Total: Third Quarter and First Nine Months 2017...

Total: Third Quarter and First Nine Months 2017 Results

Total

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

Â	Â	3Q17	Â	Change vs 3Q16	Â	9M17	Â	Change vs 9M16
	Â		Â		Â		Â
Adjusted net income¹
- in billions of dollars (B$)		2.7		+29%		7.7		+31%
- in dollars per share		1.04		+23%		3.02		+25%
								Â
Operating cash flow before working capital changes¹ (B$)		5.2		+14%		15.2		+24%
Â	Â	Â	Â	Â	Â	Â	Â	Â
								Â
Net income² of 2.7 B$ in the third quarter 2017
Net-debt-to-equity ratio of 18.0% at September 30, 2017
Hydrocarbon production of 2,581 kboe/d in the third quarter 2017
Interim dividend of 0.62 â‚¬/share payable in April 2018³

Totalâ€™s Board of Directors met on October 26, 2017, to review the Groupâ€™s accounts for the third quarter and first nine months 2017. Commenting on the results, Chairman and CEO Patrick PouyannÃ© said:

â€œTotal reported adjusted net income of $2.7 billion this quarter, a 29% increase compared to a year ago while the Brent price increased by 14%. This solid performance was also reflected in a return on equity of close to 10% and strong cash flow generation: excluding acquisitions-divestments, the Group generated $2.1 billion of cash flow after investments in the third quarter 2017 and $5.2 billion in the first nine months. The Group took full advantage of the favorable environment thanks to the performance of its integrated model and its strategy to reduce its breakeven point.
Adjusted net operating income from Exploration & Production increased by 84% compared to last year, benefiting notably from a 6% increase in production. Total continues to capitalize on its strengths: the Group took over as the operator of the giant 300 kb/d Al-Shaheen field in Qatar and announced the acquisition of Maersk Oil, which will strengthen its position in the North Sea and generate strong synergies.
The Downstream benefited from favorable refining margins and increased its results by 18% compared to the second quarter, despite the impact of Hurricane Harvey on its American operations, and generated more than $5.1 billion in cash flow in the first nine months, in line with the target for the year. Marketing & Services has announced its entry into the distribution sector in Mexico, the second-largest market in Latin America.
Investment discipline continues. Organic investments were $3.1 billion in the third quarter 2017 and $10.0 billion in the first nine months, in line with the target of $14 billion this year, and cost reduction will be more than $3.6 billion, surpassing the target for the year.
With operating cash flow before working capital changes of $15 billion in the first nine months of 2017, an increase of $3 billion over last year, the Group continues to strengthen its balance sheet, with a net-debt-to-equity ratio below 20%. This allows the implementation of the strategy for profitable growth, taking advantage of the low cost environment, notably by launching high-return projects.â€

Key figures⁴

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars, except effective tax rate,

earnings per share and number of shares

9M17

9M16

9M17

9M16

3,062

2,748

2,332

+31%

Adjusted net operating income from business segments*

8,577

6,734

+27%

1,439

1,359

781

+84%

Exploration & Production

4,180

2,210

+89%

191

-49%

Gas, Renewables & Power

253

307

-18%

1,020

861

916

+11%

Refining & Chemicals

2,904

3,064

-5%

506

433

444

+14%

Marketing & Services

1,240

1,153

+8%

674

578

515

+31%

Contribution of equity affiliates to adjusted net income

1,843

1,811

+2%

32.6%

28.2%

21.5%

Group effective tax rate⁵

30.9%

22.0%

2,674

2,474

2,070

+29%

Adjusted net income

7,706

5,880

+31%

1.04

0.97

0.84

+23%

Adjusted fully-diluted earnings per share (dollars)⁶

3.02

2.42

+25%

0.88

0.88

0.76

+16%

Adjusted fully-diluted earnings per share (euros)**

2.71

2.17

+25%

2,505

2,485

2,404

+4%

Fully-diluted weighted-average shares (millions)

2,480

2,375

+4%

2,724

2,037

1,954

+39%

Net income (Group share)

7,610

5,648

+35%

3,910

4,205

5,201

-25%

Investments⁷

11,793

14,675

-20%

539

360

192

x2.8

Divestments⁸

3,797

1,950

+95%

3,373

3,845

5,116

-34%

Net investments⁹

7,998

12,829

-38%

3,060

3,949

4,082

-25%

Organic investments¹⁰

9,953

12,756

-22%

542

x7.3

Resource acquisitions

607

129

x4.7

5,159

5,334

4,522

+14%

Operating cash flow before working capital changes¹¹

15,180

12,230

+24%

4,363

4,640

4,740

-8%

Cash flow from operations

13,704

9,503

+44%

* The new Gas, Renewables & Power segment reflects the Groupâ€™s ambition in low-carbon energies. It encompasses downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. The Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. 2015 and 2016 historical data is available at total.com.
** Average â‚¬-$ exchange rate: 1.1746 in the third quarter 2017 and 1.1140 in the first nine months 2017.

Highlights since the beginning of the third quarter 2017¹²

Announced acquisition of Maersk Oil for $7.45 billion in a share and debt transaction
Started operations on the giant Al-Shaheen oil field concession in Qatar
Started up the Edradour-Glenlivet fields with 56 kboe/d capacity in West of Shetland area, ahead of schedule and 30% under budget
Signed contract to develop phase 11 of the South Pars giant gas field in Iran
Signed agreement with Chevron to strengthen exploration portfolio in the Gulf of Mexico
Sold remaining 15% interest in the Gina Krog field in Norway to Kufpec
Entered petroleum product retail sector in Mexico in agreement with GASORED to rebrand network of 250 stations as Total
Launched Total Spring in France to target residential market with gas and green power distribution that is 10% cheaper than regulated tariffs
Acquired 23% interest in EREN Renewable Energy to accelerate profitable growth of renewable business

Analysis of business segments

Exploration & Production

> Environment â€“ liquids and gas price realizations*

3Q17

2Q17

3Q16

3Q17

3Q16

9M17

9M16

9M17

9M16

52.1

49.6

45.9

+14%

Brent ($/b)

51.8

41.9

+24%

48.9

45.1

41.4

+18%

Average liquids price ($/b)

47.7

38.4

+24%

4.05

3.93

3.45

+17%

Average gas price ($/Mbtu)

4.03

3.45

+17%

38.2

35.5

32.4

+18%

Average hydrocarbon price ($/boe)

37.2

30.6

+22%

* Consolidated subsidiaries, excluding fixed margins.

> Production

3Q17

2Q17

3Q16

3Q17

3Q16

Hydrocarbon production

9M17

9M16

9M17

9M16

2,581

2,500

2,443

+6%

Combined production (kboe/d)

2,550

2,449

+4%

1,392

1,298

1,290

+8%

Liquids (kb/d)

1,331

1,276

+4%

6,427

6,500

6,286

+2%

Gas (Mcf/d)

6,605

6,397

+3%

Hydrocarbon production was 2,581 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2017, an increase of close to 6% compared to the third quarter 2016, due to the following:

+6% due to project ramp ups, notably Kashagan, Moho Nord, Surmont, Incahuasi, Angola LNG and Edradour-Glenlivet;
+4% portfolio effect, mainly due to taking over the concession for the giant Al-Shaheen oil field in Qatar and acquiring an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo;
+1% related to improved security conditions in Libya and Nigeria; and
-5% due to natural field decline, maintenance activity, the PSC price effect and OPEC quotas.

In the first nine months 2017, hydrocarbon production was 2,550 kboe/d, an increase of more than 4% compared to the first nine months 2016, due to the following:

+5% due to new project ramp ups, notably Kashagan, Moho Nord, Incahuasi, Surmont, and Angola LNG;
+2% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States, partially offset by the exit from the southern sector of the Republic of the Congo and asset sales in Russia and Norway;
+1% related to improved security conditions in Libya and Nigeria; and
-4% due to natural field decline, the PSC price effect and OPEC quotas.

> Results

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars, except effective tax rate

9M17

9M16

9M17

9M16

1,439

1,359

781

+84%

Adjusted net operating income*

4,180

2,210

+89%

435

373

241

+80%

including income from equity affiliates

1,123

934

+20%

42.8%

36.2%

30.5%

Effective tax rate**

40.5%

13.3%

3,228

3,448

3,484

-7%

Investments

9,312

11,252

-17%

339

132

105

x3.2

Divestments

584

1,369

-57%

2,388

3,296

3,355

-29%

Organic investments

8,189

10,760

-24%

3,197

3,248

2,768

+15%

Operating cash flow before working capital changes

9,476

6,841

+39%

2,633

2,504

2,275

+15%

Cash flow from operations

7,633

4,971

+54%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments - impairment of goodwill + tax on adjusted net operating income).

Operating cash flow before working capital changes from Exploration & Production was 3,197 M$ in the third quarter 2017, an increase of 15% compared to the third quarter 2016, notably due to increases in production and hydrocarbon prices. For the first nine months 2017, operating cash flow before working capital changes was 9,476 M$, an increase of 39% compared to an increase of 24% for Brent, notably due to production ramp-ups on major projects started up since 2016, including Kashagan and Moho Nord, and to operating cost reductions.

The Exploration & Production segmentâ€™s adjusted net operating income was:

1,439 M$ in the third quarter 2017, an increase of 84% compared to the third quarter 2016, notably due to production growth, cost reductions, and an increase in oil and gas prices; and
4,180 M$ in the first nine months 2017, an increase of 89% compared to the first nine months 2016, for the same reasons above.

Gas, Renewables & Power

> Results

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars

9M17

9M16

9M17

9M16

191

-49%

Adjusted net operating income*

253

307

-18%

1,097

-91%

Investments

491

1,339

-63%

Divestments

137

-80%

104

-6%

Organic investments

268

327

-18%

110

+19%

Operating cash flow before working capital changes

217

x9.9

325

(114)

x13.5

Cash flow from operations

336

(194)

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

Adjusted net operating income for the Gas, Renewables & Power segment was 97 M$ in the third quarter 2017, in line with the second quarter. Adjusted net operating income for the first nine months 2017 decreased by 18%, due to weakness in the solar market.

Refining & Chemicals

> Refinery throughput and utilization rates*

3Q17

2Q17

3Q16

3Q17

3Q16

9M17

9M16

9M17

9M16

1,877

1,672

1,947

-4%

Total refinery throughput (kb/d)

1,821

1,949

-7%

648

574

681

-5%

France

616

653

-6%

802

684

771

+4%

Rest of Europe

761

806

-6%

427

414

495

-14%

Rest of world

444

490

-9%

90%

81%

85%

Utlization rate based on crude only**

88%

84%

* Includes share of TotalErg, and African refineries reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

decreased by 4% in the third quarter 2017 compared to the third quarter 2016, mainly as a result of shutting down the Port Arthur refinery in the United States due to Hurricane Harvey and the ending of oil refining at La Mede at year-end 2016; and
decreased by 7% in the first nine months 2017 compared to the first nine months 2016, for the same reasons above and also due to a higher level of maintenance in the second quarter 2017.

> Results

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars

except the ERMI

9M17

9M16

9M17

9M16

48.2

41.0

25.5

+89%

European refining margin indicator - ERMI ($/t)

42.7

31.9

+34%

1,020

861

916

+11%

Adjusted net operating income*

2,904

3,064

-5%

357

401

554

-36%

Investments

1,024

1,295

-21%

+14%

Divestments

2,784

x38.1

338

381

403

-16%

Organic investments

941

1,094

-14%

1,218

1,352

1,051

+16%

Operating cash flow before working capital changes

3,604

3,509

+3%

662

1,972

1,697

-61%

Cash flow from operations

4,399

2,839

+55%

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

The Groupâ€™s European refining margin indicator (ERMI) increased sharply to 48.2 $/t in the third quarter 2017, due to elevated petroleum product demand in the face of limited supply resulting from numerous shutdowns due in part to Hurricane Harvey. Petrochemicals continued to benefit from a favorable environment albeit down compared to a year ago.

Refining & Chemicals benefited from the favorable environment, despite the impact of Hurricane Harvey on its American operations, and operating cash flow before working capital changes was 1,218 M$ in the third quarter 2017, an increase of 16% compared to the third quarter 2016.

Refining & Chemicals adjusted net operating income was:

1,020 M$ in the third quarter 2017, an increase of 11% compared to the third quarter 2016 despite the sale of Atotech; and
2,904 M$ in the first nine months 2017, a decrease of 5% compared to the first nine months 2016, notably due to the impact of Hurricane Harvey and the sale of Atotech in early 2017.

Marketing & Services

> Petroleum product sales

3Q17

2Q17

3Q16

3Q17

3Q16

Sales in kb/d*

9M17

9M16

9M17

9M16

1,807

1,760

1,814

Total Marketing & Services sales

1,765

1,788

-1%

1,072

1,039

1,113

-4%

Europe

1,050

1,083

-3%

735

721

701

+5%

Rest of world

715

705

+1%

* Excludes trading and bulk refining sales, includes share of TotalErg.

Petroleum product sales were generally stable compared to the previous year, with a move toward Africa and Asia where the Group has strong growth. European sales were affected by the divestment of mature activities for LPG distribution in Belgium and Germany.

> Results

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars

9M17

9M16

9M17

9M16

506

433

444

+14%

Adjusted net operating income*

1,240

1,153

+8%

190

258

243

-22%

Investments

887

745

+19%

150

182

x5.2

Divestments

368

359

+3%

205

185

209

-2%

Organic investments

485

543

-11%

517

602

508

+2%

Operating cash flow before working capital changes

1,530

1,470

+4%

596

229

573

+4%

Cash flow from operations

1,138

1,414

-20%

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

The financial contribution of Marketing & Services continues to grow in a context of strong marketing margins, notably in Africa. Compared to a year ago, adjusted net operating income increased by 14% to 506 M$ in the third quarter 2017 and by 8% to 1,240 M$ in the first nine months 2017.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was:

3,062 M$ in the third quarter 2017, an increase of 31% compared to the third quarter 2016, mainly due to the 84% increase in contribution from Exploration & Production which benefited from new projects ramp ups and higher prices;
8,577 M$ in the first nine months 2017, an increase of 27% compared to the first nine months 2016 for the same reasons above.

> Adjusted net income (Group share)

Adjusted net income was 2,674 M$ in the third quarter 2017, an increase of 29% compared to the third quarter 2016, and 7,706 M$ in the first nine months 2017, an increase of 31% compared to the first nine months 2016.

The increase was the result of a higher contribution from Exploration & Production and the ongoing decrease in the Groupâ€™s breakeven.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹³.

Total adjustments affecting net income (Group share)¹⁴ were:

50 M$ in the third quarter 2017; and
-96 M$ in the first nine months 2017, including mainly an impairment of the Fort Hill project in Canada related to a cost increase and a gain on the sale of Atotech.

The effective tax rate¹⁵ for the business segments was:

32.6% in the third quarter 2017 compared to 21.5% in the third quarter 2016, mainly due to the higher effective tax rate for the Exploration & Production segment in the context of higher hydrocarbon prices and the larger share of Exploration & Production in the Groupâ€™s quarterly results;
30.9% in the first nine months 2017 compared to 22.0% in the first nine months 2016, for the same reasons above.

> Adjusted fully-diluted earnings per share

Adjusted earnings per share were:

$1.04 in the third quarter 2017, calculated on the basis of 2,505 million fully-diluted weighted-average shares, a 23% increase from $0.84 in the third quarter 2016;
$3.02 in the first nine months 2017, calculated on the basis of 2,480 million fully-diluted weighted-average shares, a 25% increase from $2.42 in the first nine months 2016.

The number of fully-diluted shares was 2,509 million on September 30, 2017.

> Divestments â€“ acquisitions

Asset sales were:

202 M$ in the third quarter 2017, comprised mainly of the sale of LPG activities in Germany; and
3,120 M$ in the first nine months 2017, essentially comprised of the sale of Atotech, the SPMR pipeline and LPG activities in Germany.

Acquisitions were:

513 M$ in the third quarter 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope in Papua New Guinea; and
1,163 M$ in the first nine months 2017, essentially comprised of the bonus related to the certification of resources for Elk-Antelope, a 23% equity share in Tellurian, and a marketing and logistics network in East Africa.

> Cash flow

The Groupâ€™s net cash flow¹⁶ was:

1,786 M$ in the third quarter 2017 compared to -594 M$ in the third quarter 2016, mainly due to the decrease in net investments and the increase in operating cash flow before working capital changes;
7,182 M$ in the first nine months 2017 compared to -599 M$ in the first nine months 2016, mainly due to the nearly 3 B$ increase in operating cash flow before working capital changes, the decrease in organic investments and the sale of Atotech.

> Return on equity

Return on equity for the twelve months ended September 30, 2017, was 9.7%¹⁷, an increase compared to last year.

Summary and outlook

The imbalance between supply and demand has decreased in recent months, and Brent rose above 55 $/b. Markets however should remain volatile given the uncertainties in supply, and inventories, while falling, remain high. In this context, the Group continues to reduce its breakeven point by reducing its operating costs with a target of 5 B$ in savings by 2020 and increasing production by 5% per year until 2022.

In the Upstream, annual production growth should be approximately 5% in 2017, notably supported by the start-up of the giant Al Shaheen oil field in Qatar, and the ongoing ramp-up of Kashagan in Kazakhstan and Moho Nord in the Republic of the Congo. Yamal LNG in Russia is expected to begin producing by year-end. Finally, the acquisition of Maersk Oil is expected to be completed in the first quarter of 2018.

In the Downstream, refining margins are above 40 $/t at the beginning of the fourth quarter and the petrochemicals environment remains favorable. The Downstream is in line with its goal to generate approximately 7 B$ of operating cash flow before working capital changes in 2017, having generated more than 5.1 B$ in the first nine months.

The pre-dividend organic breakeven for the Group (excluding acquisitions-divestments) will be below 30 $/b in 2017 and should continue to fall to 20 $/b in 2019.

***

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 13:30 (London time) please log on to total.com or call +44 (0)203 427 1910 in Europe or +1Â 212 444 0481 in the United States (code: 3052387). For a replay, please consult the website or call +44 (0)207 984 7568 in Europe or +1Â 719Â 457Â 0820 in the United States (code: 3052387).

Operating information by segment

> Exploration & Production

3Q17

2Q17

3Q16

3Q17

3Q16

Combined liquids and gas

production by region (kboe/d)

9M17

9M16

9M17

9M16

730

746

720

+1%

Europe and Central Asia

761

759

665

656

649

+2%

Africa

652

638

+2%

592

514

529

+12%

Middle East and North Africa

547

522

+5%

357

344

285

+25%

Americas

345

265

+30%

237

240

261

-9%

Asia Pacific

245

265

-8%

2,581

2,500

2,443

+6%

Total production

2,550

2,449

+4%

659

597

592

+11%

including equity affiliates

634

613

+3%

3Q17

2Q17

3Q16

3Q17

3Q16

Liquids production by region (kb/d)

9M17

9M16

9M17

9M16

257

266

238

+8%

Europe and Central Asia

264

247

+7%

517

505

524

-1%

Africa

503

518

-3%

452

376

380

+19%

Middle East and North Africa

407

376

+8%

138

126

118

+16%

Americas

130

105

+23%

+1%

Asia Pacific

-9%

1,392

1,298

1,290

+8%

Total production

1,331

1,276

+4%

311

244

249

+25%

including equity affiliates

273

251

+9%

3Q17

2Q17

3Q16

3Q17

3Q16

Gas production by region (Mcf/d)

9M17

9M16

9M17

9M16

2,556

2,592

2,594

-1%

Europe and Central Asia

2,678

2,760

-3%

663

679

617

+7%

Africa

685

592

+16%

778

763

813

-4%

Middle East and North Africa

777

805

-3%

1,228

1,223

927

+32%

Americas

1,207

889

+36%

1,202

1,243

1,335

-10%

Asia Pacific

1,258

1,351

-7%

6,427

6,500

6,286

+2%

Total production

6,605

6,397

+3%

1,798

1,829

1,831

-2%

including equity affiliates

1,880

1,932

-3%

3Q17

2Q17

3Q16

3Q17

3Q16

Liquefied natural gas

9M17

9M16

9M17

9M16

2.95

2.64

2.74

+8%

LNG sales* (Mt)

8.56

8.24

+4%

* Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

> Downstream (Refining & Chemicals and Marketing & Services)

3Q17

2Q17

3Q16

3Q17

3Q16

Petroleum product sales by region (kb/d)*

9M17

9M16

9M17

9M16

2,361

2,082

2,430

-3%

Europe

2,178

2,363

-8%

544

586

537

+1%

Africa

593

545

+9%

584

654

627

-7%

Americas

587

585

678

735

567

+20%

Rest of world

720

681

+6%

4,167

4,057

4,161

Total consolidated sales

4,078

4,174

-2%

583

538

706

-17%

Including bulk sales

579

707

-18%

1,754

1,759

1,641

+7%

Including trading

1,734

1,679

+3%

* Includes share of TotalErg.

Adjustment items to net income (Group share)

3Q17	Â	2Q17	Â	3Q16	Â	In millions of dollars	Â	9M17	Â	9M16
(123)	Â	(108)	Â	(98)	Â	Special items affecting net income (Group share)	Â	5	Â	(434)
-	Â	125	Â	(32)	Â	Gain (loss) on asset sales	Â	2,264	Â	312
(2)		(54)		(18)		Restructuring charges		(61)		(22)
(74)		(32)		(33)		Impairments		(1,824)		(211)
(47)	Â	(147)	Â	(15)	Â	Other	Â	(374)	Â	(513)
183	Â	(310)	Â	(5)	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	(72)	Â	217
(10)	Â	(19)	Â	(13)	Â	Effect of changes in fair value	Â	(29)	Â	(15)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
50	Â	(437)	Â	(116)	Â	Total adjustments affecting net income	Â	(96)	Â	(232)

2017 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Estimated impact on adjusted net operating income Â	Â	Estimated impact on cash flow
Dollar	Â	1.1 $/â‚¬	Â	-0.1 $ per â‚¬	Â	+0.1 B$	Â	~0 B$
Brent	Â	50 $/b	Â	+10 $/b	Â	+2 B$	Â	+2.5 B$
European refining margin indicator (ERMI)	Â	35 $/t	Â	+10 $/t	Â	+0.5 B$	Â	+0.6 B$

* Sensitivities are revised once per year upon publication of the previous yearâ€™s fourth quarter results. Sensitivities are estimates based on assumptions about the Groupâ€™s portfolio in 2017. Actual results could vary significantly from estimates based on the application of these sensitivities. The impact of the $-â‚¬ sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.

Investments - Divestments

3Q17

2Q17

3Q16

3Q17

3Q16

In millions of dollars

9M17

9M16

9M17

9M16

3,060

3,949

4,082

-25%

Organic investments

9,953

12,756

-22%

161

166

136

+18%

capitalized exploration

438

536

-18%

153

443

135

+13%

increase in non-current loans

754

964

-22%

(337)

(153)

(101)

x3.3

repayment of non-current loans

(677)

(502)

+35%

513

103

1,018

-50%

Acquisitions

1,163

1,417

-18%

202

207

x2.2

Asset sales

3,120

1,448

x2.2

(2)

(107)

Other transactions with non-controlling interests

(2)

(104)

3,373

3,845

5,116

-34%

Net investments

7,998

12,829

-38%

Net-debt-to-equity ratio

In millions of dollars	Â	9/30/2017	Â	6/30/2017	Â	9/30/2016
Current borrowings	Â	11,206	Â	13,070	Â	13,383
Net current financial assets		(2,306)		(3,377)		(1,375)
Net financial assets classified as held for sale		(2)		(2)		(81)
Non-current financial debt		40,226		41,548		44,450
Hedging instruments of non-current debt		(626)		(558)		(1,089)
Cash and cash equivalents	Â	(28,583)	Â	(28,720)	Â	(24,801)
Net debt	Â	19,915	Â	21,961	Â	30,487
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share		109,801		107,188		98,168
Estimated dividend payable		(1,826)		(1,762)		(1,629)
Non-controlling interests	Â	2,799	Â	2,772	Â	2,948
Adjusted shareholders' equity	Â	110,774	Â	108,198	Â	99,487
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	18.0%	Â	20.3%	Â	30.6%

Return on equity

In millions of dollars	Â	October 1, 2016 September 30, 2017	Â	July 1, 2016 to June 30, 2017	Â	January 1, 2016 to December 31, 2016
Adjusted net income	Â	10,244	Â	9,661	Â	8,447
Average adjusted shareholders' equity	Â	105,130	Â	103,734	Â	96,929
Return on equity (ROE)	Â	9.7%	Â	9.3%	Â	8.7%

Return on average capital employed

> Twelve months ended September 30, 2017

In millions of dollars

Exploration &
Production

Gas,
Renewables
& Power

Refining &
Chemicals

Marketing &
Services

Group

Adjusted net operating income

5,187

385

4,035

1,646

11,298

Capital employed at 9/30/2016*

109,210

6,058

12,034

5,704

130,535

Capital employed at 9/30/2017*

110,114

5,388

11,919

6,871

131,185

ROACE

4.7%

6.7%

33.7%

26.2%

8.6%

> Twelve months ended June 30, 2017

In millions of dollars

Exploration &
roduction

Gas,
Renewable
& Power

Refining &
Chemicals

Marketing &
Services

Group

Adjusted net operating income

4,529

479

3,931

1,584

10,609

Capital employed at 6/30/2016*

107,405

4,622

12,249

5,789

129,635

Capital employed at 6/30/2017*

108,618

5,363

10,957

6,937

130,831

ROACE

4.2%

9.6%

33.9%

24.9%

8.1%

> Full-year 2016

In millions of dollars

Exploration &
Production

Gas, Renewables
& Power

Refining &
Chemicals

Marketing &
Services

Group

Adjusted net operating income

3,217

439

4,195

1,559

9,274

Capital employed at 12/31/2015*

103,791

4,340

10,454

5,875

121,143

Capital employed at 12/31/2016*

107,617

4,975

11,618

5,884

127,423

ROACE

3.0%

9.4%

38.0%

26.5%

7.5%

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

This press release presents the results for the third quarter 2017 and the first nine months 2017 from the consolidated financial statements of TOTAL S.A. as of September 30, 2017 (unaudited). The notes to these consolidated financial statements (unaudited) are available on the TOTAL website 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 Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

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 segmentsâ€™ performance and facilitate the comparability of the segmentsâ€™ 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 TOTALâ€™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, whose future effects are recorded at fair value in Groupâ€™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 (â‚¬-$) exchange rate for the applicable period and are not the result of financial statements prepared in euros.

Cautionary Note to U.S. Investors â€“ 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 press release, such as â€œpotential reservesâ€ or â€œresourcesâ€, that the SECâ€™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 NÂ° 1-10888, available from us at 2, place Jean Millier â€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website sec.gov.

¹ Definitions on page 2.
² Group share.
³ The ex-dividend date will be March 19, 2018, and the payment date will be set for April 9, 2018.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 10.
⁵ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
⁶ In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond
⁷ Including acquisitions and increases in non-current loans.
⁸ Including divestments and reimbursements of non-current loans.
⁹ Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
¹⁰ Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
¹⁰ Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 13.
¹² Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
¹³ Details shown on page 13.
¹⁴ Details shown on page 10 and in the annex to the financial statements.
¹⁵ Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
¹⁶ Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
¹⁷ Details shown on page 12.

Total financial statements

_______________________________________

Third quarter and first nine months 2017 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	3^rd quarter 2017	Â	2^nd quarter 2017	Â	3^rd quarter 2016
Sales		43,044		39,915		37,412
Excise taxes		(5,962)		(5,433)		(5,587)
Revenues from sales		37,082		34,482		31,825
Purchases, net of inventory variation		(24,367)		(23,398)		(21,223)
Other operating expenses		(6,108)		(6,106)		(5,469)
Exploration costs		(181)		(199)		(274)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,035)		(2,798)		(2,936)
Other income		404		570		290
Other expense		(67)		(106)		(351)
Financial interest on debt		(368)		(345)		(268)
Financial income and expense from cash & cash equivalents		(45)		(37)		(5)
Cost of net debt		(413)		(382)		(273)
Other financial income		204		285		265
Other financial expense		(164)		(159)		(154)
Equity in net income (loss) of affiliates		500		310		531
Income taxes	Â	(1,092)	Â	(472)	Â	(251)
Consolidated net income	Â	2,763	Â	2,027	Â	1,980
Group share	Â	2,724	Â	2,037	Â	1,954
Non-controlling interests	Â	39	Â	(10)	Â	26
Earnings per share ($)	Â	1.06	Â	0.79	Â	0.79
Fully-diluted earnings per share ($)	Â	1.06	Â	0.79	Â	0.79
^(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	3^rd quarter 2017	Â	2^nd quarter 2017	Â	3^rd quarter 2016
Consolidated net income	Â	2,763	Â	2,027	Â	1,980
Other comprehensive income
						Â
Actuarial gains and losses		(129)		32		(363)
Tax effect		36		(12)		47
Currency translation adjustment generated by the parent company	Â	2,420	Â	4,524	Â	439
Items not potentially reclassifiable to profit and loss	Â	2,327	Â	4,544	Â	123
Currency translation adjustment		(575)		(1,218)		(362)
Available for sale financial assets		4		1		15
Cash flow hedge		116		(79)		113
Share of other comprehensive income of equity affiliates, net amount		(209)		(794)		123
Other		-		(3)		(3)
Tax effect	Â	(42)	Â	30	Â	(41)
Items potentially reclassifiable to profit and loss	Â	(706)	Â	(2,063)	Â	(155)
Total other comprehensive income (net amount)	Â	1,621	Â	2,481	Â	(32)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	4,384	Â	4,508	Â	1,948
Group share		4,346		4,507		1,909
Non-controlling interests		38		1		39

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$) ^(a)	Â	9 months 2017	Â	9 months 2016
Sales		124,142		107,468
Excise taxes		(16,485)		(16,410)
Revenues from sales		107,657		91,058
Purchases, net of inventory variation		(71,752)		(59,410)
Other operating expenses		(18,380)		(17,511)
Exploration costs		(577)		(1,004)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,412)		(8,584)
Other income		3,299		962
Other expense		(464)		(554)
Financial interest on debt		(1,044)		(809)
Financial income and expense from cash & cash equivalents		(93)		6
Cost of net debt		(1,137)		(803)
Other financial income		717		768
Other financial expense		(483)		(475)
Equity in net income (loss) of affiliates		1,358		1,805
Income taxes	Â	(2,257)	Â	(533)
Consolidated net income	Â	7,569	Â	5,719
Group share	Â	7,610	Â	5,648
Non-controlling interests	Â	(41)	Â	71
Earnings per share ($)	Â	2.99	Â	2.33
Fully-diluted earnings per share ($)	Â	2.98	Â	2.32

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	9 months 2017	Â	9 months 2016
Consolidated net income	Â	7,569	Â	5,719
Other comprehensive income
				Â
Actuarial gains and losses		29		(576)
Tax effect		(17)		119
Currency translation adjustment generated by the parent company	Â	7,884	Â	1,967
Items not potentially reclassifiable to profit and loss	Â	7,896	Â	1,510
Currency translation adjustment		(1,993)		(1,717)
Available for sale financial assets		4		1
Cash flow hedge		150		145
Share of other comprehensive income of equity affiliates, net amount		(672)		477
Other		-		-
Tax effect	Â	(51)	Â	(44)
Items potentially reclassifiable to profit and loss	Â	(2,562)	Â	(1,138)
Total other comprehensive income (net amount)	Â	5,334	Â	372
Â	Â	Â	Â	Â
Comprehensive income	Â	12,903	Â	6,091
Group share		12,927		6,012
Non-controlling interests		(24)		79

CONSOLIDATED BALANCE SHEET	Â		Â		Â		Â
TOTAL
Â
								Â
(M$)	Â	September 30, 2017 (unaudited)	Â	June 30, 2017 (unaudited)	Â	December 31, 2016 Â	Â	September 30, 2016 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		14,891		14,119		15,362		14,916
Property, plant and equipment, net		113,491		112,659		111,971		113,433
Equity affiliates : investments and loans		22,130		21,705		20,576		20,870
Other investments		1,124		1,483		1,133		1,565
Non-current financial assets		626		558		908		1,089
Deferred income taxes		5,345		4,981		4,368		4,434
Other non-current assets	Â	4,291	Â	4,411	Â	4,143	Â	4,534
Total non-current assets	Â	161,898	Â	159,916	Â	158,461	Â	160,841
Current assets
Inventories, net		14,769		14,273		15,247		14,635
Accounts receivable, net		13,738		12,923		12,213		11,501
Other current assets		13,944		14,034		14,835		14,927
Current financial assets		2,579		3,618		4,548		1,755
Cash and cash equivalents		28,583		28,720		24,597		24,801
Assets classified as held for sale	Â	997	Â	421	Â	1,077	Â	1,045
Total current assets	Â	74,610	Â	73,989	Â	72,517	Â	68,664
Total assets		236,508		233,905		230,978		229,505
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,806		7,797		7,604		7,849
Paid-in surplus and retained earnings		111,128		110,305		105,547		106,189
Currency translation adjustment		(8,675)		(10,314)		(13,871)		(11,448)
Treasury shares	Â	(458)	Â	(600)	Â	(600)	Â	(4,422)
Total shareholders' equity - Group share	Â	109,801	Â	107,188	Â	98,680	Â	98,168
Non-controlling interests	Â	2,799	Â	2,772	Â	2,894	Â	2,948
Total shareholders' equity	Â	112,600	Â	109,960	Â	101,574	Â	101,116
Non-current liabilities
Deferred income taxes		11,326		10,920		11,060		11,390
Employee benefits		4,384		4,127		3,746		4,247
Provisions and other non-current liabilities		17,140		16,924		16,846		17,320
Non-current financial debt	Â	40,226	Â	41,548	Â	43,067	Â	44,450
Total non-current liabilities	Â	73,076	Â	73,519	Â	74,719	Â	77,407
Current liabilities
Accounts payable		21,092		21,914		23,227		19,799
Other creditors and accrued liabilities		17,740		14,862		16,720		16,895
Current borrowings		11,206		13,070		13,920		13,383
Other current financial liabilities		273		241		327		380
Liabilities directly associated with the assets classified as held for sale	Â	521	Â	339	Â	491	Â	525
Total current liabilities	Â	50,832	Â	50,426	Â	54,685	Â	50,982
Total liabilities & shareholders' equity		236,508		233,905		230,978		229,505

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	3^rd quarter 2017	Â	2^nd quarter 2017	Â	3^rd quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,763		2,027		1,980
Depreciation, depletion, amortization and impairment		3,164		2,930		3,297
Non-current liabilities, valuation allowances and deferred taxes		(93)		(50)		(539)
(Gains) losses on disposals of assets		(144)		(151)		94
Undistributed affiliates' equity earnings		(110)		501		(192)
(Increase) decrease in working capital		(1,057)		(268)		265
Other changes, net	Â	(160)	Â	(349)	Â	(165)
Cash flow from operating activities		4,363		4,640		4,740
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,104)		(3,323)		(4,124)
Acquisitions of subsidiaries, net of cash acquired		(472)		(6)		(1,119)
Investments in equity affiliates and other securities		(181)		(433)		177
Increase in non-current loans	Â	(153)	Â	(443)	Â	(135)
Total expenditures		(3,910)		(4,205)		(5,201)
Proceeds from disposals of intangible assets and property, plant and equipment		55		74		57
Proceeds from disposals of subsidiaries, net of cash sold		-		-		-
Proceeds from disposals of non-current investments		147		133		34
Repayment of non-current loans	Â	337	Â	153	Â	101
Total divestments	Â	539	Â	360	Â	192
Cash flow used in investing activities		(3,371)		(3,845)		(5,009)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		65		406		36
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		-		(1,462)		-
- Non-controlling interests		(11)		(61)		(2)
Issuance of perpetual subordinated notes		-		-		-
Payments on perpetual subordinated notes		-		(90)		-
Other transactions with non-controlling interests		(2)		-		(107)
Net issuance (repayment) of non-current debt		400		290		3,127
Increase (decrease) in current borrowings		(3,717)		(1,167)		(909)
Increase (decrease) in current financial assets and liabilities		1,182		979		257
Cash flow used in financing activities	Â	(2,083)	Â	(1,105)	Â	2,402
Net increase (decrease) in cash and cash equivalents		(1,091)		(310)		2,133
Effect of exchange rates		954		1,504		15
Cash and cash equivalents at the beginning of the period	Â	28,720	Â	27,526	Â	22,653
Cash and cash equivalents at the end of the period	Â	28,583	Â	28,720	Â	24,801

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	9 months 2017	Â	9 months 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		7,569		5,719
Depreciation, depletion, amortization and impairment		10,754		9,393
Non-current liabilities, valuation allowances and deferred taxes		(340)		(1,284)
(Gains) losses on disposals of assets		(2,527)		(321)
Undistributed affiliates' equity earnings		96		(708)
(Increase) decrease in working capital		(1,379)		(3,032)
Other changes, net	Â	(469)	Â	(264)
Cash flow from operating activities		13,704		9,503
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(9,105)		(12,364)
Acquisitions of subsidiaries, net of cash acquired		(797)		(1,241)
Investments in equity affiliates and other securities		(1,137)		(106)
Increase in non-current loans	Â	(754)	Â	(964)
Total expenditures		(11,793)		(14,675)
Proceeds from disposals of intangible assets and property, plant and equipment		135		1,049
Proceeds from disposals of subsidiaries, net of cash sold		2,696		270
Proceeds from disposals of non-current investments		289		129
Repayment of non-current loans	Â	677	Â	502
Total divestments	Â	3,797	Â	1,950
Cash flow used in investing activities		(7,996)		(12,725)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		486		40
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,000)		(2,127)
- Non-controlling interests		(87)		(77)
Issuance of perpetual subordinated notes		-		1,950
Payments on perpetual subordinated notes		(219)		(133)
Other transactions with non-controlling interests		(2)		(104)
Net issuance (repayment) of non-current debt		746		3,681
Increase (decrease) in current borrowings		(6,297)		(2,925)
Increase (decrease) in current financial assets and liabilities		2,819		4,402
Cash flow used in financing activities	Â	(4,554)	Â	4,707
Net increase (decrease) in cash and cash equivalents		1,154		1,485
Effect of exchange rates		2,832		47
Cash and cash equivalents at the beginning of the period	Â	24,597	Â	23,269
Cash and cash equivalents at the end of the period	Â	28,583	Â	24,801

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY													Â		Â		Â
TOTAL	Â		Â		Â		Â		Â		Â
(unaudited)	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
		Common shares issued				Paid-in surplus and retained earnings		Currency translation adjustment		Treasury shares				Shareholders' equity - Group share Â		Non- controlling interests		Total shareholders' equity
(M$)	Â	Number	Â	Amount	Â		Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2016	Â	2,440,057,883	Â	7,670	Â	101,528	Â	(12,119)	Â	(113,967,758)	Â	(4,585)	Â	92,494	Â	2,915	Â	95,409
Net income of the first 9 months 2016		-		-		5,648		-		-		-		5,648		71		5,719
Other comprehensive Income		-		-		(307)		671		-		-		364		8		372
Comprehensive Income		-		-		5,341		671		-		-		6,012		79		6,091
Dividend		-		-		(4,872)		-		-		-		(4,872)		(77)		(4,949)
Issuance of common shares		63,971,645		179		2,524		-		-		-		2,703		-		2,703
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(163)		-		3,047,118		163		-		-		-
Share-based payments		-		-		81		-		-		-		81		-		81
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		1,950		-		-		-		1,950		-		1,950
Payments on perpetual subordinated notes		-		-		(131)		-		-		-		(131)		-		(131)
Other operations with non-controlling interests		-		-		(100)		-		-		-		(100)		(41)		(141)
Other items		-		-		31		-		-		-		31		72		103
As of September 30, 2016	Â	2,504,029,528	Â	7,849	Â	106,189	Â	(11,448)	Â	(110,920,640)	Â	(4,422)	Â	98,168	Â	2,948	Â	101,116
Net income from October 1 to December 31, 2016		-		-		548		-		-		-		548		(61)		487
Other comprehensive Income		-		-		199		(2,423)		-		-		(2,224)		(7)		(2,231)
Comprehensive Income		-		-		747		(2,423)		-		-		(1,676)		(68)		(1,744)
Dividend		-		-		(1,640)		-		-		-		(1,640)		(16)		(1,656)
Issuance of common shares		26,667,602		72		1,029		-		-		-		1,101		-		1,101
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		1,550		-		-		-		-
Share-based payments		-		-		31		-		-		-		31		-		31
Share cancellation		(100,331,268)		(317)		(3,505)		-		100,331,268		3,822		-		-		-
Issuance of perpetual subordinated notes		-		-		2,761		-		-		-		2,761		-		2,761
Payments on perpetual subordinated notes		-		-		(72)		-		-		-		(72)		-		(72)
Other operations with non-controlling interests		-		-		2		-		-		-		2		(2)		-
Other items		-		-		5		-		-		-		5		32		37
As of December 31, 2016	Â	2,430,365,862	Â	7,604	Â	105,547	Â	(13,871)	Â	(10,587,822)	Â	(600)	Â	98,680	Â	2,894	Â	101,574
Net income of the first 9 months 2017		-		-		7,610		-		-		-		7,610		(41)		7,569
Other comprehensive Income		-		-		121		5,196		-		-		5,317		17		5,334
Comprehensive Income		-		-		7,731		5,196		-		-		12,927		(24)		12,903
Dividend		-		-		(5,137)		-		-		-		(5,137)		(87)		(5,224)
Issuance of common shares		72,388,372		202		3,242		-		-		-		3,444		-		3,444
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(142)		-		2,209,716		142		-		-		-
Share-based payments		-		-		113		-		-		-		113		-		113
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(223)		-		-		-		(223)		-		(223)
Other operations with non-controlling interests		-		-		(7)		-		-		-		(7)		5		(2)
Other items		-		-		4		-		-		-		4		11		15
As of September 30, 2017	Â	2,502,754,234	Â	7,806	Â	111,128	Â	(8,675)	Â	(8,378,106)	Â	(458)	Â	109,801	Â	2,799	Â	112,600
																		Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,121

2,903

18,923

19,086

43,044

Intersegment sales

5,665

286

6,592

207

(12,839)

Excise taxes

(799)

(5,163)

(5,962)

Revenues from sales

7,786

3,189

24,716

14,130

100

(12,839)

37,082

Operating expenses

(3,632)

(3,117)

(23,110)

(13,386)

(250)

12,839

(30,656)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,548)

(51)

(258)

(170)

(8)

(3,035)

Operating income

1,606

1,348

574

(158)

3,391

Equity in net income (loss) of affiliates and other items

521

179

133

877

Tax on net operating income

(745)

(379)

(173)

100

(1,190)

Net operating income

1,382

1,148

534

(26)

3,078

Net cost of net debt

(315)

Non-controlling interests

(39)

Net income - group share

2,724

3^rd quarter 2017 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(14)

Intersegment sales

Excise taxes

Revenues from sales

(14)

Operating expenses

(2)

(32)

166

183

Depreciation, depletion and impairment of tangible assets and mineral interests

(57)

Operating income^(b)

(59)

(46)

166

112

Equity in net income (loss) of affiliates and other items

(2)

(15)

(5)

(10)

Tax on net operating income

(50)

(18)

(60)

Net operating income^(b)

(57)

128

Net cost of net debt

(7)

Non-controlling interests

Net income - group share

^(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

210

On net operating income

156

3^rdquarter 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,121

2,917

18,923

19,086

43,058

Intersegment sales

5,665

286

6,592

207

(12,839)

Excise taxes

(799)

(5,163)

(5,962)

Revenues from sales

7,786

3,203

24,716

14,130

100

(12,839)

37,096

Operating expenses

(3,630)

(3,085)

(23,276)

(13,437)

(250)

12,839

(30,839)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,491)

(51)

(258)

(170)

(8)

(2,978)

Adjusted operating income

1,665

1,182

523

(158)

3,279

Equity in net income (loss) of affiliates and other items

523

167

138

887

Tax on net operating income

(749)

(329)

(155)

100

(1,130)

Adjusted net operating income

1,439

1,020

506

(26)

3,036

Net cost of net debt

(308)

Non-controlling interests

(54)

Adjusted net income - group share

2,674

Adjusted fully-diluted earnings per share ($)

1.04

(a) Except for earnings per share.

3^rd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

3,228

357

190

3,910

Total divestments

339

150

539

Cash flow from operating activities

2,633

325

662

596

147

4,363

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,068

2,671

17,347

17,831

(2)

39,915

Intersegment sales

5,118

274

6,016

169

(11,667)

Excise taxes

(680)

(4,753)

(5,433)

Revenues from sales

7,186

2,945

22,683

13,247

(11,667)

34,482

Operating expenses

(3,547)

(2,857)

(21,918)

(12,729)

(319)

11,667

(29,703)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,344)

(40)

(245)

(158)

(11)

(2,798)

Operating income

1,295

520

360

(242)

1,981

Equity in net income (loss) of affiliates and other items

487

148

258

(6)

900

Tax on net operating income

(512)

(24)

(142)

(123)

214

(587)

Net operating income

1,270

526

495

(34)

2,294

Net cost of net debt

(267)

Non-controlling interests

Net income - group share

2,037

2^nd quarter 2017 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(27)

Intersegment sales

Excise taxes

Revenues from sales

(27)

Operating expenses

(117)

(25)

(411)

(80)

(64)

(697)

Depreciation, depletion and impairment of tangible assets and mineral interests

(15)

(14)

Operating income^(b)

(132)

(51)

(411)

(80)

(64)

(738)

Equity in net income (loss) of affiliates and other items

(4)

(16)

(53)

121

Tax on net operating income

129

228

Net operating income^(b)

(89)

(58)

(335)

(42)

(462)

Net cost of net debt

(7)

Non-controlling interests

Net income - group share

(437)

^(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

(372)

(54)

On net operating income

(270)

(45)

2^ndquarter 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,068

2,698

17,347

17,831

(2)

39,942

Intersegment sales

5,118

274

6,016

169

(11,667)

Excise taxes

(680)

(4,753)

(5,433)

Revenues from sales

7,186

2,972

22,683

13,247

(11,667)

34,509

Operating expenses

(3,430)

(2,832)

(21,507)

(12,649)

(255)

11,667

(29,006)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,329)

(41)

(245)

(158)

(11)

(2,784)

Adjusted operating income

1,427

931

440

(178)

2,719

Equity in net income (loss) of affiliates and other items

491

201

137

(6)

852

Tax on net operating income

(559)

(33)

(271)

(144)

192

(815)

Adjusted net operating income

1,359

861

433

2,756

Net cost of net debt

(260)

Non-controlling interests

(22)

Adjusted net income - group share

2,474

Adjusted fully-diluted earnings per share ($)

0.97

(a) Except for earnings per share.

2^nd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

3,448

401

258

4,205

Total divestments

132

182

360

Cash flow from operating activities

2,504

(114)

1,972

229

4,640

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

1,852

2,510

16,050

16,998

37,412

Intersegment sales

4,854

283

5,072

147

(10,430)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

6,706

2,793

20,247

12,433

(10,430)

31,825

Operating expenses

(3,513)

(2,754)

(19,102)

(11,829)

(198)

10,430

(26,966)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,479)

(46)

(251)

(150)

(10)

(2,936)

Operating income

714

(7)

894

454

(132)

1,923

Equity in net income (loss) of affiliates and other items

180

228

581

Tax on net operating income

(61)

(197)

(134)

(316)

Net operating income

833

925

398

2,188

Net cost of net debt

(208)

Non-controlling interests

(26)

Net income - group share

1,954

3^rd quarter 2016 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(116)

Intersegment sales

Excise taxes

Revenues from sales

(116)

Operating expenses

(15)

(53)

(64)

Depreciation, depletion and impairment of tangible assets and mineral interests

Operating income^(b)

(131)

(53)

(180)

Equity in net income (loss) of affiliates and other items

(123)

(68)

(174)

Tax on net operating income

175

(11)

195

Net operating income^(b)

(174)

(46)

(159)

Net cost of net debt

(6)

Non-controlling interests

Net income - group share

(116)

^(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

(51)

On net operating income

(33)

3^rdquarter 2016 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

1,852

2,626

16,050

16,998

37,528

Intersegment sales

4,854

283

5,072

147

(10,430)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

6,706

2,909

20,247

12,433

(10,430)

31,941

Operating expenses

(3,513)

(2,739)

(19,106)

(11,776)

(198)

10,430

(26,902)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,479)

(46)

(251)

(150)

(10)

(2,936)

Adjusted operating income

714

124

890

507

(132)

2,103

Equity in net income (loss) of affiliates and other items

303

212

755

Tax on net operating income

(236)

(8)

(186)

(140)

(511)

Adjusted net operating income

781

191

916

444

2,347

Net cost of net debt

(202)

Non-controlling interests

(75)

Adjusted net income - group share

2,070

Adjusted fully-diluted earnings per share ($)

0.84

(a) Except for earnings per share.

3^rd quarter 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

3,484

1,097

554

243

(177)

5,201

Total divestments

105

192

Cash flow from operating activities

2,275

1,697

573

171

4,740

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,292

8,771

54,844

54,215

124,142

Intersegment sales

16,331

869

18,954

650

284

(37,088)

Excise taxes

(2,180)

(14,305)

(16,485)

Revenues from sales

22,623

9,640

71,618

40,560

304

(37,088)

107,657

Operating expenses

(10,866)

(9,443)

(67,906)

(38,780)

(802)

37,088

(90,709)

Depreciation, depletion and impairment of tangible assets and mineral interests

(8,960)

(163)

(790)

(472)

(27)

(10,412)

Operating income

2,797

2,922

1,308

(525)

6,536

Equity in net income (loss) of affiliates and other items

1,198

(20)

2,780

421

4,427

Tax on net operating income

(1,696)

(54)

(877)

(404)

485

(2,546)

Net operating income

2,299

(40)

4,825

1,325

8,417

Net cost of net debt

(848)

Non-controlling interests

Net income - group share

7,610

9 months 2017 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(41)

Intersegment sales

Excise taxes

Revenues from sales

(41)

Operating expenses

(119)

(146)

(188)

(44)

(64)

(561)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,926)

(25)

(50)

(2,001)

Operating income^(b)

(2,045)

(212)

(238)

(44)

(64)

(2,603)

Equity in net income (loss) of affiliates and other items

(216)

(94)

2,168

121

1,979

Tax on net operating income

380

(9)

414

Net operating income^(b)

(1,881)

(293)

1,921

(42)

(210)

Net cost of net debt

(21)

Non-controlling interests

135

Net income - group share

(96)

^(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

(79)

(18)

On net operating income

(56)

(14)

9 months 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

6,292

8,812

54,844

54,215

124,183

Intersegment sales

16,331

869

18,954

650

284

(37,088)

Excise taxes

(2,180)

(14,305)

(16,485)

Revenues from sales

22,623

9,681

71,618

40,560

304

(37,088)

107,698

Operating expenses

(10,747)

(9,297)

(67,718)

(38,736)

(738)

37,088

(90,148)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,034)

(138)

(740)

(472)

(27)

(8,411)

Adjusted operating income

4,842

246

3,160

1,352

(461)

9,139

Equity in net income (loss) of affiliates and other items

1,414

612

300

2,448

Tax on net operating income

(2,076)

(67)

(868)

(412)

463

(2,960)

Adjusted net operating income

4,180

253

2,904

1,240

8,627

Net cost of net debt

(827)

Non-controlling interests

(94)

Adjusted net income - group share

7,706

Adjusted fully-diluted earnings per share ($)

3.02

(a) Except for earnings per share.

9 months 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

9,312

491

1,024

887

11,793

Total divestments

584

2,784

368

3,797

Cash flow from operating activities

7,633

336

4,399

1,138

198

13,704

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

9 months 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,563

6,449

46,555

48,897

107,468

Intersegment sales

12,572

703

14,760

487

225

(28,747)

Excise taxes

(2,760)

(13,650)

(16,410)

Revenues from sales

18,135

7,152

58,555

35,734

229

(28,747)

91,058

Operating expenses

(10,512)

(7,146)

(54,407)

(33,897)

(710)

28,747

(77,925)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,254)

(108)

(750)

(446)

(26)

(8,584)

Operating income

369

(102)

3,398

1,391

(507)

4,549

Equity in net income (loss) of affiliates and other items

1,350

121

617

129

289

2,506

Tax on net operating income

454

(852)

(409)

(719)

Net operating income

2,173

3,163

1,111

(131)

6,336

Net cost of net debt

(617)

Non-controlling interests

(71)

Net income - group share

5,648

9 months 2016 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(248)

Intersegment sales

Excise taxes

Revenues from sales

(248)

Operating expenses

(691)

(15)

246

(20)

(480)

Depreciation, depletion and impairment of tangible assets and mineral interests

(200)

Operating income^(b)

(891)

(263)

246

(20)

(928)

Equity in net income (loss) of affiliates and other items

206

(76)

(61)

(20)

Tax on net operating income

648

(86)

(2)

612

Net operating income^(b)

(37)

(287)

(42)

(267)

Net cost of net debt

(17)

Non-controlling interests

Net income - group share

(232)

^(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

315

(10)

On net operating income

219

9 months 2016 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,563

6,697

46,555

48,897

107,716

Intersegment sales

12,572

703

14,760

487

225

(28,747)

Excise taxes

(2,760)

(13,650)

(16,410)

Revenues from sales

18,135

7,400

58,555

35,734

229

(28,747)

91,306

Operating expenses

(9,821)

(7,131)

(54,653)

(33,877)

(710)

28,747

(77,445)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,054)

(108)

(750)

(446)

(26)

(8,384)

Adjusted operating income

1,260

161

3,152

1,411

(507)

5,477

Equity in net income (loss) of affiliates and other items

1,144

197

678

149

289

2,457

Tax on net operating income

(194)

(51)

(766)

(407)

(1,331)

Adjusted net operating income

2,210

307

3,064

1,153

(131)

6,603

Net cost of net debt

(600)

Non-controlling interests

(123)

Adjusted net income - group share

5,880

Adjusted fully-diluted earnings per share ($)

2.42

(a) Except for earnings per share.

9 months 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

11,252

1,339

1,295

745

14,675

Total divestments

1,369

137

359

1,950

Cash flow from operating activities

4,971

(194)

2,839

1,414

473

9,503

Reconciliation of the information by business segment with consolidated financial statements					Â
TOTAL	Â		Â
(unaudited)
						Â
3^rd quarter 2017 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		43,058		(14)		43,044
Excise taxes		(5,962)		-		(5,962)
Revenues from sales		37,096		(14)		37,082
Purchases, net of inventory variation		(24,585)		218		(24,367)
Other operating expenses		(6,073)		(35)		(6,108)
Exploration costs		(181)		-		(181)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,978)		(57)		(3,035)
Other income		238		166		404
Other expense		(65)		(2)		(67)
Financial interest on debt		(361)		(7)		(368)
Financial income and expense from cash & cash equivalents		(45)		-		(45)
Cost of net debt		(406)		(7)		(413)
Other financial income		204		-		204
Other financial expense		(164)		-		(164)
Equity in net income (loss) of affiliates		674		(174)		500
Income taxes	Â	(1,032)	Â	(60)	Â	(1,092)
Consolidated net income		2,728		35		2,763
Group share		2,674		50		2,724
Non-controlling interests		54		(15)		39
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
3^rd quarter 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		37,528		(116)		37,412
Excise taxes		(5,587)		-		(5,587)
Revenues from sales		31,941		(116)		31,825
Purchases, net of inventory variation		(21,176)		(47)		(21,223)
Other operating expenses		(5,452)		(17)		(5,469)
Exploration costs		(274)		-		(274)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,936)		-		(2,936)
Other income		284		6		290
Other expense		(155)		(196)		(351)
Financial interest on debt		(262)		(6)		(268)
Financial income and expense from cash & cash equivalents		(5)		-		(5)
Cost of net debt		(267)		(6)		(273)
Other financial income		265		-		265
Other financial expense		(154)		-		(154)
Equity in net income (loss) of affiliates		515		16		531
Income taxes	Â	(446)	Â	195	Â	(251)
Consolidated net income		2,145		(165)		1,980
Group share		2,070		(116)		1,954
Non-controlling interests		75		(49)		26
						Â
^(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					Â
TOTAL	Â		Â
(unaudited)
						Â
9 months 2017 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		124,183		(41)		124,142
Excise taxes		(16,485)		-		(16,485)
Revenues from sales		107,698		(41)		107,657
Purchases, net of inventory variation		(71,514)		(238)		(71,752)
Other operating expenses		(18,057)		(323)		(18,380)
Exploration costs		(577)		-		(577)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,411)		(2,001)		(10,412)
Other income		552		2,747		3,299
Other expense		(181)		(283)		(464)
Financial interest on debt		(1,023)		(21)		(1,044)
Financial income and expense from cash & cash equivalents		(93)		-		(93)
Cost of net debt		(1,116)		(21)		(1,137)
Other financial income		717		-		717
Other financial expense		(483)		-		(483)
Equity in net income (loss) of affiliates		1,843		(485)		1,358
Income taxes	Â	(2,671)	Â	414	Â	(2,257)
Consolidated net income		7,800		(231)		7,569
Group share		7,706		(96)		7,610
Non-controlling interests		94		(135)		(41)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
9 months 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		107,716		(248)		107,468
Excise taxes		(16,410)		-		(16,410)
Revenues from sales		91,306		(248)		91,058
Purchases, net of inventory variation		(59,663)		253		(59,410)
Other operating expenses		(17,128)		(383)		(17,511)
Exploration costs		(654)		(350)		(1,004)
Depreciation, depletion and impairment of tangible assets and mineral interests		(8,384)		(200)		(8,584)
Other income		627		335		962
Other expense		(274)		(280)		(554)
Financial interest on debt		(792)		(17)		(809)
Financial income and expense from cash & cash equivalents		6		-		6
Cost of net debt		(786)		(17)		(803)
Other financial income		768		-		768
Other financial expense		(475)		-		(475)
Equity in net income (loss) of affiliates		1,811		(6)		1,805
Income taxes	Â	(1,145)	Â	612	Â	(533)
Consolidated net income		6,003		(284)		5,719
Group share		5,880		(232)		5,648
Non-controlling interests		123		(52)		71
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

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