1st Quarter Results
Total S.A.
04 May 2007
Paris, May 4, 2007
Total reports strong first quarter 2007 results
Main results for the first quarter 2007(1)
• Adjusted net income(2)-(3) 3.0 billion euros -11%
3.9 billion dollars -3%
1.31 euros per share -9%
1.72 dollars per share -1%
Highlights since the start of the first quarter 2007
• Upstream production of 2,431 kboe/d in the first quarter 2007
• Dalia successfully reached 240 kb/d plateau in mid-April
• OPEC reduction impact of -37 kb/d
• Launching development of the Jura field as a satellite to Alwyn
• Successful exploration
• Promising discoveries and launching of development studies for Egina,
a new pole in deep-offshore Nigeria
• Two major discoveries near Moho Bilondo in deep-offshore Congo
• Four new oil discoveries on ultra-deep offshore Block 32 and
deep-offshore Block 14 in Angola
• New exploration blocks in Indonesia, Australia, Alaska and the UK
North Sea
• Finalized negotiations to acquire interests in Blocks 15/06 and 17/06 in
Angola
The Board of Directors of Total, led by Chairman Thierry Desmarest, met on May
3, 2007 to review the first quarter 2007 accounts. Commenting on the results,
CEO Christophe de Margerie said:
In the first quarter 2007, the average Brent oil price decreased by 6% compared
to the same quarter a year ago and gas prices fell sharply in the UK. The
Downstream and Chemicals segments benefited from strong demand while refinery
throughput was constrained by a number of maintenance shut-downs.
In this context, the adjusted earnings per share expressed in dollars showed
only a limited decrease of 1% compared to the first quarter 2006 and an increase
of 12% compared to the fourth quarter 2006. Profitability at the business
segment level remained strong at 28%.
This performance, which is among the best in the industry, shows that Total
managed to maintain the quality of its portfolio and its investment and project
management discipline while accelerating its growth effort and facing continued
pressure from rising costs.
The successful ramp-up of the Dalia field in Angola, which is already at its
plateau, and the start-ups of Rosa in Angola and Dolphin in Qatar, planned for
the second and third quarters of this year, confirm that we are returning to a
period of growth.
Total is pursuing its strategy of profitable growth over the long term,
supported by continued exploration success, improvements to its refining and
petrochemical facilities, and increased efforts in research and development to
meet the new challenges facing the energy industry and the environment.
• Key figures and consolidated accounts of Total(4)
in millions of euros, 1Q07 4Q06 1Q06 1Q07 vs
except earnings per share and number of shares 1Q06
Sales 37,043 36,433 38,103 -3%
Adjusted operating income from business segments 5,729 5,454 6,688 -14%
Adjusted net operating income from business 2,948 2,689 3,240 -9%
segments
• Upstream 1,961 1,885 2,400 -18%
• Downstream 708 549 650 +9%
• Chemicals 279 255 190 +47%
Adjusted net income 2,992 2,737 3,376 -11%
Adjusted fully-diluted earnings per share (euros) 1.31 1.20 1.45 -9%
Fully-diluted weighted-average shares (millions) 2,280.9 2,288.1 2,335.8 -2%
Net income (Group share) 3,049 2,225 3,683 -17%
Investments 2,414 3,656 2,750 -12%
Divestments (at selling price) 244 1,071 397 -39%
Cash flow from operations 6,388 2,123 4,839 +32%
Adjusted cash flow from operations 4,116 3,454 4,287 -4%
• First quarter 2007 results
> Operating income
In the first quarter 2007, the average Brent price was 57.8 $/b, a decrease of
6% compared to the first quarter 2006 and 3% compared to the fourth quarter
2006.
The European refining margin indicator (TRCV) averaged 33 $/t in the first
quarter 2007, an increase of 28% compared to the first quarter 2006 and 45%
compared to the fourth quarter 2006.
Petrochemical margins in Europe were higher relative to the first quarter 2006
but slightly lower relative to the fourth quarter 2006. In the US, first quarter
2007 margins were sharply lower compared to both periods.
The euro/dollar exchange rate was 1.31 $/€ compared to 1.20 $/€ in the first
quarter 2006 and 1.29 $/€ in the fourth quarter 2006.
In this context, adjusted operating income from the business segments was 5,729
million euros (M€), a 14% decrease compared to the first quarter 2006(5).
Adjusted net operating income from the business segments was 2,948 M€, a 9%
decrease compared to the first quarter 2006. The lower percentage decrease
relative to the decrease in operating income is mainly due to the Upstream
segment, which has a higher effective tax rate, representing a smaller
proportion of the results compared to a year ago.
> Net income
Adjusted net income was 2,992 M€, an 11% decrease compared to the first quarter
2006. This excludes the after-tax inventory effect, special items, and the
Group's equity share of the amortization of intangibles related to the
Sanofi-Aventis merger.
The after-tax inventory effect had a positive impact on net income of 133 M€ in
the first quarter 2007 and of 280 M€ in the first quarter 2006.
There were no special items in the first quarter 2007. In the first quarter
2006, special items had a positive impact on net income of 110 M€ and were
composed mainly of gains on the sale of Upstream assets in the US.
The Group's share of the amortization of intangibles related to the
Sanofi-Aventis merger had an impact on net income of -76 M€ in the first quarter
2007 and -83 M€ in the first quarter 2006.
Reported net income was 3,049 M€ compared to 3,683 M€ in the first quarter 2006.
The effective tax rate(6) for the Group was 54% in the first quarter 2007, a
decrease compared to 55% in the first quarter 2006 and close to 57% in the
fourth quarter 2006.
In the first quarter 2007, the Group bought back 6 million of its shares for 306
M€. The number of fully-diluted shares at March 31, 2007 was 2,278.1 million
compared to 2,285.2 million at December 31, 2006 and 2,333.7 million at March
31, 2006.
Adjusted fully-diluted earnings per share, based on 2,280.9 million
fully-diluted weighted-average shares was 1.31 euros, a decrease of 9% compared
to the first quarter 2006, which is a smaller decrease than shown for adjusted
net income due to the accretive effect of the share buybacks. Adjusted
fully-diluted earnings per share, expressed in dollars, decreased by 1%.
> Investments - divestments
Investments were 2,414 M€ (or 3,164 M$) in the first quarter 2007 compared to
2,750 M€ (or 3,306 M$) in the first quarter 2006.
Divestments in the first quarter 2007 were 244 M€ and included the sale of
Upstream assets among which Canyon Express and the Aconcagua field in the Gulf
of Mexico. Divestments in the first quarter 2006 were 397 M€.
Net investments in the first quarter 2007 were 2,844 M$ compared to 2,829 M$ in
the first quarter 2006.
> Cash flow
Cash flow from operations was 6,388 M€, an increase of 32% compared to the first
quarter 2006. This includes a 2,098 M€ reduction in working capital in the first
quarter 2007, mainly due to a temporary increase in liabilities related to the
timing of payments for taxes on refined products and income.
Adjusted cash flow from operations (cash flow from operations before changes in
working capital at replacement cost) decreased by 4% to 4,116 M€.
Net cash flow (7) was 4,218 M€ compared to 2,486 M€ in the first quarter 2006.
The net-debt-to-equity ratio was 23% at March 31, 2007 compared to 34% at
December 31, 2006 and 26% at March 31, 2006(8).
• Upstream
> Liquids and gas price realizations*
1Q07 4Q06 1Q06 1Q07 vs
1Q06
Brent ($/b) 57.8 59.6 61.8 -6%
Average liquids price ($/b) 55.0 57.1 58.8 -6%
Average gas price ($/MBtu) 5.69 6.16 6.16 -8%
* consolidated subsidiaries, excluding fixed margin and buy-back contracts
The decrease in Total's average realized price for liquids was in line with the
decrease in the Brent price. However, with the exception of the UK market, gas
price realizations were higher in the Group's main gas producing zones in the
first quarter 2007 compared to the first quarter 2006.
> Production
Hydrocarbon production 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Combined production (kboe/d) 2,431 2,403 2,440 -
• Liquids (kb/d) 1,551 1,513 1,560 -1%
• Gas (Mcf/d) 4,781 4,989 4,795 -
Hydrocarbon production was 2,431 thousand barrels of oil equivalent per day
(kboe/d) in the first quarter 2007 compared to 2,440 kboe/d in the first quarter
2006, mainly as a result of:
• +3% due to the positive impact of new field start-ups, partially
offset by normal declines on mature fields,
• -1.5% due to OPEC reductions in Libya, Abu Dhabi and Venezuela,
• -1% due to divestments and other portfolio changes,
• -1% due to the impact of shut-downs in the Niger Delta because of
security issues.
Excluding the effects of portfolio changes and OPEC reductions, underlying
production growth was 2%.
Compared to the fourth quarter 2006, production increased by 1.2%, mainly due to
production ramp-up at the Dalia field. Excluding the impact of OPEC reductions
imposed by Venezuela on heavy-oil projects, the underlying growth was more than
2%. There were no significant portfolio changes between the fourth quarter 2006
and the first quarter 2007.
> Results
in millions of euros 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Adjusted operating income* 4,375 4,330 5,601 -22%
Adjusted net operating income* 1,961 1,885 2,400 -18%
• Income from equity affiliates 175 176 143 +22%
Investments 1,989 2,638 2,081 -4%
Divestments 173 523 353 -51%
at selling price
Cash flow 4,335 1,788 3,831 +13%
Adjusted cash flow (M€) 2,966 2,371 3,266 -9%
* detail of adjustment items shown in business segment information
Adjusted net operating income for the Upstream segment was 1,961 M€, a decrease
of 18% compared to the first quarter 2006.
Expressed in dollars, the decrease in adjusted net operating income for the
Upstream segment was 11%, reflecting mainly the lower hydrocarbon prices and, to
a lesser extent, the increase in production costs and exploration activity.
The average Upstream segment tax rate was 60% in the first quarter 2007, stable
compared to the first quarter 2006. The increase in tax rates in the UK and
Venezuela was offset by a favorable mix effect and by the impact of lower
hydrocarbon prices.
The increase in income from equity affiliates reflects mainly the growth from
Trains 4 and 5 at Nigeria LNG.
Compared to the fourth quarter 2006, adjusted net operating income for the
Upstream segment expressed in dollars increased by 6%, essentially due to the
increase in production and the decrease in the effective tax rate.
The return on average capital employed (ROACE(9)) for the Upstream segment was
34% for the twelve months ended March 31, 2007 compared to 35% for the full year
2006.
The 2007 investment program for the Upstream segment is proceeding as planned.
• Downstream
> Refinery throughput and utilization rates*
1Q07 4Q06 1Q06 1Q07 vs
1Q06
Total refinery throughput (kb/d) 2,421 2,435 2,421 -
• France 988 971 899 +10%
• Rest of Europe 1,167 1,210 1,217 -4%
• Rest of world 266 254 305 -13%
Utilization rates
• Based on crude only 87% 86% 86% ns
• Based on crude and other feedstock 90% 90% 89% ns
* includes share of CEPSA
The first quarter 2007 included three partial turnarounds: the distillation unit
at Port Arthur and the catalytic crackers at the Donges and Antwerp refineries.
The first quarter 2006 included a major turnaround for maintenance at the
Provence refinery and a 3-week shutdown of the Flanders refinery.
In the fourth quarter 2006, there was a major shut-down of the cracker at Port
Arthur.
The utilization rate for the distillate hydro-cracker in Normandy, which started
up in 2006, was close to 90% on average in the first quarter 2007.
> Results
in millions of euros, 1Q07 4Q06 1Q06 1Q07 vs
except European refining margin indicator 1Q06
European refining margin 33.0 22.8 25.8 +28%
indicator - TRCV ($/t)
Adjusted operating income* (M€) 973 750 856 +14%
Adjusted net operating income* (M€) 708 549 650 +9%
• Income from equity affiliates 63 63 61 +3%
Investments (M€) 244 703 321 -24%
Divestments (M€) 22 275 13 +69%
at selling price
Cash flow (M€) 1,905 261 1,201 +59%
Adjusted cash flow (M€) 1,039 844 831 +25%
* detail of adjustment items shown in business segment information
Adjusted net operating income for the Downstream segment was 708 M€ in the first
quarter 2007 compared to 650 M€ in the first quarter 2006, an increase of 9%.
Expressed in dollars, the increase was 19%. This reflects mainly the stronger
European refining margins, which were fueled by higher gasoline prices in the
Atlantic Basin in a context of heavy maintenance activity that limited available
supplies. The Downstream also benefited from the start-up of the distillate
hydro-cracker in Normandy as well as good performance from Marketing and ongoing
productivity programs.
The Downstream segment ROACE for the twelve months ended March 31, 2007 was 25%
compared to 23% for the full year 2006.
• Chemicals
> Results
in millions of euros 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Sales 4,995 4,610 4,689 +7%
• Base chemicals 3,151 2,891 2,863 +10%
• Specialties 1,844 1,719 1,826 +1%
Adjusted operating income* 381 374 231 +65%
Adjusted net operating income* 279 255 190 +47%
• Base chemicals 189 168 78 +142%
• Specialties 93 82 103 -10%
Investments 173 293 324 -47%
Divestments 47 29 28 +68%
at selling price
Cash flow 107 725 (37) ns
Adjusted cash flow 329 331 305 +8%
* detail of adjustment items shown in business segment information
Sales for the Chemicals segment increased by 7% to 4,995 M€ in the first quarter
2007 from 4,689 M€ in the first quarter 2006.
Adjusted net operating income for the Chemicals segment was 279 M€, an increase
of 47% compared to the first quarter 2006.
Petrochemicals performed well, benefiting from higher cracker utilization rates
and more favorable market conditions in Europe than in the US, due to stronger
demand for polymers.
The Chemicals segment ROACE for the twelve months ended March 31, 2007 was
nearly 14% compared to 13% for the full year 2006.
• Summary and outlook
The ROACE for the Group was 26% for the twelve months ended March 31, 2007,
stable compared to the Group ROACE for the full year 2006.
Return on equity for the same periods was 31% and 33%, respectively.
Implementation of the investment program is proceeding as planned.
The Group confirms its objective to maintain its net-debt-to-equity ratio at
around 25% to 30%.
Pending approval at the shareholder's meeting on May 11, 2007, Total S.A. will
pay the remaining 1 euro per share of the 2006 dividend(10) on May 18, 2007.
Since the start of the second quarter 2007, oil prices have moved higher due to
market concerns over global supplies and the impact of OPEC reductions on
production. Refining margins have been on average higher than in the first
quarter.
The Group's production growth is expected to be substantial in 2007, mainly due
to the start-up of Dalia, to be followed by Rosa and Dolphin; however, it should
be lower than 6%, because of the now lower-than-expected contributions from
Azerbaijan and Venezuela as well as the persistent uncertainties surrounding the
situation in Nigeria.
The Group is confident of achieving its target of more than 5% production growth
on average through 2010(11) and is continuing to improve visibility for the
longer term thanks to the satisfactory progress on Total-operated development
projects, continued exploration success, particularly in West Africa, and
ongoing negotiations to secure major new projects.
To listen to the conference call with CFO Robert Castaigne and financial
analysts today at 15:00 (Paris time) please call +44 (0)161 601 89 18 in Europe
or +1 866 793 42 77 in the US (access code : Total) or log on to the company
website www.total.com. For a replay, dial +44 (0)207 075 32 14 in Europe or 1
866 828 22 61 in the US (code : 195703).
The March 31, 2007 notes to the consolidated accounts are available on the Total
web site (www.total.com). This document may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to the financial condition, results of operations, business, strategy
and plans of Total. Such statements are based on a number of assumptions that
could ultimately prove inaccurate, and are subject to a number of risk factors,
including currency fluctuations, the price of petroleum products, the ability to
realize cost reductions and operating efficiencies without unduly disrupting
business operations, environmental regulatory considerations and general
economic and business conditions. Total does not assume any obligation to update
publicly any forward-looking statement, whether as a result of new information,
future events or otherwise. Further information on factors which could affect
the company's financial results is provided in documents filed by the Group and
its affiliates with the French Autorite des Marches Financiers and the US
Securities and Exchange Commission.
The business segment information is presented in accordance with the Group
internal reporting system used by the Chief operating decision maker to measure
performance and allocate resources internally. Due to their particular nature or
significance, certain transactions qualified as 'special items' are excluded
from the business segment figures. In general, special items relate to
transactions that are significant, infrequent or unusual. However, in certain
instances, certain transactions such as restructuring costs or assets disposals,
which are not considered to be representative of normal course of business, may
be qualified as special items although they may have occurred within prior years
or are likely to recur within following years.
In accordance with IAS 2, the Group values inventories of crude oil and
petroleum products in the financial statements in accordance with the FIFO
(First in, First out) method and other inventories using the weighted-average
cost method. However, in the note setting forth information by business segment,
the Group continues to present the results for the Downstream segment according
to the replacement cost method and those of the Chemicals segment according to
the LIFO (Last in, First out) method in order to ensure the comparability of the
Group's results with those of its main competitors, notably from North America.
The inventory valuation effect is the difference between the results according
to the FIFO method and the results according to the replacement cost or LIFO
method.
In this framework, performance measures such as adjusted operating income,
adjusted net operating income and adjusted net income are defined as incomes
using replacement cost, adjusted for special items and excluding Total's equity
share of the amortization of intangibles related to the Sanofi-Aventis merger.
They are meant to facilitate the analysis of the financial performance and the
comparison of income between periods.
Operating information by segment
First quarter 2007
• Upstream
Combined liquids and gas production 1Q07 4Q06 1Q06 1Q07 vs
1Q06
by region (kboe/d)
Europe 746 752 778 -4%
Africa 784 729 742 +6%
North America 26 28 13 +100%
Far East 256 258 253 +1%
Middle East 402 416 411 -2%
South America 206 211 236 -13%
Rest of world 11 9 7 +57%
Total production 2,431 2,403 2,440 -
Liquids production by region (kb/d) 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Europe 373 371 378 -1%
Africa 679 633 656 +4%
North America 17 17 2 +750%
Far East 30 28 29 +3%
Middle East 341 353 357 -4%
South America 102 103 131 -22%
Rest of world 9 8 7 +29%
Total production 1,551 1,513 1,560 -1%
Gas production by region (Mcfd) 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Europe 2,019 2,073 2,172 -7%
Africa 541 510 457 +18%
North America 45 55 63 -29%
Far East 1,260 1,417 1,238 +2%
Middle East 326 334 284 +15%
South America 580 598 579 -
Rest of world 10 2 2 +400%
Total production 4,781 4,989 4,795 -
• Downstream
Refined product sales by region (kb/d)* 1Q07 4Q06 1Q06 1Q07 vs
1Q06
Europe 2,655 2,720 2,689 -1%
Africa 333 343 319 +4%
Americas 597 480 626 -5%
Rest of world 221 185 230 -4%
Total 3,806 3,728 3,864 -2%
* includes trading and equity share of CEPSA
Adjustment items
• Adjustments to operating income from the business segments
in millions of euros 1Q07 4Q06 1Q06
Special items affecting operating income from the business - - (5)
segments
• Restructuring charges - 8 -
• Impairments - (11) -
• Other - 3 (5)
Pre-tax inventory effect : FIFO vs. replacement cost 174 (389) 373
Total adjustments affecting operating income from the business 174 (389) 368
segments
• Adjustments to net income (Group share)
in millions of euros 1Q07 4Q06 1Q06
Special items affecting net income (Group share) - (18) 110
• Equity share of special items recorded by Sanofi-Aventis - (46) 2
• Gain on asset sales - 174 130
• Restructuring charges - (15) (15)
• Impairments - (8) -
• Other - (123) (7)
Adjustment related to the Sanofi-Aventis merger* (76) (58) (83)
(share of amortization of intangible assets)
After-tax inventory effect : FIFO vs. replacement cost 133 (436) 280
Total adjustments to net income 57 (512) 307
* based on 13% participation in Sanofi-Aventis at 3/31/2007, 12/31/2006, and
3/31/2006
Net-debt-to-equity ratio
in millions of euros 3/31/07 12/31/06 3/31/06
Current borrowings 9,625 5,858 12,618
Net current financial assets (10,918) (3,833) (10,598)
Non-current financial debt 13,836 14,174 13,491
Hedging instruments of non-current debt (291) (486) (453)
Cash and cash equivalents (2,962) (2,493) (4,313)
Net debt 9,290 13,220 10,745
Shareholders equity 42,866 40,321 43,170
Estimated dividend payable (3,305) (2,258) (2,941)
Minority interests 868 827 913
Equity 40,429 38,890 41,142
Net-debt-to-equity ratio 23.0% 34.0% 26.1%
Effective tax rates
Effective tax rates * 1Q07 4Q06 1Q06
Upstream 60.3% 62.1% 60.3%
Group 54.0% 56.6% 55.5%
* tax on adjusted net operating income / (adjusted net operating income - income
from affiliates, dividends received from investments, and impairments of
acquisition goodwill + tax on adjusted net operating income)
2007 Sensitivities*
Scenario Change Impact on operating Impact on net
income (e) operating income (e)
€/$ 1.25 $/€ +0.1 $ per € -2.2 B€ -1.1 B€
Brent 60 $/b +1 $/b +0.38 B€ +0.15 B€
European refining margin 30 $/t +1 $/t +0.09 B€ +0.06 B€
indicator TRCV
* sensitivities revised once per year upon publication of the previous year
fourth quarter results
Return on average capital employed
• For the twelve months ended March 31, 2007
in millions of euros Upstream Downstream Chemicals ** Segments Group
Adjusted net operating income 8,270 2,842 973 12,085 12,855
Capital employed at 3/31/06* 23,282 11,296 7,187 41,765 49,615
Capital employed at 3/31/07* 24,808 11,442 7,129 43,379 50,773
ROACE 34.4% 25.0% 13.6% 28.4% 25.6%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 122
M€ pre-tax at 3/31/06 and 153 M€ pre-tax at 3/31/07 and for the Arkema capital
employed by 2,406 M€ at 3/31/2006
• For the twelve months ended March 31, 2006
in millions of euros Upstream Downstream Chemicals** Segments Group
Adjusted net operating income 8,621 2,888 828 12,337 13,075
Capital employed at 3/31/05* 17,877 8,735 6,603 33,215 39,703
Capital employed at 3/31/06* 23,282 11,296 7,187 41,765 49,615
ROACE 41.9% 28.8% 12.0% 32.9% 29.3%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 100
M€ pre-tax at 3/31/05 and 122 M€ pre-tax at 3/31/06 and for the Arkema capital
employed by 2,204 M€ at 3/31/05 and 2,406 M€ at 3/31/2006
• For the full year 2006
in millions of euros Upstream Downstream Chemicals ** Segments Group
Adjusted net operating income 8,709 2,784 884 12,377 13,162
Capital employed at 12/31/05* 23,522 11,421 6,885 41,828 49,341
Capital employed at 12/31/06* 25,543 12,384 6,920 44,847 52,263
ROACE 35.5% 23.4% 12.8% 28.6% 25.9%
* at replacement cost (excluding after-tax inventory effect)
** capital employed for Chemicals reduced for the Toulouse-AZF provision of 133
M€ pre-tax at 12/31/05 and 176 M€ pre-tax at 12/31/06 and for the Arkema capital
employed by 2,235 M€ at 12/31/2005
--------------------------
(1) percent changes are relative to the first quarter 2006.
(2) adjusted net income = net income using replacement cost (Group share)
adjusted for special items and excluding Total's share of amortization of
intangibles related to the Sanofi-Aventis merger. First quarter net income
(Group share) was 3,049 million euros.
(3) dollar amounts represent euro amounts converted at the average exchange
rate for the period (1.3106 $/€ in the first quarter 2007, 1.2023 $/€ in
the first quarter 2006, 1.2887 $/€ in the fourth quarter 2006).
(4) adjusted income (adjusted operating income, adjusted net operating income
and adjusted net income) is defined as income using replacement cost,
adjusted for special items and excluding Total's equity share of
amortization of intangibles related to the Sanofi-Aventis merger; adjusted
cash flow from operations is defined as cash flow from operations before
changes in working capital at replacement cost; adjustment items are listed
on page 13; first quarter 2006 results, with the exception of net income,
have been restated for the Arkema spin-off per IFRS.
(5) there were no special items affecting operating income from the business
segments in the first quarter 2007; in the first quarter 2006, special
items were composed of a 5 M€ charge related to the spin-off of Arkema.
(6) defined as: (tax on adjusted net operating income) / (adjusted net
operating income - income from equity affiliates, dividends received from
investments and impairments of acquisition goodwill + tax on adjusted net
operating income).
(7) net cash flow = cash flow from operations + divestments - investments.
(8) calculation shown on page 14.
(9) calculated based on adjusted net operating income and average capital
employed, using replacement cost, as shown on page 15.
(10) including the interim dividend of 0.87 euros per share paid in November
2006, the 2006 dividend will be 1.87 euros per share.
(11) based on Brent at 60 $/b in 2007 and 40 $/b thereafter.
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