Total: Fourth Quarter and Full-Year 2015 Results

Total S.A.

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

Â	Â	4Q15	Â	Change vs 4Q14	Â	2015	Â	Change vs 2014
	Â		Â		Â		Â
Adjusted net income¹
- in billions of dollars (B$)		2.1		-26%		10.5		-18%
- in dollars per share		0.88		-28%		4.51		-20%
Â	Â	Â	Â	Â	Â	Â	Â	Â
Â
Net income² of 5.1 B$ for the full year 2015
Net-debt-to-equity ratio of 28% on December 31, 2015
Hydrocarbon production of 2,347 kboe/d for the full year 2015
Dividend for 4Q15 of 0.61 â‚¬/share payable in June 2016³

Totalâ€™s Board of Directors met on February 10, 2016, to review the Groupâ€™s fourth quarter accounts. Commenting on the results, Chairman and CEO Patrick PouyannÃ© said:

â€œHydrocarbon prices fell sharply in 2015 with Brent decreasing by around 50%. In this context, Total generated adjusted net results of $10.5 billion, a decrease of 18% compared to 2014, the best performance among the majors. This resilience in a degraded environment demonstrates the effectiveness of the Groupâ€™s integrated model and the full mobilization of its teams.
Discipline on spending was reinforced in 2015. The cost reduction program allowed us to save $1.5 billion, exceeding the objective of $1.2 billion. Organic Capex was $23 billion, a decrease of close to 15% compared to 2014.
Upstream production increased by a record 9.4%, driven by the start up of nine projects. Refining & Chemicals was able to fully benefit from good margins thanks to the high availability of its installations. The Marketing & Services segment grew strongly, with retail networks growing by 6% and lubricants growing by 3%.
Asset sales of $4 billion were signed this year, in line with the $10 billion program planned between 2015-17. At the same time, Total was able to prepare its future with a reserve replacement rate of 107%.
Gearing at year-end decreased to 28% as a result of the Groupâ€™s financial strategy which is designed to maintain a strong balance sheet through the cycle.
These results confirm the success of the Groupâ€™s strategy to further decrease its breakeven and capitalize on its market position.â€

The Board of Directors decided to propose at the Annual Shareholdersâ€™ Meeting on May 24, 2016, an annual dividend of 2.44 â‚¬/share for 2015, stable compared to 2014, as well as the option of receiving the remaining 0.61 â‚¬/share in cash or new shares benefiting from a 10% discount.

Key figures⁴

4Q15

3Q15

4Q14

4Q15

4Q14

In millions of dollars, except effective tax rate,

earnings per share and number of shares

2015

2014

2015

2014

37,749

40,580

52,511

-28%

Sales

165,357

236,122

-30%

2,093

3,204

3,705

-44%

Adjusted operating income from business segments

12,672

21,604

-41%

2,285

2,963

2,797

-18%

Adjusted net operating income from business segments

11,362

14,247

-20%

748

1,107

1,596

-53%

Upstream

4,774

10,504

-55%

1,007

1,433

956

+5%

Refining & Chemicals

4,889

2,489

+96%

530

423

245

x2.2

Marketing & Services

1,699

1,254

+35%

610

493

653

-7%

Contribution of equity affiliates to adjusted net income

2,414

3,315

-27%

20.0%

27.2%

40.1%

Group effective tax rate⁵

33.1%

53.0%

2,075

2,756

2,801

-26%

Adjusted net income

10,518

12,837

-18%

0.88

1.17

1.22

-28%

Adjusted fully-diluted earnings per share (dollars)

4.51

5.63

-20%

0.80

1.06

0.98

-18%

Adjusted fully-diluted earnings per share (euros)*

4.07

4.24

-4%

2,329

2,312

2,287

+2%

Fully-diluted weighted-average shares (millions)

2,304

2,281

+1%

(1,626)

1,079

(5,658)

+71%

Net income (Group share)

5,087

4,244

+20%

6,594

6,040

8,152

-19%

Investments⁶

28,033

30,509

-8%

2,297

410

1,689

+36%

Divestments

7,584

6,190

+23%

4,289

5,630

6,409

-33%

Net investments⁷

20,360

24,140

-16%

4,838

5,989

7,354

-34%

Cash flow from operations

19,946

25,608

-22%

4,365

5,059

5,721

-24%

Adjusted cash flow from operations

19,376

24,597

-21%

* Average â‚¬-$ exchange rate: 1.0953 in the fourth quarter 2015 and 1.1095 for the year 2015.

Highlights since the beginning of the fourth quarter 2015⁸

Started production from Laggan-Tormore in the United Kingdom, Moho Phase 1b in Congo and Lianzi located in the unitized zone between Congo and Angola
Shipped the first LNG cargo from Gladstone LNG in Australia
Discoveries at Shwe Yee Htun in Myanmar and Leo in Argentina
Acquisition of the main network of service stations in Dominican Republic
Sold a 20% interest in the Kharyaga field in Russia
Signed long-term LNG sale and purchase agreements with Pertamina in Indonesia and with ENN in China
Changes in the Groupâ€™s governance with the nominations of a Chairman and CEO and a Lead Independent Director, Patricia Barbizet

Analysis of business segments

Upstream

> Environment â€“ liquids and gas price realizations*

4Q15

3Q15

4Q14

4Q15

4Q14

2015

2014

2015

2014

43.8

50.5

76.6

-43%

Brent ($/b)

52.4

99.0

-47%

38.1

44.0

61.7

-38%

Average liquids price ($/b)

47.4

89.4

-47%

4.45

4.47

6.29

-29%

Average gas price ($/Mbtu)

4.75

6.57

-28%

33.1

36.6

50.5

-34%

Average hydrocarbon price ($/boe)

39.2

66.2

-41%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q15

3Q15

4Q14

4Q15

4Q14

Hydrocarbon production

2015

2014

2015

2014

2,352

2,342

2,229

+6%

Combined production (kboe/d)

2,347

2,146

+9%

1,251

1,241

1,077

+16%

Liquids (kb/d)

1,237

1,034

+20%

5,993

6,003

6,219

-4%

Gas (Mcf/d)

6,054

6,063

In the fourth quarter 2015, hydrocarbon production was 2,352 thousand barrels of oil equivalent per day (kboe/d), an increase of 5.5% compared to the fourth quarter 2014, due to the following:

+4% for new project start ups and ramp ups, notably GLNG, West Franklin Phase 2, Eldfisk II and Termokarstovoye;
+6% due to portfolio changes, mainly the extension of the ADCO concession in the United Arab Emirates, partially offset by asset sales in the North Sea, Nigeria and Azerbaijan;
-5% due to shutdowns in Yemen and in Libya; and
the price effect offset natural field decline.

For the full-year 2015, hydrocarbon production was 2,347 kboe/d, an increase of 9.4% compared to 2014, due to the following:

+6% for new project start ups and ramp ups, notably CLOV, West Franklin Phase 2, Eldfisk II and Termokarstovoye;
+6% due to portfolio changes mentioned above;
-4% due to shutdowns in Yemen and in Libya; and
+1% due to the price effect and field performance, net of natural field decline.

> Reserves

Reserves at December 31	Â	Â	Â	2015	Â	2014	Â	%
Hydrocarbon reserves (Mboe)	Â	Â	Â	11,580	Â	11,523	Â	-
â— Liquids (Mb)	Â	Â	Â	5,605	Â	5,303	Â	+6%
â— Gas (Bcf)	Â	Â	Â	32,206	Â	33,590	Â	-4%

Proved reserves based on the SEC rules (based on Brent at 54.17 $/b) were 11,580 Mboe on December 31, 2015. Based on the 2015 average production rate, the reserve life is more than thirteen years.

The 2015 proved reserve replacement rate⁹, based on the SEC rules, was 107%, notably due to the extension of the ADCO concession.

At year-end 2015, Total had a solid and diversified portfolio of proved and probable¹⁰ reserves representing more than twenty years of reserve life based on the 2015 average production rate.

> Results

4Q15

3Q15

4Q14

4Q15

4Q14

In millions of dollars, except effective tax rate

2015

2014

2015

2014

405

994

2,174

-81%

Adjusted operating income*

4,925

17,156

-71%

55.1%

33.8%

57.0%

Effective tax rate**

45.5%

57.1%

748

1,107

1,596

-53%

Adjusted net operating income*

4,774

10,504

-55%

415

316

533

-22%

includes income from equity affiliates

1,723

2,859

-40%

5,293

5,173

6,287

-16%

Investments

24,270

26,520

-8%

1,402

272

1,473

-5%

Divestments

3,215

5,764

-44%

2,624

2,320

2,608

+1%

Cash flow from operations

11,182

16,666

-33%

2,514

2,736

3,665

-31%

Adjusted cash flow from operations

11,179

18,667

-40%

* Detail of adjustment items 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 + tax on adjusted net operating income).

Adjusted net operating income from the Upstream segment was:

748 M$ in the fourth quarter 2015, a decrease of 53% compared to the fourth quarter 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production and a decrease in operating costs; and
4,774 M$ for the full-year 2015, a decrease of 55% compared to 2014, essentially due to the lower price of hydrocarbons, partially offset by an increase in production, a decrease in operating costs and a lower effective tax rate.

Technical costs for consolidated subsidiaries, calculated in accordance with ASC 932¹¹, were 23.0 $/boe in 2015 compared to 28.3 $/boe in 2014. This reduction is essentially due to the execution of the Groupâ€™s program to reduce operating costs (which decreased from 9.9 $/boe to 7.4 $/boe) and lower depreciation (portfolio effect).

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q15

3Q15

4Q14

4Q15

4Q14

2015

2014

2015

2014

1,931

1,973

1,887

+2%

Total refinery throughput (kb/d)

1,938

1,775

+9%

682

662

632

+8%

France

674

639

+5%

831

891

852

-2%

Rest of Europe

849

794

+7%

418

420

403

+4%

Rest of world

415

342

+21%

Utlization rates**

87%

87%

82%

Based on crude only

86%

77%

88%

90%

86%

Based on crude and other feedstock

89%

81%

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

Refinery throughput:

increased by 2% in the fourth quarter 2015 compared to the fourth quarter 2014, due to strong industrial performance, despite the partial shutdown of the Antwerp platform for planned maintenance; and
increased by 9% in 2015 compared to 2014. Measures to improve availability in Europe resulted in a high utilization rate of 89%. The segment also benefited from the ramp up of the SATORP refinery in Saudi Arabia.

> Results

4Q15

3Q15

4Q14

4Q15

4Q14

In millions of dollars

except the ERMI

2015

2014

2015

2014

38.1

54.8

27.6

+38%

European refining margin indicator - ERMI ($/t)

48.5

18.7

x2.6

997

1,713

1,069

-7%

Adjusted operating income*

5,649

2,739

x2.1

1,007

1,433

956

+5%

Adjusted net operating income*

4,889

2,489

x2.0

117

128

155

-25%

including Specialty Chemicals**

496

629

-21%

586

358

875

-33%

Investments

1,843

2,022

-9%

836

157

x5.3

Divestments

3,488

192

x18

2,127

2,291

3,113

-32%

Cash flow from operations

6,432

6,302

+2%

1,042

1,797

1,465

-29%

Adjusted cash flow from operations

5,785

4,028

+44%

* Detail of adjustment items shown in the business segment information annex to financial statements.
** Hutchinson and Atotech, Bostik until February 2015.

In 2015, the Refining & Chemicals segment benefited from a favorable environment, notably in Europe. The European refining margin indicator (ERMI) averaged 48.5 $/t in 2015 compared to 18.7 $/t in 2014, mainly due to strong demand for gasoline. Petrochemical margins in Europe increased in 2015 due to strong demand for polymers and the decrease in raw material costs.

Adjusted net operating income from the Refining & Chemicals segment was:

1,007 M$ in the fourth quarter 2015, an increase of 5% compared to the fourth quarter 2014 in a globally favorable environment; and
4,889 M$ for the full-year 2015, twice the level of 2014, due to strong industrial performance during a period of high margins and cost reduction programs.

Marketing & Services

> Petroleum product sales

4Q15

3Q15

4Q14

4Q15

4Q14

Sales in kb/d*

2015

2014

2015

2014

1,797

1,825

1,810

-1%

Total Marketing & Services sales

1,818

1,769

+3%

1,065

1,103

1,132

-6%

Europe

1,092

1,100

-1%

732

722

678

+8%

Rest of world

726

669

+9%

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

Petroleum product sales were:

Stable in the fourth quarter 2015 compared to the fourth quarter 2014. The strong sales in growth markets were partially offset by portfolio changes in Europe due to the sale of Totalgaz and Total Suisse; and
3% higher in 2015 compared to 2014. In addition to strong growth in Africa, the sector benefited from its strategic repositioning in Europe and a market stimulated by lower prices.

> Results

4Q15

3Q15

4Q14

4Q15

4Q14

In millions of dollars

2015

2014

2015

2014

18,326

19,522

24,079

-24%

Sales

77,887

106,509

-27%

691

497

462

+50%

Adjusted operating income*

2,098

1,709

+23%

530

423

245

x2.2

Adjusted net operating income*

1,699

1,254

+35%

277

(82)

(15)

n.a.

including New Energies

108

x10.8

689

501

941

-27%

Investments

1,841

1,818

+1%

121

+6%

Divestments

856

163

x5.3

289

1,011

1,627

-82%

Cash flow from operations

2,323

2,721

-15%

598

518

544

+10%

Adjusted cash flow from operations

2,065

2,016

+2%

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

Adjusted net operating income from the Marketing & Services segment was:

530 M$ in the fourth quarter 2015, more than double compared to the fourth quarter 2014, mainly due to the contribution of New Energies, related to the completion of the Quinto solar farm in the United States; and
1,699 M$ for the full-year 2015, an increase of 35% compared to 2014, benefiting from the increase in sales and margins in a favorable environment, and the contribution of SunPower.

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

2,285 M$ in the fourth quarter 2015, a decrease of 18% compared to the fourth quarter 2014, despite the 43% drop in the Brent price. The weaker Upstream performance, due to lower hydrocarbon prices, was partially offset by solid Downstream results; and
11,362 M$ for the full-year 2015, a decrease of 20% compared to 2014, despite the 47% drop in the Brent price, demonstrating the strong performance of the Groupâ€™s integrated model and its cost reduction program.

The effective tax rate¹² for the business segments was:

28.4% in the fourth quarter 2015 compared to 45.6% in the fourth quarter 2014, reflecting mainly the lower tax rate for the Upstream and the increased weight of Downstream in the results; and
33.9% for the full-year 2015 compared to 51.2% for the full-year 2014, for the same reasons.

> Net income (Group share)

Adjusted net income was:

2,075 M$ in the fourth quarter 2015 compared to 2,801 M$ in the fourth quarter 2014, a decrease of 26% despite the 43% drop in the Brent price; and
10,518 M$ for the full-year 2015 compared to 12,837 M$ in 2014, a decrease of 18% in an environment where the Brent price fell by 47%.

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

Adjustment items¹⁴ had a negative impact on net income (Group share) of 3,701 M$ in the fourth quarter 2015. This includes an impairment on Gladstone LNG in Australia, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.

The adjustment items had a negative impact on net income (Group share) of 5,431 M$ in 2015. This includes impairments on Fort Hills in Canada and Gladstone LNG in Australia as well as in Libya, an adjustment to depreciation on Usan in Nigeria following the cancellation of the sale process, the impairment of exploration projects that will not be developed and a negative inventory effect.

> Net results per share

The number of fully-diluted shares was 2,336 million on December 31, 2015, compared to 2,285 million on December 31, 2014. The adjusted net result per share was 4.5 $ in 2015, a decrease of 20%.

> Divestments â€“ acquisitions

Asset sales were:

2,101 M$ in the fourth quarter 2015, comprised notably of the sales of the Schwedt refinery, the GÃ©osel oil storage facility, and partial interests in Laggan-Tormore and Fort Hills; and
5,968 M$ for the full-year 2015, comprised mainly of the sales of Bostik, interests in onshore blocks in Nigeria, Totalgaz, the Schwedt refinery, the GÃ©osel oil storage facility, coal mining assets in South Africa, and partial interests in Laggan-Tormore and Fort Hills.

Acquisitions were:

33 M$ in the fourth quarter 2015; and
3,441 M$ for the full-year 2015, comprised mainly of the extension of the ADCO concession in the United Arab Emirates, the acquisition of a further 0.7% in the capital of Novatek in Russia, bringing the participation to 18.9%, and the carry on the Utica gas and condensate field in the United States.

> Cash flow

The Groupâ€™s net cash flow¹⁵ was:

549 M$ in the fourth quarter 2015 compared to 945 M$ in the fourth quarter 2014. This decrease was due to the decline in the Upstream results, partially offset by strong Downstream results and the decrease in investments; and
-414 M$ for the full-year 2015 compared to 1,468 M$ for the full-year 2014. The decrease in net investments partially offset the decrease in cash flow from operations in the context of a 47% lower Brent price.

TOTAL S.A., parent company accounts
Net income for TOTAL S.A., the parent company, was â‚¬11,067 million in 2015 compared to â‚¬6,045 million in 2014. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.

Proposed dividend
After closing the 2015 accounts, the Board of Directors decided on February 10, 2016, to propose to the Annual Shareholdersâ€™ Meeting on May 24, 2016, an annual dividend of 2.44 â‚¬/share for 2015, stable compared to 2014. Totalâ€™s dividend pay-out ratio, based on the adjusted net income for 2015, would be 60%.
Taking into account the interim dividends of 0.61 â‚¬/share for the first three quarters of 2015, a remaining dividend of the same amount of 0.61 â‚¬/share is therefore proposed. The Board of Directors will also propose to the Annual Shareholdersâ€™ Meeting that shareholders have the option of receiving the remaining 2015 dividend payment in cash or in new shares of the company, benefiting from a 10% discount, consistent with the first three 2015 interim dividends. Pending approval at the Annual Shareholdersâ€™ Meeting, the ex-dividend date would be June 6, 2016, and the payment date for the cash dividend or the delivery of the new shares, depending on the election of the shareholder, would be set for June 23, 2016.

Summary and outlook

In 2015, the return on equity for the Group was 11.5%. Total resisted the drop in prices by leveraging the effectiveness of its integrated model and its strong operational performance. The Group will further pursue this strategy and all of the necessary actions will continue to be implemented to reduce costs and maintain a solid balance sheet, demonstrating once again the Groupâ€™s capacity to adapt.

In 2016, the Group will reduce its organic Capex to around $19 billion, a reduction of more than 15% compared to 2015. This marks a transition to a sustainable level of investments of $17-19 billion from 2017 onwards. The cost reduction program launched in 2014 will be reinforced, enabling Opex savings of $2.4 billion in 2016 and underpinning the objective of more than $3 billion in 2017. The asset sales program will continue in line with the plan, with $4 billion expected in 2016, the same level as 2015.

In the Upstream, five major start ups are planned in 2016. The first of these, Laggan-Tormore, took place on February 8. Production is expected to grow by 4% in 2016 compared to 2015, following more than 9% in 2015 compared to 2014, confirming the growth target of 5% per year on average between 2014 and 2019.

In the Downstream, the target to reduce European refining capacity by 20% will be achieved by end-2016, one year ahead of the initial plan announced in 2012. The cessation of traditional refining activities at La MÃ¨de in view of its conversion to a bio-refinery, the restructuring of the Lindsey refinery and the modernization of the Antwerp refinery will be finalized before the end of the year, with the first benefits expected from 2017.

The strategy implemented by the Group in 2015 based on its four priorities of Safety, Delivery, Costs and Cash, will continue in 2016, notably for the benefit of its shareholders.

-- -- --

To listen to the presentation made by Chairman and CEO Patrick PouyannÃ© and CFO Patrick de La ChevardiÃ¨re to financial analysts today in London at 14:30 (London time), please log on to total.com or call +44 (0)203 427 1915 in Europe or +1 212 444 0896 in the United States (code 3406579). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1 347 366 9565 in the United States (code 3406579).

Operating information by segment

Upstream

4Q15

3Q15

4Q14

4Q15

4Q14

Combined liquids and gas

production by region (kboe/d)

2015

2014

2015

2014

381

364

393

-3%

Europe

374

364

+3%

676

685

690

-2%

Africa

678

657

+3%

465

486

391

+19%

Middle East

492

391

+26%

110

+11%

North America

103

+14%

145

153

151

-4%

South America

152

157

-3%

275

245

235

+17%

Asia-Pacific

258

238

+8%

300

313

270

+11%

CIS

290

249

+16%

2,352

2,342

2,229

+6%

Total production

2,347

2,146

+9%

544

574

594

-8%

includes equity affiliates

559

571

-2%

4Q15

3Q15

4Q14

4Q15

4Q14

Liquids production by region (kb/d)

2015

2014

2015

2014

163

159

168

-3%

Europe

161

165

-2%

545

542

558

-2%

Africa

542

522

+4%

341

359

185

+84%

Middle East

351

192

+83%

+24%

North America

+23%

-10%

South America

-6%

+12%

Asia-Pacific

+13%

+67%

CIS

+50%

1,251

1,241

1,077

+16%

Total production

1,237

1,034

+20%

220

230

197

+11%

includes equity affiliates

219

200

+9%

4Q15

3Q15

4Q14

4Q15

4Q14

Gas production by region (Mcf/d)

2015

2014

2015

2014

1,179

1,115

1,224

-4%

Europe

1,161

1,089

+7%

639

719

674

-5%

Africa

677

693

-2%

686

708

1,113

-38%

Middle East

778

1,084

-28%

305

280

305

North America

308

285

+8%

564

598

573

-2%

South America

588

599

-2%

1,364

1,240

1,144

+19%

Asia-Pacific

1,290

1,178

+10%

1,256

1,343

1,186

+6%

CIS

1,252

1,135

+10%

5,993

6,003

6,219

-4%

Total production

6,054

6,063

1,739

1,850

2,064

-16%

includes equity affiliates

1,828

1,988

-8%

4Q15

3Q15

4Q14

4Q15

4Q14

Liquefied natural gas

2015

2014

2015

2014

2.48

2.53

3.06

-19%

LNG sales* (Mt)

10.22

12.15

-16%

* Sales, Group share, excluding trading; 2014 and 2015 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2014 and 2015 SEC coefficients, respectively.

Downstream (Refining & Chemicals and Marketing & Services)

4Q15

3Q15 *

4Q14

4Q15

4Q14

Petroleum product sales by region (kb/d)**

2015

2014

2015

2014

2,298

2,264

2,112

+9%

Europe

2,184

2,047

+7%

547

611

606

-10%

Africa

619

552

+12%

489

585

482

+1%

Americas

570

558

+2%

620

612

660

-6%

Rest of world

632

612

+3%

3,954

4,072

3,860

+2%

Total consolidated sales

4,005

3,769

+6%

688

648

628

+9%

Includes bulk sales

649

615

+6%

1,469

1,599

1,421

+3%

Includes trading

1,538

1,385

+11%

* Historic volumes restated.
** Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

4Q15	Â	3Q15	Â	4Q14	Â	In millions of dollars	Â	2015	Â	2014
(5,677)	Â	(654)	Â	(7,812)	Â	Special items affecting operating income	Â	(8,182)	Â	(8,205)
(48)	Â	-	Â	-	Â	Restructuring charges	Â	(48)	Â	-
(4,933)		(650)		(7,817)		Impairments		(6,877)		(7,979)
(696)	Â	(4)	Â	5	Â	Other	Â	(1,257)	Â	(226)
(464)	Â	(1,127)	Â	(2,842)	Â	Pre-tax inventory effect: FIFO vs. replacement cost	Â	(1,113)	Â	(3,469)
-	Â	(10)	Â	24	Â	Effect of changes in fair value	Â	(16)	Â	31
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(6,141)	Â	(1,791)	Â	(10,630)	Â	Total adjustments affecting operating income	Â	(9,311)	Â	(11,643)

> Adjustment to net income (Group share)

4Q15	Â	3Q15	Â	4Q14	Â	In millions of dollars	Â	2015	Â	2014
(3,386)	Â	(912)	Â	(6,485)	Â	Special items affecting net income (Group share)	Â	(4,675)	Â	(6,165)
579	Â	(98)	Â	30	Â	Gain (loss) on asset sales	Â	1,810	Â	1,209
(29)		(12)		(8)		Restructuring charges		(72)		(20)
(3,443)		(650)		(6,450)		Impairments		(5,447)		(7,063)
(493)	Â	(152)	Â	(57)	Â	Other	Â	(966)	Â	(291)
(315)	Â	(760)	Â	(1,993)	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	(747)	Â	(2,453)
-	Â	(5)	Â	19	Â	Effect of changes in fair value	Â	(9)	Â	25
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(3,701)	Â	(1,677)	Â	(8,459)	Â	Total adjustments affecting net income	Â	(5,431)	Â	(8,593)

2016 Sensitivities*

Â	Â	Scenario	Â	Change	Â	Impact on adjusted net operating income	Â	Impact on cash flow
Dollar	Â	1.0 $/â‚¬	Â	+0.1 $ per â‚¬	Â	-0.15 B$	Â	-0.1 B$
Brent	Â	50 $/b	Â	-10 $/b	Â	-2 B$	Â	-2 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 2016. 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 attributable 85% to Refining & Chemicals.

Investments - Divestments

4Q15

3Q15

4Q14

4Q15

4Q14

In millions of dollars

2015

2014

2015

2014

6,365

5,394

7,002

-9%

Investments excluding acquisitions

22,976

26,430

-13%

232

170

422

-45%

capitalized exploration

1,198

1,616

-26%

553

523

565

-2%

increase in non-current loans

2,260

2,769

-18%

(196)

(15)

(420)

-53%

repayment of non-current loans

(1,616)

(1,540)

+5%

631

730

-95%

Acquisitions

3,441

2,539

+36%

2,101

395

1,269

+66%

Asset sales

5,968

4,650

+28%

-85%

Other transactions with non-controlling interests

179

-50%

4,289

5,630

6,409

-33%

Net investments*

20,360

24,140

-16%

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

Net-debt-to-equity ratio

In millions of dollars	Â	12/31/2015	Â	9/30/2015	Â	12/31/2014
Current borrowings	Â	12,488	Â	13,296	Â	10,942
Net current financial assets		(6,019)		(3,246)		(1,113)
Net financial assets classified as held for sale		141		94		(56)
Non-current financial debt		44,464		42,873		45,481
Hedging instruments of non-current debt		(1,219)		(1,221)		(1,319)
Cash and cash equivalents	Â	(23,269)	Â	(25,858)	Â	(25,181)
Net debt	Â	26,586	Â	25,938	Â	28,754
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share		92,494		96,093		90,330
Estimated dividend payable		(1,545)		(1,573)		(1,686)
Non-controlling interests	Â	2,915	Â	3,068	Â	3,201
Adjusted shareholders' equity	Â	93,864	Â	97,588	Â	91,845
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	28.3%	Â	26.6%	Â	31.3%

Return on average capital employed

> Full-year 2015

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	4,774	Â	4,889	Â	1,699				11,400
Capital employed at 12/31/2014*		100,497		13,451		8,825				120,526
Capital employed at 12/31/2015*	Â	105,580	Â	10,407	Â	8,415				121,143
ROACE	Â	4.6%	Â	41.0%	Â	19.7%				9.4%

> Twelve months ended September 30, 2015

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	5,622	Â	4,838	Â	1,414				11,895
Capital employed at 9/30/2014*		104,488		17,611		9,633				128,360
Capital employed at 9/30/2015*	Â	108,425	Â	11,319	Â	7,865				123,904
ROACE	Â	5.3%	Â	33.4%	Â	16.2%				9.4%

> Full-year 2014

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	10,504	Â	2,489	Â	1,254				13,530
Capital employed at 12/31/2013*		95,529		19,752		10,051				122,451
Capital employed at 12/31/2014*	Â	100,497	Â	13,451	Â	8,825				120,526
ROACE	Â	10.7%	Â	15.0%	Â	13.3%				11.1%

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

This press release presents the results for the full-year 2015 from the consolidated financial statements of TOTAL S.A. as of December 31, 2015. The audit procedures by the Statutory Auditors are underway. This document does not constitute the Annual Financial Report (Rapport Financier Annuel) within the meaning of article L. 451-1-2 of the French monetary and financial Code (Code monÃ©taire et financier).

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 Definition of adjusted results on page 2.
² Group share.
³ The ex-dividend date will be June 6, 2016, and the payment date will be set for June 23, 2016, pending approval by the Annual Shareholdersâ€™ Meeting on May 24, 2016.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value. Adjusted cash flow from operations is defined as cash flow from operations before changes in working capital at replacement cost; adjustment items are on page 10 and the inventory valuation effect is explained on page 13.
⁵ Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
⁶ Including acquisitions.
⁷ Net investments = investments including acquisitions and changes in non-current loans - asset sales - other transactions with non-controlling interests.
⁸ Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
⁹ Change in reserves excluding production i.e. (revisions + discoveries, extensions + acquisitions â€“ divestments) / production for the period.
¹⁰ Limited to proved and probable reserves covered by E&P contracts on fields that have been drilled and for which technical studies have demonstrated economic development in the Groupâ€™s central price scenario, including projects developed by mining.
¹¹ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas.
¹² Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments + tax on adjusted net operating income).
¹³ Details shown on page 13.
¹⁴ Details shown on page 10 and in the annex to the accounts.
¹⁵ Net cash flow = cash flow from operations - net investments (including other transactions with non-controlling interests).

Total financial statements

Fourth quarter and full year 2015 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	4^th quarter 2015	Â	3^rd quarter 2015	Â	4^th quarter 2014
Sales		37,749		40,580		52,511
Excise taxes		(5,457)		(5,683)		(5,777)
Revenues from sales		32,292		34,897		46,734
						Â
Purchases, net of inventory variation		(21,874)		(24,240)		(35,644)
Other operating expenses		(6,248)		(5,794)		(6,831)
Exploration costs		(727)		(275)		(611)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,672)		(3,345)		(10,900)
Other income		833		430		740
Other expense		(298)		(441)		(487)
						Â
Financial interest on debt		(241)		(233)		(108)
Financial income from marketable securities & cash equivalents		25		10		28
Cost of net debt		(216)		(223)		(80)
						Â
Other financial income		300		185		219
Other financial expense		(171)		(154)		(168)
						Â
Equity in net income (loss) of affiliates		600		486		464
						Â
Income taxes	Â	1,381	Â	(461)	Â	722
Consolidated net income	Â	(1,800)	Â	1,065	Â	(5,842)
Group share	Â	(1,626)	Â	1,079	Â	(5,658)
Non-controlling interests	Â	(174)	Â	(14)	Â	(184)
Earnings per share ($)	Â	(0.72)	Â	0.45	Â	(2.49)
Fully-diluted earnings per share ($)	Â	(0.71)	Â	0.45	Â	(2.47)
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2015	Â	3^rd quarter 2015	Â	4^th quarter 2014
Consolidated net income	Â	(1,800)	Â	1,065	Â	(5,842)
						Â
Other comprehensive income
						Â
Actuarial gains and losses		358		46		99
Tax effect		(140)		(21)		11
Currency translation adjustment generated by the parent company	Â	(2,171)	Â	132	Â	(2,562)
Items not potentially reclassifiable to profit and loss	Â	(1,953)	Â	157	Â	(2,452)
Currency translation adjustment		604		(736)		980
Available for sale financial assets		16		(3)		(5)
Cash flow hedge		4		(95)		(12)
Share of other comprehensive income of equity affiliates, net amount		(95)		(626)		(1,242)
Other		-		-		3
Tax effect	Â	(7)	Â	31	Â	10
Items potentially reclassifiable to profit and loss	Â	522	Â	(1,429)	Â	(266)
Total other comprehensive income (net amount)	Â	(1,431)	Â	(1,272)	Â	(2,718)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	(3,231)	Â	(207)	Â	(8,560)
Group share		(3,033)		(167)		(8,365)
Non-controlling interests		(198)		(40)		(195)

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$) ^(a)	Â	Year 2015	Â	Year 2014
Sales		165,357		236,122
Excise taxes		(21,936)		(24,104)
Revenues from sales		143,421		212,018
				Â
Purchases, net of inventory variation		(96,671)		(152,975)
Other operating expenses		(24,345)		(28,349)
Exploration costs		(1,991)		(1,964)
Depreciation, depletion and impairment of tangible assets and mineral interests		(17,720)		(19,656)
Other income		3,606		2,577
Other expense		(1,577)		(954)
				Â
Financial interest on debt		(967)		(748)
Financial income from marketable securities & cash equivalents		94		108
Cost of net debt		(873)		(640)
				Â
Other financial income		882		821
Other financial expense		(654)		(676)
				Â
Equity in net income (loss) of affiliates		2,361		2,662
				Â
Income taxes	Â	(1,653)	Â	(8,614)
Consolidated net income	Â	4,786	Â	4,250
Group share		5,087		4,244
Non-controlling interests	Â	(301)	Â	6
Earnings per share ($)	Â	2.17	Â	1.87
Fully-diluted earnings per share ($)	Â	2.16	Â	1.86
(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	Year 2015	Â	Year 2014
Consolidated net income	Â	4,786	Â	4,250
				Â
Other comprehensive income
				Â
Actuarial gains and losses		557		(1,526)
Tax effect		(278)		580
Currency translation adjustment generated by the parent company	Â	(7,268)	Â	(9,039)
Items not potentially reclassifiable to profit and loss	Â	(6,989)	Â	(9,985)
Currency translation adjustment		2,456		4,245
Available for sale financial assets		9		(29)
Cash flow hedge		(185)		97
Share of other comprehensive income of equity affiliates, net amount		120		(1,538)
Other		1		3
Tax effect	Â	53	Â	(18)
Items potentially reclassifiable to profit and loss	Â	2,454	Â	2,760
Total other comprehensive income (net amount)	Â	(4,535)	Â	(7,225)
Â	Â	Â	Â	Â
Comprehensive income	Â	251	Â	(2,975)
Group share		633		(2,938)
Non-controlling interests		(382)		(37)

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
						Â
						Â
(M$)	Â	December 31, 2015 Â	Â	September 30, 2015 (unaudited)	Â	December 31, 2014 Â
ASSETS
						Â
Non-current assets
Intangible assets, net		14,549		15,639		14,682
Property, plant and equipment, net		109,518		108,886		106,876
Equity affiliates : investments and loans		19,384		19,200		19,274
Other investments		1,241		1,227		1,399
Hedging instruments of non-current financial debt		1,219		1,221		1,319
Deferred income taxes		3,982		3,439		4,079
Other non-current assets	Â	4,355	Â	4,292	Â	4,192
Total non-current assets	Â	154,248	Â	153,904	Â	151,821
						Â
Current assets
Inventories, net		13,116		14,773		15,196
Accounts receivable, net		10,629		12,306		15,704
Other current assets		15,843		15,102		15,702
Current financial assets		6,190		3,448		1,293
Cash and cash equivalents		23,269		25,858		25,181
Assets classified as held for sale	Â	1,189	Â	3,734	Â	4,901
Total current assets	Â	70,236	Â	75,221	Â	77,977
Total assets		224,484		229,125		229,798
						Â
						Â
LIABILITIES & SHAREHOLDERS' EQUITY
						Â
Shareholders' equity
Common shares		7,670		7,602		7,518
Paid-in surplus and retained earnings		101,528		103,519		94,646
Currency translation adjustment		(12,119)		(10,443)		(7,480)
Treasury shares	Â	(4,585)	Â	(4,585)	Â	(4,354)
Total shareholders' equity - Group share	Â	92,494	Â	96,093	Â	90,330
Non-controlling interests	Â	2,915	Â	3,068	Â	3,201
Total shareholders' equity	Â	95,409	Â	99,161	Â	93,531
						Â
Non-current liabilities
Deferred income taxes		12,360		12,836		14,810
Employee benefits		3,774		4,312		4,758
Provisions and other non-current liabilities		17,502		17,053		17,545
Non-current financial debt	Â	44,464	Â	42,873	Â	45,481
Total non-current liabilities	Â	78,100	Â	77,074	Â	82,594
						Â
Current liabilities
Accounts payable		20,928		20,003		24,150
Other creditors and accrued liabilities		16,884		17,991		16,641
Current borrowings		12,488		13,296		10,942
Other current financial liabilities		171		202		180
Liabilities directly associated with the assets classified as held for sale	Â	504	Â	1,398	Â	1,760
Total current liabilities	Â	50,975	Â	52,890	Â	53,673
Total liabilities		224,484		229,125		229,798

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2015	Â	3^rd quarter 2015	Â	4^th quarter 2014
CASH FLOW FROM OPERATING ACTIVITIES
						Â
Consolidated net income		(1,800)		1,065		(5,842)
Depreciation, depletion and amortization		8,278		3,519		11,310
Non-current liabilities, valuation allowances and deferred taxes		(1,862)		(540)		(2,329)
Impact of coverage of pension benefit plans		-		-		-
(Gains) losses on disposals of assets		(665)		22		(460)
Undistributed affiliates' equity earnings		39		(61)		403
(Increase) decrease in working capital		937		2,057		4,475
Other changes, net	Â	(89)	Â	(73)	Â	(203)
Cash flow from operating activities		4,838		5,989		7,354
						Â
CASH FLOW USED IN INVESTING ACTIVITIES
						Â
Intangible assets and property, plant and equipment additions		(5,919)		(5,266)		(7,339)
Acquisitions of subsidiaries, net of cash acquired		(42)		(76)		(56)
Investments in equity affiliates and other securities		(80)		(175)		(192)
Increase in non-current loans	Â	(553)	Â	(523)	Â	(565)
Total expenditures		(6,594)		(6,040)		(8,152)
Proceeds from disposals of intangible assets and property, plant and equipment		1,437		6		874
Proceeds from disposals of subsidiaries, net of cash sold		58		289		136
Proceeds from disposals of non-current investments		606		100		259
Repayment of non-current loans	Â	196	Â	15	Â	420
Total divestments	Â	2,297	Â	410	Â	1,689
Cash flow used in investing activities		(4,297)		(5,630)		(6,463)
						Â
CASH FLOW USED IN FINANCING ACTIVITIES
						Â
Issuance (repayment) of shares:
- Parent company shareholders		31		4		30
- Treasury shares		-		(237)		-
Dividends paid:
- Parent company shareholders		(592)		(681)		(1,735)
- Non-controlling interests		(3)		(25)		(1)
Issuance of perpetual subordinated notes		-		-		-
Payments on perpetual subordinated notes		-		-		-
Other transactions with non-controlling interests		8		-		54
Net issuance (repayment) of non-current debt		2,039		356		3,647
Increase (decrease) in current borrowings		(531)		23		(928)
Increase (decrease) in current financial assets and liabilities		(3,320)		(1,096)		(255)
Cash flow used in financing activities	Â	(2,368)	Â	(1,656)	Â	812
Net increase (decrease) in cash and cash equivalents		(1,827)		(1,297)		1,703
Effect of exchange rates		(762)		(167)		(829)
Cash and cash equivalents at the beginning of the period	Â	25,858	Â	27,322	Â	24,307
Cash and cash equivalents at the end of the period	Â	23,269	Â	25,858	Â	25,181

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
(unaudited)
				Â
(M$)	Â	Year 2015	Â	Year 2014
CASH FLOW FROM OPERATING ACTIVITIES
				Â
Consolidated net income		4,786		4,250
Depreciation, depletion and amortization		19,334		20,859
Non-current liabilities, valuation allowances and deferred taxes		(2,563)		(1,980)
Impact of coverage of pension benefit plans		-		-
(Gains) losses on disposals of assets		(2,459)		(1,979)
Undistributed affiliates' equity earnings		(311)		29
(Increase) decrease in working capital		1,683		4,480
Other changes, net	Â	(524)	Â	(51)
Cash flow from operating activities		19,946		25,608
				Â
CASH FLOW USED IN INVESTING ACTIVITIES
				Â
Intangible assets and property, plant and equipment additions		(25,132)		(26,320)
Acquisitions of subsidiaries, net of cash acquired		(128)		(471)
Investments in equity affiliates and other securities		(513)		(949)
Increase in non-current loans	Â	(2,260)	Â	(2,769)
Total expenditures		(28,033)		(30,509)
Proceeds from disposals of intangible assets and property, plant and equipment		2,623		3,442
Proceeds from disposals of subsidiaries, net of cash sold		2,508		136
Proceeds from disposals of non-current investments		837		1,072
Repayment of non-current loans	Â	1,616	Â	1,540
Total divestments	Â	7,584	Â	6,190
Cash flow used in investing activities		(20,449)		(24,319)
				Â
CASH FLOW USED IN FINANCING ACTIVITIES
				Â
Issuance (repayment) of shares:
- Parent company shareholders		485		420
- Treasury shares		(237)		(289)
Dividends paid:
- Parent company shareholders		(2,845)		(7,308)
- Non-controlling interests		(100)		(154)
Issuance of perpetual subordinated notes		5,616		-
Payments on perpetual subordinated notes		-		-
Other transactions with non-controlling interests		89		179
Net issuance (repayment) of non-current debt		4,166		15,786
Increase (decrease) in current borrowings		(597)		(2,374)
Increase (decrease) in current financial assets and liabilities		(5,517)		(351)
Cash flow used in financing activities	Â	1,060	Â	5,909
Net increase (decrease) in cash and cash equivalents		557		7,198
Effect of exchange rates		(2,469)		(2,217)
Cash and cash equivalents at the beginning of the period	Â	25,181	Â	20,200
Cash and cash equivalents at the end of the period	Â	23,269	Â	25,181

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY					Â						Â		Â		Â		Â
TOTAL	Â		Â				Â		Â
(unaudited)
																		Â
Â	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		Non-controlling interests		Total shareholders' equity
(M$)	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2014	Â	2,377,678,160	Â	7,493	Â	98,254	Â	(1,203)	Â	(109,214,448)	Â	(4,303)	Â	100,241	Â	3,138	Â	103,379
Net income 2014		-		-		4,244		-		-		-		4,244		6		4,250
Other comprehensive Income		-		-		(907)		(6,275)		-		-		(7,182)		(43)		(7,225)
Comprehensive Income		-		-		3,337		(6,275)		-		-		(2,938)		(37)		(2,975)
Dividend		-		-		(7,378)		-		-		-		(7,378)		(154)		(7,532)
Issuance of common shares		7,589,365		25		395		-		-		-		420		-		420
Purchase of treasury shares		-		-		-		-		(4,386,300)		(283)		(283)		-		(283)
Sale of treasury shares ⁽¹⁾		-		-		(232)		-		4,239,335		232		-		-		-
Share-based payments		-		-		114		-		-		-		114		-		114
Share cancellation		-		-		-		-		-		-		-		-		-
Other operations with non-controlling interests		-		-		148		(2)		-		-		146		195		341
Other items		-		-		8		-		-		-		8		59		67
As of December 31, 2014	Â	2,385,267,525	Â	7,518	Â	94,646	Â	(7,480)	Â	(109,361,413)	Â	(4,354)	Â	90,330	Â	3,201	Â	93,531
Net income 2015		-		-		5,087		-		-		-		5,087		(301)		4,786
Other comprehensive Income		-		-		185		(4,639)		-		-		(4,454)		(81)		(4,535)
Comprehensive Income		-		-		5,272		(4,639)		-		-		633		(382)		251
Dividend		-		-		(6,303)		-		-		-		(6,303)		(100)		(6,403)
Issuance of common shares		54,790,358		152		2,159		-		-		-		2,311		-		2,311
Purchase of treasury shares		-		-		-		-		(4,711,935)		(237)		(237)		-		(237)
Sale of treasury shares ⁽¹⁾		-		-		(6)		-		105,590		6		-		-		-
Share-based payments		-		-		101		-		-		-		101		-		101
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		5,616		-		-		-		5,616		-		5,616
Payments on perpetual subordinated notes		-		-		(114)		-		-		-		(114)		-		(114)
Other operations with non-controlling interests		-		-		23		-		-		-		23		64		87
Other items		-		-		134		-		-		-		134		132		266
As of December 31, 2015	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
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,457

15,969

18,326

(3)

37,749

Intersegment sales

4,342

5,532

215

(10,148)

Excise taxes

(1,073)

(4,384)

(5,457)

Revenues from sales

7,799

20,428

14,157

(10,148)

32,292

Operating expenses

(5,716)

(19,606)

(13,445)

(230)

10,148

(28,849)

Depreciation, depletion and impairment of tangible assets and mineral interests

(7,189)

(293)

(183)

(7)

(7,672)

Operating income

(5,106)

529

(181)

(4,229)

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

571

759

(97)

1,264

Tax on net operating income

1,328

(74)

(135)

218

1,337

Net operating income

(3,207)

1,214

297

(1,628)

Net cost of net debt

(172)

Non-controlling interests

174

Net income

(1,626)

4^th quarter 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(205)

Intersegment sales

Excise taxes

Revenues from sales

(205)

Operating expenses

(413)

(429)

(161)

(1,003)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,893)

(39)

(1)

(4,933)

Operating income^(b)

(5,511)

(468)

(162)

(6,141)

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

(58)

596

(116)

(19)

403

Tax on net operating income

1,614

1,745

Net operating income^(b)

(3,955)

207

(233)

(12)

(3,993)

Net cost of net debt

(11)

Non-controlling interests

303

Net income

(3,701)

^(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

(359)

(105)

On net operating income

(247)

(68)

4^thquarter 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,662

15,969

18,326

(3)

37,954

Intersegment sales

4,342

5,532

215

(10,148)

Excise taxes

(1,073)

(4,384)

(5,457)

Revenues from sales

8,004

20,428

14,157

(10,148)

32,497

Operating expenses

(5,303)

(19,177)

(13,284)

(230)

10,148

(27,846)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,296)

(254)

(182)

(7)

(2,739)

Adjusted operating income

405

997

691

(181)

1,912

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

629

163

861

Tax on net operating income

(286)

(153)

(180)

211

(408)

Adjusted net operating income

748

1,007

530

2,365

Net cost of net debt

(161)

Non-controlling interests

(129)

Adjusted net income

2,075

Adjusted fully-diluted earnings per share ($)

0.88

(a) Except for earnings per share.

4^th quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,293

586

689

6,594

Total divestments

1,402

836

2,297

Cash flow from operating activities

2,624

2,127

289

(202)

4,838

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,660

17,397

19,522

40,580

Intersegment sales

4,280

6,912

201

(11,444)

Excise taxes

(1,094)

(4,589)

(5,683)

Revenues from sales

7,940

23,215

15,134

(11,444)

34,897

Operating expenses

(4,717)

(22,169)

(14,651)

(216)

11,444

(30,309)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,898)

(256)

(185)

(6)

(3,345)

Operating income

325

790

298

(170)

1,243

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

360

152

(29)

506

Tax on net operating income

(345)

(152)

(126)

128

(495)

Net operating income

340

790

143

(19)

1,254

Net cost of net debt

(189)

Non-controlling interests

Net income

1,079

3^rd quarter 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(10)

Intersegment sales

Excise taxes

Revenues from sales

(10)

Operating expenses

(9)

(923)

(199)

(1,131)

Depreciation, depletion and impairment of tangible assets and mineral interests

(650)

Operating income^(b)

(669)

(923)

(199)

(1,791)

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

(151)

(14)

(145)

(310)

Tax on net operating income

294

411

Net operating income^(b)

(767)

(643)

(280)

(1,690)

Net cost of net debt

Non-controlling interests

Net income

(1,677)

^(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

(934)

(193)

On net operating income

(631)

(139)

3^rdquarter 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,670

17,397

19,522

40,590

Intersegment sales

4,280

6,912

201

(11,444)

Excise taxes

(1,094)

(4,589)

(5,683)

Revenues from sales

7,950

23,215

15,134

(11,444)

34,907

Operating expenses

(4,708)

(21,246)

(14,452)

(216)

11,444

(29,178)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,248)

(256)

(185)

(6)

(2,695)

Adjusted operating income

994

1,713

497

(170)

3,034

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

511

166

116

816

Tax on net operating income

(398)

(446)

(190)

128

(906)

Adjusted net operating income

1,107

1,433

423

(19)

2,944

Net cost of net debt

(189)

Non-controlling interests

Adjusted net income

2,756

Adjusted fully-diluted earnings per share ($)

1.17

(a) Except for earnings per share.

3^rd quarter 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

5,173

358

501

6,040

Total divestments

272

121

410

Cash flow from operating activities

2,320

2,291

1,011

367

5,989

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,415

23,025

24,079

(8)

52,511

Intersegment sales

6,130

9,323

339

(15,866)

Excise taxes

(1,117)

(4,660)

(5,777)

Revenues from sales

11,545

31,231

19,758

(15,866)

46,734

Operating expenses

(6,784)

(32,248)

(19,534)

(386)

15,866

(43,086)

Depreciation, depletion and impairment of tangible assets and mineral interests

(8,952)

(1,739)

(202)

(7)

(10,900)

Operating income

(4,191)

(2,756)

(327)

(7,252)

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

958

(70)

(195)

768

Tax on net operating income

(209)

606

(13)

315

699

Net operating income

(3,442)

(2,220)

(186)

(5,785)

Net cost of net debt

(57)

Non-controlling interests

184

Net income

(5,658)

4^th quarter 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(2,427)

(440)

(2,837)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,419)

(1,398)

(7,817)

Operating income^(b)

(6,365)

(3,825)

(440)

(10,630)

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

171

(197)

(131)

(157)

Tax on net operating income

1,156

846

140

2,142

Net operating income^(b)

(5,038)

(3,176)

(431)

(8,645)

Net cost of net debt

Non-controlling interests

186

Net income

(8,459)

^(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

(2,406)

(436)

On net operating income

(1,710)

(321)

^4thquarter 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

5,391

23,025

24,079

(8)

52,487

Intersegment sales

6,130

9,323

339

(15,866)

Excise taxes

(1,117)

(4,660)

(5,777)

Revenues from sales

11,521

31,231

19,758

(15,866)

46,710

Operating expenses

(6,814)

(29,821)

(19,094)

(386)

15,866

(40,249)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,533)

(341)

(202)

(7)

(3,083)

Adjusted operating income

2,174

1,069

462

(327)

3,378

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

787

127

(64)

925

Tax on net operating income

(1,365)

(240)

(153)

315

(1,443)

Adjusted net operating income

1,596

956

245

2,860

Net cost of net debt

(57)

Non-controlling interests

(2)

Adjusted net income

2,801

Adjusted fully-diluted earnings per share ($)

1.22

(a) Except for earnings per share.

4^th quarter 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

6,287

875

941

8,152

Total divestments

1,473

157

1,689

Cash flow from operating activities

2,608

3,113

1,627

7,354

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

16,840

70,623

77,887

165,357

Intersegment sales

17,927

26,794

911

218

(45,850)

Excise taxes

(4,107)

(17,829)

(21,936)

Revenues from sales

34,767

93,310

60,969

225

(45,850)

143,421

Operating expenses

(21,851)

(87,674)

(58,467)

(865)

45,850

(123,007)

Depreciation, depletion and impairment of tangible assets and mineral interests

(15,857)

(1,092)

(744)

(27)

(17,720)

Operating income

(2,941)

4,544

1,758

(667)

2,694

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

2,019

1,780

297

522

4,618

Tax on net operating income

(294)

(1,105)

(585)

171

(1,813)

Net operating income

(1,216)

5,219

1,470

5,499

Net cost of net debt

(713)

Non-controlling interests

301

Net income

5,087

Year 2015 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(519)

Intersegment sales

Excise taxes

Revenues from sales

(519)

Operating expenses

(564)

(1,035)

(316)

(1,915)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,783)

(70)

(24)

(6,877)

Operating income^(b)

(7,866)

(1,105)

(340)

(9,311)

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

(264)

1,172

(19)

913

Tax on net operating income

2,140

263

2,497

Net operating income^(b)

(5,990)

330

(229)

(12)

(5,901)

Net cost of net debt

(11)

Non-controlling interests

481

Net income

(5,431)

^(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

(859)

(254)

On net operating income

(590)

(169)

Year 2015 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

17,359

70,623

77,887

165,876

Intersegment sales

17,927

26,794

911

218

(45,850)

Excise taxes

(4,107)

(17,829)

(21,936)

Revenues from sales

35,286

93,310

60,969

225

(45,850)

143,940

Operating expenses

(21,287)

(86,639)

(58,151)

(865)

45,850

(121,092)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,074)

(1,022)

(720)

(27)

(10,843)

Adjusted operating income

4,925

5,649

2,098

(667)

12,005

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

2,283

608

273

541

3,705

Tax on net operating income

(2,434)

(1,368)

(672)

164

(4,310)

Adjusted net operating income

4,774

4,889

1,699

11,400

Net cost of net debt

(702)

Non-controlling interests

(180)

Adjusted net income

10,518

Adjusted fully-diluted earnings per share ($)

4.51

(a) Except for earnings per share.

Year 2015

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

24,270

1,843

1,841

28,033

Total divestments

3,215

3,488

856

7,584

Cash flow from operating activities

11,182

6,432

2,323

19,946

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

Year 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

23,484

106,124

106,509

236,122

Intersegment sales

29,183

44,950

1,615

236

(75,984)

Excise taxes

(4,850)

(19,254)

(24,104)

Revenues from sales

52,667

146,224

88,870

241

(75,984)

212,018

Operating expenses

(26,235)

(145,014)

(86,931)

(1,092)

75,984

(183,288)

Depreciation, depletion and impairment of tangible assets and mineral interests

(15,938)

(2,901)

(781)

(36)

(19,656)

Operating income

10,494

(1,691)

1,158

(887)

9,074

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

4,302

(140)

178

4,430

Tax on net operating income

(8,799)

391

(344)

(8)

(8,760)

Net operating income

5,997

(1,210)

674

(717)

4,744

Net cost of net debt

(494)

Non-controlling interests

(6)

Net income

4,244

Year 2014 (adjustments) ^(a)

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(164)

(2,980)

(551)

(3,695)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,529)

(1,450)

(7,979)

Operating income^(b)

(6,662)

(4,430)

(551)

(11,643)

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

883

(282)

(203)

398

Tax on net operating income

1,272

1,013

174

2,459

Net operating income^(b)

(4,507)

(3,699)

(580)

(8,786)

Net cost of net debt

Non-controlling interests

193

Net income

(8,593)

^(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

(2,944)

(525)

On net operating income

(2,114)

(384)

Year 2014 (adjusted)

(M$) ^(a)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

23,453

106,124

106,509

236,091

Intersegment sales

29,183

44,950

1,615

236

(75,984)

Excise taxes

(4,850)

(19,254)

(24,104)

Revenues from sales

52,636

146,224

88,870

241

(75,984)

211,987

Operating expenses

(26,071)

(142,034)

(86,380)

(1,092)

75,984

(179,593)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,409)

(1,451)

(781)

(36)

(11,677)

Adjusted operating income

17,156

2,739

1,709

(887)

20,717

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

3,419

372

178

4,032

Tax on net operating income

(10,071)

(622)

(518)

(8)

(11,219)

Adjusted net operating income

10,504

2,489

1,254

(717)

13,530

Net cost of net debt

(494)

Non-controlling interests

(199)

Adjusted net income

12,837

Adjusted fully-diluted earnings per share ($)

5.63

(a) Except for earnings per share.

Year 2014

(M$)

Upstream

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

26,520

2,022

1,818

149

30,509

Total divestments

5,764

192

163

6,190

Cash flow from operating activities

16,666

6,302

2,721

(81)

25,608

Reconciliation of the information by business segment with consolidated financial statements					Â
TOTAL	Â		Â
(unaudited)
						Â
4^th quarter 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
						Â
Sales		37,954		(205)		37,749
Excise taxes		(5,457)		-		(5,457)
Revenues from sales		32,497		(205)		32,292
						Â
Purchases, net of inventory variation		(21,410)		(464)		(21,874)
Other operating expenses		(6,063)		(185)		(6,248)
Exploration costs		(373)		(354)		(727)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,739)		(4,933)		(7,672)
Other income		169		664		833
Other expense		(47)		(251)		(298)
						Â
Financial interest on debt		(230)		(11)		(241)
Financial income from marketable securities & cash equivalents		25		-		25
Cost of net debt		(205)		(11)		(216)
						Â
Other financial income		300		-		300
Other financial expense		(171)		-		(171)
						Â
Equity in net income (loss) of affiliates		610		(10)		600
						Â
Income taxes	Â	(364)	Â	1,745	Â	1,381
Consolidated net income		2,204		(4,004)		(1,800)
Group share		2,075		(3,701)		(1,626)
Non-controlling interests		129		(303)		(174)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Â
Â
4^th quarter 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
						Â
Sales		52,487		24		52,511
Excise taxes		(5,777)		-		(5,777)
Revenues from sales		46,710		24		46,734
						Â
Purchases, net of inventory variation		(32,802)		(2,842)		(35,644)
Other operating expenses		(6,836)		5		(6,831)
Exploration costs		(611)		-		(611)
Depreciation, depletion and impairment of tangible assets and mineral interests		(3,083)		(7,817)		(10,900)
Other income		515		225		740
Other expense		(294)		(193)		(487)
						Â
Financial interest on debt		(108)		-		(108)
Financial income from marketable securities & cash equivalents		28		-		28
Cost of net debt		(80)		-		(80)
						Â
Other financial income		219		-		219
Other financial expense		(168)		-		(168)
						Â
Equity in net income (loss) of affiliates		653		(189)		464
						Â
Income taxes	Â	(1,420)	Â	2,142	Â	722
Consolidated net income		2,803		(8,645)		(5,842)
Group share		2,801		(8,459)		(5,658)
Non-controlling interests		2		(186)		(184)
						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
Year 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		165,876		(519)		165,357
Excise taxes		(21,936)		-		(21,936)
Revenues from sales		143,940		(519)		143,421
						Â
Purchases, net of inventory variation		(95,558)		(1,113)		(96,671)
Other operating expenses		(23,984)		(361)		(24,345)
Exploration costs		(1,550)		(441)		(1,991)
Depreciation, depletion and impairment of tangible assets and mineral interests		(10,843)		(6,877)		(17,720)
Other income		1,468		2,138		3,606
Other expense		(405)		(1,172)		(1,577)
						Â
Financial interest on debt		(956)		(11)		(967)
Financial income from marketable securities & cash equivalents		94		-		94
Cost of net debt		(862)		(11)		(873)
						Â
Other financial income		882		-		882
Other financial expense		(654)		-		(654)
						Â
Equity in net income (loss) of affiliates		2,414		(53)		2,361
						Â
Income taxes	Â	(4,150)	Â	2,497	Â	(1,653)
Consolidated net income		10,698		(5,912)		4,786
Group share		10,518		(5,431)		5,087
Non-controlling interests		180		(481)		(301)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
Â
Â
Year 2014 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		236,091		31		236,122
Excise taxes		(24,104)		-		(24,104)
Revenues from sales		211,987		31		212,018
						Â
Purchases, net of inventory variation		(149,506)		(3,469)		(152,975)
Other operating expenses		(28,123)		(226)		(28,349)
Exploration costs		(1,964)		-		(1,964)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,677)		(7,979)		(19,656)
Other income		1,272		1,305		2,577
Other expense		(700)		(254)		(954)
						Â
Financial interest on debt		(748)		-		(748)
Financial income from marketable securities & cash equivalents		108		-		108
Cost of net debt		(640)		-		(640)
						Â
Other financial income		821		-		821
Other financial expense		(676)		-		(676)
						Â
Equity in net income (loss) of affiliates		3,315		(653)		2,662
						Â
Income taxes	Â	(11,073)	Â	2,459	Â	(8,614)
Consolidated net income		13,036		(8,786)		4,250
Group share		12,837		(8,593)		4,244
Non-controlling interests		199		(193)		6
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Total
Mike SANGSTER
Nicolas FUMEX
Patrick GUENKEL
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
FaxÂ : +1 713-483-5629

View source version on businesswire.com: http://www.businesswire.com/news/home/20160211005606/en/

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