Total: Fourth Quarter and Full-Year 2016 Results

Total: Fourth Quarter and Full-Year 2016 Results

TOTAL S.A.

Â	Â	4Q16	Â	Change vs 4Q15	Â	2016	Â	Change vs 2015
	Â		Â		Â		Â
Adjusted net income¹
- in billions of dollars (B$)		2.4		+16%		8.3		-21%
- in dollars per share		0.96		+9%		3.38		-25%
								Â
Operating cash flow before working capital changes¹ (B$)		4.8		+9%		17.0		-12%
Â	Â	Â	Â	Â	Â	Â	Â	Â
Net income² of 6.2 B$ in 2016, a 22% increase compared to 2015
Net-debt-to-equity ratio of 27% at December 31, 2016
Hydrocarbon production of 2,452 kboe/d in 2016, a 4.5% increase compared to 2015
Fourth quarter 2016 dividend of 0.62 â‚¬/share, a 1.6% increase compared to the
previous three interim dividends, payable in June 2017³

Totalâ€™s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on February 8, 2017, to review the Groupâ€™s 2016 accounts. Commenting on the results, Chairman and CEO Patrick PouyannÃ© said:
â€œAfter falling from 100 $/b in 2014 to 52 $/b on average in 2015, Brent prices were highly volatile in 2016, fluctuating between 27 $/b and 58 $/b, with an average of 44 $/b for the year. In this difficult environment, the Group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven.
The Groupâ€™s resilience was supported by outstanding production growth over the past two years (14.3%, including 4.5% in 2016). In the Upstream, the Group strengthened its position in the Middle East by entering the Al Shaheen field in Qatar, and in the US with the acquisition of shale gas assets. The Group is preparing future growth with the signing of major deals in Brazil with Petrobras, in Uganda and in Iran on the giant South Pars 11 project. The Group renewed its reserves with a replacement rate of 136% at constant prices and delivered promising exploration results, with two major discoveries in the US (North Platte) and Nigeria (Owowo).
Despite lower refining margins, the Downstream once again achieved its objectives and thereby demonstrated that its results are sustainable, with operating cash flow before working capital changes of $7 billion and ROACE above 30%, the highest among the majors.
Results from the Refining & Chemicals segment were underpinned by the strong performance of its Asia and Middle East integrated platforms, while Marketing & Services results were driven by growth in retail and lubricants.
Financial discipline was successfully maintained across all business segments both for investments ($18.3 billion including resource acquisitions) and operating costs, with savings of $2.8 billion in 2016, exceeding the objective of $2.4 billion. Production costs were reduced to 5.9 $/boe in 2016, compared to 9.9 $/boe in 2014.
The $10 billion asset sale program is around 80% complete following the closing of the Atotech sale, and this contributed to the Groupâ€™s financial strength with gearing at 27%, lower than it was in 2014.
In this context, the Board of Directors proposes to increase the dividend, despite the volatility of hydrocarbon prices, to 2.45 â‚¬/share, corresponding to a fourth quarter dividend of 0.62 â‚¬/share, a 1.6% increase compared to the previous three quarterly dividends. This demonstrates the Boardâ€™s confidence in the strength of the Groupâ€™s results and balance sheet as well as its prospects for cash flow growth.â€

Key figures⁴

4Q16

3Q16

4Q15

4Q16

4Q15

In millions of dollars, except effective tax rate,

earnings per share and number of shares

2016

2015

2016 vs
2015

42,275

37,412

37,749

+12%

Sales

149,743

165,357

-9%

2,942

2,237

2,093

+41%

Adjusted operating income from business segments

8,928

12,672

-30%

2,680

2,339

2,285

+17%

Adjusted net operating income from business segments

9,420

11,362

-17%

1,131

877

748

+51%

Upstream

3,633

4,774

-24%

1,138

917

1,007

+13%

Refining & Chemicals

4,201

4,889

-14%

411

545

530

-22%

Marketing & Services

1,586

1,699

-7%

720

515

610

+18%

Contribution of equity affiliates to adjusted net income⁵

2,531

2,414

+5%

31.3%

21.5%

20.0%

Group effective tax rate⁶

25.0%

33.1%

2,407

2,070

2,075

+16%

Adjusted net income

8,287

10,518

-21%

0.96

0.84

0.88

+9%

Adjusted fully-diluted earnings per share (dollars)⁷

3.38

4.51

-25%

0.89

0.76

0.80

+11%

Adjusted fully-diluted earnings per share (euros)*

3.06

4.07

-25%

2,433

2,404

2,329

+4%

Fully-diluted weighted-average shares (millions)

2,390

2,304

+4%

548

1,954

(1,626)

n/a

Net income (Group share)

6,196

5,087

+22%

5,855

5,201

6,594

-11%

Investments⁸

20,530

28,033

-27%

927

192

2,297

-60%

Divestments

2,877

7,584

-62%

4,928

5,116

4,289

+15%

Net investments⁹

17,757

20,360

-13%

4,728

4,082

6,365

-26%

Organic investments¹⁰

17,484

22,976

-24%

4,758

4,522

4,365

+9%

Operating cash flow before working capital changes¹¹

16,988

19,376

-12%

7,018

4,740

4,838

+45%

Cash flow from operations

16,521

19,946

-17%

* Average â‚¬-$ exchange rate: 1.0789 in the fourth quarter 2016 and 1.1069 for the full-year 2016.

Highlights since the beginning of the fourth quarter 2016¹²

Successful North Platte appraisal in US Gulf of Mexico
Obtained exploration licenses on three deep-offshore blocks in Mexico
Signed agreement to develop the Absheron discovery in Azerbaijan
Signed HoA to develop phase 11 of the giant South Pars gas field in Iran
Entered into Upstream-Downstream strategic alliance with Petrobras to acquire portfolio of assets in Brazil (lara and Lapa giant pre-salt fields and gas and power assets) for $2.2 billion
Signed agreement to acquire additional 21.6% interest in the Lake Albert project in Uganda
Obtained 34% interest in LNG import terminal project operated by Total in Ivory Coast with 3 Mt/y capacity
Acquired a 23% share in Tellurian, a company created to develop an integrated gas project in the US
Created joint venture with Corbion (50/50) to produce and market bioplastics
Sold 15% interest in the Gina Krog field in Norway
Sold specialty chemicals affiliate Atotech for $3.2 billion
Sold 29% interest in French pipeline company SociÃ©tÃ© du Pipeline MÃ©diterranÃ©e RhÃ´ne (SPMR)

Analysis of business segments

Upstream

> Environment â€“ liquids and gas price realizations*

4Q16

3Q16

4Q15

4Q16

4Q15

2016

2015

2016 vs
2015

49.3

45.9

43.8

+13%

Brent ($/b)

43.7

52.4

-17%

46.1

41.4

38.1

+21%

Average liquids price ($/b)

40.3

47.4

-15%

3.89

3.45

4.45

-13%

Average gas price ($/Mbtu)

3.56

4.75

-25%

35.6

32.4

33.1

+8%

Average hydrocarbon price ($/boe)

31.9

39.2

-19%

* Consolidated subsidiaries, excluding fixed margins.

> Production

4Q16

3Q16

4Q15

4Q16

4Q15

Hydrocarbon production

2016

2015

2016 vs
2015

2,462

2,443

2,352

+4.7%

Combined production (kboe/d)

2,452

2,347

+4.5%

1,257

1,290

1,251

Liquids (kb/d)

1,271

1,237

+3%

6,597

6,286

5,993

+10%

Gas (Mcf/d)

6,447

6,054

+6%

Hydrocarbon production was 2,462 thousand barrels of oil equivalent per day (kboe/d) in the fourth quarter 2016, an increase of 4.7% compared to the fourth quarter 2015, due to the following:

+7% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Kashagan, Incahuasi, Moho Phase 1b, Angola LNG and Vega Pleyade;
+1% due to the acquisition of an additional 75% interest in the Barnett field in the US;
-3% due to natural field decline and maintenance operations.

For the full-year 2016, hydrocarbon production was 2,452 kboe/d, an increase of 4.5% compared to 2015, due to the following:

+6% due to new start ups and ramp ups, notably Laggan-Tormore, Surmont Phase 2, Termokarstovoye, Gladstone LNG, Moho Phase 1b, and Vega Pleyade, and Incahuasi;
-1.5% due to the security situation in Nigeria and Yemen, and wild fires in Canada;
Natural field decline was offset by PSC price effect and portfolio effects.

> Results

4Q16

3Q16

4Q15

4Q16

4Q15

In millions of dollars, except effective tax rate

2016

2015

2016 vs
2015

1,234

781

405

+205%

Adjusted operating income*

2,737

4,925

-44%

44.5%

28.1%

55.1%

Effective tax rate**

26.6%

45.5%

1,131

877

748

+51%

Adjusted net operating income*

3,633

4,774

-24%

446

260

415

+7%

including income from equity affiliates***

1,427

1,723

-17%

4,611

3,648

5,293

-13%

Investments

16,035

24,270

-34%

839

129

1,402

-40%

Divestments

2,331

3,215

-27%

3,552

3,356

5,108

-30%

Organic investments

14,316

20,508

-30%

3,049

2,751

2,514

+21%

Operating cash flow before working capital changes

9,912

11,179

-11%

4,199

2,380

2,624

+60%

Cash flow from operations

9,675

11,182

-13%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Tax on adjusted net operating income / (adjusted net operating income - income from equity affiliates - dividends received from investments- impairment of goodwill + tax on adjusted net operating income).
*** Includes foreign exchange effect on Yamal LNG financing, which is reversed for total adjusted net operating income.

In the fourth quarter 2016, Upstream operating cash flow before working capital changes was 3,049 M$, an increase of 21% compared to 2015, notably due to a combination of increase in production, decrease in operating costs and higher hydrocarbon prices. Cash flow from operating activities increased by 76% compared to the third quarter 2016, essentially due to a reduction in working capital requirements of nearly $1.2 billion since the end of the third quarter 2016.

For the full-year 2016, Upstream operating cash flow before working capital changes was 9,912 M$, a decrease of 11% compared to 2015, essentially due to the decrease in hydrocarbon prices, partially offset by the increase in production and decrease in operating costs.

Upstream adjusted net operating income was:

1,131 M$ in the fourth quarter 2016, an increase of 51% compared to the fourth quarter 2015, essentially due to the increase in production, decrease in operating costs, and higher hydrocarbon prices.
The effective tax rate increased compared to the third quarter 2016, linked to the rise in hydrocarbon prices.

3,633 M$ for the full-year 2016, a decrease of 24% compared to 2015. The increase in production combined with the decrease in operating costs as well as the lower effective tax rate partially offset the impact of lower hydrocarbon prices.

Technical costs for consolidated affiliates, calculated in accordance with ASC 932¹⁰, were reduced to 20.4 $/boe in 2016 compared to 23.0 $/boe in 2015. This decrease was essentially due to the reduction in operating costs from 7.4 $/boe in 2015 to 5.9 $/boe in 2016.

Refining & Chemicals

> Refinery throughput and utilization rates*

4Q16

3Q16

4Q15

4Q16

4Q15

2016

2015

2016 vs
2015

2,010

1,947

2,012

Total refinery throughput (kb/d)

1,965

2,023

-3%

717

681

682

+5%

France

669

674

-1%

787

771

831

-5%

Rest of Europe

802

849

-6%

506

495

499

+1%

Rest of world

494

500

-1%

Utlization rates**

87%

85%

87%

Based on crude only

85%

86%

89%

87%

88%

Based on crude and other feedstock

87%

88%

* Includes share of TotalErg, as well as refineries in Africa and the French Antilles that are reported in the Marketing & Services segment. The condensate splitters at Port Arthur and Daesan are also included and 2015 figures have been restated.
** Based on distillation capacity at the beginning of the year.

Refinery throughput:

was stable in the fourth quarter 2016 compared to the fourth quarter 2015. Good operational performance of the platforms led to high utilization rates;
decreased by 3% for the full-year 2016 compared to 2015, notably due to shutdowns in Europe and the US in the second quarter and the sale of the Schwedt refinery in Germany.

> Results

4Q16

3Q16

4Q15

4Q16

4Q15

In millions of dollars

except the ERMI

2016

2015

2016 vs
2015

41.0

25.5

38.1

+8%

European refining margin indicator - ERMI ($/t)

34.1

48.5

-30%

1,220

891

997

+22%

Adjusted operating income*

4,373

5,649

-23%

1,138

917

1,007

+13%

Adjusted net operating income*

4,201

4,889

-14%

165

150

117

+41%

including Specialty Chemicals**

581

496

+17%

560

550

586

-4%

Investments

1,849

1,843

836

-98%

Divestments

3,488

-98%

548

399

494

+11%

Organic investments

1,636

827

+98%

1,369

1,052

1,042

+31%

Operating cash flow before working capital changes

4,878

5,785

-16%

1,750

1,698

2,127

-18%

Cash flow from operations

4,587

6,432

-29%

* Details on adjustment items are shown in the business segment information annex to financial statements.
** Hutchinson and Atotech. Bostik until February 2015.

In the fourth quarter 2016, the Groupâ€™s European refining margin indicator (ERMI) was 41 $/t given high levels of maintenance across the industry. The ERMI average was 34 $/t for the full-year 2016, a decrease of 30% compared to the high level of 2015, in the context of high inventories of refined products. Petrochemicals continued to benefit from a favorable environment in 2016.

Refining & Chemicals adjusted net operating income was:

1,138 M$ in the fourth quarter 2016, an increase of 13% compared to the fourth quarter 2015. The segment took advantage of a favorable environment with a strong operational performance of its platforms.
4,201 M$ for the full-year 2016, a decrease of 14% compared to 2015, essentially due to the decrease in refining margins. Petrochemicals continued to generate good results, notably due to the strong contribution from the Groupâ€™s major integrated platforms in Asia and the Middle East.

Marketing & Services

> Petroleum product sales

4Q16

3Q16

4Q15

4Q16

4Q15

Sales in kb/d**

2016

2015

2016 vs
2015

1,808

1,814

1,797

+1%

Total Marketing & Services sales

1,793

1,818

-1%

1,123

1,113

1,065

+5%

Europe

1,093

1,092

685

701

732

-6%

Rest of world

700

726

-4%

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

Petroleum product sales increased in the fourth quarter 2016 compared to the fourth quarter 2015 due to the strong performance of retail networks and heating oil sales in Europe, offsetting the impact from the divestment of the retail network in Turkey.

For the full-year 2016, refined product sales decreased slightly compared to 2015, essentially due to the sale of the retail network in Turkey. Excluding portfolio effects, retail network sales increased by around 4%. Sales of land-based lubricants also increased by around 4%.

> Results

4Q16

3Q16

4Q15

4Q16

4Q15

In millions of dollars

2016

2015

2016 vs
2015

18,719

17,964

18,326

+2%

Sales

69,421

77,887

-11%

488

565

691

-29%

Adjusted operating income*

1,818

2,098

-13%

411

545

530

-22%

Adjusted net operating income*

1,586

1,699

-7%

100

277

-98%

including New Energies

108

-76%

602

1,175

689

-13%

Investments

2,506

1,841

+36%

+30%

Divestments

446

856

-48%

560

322

736

-24%

Organic investments

1,432

1,569

-9%

358

600

598

-40%

Operating cash flow before working capital changes

1,831

2,065

-11%

903

495

289

+212%

Cash flow from operations

1,623

2,323

-30%

* Details on adjustment items are shown in the business segment information annex to financial statements.

Marketing & Services adjusted net operating income was:

411 M$ in the fourth quarter 2016, a 22% decrease compared to 2015. The contribution from New Energies was particularly high in the fourth quarter 2015 due to the delivery of the Quinto solar farm in the US. The retail network sector benefited from growing sales and strong margins;
1,586 M$ for the full-year 2016, a 7% decrease compared to 2015. Excluding New Energies, net operating income was stable despite asset sales (retail network in Turkey).

Group results

> Net operating income from business segments

Adjusted net operating income from the business segments was:

2,680 M$ in the fourth quarter 2016, an increase of 17% compared to the fourth quarter 2015, mainly due to the strong operating performance of the Upstream combined with a more favorable price environment;
9,420 M$ for the full-year 2016, a decrease of 17% compared to 2015. Production growth and lower costs partially offset the 19% decrease in hydrocarbon prices and 30% decrease in refining margins.

The effective tax rate¹⁴ for the business segments was:

33.0% in the fourth quarter 2016 compared to 28.4% in the fourth quarter 2015, essentially due to the relative weight of the Upstream, taxed at a higher rate than other sectors of the Group;
25.8% for the full-year 2016 compared to 33.9% in 2015, due to the relative weight and lower tax rates in the Upstream in a lower hydrocarbon price environment.

> Net income (Group share)

Evolving in line with net operating income, adjusted net income was:

2,407 M$ in the fourth quarter 2016 compared to 2,075 M$ in the fourth quarter 2015, an increase of 16%;
8,287 M$ for the full-year 2016 compared to 10,518 M$ in 2015, a decrease of 21%.

Adjusted net income excludes the after-tax inventory effect, special items and the impact of changes in fair value¹⁵.

Total adjustments affecting net income (Group share)¹⁶ were:

-1,859 M$ in the fourth quarter 2016, mainly due to the inventory effect and impairments on Gladstone LNG in Australia, Angola LNG, and Laggan-Tormore in the United Kingdom, reflecting the decrease in gas price assumptions for the coming years;
-2,091 M$ for the full-year 2016, for the same reasons.

> Adjusted net income per share

Adjusted fully-diluted earnings per share, based on 2,390 million fully-diluted weighted average shares, was 3.38 dollars in 2016 compared to 4.51 dollars in 2015.

The number of fully-diluted shares was 2,436 million on December 31, 2016, compared to 2,336 million on December 31, 2015.

> Divestments â€“ acquisitions

Asset sales were:

416 M$ in the fourth quarter 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway.
1,864 M$ for the full-year 2016, mainly comprised of the sale of a 15% interest in the Gina Krog field in Norway, the retail network in Turkey, and the FUKA gas pipeline network in the North Sea.

Acquisitions, including resource acquisitions,were:

616 M$ in the fourth quarter 2016, mainly comprised of the acquisition of the additional 75% interest in the Barnett shale gas field in the US;
2,033 M$ for the full-year 2016, mainly comprised of the additional 75% interest in the Barnett shale gas field, and the acquisitions of Saft, Lampiris and a retail network in the Dominican Republic.

Resource acquisitions were:

650 M$ in the fourth quarter 2016, mainly due to the additional 75% interest in the Barnett shale gas field in the US;
780 M$ for the full-year 2016, comprised mainly of the additional 75% interest in the Barnett shale gas field. These acquisitions, at a cost of less than one dollar per barrel, enabled the Group to achieve its objective of adding one billion barrels of resources in 2016.
Organic investments and resource acquisitions were 18,264 M$ in 2016.

> Net cash flow

The Groupâ€™s net cash flow¹⁷ was:

-170 M$ in the fourth quarter 2016 compared to 76 M$ in the fourth quarter 2015. Although net cash flow benefited from a 9% increase in operating cash flow before working capital changes and a 11% decrease in investments, assets sales were lower in the fourth quarter 2016 compared to the fourth quarter 2015. The sale of Atotech for $3.2 billion was closed on January 31, 2017.
-769 M$ for the full-year 2016 compared to -984 M$ in 2015, an improvement despite a nearly 10 $/b decrease in the Brent price in 2016 compared to 2015. The decrease in investments was able to offset the decrease in operating cash flow before working capital changes mainly caused by the decrease in hydrocarbon prices and European refining margins.

> Return on equity

Return on equity from January 1, 2016 to December 31, 2016 was 8.7%¹⁸, an increase compared to the period from October 1, 2015 to September 30, 2016, due to strong results in the fourth quarter 2016.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was â‚¬4,142 million in 2016 compared to â‚¬11,067 million in 2015. During 2015, a strong volume of dividends was paid by affiliates of TOTAL S.A. to the parent company.

Proposed dividend

The Board of Directors met on February 8, 2017 and decided to propose to the Combined Shareholdersâ€™ Meeting, which will be held on May 26, 2017, an annual dividend of 2.45 â‚¬/share for 2016, an increase compared to 2015. Given the three previous 2016 interim quarterly dividends of 0.61 â‚¬/share, a fourth quarter 2016 dividend of 0.62 â‚¬/share is therefore proposed, representing an increase of 1.6% compared to the previous three interim dividends.

The Board of Directors also decided to propose to the Combined Shareholdersâ€™ Meeting the alternative for shareholders to receive the fourth quarter 2016 dividend in cash or in new shares of the company with a discount that will be set between 0% and 10%. Subject to approval at the Combined Shareholdersâ€™ Meeting, the ex-dividend date for the fourth quarter dividend will be June 5, 2017, and the payment of the dividend in cash or the delivery of the shares issued in lieu of the dividend in cash is set for June 22, 2017.

Summary and outlook

Since end 2016, Brent increased to around 55 $/b with the announced production cuts agreed by OPEC and non-OPEC countries, including Russia. However, inventory levels are high and prices are likely to remain volatile. In this context, the Group is continuing to cut costs with the objective of achieving $3.5 billion of cost savings in 2017 and bringing production costs down to 5.5 $/boe for the year. Investments are moving into the sustainable range needed to deliver profitable future growth and are expected to be between $16 and $17 billion in 2017 including resource acquisitions.

In the Upstream, production is set to grow by more than 4% in 2017, supporting the objective of increasing production on average by 5% per year from 2014 to 2020. As a result of this growth, the sensitivity of the portfolio to Brent increases to $2.5 billion for a 10 $/b change in Brent in 2017. The Group plans to take advantage of the favorable cost environment by launching around 10 projects over the next 18 months and adding attractive resources to the portfolio.

The Downstream is expected to continue generating stable operating cash flows of around $7 billion per year thanks to its diverse portfolio of activities. Refining & Chemicalsâ€™ performance has been strengthened by the restructuring and the segment will continue to benefit from the quality of its integrated platforms, notably in Antwerp, in the United States, in Asia and in the Middle East. The final investment decision to launch the Port Arthur side-cracker is expected to be taken in 2017. The Marketing & Services segment is pursuing its cash generation growth strategy by leveraging its strong position in high-potential retail and lubricant markets.

In 2017, the Groupâ€™s breakeven will continue to fall, reaching less than 40 $/b pre-dividend. Cash flow from operations is expected to cover investments and the cash portion of the dividend at 50 $/b. TOTAL confirms its objective to achieve a net-debt-to-equity ratio of 20%.

The Group is committed to maintaining attractive returns for its shareholders and will eliminate the discount on the scrip dividend with Brent at 60 $/b.

-- -- --

To listen to the presentation made by Chairman and CEO Patrick PouyannÃ© and CFO Patrick de La ChevardiÃ¨re to financial analysts today at 14:00 (London time) please log on to total.com or call +44 (0)203 427 1912 in Europe or +1Â 646 254 3367 in the United States (access code: 7820602). For a replay, please consult the website or call +44 (0)203 427 0598 in Europe or +1Â 347Â 366Â 9565 in the United States (access code: 7820602).

Operating information by segment

Upstream*

4Q16

3Q16

4Q15

4Q16

4Q15

Combined liquids and gas

production by region (kboe/d)

2016

2015

2016 vs
2015

752

720

681

+10%

Europe and Central Asia

757

664

+14%

625

649

638

-2%

Africa

634

639

-1%

503

529

503

Middle East and North Africa

517

531

-3%

319

285

255

+25%

Americas

279

255

+9%

263

261

275

-4%

Asia Pacific

265

258

+2%

2,462

2,443

2,352

+5%

Total production

2,452

2,347

+4%

561

592

544

+3%

including equity affiliates

600

559

+7%

4Q16

3Q16

4Q15

4Q16

4Q15

Liquids production by region (kb/d)

2016

2015

2016 vs
2015

258

238

227

+14%

Europe and Central Asia

249

215

+16%

483

524

526

-8%

Africa

509

521

-2%

365

380

361

+1%

Middle East and North Africa

373

372

121

118

100

+21%

Americas

109

+15%

-18%

Asia Pacific

-10%

1,257

1,290

1,251

Total production

1,271

1,237

+3%

233

249

220

+6%

including equity affiliates

247

219

+13%

4Q16

3Q16

4Q15

4Q16

4Q15

Gas production by region (Mcf/d)

2016

2015

2016 vs
2015

2,665

2,594

2,435

+9%

Europe and Central Asia

2,737

2,413

+13%

710

617

545

+30%

Africa

621

581

+7%

767

813

779

-2%

Middle East and North Africa

795

874

-9%

1,108

927

869

+28%

Americas

944

896

+5%

1,347

1,335

1,365

-1%

Asia Pacific

1,350

1,290

+5%

6,597

6,286

5,993

+10%

Total production

6,447

6,054

+6%

1,779

1,831

1,739

+2%

including equity affiliates

1,894

1,828

+4%

4Q16

3Q16

4Q15

4Q16

4Q15

Liquefied natural gas

2016

2015

2016 vs
2015

2.75

2.74

2.48

+11%

LNG sales** (Mt)

10.99

10.22

+8%

* The regional reporting has been changed to reflect the Companyâ€™s internal organization. Historical data is available at total.com.
** Sales, Group share, excluding trading; 2016 data restated to reflect volume estimates for Bontang LNG in Indonesia based on the 2016 SEC coefficient.

Downstream (Refining & Chemicals and Marketing & Services)

4Q16

3Q16

4Q15

4Q16

4Q15

Petroleum product sales by region (kb/d)*

2016

2015

2016 vs
2015

2,330

2,430

2,298

+1%

Europe

2,355

2,184

+8%

569

537

547

+4%

Africa

551

619

-11%

313

627

489

-36%

Americas

517

570

-9%

997

567

620

+61%

Rest of world

760

632

+20%

4,209

4,161

3,954

+6%

Total consolidated sales

4,183

4,005

+4%

678

706

688

-1%

Including bulk sales

700

649

+8%

1,723

1,641

1,469

+17%

Including trading

1,690

1,538

+10%

*Includes share of TotalErg.

Adjustment items

> Adjustments to operating income

4Q16	Â	3Q16	Â	4Q15	Â	In millions of dollars	Â	2016	Â	2015
(2,177)	Â	(115)	Â	(5,677)	Â	Special items affecting operating income	Â	(3,389)	Â	(8,182)
(3)	Â	(15)	Â	(48)	Â	Restructuring charges	Â	(37)	Â	(48)
(2,029)	Â	-	Â	(4,933)	Â	Impairments	Â	(2,229)	Â	(6,877)
(145)	Â	(100)	Â	(696)	Â	Other	Â	(1,123)	Â	(1,257)
347	Â	(47)	Â	(464)	Â	Pre-tax inventory effect: FIFO vs. replacement cost	Â	652	Â	(1,113)
17	Â	(18)	Â	-	Â	Effect of changes in fair value	Â	(4)	Â	(16)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(1,813)	Â	(180)	Â	(6,141)	Â	Total adjustments affecting operating income	Â	(2,741)	Â	(9,311)

> Adjustment to net income (Group share)

4Q16	Â	3Q16	Â	4Q15	Â	In millions of dollars	Â	2016	Â	2015
(2,133)	Â	(98)	Â	(3,386)	Â	Special items affecting net income (Group share)	Â	(2,567)	Â	(4,675)
(45)	Â	(32)	Â	579	Â	Gain (loss) on asset sales	Â	267	Â	1,810
(10)	Â	(18)	Â	(29)	Â	Restructuring charges	Â	(32)	Â	(72)
(1,886)	Â	(33)	Â	(3,443)	Â	Impairments	Â	(2,097)	Â	(5,447)
(192)	Â	(15)	Â	(493)	Â	Other	Â	(705)	Â	(966)
262	Â	(5)	Â	(315)	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	479	Â	(747)
12	Â	(13)	Â	-	Â	Effect of changes in fair value	Â	(3)	Â	(9)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(1,859)	Â	(116)	Â	(3,701)	Â	Total adjustments affecting net income	Â	(2,091)	Â	(5,431)

2017 Sensitivities*

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

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

Investments - Divestments

4Q16

3Q16

4Q15

4Q16

4Q15

In millions of dollars

2016

2015

2016 vs
2015

4,728

4,082

6,365

-26%

Organic investments

17,484

22,976

-24%

119

136

232

-49%

capitalized exploration

655

1,198

-45%

157

135

553

-72%

increase in non-current loans

1,121

2,260

-50%

(511)

(101)

(196)

+161%

repayment of non-current loans

(1,013)

(1,616)

-37%

616

1,018

18.7 x

Acquisitions

2,033

3,441

-41%

416

2,101

-80%

Asset sales

1,864

5,968

-69%

(107)

-100%

Other transactions with non-controlling interests

(104)

-217%

4,928

5,116

4,289

+15%

Net investments

17,757

20,360

-13%

Net-debt-to-equity ratio

In millions of dollars	Â	12/31/2016	Â	9/30/2016	Â	12/31/2015
Current borrowings	Â	13,920	Â	13,383	Â	12,488
Net current financial assets	Â	(4,221)	Â	(1,375)	Â	(6,019)
Net financial assets classified as held for sale	Â	(140)	Â	(81)	Â	141
Non-current financial debt	Â	43,067	Â	44,450	Â	44,464
Hedging instruments of non-current debt	Â	(908)	Â	(1,089)	Â	(1,219)
Cash and cash equivalents	Â	(24,597)	Â	(24,801)	Â	(23,269)
Net debt	Â	27,121	Â	30,487	Â	26,586
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share	Â	98,680	Â	98,168	Â	92,494
Estimated dividend payable	Â	(1,556)	Â	(1,629)	Â	(1,545)
Non-controlling interests	Â	2,894	Â	2,948	Â	2,915
Adjusted shareholders' equity	Â	100,018	Â	99,487	Â	93,864
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	27.1%	Â	30.6%	Â	28.3%

Return on equity

In millions of dollars	Â	January 1, 2016 to December 31, 2016	Â	October 1, 2015 to September 30, 2016	Â	January 1, 2015 to December 31, 2015
Adjusted net income	Â	8,447	Â	8,207	Â	10,698
Average adjusted shareholders' equity	Â	96,941	Â	98,538	Â	92,854
Return on equity (ROE)	Â	8.7%	Â	8.3%	Â	11.5%

Return on average capital employed

> Twelve months ended December 31, 2016

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	3 633	Â	4 201	Â	1 586				9 274
Capital employed at 12/31/2015*	Â	105 580	Â	10 407	Â	8 415				121 143
Capital employed at 12/31/2016*	Â	108 713	Â	11 618	Â	9 701				127 423
ROACE	Â	3,4%	Â	38,1%	Â	17,5%				7,5%

> Twelve months ended September 30, 2016

In millions of dollars	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Â	Â	Group
Adjusted net operating income	Â	3,250	Â	4,070	Â	1,705				8,968
Capital employed at 09/30/2015*	Â	108,425	Â	11,319	Â	7,865				123,904
Capital employed at 09/30/2016*	Â	110,590	Â	12,030	Â	10,316				130,534
ROACE	Â	3.0%	Â	34.9%	Â	18.8%				7.0%

> Twelve months ended December 31, 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*	Â	100,497	Â	13,451	Â	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%

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

This press release presents the results for the full-year 2016 from the consolidated financial statements of TOTAL S.A. as of December 31, 2016. 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.Â 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.

In addition to IFRS measures, certain alternative performance indicators are presented, such as performance indicators excluding the adjustment items described below (adjusted operating income, adjusted net operating income, adjusted net income), return on equity (ROE), return on average capital employed (ROACE) and net-debt-to-equity ratio. These indicators are meant to facilitate the analysis of the financial performance of TOTAL and the comparison of income between periods. They allow investors to track the measures used internally to manage and measure the performance of the Group.

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 for the fully adjusted-diluted earnings per share 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 on page 2.
² Group share.
³ The ex-dividend date will be June 5, 2017, and the payment date will be set for June 22, 2017.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 11.
⁵ Includes foreign exchange effect on Yamal LNG financing, which is reversed for total adjusted net operating income.
⁶ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
⁷ In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond coupon
⁸ Including investments and increase in non-current loans.
⁹ Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
¹⁰ Organic investments = net investments excluding acquisitions, asset sales, and other operations with non-controlling interests.
¹¹ Operating cash flow before working capital changes, previously referred to as adjusted cash flow from operations, is defined as cash flow from operating activities before changes in working capital at replacement cost. The inventory valuation effect is explained on page 14.
¹² Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
¹³ FASB Accounting Standards Codification Topic 932, Extractive industries â€“ Oil and Gas.
¹⁴ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
¹⁵ Details shown on page 11.
¹⁶ Details shown on page 11 and in the annex to the financial statements.
¹⁷ Net cash flow = operating cash flow before working capital changes at replacement cost - net investments (including other transactions with non-controlling interests).
¹⁸ Details shown on page 13.

Total financial statements

____________________

Fourth quarter and full year 2016 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	4^th quarter 2016	Â	3^rd quarter 2016	Â	4^th quarter 2015
Sales		42,275		37,412		37,749
Excise taxes		(5,408)		(5,587)		(5,457)
Revenues from sales		36,867		31,825		32,292
Purchases, net of inventory variation		(23,967)		(21,223)		(21,874)
Other operating expenses		(6,791)		(5,469)		(6,248)
Exploration costs		(260)		(274)		(727)
Depreciation, depletion and impairment of tangible assets and mineral interests		(4,939)		(2,936)		(7,672)
Other income		337		290		833
Other expense		(473)		(351)		(298)
Financial interest on debt		(299)		(268)		(241)
Financial income and expense from cash & cash equivalents		(2)		(5)		25
Cost of net debt		(301)		(273)		(216)
Other financial income		203		265		300
Other financial expense		(161)		(154)		(171)
Equity in net income (loss) of affiliates		409		531		600
Income taxes	Â	(437)	Â	(251)	Â	1,381
Consolidated net income	Â	487	Â	1,980	Â	(1,800)
Group share		548		1,954		(1,626)
Non-controlling interests	Â	(61)	Â	26	Â	(174)
Earnings per share ($)	Â	0.20	Â	0.79	Â	(0.72)
Fully-diluted earnings per share ($)	Â	0.20	Â	0.79	Â	(0.71)

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2016	Â	3^rd quarter 2016	Â	4^th quarter 2015
Consolidated net income	Â	487	Â	1,980	Â	(1,800)
Other comprehensive income
						Â
Actuarial gains and losses		205		(363)		358
Tax effect		(64)		47		(140)
Currency translation adjustment generated by the parent company	Â	(3,515)	Â	439	Â	(2,171)
Items not potentially reclassifiable to profit and loss	Â	(3,374)	Â	123	Â	(1,953)
Currency translation adjustment		619		(362)		604
Available for sale financial assets		3		15		16
Cash flow hedge		94		113		4
Share of other comprehensive income of equity affiliates, net amount		458		123		(95)
Other		1		(3)		-
Tax effect	Â	(32)	Â	(41)	Â	(7)
Items potentially reclassifiable to profit and loss	Â	1,143	Â	(155)	Â	522
Total other comprehensive income (net amount)	Â	(2,231)	Â	(32)	Â	(1,431)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	(1,744)	Â	1,948	Â	(3,231)
Group share		(1,676)		1,909		(3,033)
Non-controlling interests		(68)		39		(198)

CONSOLIDATED STATEMENT OF INCOME	Â		Â
TOTAL
				Â
				Â
(M$) ^(a)	Â	Year 2016	Â	Year 2015
Sales		149,743		165,357
Excise taxes		(21,818)		(21,936)
Revenues from sales		127,925		143,421
Purchases, net of inventory variation		(83,377)		(96,671)
Other operating expenses		(24,302)		(24,345)
Exploration costs		(1,264)		(1,991)
Depreciation, depletion and impairment of tangible assets and mineral interests		(13,523)		(17,720)
Other income		1,299		3,606
Other expense		(1,027)		(1,577)
Financial interest on debt		(1,108)		(967)
Financial income and expense from cash & cash equivalents		4		94
Cost of net debt		(1,104)		(873)
Other financial income		971		882
Other financial expense		(636)		(654)
Equity in net income (loss) of affiliates		2,214		2,361
Income taxes	Â	(970)	Â	(1,653)
Consolidated net income	Â	6,206	Â	4,786
Group share		6,196		5,087
Non-controlling interests	Â	10	Â	(301)
Earnings per share ($)	Â	2.52	Â	2.17
Fully-diluted earnings per share ($)	Â	2.51	Â	2.16

(a) Except for per share amounts.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	Â		Â
TOTAL
				Â
				Â
(M$)	Â	Year 2016	Â	Year 2015
Consolidated net income	Â	6,206	Â	4,786
Other comprehensive income
				Â
Actuarial gains and losses		(371)		557
Tax effect		55		(278)
Currency translation adjustment generated by the parent company	Â	(1,548)	Â	(7,268)
Items not potentially reclassifiable to profit and loss	Â	(1,864)	Â	(6,989)
Currency translation adjustment		(1,098)		2,456
Available for sale financial assets		4		9
Cash flow hedge		239		(185)
Share of other comprehensive income of equity affiliates, net amount		935		120
Other		1		1
Tax effect	Â	(76)	Â	53
Items potentially reclassifiable to profit and loss	Â	5	Â	2,454
Total other comprehensive income (net amount)	Â	(1,859)	Â	(4,535)
Â	Â	Â	Â	Â
Comprehensive income	Â	4,347	Â	251
Group share		4,336		633
Non-controlling interests		11		(382)

CONSOLIDATED BALANCE SHEET	Â		Â		Â
TOTAL
Â
						Â
(M$)	Â	December 31, 2016 Â	Â	September 30, 2016 (unaudited) Â	Â	December 31, 2015 Â
ASSETS
Non-current assets
Intangible assets, net		15,362		14,916		14,549
Property, plant and equipment, net		111,971		113,433		109,518
Equity affiliates : investments and loans		20,576		20,870		19,384
Other investments		1,133		1,565		1,241
Non-current financial assets		908		1,089		1,219
Deferred income taxes		4,368		4,434		3,982
Other non-current assets	Â	4,143	Â	4,534	Â	4,355
Total non-current assets	Â	158,461	Â	160,841	Â	154,248
Current assets
Inventories, net		15,247		14,635		13,116
Accounts receivable, net		12,213		11,501		10,629
Other current assets		14,835		14,927		15,843
Current financial assets		4,548		1,755		6,190
Cash and cash equivalents		24,597		24,801		23,269
Assets classified as held for sale	Â	1,077	Â	1,045	Â	1,189
Total current assets	Â	72,517	Â	68,664	Â	70,236
Total assets		230,978		229,505		224,484

LIABILITIES & SHAREHOLDERS' EQUITY	Â		Â		Â
Shareholders' equity
Common shares		7,604		7,849		7,670
Paid-in surplus and retained earnings		105,547		106,189		101,528
Currency translation adjustment		(13,871)		(11,448)		(12,119)
Treasury shares	Â	(600)	Â	(4,422)	Â	(4,585)
Total shareholders' equity - Group share	Â	98,680	Â	98,168	Â	92,494
Non-controlling interests	Â	2,894	Â	2,948	Â	2,915
Total shareholders' equity	Â	101,574	Â	101,116	Â	95,409
Non-current liabilities
Deferred income taxes		11,060		11,390		12,360
Employee benefits		3,746		4,247		3,774
Provisions and other non-current liabilities		16,846		17,320		17,502
Non-current financial debt	Â	43,067	Â	44,450	Â	44,464
Total non-current liabilities	Â	74,719	Â	77,407	Â	78,100
Current liabilities
Accounts payable		23,227		19,799		20,928
Other creditors and accrued liabilities		16,720		16,895		16,884
Current borrowings		13,920		13,383		12,488
Other current financial liabilities		327		380		171
Liabilities directly associated with the assets classified as held for sale	Â	491	Â	525	Â	504
Total current liabilities	Â	54,685	Â	50,982	Â	50,975
Total liabilities & shareholders' equity		230,978		229,505		224,484

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$)	Â	4^th quarter 2016	Â	3^rd quarter 2016	Â	4^th quarter 2015
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		487		1,980		(1,800)
Depreciation, depletion, amortization and impairment		5,030		3,297		8,278
Non-current liabilities, valuation allowances and deferred taxes		(275)		(539)		(1,862)
(Gains) losses on disposals of assets		58		94		(665)
Undistributed affiliates' equity earnings		65		(192)		39
(Increase) decrease in working capital		1,913		265		937
Other changes, net	Â	(260)	Â	(165)	Â	(89)
Cash flow from operating activities		7,018		4,740		4,838
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(5,742)		(4,124)		(5,919)
Acquisitions of subsidiaries, net of cash acquired		118		(1,119)		(42)
Investments in equity affiliates and other securities		(74)		177		(80)
Increase in non-current loans	Â	(157)	Â	(135)	Â	(553)
Total expenditures		(5,855)		(5,201)		(6,594)
Proceeds from disposals of intangible assets and property, plant and equipment		413		57		1,437
Proceeds from disposals of subsidiaries, net of cash sold		-		-		58
Proceeds from disposals of non-current investments		3		34		606
Repayment of non-current loans	Â	511	Â	101	Â	196
Total divestments	Â	927	Â	192	Â	2,297
Cash flow used in investing activities		(4,928)		(5,009)		(4,297)
Â
Issuance (repayment) of shares:
- Parent company shareholders		60		36		31
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(534)		-		(592)
- Non-controlling interests		(16)		(2)		(3)
Issuance of perpetual subordinated notes		2,761		-		-
Payments on perpetual subordinated notes		-		-		-
Other transactions with non-controlling interests		-		(107)		8
Net issuance (repayment) of non-current debt		(105)		3,127		2,039
Increase (decrease) in current borrowings		(335)		(909)		(531)
Increase (decrease) in current financial assets and liabilities		(3,006)		257		(3,320)
Cash flow used in financing activities	Â	(1,175)	Â	2,402	Â	(2,368)
Net increase (decrease) in cash and cash equivalents		915		2,133		(1,827)
Effect of exchange rates		(1,119)		15		(762)
Cash and cash equivalents at the beginning of the period	Â	24,801	Â	22,653	Â	25,858
Cash and cash equivalents at the end of the period	Â	24,597	Â	24,801	Â	23,269

CONSOLIDATED STATEMENT OF CASH FLOW	Â		Â
TOTAL
				Â
				Â
(M$)	Â	Year 2016	Â	Year 2015
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		6,206		4,786
Depreciation, depletion, amortization and impairment		14,423		19,334
Non-current liabilities, valuation allowances and deferred taxes		(1,559)		(2,563)
(Gains) losses on disposals of assets		(263)		(2,459)
Undistributed affiliates' equity earnings		(643)		(311)
(Increase) decrease in working capital		(1,119)		1,683
Other changes, net	Â	(524)	Â	(524)
Cash flow from operating activities		16,521		19,946
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(18,106)		(25,132)
Acquisitions of subsidiaries, net of cash acquired		(1,123)		(128)
Investments in equity affiliates and other securities		(180)		(513)
Increase in non-current loans	Â	(1,121)	Â	(2,260)
Total expenditures		(20,530)		(28,033)
Proceeds from disposals of intangible assets and property, plant and equipment		1,462		2,623
Proceeds from disposals of subsidiaries, net of cash sold		270		2,508
Proceeds from disposals of non-current investments		132		837
Repayment of non-current loans	Â	1,013	Â	1,616
Total divestments	Â	2,877	Â	7,584
Cash flow used in investing activities		(17,653)		(20,449)
Â
Issuance (repayment) of shares:
- Parent company shareholders		100		485
- Treasury shares		-		(237)
Dividends paid:
- Parent company shareholders		(2,661)		(2,845)
- Non-controlling interests		(93)		(100)
Issuance of perpetual subordinated notes		4,711		5,616
Payments on perpetual subordinated notes		(133)		-
Other transactions with non-controlling interests		(104)		89
Net issuance (repayment) of non-current debt		3,576		4,166
Increase (decrease) in current borrowings		(3,260)		(597)
Increase (decrease) in current financial assets and liabilities		1,396		(5,517)
Cash flow used in financing activities	Â	3,532	Â	1,060
Net increase (decrease) in cash and cash equivalents		2,400		557
Effect of exchange rates		(1,072)		(2,469)
Cash and cash equivalents at the beginning of the period	Â	23,269	Â	25,181
Cash and cash equivalents at the end of the period	Â	24,597	Â	23,269

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
Â
TOTAL
Â
	Â	Common shares issued			Â	Paid-in surplus and retained earnings	Â	Currency translation adjustment	Â	Treasury shares			Â	Shareholders' equity - Group share	Â	Non- controlling interests	Â	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, 2015	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		-	Â	-		5,087		-		-	Â	-		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
Net income 2016		-		-		6,196		-		-		-		6,196		10		6,206
Other comprehensive Income		-		-		(108)		(1,752)		-		-		(1,860)		1		(1,859)
Comprehensive Income		-		-		6,088		(1,752)		-		-		4,336		11		4,347
Dividend		-		-		(6,512)		-		-		-		(6,512)		(93)		(6,605)
Issuance of common shares		90,639,247		251		3,553		-		-		-		3,804		-		3,804
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(163)		-		3,048,668		163		-		-		-
Share-based payments		-		-		112		-		-		-		112		-		112
Share cancellation		(100,331,268)		(317)		(3,505)		-		100,331,268		3,822		-		-		-
Issuance of perpetual subordinated notes		-		-		4,711		-		-		-		4,711		-		4,711
Payments on perpetual subordinated notes		-		-		(203)		-		-		-		(203)		-		(203)
Other operations with non-controlling interests		-		-		(98)		-		-		-		(98)		(43)		(141)
Other items		-		-		36		-		-		-		36		104		140
As of December 31, 2016	Â	2,430,365,862	Â	7,604	Â	105,547	Â	(13,871)	Â	(10,587,822)	Â	(600)	Â	98,680	Â	2,894	Â	101,574

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

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

4^th quarter 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

4,475

19,077

18,719

42,275

Intersegment sales

4,948

6,707

260

(11,997)

Excise taxes

(784)

(4,624)

(5,408)

Revenues from sales

9,423

25,000

14,355

(11,997)

36,867

Operating expenses

(5,730)

(23,149)

(13,841)

(295)

11,997

(31,018)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,331)

(252)

(346)

(10)

(4,939)

Operating income

(638)

1,599

168

(219)

910

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

169

(21)

130

315

Tax on net operating income

(90)

(394)

(98)

(505)

Net operating income

(691)

1,374

(12)

720

Net cost of net debt

(233)

Non-controlling interests

Net income

548

4^th quarter 2016 (adjustments) ^(a) (M$)	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales	Â	17	Â	-	Â	-	Â	-	Â	-	Â	17
Intersegment sales		-		-		-		-		-		-
Excise taxes	Â	-	Â	-	Â	-	Â	-	Â	-	Â	-
Revenues from sales		17		-		-		-		-		17
Operating expenses		-		379		(180)		-		-		199
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	(1,889)	Â	-	Â	(140)	Â	-	Â	-	Â	(2,029)
^(a) Except for per share amounts.		(1,872)		379		(320)		-		-		(1,813)
Equity in net income (loss) of affiliates and other items		(405)		(28)		(84)		(4)		-		(521)
Tax on net operating income	Â	455	Â	(115)	Â	42	Â	1	Â	-	Â	383
Net operating income^(b)		(1,822)		236		(362)		(3)		-		(1,951)
Net cost of net debt												(6)
Non-controlling interests	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	98
Net income												(1,859)
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â ^(b)Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		380		(33)		-
On net operating income		-		281		(14)		-

4^thquarter 2016 (adjusted)

(M$) ^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

4,458

19,077

18,719

42,258

Intersegment sales

4,948

6,707

260

(11,997)

Excise taxes

(784)

(4,624)

(5,408)

Revenues from sales

9,406

25,000

14,355

(11,997)

36,850

Operating expenses

(5,730)

(23,528)

(13,661)

(295)

11,997

(31,217)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,442)

(252)

(206)

(10)

(2,910)

Adjusted operating income

1,234

1,220

488

(219)

2,723

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

442

197

134

836

Tax on net operating income

(545)

(279)

(140)

(888)

Adjusted net operating income

1,131

1,138

411

(9)

2,671

Net cost of net debt

(227)

Non-controlling interests

(37)

Adjusted net income

2,407

Adjusted fully-diluted earnings per share ($)

0.96

4^th quarter 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

4,611

560

602

5,855

Total divestments

839

927

Cash flow from operating activities

4,199

1,750

903

166

7,018

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

3^rd quarter 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,398

16,050

17,964

37,412

Intersegment sales

4,701

5,072

147

(9,994)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

8,099

20,247

13,399

(9,994)

31,825

Operating expenses

(4,954)

(19,101)

(12,708)

(197)

9,994

(26,966)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,480)

(251)

(194)

(11)

(2,936)

Operating income

665

895

497

(134)

1,923

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

213

227

581

Tax on net operating income

(40)

(196)

(138)

(316)

Net operating income

838

926

416

2,188

Net cost of net debt

(208)

Non-controlling interests

(26)

Net income

1,954

3^rd quarter 2016 (adjustments) ^(a) (M$)	Â	Upstream	Â	Refining & Chemicals	Â	Marketing & Services	Â	Corporate	Â	Intercompany	Â	Total
Non-Group sales	Â	(116)	Â	-	Â	-	Â	-	Â	-	Â	(116)
Intersegment sales		-		-		-		-		-		-
Excise taxes	Â	-	Â	-	Â	-	Â	-	Â	-	Â	-
Revenues from sales		(116)		-		-		-		-		(116)
Operating expenses		-		4		(68)		-		-		(64)
Depreciation, depletion and impairment of tangible assets and mineral interests	Â	-	Â	-	Â	-	Â	-	Â	-	Â	-
^(a) Except for per share amounts.		(116)		4		(68)		-		-		(180)
Equity in net income (loss) of affiliates and other items		(123)		16		(67)		-		-		(174)
Tax on net operating income	Â	200	Â	(11)	Â	6	Â	-	Â	-	Â	195
Net operating income^(b)		(39)		9		(129)		-		-		(159)
Net cost of net debt												(6)
Non-controlling interests	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	49
Net income												(116)
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â ^(b)Of which inventory valuation effect		Â		Â		Â		Â		Â		Â
On operating income		-		4		(51)		-
On net operating income		-		21		(33)		-

3^rdquarter 2016 (adjusted)

(M$) ^(a)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

3,514

16,050

17,964

37,528

Intersegment sales

4,701

5,072

147

(9,994)

Excise taxes

(875)

(4,712)

(5,587)

Revenues from sales

8,215

20,247

13,399

(9,994)

31,941

Operating expenses

(4,954)

(19,105)

(12,640)

(197)

9,994

(26,902)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,480)

(251)

(194)

(11)

(2,936)

Adjusted operating income

781

891

565

(134)

2,103

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

336

211

124

755

Tax on net operating income

(240)

(185)

(144)

(511)

Adjusted net operating income

877

917

545

2,347

Net cost of net debt

(202)

Non-controlling interests

(75)

Adjusted net income

2,070

Adjusted fully-diluted earnings per share ($)

0.84

(a) Except for earnings per share.

3^rd quarter 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

3,648

550

1,175

(172)

5,201

Total divestments

129

192

Cash flow from operating activities

2,380

1,698

495

167

4,740

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)

^4thquarter 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

Year 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

14,683

65,632

69,421

149,743

Intersegment sales

17,070

21,467

747

307

(39,591)

Excise taxes

(3,544)

(18,274)

(21,818)

Revenues from sales

31,753

83,555

51,894

314

(39,591)

127,925

Operating expenses

(20,438)

(77,553)

(49,538)

(1,005)

39,591

(108,943)

Depreciation, depletion and impairment of tangible assets and mineral interests

(11,589)

(1,002)

(895)

(37)

(13,523)

Operating income

(274)

5,000

1,461

(728)

5,459

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

1,489

833

415

2,821

Tax on net operating income

363

(1,245)

(506)

164

(1,224)

Net operating income

1,578

4,588

1,039

(149)

7,056

Net cost of net debt

(850)

Non-controlling interests

(10)

Net income

6,196

Year 2016 (adjustments) ^(a)

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Non-Group sales

(231)

Intersegment sales

Excise taxes

Revenues from sales

(231)

Operating expenses

(691)

627

(217)

(281)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,089)

(140)

(2,229)

Operating income^(b)

(3,011)

627

(357)

(2,741)

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

(199)

(39)

(230)

(4)

(472)

Tax on net operating income

1,155

(201)

995

Net operating income^(b)

(2,055)

387

(547)

(3)

(2,218)

Net cost of net debt

(23)

Non-controlling interests

150

Net income

(2,091)

^(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

695

(43)

On net operating income

500

(13)

Year 2016 (adjusted)

(M$) ^(a)

Upstream

Refining &
Chemicals

Marketing &
ervices

Corporate

Intercompany

Total

Non-Group sales

14,914

65,632

69,421

149,974

Intersegment sales

17,070

21,467

747

307

(39,591)

Excise taxes

(3,544)

(18,274)

(21,818)

Revenues from sales

31,984

83,555

51,894

314

(39,591)

128,156

Operating expenses

(19,747)

(78,180)

(49,321)

(1,005)

39,591

(108,662)

Depreciation, depletion and impairment of tangible assets and mineral interests

(9,500)

(1,002)

(755)

(37)

(11,294)

Adjusted operating income

2,737

4,373

1,818

(728)

8,200

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

1,688

872

314

419

3,293

Tax on net operating income

(792)

(1,044)

(546)

163

(2,219)

Adjusted net operating income

3,633

4,201

1,586

(146)

9,274

Net cost of net debt

(827)

Non-controlling interests

(160)

Adjusted net income

8,287

Adjusted fully-diluted earnings per share ($)

3.38

(a) Except for earnings per share.

Year 2016

(M$)

Upstream

Refining &
Chemicals

Marketing &
Services

Corporate

Intercompany

Total

Total expenditures

16,035

1,849

2,506

140

20,530

Total divestments

2,331

446

2,877

Cash flow from operating activities

9,675

4,587

1,623

636

16,521

BUSINESS SEGMENT INFORMATION

TOTAL

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

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
(unaudited)
						Â
4^th quarter 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		42,258		17		42,275
Excise taxes		(5,408)		-		(5,408)
Revenues from sales		36,850		17		36,867
Purchases, net of inventory variation		(24,253)		286		(23,967)
Other operating expenses		(6,704)		(87)		(6,791)
Exploration costs		(260)		-		(260)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,910)		(2,029)		(4,939)
Other income		337		-		337
Other expense		(263)		(210)		(473)
Financial interest on debt		(293)		(6)		(299)
Financial income and expense from cash & cash equivalents		(2)		-		(2)
Cost of net debt		(295)		(6)		(301)
Other financial income		203		-		203
Other financial expense		(161)		-		(161)
Equity in net income (loss) of affiliates		720		(311)		409
Income taxes	Â	(820)	Â	383	Â	(437)
Consolidated net income		2,444		(1,957)		487
Group share		2,407		(1,859)		548
Non-controlling interests		37		(98)		(61)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

4^th quarter 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	37,954	Â	(205)	Â	37,749
Excise taxes		(5,457)		-		(5,457)
Revenues from sales		32,497		(205)		32,292
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)
Financial interest on debt		(230)		(11)		(241)
Financial income and expense from cash & cash equivalents		25		-		25
Cost of net debt		(205)		(11)		(216)
Other financial income		300		-		300
Other financial expense		(171)		-		(171)
Equity in net income (loss) of affiliates		610		(10)		600
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)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â		Â		Â
						Â
						Â
Year 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		149,974		(231)		149,743
Excise taxes		(21,818)		-		(21,818)
Revenues from sales		128,156		(231)		127,925
Purchases, net of inventory variation		(83,916)		539		(83,377)
Other operating expenses		(23,832)		(470)		(24,302)
Exploration costs		(914)		(350)		(1,264)
Depreciation, depletion and impairment of tangible assets and mineral interests		(11,294)		(2,229)		(13,523)
Other income		964		335		1,299
Other expense		(537)		(490)		(1,027)
Financial interest on debt		(1,085)		(23)		(1,108)
Financial income and expense from cash & cash equivalents		4		-		4
Cost of net debt		(1,081)		(23)		(1,104)
Other financial income		971		-		971
Other financial expense		(636)		-		(636)
Equity in net income (loss) of affiliates		2,531		(317)		2,214
Income taxes	Â	(1,965)	Â	995	Â	(970)
Consolidated net income		8,447		(2,241)		6,206
Group share		8,287		(2,091)		6,196
Non-controlling interests		160		(150)		10

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Year 2015 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales	Â	165,876	Â	(519)	Â	165,357
Excise taxes		(21,936)		-		(21,936)
Revenues from sales		143,940		(519)		143,421
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)
Financial interest on debt		(956)		(11)		(967)
Financial income and expense from cash & cash equivalents		94		-		94
Cost of net debt		(862)		(11)		(873)
Other financial income		882		-		882
Other financial expense		(654)		-		(654)
Equity in net income (loss) of affiliates		2,414		(53)		2,361
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)

(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

TOTAL S.A.
Mike SANGSTER
Nicolas FUMEX
Kim HOUSEGO
Romain RICHEMONT
Tel. : + 44 (0)207 719 7962
Fax : + 44 (0)207 719 7959
or
Robert HAMMOND (U.S.)
Tel. : +1 713-483-5070
Fax : +1 713-483-5629

View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006009/en/

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