Third Quarter Results

Total S.A. 7 November 2003 Total reports third quarter 2003 results Net income: 1.71 billion euros (+7%*) Earnings per share: 2.71 euros (+13%*) Earnings per share: 3.05 dollars (+30%*) First nine months 2003 results excluding non-recurring items Net income: 5.60 billion euros (+20%) Earnings per share: 8.77 euros (+26%) Earnings per share: 9.75 dollars (+51%) Paris, November 7, 2003 - The Board of Directors of Total, chaired by CEO Thierry Desmarest, met on November 6, 2003 to review the third quarter 2003 accounts, which, for the first time, have been the subject of a limited quarterly review by the company's auditors. Net income rose to 1,710 million euros (MEuro) In the third quarter 2003, an increase of 7%* compared to the third quarter 2002. Commenting on the results, Thierry Desmarest said : 'Looking at the third quarter 2003, our self-help efforts, notably our strong production growth, led to the increase in our euro-denominated earnings, given that the market environment was actually less favorable as compared to the third quarter 2002. In effect, the negative impacts of the falling dollar and the poor conditions for the chemicals were only partially offset by the higher oil prices and refining margins. Strong cash flow after financing investments allowed Total to continue buying back shares under favorable conditions. As a result, third quarter earnings per share increased by 13%, which is above the rate of increase for net income. Expressed in dollars, earnings per share rose by 30% to $3.05 per share in the third quarter 2003 from $2.35 a year ago.' * compared to the same period 2002 excluding non-recurring items. There were no non-recurring items in the third quarter 2003. Total - consolidated accounts 3Q03 3Q02 % In millions of euros 9M03 9M02 % 24,469 25,423 -4% Sales 77,119 75,642 +2% 2,939 2,824 +4% Operating income from business 9,795 8,101 +21% segments (excl non-recurring items) 2,502 2,448 +2% Upstream 7,824 6,789 +15% 335 107 +213% Downstream 1,570 680 +131% 102 269 -62% Chemicals 401 632 -37% 1,570 1,525 +3% Net operating income from 5,340 4,407 +21% business segments (excl non-recurring items) 1,710 1,600 +7% Net income 5,597 4,651 +20% excluding non-recurring items 1,710 1,637 +4% Net income 5,435 4,569 +19% 2.71 2.40 +13% Earnings per share (euros) 8.77 6.94 +26% excluding non-recurring items 1,916 2,125 -10% Investments 4,918 6,334 -22% 150 464 -68% Divestments 1,300 1,513 -14% at selling price 3,249 3,465 -6% Cash flow from operating 10,205 8,773 +16% activities* * includes payments relating to the Toulouse-AZF plant explosion, offset by a long-term liability write-back of 302 MEuro for the third quarter 2003 and 634 MEuro for the first nine months of 2003 Non-recurring items 3Q03 3Q02 In millions of euros 9M03 9M02 Impact of non-recurring items on operating income - (8) Restructuring charges - (24) - (1) Impairments - (22) - 76 Other - 67 - 67 Total - 21 Impact of non-recurring items on net income - 62 Gains on asset sales 30 339 - 1 Toulouse-AZF plant impact - (148) - (1) Restructuring charges and early (34) (77) retirement plans - (1) Impairments - (15) - (24) Other (158) * (181)** - 37 Total (162) (82) * Includes (155) MEuro provision for Chemicals ** Includes (151) MEuro related UK tax changes Number of shares 3Q03 3Q02 % millions 9M03 9M02 % 630.5 667.9 -6% Fully-diluted weighted-average shares 638.0 669.7 -5% Market environment 3Q03 3Q02 % 9M03 9M02 % 1.12 0.98 -13% * 1.11 0.93 -16% * 28.4 27.0 +5% Brent ($/b) 28.6 24.4 +17% 14.6 8.6 +70% European refining margins TRCV($/t) 21.5 5.3 x4.1 * change in the dollar versus the euro Third quarter 2003 results Higher hydrocarbon prices and better refining margins in Europe and the US led to a more favorable oil market environment in the third quarter 2003 as compared to the third quarter 2002. However, these changes could not offset the negative impact of the sharp decline in the dollar relative to the euro and the difficult market conditions for chemicals, particularly in Europe. Despite the overall less favorable environment, operating income from the business segments excluding non-recurring items rose by 4% to 2,939 MEuro in the third quarter 2003 from 2,824 MEuro in the same quarter last year primarily due to the positive effects of self-help programs, notably the growth in Upstream production. Net operating income excluding non-recurring items increased by 3% to 1,570 MEuro in the third quarter 2003 from 1,525 MEuro in the third quarter 2002. There were no non-recurring items in the third quarter 2003. Net income excluding non-recurring items rose by 7% to 1,710 MEuro in the third quarter 2003 from 1,600 MEuro in the third quarter 2002. The larger percentage increase relative to net operating income is primarily due to the lower net cost of net debt. Reported net income was 1,710 MEuro in the third quarter 2003 compared to 1,637 MEuro in the third quarter 2002, which includes net positive impact from non- recurring items Of 37 MEuro. Third quarter 2003 earnings per share, based on 630.5 million fully-diluted weighted-average shares, was 2.71 euros, an increase of 13% compared to the third quarter 2002 earnings per share excluding non-recurring items of 2.40 euros. Earnings per share increased by more than net income as a result of the large share buyback program over the past year. During the third quarter 2003, Total bought back 7.1 million of its shares for 0.97 billion euros (BEuro). The number of fully-diluted shares at September 30, 2003 was 627.9 million. The net-debt-to-equity ratio was 25.6% at September 30, 2003 compared to 27.1% at June 30, 2003. Cash flow from operating activities decreased by 6% to 3,249 MEuro for the third quarter 2003. Excluding third quarter 2003 payments of 302 MEuro made from the reserve established for the Toulouse-AZF plant explosion, cash flow from operating activities increased by 2%. During the third quarter 2003 investments were 1,916 MEuro, 10% lower than in the same period last year; however, expressed in dollars, investments increased by 3%. Divestments in the third quarter 2003, based on selling price, were 150 MEuro. Free cash flow was 1,483 MEuro in the third quarter 2003 compared to 1,804 MEuro in the third quarter 2002. Upstream 3Q03 3Q02 % Upstream key figures 9M03 9M02 % 2,542 2,351 +8% Hydrocarbon production (kboe/d) 2,522 2,379 +6% 1,654 1,604 +3% • Liquids (kb/d) 1,649 1,580 +4% 4,831 4,102 +18% • Gas (Mcfd) 4,759 4,382 +9% 2,502 2,448 +2% Operating income (MEuro) 7,824 6,789 +15% excluding non-recurring items 1,241 1,185 +5% Net operating income (MEuro) 3,864 3,452 +12% excluding non-recurring items 1,258 1,430 -12% Investments (MEuro) 3,554 4,629 -23% 85 141 -40% Divestments (MEuro) at selling 309 470 -34% price 2,569 2,214 +16% Cash flow - operating activities 7,024 5,611 +25% (MEuro) Operating income from the Upstream segment excluding non-recurring items rose by 2% to 2,502 MEuro in the third quarter 2003 from 2,448 MEuro in the third quarter 2002. Strong production growth coupled with higher oil and gas prices offset the negative impact of the depreciation of the dollar relative to the euro. Net operating income from the Upstream segment excluding non-recurring items rose by 5% to 1,241 MEuro in the third quarter 2003. Hydrocarbon production grew by 8% to 2,542 thousand barrels of oil equivalent per day (kboe/d) in the third quarter 2003 from 2,351 kboe/d in the third quarter 2002. The high growth rate is linked to recent start-ups and production ramp-ups at new fields; in addition, it also reflects the lower level of summer shut-downs in the North Sea during the third quarter 2003 as compared to the same quarter last year. Liquids production rose by 3% to 1,654 thousand barrels per day (kb/d) in the third quarter 2003 from 1,604 kb/d in the third quarter 2002. The increase stems primarily from production at the South Pars and Balal fields in Iran, the start- up of the Amenam field in Nigeria, the ramp up of production at Sincor in Venezuela, and the contribution of fields in the UK North Sea. Gas production grew by 18% to 4,831 million cubic feet per day (Mcfd) in the third quarter 2003 from 4,102 Mcfd in the third quarter 2002. The main contributors to the increase are fields in the North Sea, the Peciko field in Indonesia and Canyon Express in the Gulf of Mexico. Exploration & Production highlights for the third quarter 2003 included two start-ups: the Amenam/Kpono field (Total-operated 30.4%) in Nigeria which is expected to plateau at 125 kb/d and the Al Jurf field (Total-operated 37.5%) in Libya which is expected to plateau at 40 kb/d. Total took an important step in further developing its strategy in the Middle East by signing an agreement with Saudi Arabia to form a joint venture with the national oil company Saudi Aramco for the exploration of gas in the southern part of the country. In addition, for the Balal field (Total 46.75%) in Iran, Total achieved the production plateau of 40 kb/d and then transferred operatorship of the field to the National Iranian Oil Company (NIOC) as per the terms of the contract. In Pakistan, Total signed two production sharing contracts on offshore blocks G and H (Total-operated 40%). In the Gulf of Mexico, Total was the high bidder on 18 deep-water exploration blocks in the August 20 lease sale. Gas and power highlights included signing a sales and purchase agreement with Nigeria LNG Ltd. This agreement, which relates to the supply of LNG starting in 2007, is part of Total's strategy to develop its Atlantic basin LNG marketing activities. Also within the framework of this strategy, Total signed an agreement with Shell to acquire a 25% share in the Mexican Altamira re-gasification terminal project. Downstream 3Q03 3Q02 % Downstream key figures 9M03 9M02 % 2,503 2,331 +7% Refinery throughput* (kb/d) 2,441 2,394 +2% 335 107 +213% Operating income (MEuro) excluding non-recurring items 1,570 680 +131% 287 134 +114% Net operating income (MEuro) excluding non-recurring 1,278 602 +112% items 212 287 -26% Investments (MEuro) 531 647 -18% 63 87 -28% Divestments (MEuro) at selling price 120 169 -29% 269 249 +8% Cash flow - operating activities (MEuro) 3,312 1,635 +103% * Includes share of Cepsa Operating income from the Downstream segment excluding non-recurring items rose to 335 MEuro in the third quarter 2003 from 107 MEuro in the third quarter 2002. The rebound in refining margins from the low level of the third quarter 2002 and the small increase in marketing margins more than offset the weakness of the dollar relative to the euro. Self-help programs and the substantially higher refinery throughput in the third quarter 2003 also contributed to the increase in operating income. Refinery throughput rose by 7% to 2,503 kb/d in the third quarter 2003 from 2,331 kb/d in the third quarter 2002, which was impacted by a high level of turnarounds. The third quarter 2003 utilization rate improved to 94%. Net operating income from the Downstream segment excluding non-recurring items increased to 287 MEuro in the third quarter 2003 from 134 MEuro in the third quarter 2002. Chemicals 3Q03 3Q02 % Chemicals key figures (MEuro) 9M03 9M02 % 4,182 4,825 -13% Sales 12,925 14,730 -12% 102 269 -62% Operating income excluding non-recurring items 401 632 -37% 42 206 -80% Net operating income excluding non-recurring items 198 353 -44% 453 326 +39% Investments 788 866 -9% 10 62 ns Divestments at selling price 797 103 ns 281* 379 -26% Cash flow from operating activities 96** 417 -77% the paints business was sold in February 2003 * this amount would be 583 MEuro excluding disbursements of 302 MEuro related to the Toulouse-AZF reserve ** this amount would be 730 MEuro excluding disbursements of 634 MEuro related to the Toulouse-AZF reserve Sales for the Chemicals segment fell by 13% to 4,182 MEuro In the third quarter 2003 from 4,825 MEuro In the third quarter 2002. Operating income from the Chemicals segment excluding non-recurring items fell by 62% to 102 MEuro in the third quarter 2003 from 269 MEuro in the third quarter 2002 due notably to the divestiture of the paints activity. The third quarter 2003 results Include the contribution from the Total-Samsung joint venture since August 1, 2003. The Base chemicals & polymers sector faced a depressed market environment marked by high feedstock prices and weak polymers demand, notably in chlorochemicals. The Intermediates sector was penalized by weak economic conditions in Europe and rising raw material prices. Most of the Specialties continued to resist well the difficult economic conditions. Implementation of self-help programs partially offset the negative impact of the weak environment. Net operating income from the Chemicals segment excluding non-recurring items fell to 42 MEuro in the third quarter 2003 from 206 MEuro in the third quarter 2002. The third quarter 2003 highlights included the finalization of the joint-venture agreement with Samsung Chemicals and the signing of a memorandum of understanding with ADNOC for the construction of a melamine plant in Abu Dhabi. Nine months 2003 results For the first nine months of 2003 compared to the first months of 2002, Total benefited from a more favorable market environment: a higher oil price and a sharp rebound in refining margins more than offset the depreciation of the dollar relative to the euro and the overall weakness in the Chemicals environment. In this context, operating income from the business segments excluding non- recurring items rose by 21% to 9,795 MEuro in the first nine months of 2003 from 8,101 MEuro in the same period last year. Net operating income from the business segments excluding non-recurring items rose by 21% to 5,340 MEuro in the first nine months Of 2003 from 4,407 MEuro in the first nine months Of 2002. Net income excluding non-recurring items for the first nine months of 2003 increased by 20% to 5,597 MEuro from 4,651 MEuro in the first nine months Of 2002. Reported net income for the first nine months of 2003 was 5,435 MEuro as compared to 4,569 MEuro for the same period last year. These results include non-recurring items with a net negative impact of 162 MEuro in 2003 and a net negative impact of 82 MEuro In 2002. For the first nine months of 2003, earnings per share excluding non-recurring items, calculated based on 638.0 million fully-diluted weighted-average shares, was 8.77 euros, an increase of 26% compared to the earnings per share excluding non-recurring items of 6.94 euros for the same period last year. Earnings per share increased by more than net income, reflecting the accretive impact of the share buyback program. Key operational data the first nine months of 2003 include: - hydrocarbon production rose by 6% to 2,522 kboe/d from 2,379 kboe/d, - refinery throughput increased 2% to 2,441 kb/d from 2,394 kb/d, - Chemical sales fell by 12% to 12,925 MEuro from 14,730 MEuro (excluding the impact of the recently divested paints activities, the decrease was only 4%). For the first nine months of 2003, investments were 4,918 MEuro (72% allocated to the Upstream) or 22% less than the same period last year. The lower level of euro-denominated investments is due primarily to the depreciation of the dollar relative to the euro. Divestments for the first nine months of 2003, based on selling prices, amounted to 1,300 MEuro and were comprised essentially of the disposal of the paints activity. Free cash flow for the first nine months of 2003 was 6,587 MEuro as compared to 3,952 MEuro for the same period last year. Cancellation of outstanding shares The Board of Directors at the November 6, 2003 meeting decided to cancel 30.1 million shares effective November 21, 2003. As of that date, the share capital will be 6,480,261,540 euros representing 648,026,154 shares at 10 euros nominal value per share. As a result of the share cancellation, Total will be able to continue its share buyback program over the coming months. Summary and outlook The return on average capital employed (ROACE) calculated for the period October 1, 2002 to September 30, 2003 was 18%. The return on equity (ROE) calculated for the same twelve month period was 24%. Since the start of the fourth quarter, the oil market environment has remained favorable with oil prices slightly above the third quarter level and refining margins unchanged. The dollar remains weak relative to the euro and the Chemicals environment continues to be difficult. Total is continuing to buy back shares and in October 2003 bought back 1.835 million shares for 0.25 BEuro. Year-to-date hydrocarbon production over the first nine months of 2003 and the sustained pace of operations since the start of the fourth quarter allow confirmation of the targeted 5% production growth for 2003. * * * The September 30, 2003 notes to the consolidated accounts are available on the Total web site (www.total.com). The quarterly accounts have been the subject of a limited review by the company's auditors. 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. The financial information contained in this document has been prepared in accordance with French GAAP, and certain elements would differ materially upon reconciliation to US GAAP. 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 Commission des Operations de Bourse and the US Securities and Exchange Commission. Total reports the impact on income of non-recurring items, consisting of incomes and charges for the period, which are unusual or significant in nature. Items from incomes from business segments excluding non-recurring items, and net income per share excluding non-recurring items, presented in financial communications (operating income from business segments excluding non-recurring items, net operating income from business segments excluding non-recurring items and net income excluding non-recurring items) and in the footnotes to the financial statements of the Group containing segment data are non-GAAP measures obtained by excluding the non-recurring items described above from the GAAP figures. They are presented in order to facilitate the analysis of financial performance and the comparison of income between periods. To access the conference call in listen-only mode between Robert Castaigne, CFO of Total, and financial analysts today at 3:00 p.m (Paris time), please dial +44 207 162 0188 from Europe or 1-334-420-4950 from the US (access code: Total). For a replay, please dial +44 208 288 4459 from Europe (access code: 386062) or 1-334-323-6222 from the US (access code: 386062). OPERATING INFORMATION BY SEGMENT THIRD QUARTER AND NINE MONTHS 2003 Upstream Combined liquids and gas production by region 3Q03 3Q02 % 9M03 9M02 % 836 777 +8% Europe 876 851 +3% 724 650 +11% Africa 707 664 +6% 60 41 +46% North America 60 42 +43% 252 219 +15% Far East 232 220 +5% 437 474 -8% Middle East 450 425 +6% 224 186 +20% South America 190 172 +10% 9 4 n.m. Rest of world 7 5 n.m. 2,542 2,351 +8% Total 2,522 2,379 +6% Liquids production by region 3Q03 3Q02 % in kb/d 9M03 9M02 % 441 437 +1% Europe 461 454 +2% 639 585 +9% Africa 628 595 +6% 3 4 ns North America 4 5 ns 26 22 +18% Far East 25 23 +9% 387 427 -9% Middle East 397 382 +4% 149 125 +19% South America 127 116 +9% 9 4 n.m. Rest of world 7 5 n.m. 1,654 1,604 +3% Total 1,649 1,580 +4% Gas production by region 3Q03 3Q02 % in Mcfd 9M03 9M02 % 2,139 1,865 +15% Europe 2,256 2,163 +4% 447 345 +30% Africa 415 369 +12% 307 196 +57% North America 304 198 +54% 1,260 1,129 +12% Far East 1,163 1,126 +3% 270 238 +13% Middle East 277 223 +24% 408 329 +24% South America 344 303 +14% - - - Rest of world - - - 4,831 4,102 +18% Total 4,759 4,382 +9% Downstream Refinery throughput by region 3Q03 3Q02 % in kb/d 9M03 9M02 % 1,015 922 +10% France 934 917 +2% 1,174 1,159 +1% Rest of Europe 1,201 1,195 +1% 314 250 +26% Rest of world 306 282 +9% 2,503 2,331 +7% Total* 2,441 2,394 +2% * includes share of Cepsa Chemicals 3Q03 3Q02 % Key figures (BEuro) 9M03 9M02 % 4.18 4.82 -13% Sales 12.93 14.73 -12% 1.91 1.98 -4% • Base chemicals & polymers 5.81 5.77 +1% 0.88 0.92 -4% • Intermediates 2.77 2.93 -5% 1.39 1.92 -28% • Specialties* 4.34 6.00 -28% - - nm • Corporate - Chemicals 0.01 0.03 nm 0.10 0.27 -63% Operating Income** 0.40 0.63 -37% 0.02 0.06 -67% • Base chemicals & polymers 0.05 - nm 0.01 0.06 -83% • Intermediates 0.11 0.24 -54% 0.10 0.17 -41% • Specialties * 0.31 0.47 -34% (0.03) (0.02) nm • Corporate - Chemicals (0.07) (0.08) nm * paints divested in February 2003 ** excluding non-recurring items Total financial statements Third quarter and first nine months 2003 consolidated accounts, French GAAP CONSOLIDATED STATEMENTS OF INCOME Total Third quarter Third quarter Amounts in millions of euros (1) 9 months 9 months 2003 2002 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) 24,469 25,423 Sales 77,119 75,642 (20,307) (21,331) Operating expenses (63,815) (63,805) (1,264) (1,257) Depreciation, depletion, and amortization (3,672) (3,877) Operating income (41) (56) Corporate (163) (162) 2,939 2,891 Business segments * 9,795 8,122 2,898 2,835 Total operating income 9,632 7,960 (27) (60) Interest expense, net (111) (127) 20 35 Dividend income on non-consolidated subsidiaries 96 119 (1) (3) Dividends on subsidiaries' redeemable preferred shares (4) (8) (134) 81 Other income (expense), net (628) 100 (1,317) (1,398) Provision for income taxes (4,168) (3,884) 342 229 Equity in income (loss) of affiliates 868 644 1,781 1,719 Income before amortization of acquisition goodwill 5,685 4,804 (32) (34) Amortization of acquisition goodwill (98) (118) 1,749 1,685 Consolidated net income 5,587 4,686 39 48 of which minority interest 152 117 1,710 1,637 NET INCOME** 5,435 4,569 2.71 2.45 Earnings per share (euro)*** 8.52 6.82 2,939 2,824 * Operating income from business segments, excluding 9,795 8,101 non-recurring items 1,570 1,525 Net operating income from business segments, excluding 5,340 4,407 non-recurring items 1,710 1,600 ** Net income (Group share), excluding non-recurring items 5,597 4,651 2.71 2.40 *** Earnings per share, excluding non-recurring items (euro) 8.77 6.94 (1) Except for earnings per share CONSOLIDATED BALANCE SHEETS Total Amounts in millions of euros 30/09/2003 30/06/2003 31/12/2002 30/09/2002 (unaudited) (unaudited) (unaudited) ASSETS NON-CURRENT ASSETS: Intangible assets, net 2,089 2,205 2,752 3,001 Property, plant, and equipment, net 37,146 36,661 38,592 39,972 Equity affiliates: investments and loans 8,078 7,738 7,710 7,833 Other investments 1,228 1,235 1,221 1,241 Other non-current assets 3,527 3,669 3,735 3,130 Total non-current assets 52,068 51,508 54,010 55,177 CURRENT ASSETS: Inventories, net 6,163 5,980 6,515 6,366 Accounts receivable, net 12,111 12,418 13,087 13,117 Prepaid expenses and other current assets 5,057 4,950 5,243 5,794 Short-term investments 1,413 1,663 1,508 1,426 Cash and cash equivalents 9,676 9,532 4,966 10,789 Total current assets 34,420 34,543 31,319 37,492 TOTAL ASSETS 86,488 86,051 85,329 92,669 LIABILITIES & SHAREHOLDERS' EQUITY EQUITY Common shares 6,788 6,881 6,872 7,103 Paid-in surplus and retained earnings 32,352 31,776 30,514 33,004 Cumulative translation adjustment (2,197) (1,946) (830) (102) Treasury shares (6,662) (6,960) (4,410) (6,451) Total shareholders' equity 30,281 29,751 32,146 33,554 SUBSIDIARIES' REDEEMABLE PREFERRED SHARES 429 438 477 507 MINORITY INTEREST 637 620 724 837 LONG-TERM LIABILITIES: Deferred income taxes 5,628 6,106 6,390 6,586 Employee benefits 4,009 3,896 4,103 3,231 Other liabilities 6,623 6,462 6,150 5,957 Total long-term liabilities 16,260 16,464 16,643 15,774 LONG-TERM DEBT 9,849 9,906 10,157 10,989 CURRENT LIABILITIES: Accounts payable 9,496 9,256 10,236 9,303 Other creditors and accrued liabilities 10,771 10,331 9,850 11,942 Short-term borrowings and bank overdrafts 8,765 9,285 5,096 9,763 Total current liabilities 29,032 28,872 25,182 31,008 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 86,488 86,051 85,329 92,669 CONSOLIDATED STATEMENTS OF CASH FLOWS Total Third quarter Third quarter 9 months 9 months 2003 2002 Amounts in millions of euros 2003 2002 (unaudited) (unaudited) (unaudited) (unaudited) CASH FLOW FROM OPERATING ACTIVITIES 1,749 1,685 Consolidated net income 5,587 4,686 1,340 1,337 Depreciation, depletion, and amortization 3,904 4,161 (243) (235) Long-term liabilities, valuation allowances, and (409) (110) deferred taxes 90 78 Unsuccessful exploration costs 251 322 (28) (96) (Gains)/Losses on sales of assets 127 (504) (298) (180) Equity in income of affiliates (in excess of)/less (489) (312) than dividends received 6 3 Other changes, net 9 (8) 2,616 2,592 Cash flow from operating activities before changes 8,980 8,235 in working capital 633 873 (Increase)/Decrease in operating assets and liabilities 1,225 538 3,249 3,465 CASH FLOW FROM OPERATING ACTIVITIES (1) 10,205 8,773 CASH FLOW FROM INVESTING ACTIVITIES (1,384) (1,618) Intangible assets and property, plant, and (3,915) (4,968) equipment additions (92) (73) Exploration expenditures charged to expenses (234) (286) (345) - Acquisitions of subsidiaries, net of cash acquired (337) (105) (42) (145) Investments in equity affiliates and other securities (80) (252) (53) (289) Increase in long-term loans (352) (723) (1,916) (2,125) Total expenditures (4,918) (6,334) 22 63 Proceeds from sale of intangible assets and 148 166 property, plant, and equipment (1) 8 Proceeds from sale of subsidiaries, net of cash sold 734 13 21 151 Proceeds from sale of non-current investments 89 803 108 242 Repayment of long-term loans 329 531 150 464 Total divestitures 1,300 1,513 263 (143) (Increase)/Decrease in short-term investments 108 (422) (1,503) (1,804) CASH FLOW FROM INVESTING ACTIVITIES (3,510) (5,243) CASH FLOW FROM FINANCING ACTIVITIES Issuance and repayment of shares: 24 4 Parent company's shareholders 69 447 (966) (1,063) Purchase of treasury shares (3,516) (1,528) 14 7 Minority shareholders 37 25 - - Subsidiaries' redeemable preferred shares - - Cash dividends paid: - - - Parent company's shareholders (2,571) (2,514) (6) (9) - Minority shareholders (114) (93) (131) 103 Net issuance/(repayment) of long-term debt 1,278 1,187 (437) 6,412 Increase/(Decrease) in short-term borrowings and 3,070 6,017 bank overdrafts (1) (3) Other changes, net (4) (8) (1,503) 5,451 CASH FLOW FROM FINANCING ACTIVITIES (1,751) 3,533 243 7,112 Net increase/decrease in cash and cash equivalents 4,944 7,063 (99) (186) Effect of exchange rates and changes in reporting (234) 152 entity on cash & cash equivalents 9,532 3,863 Cash and cash equivalents at the beginning of the 4,966 3,574 year or period 9,676 10,789 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 9,676 10,789 (1) including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 302 millions of euros for the third quarter 2003, 634 millions of euros for the first nine months of 2003. BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros Third quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 4,263 16,014 4,182 10 - 24,469 - Intersegment sales 2,860 561 165 23 (3,609) - Total sales 7,123 16,575 4,347 33 (3,609) 24,469 Depreciation, depletion and (841) (228) (182) (13) (1,264) amortization of tangible assets Operating income 2,502 335 102 (41) 2,898 Amortization of intangible assets and (3) (24) (37) (6) (70) acquisition goodwill Equity in income (loss) of affiliates 36 77 6 148 267 and other items Tax on net operating income (1,294) (101) (29) 103 (1,321) Net operating income 1,241 287 42 204 1,774 Net cost of net debt (24) Minority interests and dividends on (40) subsidiaries' redeemable preferred shares Net income 1,710 Third quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total (non-recurring items) - Non-Group sales - Intersegment sales Total sales Depreciation, depletion and - - - - - - amortization of tangible assets Operating income - - - - - - Amortization of intangible assets and - - - - - - acquisition goodwill Equity in income (loss) of affiliates - - - - - - and other items Tax on net operating income - - - - - - Net operating income - - - - - - Net cost of net debt - Minority interests and dividends on - subsidiaries' redeemable preferred shares Net income - Third quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total (excluding non-recurring items) - Non-Group sales 4,263 16,014 4,182 10 - 24,469 - Intersegment sales 2,860 561 165 23 (3,609) - Total sales 7,123 16,575 4,347 33 (3,609) 24,469 Depreciation, depletion and (841) (228) (182) (13) (1,264) amortization of tangible assets Operating income 2,502 335 102 (41) 2,898 Amortization of intangible assets and (3) (24) (37) (6) (70) acquisition goodwill Equity in income (loss) of affiliates 36 77 6 148 267 and other items Tax on net operating income (1,294) (101) (29) 103 (1,321) Net operating income 1,241 287 42 204 1,774 Net cost of net debt (24) Minority interests and dividends on (40) subsidiaries' redeemable preferred shares Net income 1,710 Third quarter 2003 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 1,258 212 453 (7) 1,916 Divestitures at selling price 85 63 10 (8) 150 Cash flow from operating activities (1) 2,569 269 281 130 3,249 (1) In the Chemicals segment, this figure amounts to 583 millions of euros excluding an amount of 302 millions of euros paid relating to the Toulouse AZF plant explosion BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros Third quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 3,827 16,764 4,825 7 - 25,423 - Intersegment sales 3,202 828 101 28 (4,159) - Total sales 7,029 17,592 4,926 35 (4,159) 25,423 Depreciation, depletion and (816) (226) (200) (15) - (1,257) amortization of tangible assets Operating income 2,523 99 269 (56) - 2,835 Amortization of intangible assets and (5) (9) (44) (4) (62) acquisition goodwill Equity in income (loss) of affiliates 80 72 82 200 434 and other items Tax on net operating income (1,436) (33) (98) 103 (1,464) Net operating income 1,162 129 209 243 1,743 Net cost of net debt (55) Minority interests and dividends on (51) subsidiaries' redeemable preferred shares Net income 1,637 Third quarter 2002 (non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales - - Intersegment sales Total sales Depreciation, depletion and (1) (1) amortization of tangible assets Operating income 75 (8) 67 Amortization of intangible assets and acquisition goodwill Equity in income (loss) of affiliates (17) 5 83 71 and other items Tax on net operating income (81) 3 (2) (21) (101) Net operating income (23) (5) 3 62 37 Net cost of net debt Minority interests and dividends on subsidiaries' redeemable preferred shares Net income 37 Third quarter 2002 (excluding non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 3,827 16,764 4,825 7 - 25,423 - Intersegment sales 3,202 828 101 28 (4,159) - Total sales 7,029 17,592 4,926 35 (4,159) 25,423 Depreciation, depletion and (815) (226) (200) (15) (1,256) amortization of tangible assets Operating income 2,448 107 269 (56) 2,768 Amortization of intangible assets and (5) (9) (44) (4) (62) acquisition goodwill Equity in income (loss) of affiliates 97 72 77 117 363 and other items Tax on net operating income (1,355) (36) (96) 124 (1,363) Net operating income 1,185 134 206 181 1,706 Net cost of net debt (55) Minority interests and dividends on (51) subsidiaries' redeemable preferred shares Net income 1,600 Third quarter 2002 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 1,430 287 326 82 2,125 Divestitures at selling price 141 87 62 174 464 Cash flow from operating 2,214 249 379 623 3,465 activities BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros 9 months 2003 Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 13,553 50,617 12,925 24 77,119 - Intersegment sales 8,650 1,712 414 81 (10,857) - Total sales 22,203 52,329 13,339 105 (10,857) 77,119 Depreciation, depletion and (2,447) (652) (548) (25) (3,672) amortization of tangible assets Operating income 7,824 1,570 401 (163) 9,632 Amortization of intangible assets and (11) (72) (106) (16) (205) acquisition goodwill Equity in income (loss) of affiliates 195 233 (389) 446 485 and other items Tax on net operating income (4,144) (453) 100 285 (4,212) Net operating income 3,864 1,278 6 552 5,700 Net cost of net debt (109) Minority interests and dividends on (156) subsidiaries' redeemable preferred shares Net income 5,435 9 months 2003 (non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales - Intersegment sales Total sales Depreciation, depletion and - - - - - amortization of tangible assets Operating income - - - - - Amortization of intangible assets and acquisition goodwill Equity in income (loss) of affiliates - - (213) 40 (173) and other items Tax on net operating income - - 21 (10) 11 Net operating income - - (192) 30 (162) Net cost of net debt - Minority interests and dividends on - subsidiaries' redeemable preferred shares Net income (162) 9 months 2003 (excluding non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 13,553 50,617 12,925 24 - 77,119 - Intersegment sales 8,650 1,712 414 81 (10,857) - Total sales 22,203 52,329 13,339 105 (10,857) 77,119 Depreciation, depletion and (2,447) (652) (548) (25) (3,672) amortization of tangible assets Operating income 7,824 1,570 401 (163) 9,632 Amortization of intangible assets and (11) (72) (106) (16) (205) acquisition goodwill Equity in income (loss) of affiliates 195 233 (176) 406 658 and other items Tax on net operating income (4,144) (453) 79 295 (4,223) Net operating income 3,864 1,278 198 522 5,862 Net cost of net debt (109) Minority interests and dividends on (156) subsidiaries' redeemable preferred shares Net income 5,597 9 months 2003 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 3,554 531 788 45 4,918 Divestitures at selling price 309 120 797 74 1,300 Cash flow from operating 7,024 3,312 96 (227) 10,205 activities (1) (1) In the Chemicals segment, this figure amounts to 730 millions of euros excluding an amount of 634 millions of euros paid relating to the Toulouse AZF plant explosion BUSINESS SEGMENTS INFORMATION Total (unaudited) Amounts in millions of euros 9 months 2002 Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 11,844 49,054 14,730 14 75,642 - Intersegment sales 8,665 1,561 282 81 (10,589) - Total sales 20,509 50,615 15,012 95 (10,589) 75,642 Depreciation, depletion and (2,548) (679) (613) (37) (3,877) amortization of tangible assets Operating income 6,834 656 632 (162) 7,960 Amortization of intangible assets and (16) (73) (147) (11) (247) acquisition goodwill Equity in income (loss) of affiliates 308 192 (259) 864 1,105 and other items Tax on net operating income (3,893) (189) (84) 179 (3,987) Net operating income 3,233 586 142 870 4,831 Net cost of net debt (137) Minority interests and dividends on (125) subsidiaries' redeemable preferred shares Net income 4,569 9 months 2002 (non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales - Intersegment sales Total sales Depreciation, depletion and (22) (22) amortization of tangible assets Operating income 45 (24) 21 Amortization of intangible assets and acquisition of goodwill Equity in income (loss) of affiliates (17) - (316) 438 105 and other items Tax on net operating income (247) 8 105 (99) (233) Net operating income (219) (16) (211) 339 (107) Net cost of net debt Minority interests and dividends on 25 subsidiaries' redeemable preferred shares Net income (82) 9 months 2002 (excluding non-recurring items) Upstream Downstream Chemicals Corporate Intercompany Total - Non-Group sales 11,844 49,054 14,730 14 - 75,642 - Intersegment sales 8,665 1,561 282 81 (10,589) - Total sales 20,509 50,615 15,012 95 (10,589) 75,642 Depreciation, depletion and (2,526) (679) (613) (37) (3,855) amortization of tangible assets Operating income 6,789 680 632 (162) 7,939 Amortization of intangible assets and (16) (73) (147) (11) (247) acquisition goodwill Equity in income (loss) of affiliates 325 192 57 426 1,000 and other items Tax on net operating income (3,646) (197) (189) 278 (3,754) Net operating income 3,452 602 353 531 4,938 Net cost of net debt (137) Minority interests and dividends on (150) subsidiaries' redeemable preferred shares Net income 4,651 9 months 2002 Upstream Downstream Chemicals Corporate Intercompany Total Gross expenditures 4,629 647 866 192 6,334 Divestitures at selling price 470 169 103 771 1,513 Cash flow from operating 5,611 1,635 417 1,110 8,773 activities This information is provided by RNS The company news service from the London Stock Exchange

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