1st Quarter Results
Total S.A.
04 May 2006
Total reports first quarter 2006 results
New steps toward long-term growth
Main results
• Adjusted net income(1)-(2) 3.38 billion euros +16%
4.06 billion dollars(3) +6%
5.78 euros per share +18%
6.95 dollars per share +8%
• Increased investments 3.31 billion dollars +41%
Recent highlights
• Ongoing exploration success
• Positive results in Angola, Yemen, Libya, Congo, Algeria and US Gulf
of Mexico
• New acreage in Norway, Australia, Cameroon, Bangladesh and Canada
• Agreement to enter into the Sulige field in China and the Tahiti field in
the US Gulf of Mexico
• Launching development of Tyrihans in Norway
• Production start-ups at Glenelg (United Kingdom) and Belize (Angola)
• Preparation of the Arkema spin-off on May 18
• Satisfactory outcome to Cepsa arbitration
• Proposed 2005 dividend of 6.48 euros per share and four-for-one stock split
submitted for approval at the May 12 Annual Meeting
Paris, May 4, 2006 --- The Board of Directors of Total, chaired by CEO Thierry
Desmarest, met on May 3, 2006 to review the first quarter 2006 results.
Commenting on the results, Thierry Desmarest said:
In the first quarter 2006, demand for oil continued to be strong while supplies
were subject to serious disruptions, notably in Nigeria. In this context, oil
prices continued to rise, while refining margins retreated from their 2005
average. The environment for Chemicals was more mixed, with higher raw material
costs putting pressure on petrochemicals.
Adjusted net income increased by 16% to 3,376 million euros from 2,919 million
euros in the first quarter 2005. Adjusted fully-diluted earnings per share rose
to 5.78 euros, an increase of 18%. The Group's profitability over the past four
quarters rose to 28%, at the level of the best in the industry, thanks notably
to strict control of technical costs, which are the lowest among the major oils.
Total is continuing to implement its strategy of long-term growth, mainly
through an active investment program, which in dollar terms increased by 41%
compared to the first quarter 2005. Since the beginning of the year, we made
significant progress, notably through ongoing exploration success and the
agreement to enter into the Sulige field in China.
• Key figures from the consolidated accounts of Total(4)
in millions of euros, 1Q06 4Q05 1Q05 1Q06
except earnings per share and number of shares vs
1Q05
Sales 39,605 39,942 31,739 +25%
Adjusted operating income from business 6,767 6,330 5,456 +24%
segments
Adjusted net operating income from business 3,269 3,095 2,877 +14%
segments
• Upstream 2,400 2,132 1,808 +33%
• Downstream 650 799 678 -4%
• Chemicals 219 164 391 -44%
Adjusted net income 3,376 3,052 2,919 +16%
Adjusted fully-diluted earnings per share 5.78 5.20 4.90 +18%
(euros)
Fully-diluted weighted-average shares 584.0 586.5 596.1 -2%
(millions)
Net income (Group share) 3,683 2,341 3,208 +15%
Investments 2,750 3,799 1,784 +54%
Divestments (at selling price) 397 250 213 +86%
Cash flow from operations 4,839 3,171 4,037 +20%
Adjusted cash flow from operations 4,287 4,459 4,247 +1%
• First quarter 2006 results
> Operating income
In the first quarter 2006, the average Brent oil price rose to 61.8 $/b, an
increase of 30% compared to the first quarter 2005 and 9% compared to the fourth
quarter 2005. The TRCV European refining margin indicator was 25.8 $/t on
average over the quarter, a 19% decrease compared to the first quarter 2005 and
a 43% decrease compared to the fourth quarter 2005, a period marked by high
refining margins in the aftermath of hurricanes in the Gulf of Mexico.
Petrochemical margins in the Atlantic Basin were at a level comparable to the
fourth quarter 2005 but were substantially lower compared to the first quarter
2005.
The euro/dollar exchange rate was 1.20 $/€ compared to 1.31 $/€ in the first
quarter 2005 and 1.19 $/€ in the fourth quarter 2005.
In this context, the adjusted operating income from the business segments
increased by 24% to 6,767 million euros (M€) in the first quarter 2006 from
5,456 M€ in the first quarter 2005(5).
Adjusted net operating income from the business segments was 3,269 M€ compared
to 2,877 M€ in the first quarter 2005, an increase of 14%. The lower percentage
increase relative to the increase in operating income is a function of the
Upstream segment having a higher effective tax rate and a larger proportion of
the results in the first quarter 2006 compared to the first quarter 2005.
Sequentially, the change in adjusted net operating income is in line with the
change in adjusted operating income.
> Net income
Adjusted net income increased by 16% to 3,376 M€ in the first quarter 2006 from
2,919 M€ in the first quarter 2005. This excludes the after-tax inventory
effect, special items, and the Group's equity share of amortization of
intangibles related to the Sanofi-Aventis merger.
The after-tax inventory effect (FIFO vs. replacement cost) had a positive impact
of 280 M€ in the first quarter 2006 and 496 M€ in the first quarter 2005.
Special items had a positive impact on net income of 110 M€ in the first quarter
2006 and were composed mainly of the gain on the sale of Upstream assets in the
US. In the first quarter 2005, special items had a negative impact on net income
of 125 M€ and were composed mainly of restructuring charges in the Chemicals.
The Group's equity share of amortization of intangibles related to the
Sanofi-Aventis merger had a negative impact on net income of 83 M€ in the first
quarter 2006 and 82 M€ in the first quarter 2005.
Reported net income was 3,683 M€ compared to 3,208 M€ in the first quarter 2005.
The effective tax rate(6) for the Group was 55% in the first quarter 2006
compared to 55% in the fourth quarter 2005 and 51% in the first quarter 2005.
In the first quarter 2006, the Group bought back 5.5 million of its shares for
1,190 M€. As of March 31, 2006 there were 583.4 million fully-diluted shares
compared to 586.0 million at December 31, 2005 and 594.9 million at March 31,
2005. In April 2006, the Group bought back 0.5 million shares for 110 M€,
bringing the cumulative buyback since the start of the year to nearly 1% of the
capital.
Adjusted fully-diluted earnings per share, based on 584.0 million fully-diluted
weighted-average shares, rose to 5.78 euros in the first quarter 2006 from 4.90
euros in the first quarter 2005, an increase of 18%, which is a higher
percentage increase than shown for the adjusted net income thanks to the
accretive effect of share buybacks.
> Investments - divestments
Investments in the first quarter 2006 were 2,750 M€ compared to 1,784 M€ in the
first quarter 2005. Expressed in dollars, investments increased by 41% to 3.31
billion.
Divestments in the first quarter 2006 were 397 M€ and included the sale of
Upstream assets in the US.
> Cash flow
Cash flow from operations increased by 20% in the first quarter 2006 to 4,839 M€
from 4,037 M€ in the first quarter 2005.
Adjusted cash flow (cash flow from operations before changes in working capital
at replacement cost) was 4,287 M€ in the first quarter 2006, an increase of 1%
compared to the first quarter 2005.
Net cash flow(7) was 2,486 M€ compared to 2,466 M€ in the first quarter 2005.
The net-debt-to-equity ratio was 26% at March 31, 2006 compared to 32% at
December 31, 2005 and 24% at March 31, 2005(8).
• Upstream
> Environment - liquids and gas price realizations*
1Q06 4Q05 1Q05 1Q06
vs
1Q05
Brent ($/b) 61.8 56.9 47.6 +30%
Average liquids price ($/b) 58.8 54.5 44.1 +33%
Average gas price ($/Mbtu) 6.16 5.68 4.40 +40%
* consolidated subsidiaries, excluding fixed margin and buy-back contracts
Total's average liquids price increased by more than the benchmark Brent price,
reflecting mainly the lower price differential between light and heavy crude
oil. Total's average gas price benefited from the lag effect and higher spot
market prices, notably in Europe.
> Production
Hydrocarbon production 1Q06 4Q05 1Q05 1Q06
vs
1Q05
Combined production (kboe/d) 2,440 2,463 2,562 -5%
• Liquids (kb/d) 1,560 1,592 1,657 -6%
• Gas (Mcfd) 4,795 4,896 4,945 -3%
Hydrocarbon production declined by 4.8% to 2,440 thousand barrels of oil
equivalent per day (kboe/d) in the first quarter 2006 from 2,562 kboe/d in the
first quarter 2005, mainly due to the price effect(9), which accounts for more
than half of the decline, and the effects of divestments in the US and
disruptions in Nigeria.
Compared to the fourth quarter 2005, production declined by about 1%, due to the
price effect. The benefit of new production (mainly from fourth quarter 2005
start-ups, such as Bonga in Nigeria and Forvie in the UK) was offset by
disruptions in Nigeria, unscheduled maintenance in Norway as well as by the
impacts of divesting onshore US assets and natural declines on mature fields.
> Results
in millions of euros 1Q06 4Q05 1Q05 1Q06
vs
1Q05
Adjusted operating income* 5,601 5,000 4,010 +40%
Adjusted net operating income* 2,400 2,132 1,808 +33%
• Income from equity affiliates 143 107 117 +22%
Investments 2,081 2,521 1,363 +53%
Divestments 353 141 128 +176%
at selling price
Cash flow from operations 3,831 2,374 2,188 +75%
* detail of adjustment items shown in business segment information
Adjusted net operating income for the Upstream segment increased by 33% to 2,400
M€ in the first quarter 2006 from 1,808 M€ in the first quarter 2005.
This increase reflects essentially the benefit of higher oil and gas prices,
which was slightly offset by a decrease in volumes sold and an increase in
production costs.
Income from equity affiliates increased mainly due to the stronger oil market
environment and in particular includes the growing contribution from trains 4
and 5 at Nigeria LNG.
The average Upstream tax rate increased to 60% in the first quarter 2006 from
58% in the first quarter 2005. This change is essentially related to higher oil
and gas prices. The tax rate remained stable from the fourth quarter 2005 to the
first quarter 2006, as the effect of higher oil and gas prices was offset by a
decrease in the proportion of income derived from heavily-taxed countries, such
as Nigeria and Norway.
The return on average capital employed (ROACE(10)) for the Upstream segment for
the twelve months ended March 31, 2006 was 42% compared to 40% for the full year
2005.
The Upstream investment program for 2006 is progressing as planned.
• Downstream
> Refinery throughput
Refinery throughput (kb/d) 1Q06 4Q05 1Q05 1Q06
vs
1Q05
Total refinery throughput* 2,421 2,420 2,626 -8%
• France 899 928 1,049 -14%
• Rest of Europe* 1,217 1,204 1,252 -3%
• Rest of world 305 288 325 -6%
* includes share of Cepsa
The refinery utilization rate was 86% compared to 89% in the fourth quarter 2005
and 95% in the first quarter 2005.
The first quarter 2006 utilization rate reflected among other things the impact
of a turnaround at the Provence refinery and nearly three weeks of repair and
maintenance at the Flanders refinery after an electrical fire.
Turnaround activity was particularly low in the first quarter 2005 (only the
Grandpuits refinery was turned around at the end of the quarter).
In the fourth quarter 2005, the Port Arthur refinery was shut down (due to
hurricanes) as was the Normandy refinery (due to strikes).
> Results
1Q06 4Q05 1Q05 1Q06
vs
1Q05
TRCV - European refining 25.8 45.5 31.7 -19%
margin indicator ($/t)
Adjusted operating income* (M€) 856 1,083 891 -4%
Adjusted net operating income* (M€) 650 799 678 -4%
• Income from equity affiliates 80 97 85 -6%
Investments (M€) 321 710 217 +48%
Divestments (M€) 13 80 45 -71%
at selling price
Cash flow from operations (M€) 1,201 211 1,689 -29%
Adjusted cash flow from operations (M€) 831 1,168 748 +11%
* detail of adjustment items shown in business segment information
Adjusted net operating income for the Downstream segment was 650 M€ compared to
678 M€ in the first quarter 2005, a decrease of 4%.
The first quarter 2006 refining environment in Europe was less favorable than in
the first quarter 2005. This trend, combined with lower throughput, was only
partially offset by an improved marketing environment, better refining margins
in the US, the increase in the dollar and the impact of self-help programs.
The ROACE for the Downstream for the twelve months ended March 31, 2006 was 29%
compared to 28% for the full year 2005.
• Chemicals
> Results
in millions of euros 1Q06 4Q05 1Q05 1Q06 vs
1Q05
Sales 6,191 5,671 5,518 +12%
• Base chemicals 2,863 2,641 2,587 +11%
• Specialties 1,826 1,653 1,568 +16%
• Arkema 1,502 1,377 1,360 +10%
• Corporate - Chemicals - - 3 ns
Adjusted operating income* 310 247 555 -44%
Adjusted net operating income* 219 164 391 -44%
• Base chemicals 78 78 254 -69%
• Specialties 103 84 70 +47%
• Arkema 37 4 62 -40%
• Corporate - Chemicals 1 (2) 5 ns
Investments 324 437 158 +105%
Divestments 28 29 22 +27%
at selling price
Cash flow from operations (37) 161 82 ns
Adjusted cash flow from operations 305 164 544 -44%
* detail of adjustment items shown in business segment information
Sales for the Chemicals segment increased by 12% to 6,191 M€ in the first
quarter 2006 from 5,518 M€ in the first quarter 2005.
Adjusted net operating income for the Chemicals segment was 219 M€, a decrease
of 44% compared to the first quarter 2005.
In a context of higher raw material prices, petrochemical margins in the first
quarter 2006, particularly in Europe, were substantially lower than in the first
quarter 2005, which was a peak of the cycle. Compared to the fourth quarter
2005, margins were slightly lower but polymer sales were higher.
In a generally favorable environment, notably in Europe, results for the
Specialties sector increased sharply, particularly in the electroplating and
resins sectors.
The decrease in the results of Arkema relative to the first quarter 2005 was due
essentially to a less favorable environment for vinyl products and acrylics.
Preparations continued for the May 18, 2006 Arkema spin-off, which will be voted
on at the May 12, 2006 Annual Meeting. One important step was obtaining the visa
for the Arkema prospectus from the French market authorities on April 5.
The ROACE for the Chemicals segment for the twelve months ended March 31, 2006
was 8.5% compared to 11% for the full year 2005.
• Summary and outlook
The ROACE for the Group was 28% for the 12 months ended March 31, 2006 compared
to 27% for the full year 2005.
The return on equity calculated for the twelve months ended March 31, 2006 was
34%.
The investment program is proceeding as expected, with the priority being
Upstream growth and increased investments for refining.
The Group maintains its net-debt-to-equity ratio in its target range of about
25% to 30%.
Subject to shareholder approval at the May 12, 2006 Annual Meeting, Total will
proceed on May 18, 2006 to split the 10 € par value shares four-for-one, pay the
balance of the 2005 dividend(11), and spin-off Arkema at the rate of one Arkema
share for every ten Total shares held on May 17, 2006.
The spin-off of Arkema will represent the completion of a project initiated more
than two years ago, and it will have the effect of reducing the weight of
Chemicals in the capital employed of the Group while creating an independent
integrated player that will rank among the leaders of its markets.
Since the beginning of the second quarter 2006, the perceived risks to the oil
supply have pushed prices to new records, and refining margins have increased
slightly from first quarter levels.
* * *
To listen to the conference call with CFO Robert Castaigne and financial
analysts today at 16;30 (Paris time) please call +44 (0)20 7162 0125 in Europe
or +1 334 323 6203 in the US (access code : Total) or log on to the company
website www.total.com. For a replay, dial +44 (0)207 031 4064 in Europe or
1 954 334 0342 (code :696 767).
The March 31, 2006 notes to the consolidated accounts are available on the Total
web site (www.total.com). This document may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to the financial condition, results of operations, business, strategy
and plans of Total. Such statements are based on a number of assumptions that
could ultimately prove inaccurate, and are subject to a number of risk factors,
including currency fluctuations, the price of petroleum products, the ability to
realize cost reductions and operating efficiencies without unduly disrupting
business operations, environmental regulatory considerations and general
economic and business conditions. Total does not assume any obligation to update
publicly any forward-looking statement, whether as a result of new information,
future events or otherwise. Further information on factors which could affect
the company's financial results is provided in documents filed by the Group and
its affiliates with the French Autorite des Marches Financiers and the US
Securities and Exchange Commission.
The business segment information is presented in accordance with the Group
internal reporting system used by the Chief operating decision maker to measure
performance and allocate resources internally. Due to their particular nature or
significance, certain transactions qualified as 'special items' are monitored at
the Group level and excluded from the business segment figures. In general,
special items relate to transactions that are significant, infrequent or
unusual. However, in certain instances, certain transactions such as
restructuring costs or assets disposals, which are not considered to be
representative of normal course of business, may be qualified as special items
although they may have occurred within prior years or are likely to recur within
following years.
In accordance with IAS 2, the Group values inventories of crude oil and
petroleum products in the financial statements in accordance with the FIFO
(First in, First out) method and other inventories using the weighted-average
cost method. However, in the note setting forth information by business segment,
the Group continues to present the results for the Downstream segment according
to the replacement cost method and those of the Chemicals segment according to
the LIFO (Last in, First out) method in order to ensure the comparability of the
Group's results with those of its main competitors, notably from North America.
The inventory valuation effect is the difference between the results according
to the FIFO method and the results according to the replacement cost or LIFO
method.
In this framework, performance measures such as adjusted operating income,
adjusted net operating income and adjusted net income are defined as incomes
using replacement cost, adjusted for special items and excluding Total's equity
share of the amortization of intangibles related to the Sanofi-Aventis merger.
They are meant to facilitate the analysis of the financial performance and the
comparison of income between periods.
Operating information by segment
First quarter 2006
• Upstream
Combined liquids and gas production by region 1Q06 4Q05 1Q05 1Q06 vs
(kboe/d) 1Q05
Europe 778 759 830 -6%
Africa 742 756 804 -8%
North America 13 33 37 -65%
Far East 253 247 256 -1%
Middle East 411 410 394 +4%
South America 236 249 232 +2%
Rest of world 7 9 9 -22%
Total production 2,440 2,463 2,562 -5%
Liquids production by region (kb/d) 1Q06 4Q05 1Q05 1Q06 vs
1Q05
Europe 378 381 415 -9%
Africa 656 678 720 -9%
North America 2 3 6 -67%
Far East 29 26 30 -3%
Middle East 357 359 339 +5%
South America 131 137 139 -6%
Rest of world 7 8 8 -13%
Total liquids production 1,560 1,592 1,657 -6%
Gas production by region (Mcfd) 1Q06 4Q05 1Q05 1Q06 vs
1Q05
Europe 2,172 2,048 2,258 -4%
Africa 457 412 450 +2%
North America 63 156 165 -62%
Far East 1,238 1,366 1,257 -2%
Middle East 284 274 296 -4%
South America 579 638 517 +12%
Rest of world 2 2 2 -
Total gas production 4,795 4,896 4,945 -3%
• Downstream
Refined product sales by region (kb/d)* 1Q06 4Q05 1Q05 1Q06 vs 1Q05
Europe 2,689 2,755** 2,858 -6%
Africa 319 337 318 -
Americas 626 571 591 +6%
Rest of world 230 208 223 +3%
Total 3,864 3,871** 3,990 -3%
*includes trading and equity share of Cepsa
** after correcting a reporting difference
Adjustment items
• Adjustments to operating income from business segments
in millions of euros 1Q06 4Q05 1Q05
Special items affecting operating income from business (5) (400) -
segments
• Restructuring charges - (26) -
• Impairments - (238) -
• Other (5) (136) -
Pre-tax inventory effect : FIFO vs. replacement cost 373 (914) 722
Total adjustments affecting operating income from business 368 (1,314) 722
segments
• Adjustments to net income (Group share)
in millions of euros 1Q06 4Q05 1Q05
Special items affecting net income (Group share) 110 (193) (125)
• Equity share of special items recorded by Sanofi-Aventis 2 (42) (42)
• Gain on asset sales 130 - -
• Restructuring charges (15) (40) (83)
• Impairments - (207) -
• Other (7) 96 -
Adjustment related to the Sanofi-Aventis merger* (83) (88) (82)
(share of amortization of intangible assets)
After-tax inventory effect : FIFO vs. replacement cost 280 (430) 496
Total adjustments to net income 307 (711) 289
* based on 13% participation in Sanofi-Aventis at 31/03/2005, 31/12/2005 and
31/03/2006
Net-debt-to-equity ratio
in millions of euros Mar 31, 2006 Dec 31, 2005 Mar 31, 2005
Current borrowings 12,618 3,920 9,915
Net current financial instruments (95) (301) (203)
Non-current financial debt 13,491 13,793 12,223
Hedging instruments of non-current debt (453) (477) (1,428)
Cash and cash equivalents (14,816) (4,318) (12,548)
Net debt 10,745 12,617 7,959
Shareholders equity 43,170 40,645 35,052
Accrued dividend payable based on shares (2,941) (2,006) (2,557)
at the close of the period*
MMPS - - 117
Minority interests 913 838 729
Equity 41,142 39,477 33,341
Net-debt-to-equity ratio 26.1% 32.0% 23.9%
* for March 31, 2006, this represents a distribution of a dividend equal to 6.48
€/share for each 10€ par value share after deducting the interim dividend of
1,746 M€ paid in November 2005
Return on average capital employed
• For the 12 months ended March 31, 2006
in millions of euros Upstream Downstream Chemicals** Segments Group
Adjusted net operating income 8,621 2,888 785 12,294 13,032
Capital employed 17,877 8,735 8,807 35,419 41,907
at March 31, 2005*
Capital employed 23,282 11,296 9,593 44,171 52,021
at March 31, 2006*
ROACE 41.9% 28.8% 8.5% 30.9% 27.7%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 100
M€ pre-tax at March 31, 2005 and 122 M€ pre-tax at March 31, 2006
• For the 12 months ended March 31, 2005
in millions of euros Upstream Downstream Chemicals ** Segments Group
Adjusted net operating income 6,268 2,584 1,016 9,868 10,530
Capital employed 17,307 8,052 9,174 34,533 38,475
at March 31, 2004*
Capital employed 17,877 8,735 8,807 35,419 41,907
at March 31, 2005*
ROACE 35.6% 30.8% 11.3% 28.2% 26.2%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 146
M€ pre-tax at March 31, 2004 and 100 M€ pre-tax at March 31, 2005
• For the full year 2005
in millions of euros Upstream Downstream Chemicals** Segments Group
Adjusted net operating income 8,029 2,916 957 11,902 12,576
Capital employed 16,280 9,654 8,263 34,197 40,372
at December 31, 2004*
Capital employed 23,522 11,421 9,120 44,063 51,576
at December 31, 2005*
ROACE 40.3% 27.7% 11.0% 30.4% 27.4%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 110
M€ pre-tax at December 31, 2004 and 133 M€ pre-tax at December 31, 2005
--------------------------
(1) adjusted net income = net income using replacement cost (Group share)
adjusted for special items and excluding Total's share of amortization of
intangibles related to the Sanofi-Aventis merger
(2) percent changes are relative to the first quarter 2005
(3) dollar amounts represent euro amounts converted at the average €/$ exchange
rate for the period (1.2023 $/€ in the first quarter 2006, 1.3113 $/€ in the
first quarter 2005 and 1.1884 $/€ in the fourth quarter 2005)
(4) adjusted income (adjusted operating income, adjusted net operating income,
adjusted net income) is defined as income using replacement cost, adjusted for
special items and excluding Total's equity share of amortization of intangibles
related to the Sanofi-Aventis merger. Adjusted cash flow from operations is
defined as cash flow from operations before changes in working capital at
replacement cost). Adjustment items are listed on page 12.
(5) special items in the first quarter 2006 included a charge related to the
spin-off of Arkema for 5 M€. There were no special items affecting first quarter
2005 operating income.
(6) defined as : (tax on net adjusted operating income) / (net adjusted
operating income - income from equity affiliates, dividends received from
investments and impairments of acquisition goodwill + tax on adjusted net
operating income)
(7) net cash flow = cash flow from operations + divestments - investments
(8) calculations detailed on page 13
(9) impact of hydrocarbon prices on entitlement volumes from production sharing
and buy-back contracts
(10) calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 14
(11) taking into account the November 2005 interim dividend of 3 €, the balance
of the 2005 dividend will be 3.48 € for the 10 € par value shares
This information is provided by RNS
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Friday, 2nd August 2024
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