactions with shareholders 306,577 1 (2,682) (10) 1,258,812 50 (2,641) (320) (2,961)
As of June 30, 2010 2,348,729,461 5,872 58,274 381 (114,148,378) (3,572) 60,955 858 61,813
 
(1) Treasury shares related to the stock option purchase plans and restricted stock grants
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
             
2nd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,546 32,190 4,589 4 - 41,329
Intersegment sales 5,717 1,394 270 45 (7,426) -
Excise taxes - (5,002) - - - (5,002)
Revenues from sales 10,263 28,582 4,859 49 (7,426) 36,327
Operating expenses (4,364) (27,460) (4,483) (173) 7,426 (29,054)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,292) (318) (136) (11) - (1,757)
Operating income 4,607 804 240 (135) - 5,516
Equity in income (loss) of affiliates and other items 190 124 78 168 - 560
Tax on net operating income (2,621) (250) (65) 85 - (2,851)
Net operating income 2,176 678 253 118 - 3,225
Net cost of net debt (57)
Minority interests           (67)
Net income 3,101
             
2nd quarter 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 255 (57) - 198
Depreciation, depletion and amortization of tangible assets and mineral interests - - (8) -   (8)
Operating income (b) - 255 (65) - 190
Equity in income (loss) of affiliates and other items (c) (40) 25 18 (7) (4)
Tax on net operating income 13 (85) 26 -   (46)
Net operating income (b) (27) 195 (21) (7) 140
Net cost of net debt -
Minority interests           -
Net income 140

(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 - 255 (41) -
On net operating income - 195 (25) -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (40)    
 
2nd quarter 2010 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,546 32,190 4,589 4 - 41,329
Intersegment sales 5,717 1,394 270 45 (7,426) -
Excise taxes - (5,002) - - - (5,002)
Revenues from sales 10,263 28,582 4,859 49 (7,426) 36,327
Operating expenses (4,364) (27,715) (4,426) (173) 7,426 (29,252)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,292) (318) (128) (11) - (1,749)
Adjusted operating income 4,607 549 305 (135) - 5,326
Equity in income (loss) of affiliates and other items 230 99 60 175 - 564
Tax on net operating income (2,634) (165) (91) 85 - (2,805)
Adjusted net operating income 2,203 483 274 125 - 3,085
Net cost of net debt (57)
Minority interests           (67)
Ajusted net income 2,961
             
2nd quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 2,723 562 144 17 3,446
Total divestments 174 11 328 337 850
Cash flow from operating activities 4,154 1,042 477 (731)   4,942
           
BUSINESS SEGMENT INFORMATION
TOTAL
(unaudited)
             
1st quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,569 28,808 4,223 3 - 37,603
Intersegment sales 5,302 1,081 237 42 (6,662) -
Excise taxes - (4,442) - - - (4,442)
Revenues from sales 9,871 25,447 4,460 45 (6,662) 33,161
Operating expenses (4,454) (24,621) (4,070) (145) 6,662 (26,628)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,256) (305) (130) (8) - (1,699)
Operating income 4,161 521 260 (108) - 4,834
Equity in income (loss) of affiliates and other items 108 31 45 264 - 448
Tax on net operating income (2,374) (164) (73) 57 - (2,554)
Net operating income 1,895 388 232 213 - 2,728
Net cost of net debt (50)
Minority interests           (65)
Net income 2,613
             
1st quarter 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 330 106 - 436
Depreciation, depletion and amortization of tangible assets and mineral interests - - - -   -
Operating income (b) - 330 106 - 436
Equity in income (loss) of affiliates and other items (c) (106) 16 4 91 5
Tax on net operating income 30 (113) (35) (2)   (120)
Net operating income (b) (76) 233 75 89 321
Net cost of net debt -
Minority interests           (4)
Net income 317
 
(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 - 380 106 -
On net operating income - 272 75 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (41)    
 
1st quarter 2010 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 4,569 28,808 4,223 3 - 37,603
Intersegment sales 5,302 1,081 237 42 (6,662) -
Excise taxes - (4,442) - - - (4,442)
Revenues from sales 9,871 25,447 4,460 45 (6,662) 33,161
Operating expenses (4,454) (24,951) (4,176) (145) 6,662 (27,064)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,256) (305) (130) (8) - (1,699)
Adjusted operating income 4,161 191 154 (108) - 4,398
Equity in income (loss) of affiliates and other items 214 15 41 173 - 443
Tax on net operating income (2,404) (51) (38) 59 - (2,434)
Adjusted net operating income 1,971 155 157 124 - 2,407
Net cost of net debt (50)
Minority interests           (61)
Ajusted net income 2,296
             
1st quarter 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 3,143 456 94 16 - 3,709
Total divestments 87 27 6 928 - 1,048
Cash flow from operating activities 4,680 454 (90) 216 - 5,260
           
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 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 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 half 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 9,115 60,998 8,812 7 - 78,932
Intersegment sales 11,019 2,475 507 87 (14,088) -
Excise taxes - (9,444) - - - (9,444)
Revenues from sales 20,134 54,029 9,319 94 (14,088) 69,488
Operating expenses (8,818) (52,081) (8,553) (318) 14,088 (55,682)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,548) (623) (266) (19) - (3,456)
Operating income 8,768 1,325 500 (243) - 10,350
Equity in income (loss) of affiliates and other items 298 155 123 432 - 1,008
Tax on net operating income (4,995) (414) (138) 142 - (5,405)
Net operating income 4,071 1,066 485 331 - 5,953
Net cost of net debt (107)
Minority interests           (132)
Net income 5,714
             
1st half 2010 (adjustments) (a)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales
Intersegment sales
Excise taxes            
Revenues from sales
Operating expenses - 585 49 - 634
Depreciation, depletion and amortization of tangible assets and mineral interests - - (8) -   (8)
Operating income (b) - 585 41 - 626
Equity in income (loss) of affiliates and other items (c) (146) 41 22 84 1
Tax on net operating income 43 (198) (9) (2)   (166)
Net operating income (b) (103) 428 54 82 461
Net cost of net debt -
Minority interests           (4)
Net income 457
 
(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 - 635 65 -
On net operating income - 467 50 -
(c) Of which equity share of adjustments related to Sanofi-Aventis - - - (81)    
 
1st half 2010 (adjusted)

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Non-Group sales 9,115 60,998 8,812 7 - 78,932
Intersegment sales 11,019 2,475 507 87 (14,088) -
Excise taxes - (9,444) - - - (9,444)
Revenues from sales 20,134 54,029 9,319 94 (14,088) 69,488
Operating expenses (8,818) (52,666) (8,602) (318) 14,088 (56,316)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,548) (623) (258) (19) - (3,448)
Adjusted operating income 8,768 740 459 (243) - 9,724
Equity in income (loss) of affiliates and other items 444 114 101 348 - 1,007
Tax on net operating income (5,038) (216) (129) 144 - (5,239)
Adjusted net operating income 4,174 638 431 249 - 5,492
Net cost of net debt (107)
Minority interests           (128)
Ajusted net income 5,257
             
1st half 2010

(M€)

Upstream Downstream Chemicals Corporate Intercompany Total
Total expenditures 5,866 1,018 238 33 7,155
Total divestments 261 38 334 1,265 1,898
Cash flow from operating activities 8,834 1,496 387 (515)   10,202
           
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 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 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
   
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL  
(unaudited)
 
2nd quarter 2010

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 41,329 - 41,329
Excise taxes (5,002) - (5,002)
Revenues from sales 36,327 - 36,327
 
Purchases net of inventory variation (24,143) 214 (23,929)
Other operating expenses (4,817) (16) (4,833)
Exploration costs (292) - (292)
Depreciation, depletion and amortization of tangible assets and mineral interests (1,749) (8) (1,757)
Other income 52 62 114
Other expense (61) (53) (114)
 
Financial interest on debt (113) - (113)
Financial income from marketable securities & cash equivalents 24 - 24
Cost of net debt (89) - (89)
 
Other financial income 142 - 142
Other financial expense (95) - (95)
 
Equity in income (loss) of affiliates 526 (13) 513
 
Income taxes (2,773) (46) (2,819)
Consolidated net income 3,028 140 3,168
Group share 2,961 140 3,101
Minority interests 67 - 67
 
 
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
   
CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)
TOTAL  
(unaudited)
 
1st half 2010

(M€)

Adjusted Adjustments Consolidated statement of income
Sales 78,932 - 78,932
Excise taxes (9,444) - (9,444)
Revenues from sales 69,488 - 69,488
 
Purchases net of inventory variation (46,330) 700 (45,630)
Other operating expenses (9,479) (66) (9,545)
Exploration costs (507) - (507)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,448) (8) (3,456)
Other income 80 194 274
Other expense (167) (159) (326)
 
Financial interest on debt (213) - (213)
Financial income from marketable securities & cash equivalents 48 - 48
Cost of net debt (165) - (165)
 
Other financial income 213 - 213
Other financial expense (190) - (190)
 
Equity in income (loss) of affiliates 1,071 (34) 1,037
 
Income taxes (5,181) (166) (5,347)
Consolidated net income 5,385 461 5,846
Group share 5,257 457 5,714
Minority interests 128 4 132
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

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

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

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