Total: Second Quarter and Half Year 2017 Results

Total: Second Quarter and Half Year 2017 Results

Total

Â	Â	2Q17	Â	Change vs 2Q16	Â	1H17	Â	Change vs 1H16
Adjusted net income¹	Â		Â		Â		Â
- in billions of dollars (B$)		2.5		+14%		5.0		+32%
- in dollars per share		0.97		+8%		1.98		+25%
								Â
Operating cash flow before working capital changes¹ (B$)		5.3		+33%		10.0		+30%
Â	Â	Â	Â	Â	Â	Â	Â	Â
Net income²of 2.0 B$ in 2Q17
Net-debt-to-equity ratio of 20.3% at June 30, 2017
Hydrocarbon production of 2,500 kboe/d in the second quarter 2017
Interim dividend of 0.62 â‚¬/share payable in January 2018³

Totalâ€™s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met on July 26, 2017, to review the Groupâ€™s second quarter accounts. Commenting on the results, Chairman and CEO Patrick PouyannÃ© said:

â€œIn a price environment that remains volatile, Total again delivered an excellent set of quarterly results with adjusted net income of $2.5 billion, a 14% increase compared to a year ago, and operating cash flow before working capital changes of $5.3 billion, a 33% increase, while Brent only increased by 9%. In the first half of the year, the Group generated more than $3.1 billion of cash flow after investments, excluding acquisitions and divestments.
In the Exploration & Production segment, second quarter 2017 operating cash flow before working capital changes increased by almost 50% compared to the same quarter last year, benefiting from production growth of more than 3%, driven by start-ups and ramp-ups of new cash-accretive projects, as well as the cost reduction program, which continues to be implemented with determination. The Group is also continuing to prepare for the future, with the signing of a contract related to the development of Phase 11 of the giant South Pars gas field in Iran, the start-up of operations on the giant Al-Shaheen field in Qatar and the final investment decision for Phase 3 of the Halfaya project in Iraq.
Despite a significant program of shutdown in the Refining & Chemicals segment during the second quarter, the Downstream generated $3.4 billion of cash flow in the first half of the year. The Group continues to grow its profitable petrochemicals business with the start-up its ethane-based ethylene production at Antwerp in Belgium and the launch of major projects at Port Arthur in the United States and at Daesan in South Korea.
In this context, Total has a stronger balance sheet having reduced gearing to 20%. As a result, in line with its strategy, the Group has the flexibility to take advantage of the low-cost environment by being able to launch profitable projects and acquire resources under attractive conditions.â€

Key figures⁴

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars, except effective tax rate,

earnings per share and number of shares

1H17

1H16

1H17

1H16

2,748

2,767

2,524

+9%

Adjusted net operating income from business segments*

5,515

4,402

+25%

1,359

1,382

1,043

+30%

Exploration & Production

2,741

1,429

+92%

x2.2

Gas, Renewables & Power

156

116

+34%

861

1,023

1,018

-15%

Refining & Chemicals

1,884

2,148

-12%

433

301

420

+3%

Marketing & Services

734

709

+4%

578

591

797

-27%

Contribution of equity affiliates to adjusted net income

1,169

1,296

-10%

28.2%

31.3%

21.8%

Group effective tax rate⁵

29.9%

22.3%

2,474

2,558

2,174

+14%

Adjusted net income

5,032

3,810

+32%

0.97

1.01

0.90

+8%

Adjusted fully-diluted earnings per share (dollars)⁶

1.98

1.58

+25%

0.88

0.95

0.79

+11%

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

1.83

1.41

+29%

2,485

2,457

2,379

+4%

Fully-diluted weighted-average shares (millions)

2,471

2,365

+5%

2,037

2,849

2,088

-2%

Net income (Group share)

4,886

3,694

+32%

4,205

3,678

4,566

-8%

Investments⁷

7,883

9,474

-17%

360

2,898

773

-53%

Divestments⁸

3,258

1,758

+85%

3,845

780

3,790

+1%

Net investments⁹

4,625

7,713

-40%

3,949

2,944

4,059

-3%

Organic investments¹⁰

6,893

8,674

-21%

x3.1

Resource acquisitions

+16%

5,334

4,687

4,000

+33%

Operating cash flow before working capital changes¹¹

10,021

7,708

+30%

4,640

4,701

2,882

+61%

Cash flow from operations

9,341

4,763

+96%

* The new Gas, Renewables & Power segment reflects the Groupâ€™s ambition in low-carbon energies. It encompasses Downstream Gas activities previously integrated in the Upstream (now Exploration & Production) segment, New Energies activities (excluding biotechnologies) previously integrated in the Marketing & Services segment and a new Innovation & Energy Efficiency division. The Exploration & Production, Refining & Chemicals (which includes a new Biofuels division) and Marketing & Services segments have been restated accordingly. 2015 and 2016 historical data is available at total.com.
** Average â‚¬-$ exchange rate: 1.10213 in the second quarter 2017 and 1.08302 in the first half 2017.

Highlights since the beginning of the second quarter 2017¹²

Signed contract for the development of Phase 11 of the giant South Pars gas field in Iran
Started up operations on the giant Al-Shaheen field in Qatar
Signed comprehensive partnership agreement with Sonatrach in Algeria
Obtained offshore exploration permits in Mauritania, Senegal and Ireland (Porcupine basin)
Launched Phase 3 of Halfaya in Iraq
Launched the first development phase of Vaca Muerta shale resources in Argentina and increased participation in Aguada Pichana Este license (from 27% to 41%)
Started up the Badamyar gas project in Myanmar on time and 20% below budget
Investment of $450 million to increase by 30% the capacity of the Daesan integrated refining & petrochemicals platform in South Korea, a 50/50 joint venture between Total and Hanwha
Started up the first phase of the Antwerp platform upgrade project, with production of ethylene using ethane feedstock
Inaugurated the revamped Carling petrochemicals complex
Acquired PitPoint B.V., Europeâ€™s third-largest provider of natural gas vehicle (NGV) fuels
Started up a solar power plant in Nanao and launched construction of a solar plant in Miyako in Japan

Analysis of business segments

Exploration & Production

> Environment â€“ liquids and gas price realizations*

2Q17

1Q17

2Q16

2Q17

2Q16

1H17

1H16

1H17

1H16

49.6

53.7

45.6

+9%

Brent ($/b)

51.7

39.8

+30%

45.1

49.2

43.0

+5%

Average liquids price ($/b)

47.1

36.8

+28%

3.93

4.10

3.43

+15%

Average gas price ($/Mbtu)

4.01

3.44

+17%

35.5

37.9

33.0

+8%

Average hydrocarbon price ($/boe)

36.7

29.6

+24%

* Consolidated subsidiaries, excluding fixed margins.

> Production

2Q17

1Q17

2Q16

2Q17

2Q16

Hydrocarbon production

1H17

1H16

1H17

1H16

2,500

2,569

2,424

+3%

Combined production (kboe/d)

2,534

2,452

+3%

1,298

1,303

1,253

+4%

Liquids (kb/d)

1,300

1,269

+2%

6,500

6,894

6,466

+1%

Gas (Mcf/d)

6,696

6,453

+4%

Hydrocarbon production was 2,500 thousand barrels of oil equivalent per day (kboe/d) in the second quarter 2017, an increase of 3% compared to the second quarter 2016, due to the following:

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

In the first half 2017, hydrocarbon production was 2,534 kboe/d, an increase of more than 3% compared to the first half 2016, due to the following:

+5% due to new project ramp ups, notably Kashagan, Incahuasi, Surmont, Angola LNG, Moho Nord, and Laggan-Tormore;
+1% portfolio effect, mainly due to the acquisition of an additional 75% interest in the Barnett shale in the United States and asset sales in Russia and Norway;
+1% due to improved security conditions in Libya;
-4% due to natural field decline, the PSC price effect and OPEC quotas.

> Results

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars, except effective tax rate

1H17

1H16

1H17

1H16

1,359

1,382

1,043

+30%

Adjusted net operating income*

2,741

1,429

+92%

373

315

433

-14%

including income from equity affiliates

688

693

-1%

36.2%

41.9%

-0.2%

Effective tax rate**

39.3%

-6.1%

3,448

2,636

3,533

-2%

Investments

6,084

7,768

-22%

132

113

446

-70%

Divestments

245

1,264

-81%

3,296

2,506

3,257

+1%

Organic investments

5,802

7,405

-22%

3,248

3,031

2,208

+47%

Operating cash flow before working capital changes

6,279

4,073

+54%

2,504

2,496

595

x4.2

Cash flow from operations

5,000

2,696

+85%

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

Operating cash flow before working capital changes from the Exploration & Production segment was 3,248 M$ in the second quarter 2017, an increase of 47% compared to the second quarter 2016, notably due to the ramp- ups and strong performance of cash-accretive projects, such as Moho Nord in Congo, as well as the cost reduction programs. The segment was thus able to fully capture upside from higher oil and gas prices compared to the second quarter 2016.
Operating cash flow before working capital changes in the first half 2017 was 6,279 M$, an increase of 54% compared to the same period a year ago, for the same reasons as above.

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

1,359 M$ in the second quarter 2017, an increase of 30% compared to the second quarter 2016, notably due to production growth, cost reduction, and the increase in oil and gas prices;
2,741 M$ in the first half 2017, an increase of 92% compared to the first half 2016, due to increased production, cost reduction, and higher prices.

Gas, Renewables & Power

> Results

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars

1H17

1H16

1H17

1H16

x2.2

Adjusted net operating income*

156

116

+34%

315

-19%

Investments

392

242

+62%

x3.8

Divestments

104

-74%

102

-24%

Organic investments

170

223

-24%

110

x3.5

Operating cash flow before working capital changes

130

(51)

(114)

125

111

Cash flow from operations

(218)

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

Adjusted net operating income for the Gas, Renewables & Power segment increased to 95 M$ in the second quarter 2017 and to 156 M$ in the first half 2017, notably due to the contribution of gas activities.

Refining & Chemicals

> Refinery throughput and utilization rates*

2Q17

1Q17

2Q16

2Q17

2Q16

1H17

1H16

1H17

1H16

1,672

1,917

1,795

-7%

Total refinery throughput (kb/d)

1,796

1,951

-8%

574

625

522

+10%

France

600

639

-6%

684

799

803

-15%

Rest of Europe

742

824

-10%

414

493

470

-12%

Rest of world

454

488

-7%

81%

91%

77%

Utlization rate based on crude only**

86%

84%

* Includes share of TotalErg, as well as refineries in the French Antilles and Africa that are reported in the Marketing & Services segment.
** Based on distillation capacity at the beginning of the year.

Refinery throughput

decreased by 7% in the second quarter 2017 compared to the second quarter 2016, mainly due to significant shutdown programs, notably at Antwerp in Belgium with the commissioning of the Optara project, and at Leuna in Germany;
decreased by 8% in the first half 2017 compared to the first half 2016, due in particular to the restructuring of European refining activities that are now in effect with the end of crude oil refining at La Mede and a 50% capacity reduction at Lindsey.

> Results

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars

except the ERMI

1H17

1H16

1H17

1H16

41.0

38.9

+17%

European refining margin indicator - ERMI ($/t)

40.0

35.1

+14%

861

1,023

1,018

-15%

Adjusted net operating income*

1,884

2,148

-12%

401

266

480

-16%

Investments

667

741

-10%

2,740

-13%

Divestments

2,760

x53.1

381

222

456

-16%

Organic investments

603

690

-13%

1,352

1,034

1,137

+19%

Operating cash flow before working capital changes

2,386

2,458

-3%

1,972

1,765

1,561

+26%

Cash flow from operations

3,737

1,142

x3.3

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

Refining margins remained at a good level in the second quarter 2017 and petrochemicals also continued to benefit from a favorable price environment.

Despite significant maintenance programs, operating cash flow before working capital changes was 1,352 M$ in the second quarter 2017, an increase of 19% compared to the second quarter 2016, benefiting notably from dividends received from major integrated platforms in Asia and the Middle East.

Refining & Chemicals adjusted net operating income was

861 M$ in the second quarter 2017, a decrease of 15% compared to the second quarter 2016, notably due to significant maintenance activities at major platforms;
1,884 M$ in the first half 2017, a decrease of 12% compared to the first half 2016 for the same reasons as above.

Marketing & Services

> Petroleum product sales

2Q17

1Q17

2Q16

2Q17

2Q16

Sales in kb/d*

1H17

1H16

1H17

1H16

1,760

1,728

1,793

-2%

Total Marketing & Services sales

1,744

1,775

-2%

1,039

1,039

1,074

-3%

Europe

1,039

1,068

-3%

721

689

719

Rest of world

705

707

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

Petroleum product sales decreased by 2% in the second quarter 2017 and in the first half 2017 compared to the same periods last year, notably due to the sale of the retail network in Turkey in 2016.

> Results

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars

1H17

1H16

1H17

1H16

433

301

420

+3%

Adjusted net operating income*

734

709

+4%

258

439

251

+3%

Investments

697

502

+39%

182

294

-38%

Divestments

218

330

-34%

185

243

-24%

Organic investments

280

334

-16%

602

411

555

+8%

Operating cash flow before working capital changes

1,013

962

+5%

229

313

261

-12%

Cash flow from operations

542

841

-36%

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

The Marketing & Services segment is growing and continues to fully capture the benefit of strong marketing margins. Adjusted net operating income increased by 3% to 433 M$ in the second quarter 2017 compared to the second quarter 2016, while it increased by 4% to 734 M$ in the first half 2017 compared to the same period a year ago.

Group results

> Adjusted net operating income from business segments

Adjusted net operating income from the business segments was

2,748 M$ in the second quarter 2017, a 9% increase compared to the second quarter 2016, mainly due to the strong contribution from the Exploration & Production segment, which fully captured the benefit of project ramp-ups and higher prices;
5,515 M$ in the first half 2017, a 25% increase compared to the first half 2016 for the same reasons as above.

> Adjusted net income (Group share)

Adjusted net income was 2,474 M$ in the second quarter 2017, an increase of 14% compared to the second quarter 2016, and 5,032 M$ in the first half 2017, an increase of 32% compared to the first half 2016.
This very positive evolution is the result of ongoing efforts to reduce the breakeven and demonstrates the Groupâ€™s ability to capture upside from higher prices.

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

Total adjustments affecting net income¹⁴ were

-437 M$ in the second quarter 2017, mainly due to the inventory effect;
-146 M$ in the first half 2017, mainly due to the inventory effect, an impairment related to the Fort Hills project in Canada following the announced cost increase and the gain on the sale of Atotech.

The Group effective tax rate was:

28.2% in the second quarter 2017 compared to 21.8% in the second quarter 2016, mainly due to the increase in the effective tax rate for the Exploration & Production segment in a higher price environment;
29.9% in the first half 2017 compared to 22.3% in the first half 2016 for the same reason.

> Adjusted fully-diluted earnings per share

Adjusted earnings per share was

0.97 dollars in the second quarter 2017 compared to 0.90 dollars in the second quarter 2016, an increase of 8% calculated on the basis of 2,485 million fully-diluted weighted-average shares;
1.98 dollars in the first half 2017 compared to 1.58 dollars in the first half 2016, an increase of 25% calculated on the basis of 2,471 million fully-diluted weighted-average shares.

The number of fully-diluted shares was 2,503 million on June 30, 2017.

> Divestments - acquisitions

Asset sales were

207 M$ in the second quarter 2017, comprised mainly of the completion of the sale of SociÃ©tÃ© du Pipeline MÃ©diterranÃ©e RhÃ´ne (SPMR).
2,918 M$ in the first half 2017, essentially comprised of the sale of Atotech and SPMR.

Acquisitions were:

103 M$ in the second quarter 2017, essentially comprised of PitPoint B.V. (natural gas vehicle fuel provider) and an additional interest in the Baudroie-MÃ©rou license in Gabon.
650 M$ in the first half 2017, comprised mainly of a 23% equity share in Tellurian, a retail and logistics network in East Africa, PitPoint B.V. and an additional interest in the Baudroie-MÃ©rou license in Gabon.

> Net cash flow

The Groupâ€™s net cash flow¹⁵ was:

1,489 M$ in the second quarter 2017 compared to 210 M$ in the second quarter 2016, mainly due to the 1,334 M$ increase in operating cash flow before working capital changes; net investments were stable over the period;
5,396 M$ in the first half 2017 compared to -5 M$ in the first half 2016, mainly due to the 2,313 M$ increase in operating cash flow before working capital changes, the sale of Atotech, and lower organic investments.

> Return on equity

Return on equity from July 1, 2016, to June 30, 2017, was 9.3%¹⁶, an increase compared to last year.

TOTAL S.A., parent company accounts

Net income for TOTAL S.A., the parent company, was 1,460 Mâ‚¬ in the first half 2017 compared to 1,142 Mâ‚¬ in the first half 2016.

Summary and outlook

Oil prices remain volatile at the start of the third quarter, in a context of ongoing high inventory levels. In this uncertain environment, the Groupâ€™s strong financial performance confirms the success of its strategy to reduce its breakeven point and grow its cash flow.

In the Upstream, annual production growth should be more than 4% in 2017, supported by the start-up in mid-July of operations on the Al-Shaheen field in Qatar and the continued ramp-up of new projects, notably Kashagan in Kazahkstan and Moho Nord in Congo. Start-ups of new projects will continue in the second half, mainly with Libra Pioneiro in Brazil and Edradour-Glenlivet in the United Kingdom.

In the Downstream, refining margins (supported by cracks for fuel oil and gasoline) and petrochemical margins remain favorable at the start of the third quarter. Availability of the integrated Antwerp platform will be affected by the finalization of the upgrade program, which should be completed by the end of the third quarter. In addition, maintenance activities are planned at Port Arthur in the United States. The Downstream generated 3.4 B$ of operating cash flow before working capital changes in the first half and is well positioned to achieve around 7 B$ for the full-year 2017.

The Group is continuing to relentlessly pursue its efforts to reduce the cash breakeven. The good results of the cost reduction program allow the Group to confirm its announced objective of 3.5 B$ for 2017, and the decrease of production costs to 5.5 $/boe in 2017 and then to 5 $/boe in 2018. Organic investments for the year should be between 14 and 15 B$, which allows the Group to sustain its growth.

-- -- --

To listen to CFO Patrick de La ChevardiÃ¨reâ€™s conference call with financial analysts today at 14:30 (London time) please log on to total.com or call +44 (0)203 427 1931 in Europe or +1Â 646 254 3375 in the United States (code: 2729316). For a replay, please consult the website or call +44 (0)207 660 0134 in Europe or +1Â 719Â 457Â 0820 in the United States (code: 2729316).

Operating information by segment

> Exploration & Production

2Q17

1Q17

2Q16

2Q17

2Q16

Combined liquids and gas

production by region (kboe/d)

1H17

1H16

1H17

1H16

746

806

770

-3%

Europe and Central Asia

776

779

656

635

634

+4%

Africa

646

632

+2%

514

534

505

+2%

Middle East and North Africa

524

518

+1%

344

334

251

+37%

Americas

339

255

+33%

240

259

264

-9%

Asia Pacific

249

268

-7%

2,500

2,569

2,424

+3%

Total production

2,534

2,452

+3%

597

645

627

-5%

including equity affiliates

621

624

2Q17

1Q17

2Q16

2Q17

2Q16

Liquids production by region (kb/d)

1H17

1H16

1H17

1H16

266

271

251

+6%

Europe and Central Asia

268

251

+7%

505

485

511

-1%

Africa

495

515

-4%

376

392

367

+2%

Middle East and North Africa

384

374

+3%

126

126

+35%

Americas

126

+27%

-15%

Asia Pacific

-13%

1,298

1,303

1,253

+4%

Total production

1,300

1,269

+2%

244

264

265

-8%

including equity affiliates

254

253

+1%

2Q17

1Q17

2Q16

2Q17

2Q16

Gas production by region (Mcf/d)

1H17

1H16

1H17

1H16

2,592

2,891

2,877

-10%

Europe and Central Asia

2,740

2,845

-4%

679

713

594

+14%

Africa

696

579

+20%

763

787

761

Middle East and North Africa

776

799

-3%

1,223

1,171

881

+39%

Americas

1,197

871

+37%

1,243

1,332

1,353

-8%

Asia Pacific

1,287

1,359

-5%

6,500

6,894

6,466

+1%

Total production

6,696

6,453

+4%

1,829

2,015

1,927

-5%

including equity affiliates

1,921

1,983

-3%

2Q17

1Q17

2Q16

2Q17

2Q16

Liquefied natural gas

1H17

1H16

1H17

1H16

2.64

2.98

2.81

-6%

LNG sales* (Mt)

5.62

5.50

+2%

* 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)

2Q17

1Q17

2Q16

2Q17

2Q16

Petroleum product sales by region (kb/d)*

1H17

1H16

1H17

1H16

2,082

2,206

2,372

-12%

Europe

2,144

2,330

-8%

586

560

597

-2%

Africa

573

549

+4%

654

570

597

+10%

Americas

612

564

+9%

735

697

705

+4%

Rest of world

716

738

-3%

4,057

4,033

4,271

-5%

Total consolidated sales

4,045

4,181

-3%

538

616

717

-25%

Including bulk sales

577

708

-19%

1,759

1,689

1,761

Including trading

1,724

1,698

+2%

* Includes share of TotalErg.

Adjustment items to net income (Group share)

2Q17	Â	1Q17	Â	2Q16	Â	In millions of dollars	Â	1H17	Â	1H16
(108)	Â	236	Â	(486)	Â	Special items affecting net income (Group share)	Â	128	Â	(336)
125	Â	2,139	Â	(14)	Â	Gain (loss) on asset sales	Â	2,264	Â	344
(54)		(5)		(2)		Restructuring charges		(59)		(4)
(32)		(1,718)		(178)		Impairments		(1,750)		(178)
(147)	Â	(180)	Â	(292)	Â	Other	Â	(327)	Â	(498)
(310)	Â	55	Â	405	Â	After-tax inventory effect: FIFO vs. replacement cost	Â	(255)	Â	222
(19)	Â	-	Â	(5)	Â	Effect of changes in fair value	Â	(19)	Â	(2)
Â	Â	Â	Â	Â	Â	Â	Â	Â	Â	Â
(437)	Â	291	Â	(86)	Â	Total adjustments affecting net income	Â	(146)	Â	(116)

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 essentially attributable to Refining & Chemicals.

Investments - Divestments

2Q17

1Q17

2Q16

2Q17

2Q16

In millions of dollars

1H17

1H16

1H17

1H16

3,949

2,944

4,059

-3%

Organic investments

6,893

8,674

-21%

166

111

172

-3%

capitalized exploration

277

400

-31%

443

158

257

+72%

increase in non-current loans

601

829

-28%

(153)

(187)

(301)

-49%

repayment of non-current loans

(340)

(401)

-15%

103

547

206

-50%

Acquisitions

650

399

+63%

207

2,711

472

-56%

Asset sales

2,918

1,357

+115%

Other transactions with non-controlling interests

3,845

780

3,790

+1%

Net investments

4,625

7,713

-40%

Net-debt-to-equity ratio

In millions of dollars	Â	6/30/2017	Â	3/31/2017	Â	6/30/2016
Current borrowings	Â	13,070	Â	13,582	Â	13,789
Net current financial assets		(3,377)		(3,694)		(1,628)
Net financial assets classified as held for sale		(2)		(2)		(97)
Non-current financial debt		41,548		42,017		41,668
Hedging instruments of non-current debt		(558)		(877)		(1,251)
Cash and cash equivalents	Â	(28,720)	Â	(27,526)	Â	(22,653)
Net debt	Â	21,961	Â	23,500	Â	29,828
Â	Â	Â	Â	Â	Â	Â
Shareholdersâ€™ equity - Group share		107,188		103,831		97,985
Estimated dividend payable		(1,762)		(3,239)		(1,618)
Non-controlling interests	Â	2,772	Â	2,823	Â	2,904
Adjusted shareholders' equity	Â	108,198	Â	103,415	Â	99,271
Â	Â	Â	Â	Â	Â	Â
Net-debt-to-equity ratio	Â	20.3%	Â	22.7%	Â	30.0%

Return on equity

In millions of dollars	Â	July 1, 2016 to June 30, 2017			Â	April 1, 2016 to March 31, 2017			Â	January 1, 2016 to December 31, 2016
Adjusted net income	Â	9,661	Â	Â	Â	9,363	Â	Â	Â	8,447
Average adjusted shareholders' equity	Â	103,734	Â	Â	Â	99,784	Â	Â	Â	96,929
Return on equity (ROE)	Â	9.3%	Â	Â	Â	9.4%	Â	Â	Â	8.7%

Return on average capital employed

> Twelve months ended June 30, 2017

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	4,529	Â	479	Â	3,931	Â	1,584		10,609
Capital employed at 6/30/2016*		107,405		4,622		12,249		5,789		129,635
Capital employed at 6/30/2017*	Â	108,618	Â	5,363	Â	10,957	Â	6,937		130,831
ROACE	Â	4.2%	Â	9.6%	Â	33.9%	Â	24.9%		8.1%

> Twelve months ended March 31, 2017

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	4,213	Â	427	Â	4,088	Â	1,571		10,245
Capital employed at 3/31/2016*		104,826		4,669		12,555		5,836		127,754
Capital employed at 3/31/2017*	Â	106,937	Â	5,036	Â	11,130	Â	6,331		128,810
ROACE	Â	4.0%	Â	8.8%	Â	34.5%	Â	25.8%		8.0%

> Full-year 2016

In millions of dollars	Â	Exploration & Production	Â	Gas, Renewables & Power	Â	Refining & Chemicals	Â	Marketing & Services	Â	Group
Adjusted net operating income	Â	3,217	Â	439	Â	4,195	Â	1,559		9,274
Capital employed at 12/31/2015*		103,791		4,340		10,454		5,875		121,143
Capital employed at 12/31/2016*	Â	107,617	Â	4,975	Â	11,618	Â	5,884		127,423
ROACE	Â	3.0%	Â	9.4%	Â	38.0%	Â	26.5%		7.5%

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

This document does not constitute the Financial Report for the first half of 2017 which will be separately published, in accordance with article L. 451-1-2 III of the French Code monÃ©taire et financier, and is available on the Total website total.com.

This press release presents the results for the second quarter and half-year 2017 from the consolidated financial statements of TOTAL S.A. as of June 30, 2017 (unaudited). The notes to these consolidated financial statements (unaudited) are available on the TOTAL website total.com.

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

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

Neither TOTAL nor any of its subsidiaries assumes any obligation to update publicly any forward-looking information or statement, objectives or trends contained in this document whether as a result of new information, future events or otherwise. Further information on factors, risks and uncertainties that could affect the Companyâ€™s financial results or the Groupâ€™s activities is provided in the most recent Registration Document, the French language version of which is filed by the Company with the French AutoritÃ© des MarchÃ©s Financiers and annual report on Form 20-F filed with the United States Securities and Exchange Commission (â€œSECâ€).

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

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

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

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

Cautionary Note to U.S. Investors â€“ The SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with SEC rules. We may use certain terms in this press release, such as â€œpotential reservesâ€ or â€œresourcesâ€, that the SECâ€™s guidelines strictly prohibit us from including in filings with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File NÂ° 1-10888, available from us at 2, place Jean Millier â€“ Arche Nord Coupole/Regnault - 92078 Paris-La DÃ©fense Cedex, France, or at our website total.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or on the SECâ€™s website sec.gov.

¹ Definitions on page 2.
² Group share.
³ The ex-dividend date is set for December 19, 2017, and the payment date is set for January 11, 2018.
⁴ Adjusted results are defined as income using replacement cost, adjusted for special items, excluding the impact of changes for fair value; adjustment items are on page 10.
⁵ Tax on adjusted net operating income / (adjusted net operating income â€“ income from equity affiliates â€“ dividends received from investments â€“ impairment of goodwill + tax on adjusted net operating income).
⁶ In accordance with IFRS norms, adjusted fully-diluted earnings per share is calculated from the adjusted net income less the perpetual subordinated bond coupon
⁷ Including acquisitions and increases in non-current loans
⁸ Including divestments and reimbursements of non-current loans.
⁹ Net investments = investments - divestments - repayment of non-current loans - other operations with non-controlling interests.
¹⁰ Organic investments = net investments excluding acquisitions, asset sales and other operations with non-controlling interests.
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 13.
¹² Certain transactions referred to in the highlights are subject to approval by authorities or to other conditions as per the agreements.
¹³ Details shown on page 10.
¹⁴ Details shown on page 10 and in the annex to the financial statements.
¹⁵ Net cash flow = operating cash flow before working capital changes - net investments (including other transactions with non-controlling interests).
¹⁶ Details shown on page 12.

Total financial statements
_______________________________________

Second quarter and first half 2017 consolidated accounts, IFRS

CONSOLIDATED STATEMENT OF INCOME	Â		Â		Â
TOTAL
(unaudited)
						Â
(M$) ^(a)	Â	2^nd quarter 2017	Â	1^st quarter 2017	Â	2^nd quarter 2016
Sales		39,915		41,183		37,215
Excise taxes		(5,433)		(5,090)		(5,504)
Revenues from sales		34,482		36,093		31,711
Purchases, net of inventory variation		(23,398)		(23,987)		(20,548)
Other operating expenses		(6,106)		(6,166)		(5,906)
Exploration costs		(199)		(197)		(536)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,798)		(4,579)		(2,968)
Other income		570		2,325		172
Other expense		(106)		(291)		(133)
Financial interest on debt		(345)		(331)		(267)
Financial income and expense from cash & cash equivalents		(37)		(11)		1
Cost of net debt		(382)		(342)		(266)
Other financial income		285		228		312
Other financial expense		(159)		(160)		(166)
Equity in net income (loss) of affiliates		310		548		776
Income taxes	Â	(472)	Â	(693)	Â	(330)
Consolidated net income	Â	2,027	Â	2,779	Â	2,118
Group share		2,037		2,849		2,088
Non-controlling interests	Â	(10)	Â	(70)	Â	30
Earnings per share ($)	Â	0.79	Â	1.14	Â	0.86
Fully-diluted earnings per share ($)	Â	0.79	Â	1.13	Â	0.86
^(a) Except for per share amounts.

	Â		Â		Â
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
						Â
(M$)	Â	2^nd quarter 2017	Â	1^st quarter 2017	Â	2^nd quarter 2016
Consolidated net income	Â	2,027	Â	2,779	Â	2,118
Other comprehensive income
						Â
Actuarial gains and losses		32		126		(132)
Tax effect		(12)		(41)		40
Currency translation adjustment generated by the parent company	Â	4,524	Â	940	Â	(2,113)
Items not potentially reclassifiable to profit and loss	Â	4,544	Â	1,025	Â	(2,205)
Currency translation adjustment		(1,218)		(200)		589
Available for sale financial assets		1		(1)		(4)
Cash flow hedge		(79)		113		(66)
Share of other comprehensive income of equity affiliates, net amount		(794)		331		355
Other		(3)		3		-
Tax effect	Â	30	Â	(39)	Â	21
Items potentially reclassifiable to profit and loss	Â	(2,063)	Â	207	Â	895
Total other comprehensive income (net amount)	Â	2,481	Â	1,232	Â	(1,310)
Â	Â	Â	Â	Â	Â	Â
Comprehensive income	Â	4,508	Â	4,011	Â	808
Group share		4,507		4,074		795
Non-controlling interests		1		(63)		13

	Â		Â
CONSOLIDATED STATEMENT OF INCOME
TOTAL
(unaudited)
				Â
(M$) ^(a)	Â	1^st half 2017	Â	1^st half 2016
Sales		81,098		70,056
Excise taxes		(10,523)		(10,823)
Revenues from sales		70,575		59,233
Purchases, net of inventory variation		(47,385)		(38,187)
Other operating expenses		(12,272)		(12,042)
Exploration costs		(396)		(730)
Depreciation, depletion and impairment of tangible assets and mineral interests		(7,377)		(5,648)
Other income		2,895		672
Other expense		(397)		(203)
Financial interest on debt		(676)		(541)
Financial income and expense from cash & cash equivalents		(48)		11
Cost of net debt		(724)		(530)
Other financial income		513		503
Other financial expense		(319)		(321)
Equity in net income (loss) of affiliates		858		1,274
Income taxes	Â	(1,165)	Â	(282)
Consolidated net income	Â	4,806	Â	3,739
Group share		4,886		3,694
Non-controlling interests	Â	(80)	Â	45
Earnings per share ($)	Â	1.93	Â	1.54
Fully-diluted earnings per share ($)	Â	1.92	Â	1.53
^(a)Except for per share amounts.

	Â		Â
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
				Â
(M$)	Â	1^st half 2017	Â	1^st half 2016
Consolidated net income	Â	4,806	Â	3,739
Other comprehensive income
				Â
Actuarial gains and losses		158		(213)
Tax effect		(53)		72
Currency translation adjustment generated by the parent company	Â	5,464	Â	1,528
Items not potentially reclassifiable to profit and loss	Â	5,569	Â	1,387
Currency translation adjustment		(1,418)		(1,355)
Available for sale financial assets		-		(14)
Cash flow hedge		34		32
Share of other comprehensive income of equity affiliates, net amount		(463)		354
Other		-		3
Tax effect	Â	(9)	Â	(3)
Items potentially reclassifiable to profit and loss	Â	(1,856)	Â	(983)
Total other comprehensive income (net amount)	Â	3,713	Â	404
Â	Â	Â	Â	Â
Comprehensive income	Â	8,519	Â	4,143
Group share		8,581		4,103
Non-controlling interests		(62)		40

	Â		Â		Â		Â
CONSOLIDATED BALANCE SHEET
TOTAL
								Â
								Â
(M$)	Â	June 30, 2017 (unaudited)	Â	March 31, 2017 (unaudited)	Â	December 31, 2016	Â	June 30, 2016 (unaudited)
ASSETS
Non-current assets
Intangible assets, net		14,119		14,048		15,362		14,207
Property, plant and equipment, net		112,659		111,100		111,971		111,420
Equity affiliates : investments and loans		21,705		21,638		20,576		20,683
Other investments		1,483		1,381		1,133		1,411
Non-current financial assets		558		877		908		1,251
Deferred income taxes		4,981		4,766		4,368		4,175
Other non-current assets	Â	4,411	Â	4,114	Â	4,143	Â	4,467
Total non-current assets	Â	159,916	Â	157,924	Â	158,461	Â	157,614
Current assets
Inventories, net		14,273		14,985		15,247		15,021
Accounts receivable, net		12,923		12,235		12,213		11,933
Other current assets		14,034		13,955		14,835		14,850
Current financial assets		3,618		3,971		4,548		2,018
Cash and cash equivalents		28,720		27,526		24,597		22,653
Assets classified as held for sale	Â	421	Â	413	Â	1,077	Â	1,257
Total current assets	Â	73,989	Â	73,085	Â	72,517	Â	67,732
Total assets		233,905		231,009		230,978		225,346
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares		7,797		7,667		7,604		7,846
Paid-in surplus and retained earnings		110,305		109,583		105,547		106,343
Currency translation adjustment		(10,314)		(12,819)		(13,871)		(11,619)
Treasury shares	Â	(600)	Â	(600)	Â	(600)	Â	(4,585)
Total shareholders' equity - Group share	Â	107,188	Â	103,831	Â	98,680	Â	97,985
Non-controlling interests	Â	2,772	Â	2,823	Â	2,894	Â	2,904
Total shareholders' equity	Â	109,960	Â	106,654	Â	101,574	Â	100,889
Non-current liabilities
Deferred income taxes		10,920		10,936		11,060		11,345
Employee benefits		4,127		3,711		3,746		3,887
Provisions and other non-current liabilities		16,924		16,714		16,846		17,270
Non-current financial debt	Â	41,548	Â	42,017	Â	43,067	Â	41,668
Total non-current liabilities	Â	73,519	Â	73,378	Â	74,719	Â	74,170
Current liabilities
Accounts payable		21,914		21,633		23,227		20,478
Other creditors and accrued liabilities		14,862		15,151		16,720		14,983
Current borrowings		13,070		13,582		13,920		13,789
Other current financial liabilities		241		277		327		390
Liabilities directly associated with the assets classified as held for sale	Â	339	Â	334	Â	491	Â	647
Total current liabilities	Â	50,426	Â	50,977	Â	54,685	Â	50,287
Total liabilities & shareholders' equity		233,905		231,009		230,978		225,346

	Â		Â		Â
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
						Â
(unaudited)
						Â
(M$)	Â	2^nd quarter 2017	Â	1^st quarter 2017	Â	2^nd quarter 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		2,027		2,779		2,118
Depreciation, depletion, amortization and impairment		2,930		4,660		3,361
Non-current liabilities, valuation allowances and deferred taxes		(50)		(197)		(477)
(Gains) losses on disposals of assets		(151)		(2,232)		(48)
Undistributed affiliates' equity earnings		501		(295)		(280)
(Increase) decrease in working capital		(268)		(54)		(1,752)
Other changes, net	Â	(349)	Â	40	Â	(40)
Cash flow from operating activities		4,640		4,701		2,882
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(3,323)		(2,678)		(4,094)
Acquisitions of subsidiaries, net of cash acquired		(6)		(319)		11
Investments in equity affiliates and other securities		(433)		(523)		(226)
Increase in non-current loans	Â	(443)	Â	(158)	Â	(257)
Total expenditures		(4,205)		(3,678)		(4,566)
Proceeds from disposals of intangible assets and property, plant and equipment		74		6		200
Proceeds from disposals of subsidiaries, net of cash sold		-		2,696		270
Proceeds from disposals of non-current investments		133		9		2
Repayment of non-current loans	Â	153	Â	187	Â	301
Total divestments	Â	360	Â	2,898	Â	773
Cash flow used in investing activities		(3,845)		(780)		(3,793)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		406		15		4
- Treasury shares		-		-		-
Dividends paid:
- Parent company shareholders		(1,462)		(538)		(1,173)
- Non-controlling interests		(61)		(15)		(72)
Issuance of perpetual subordinated notes		-		-		1,950
Payments on perpetual subordinated notes		(90)		(129)		-
Other transactions with non-controlling interests		-		-		3
Net issuance (repayment) of non-current debt		290		56		400
Increase (decrease) in current borrowings		(1,167)		(1,413)		1,011
Increase (decrease) in current financial assets and liabilities		979		658		1,399
Cash flow used in financing activities	Â	(1,105)	Â	(1,366)	Â	3,522
Net increase (decrease) in cash and cash equivalents		(310)		2,555		2,611
Effect of exchange rates		1,504		374		(528)
Cash and cash equivalents at the beginning of the period	Â	27,526	Â	24,597	Â	20,570
Cash and cash equivalents at the end of the period	Â	28,720	Â	27,526	Â	22,653

	Â		Â
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
				Â
(unaudited)
				Â
(M$)	Â	1^st half 2017	Â	1^st half 2016
CASH FLOW FROM OPERATING ACTIVITIES
Consolidated net income		4,806		3,739
Depreciation, depletion, amortization and impairment		7,590		6,096
Non-current liabilities, valuation allowances and deferred taxes		(247)		(745)
(Gains) losses on disposals of assets		(2,383)		(415)
Undistributed affiliates' equity earnings		206		(516)
(Increase) decrease in working capital		(322)		(3,297)
Other changes, net	Â	(309)	Â	(99)
Cash flow from operating activities		9,341		4,763
CASH FLOW USED IN INVESTING ACTIVITIES
Intangible assets and property, plant and equipment additions		(6,001)		(8,240)
Acquisitions of subsidiaries, net of cash acquired		(325)		(122)
Investments in equity affiliates and other securities		(956)		(283)
Increase in non-current loans	Â	(601)	Â	(829)
Total expenditures		(7,883)		(9,474)
Proceeds from disposals of intangible assets and property, plant and equipment		80		992
Proceeds from disposals of subsidiaries, net of cash sold		2,696		270
Proceeds from disposals of non-current investments		142		95
Repayment of non-current loans	Â	340	Â	401
Total divestments	Â	3,258	Â	1,758
Cash flow used in investing activities		(4,625)		(7,716)
CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares:
- Parent company shareholders		421		4
- Treasury shares		-		-
Dividends paid:
- Parent company shareholders		(2,000)		(2,127)
- Non-controlling interests		(76)		(75)
Issuance of perpetual subordinated notes		-		1,950
Payments on perpetual subordinated notes		(219)		(133)
Other transactions with non-controlling interests		-		3
Net issuance (repayment) of non-current debt		346		554
Increase (decrease) in current borrowings		(2,580)		(2,016)
Increase (decrease) in current financial assets and liabilities		1,637		4,145
Cash flow used in financing activities	Â	(2,471)	Â	2,305
Net increase (decrease) in cash and cash equivalents		2,245		(648)
Effect of exchange rates		1,878		32
Cash and cash equivalents at the beginning of the period	Â	24,597	Â	23,269
Cash and cash equivalents at the end of the period	Â	28,720	Â	22,653

									Â		Â		Â		Â		Â
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL	Â		Â		Â		Â
																		Â
(unaudited)
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	Number	Â	Amount	Â	Â	Â	Â	Â	Â
As of January 1, 2016	Â	2,440,057,883	Â	7,670	Â	101,528	Â	(12,119)	Â	(113,967,758)	Â	(4,585)	Â	92,494	Â	2,915	Â	95,409
Net income of the first half 2016		-		-		3,694		-		-		-		3,694		45		3,739
Other comprehensive Income		-		-		(91)		500		-		-		409		(5)		404
Comprehensive Income		-		-		3,603		500		-		-		4,103		40		4,143
Dividend		-		-		(3,188)		-		-		-		(3,188)		(75)		(3,263)
Issuance of common shares		63,204,391		176		2,490		-		-		-		2,666		-		2,666
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		1,580		-		-		-		-
Share-based payments		-		-		52		-		-		-		52		-		52
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		1,950		-		-		-		1,950		-		1,950
Payments on perpetual subordinated notes		-		-		(77)		-		-		-		(77)		-		(77)
Other operations with non-controlling interests		-		-		(40)		-		-		-		(40)		6		(34)
Other items		-		-		25		-		-		-		25		18		43
As of June 30, 2016	Â	2,503,262,274	Â	7,846	Â	106,343	Â	(11,619)	Â	(113,966,178)	Â	(4,585)	Â	97,985	Â	2,904	Â	100,889
Net income from July 1 to December 31, 2016		-		-		2,502		-		-		-		2,502		(35)		2,467
Other comprehensive Income		-		-		(17)		(2,252)		-		-		(2,269)		6		(2,263)
Comprehensive Income		-		-		2,485		(2,252)		-		-		233		(29)		204
Dividend		-		-		(3,324)		-		-		-		(3,324)		(18)		(3,342)
Issuance of common shares		27,434,856		75		1,063		-		-		-		1,138		-		1,138
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		(163)		-		3,047,088		163		-		-		-
Share-based payments		-		-		60		-		-		-		60		-		60
Share cancellation		(100,331,268)		(317)		(3,505)		-		100,331,268		3,822		-		-		-
Issuance of perpetual subordinated notes		-		-		2,761		-		-		-		2,761		-		2,761
Payments on perpetual subordinated notes		-		-		(126)		-		-		-		(126)		-		(126)
Other operations with non-controlling interests		-		-		(58)		-		-		-		(58)		(49)		(107)
Other items		-		-		11		-		-		-		11		86		97
As of December 31, 2016	Â	2,430,365,862	Â	7,604	Â	105,547	Â	(13,871)	Â	(10,587,822)	Â	(600)	Â	98,680	Â	2,894	Â	101,574
Net income of the first half 2017		-		-		4,886		-		-		-		4,886		(80)		4,806
Other comprehensive Income		-		-		138		3,557		-		-		3,695		18		3,713
Comprehensive Income		-		-		5,024		3,557		-		-		8,581		(62)		8,519
Dividend		-		-		(3,297)		-		-		-		(3,297)		(76)		(3,373)
Issuance of common shares		71,170,026		193		3,103		-		-		-		3,296		-		3,296
Purchase of treasury shares		-		-		-		-		-		-		-		-		-
Sale of treasury shares ⁽¹⁾		-		-		-		-		4,000		-		-		-		-
Share-based payments		-		-		74		-		-		-		74		-		74
Share cancellation		-		-		-		-		-		-		-		-		-
Issuance of perpetual subordinated notes		-		-		-		-		-		-		-		-		-
Payments on perpetual subordinated notes		-		-		(142)		-		-		-		(142)		-		(142)
Other operations with non-controlling interests		-		-		(7)		-		-		-		(7)		7		-
Other items		-		-		3		-		-		-		3		9		12
As of June 30, 2017	Â	2,501,535,888	Â	7,797	Â	110,305	Â	(10,314)	Â	(10,583,822)	Â	(600)	Â	107,188	Â	2,772	Â	109,960
																		Â
⁽¹⁾ Treasury shares related to the restricted stock grants.

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

42,735

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,068

2,671

17,347

17,831

(2)

39,915

Intersegment sales

5,118

274

6,016

169

(11,667)

Excise taxes

(680)

(4,753)

(5,433)

Revenues from sales

7,186

2,945

22,683

13,247

(11,667)

34,482

Operating expenses

(3,547)

(2,857)

(21,918)

(12,729)

(319)

11,667

(29,703)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,344)

(40)

(245)

(158)

(11)

(2,798)

Operating income

1,295

520

360

(242)

1,981

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

487

148

258

(6)

900

Tax on net operating income

(512)

(24)

(142)

(123)

214

(587)

Net operating income

1,270

526

495

(34)

2,294

Net cost of net debt

(267)

Non-controlling interests

Net income - group share

2,037

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

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(27)

Intersegment sales

Excise taxes

Revenues from sales

(27)

Operating expenses

(117)

(25)

(411)

(80)

(64)

(697)

Depreciation, depletion and impairment of tangible assets and mineral interests

(15)

(14)

Operating income^(b)

(132)

(51)

(411)

(80)

(64)

(738)

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

(4)

(16)

(53)

121

Tax on net operating income

129

228

Net operating income^(b)

(89)

(58)

(335)

(42)

(462)

Net cost of net debt

(7)

Non-controlling interests

Net income - group share

(437)

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

^(b)Of which inventory valuation effect

On operating income

(372)

(54)

On net operating income

(270)

(45)

2^ndquarter 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,068

2,698

17,347

17,831

(2)

39,942

Intersegment sales

5,118

274

6,016

169

(11,667)

Excise taxes

(680)

(4,753)

(5,433)

Revenues from sales

7,186

2,972

22,683

13,247

(11,667)

34,509

Operating expenses

(3,430)

(2,832)

(21,507)

(12,649)

(255)

11,667

(29,006)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,329)

(41)

(245)

(158)

(11)

(2,784)

Adjusted operating income

1,427

931

440

(178)

2,719

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

491

201

137

(6)

852

Tax on net operating income

(559)

(33)

(271)

(144)

192

(815)

Adjusted net operating income

1,359

861

433

2,756

Net cost of net debt

(260)

Non-controlling interests

(22)

Adjusted net income - group share

2,474

Adjusted fully-diluted earnings per share ($)

0.97

(a) Except for earnings per share.

2^nd quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

3,448

401

258

4,205

Total divestments

132

182

360

Cash flow from operating activities

2,504

(114)

1,972

229

4,640

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

42,735

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,103

3,197

18,574

17,298

41,183

Intersegment sales

5,548

309

6,346

274

105

(12,582)

Excise taxes

(701)

(4,389)

(5,090)

Revenues from sales

7,651

3,506

24,219

13,183

116

(12,582)

36,093

Operating expenses

(3,687)

(3,469)

(22,878)

(12,665)

(233)

12,582

(30,350)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,068)

(72)

(287)

(144)

(8)

(4,579)

Operating income

(104)

(35)

1,054

374

(125)

1,164

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

190

(45)

2,453

2,650

Tax on net operating income

(439)

(37)

(356)

(108)

171

(769)

Net operating income

(353)

(117)

3,151

296

3,045

Net cost of net debt

(266)

Non-controlling interests

Net income - group share

2,849

1^st quarter 2017 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

Intersegment sales

Excise taxes

Revenues from sales

Operating expenses

(89)

(15)

(47)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,854)

(26)

(50)

(1,930)

Operating income^(b)

(1,854)

(115)

(15)

(1,977)

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

(210)

(63)

2,209

1,941

Tax on net operating income

329

(88)

246

Net operating income^(b)

(1,735)

(178)

2,128

(5)

210

Net cost of net debt

(7)

Non-controlling interests

Net income - group share

291

^(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

(15)

On net operating income

(5)

1^stquarter 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

2,103

3,197

18,574

17,298

41,183

Intersegment sales

5,548

309

6,346

274

105

(12,582)

Excise taxes

(701)

(4,389)

(5,090)

Revenues from sales

7,651

3,506

24,219

13,183

116

(12,582)

36,093

Operating expenses

(3,687)

(3,380)

(22,935)

(12,650)

(233)

12,582

(30,303)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,214)

(46)

(237)

(144)

(8)

(2,649)

Adjusted operating income

1,750

1,047

389

(125)

3,141

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

400

244

709

Tax on net operating income

(768)

(37)

(268)

(113)

171

(1,015)

Adjusted net operating income

1,382

1,023

301

2,835

Net cost of net debt

(259)

Non-controlling interests

(18)

Adjusted net income - group share

2,558

Adjusted fully-diluted earnings per share ($)

1.01

(a) Except for earnings per share.

1^st quarter 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

2,636

315

266

439

3,678

Total divestments

113

2,740

2,898

Cash flow from operating activities

2,496

125

1,765

313

4,701

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

2^nd quarter 2016

(M$)

Exploration & Production

Gas, Renewables & Power

42,735

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

1,822

1,914

16,567

16,913

(1)

37,215

Intersegment sales

4,340

194

5,540

208

(10,363)

Excise taxes

(924)

(4,580)

(5,504)

Revenues from sales

6,162

2,108

21,183

12,541

(10,363)

31,711

Operating expenses

(3,692)

(2,078)

(19,523)

(11,768)

(292)

10,363

(26,990)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,529)

(34)

(246)

(151)

(8)

(2,968)

Operating income

(59)

(4)

1,414

622

(220)

1,753

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

543

210

961

Tax on net operating income

202

(21)

(378)

(190)

(10)

(397)

Net operating income

686

1,246

479

(132)

2,317

Net cost of net debt

(199)

Non-controlling interests

(30)

Net income - group share

2,088

2^nd quarter 2016 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(6)

Intersegment sales

Excise taxes

Revenues from sales

(6)

Operating expenses

(358)

449

110

201

Depreciation, depletion and impairment of tangible assets and mineral interests

(200)

Operating income^(b)

(558)

(6)

449

110

(5)

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

(76)

(13)

(89)

Tax on net operating income

201

(145)

(38)

Net operating income^(b)

(357)

(5)

228

(75)

Net cost of net debt

(5)

Non-controlling interests

(6)

Net income - group share

(86)

^(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

516

118

On net operating income

331

2^ndquarter 2016 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

1,822

1,920

16,567

16,913

(1)

37,221

Intersegment sales

4,340

194

5,540

208

(10,363)

Excise taxes

(924)

(4,580)

(5,504)

Revenues from sales

6,162

2,114

21,183

12,541

(10,363)

31,717

Operating expenses

(3,334)

(2,078)

(19,972)

(11,878)

(292)

10,363

(27,191)

Depreciation, depletion and impairment of tangible assets and mineral interests

(2,329)

(34)

(246)

(151)

(8)

(2,768)

Adjusted operating income

499

965

512

(220)

1,758

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

543

286

1,050

Tax on net operating income

(22)

(233)

(152)

(10)

(416)

Adjusted net operating income

1,043

1,018

420

(132)

2,392

Net cost of net debt

(194)

Non-controlling interests

(24)

Adjusted net income - group share

2,174

Adjusted fully-diluted earnings per share ($)

0.90

(a) Except for earnings per share.

2^nd quarter 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

3,533

480

251

207

4,566

Total divestments

446

294

773

Cash flow from operating activities

595

111

1,561

261

354

2,882

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2017

(M$)

Exploration & Production

Gas, Renewables & Power

42,735

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,171

5,868

35,921

35,129

81,098

Intersegment sales

10,666

583

12,362

443

195

(24,249)

Excise taxes

(1,381)

(9,142)

(10,523)

Revenues from sales

14,837

6,451

46,902

26,430

204

(24,249)

70,575

Operating expenses

(7,234)

(6,326)

(44,796)

(25,394)

(552)

24,249

(60,053)

Depreciation, depletion and impairment of tangible assets and mineral interests

(6,412)

(112)

(532)

(302)

(19)

(7,377)

Operating income

1,191

1,574

734

(367)

3,145

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

677

(32)

2,601

288

3,550

Tax on net operating income

(951)

(61)

(498)

(231)

385

(1,356)

Net operating income

917

(80)

3,677

791

5,339

Net cost of net debt

(533)

Non-controlling interests

Net income - group share

4,886

1^st half 2017 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(27)

Intersegment sales

Excise taxes

Revenues from sales

(27)

Operating expenses

(117)

(114)

(354)

(95)

(64)

(744)

Depreciation, depletion and impairment of tangible assets and mineral interests

(1,869)

(25)

(50)

(1,944)

Operating income^(b)

(1,986)

(166)

(404)

(95)

(64)

(2,715)

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

(214)

(79)

2,156

126

1,989

Tax on net operating income

376

474

Net operating income^(b)

(1,824)

(236)

1,793

(42)

(252)

Net cost of net debt

(14)

Non-controlling interests

120

Net income - group share

(146)

^(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

(289)

(69)

On net operating income

(212)

(50)

1^st half 2017 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

4,171

5,895

35,921

35,129

81,125

Intersegment sales

10,666

583

12,362

443

195

(24,249)

Excise taxes

(1,381)

(9,142)

(10,523)

Revenues from sales

14,837

6,478

46,902

26,430

204

(24,249)

70,602

Operating expenses

(7,117)

(6,212)

(44,442)

(25,299)

(488)

24,249

(59,309)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,543)

(87)

(482)

(302)

(19)

(5,433)

Adjusted operating income

3,177

179

1,978

829

(303)

5,860

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

891

445

162

1,561

Tax on net operating income

(1,327)

(70)

(539)

(257)

363

(1,830)

Adjusted net operating income

2,741

156

1,884

734

5,591

Net cost of net debt

(519)

Non-controlling interests

(40)

Adjusted net income - group share

5,032

Adjusted fully-diluted earnings per share ($)

1.98

(a) Except for earnings per share.

1^st half 2017

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

6,084

392

667

697

7,883

Total divestments

245

2,760

218

3,258

Cash flow from operating activities

5,000

3,737

542

9,341

BUSINESS SEGMENT INFORMATION

TOTAL

(unaudited)

1^st half 2016

(M$)

Exploration & Production

Gas, Renewables & Power

42,735

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,711

3,939

30,505

31,899

70,056

Intersegment sales

7,718

420

9,688

340

151

(18,317)

Excise taxes

(1,885)

(8,938)

(10,823)

Revenues from sales

11,429

4,359

38,308

23,301

153

(18,317)

59,233

Operating expenses

(6,999)

(4,392)

(35,305)

(22,068)

(512)

18,317

(50,959)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,775)

(62)

(499)

(296)

(16)

(5,648)

Operating income

(345)

(95)

2,504

937

(375)

2,626

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

1,170

114

389

201

1,925

Tax on net operating income

515

(16)

(655)

(275)

(403)

Net operating income

1,340

2,238

713

(146)

4,148

Net cost of net debt

(409)

Non-controlling interests

(45)

Net income - group share

3,694

1^st half 2016 (adjustments) ^(a)

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

(132)

Intersegment sales

Excise taxes

Revenues from sales

(132)

Operating expenses

(691)

242

(416)

Depreciation, depletion and impairment of tangible assets and mineral interests

(200)

Operating income^(b)

(891)

(132)

242

(748)

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

329

(8)

(77)

(21)

223

Tax on net operating income

473

(75)

(8)

417

Net operating income^(b)

(89)

(113)

(108)

Net cost of net debt

(11)

Non-controlling interests

Net income - group share

(116)

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

^(b)Of which inventory valuation effect

On operating income

311

On net operating income

198

1^st half 2016 (adjusted)

(M$) ^(a)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Non-Group sales

3,711

4,071

30,505

31,899

70,188

Intersegment sales

7,718

420

9,688

340

151

(18,317)

Excise taxes

(1,885)

(8,938)

(10,823)

Revenues from sales

11,429

4,491

38,308

23,301

153

(18,317)

59,365

Operating expenses

(6,308)

(4,392)

(35,547)

(22,101)

(512)

18,317

(50,543)

Depreciation, depletion and impairment of tangible assets and mineral interests

(4,575)

(62)

(499)

(296)

(16)

(5,448)

Adjusted operating income

546

2,262

904

(375)

3,374

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

841

122

466

201

1,702

Tax on net operating income

(43)

(580)

(267)

(820)

Adjusted net operating income

1,429

116

2,148

709

(146)

4,256

Net cost of net debt

(398)

Non-controlling interests

(48)

Adjusted net income - group share

3,810

Adjusted fully-diluted earnings per share ($)

1.58

(a) Except for earnings per share.

1^st half 2016

(M$)

Exploration & Production

Gas, Renewables & Power

Refining & Chemicals

Marketing & Services

Corporate

Intercompany

Total

Total expenditures

7,768

242

741

502

221

9,474

Total divestments

1,264

104

330

1,758

Cash flow from operating activities

2,696

(218)

1,142

841

302

4,763

			Â		Â
Reconciliation of the information by business segment with consolidated financial statements
TOTAL	Â
						Â
(unaudited)
						Â
2^nd quarter 2017 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	31-Dec-16
Sales		39,942		(27)		39,915
Excise taxes		(5,433)		-		(5,433)
Revenues from sales		34,509		(27)		34,482
Purchases, net of inventory variation		(22,939)		(459)		(23,398)
Other operating expenses		(5,868)		(238)		(6,106)
Exploration costs		(199)		-		(199)
Depreciation, depletion and impairment of tangible assets and mineral interests		(2,784)		(14)		(2,798)
Other income		206		364		570
Other expense		(58)		(48)		(106)
Financial interest on debt		(338)		(7)		(345)
Financial income and expense from cash & cash equivalents		(37)		-		(37)
Cost of net debt		(375)		(7)		(382)
Other financial income		285		-		285
Other financial expense		(159)		-		(159)
Equity in net income (loss) of affiliates		578		(268)		310
Income taxes	Â	(700)	Â	228	Â	(472)
Consolidated net income		2,496		(469)		2,027
Group share		2,474		(437)		2,037
Non-controlling interests		22		(32)		(10)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
						Â
2^nd quarter 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		37,221		(6)		37,215
Excise taxes		(5,504)		-		(5,504)
Revenues from sales		31,717		(6)		31,711
Purchases, net of inventory variation		(21,130)		582		(20,548)
Other operating expenses		(5,875)		(31)		(5,906)
Exploration costs		(186)		(350)		(536)
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â ^(b)Of which inventory valuation effect		(2,768)		(200)		(2,968)
Other income		172		-		172
Other expense		(65)		(68)		(133)
Financial interest on debt		(262)		(5)		(267)
Financial income and expense from cash & cash equivalents		1		-		1
Cost of net debt		(261)		(5)		(266)
Other financial income		312		-		312
Other financial expense		(166)		-		(166)
Equity in net income (loss) of affiliates		797		(21)		776
Income taxes	Â	(349)	Â	19	Â	(330)
Consolidated net income		2,198		(80)		2,118
Group share		2,174		(86)		2,088
Non-controlling interests		24		6		30
						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		Â
TOTAL	Â
						Â
(unaudited)
						Â
1^st half 2017 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	31-Dec-16
Sales		81,125		(27)		81,098
Excise taxes		(10,523)		-		(10,523)
Revenues from sales		70,602		(27)		70,575
Purchases, net of inventory variation		(46,929)		(456)		(47,385)
Other operating expenses		(11,984)		(288)		(12,272)
Exploration costs		(396)		-		(396)
Depreciation, depletion and impairment of tangible assets and mineral interests		(5,433)		(1,944)		(7,377)
Other income		314		2,581		2,895
Other expense		(116)		(281)		(397)
Financial interest on debt		(662)		(14)		(676)
Financial income and expense from cash & cash equivalents		(48)		-		(48)
Cost of net debt		(710)		(14)		(724)
Other financial income		513		-		513
Other financial expense		(319)		-		(319)
Equity in net income (loss) of affiliates		1,169		(311)		858
Income taxes	Â	(1,639)	Â	474	Â	(1,165)
Consolidated net income		5,072		(266)		4,806
Group share		5,032		(146)		4,886
Non-controlling interests		40		(120)		(80)
						Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.
						Â
1^st half 2016 (M$)	Â	Adjusted	Â	Adjustments ^(a)	Â	Consolidated statement of income
Sales		70,188		(132)		70,056
Excise taxes		(10,823)		-		(10,823)
Revenues from sales		59,365		(132)		59,233
Purchases, net of inventory variation		(38,487)		300		(38,187)
Other operating expenses		(11,676)		(366)		(12,042)
Exploration costs		(380)		(350)		(730)
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Â ^(b)Of which inventory valuation effect		(5,448)		(200)		(5,648)
Other income		343		329		672
Other expense		(119)		(84)		(203)
Financial interest on debt		(530)		(11)		(541)
Financial income and expense from cash & cash equivalents		11		-		11
Cost of net debt		(519)		(11)		(530)
Other financial income		503		-		503
Other financial expense		(321)		-		(321)
Equity in net income (loss) of affiliates		1,296		(22)		1,274
Income taxes	Â	(699)	Â	417	Â	(282)
Consolidated net income		3,858		(119)		3,739
Group share		3,810		(116)		3,694
Non-controlling interests		48		(3)		45
						Â
Â
^(a) Adjustments include special items, inventory valuation effect and the effect of changes in fair value.

Total
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
FaxÂ : +1 713-483-5629

View source version on businesswire.com: http://www.businesswire.com/news/home/20170727005694/en/

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