Total: Third Quarter and First Nine Months 2014...

Total: Third Quarter and First Nine Months 2014 Results1

Total S.A.

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

    3Q14   Change

vs 3Q13

  9M14   Change

vs 9M13

Adjusted net income2

       
  • in billions of dollars (B$)
3.6 -2% 10.0 -8%
  • in dollars per share
  1.56   -2%   4.40   -8%

Net income3 of 3.5 B$ in 3Q14 and 9.9 B$ in the first nine months of 2014

 

Net-debt-to-equity ratio of 27.8% on September 30, 2014

 

Hydrocarbon production of 2,122 kboe/d in 3Q14

 

Interim dividend for 3Q14 of 0.61 €/share payable in March 20154

 

Total’s Board of Directors, under the chairmanship of Thierry Desmarest, met on October 28, 2014, and reviewed the Group’s third quarter accounts. Commenting on the results, CEO Patrick Pouyanné said:

“Since the announcement of the death of Christophe de Margerie, Total has received an outpouring of messages commemorating the man, the captain of industry, the visionary. Under his leadership, our Group changed profoundly. In an industry confronted with crucial issues, he set out with conviction to make Total a stronger, more responsible company, capable of responding to the energy challenges of today and the future. Today, it is this commitment that drives me to forge ahead. The quality of our teams, the governance in place and our organization ensure more than ever the continuity of the process to transform the Group, for which, at his side, we worked on for many years.

In this context, it is my responsibility, nevertheless, to comment on the Group’s results. We reported solid adjusted net income of 3.6 billion dollars in the third quarter, an increase of 13% compared to the second quarter. The Upstream was resilient and the Downstream performance was strong, notably Refining & Chemicals, which captured the full benefit of higher refining margins.
The recent decrease in the price of Brent highlights the importance of the programs we launched to reduce costs and control investments to strengthen the resilience of the Group, which is already among the most robust in the industry.
We are continuing to pursue the asset sales program, notably with the announcement of our plan to sell Bostik.”

  • Key figures5
3Q14   2Q14   3Q13   3Q14
vs
3Q13		   Expressed in millions of dollars
except earnings per share and number of shares 		  9M14   9M13   9M14 vs
9M13
60,363   62,561   61,844   -2%   Sales   183,611   186,750   -2%
6,134   5,583   6,874   -11%   Adjusted operating income from business segments   17,899   21,085   -15%
3,927   3,824   3,995   -2%   Adjusted net operating income from business segments   11,450   12,026   -5%
2,765   3,051   3,087   -10%   = Upstream   8,908   9,385   -5%
786 401 461 +70% = Refining & Chemicals 1,533 1,416 +8%
376   372   447   -16%   = Marketing & Services   1,009   1,225   -18%
3,558   3,151   3,628   -2%   Adjusted net income   10,036   10,907   -8%
1.56   1.38   1.59   -2%   Adjusted fully-diluted earnings per share (dollars)   4.40   4.81   -8%
1.17   1.00   1.20   -2%   Adjusted fully-diluted earnings per share (euro)   3.25   3.65   -11%
2,285   2,281   2,275   -   Fully-diluted weighted-average shares (millions)   2,279   2,269   -
                             
3,463   3,104   3,682   -6%   Net income (Group share)   9,902   8,994   +10%
                             
7,769   8,723   7,751   -  

Investments6

  22,357   23,114   -3%
2,030   631   2,897   -30%   Divestments   4,501   5,460   -18%
5,740   7,966   4,804   +19%  

Net investments7

  17,731   17,140   +3%
7,639   5,277   9,184   -17%   Cash flow from operations   18,254   18,935   -4%
6,741   5,931   7,235   -7%   Adjusted cash flow from operations   18,876   20,615   -8%
  • Highlights since the beginning of the third quarter 20148
    • Nomination of Thierry Desmarest as Chairman of the Board of Directors and Patrick Pouyanné as Chief Executive Officer
    • CLOV achieved plateau production of 160 kb/d ahead of schedule
    • Launched development of Edradour and acquired an interest in Glenlivet in the UK
    • Agreements to sell Bostik, Totalgaz, mining assets in South Africa and an interest in the non-operated Gina Krog field in Norway
  • Third quarter 2014 results

> Net operating income from business segments

In the third quarter 2014, the Brent price averaged 101.9 $/b, a decrease of 8% compared to the third quarter 2013 and 7% compared to the second quarter 2014. The Group’s European refining margin indicator (ERMI) averaged 29.9 $/t compared to 10.6 $/t in the third quarter 2013 and 10.9 $/t in the second quarter 2014.

The effective tax rate9 for the business segments was 52.1% in the third quarter 2014 compared to 54.6% in the third quarter 2013, reflecting mainly the strong Downstream results which are taxed at a lower rate.

Adjusted net operating income from the business segments was 3,927 M$ in the third quarter 2014 compared to 3,995 M$ in the third quarter 2013, a decrease of 2%, reflecting mainly a lower contribution from Upstream, driven essentially by the lower price of Brent, and largely offset by the solid performance of Refining & Chemicals.

> Net income (Group share)

Adjusted net income was 3,558 M$ in the third quarter 2014 compared to 3,628 M$ in the third quarter 2013, a decrease of 2%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items10:

  • The after-tax inventory effect had a negative impact on net income of 403 M$ in the third quarter 2014 compared to a negative impact of 32 M$ in the third quarter 2013.
  • Changes in fair value had a positive impact on net income of 14 M$ in the third quarter 2014 compared to a negative impact of 9 M$ in the third quarter 2013.
  • Special items11 had a positive impact on net income of 294 M$ in the third quarter 2014, including mainly the gain on the sale of the Group’s interest in the Shah Deniz field in Azerbaijan and the impairment of the Ahnet project in Algeria. Special items had a positive impact on net income in the third quarter 2013 of 95 M$.

Net income (Group share) was 3,463 M$ in the third quarter 2014 compared to 3,682 M$ in the third quarter 2013.

The effective tax rate for the Group was 54.1% in the third quarter 2014 compared to 55.7% in the third quarter 2013. This decrease is mainly due to the proportion of Downstream in the results for the quarter, which benefitted from a more favorable tax rate.

On September 30, 2014, there were 2,285 million fully-diluted shares compared to 2,274 million shares on September 30, 2013.

Adjusted fully-diluted earnings per share, based on 2,285 million fully-diluted weighted-average shares, was $1.56 compared to $1.59 in the third quarter 2013.

Expressed in euro, adjusted fully-diluted earnings per share were €1.17, a 2% decrease.

> Investments – divestments12

Investments, excluding acquisitions and including changes in non-current loans, were 7.0 B$ in the third quarter 2014, an increase of 7% compared to 6.6 B$ in the third quarter 2013.

Acquisitions were 411 M$ in the third quarter 2014, notably comprised of the carry on the Utica gas and condensate field in the United States and the acquisition of additional Novatek13 shares in July.

Asset sales in the third quarter 2014 were 1,704 M$, essentially comprised of the sale of the Group’s interest in the Shah Deniz field in Azerbaijan.

Net investments14 were 5.7 B$ in the third quarter 2014 compared to 4.8 B$ in the third quarter 2013.

> Cash flow

Cash flow from operations was 7,639 M$ in the third quarter 2014, a decrease of 17% compared to the third quarter 2013.

Adjusted cash flow from operations15 was 6,741 M$, a decrease of 7% compared to the third quarter 2013.

The Group’s net cash flow16 was 1,899 M$ in the third quarter 2014 compared to 4,380 M$ in the third quarter 2013. The decrease is essentially due to a lower contribution from Upstream, which was affected by the decrease in the price of Brent, and an increase in net investments.

The net-debt-to-equity ratio was 27.8% on September 30, 2014, compared to 27.1% on June 30, 2014, and 23.0% on September 30, 201317.

  • Results for the first nine months 2014

> Net operating income from business segments

Compared to the first nine months of 2013, the average Brent price decreased by 2% to 106.5 $/b. The European refining margin indicator (ERMI) was 15.8 $/t compared to 20.5 $/t in the first nine months of 2013, a decrease of 23%. The environment for the petrochemicals improved.

The effective tax rate18 for the business segments was 52.3% in the first nine months of 2014 compared to 55.6% in the first nine months of 2013, reflecting mainly the benefit of tax allowances in the UK in the second quarter 2014.

Adjusted net operating income from the business segments was 11,450 M$ compared to 12,026 M$ in the first nine months of 2013, a decrease of 5% that was due essentially to a lower contribution from Upstream in the third quarter 2014, which was affected by the decrease in the price of Brent, and the very unfavorable economic environment for the Downstream in the first half 2014.

> Net income (Group share)

Adjusted net income was 10,036 M$ compared to 10,907 M$ in the first nine months of 2013, a decrease of 8%.

Adjusted net income excludes the after-tax inventory effect, the effect of changes in fair value and special items19:

  • The after-tax inventory effect had a negative impact on net income of 460 M$ in the first nine months 2014 and a negative impact of 625 M$ in the first nine months of 2013.
  • Changes in fair value had a positive impact on net income of 6 M$ in the first nine months of 2014 compared to a negative impact of 39 M$ in the first nine of months 2013.
  • Special items20 had a positive impact on net income of 320 M$ in the first nine months 2014, including mainly the gain on the sale (partial IPO) of an interest in Gaztransport & Technigaz (GTT) and the gain on the sale of the Shah Deniz field in Azerbaijan, partially offset by the impairment of the Shtokman project in Russia. Special items had a negative impact on net income of 1,249 M$ in the first nine months of 2013.

Net income (Group share) was 9,902 M$ compared to 8,994 M$ in the first nine months of 2013.

The effective tax rate for the Group was 55.7% compared to 56.8% in the first nine months of 2013. The lower rate reflects mainly the benefit of tax allowances in the UK in the second quarter 2014, partially offset by the fact that since January 1, 2014, due to its fiscal situation in France, the Group is no longer recognizing the benefit of tax credits related to net operating losses in France.

On September 30, 2014, there were 2,285 million fully-diluted shares compared to 2,274 million shares on September 30, 2013.

Adjusted fully-diluted earnings per share, based on 2,279 million fully-diluted weighted-average shares, was $4.40 compared to $4.81 in the first nine months of 2013.

Expressed in euro, adjusted fully-diluted earnings per share were €3.25, a decrease of 11%.

> Investments – divestments21

Investments, excluding acquisitions and including changes in non-current loans, were 19.4 B$ in the first nine months of 2014, stable compared to the first nine months of 2013.

Acquisitions were 1,809 M$ in the first nine months of 2014, essentially comprised of the acquisition of an interest in the Elk and Antelope discoveries in Papua New Guinea, the acquisition of additional Novatek22 shares and the carry on the Utica gas and condensate field in the United States.

Asset sales in the first nine months of 2014 were 3,381 M$, essentially comprised of the sale of the the Group’s interest in the Shah Deniz field in Azerbaijan and the sale of block 15/06 in Angola.

Net investments23 were 17.7 B$ compared to 17.1 B$ in the first nine months of 2013, an increase of 3%.

> Cash flow

Cash flow from operations was 18,254 M$ in the first nine months of 2014, a decrease of 4% compared to the first nine months 2013.

Adjusted cash flow from operations24 was 18,876 M$, a decrease of 8% compared to the first nine months of 2013.

The Group’s net cash flow25 was 523 M$ compared to 1,795 M$ in the first nine months of 2013. The decrease is essentially due to a lower contribution from asset sales as well as the decrease in cash flow from operations between the two periods.

The net-debt-to-equity ratio was 27.8% on September 30, 2014, compared to 23.0% on September 30, 201326.

  • Analysis of business segment results

Upstream

> Environment – liquids and gas price realizations*

3Q14   2Q14   3Q13   3Q14
vs
3Q13		       9M14   9M13   9M14
vs
9M13
101.9   109.7   110.3   -8%   Brent ($/b)   106.5   108.5   -2%
94.0   103.0   107.2   -12%   Average liquids price ($/b)   99.6   103.5   -4%
6.40   6.52   7.18   -11%   Average gas price ($/Mbtu)   6.67   7.04   -5%
69.1   73.1   77.3   -11%   Average hydrocarbon price ($/boe)   71.8   74.8   -4%

* consolidated subsidiaries, excluding fixed margins.

> Production

3Q14   2Q14   3Q13   3Q14
vs

3Q13

  Hydrocarbon production   9M14   9M13   9M14
vs
9M13
2,122   2,054   2,299   -8%   Combined production (kboe/d)   2,118   2,304   -8%
1,043   984   1,174   -11%  

- Liquids (kb/d)

  1,019   1,175   -13%
5,902   5,867   6,167   -4%  

- Gas (Mcf/d)

  6,011   6,158   -2%

Hydrocarbon production was 2,122 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2014, a decrease of 8% compared to the third quarter 2013, due to the following:

  • -7% essentially for the expiration of the Adco license in the United Arab Emirates,
  • -3% for natural decline, partially offset by lower planned maintenance and improved security conditions in Nigeria,
  • +2% for production growth from start-ups, notably CLOV in Angola.

Excluding Adco, which expired in January 2014, hydrocarbon production in the third quarter decreased by 1.5% compared to the third quarter 2013 and increased by 3% compared to the second quarter 2014.

For the first nine months of 2014, hydrocarbon production was 2,118 kboe/d, a decrease of 8% compared to the first nine months of 2013, due to the following:

  • -6% essentially for the expiration of the Adco license in the United Arab Emirates,
  • -3% essentially for natural decline,
  • +1% for production growth from start-ups.

For the first nine months of 2014, excluding Adco, hydrocarbon production decreased by 2% compared to the first nine months of 2013.

> Results

3Q14   2Q14   3Q13   3Q14
vs
3Q13		   In millions of dollars   9M14   9M13   9M14
vs
9M13
4,671   4,810   5,943   -21%   Adjusted operating income*   14,982   18,113   -17%
2,765   3,051   3,087   -10%   Adjusted net operating income*   8,908   9,385   -5%
824   769   661   +25%  
  • includes income from equity affiliates
  2,326   2,185   +6%
                             
6,923   7,999   6,708   +3%   Investments   20,233   20,252   -
1,924   568   2,800   -31%   Divestments   4,291   4,974   -14%
5,442   4,805   6,302   -14%   Cash flow from operations   14,058   14,547   -3%
5,028   4,841   5,793   -13%   Adjusted cash flow from operations   15,002   16,916   -11%

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

Adjusted net operating income from the Upstream segment was 2,765 M$ in the third quarter 2014, a decrease of 10% compared to the third quarter 2013, essentially due to the decrease in the average realized prices of oil and gas.

The effective tax rate for the Upstream segment was 59.1%, essentially stable compared to 60.1% in the third quarter 2013.

Adjusted net operating income from the Upstream segment in the first nine months of 2014 was 8,908 M$ compared to 9,385 M$ in the first nine months of 2013, a decrease of 5% which was due essentially to the decrease in hydrocarbon production and the decrease in the average realized prices of oil and gas.

The return on average capital employed (ROACE27) for the Upstream segment was 12% for the twelve months ended September 30, 2014, compared to 13% for the twelve months ended June 30, 2014, and 14% for the full-year 2013.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q14   2Q14   3Q13   3Q14
vs
3Q13		       9M14   9M13   9M14
vs
9M13
1,884   1,622   1,759   +7%   Total refinery throughput (kb/d)   1,735   1,764   -2%
672   634   696   -3%  

- France

  641   684   -6%
840 695 784 +7%

- Rest of Europe

774 810 -4%
372   293   279   +33%  

- Rest of world

  320   270   +19%
                Utlization rates**            
82% 72% 81% -

- Based on crude only

75% 82% -
86%   74%   86%   -  

- Based on crude and other feedstock

  79%   86%   -

* includes share of TotalErg. Results for refineries in South Africa, French Antilles and Italy are reported in the Marketing & Services segment.
** based on distillation capacity at the beginning of the year.

In the third quarter 2014, refinery throughput increased by 7% compared to the third quarter 2013, due to the start up of Satorp, which reached full throughput capacity, and a more limited maintenance program in Europe.

For the first nine months of 2014, refinery throughput decreased slightly compared to the first nine months of 2013, essentially due to voluntary throughput reductions in Europe linked to low margins in the first half 2014.

> Results

3Q14   2Q14   3Q13   3Q14
vs
3Q13		   In millions of dollars
(except the ERMI) 		  9M14   9M13   9M14
vs
9M13
29.9   10.9   10.6   x2.8   European refining margin

indicator - ERMI ($/t)

  15.8   20.5   -23%
                             
974   368   387   x2.5   Adjusted operating income*   1,670   1,345   +24%
786   401   461   +70%   Adjusted net operating income*   1,533   1,416   +8%
161   174   158   +2%  
  • contribution of Specialty Chemicals**
  473   423   +12%
                             
422   475   550   -23%   Investments   1,147   1,752   -35%
9   15   12   -25%   Divestments   35   320   -89%
1,729   (133)   1,113   +55%   Cash flow from operations   3,189   2,444   +30%
1,263   683   694   +82%   Adjusted cash flow from operations   2,563   2,135   +20%

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

The European refining margin indicator was 29.9 $/t in the third quarter, nearly three times higher than in the third quarter 2013, due to the decrease in the price of Brent and relatively strong refined product prices in the context of turnarounds for maintenance, notably in the United States. The environment for petrochemicals also remained favorable during the quarter, particularly in the United States.

Adjusted net operating income from the Refining & Chemicals segment was 786 M$ in the third quarter 2014 compared to 461 M$ in the third quarter 2013, an increase of 70%. The segment, strengthened by ongoing plans for operational efficiencies and synergies, was able to fully benefit from the higher margins during the quarter thanks to excellent reliability.

Adjusted net operating income from the Refining & Chemicals segment for the first nine months of 2014 was 1,533 M$, an increase of 8% compared to the first nine months of 2013 despite a 23% decrease in the refining margin indicator compared to the same period last year. The restructuring is bearing fruit and, in a volatile environment, Total has adapted itself by reducing its breakeven point and is able to benefit when the environment is good.

The ROACE28 for the Refining & Chemicals segment was 10% for the twelve months ended September 30, 2014, compared to 8% for the twelve months ended June 30, 2014, and 9% for the full-year 2013.

Marketing & Services

> Refined product sales

3Q14   2Q14   3Q13   3Q14
vs
3Q13		  

Sales in kb/d*

  9M14   9M13   9M14
vs
9M13
1,107   1,102   1,144   -3%   Europe   1,089   1,134   -4%
674   731   599   +13%   Rest of world   666   613   +9%
1,781   1,833   1,743   +2%   Total Marketing & Services sales   1,755   1,747   -

* excludes trading and bulk Refining sales, includes share of TotalErg

In the third quarter 2014, sales increased by 2% compared to the third quarter of last year, due to higher sales in growth areas, notably in Africa and the Middle East.

Sales volumes for the first nine months of 2014 were stable compared to the first nine months of 2013, reflecting a decrease of 4% in Europe that was offset by net growth in Africa and the Middle East.

> Results

3Q14   2Q14   3Q13   3Q14
vs
3Q13		   In millions of dollars   9M14   9M13   9M14
vs
9M13
27,747   28,213   27,912   -1%   Sales   82,430   82,495   -
489   405   544   -10%   Adjusted operating income*   1,247   1,627   -23%
376   372   447   -16%   Adjusted net operating income*   1,009   1,225   -18%
5   (8)   (10)   na  
  • contribution of New Energies
  25   (27)   na
                             
398   203   430   -7%   Investments   877   994   -12%
56   28   57   -2%   Divestments   110   123   -11%
701   304   1,693   -59%   Cash flow from operations   1,094   2,115   -48%
542   551   643   -16%   Adjusted cash flow from operations   1,472   1,898   -22%

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

The Marketing & Services segment’s sales were 28 B$ in the third quarter 2014, a slight decrease compared to the third quarter 2013.

Adjusted net operating income for Marketing & Services was 376 M$ in the third quarter 2014, a decrease of 16% compared to the third quarter 2013, mainly due to lower margins in Europe, which were exceptionally high in the third quarter 2013, notably in the European network.

Adjusted net operating income for Marketing & Services for the first nine months of 2014 was 1,009 M$, a decrease of 18% compared to the first nine months of 2013, mainly due to the impact of weather conditions in the first half and a less favorable evolution of margins, which were significantly higher for the European network in the same period last year.

The ROACE29 for the Marketing & Services segment was 14% for the twelve months ended September 30, 2014, unchanged compared to the twelve months ended June 30, 2014. For the full year 2013, the ROACE was 16%.

  • Summary and outlook

The ROACE30 for the Group for the twelve months ended September 30, 2014, was 12%, unchanged compared to the twelve months ended June 30, 2014. It was 13% for the full-year 2013.

Return on equity for the twelve months ended September 30, 2014, was 14%.

Since the end of the third quarter, the price of Brent has been weaker. Despite being prepared for periods of volatility, the Group maintains a medium and long term outlook for the price of Brent that is higher than those seen since the start of October.

In the Upstream, although it has the lowest technical costs among the majors, Total has already launched initiatives for cost reduction and is preparing for the start-up of its development projects that will fuel the growth of its cash flow.

In the Downstream, the reduction of the breakeven point for Refining & Chemicals in Europe is continuing, strengthening the profitability of its operations and capacity to adapt to less favorable environments than those experienced through mid-October. The diversified marketing activities of the Group, expanding in growth areas, will contribute to the stability of future performance.

With the completion of several sales announced this year, the target of 15-20 B$ of asset sales for the 2012-14 period will be fully achieved.

As approved by the Board of Directors, Total will pay a third quarter 2014 interim dividend of 0.61 €/share on March 25, 2014.

The strength of the Group is in the quality of its teams, its strategy, its discipline and its integrated portfolio. These were the qualities of Christophe de Margerie in whose memory the Group’s employees are mobilized toward success.

â–  â–  â– 

To listen to CEO Patrick Pouyanné and 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)203 364 5196 in Europe or +1 855 255 3883 in the United States. For a replay, please consult the website or call +44 (0)203 367 9460 in Europe or +1 877 642 3018 in the United States (code: 289774).

This press release presents the results for the third quarter 2014 and first nine months of 2014 from the consolidated financial statements of TOTAL S.A. as of September 30, 2014. The notes to these consolidated financial statements (unaudited) are available on the TOTAL web site (www.total.com).

This document may contain forward-looking information on the Group (including objectives and trends), as well as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, notably with respect to the financial condition, results of operations, business, strategy and plans of TOTAL. These data do not represent forecasts within the meaning of European Regulation No. 809/2004.

Such forward-looking information and statements included in this document are based on a number of economic data and assumptions made in a given economic, competitive and regulatory environment. They may prove to be inaccurate in the future, and are subject to a number of risk factors that could lead to a significant difference between actual results and those anticipated, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Certain financial information is based on estimates particularly in the assessment of the recoverable value of assets and potential impairments of assets relating thereto.

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Company’s financial results or the Group’s activities is provided in the most recent Registration Document filed by the Company with the French Autorité des Marchés Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (“SEC”).

Financial information by business segment is reported in accordance with the internal reporting system and shows internal segment information that is used to manage and measure the performance of TOTAL. Performance indicators excluding the adjustment items, such as adjusted operating income, adjusted net operating income, and adjusted net income are meant to facilitate the analysis of the financial performance and the comparison of income between periods. These adjustment items include:

(i) Special items
Due to their unusual nature or particular significance, certain transactions qualified as "special items" are excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, transactions such as restructuring costs or asset disposals, which are not considered to be representative of the normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to occur again within the coming years.
(ii) Inventory valuation effect
The adjusted results of the Refining & Chemicals and Marketing & Services segments are presented according to the replacement cost method. This method is used to assess the segments’ performance and facilitate the comparability of the segments’ performance with those of its competitors.
In the replacement cost method, which approximates the LIFO (Last-In, First-Out) method, the variation of inventory values in the statement of income is, depending on the nature of the inventory, determined using either the month-end price differentials between one period and another or the average prices of the period rather than the historical value. The inventory valuation effect is the difference between the results according to the FIFO (First-In, First-Out) and the replacement cost.
(iii) Effect of changes in fair value
The effect of changes in fair value presented as an adjustment item reflects for some transactions differences between internal measures of performance used by TOTAL’s management and the accounting for these transactions under IFRS.
IFRS requires that trading inventories be recorded at their fair value using period-end spot prices. In order to best reflect the management of economic exposure through derivative transactions, internal indicators used to measure performance include valuations of trading inventories based on forward prices.
Furthermore, TOTAL, in its trading activities, enters into storage contracts, which future effects are recorded at fair value in Group’s internal economic performance. IFRS precludes recognition of this fair value effect.

The adjusted results (adjusted operating income, adjusted net operating income, adjusted net income) are defined as replacement cost results, adjusted for special items, excluding the effect of changes in fair value.

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

Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this presentation, such as resources, that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File N° 1-10888, available from us at 2, Place Jean Millier – Arche Nord Coupole/Regnault - 92078 Paris-La Défense Cedex, France, or at our website: www.total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SEC’s website: www.sec.gov.

Operating information by segment
for the third quarter and the first nine months of 2014

  • Upstream
3Q14   2Q14   3Q13   3Q14

vs

3Q13

  Combined liquids and gas production by region (kboe/d)   9M14   9M13   9M14
vs
9M13
340   329   386   -12%   Europe   354   387   -9%
665 618 656 +1% Africa 646 678 -5%
387 380 553 -30% Middle East 391 541 -28%
89 91 77 +16% North America 87 73 +19%
159 157 172 -8% South America 159 172 -8%
237 238 235 +1% Asia-Pacific 239 233 +3%
245   241   220   +11%   CIS   242   220   +10%
2,122   2,054   2,299   -8%   Total production   2,118   2,304   -8%
562   544   697   -19%   Includes equity affiliates   563   685   -18%
                             
3Q14   2Q14   3Q13   3Q14

vs

3Q13

  Liquids production by region (kb/d)   9M14   9M13   9M14
vs
9M13
161 159 170 -5% Europe 164 164 -
539 482 527 +2% Africa 510 540 -6%
190 190 335 -43% Middle East 194 328 -41%
39 40 29 +34% North America 37 28 +32%
50 50 53 -6% South America 50 55 -9%
30 29 30 - Asia-Pacific 30 30 -
34   34   30   +13%   CIS   34   30   +13%
1,043   984   1,174   -11%   Total production   1,019   1,175   -13%
199   197   331   -40%   Includes equity affiliates   201   326   -38%
                             
3Q14   2Q14   3Q13   3Q14

vs

3Q13

  Gas production by region (Mcf/d)   9M14   9M13   9M14
vs
9M13
982 936 1,185 -17% Europe 1,044 1,228 -15%
643 710 654 -2% Africa 700 701 -
1,076 1,042 1,212 -11% Middle East 1,074 1,161 -7%
284 285 269 +6% North America 278 254 +9%
613 601 667 -8% South America 608 651 -7%
1,178 1,188 1,151 +2% Asia-Pacific 1,189 1,141 +4%
1,126   1,105   1,029   +9%   CIS   1,118   1,022   +9%
5,902   5,867   6,167   -4%   Total production   6,011   6,158   -2%
1,966   1,895   2,002   -2%   Includes equity affiliates   1,963   1,942   +1%
                             
3Q14   2Q14   3Q13   3Q14

vs

3Q13

  Liquefied natural gas   9M14   9M13   9M14
vs
9M13
2.95   2.93   3.01   -2%   LNG sales* (Mt)   9.01   8.77   +3%

* sales, Group share, excluding trading; 2013 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2013 SEC coefficient.

  • Downstream (Refining & Chemicals and Marketing & Services)
3Q14   2Q14   3Q13   3Q14

vs

3Q13

  Refined product sales by region (kb/d)*   9M14   9M13   9M14
vs
9M13
2,053   2,017   2,111   -3%   Europe **   2,025   2,088   -3%
540 587 430 +26% Africa 534 440 +21%
632 643 490 +29% Americas 583 505 +16%
604   611   397   +52%   Rest of world   596   474   +26%
3,829   3,858   3,428   +12%   Total consolidated sales   3,738   3,507   +7%
621   576   603   +3%   Includes bulk sales   610   620   -2%
1,427   1,449   1,082   +32%   Includes trading   1,373   1,140   +20%

* includes share of TotalErg.
** restated historical amounts.

Adjustment items

  • Adjustments to operating income
3Q14   2Q14   3Q13   In millions of dollars   9M14   9M13
(216)   (62)   (1,014)   Special items affecting operating income   (393)   (1,070)
-   -   -  

- Restructuring charges

  -   (2)
(122) (40) (862)

- Impairments

(162) (867)
(94)   (22)   (152)  

- Other

  (231)   (201)
(563)   117   (60)   Pre-tax inventory effect : FIFO vs. replacement cost   (627)   (938)
17   (36)   (12)   Effect of changes in fair value   7   (51)
                     
(762)   19   (1,086)   Total adjustments affecting operating income   (1,013)   (2,059)
  • Adjustments to net income (Group share)
3Q14   2Q14   3Q13   In millions of dollars   9M14   9M13
294   (98)   95   Special items affecting net income

(Group share)

  320   (1,249)
580   -   1,157  

- Gain (loss) on asset sales

  1,179   (117)
(7) (5) (21)

- Restructuring charges

(12) (54)
(187) (76) (588)

- Impairments

(613) (592)
(92)   (17)   (453)  

- Other

  (234)   (486)
(403)   80   (32)   After-tax inventory effect : FIFO vs. replacement cost   (460)   (625)
14   (29)   (9)   Effect of changes in fair value   6   (39)
                     
(95)   (47)   54   Total adjustments affecting net income   (134)   (1,913)

Effective tax rates

3Q14   2Q14   3Q13   Effective tax rate*   9M14   9M13
59.1%   52.3%   60.1%   Upstream   57.1%   60.4%
54.1%   55.1%   55.7%   Group   55.7%   56.8%

* tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).

Investments - Divestments

3Q14   2Q14   3Q13   3Q14 vs 3Q13   Expressed in millions of dollars   9M14   9M13   9M14

vs

9M13

7,032   7,193   6,575   +7%   Investments excluding acquisitions   19,428   19,437   -
512 362 434 +18%
  • Capitalized exploration
1,193 1,431 -17%
868 1,075 682 +27%
  • Increase in non-current loans
2,204 1,673 +32%
(326)   (430)   (449)   -27%  
  • Repayment of non-current loans
  (1,120)   (1,065)   +5%
411   1,100   727   -44%   Acquisitions   1,809   2,612   -31%
1,704   201   2,448   -30%   Asset sales   3,381   4,395   -23%
(1)   126   50   na   Other transactions with non-controlling interests   125   514   -76%
5,740   7,966   4,804   +19%   Net investments*   17,731   17,140   +3%

* Net investments = investments including acquisitions – asset sales – other transactions with non-controlling interests.

Net-debt-to-equity ratio

in millions of dollars

  9/30/2014  

6/30/2014

 

9/30/2013

Current borrowings

  11,826  

13,525

 

11,086

Net current financial assets

(848)

(531)

(400)

Net financial assets classified as held for sale

(77)

(62)

(57)

Non-current financial debt

43,242

39,433

33,937

Hedging instruments of non-current debt

(1,491)

(1,973)

(1,840)

Cash and cash equivalents

  (24,307)  

(22,166)

 

(20,111)

Net debt

  28,345  

28,226

 

22,615

             

Shareholders’ equity

100,408

102,872

97,938

Estimated dividend payable

(1,746)

(1,894)

(1,807)

Non-controlling interests

  3,382  

3,344

 

2,328

Equity   102,044  

104,322

 

98,459

             

Net-debt-to-equity ratio

  27.8%  

27.1%

 

23.0%

2014 sensitivities*

    Scenario   Change  

Impact on adjusted
operating income (e)

 

Impact on adjusted
net operating income (e)

Dollar   1.30 $/€   +0.1 $ par €   -0.7 B$   -0.3 B$
Brent   100 $/b   +1 $/b   +0.30 B$   +0.15 B$
European refining margin (ERMI)   30 $/t   +1 $/t   +0.08 B$   +0.05 B$

*Sensitivities are revised once per year upon publication of the previous year’s fourth quarter results. Following the change to dollar-denominated reporting, effective January 1, 2014, the €-$ sensitivity has been changed. The impact of the €-$ sensitivity on operating income and on net operating income is 60% and 80% attributable to the Refining & Chemicals segment, respectively.

Sensitivities are estimates based on assumptions about the Group’s portfolio in 2014. Actual results could vary significantly from estimates based on the application of these sensitivities.

Return on average capital employed

  • Twelve months ended September 30, 2014

in millions of dollars

 

Upstream

 

Refining & Chemicals

 

Marketing & Services

 

Group

Adjusted net operating income

 

11,973

 

1,974

 

1,338

14,299

Capital employed at 9/30/2013*

91,140

20,884

9,254

118,319

Capital employed at 9/30/2014*

 

104,488

 

17,611

 

9,633

128,360

ROACE   12.2%   10.3%   14.2% 11.6%
  • Twelve months ended June 30, 2014

in millions of dollars

 

Upstream

 

Refining &
Chemicals

  

Marketing
& Services

  

Group

Adjusted net operating income

 

12,295

 

1,649

 

1,409

14,431

Capital employed at 6/30/2013*

91,097

20,924

9,838

118,852

Capital employed at 6/30/2014*

 

103,572

 

19,265

 

10,324

129,967

ROACE   12.6%   8.2%   14.0% 11.6%
  • Full-year 2013

in millions of dollars

 

Upstream

 

Refining &
Chemicals

  

Marketing
& Services

  

Group

Adjusted net operating income

 

12,450

 

1,857

 

1,554

15,230

Capital employed at 12/31/2012*

84,260

20,783

9,232

111,080

Capital employed at 12/31/2013*

 

95,529

 

19,752

 

10,051

122,451

ROACE   13.8%   9.2%   16.1% 13.0%

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

1 TOTAL changed the presentation currency of the Group’s Consolidated Financial Statements from the euro to the US dollar, effective January 1, 2014, to make its financial information more readable by better reflecting the performance of its activities, which are carried out mainly in US dollars. Comparative 2013 information has been restated.
2 Definition of adjusted results on page 2 – euro amounts represent dollar amounts converted at the average €-$ exchange rate for the period: 1.3256 $/€ in the third quarter 2014, 1.3242 $/€ in the third quarter 2013, 1.3711 $/€ in the second quarter 2014, 1.3549 $/€ in the first nine months 2014 and 1.3171 $/€ in the first nine months 2013.
3 Group share.
4 The ex-dividend date for the interim dividend will be March 23, 2015, and the payment date will be March 25, 2015.
5 Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 16 and the inventory valuation effect is explained on page 13.
6 Including acquisitions.
7 Net investments = investments including acquisitions – asset sales – other transactions with non-controlling interests.
8 Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
9 Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
10 Detail shown on page 13.
11 Detail shown on page 16.
12 Detail shown on page 17.
13 The Group’s interest in Novatek has been 18.2% since July 18, 2014.
14 Net investments = investments including acquisitions and changes in non-current loans – asset sales – other transactions with non-controlling interests.
15 Cash flow from operations at replacement cost before changes in working capital.
16 Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).
17 Detail shown on page 18.
18 Defined as: (tax on adjusted net operating income) / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
19 Detail shown on page 13.
20 Detail shown on page 16.
21 Detail shown on page 17.
22 The Group’s interest in Novatek has been 18.2% since July 18, 2014.
23 Net investments = investments including acquisitions and changes in non-current loans – asset sales – other transactions with non-controlling interests.
24 Cash flow from operations at replacement cost before changes in working capital.
25 Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).
26 Detail shown on page 18.
27 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
28 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
29 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.
30 Calculated based on adjusted net operating income and average capital employed, using replacement cost, as shown on page 19.

Total financial statements

Third quarter 2014 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$) (a)   3rd quarter

2014

  2nd quarter

2014

  3rd quarter

2013

Sales   60,363   62,561   61,844

Excise taxes

Revenues from sales

 

(6,141)

54,222

(6,354)

56,207

(6,168)

55,676

 
Purchases, net of inventory variation (38,628) (40,371) (38,907)
Other operating expenses (6,925) (7,229) (6,662)
Exploration costs (433) (301) (751)
Depreciation, depletion and amortization of tangible assets and mineral interests (3,082) (2,929) (3,673)
Other income 641 96 1,498
Other expense (155) (163) (213)
 
Financial interest on debt (173) (266) (211)

Financial income from marketable securities & cash equivalents

Cost of net debt

30

(143)

31

(235)

13

(198)

 
Other financial income 176 265 182
Other financial expense (159) (183) (203)
 
Equity in net income (loss) of affiliates 851 874 828
 
Income taxes   (2,837)   (2,902)   (3,811)
Consolidated net income   3,528   3,129   3,766
Group share   3,463   3,104   3,682
Non-controlling interests   65   25   84
Earnings per share ($)   1.52   1.37   1.62
Fully-diluted earnings per share ($)   1.52   1.36   1.62

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$)   3rd quarter

2014

  2nd quarter

2014

  3rd quarter

2013

Consolidated net income   3,528   3,129   3,766
Other comprehensive income      
 
Actuarial gains and losses (1,010) (416) 44
Tax effect 358 154 (11)
Currency translation adjustment generated by the mother company   (5,748)   (732)   2,244
Items not potentially reclassifiable to profit and loss   (6,400)   (994)   2,277
Currency translation adjustment 2,717 512 (766)
Available for sale financial assets (21) (6) 5
Cash flow hedge 44 30 38
Share of other comprehensive income of equity affiliates, net amount (276) 436 (113)
Other 7 (4) (3)
Tax effect   (10)   (5)   (15)
Items potentially reclassifiable to profit and loss   2,461   963   (854)
Total other comprehensive income (net amount)   (3,939)   (31)   1,423
             
Comprehensive income   (411)   3,098   5,189
Group share (452) 3,078 5,109
Non-controlling interests 41 20 80

CONSOLIDATED STATEMENT OF INCOME

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$) (a)   9 months

2014

  9 months

2013

Sales   183,611   186,750
Excise taxes (18,327) (17,548)
Revenues from sales 165,284 169,202
 
Purchases, net of inventory variation (117,331) (118,857)
Other operating expenses (21,518) (21,144)
Exploration costs (1,353) (1,511)
Depreciation, depletion and amortization of tangible assets and mineral interests (8,756) (9,060)
Other income 1,837 2,002
Other expense (467) (2,354)
 
Financial interest on debt (640) (672)
Financial income from marketable securities & cash equivalents 80 59
Cost of net debt (560) (613)
 
Other financial income 602 524
Other financial expense (508) (551)
 
Equity in net income (loss) of affiliates 2,198 2,571
 
Income taxes   (9,336)   (11,015)
Consolidated net income   10,092   9,194
Group share 9,902 8,994
Non-controlling interests   190   200
Earnings per share ($)   4.36   3.97
Fully-diluted earnings per share ($)   4.35   3.96

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$)   9 months

2014

  9 months

2013

Consolidated net income   10,092   9,194
Other comprehensive income    
 
Actuarial gains and losses (1,625) 19
Tax effect 569 (3)
Currency translation adjustment generated by the mother company   (6,477)   1,645
Items not potentially reclassifiable to profit and loss   (7,533)   1,661
Currency translation adjustment 3,265 (1,157)
Available for sale financial assets (24) 8
Cash flow hedge 109 133
Share of other comprehensive income of equity affiliates, net amount (296) (607)
Other - (15)
Tax effect   (28)   (50)
Items potentially reclassifiable to profit and loss   3,026   (1,688)
Total other comprehensive income (net amount)   (4,507)   (27)
         
Comprehensive income   5,585   9,167
Group share 5,427 9,017
Non-controlling interests 158 150

CONSOLIDATED BALANCE SHEET

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$)   September 30, 2014

(unaudited)

  June 30, 2014

(unaudited)

  December 31, 2013

(unaudited)

  September 30, 2013

(unaudited)

ASSETS        
Non-current assets
Intangible assets, net 18,071 18,995 18,395 17,007
Property, plant and equipment, net 109,437 108,468 104,480 97,134
Equity affiliates : investments and loans 21,043 21,256 20,417 19,750
Other investments 1,645 1,786 1,666 1,777
Hedging instruments of non-current financial debt 1,491 1,973 1,418 1,840
Deferred income taxes 2,684 2,842 3,838 3,691
Other non-current assets   4,184   4,263   4,406   3,930
Total non-current assets   158,555   159,583   154,620   145,129
Current assets
Inventories, net 20,873 23,484 22,097 21,469
Accounts receivable, net 20,511 21,698 23,422 24,883
Other current assets 15,798 16,519 14,892 15,185
Current financial assets 1,205 1,003 739 457
Cash and cash equivalents 24,307 22,166 20,200 20,111
Assets classified as held for sale   5,327   4,317   3,253   3,112
Total current assets   88,021   89,187   84,603   85,217
Total assets 246,576 248,770 239,223 230,346
 
LIABILITIES & SHAREHOLDERS' EQUITY
 
Shareholders' equity
Common shares 7,516 7,511 7,493 7,491
Paid-in surplus and retained earnings 101,979 101,100 98,254 96,442
Currency translation adjustment (4,727) (1,436) (1,203) (1,695)
Treasury shares   (4,360)   (4,303)   (4,303)   (4,300)
Total shareholders' equity - Group share   100,408   102,872   100,241   97,938
Non-controlling interests   3,382   3,344   3,138   2,328
Total shareholders' equity   103,790   106,216   103,379   100,266
Non-current liabilities
Deferred income taxes 16,222 16,397 17,850 17,442
Employee benefits 5,232 4,725 4,235 4,799
Provisions and other non-current liabilities 17,017 17,445 17,517 14,786
Non-current financial debt   43,242   39,433   34,574   33,937
Total non-current liabilities   81,713   78,000   74,176   70,964
Current liabilities
Accounts payable 27,394 28,902 30,282 27,811
Other creditors and accrued liabilities 19,610 19,994 18,948 19,299
Current borrowings 11,826 13,525 11,193 11,086
Other current financial liabilities 357 472 381 57
Liabilities directly associated with the assets classified as held for sale   1,886   1,661   864   863
Total current liabilities   61,073   64,554   61,668   59,116
Total liabilities and shareholders' equity 246,576 248,770 239,223 230,346

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$)   3rd quarter

2014

  2nd quarter

2014

  3rd quarter

2013

CASH FLOW FROM OPERATING ACTIVITIES      
Consolidated net income 3,528 3,129 3,766
Depreciation, depletion and amortization 3,288 3,087 4,190
Non-current liabilities, valuation allowances and deferred taxes 106 (156) 791
Impact of coverage of pension benefit plans - - -
(Gains) losses on disposals of assets (479) (17) (1,397)
Undistributed affiliates' equity earnings (260) (125) (301)
(Increase) decrease in working capital 1,461 (771) 2,009
Other changes, net   (5)   130   126
Cash flow from operating activities 7,639 5,277 9,184
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (6,733) (6,800) (6,801)
Acquisitions of subsidiaries, net of cash acquired (1) (414) -
Investments in equity affiliates and other securities (167) (434) (268)
Increase in non-current loans   (868)   (1,075)   (682)
Total expenditures (7,769) (8,723) (7,751)
Proceeds from disposals of intangible assets and property, plant and equipment 1,413 135 56
Proceeds from disposals of subsidiaries, net of cash sold - - 2,369
Proceeds from disposals of non-current investments 291 66 23
Repayment of non-current loans   326   430   449
Total divestments   2,030   631   2,897
Cash flow used in investing activities (5,739) (8,092) (4,854)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 53 304 24
- Treasury shares (289) - (236)
Dividends paid:
- Parent company shareholders (1,837) (1,901) (1,775)
- Non-controlling interests (7) (139) (13)
Other transactions with non-controlling interests (1) 126 50
Net issuance (repayment) of non-current debt 5,019 2,931 4,466
Increase (decrease) in current borrowings (1,235) 956 (2,457)
Increase (decrease) in current financial assets and liabilities (44) 65 66
Cash flow used in financing activities   1,659   2,342   125
Net increase (decrease) in cash and cash equivalents 3,559 (473) 4,455
Effect of exchange rates (1,418) (148) 538
Cash and cash equivalents at the beginning of the period   22,166   22,787   15,118
Cash and cash equivalents at the end of the period   24,307   22,166   20,111

CONSOLIDATED STATEMENT OF CASH FLOW

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

(M$)   9 months

2014

  9 months

2013

CASH FLOW FROM OPERATING ACTIVITIES    
Consolidated net income 10,092 9,194
Depreciation, depletion and amortization 9,549 9,995
Non-current liabilities, valuation allowances and deferred taxes 349 742
Impact of coverage of pension benefit plans - -
(Gains) losses on disposals of assets (1,519) 113
Undistributed affiliates' equity earnings (374) (673)
(Increase) decrease in working capital 5 (742)
Other changes, net   152   306
Cash flow from operating activities 18,254 18,935
 
CASH FLOW USED IN INVESTING ACTIVITIES
 
Intangible assets and property, plant and equipment additions (18,981) (20,126)
Acquisitions of subsidiaries, net of cash acquired (415) (21)
Investments in equity affiliates and other securities (757) (1,294)
Increase in non-current loans   (2,204)   (1,673)
Total expenditures (22,357) (23,114)
Proceeds from disposals of intangible assets and property, plant and equipment 2,568 1,716
Proceeds from disposals of subsidiaries, net of cash sold - 2,633
Proceeds from disposals of non-current investments 813 46
Repayment of non-current loans   1,120   1,065
Total divestments   4,501   5,460
Cash flow used in investing activities (17,856) (17,654)
 
CASH FLOW USED IN FINANCING ACTIVITIES
 
Issuance (repayment) of shares:
- Parent company shareholders 390 456
- Treasury shares (289) (236)
Dividends paid: - -
- Parent company shareholders (5,573) (5,307)
- Non-controlling interests (153) (107)
Other transactions with non-controlling interests 125 514
Net issuance (repayment) of non-current debt 12,139 8,965
Increase (decrease) in current borrowings (1,446) (7,619)
Increase (decrease) in current financial assets and liabilities (96) 1,250
Cash flow used in financing activities   5,097   (2,084)
Net increase (decrease) in cash and cash equivalents 5,495 (803)
Effect of exchange rates (1,388) 505
Cash and cash equivalents at the beginning of the period   20,200   20,409
Cash and cash equivalents at the end of the period   24,307   20,111

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

  Common shares issued   Paid-in surplus and retained earnings   Currency translation adjustment   Treasury shares   Shareholders' equity -

Group Share

  Non-controlling interests   Total shareholders' equity
(M$)   Number   Amount           Number   Amount            
As of January 1, 2013   2,365,933,146   7,454   92,485   (1,696)   (108,391,639)   (4,274)   93,969   1,689   95,658
Net income of the first 9 months 2013 -   - 8,994 - -   - 8,994 200 9,194
Other comprehensive Income - - 23 - - - 23 (50) (27)
Comprehensive Income - - 9,017 - - - 9,017 150 9,167
Dividend - - (5,300) - - - (5,300) (107) (5,407)
Issuance of common shares 11,263,033 37 419 - - - 456 - 456
Purchase of treasury shares - - - - (4,414,200) (236) (236) - (236)
Sale of treasury shares (1) - - (210) - 3,590,641 210 - - -
Share-based payments - - 148 - - - 148 - 148
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - (120) 1 - - (119) 587 468
Other items - - 3 - - - 3 9 12
As of September 30, 2013   2,377,196,179   7,491   96,442   (1,695)   (109,215,198)   (4,300)   97,938   2,328   100,266
Net income from October 1 to December 31, 2013 - - 2,234 - - - 2,234 93 2,327
Other comprehensive Income - - 450 492 - - 942 (6) 936
Comprehensive Income - - 2,684 492 - - 3,176 87 3,263
Dividend - - (1,816) - - - (1,816) (49) (1,865)
Issuance of common shares 481,981 2 27 - - - 29 - 29
Purchase of treasury shares - - - - - (2) (2) - (2)
Sale of treasury shares (1) - - 1 - 750 (1) - - -
Share-based payments - - 41 - - - 41 - 41
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 869 - - - 869 768 1,637
Other items - - 6 - - - 6 4 10
As of December 31, 2013   2,377,678,160   7,493   98,254   (1,203)   (109,214,448)   (4,303)   100,241   3,138   103,379
Net income of the first 9 months 2014 - - 9,902 - - - 9,902 190 10,092
Other comprehensive Income - - (953) (3,522) - - (4,475) (32) (4,507)
Comprehensive Income - - 8,949 (3,522) - - 5,427 158 5,585
Dividend - - (5,644) - - - (5,644) (153) (5,797)
Issuance of common shares 6,848,895 23 367 - - - 390 - 390
Purchase of treasury shares - - - - (4,386,300) (289) (289) - (289)
Sale of treasury shares (1) - - (232) - 4,239,135 232 - - -
Share-based payments - - 119 - - - 119 - 119
Share cancellation - - - - - - - - -
Other operations with non-controlling interests - - 106 (2) - - 104 183 287
Other items - - 60 - - - 60 56 116
As of September 30, 2014   2,384,527,055   7,516   101,979   (4,727)   (109,361,613)   (4,360)   100,408   3,382   103,790

(1) Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

3rd quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales   5,198   27,417   27,747   1   -   60,363
Intersegment sales 7,560 11,931 466 67 (20,024) -
Excise taxes   -   (1,292)   (4,849)   -   -   (6,141)
Revenues from sales 12,758 38,056 23,364 68 (20,024) 54,222
Operating expenses (5,763) (37,230) (22,742) (275) 20,024 (45,986)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,496)   (376)   (199)   (11)   -   (3,082)
Operating income 4,499 450 423 (218) - 5,154
Equity in net income (loss) of affiliates and other items 1,298 41 (35) 50 - 1,354
Tax on net operating income   (2,627)   (107)   (123)   (31)   -   (2,888)
Net operating income 3,170 384 265 (199) - 3,620
Net cost of net debt (92)
Non-controlling interests                       (65)
Net income 3,463
                         
3rd quarter 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 17 - - - - 17
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 17 - - - - 17
Operating expenses (79) (512) (66) - - (657)
Depreciation, depletion and amortization of tangible assets and mineral interests   (110)   (12)   -   -   -   (122)
Operating income (b) (172) (524) (66) - - (762)
Equity in net income (loss) of affiliates and other items 432 (45) (65) - - 322
Tax on net operating income   145   167   20   -   -   332
Net operating income (b) 405 (402) (111) - - (108)
Net cost of net debt -
Non-controlling interests                       13
Net income (95)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (497) (66) -
On net operating income - (370) (46) -
   

 

 

 

 

 

 

 

       
3rd quarter 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,181 27,417 27,747 1 - 60,346
Intersegment sales 7,560 11,931 466 67 (20,024) -
Excise taxes   -   (1,292)   (4,849)   -   -   (6,141)
Revenues from sales 12,741 38,056 23,364 68 (20,024) 54,205
Operating expenses (5,684) (36,718) (22,676) (275) 20,024 (45,329)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,386)   (364)   (199)   (11)   -   (2,960)
Adjusted operating income 4,671 974 489 (218) - 5,916
Equity in net income (loss) of affiliates and other items 866 86 30 50 - 1,032
Tax on net operating income   (2,772)   (274)   (143)   (31)   -   (3,220)
Adjusted net operating income 2,765 786 376 (199) - 3,728
Net cost of net debt (92)
Non-controlling interests                       (78)
Adjusted net income                       3,558
Adjusted fully-diluted earnings per share ($)                       1.56
(a) Except for earnings per share.
                         
3rd quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 6,923 422 398 26 - 7,769
Total divestments 1,924 9 56 41 - 2,030
Cash flow from operating activities   5,442   1,729   701   (233)   -   7,639

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

2nd quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales   6,205   28,143   28,213   -   -   62,561
Intersegment sales 8,057 11,740 402 46 (20,245) -
Excise taxes   -   (1,281)   (5,073)   -   -   (6,354)
Revenues from sales 14,262 38,602 23,542 46 (20,245) 56,207
Operating expenses (7,174) (37,744) (22,966) (262) 20,245 (47,901)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,314)   (408)   (198)   (9)   -   (2,929)
Operating income 4,774 450 378 (225) - 5,377
Equity in net income (loss) of affiliates and other items 719 65 98 7 - 889
Tax on net operating income   (2,471)   (114)   (128)   (218)   -   (2,931)
Net operating income 3,022 401 348 (436) - 3,335
Net cost of net debt (206)
Non-controlling interests                       (25)
Net income 3,104
                         
2nd quarter 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (36) - - - - (36)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (36) - - - - (36)
Operating expenses - 122 (27) - - 95
Depreciation, depletion and amortization of tangible assets and mineral interests   -   (40)   -   -   -   (40)
Operating income (b) (36) 82 (27) - - 19
Equity in net income (loss) of affiliates and other items - (32) (7) - - (39)
Tax on net operating income   7   (50)   10   -   -   (33)
Net operating income (b) (29) - (24) - - (53)
Net cost of net debt -
Non-controlling interests                       6
Net income (47)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - 122 (5) -
On net operating income - 77 (3) -
   

 

 

 

 

 

 

 

       
2nd quarter 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 6,241 28,143 28,213 - - 62,597
Intersegment sales 8,057 11,740 402 46 (20,245) -
Excise taxes   -   (1,281)   (5,073)   -   -   (6,354)
Revenues from sales 14,298 38,602 23,542 46 (20,245) 56,243
Operating expenses (7,174) (37,866) (22,939) (262) 20,245 (47,996)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,314)   (368)   (198)   (9)   -   (2,889)
Adjusted operating income 4,810 368 405 (225) - 5,358
Equity in net income (loss) of affiliates and other items 719 97 105 7 - 928
Tax on net operating income   (2,478)   (64)   (138)   (218)   -   (2,898)
Adjusted net operating income 3,051 401 372 (436) - 3,388
Net cost of net debt (206)
Non-controlling interests                       (31)
Adjusted net income                       3,151
Adjusted fully-diluted earnings per share ($)                       1.38
(a) Except for earnings per share.                        
                         
2nd quarter 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 7,999 475 203 46 - 8,723
Total divestments 568 15 28 20 - 631
Cash flow from operating activities   4,805   (133)   304   301   -   5,277

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

3rd quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales   5,938   28,161   27,912   (167)   -   61,844
Intersegment sales 9,237 13,334 570 18 (23,159) -
Excise taxes   -   (1,290)   (4,878)   -   -   (6,168)
Revenues from sales 15,175 40,205 23,604 (149) (23,159) 55,676
Operating expenses (7,106) (39,601) (22,826) 54 23,159 (46,320)
Depreciation, depletion and amortization of tangible assets and mineral interests   (3,106)   (377)   (180)   (10)   -   (3,673)
Operating income 4,963 227 598 (105) - 5,683
Equity in net income (loss) of affiliates and other items 1,974 99 85 (66) - 2,092
Tax on net operating income   (3,396)   (243)   (156)   (43)   -   (3,838)
Net operating income 3,541 83 527 (214) - 3,937
Net cost of net debt (171)
Non-controlling interests                       (84)
Net income 3,682
                         
3rd quarter 2013 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (12) - - - - (12)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (12) - - - - (12)
Operating expenses (113) (153) 54 - - (212)
Depreciation, depletion and amortization of tangible assets and mineral interests   (855)   (7)   -   -   -   (862)
Operating income (b) (980) (160) 54 - - (1,086)
Equity in net income (loss) of affiliates and other items 1,239 (5) 40 (34) - 1,240
Tax on net operating income   195   (213)   (14)   (45)   -   (77)
Net operating income (b) 454 (378) 80 (79) - 77
Net cost of net debt -
Non-controlling interests                       (23)
Net income 54
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (153) 93 -
On net operating income - (84) 65 -
   

 

 

 

 

 

 

 

       
3rd quarter 2013 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 5,950 28,161 27,912 (167) - 61,856
Intersegment sales 9,237 13,334 570 18 (23,159) -
Excise taxes   -   (1,290)   (4,878)   -   -   (6,168)
Revenues from sales 15,187 40,205 23,604 (149) (23,159) 55,688
Operating expenses (6,993) (39,448) (22,880) 54 23,159 (46,108)
Depreciation, depletion and amortization of tangible assets and mineral interests   (2,251)   (370)   (180)   (10)   -   (2,811)
Adjusted operating income 5,943 387 544 (105) - 6,769
Equity in net income (loss) of affiliates and other items 735 104 45 (32) - 852
Tax on net operating income   (3,591)   (30)   (142)   2   -   (3,761)
Adjusted net operating income 3,087 461 447 (135) - 3,860
Net cost of net debt (171)
Non-controlling interests                       (61)
Adjusted net income                       3,628
Adjusted fully-diluted earnings per share ($)                       1.59
(a) Except for earnings per share.                        
                         
3rd quarter 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 6,708 550 430 63 - 7,751
Total divestments 2,800 12 57 28 - 2,897
Cash flow from operating activities   6,302   1,113   1,693   76   -   9,184

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

9 months 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales   18,069   83,099   82,430   13   -   183,611
Intersegment sales 23,053 35,627 1,276 162 (60,118) -
Excise taxes   -   (3,733)   (14,594)   -   -   (18,327)
Revenues from sales 41,122 114,993 69,112 175 (60,118) 165,284
Operating expenses (19,451) (112,766) (67,397) (706) 60,118 (140,202)
Depreciation, depletion and amortization of tangible assets and mineral interests   (6,986)   (1,162)   (579)   (29)   -   (8,756)
Operating income 14,685 1,065 1,136 (560) - 16,326
Equity in net income (loss) of affiliates and other items 3,344 160 55 103 - 3,662
Tax on net operating income   (8,590)   (215)   (331)   (323)   -   (9,459)
Net operating income 9,439 1,010 860 (780) - 10,529
Net cost of net debt (437)
Non-controlling interests                       (190)
Net income 9,902
                         
9 months 2014 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 7 - - - - 7
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales 7 - - - - 7
Operating expenses (194) (553) (111) - - (858)
Depreciation, depletion and amortization of tangible assets and mineral interests   (110)   (52)   -   -   -   (162)
Operating income (b) (297) (605) (111) - - (1,013)
Equity in net income (loss) of affiliates and other items 712 (85) (72) - - 555
Tax on net operating income   116   167   34   -   -   317
Net operating income (b) 531 (523) (149) - - (141)
Net cost of net debt -
Non-controlling interests                       7
Net income (134)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (538) (89) -
On net operating income - (404) (63) -
   

 

 

 

 

 

 

 

       
9 months 2014 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 18,062 83,099 82,430 13 - 183,604
Intersegment sales 23,053 35,627 1,276 162 (60,118) -
Excise taxes   -   (3,733)   (14,594)   -   -   (18,327)
Revenues from sales 41,115 114,993 69,112 175 (60,118) 165,277
Operating expenses (19,257) (112,213) (67,286) (706) 60,118 (139,344)
Depreciation, depletion and amortization of tangible assets and mineral interests   (6,876)   (1,110)   (579)   (29)   -   (8,594)
Adjusted operating income 14,982 1,670 1,247 (560) - 17,339
Equity in net income (loss) of affiliates and other items 2,632 245 127 103 - 3,107
Tax on net operating income   (8,706)   (382)   (365)   (323)   -   (9,776)
Adjusted net operating income 8,908 1,533 1,009 (780) - 10,670
Net cost of net debt (437)
Non-controlling interests                       (197)
Adjusted net income                       10,036
Adjusted fully-diluted earnings per share ($)                       4.40
(a) Except for earnings per share.
                         
9 months 2014

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 20,233 1,147 877 100 - 22,357
Total divestments 4,291 35 110 65 - 4,501
Cash flow from operating activities   14,058   3,189   1,094   (87)   -   18,254

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

9 months 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales   19,377   84,870   82,495   8   -   186,750
Intersegment sales 27,432 39,235 1,771 120 (68,558) -
Excise taxes   -   (3,477)   (14,071)   -   -   (17,548)
Revenues from sales 46,809 120,628 70,195 128 (68,558) 169,202
Operating expenses (22,377) (119,082) (68,117) (494) 68,558 (141,512)
Depreciation, depletion and amortization of tangible assets and mineral interests   (7,338)   (1,160)   (532)   (30)   -   (9,060)
Operating income 17,094 386 1,546 (396) - 18,630
Equity in net income (loss) of affiliates and other items 1,880 256 93 (37) - 2,192
Tax on net operating income   (10,380)   (226)   (438)   (71)   -   (11,115)
Net operating income 8,594 416 1,201 (504) - 9,707
Net cost of net debt (513)
Non-controlling interests                       (200)
Net income 8,994
                         
9 months 2013 (adjustments) (a)

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales (51) - - - - (51)
Intersegment sales - - - - - -
Excise taxes   -   -   -   -   -   -
Revenues from sales (51) - - - - (51)
Operating expenses (113) (947) (81) - - (1,141)
Depreciation, depletion and amortization of tangible assets and mineral interests   (855)   (12)   -   -   -   (867)
Operating income (b) (1,019) (959) (81) - - (2,059)
Equity in net income (loss) of affiliates and other items (305) (66) 27 (34) - (378)
Tax on net operating income   533   25   30   (45)   -   543
Net operating income (b) (791) (1,000) (24) (79) - (1,894)
Net cost of net debt -
Non-controlling interests                       (19)
Net income (1,913)
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

 

(b) Of which inventory valuation effect

 

 

 

 

 

 

On operating income - (896) (42) -
On net operating income - (590) (26) -

 

 

 

 

 

 

 

 

 

       
9 months 2013 (adjusted)

(M$) (a)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Non-Group sales 19,428 84,870 82,495 8 - 186,801
Intersegment sales 27,432 39,235 1,771 120 (68,558) -
Excise taxes   -   (3,477)   (14,071)   -   -   (17,548)
Revenues from sales 46,860 120,628 70,195 128 (68,558) 169,253
Operating expenses (22,264) (118,135) (68,036) (494) 68,558 (140,371)
Depreciation, depletion and amortization of tangible assets and mineral interests   (6,483)   (1,148)   (532)   (30)   -   (8,193)
Adjusted operating income 18,113 1,345 1,627 (396) - 20,689
Equity in net income (loss) of affiliates and other items 2,185 322 66 (3) - 2,570
Tax on net operating income   (10,913)   (251)   (468)   (26)   -   (11,658)
Adjusted net operating income 9,385 1,416 1,225 (425) - 11,601
Net cost of net debt (513)
Non-controlling interests                       (181)
Adjusted net income                       10,907
Adjusted fully-diluted earnings per share ($)                       4.81
(a) Except for earnings per share.
                         
9 months 2013

(M$)

  Upstream   Refining & Chemicals   Marketing & Services   Corporate   Intercompany   Total
Total expenditures 20,252 1,752 994 116 - 23,114
Total divestments 4,974 320 123 43 - 5,460
Cash flow from operating activities   14,547   2,444   2,115   (171)   -   18,935

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

3rd quarter 2014

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales   60,346   17   60,363
Excise taxes (6,141) - (6,141)
Revenues from sales 54,205 17 54,222
Purchases, net of inventory variation (38,065) (563) (38,628)
Other operating expenses (6,831) (94) (6,925)
Exploration costs (433) - (433)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,960) (122) (3,082)
Other income 209 432 641
Other expense (143) (12) (155)
Financial interest on debt (173) - (173)
Financial income from marketable securities & cash equivalents 30 - 30
Cost of net debt (143) - (143)
Other financial income 176 - 176
Other financial expense (159) - (159)
Equity in net income (loss) of affiliates 949 (98) 851
Income taxes   (3,169)   332   (2,837)
Consolidated net income 3,636 (108) 3,528
Group share 3,558 (95) 3,463
Non-controlling interests 78 (13) 65
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
3rd quarter 2013

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 61,856 (12) 61,844
Excise taxes (6,168) - (6,168)
Revenues from sales 55,688 (12) 55,676
Purchases, net of inventory variation (38,847) (60) (38,907)
Other operating expenses (6,510) (152) (6,662)
Exploration costs (751) - (751)
Depreciation, depletion and amortization of tangible assets and mineral interests (2,811) (862) (3,673)
Other income 186 1,312 1,498
Other expense (129) (84) (213)
Financial interest on debt (211) - (211)
Financial income from marketable securities & cash equivalents 13 - 13
Cost of net debt (198) - (198)
Other financial income 182 - 182
Other financial expense (203) - (203)
Equity in net income (loss) of affiliates 816 12 828
Income taxes   (3,734)   (77)   (3,811)
Consolidated net income 3,689 77 3,766
Group share 3,628 54 3,682
Non-controlling interests 61 23 84
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements

TOTAL

(unaudited, 2013 data converted from the Euro to the US Dollar)

9 months 2014

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales   183,604   7   183,611
Excise taxes (18,327) - (18,327)
Revenues from sales 165,277 7 165,284
Purchases, net of inventory variation (116,704) (627) (117,331)
Other operating expenses (21,287) (231) (21,518)
Exploration costs (1,353) - (1,353)
Depreciation, depletion and amortization of tangible assets and mineral interests (8,594) (162) (8,756)
Other income 757 1,080 1,837
Other expense (406) (61) (467)
Financial interest on debt (640) - (640)
Financial income from marketable securities & cash equivalents 80 - 80
Cost of net debt (560) - (560)
Other financial income 602 - 602
Other financial expense (508) - (508)
Equity in net income (loss) of affiliates 2,662 (464) 2,198
Income taxes   (9,653)   317   (9,336)
Consolidated net income 10,233 (141) 10,092
Group share 10,036 (134) 9,902
Non-controlling interests 197 (7) 190
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
 
9 months 2013

(M$)

  Adjusted   Adjustments (a)   Consolidated statement of income
Sales 186,801 (51) 186,750
Excise taxes (17,548) - (17,548)
Revenues from sales 169,253 (51) 169,202
Purchases, net of inventory variation (117,919) (938) (118,857)
Other operating expenses (20,941) (203) (21,144)
Exploration costs (1,511) - (1,511)
Depreciation, depletion and amortization of tangible assets and mineral interests (8,193) (867) (9,060)
Other income 359 1,643 2,002
Other expense (345) (2,009) (2,354)
Financial interest on debt (672) - (672)
Financial income from marketable securities & cash equivalents 59 - 59
Cost of net debt (613) - (613)
Other financial income 524 - 524
Other financial expense (551) - (551)
Equity in net income (loss) of affiliates 2,583 (12) 2,571
Income taxes   (11,558)   543   (11,015)
Consolidated net income 11,088 (1,894) 9,194
Group share 10,907 (1,913) 8,994
Non-controlling interests 181 19 200
 
(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.
Capital : 5 945 861 837,50 €
542 051 180 R.C.S. Nanterre
www.total.com

Total
Martin DEFFONTAINES
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Karine KACZKA
Magali PAILHE
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629
or
2, place Jean Millier
Arche Nord Coupole/Regnault
92 400 Courbevoie France

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