Regulatory News:
4Q16
Change vs4Q15
2016
Change vs2015
Adjusted net income1 -
in billions of dollars (B$) 2.4 +16% 8.3 -21% - in
dollars per share
0.96 +9% 3.38 -25%
Operating cash flowbefore
working capital changes1 (B$)
4.8 +9% 17.0 -12%
Net income2 of 6.2 B$ in
2016, a 22% increase compared to 2015
Net-debt-to-equity ratio
of 27% at December 31, 2016
Hydrocarbon production of 2,452
kboe/d in 2016, a 4.5% increase compared to 2015
Fourth
quarter 2016 dividend of 0.62 €/share, a 1.6% increase compared to
the previous three interim dividends, payable in June
20173
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met
on February 8, 2017, to review the Group’s 2016 accounts.
Commenting on the results, Chairman and CEO Patrick Pouyanné
said:“After falling from 100 $/b in 2014 to 52 $/b on average in
2015, Brent prices were highly volatile in 2016, fluctuating
between 27 $/b and 58 $/b, with an average of 44 $/b for the year.
In this difficult environment, the Group demonstrated its
resilience by generating adjusted net income of $8.3 billion and
had the highest profitability among the majors due to the strength
of its integrated model and commitment of its teams to reduce the
breakeven.The Group’s resilience was supported by outstanding
production growth over the past two years (14.3%, including 4.5% in
2016). In the Upstream, the Group strengthened its position in the
Middle East by entering the Al Shaheen field in Qatar, and in the
US with the acquisition of shale gas assets. The Group is preparing
future growth with the signing of major deals in Brazil with
Petrobras, in Uganda and in Iran on the giant South Pars 11
project. The Group renewed its reserves with a replacement rate of
136% at constant prices and delivered promising exploration
results, with two major discoveries in the US (North Platte) and
Nigeria (Owowo).Despite lower refining margins, the Downstream once
again achieved its objectives and thereby demonstrated that its
results are sustainable, with operating cash flow before working
capital changes of $7 billion and ROACE above 30%, the highest
among the majors.Results from the Refining & Chemicals segment
were underpinned by the strong performance of its Asia and Middle
East integrated platforms, while Marketing & Services results
were driven by growth in retail and lubricants.Financial discipline
was successfully maintained across all business segments both for
investments ($18.3 billion including resource acquisitions) and
operating costs, with savings of $2.8 billion in 2016, exceeding
the objective of $2.4 billion. Production costs were reduced to 5.9
$/boe in 2016, compared to 9.9 $/boe in 2014.The $10 billion asset
sale program is around 80% complete following the closing of the
Atotech sale, and this contributed to the Group’s financial
strength with gearing at 27%, lower than it was in 2014.In this
context, the Board of Directors proposes to increase the dividend,
despite the volatility of hydrocarbon prices, to 2.45 €/share,
corresponding to a fourth quarter dividend of 0.62 €/share, a 1.6%
increase compared to the previous three quarterly dividends. This
demonstrates the Board’s confidence in the strength of the Group’s
results and balance sheet as well as its prospects for cash flow
growth.”
Key figures4
4Q16 3Q16 4Q15 4Q16
vs
4Q15
In millions of dollars, except effective tax rate,
earnings per share and number of
shares
2016 2015
2016 vs2015
42,275 37,412 37,749 +12% Sales
149,743 165,357 -9%
2,942
2,237 2,093 +41% Adjusted operating income
from business segments
8,928 12,672
-30%
2,680 2,339 2,285 +17%
Adjusted net operating income from business segments
9,420 11,362 -17%
1,131 877
748 +51% Upstream
3,633
4,774 -24%
1,138 917 1,007 +13%
Refining & Chemicals
4,201 4,889
-14%
411 545 530 -22%
Marketing & Services
1,586 1,699
-7%
720 515 610 +18%
Contribution of equity affiliates to adjusted net income5
2,531 2,414 +5%
31.3% 21.5%
20.0% Group effective tax rate6
25.0% 33.1%
2,407 2,070
2,075 +16% Adjusted net income
8,287 10,518 -21%
0.96 0.84
0.88 +9% Adjusted fully-diluted earnings per
share (dollars)7
3.38 4.51 -25%
0.89 0.76 0.80 +11% Adjusted
fully-diluted earnings per share (euros)*
3.06
4.07 -25%
2,433 2,404 2,329 +4%
Fully-diluted weighted-average shares (millions)
2,390 2,304 +4%
548 1,954 (1,626) n/a
Net income (Group share)
6,196 5,087
+22%
5,855
5,201 6,594 -11% Investments8
20,530 28,033 -27%
927 192
2,297 -60% Divestments
2,877
7,584 -62%
4,928 5,116 4,289
+15% Net investments9
17,757
20,360 -13%
4,728 4,082 6,365
-26% Organic investments10
17,484
22,976 -24%
4,758 4,522 4,365
+9% Operating cash flow before working capital changes11
16,988 19,376 -12%
7,018
4,740 4,838 +45% Cash flow from operations
16,521 19,946 -17%
* Average €-$ exchange rate: 1.0789 in the fourth quarter 2016
and 1.1069 for the full-year 2016.
Highlights since the beginning of the fourth quarter
201612
- Successful North Platte appraisal in
US Gulf of Mexico
- Obtained exploration licenses on
three deep-offshore blocks in Mexico
- Signed agreement to develop the
Absheron discovery in Azerbaijan
- Signed HoA to develop phase 11 of
the giant South Pars gas field in Iran
- Entered into Upstream-Downstream
strategic alliance with Petrobras to acquire portfolio of assets in
Brazil (lara and Lapa giant pre-salt fields and gas and power
assets) for $2.2 billion
- Signed agreement to acquire
additional 21.6% interest in the Lake Albert project in
Uganda
- Obtained 34% interest in LNG import
terminal project operated by Total in Ivory Coast with 3 Mt/y
capacity
- Acquired a 23% share in Tellurian, a
company created to develop an integrated gas project in the
US
- Created joint venture with Corbion
(50/50) to produce and market bioplastics
- Sold 15% interest in the Gina Krog
field in Norway
- Sold specialty chemicals affiliate
Atotech for $3.2 billion
- Sold 29% interest in French pipeline
company Société du Pipeline Méditerranée Rhône (SPMR)
Analysis of business
segments
Upstream
> Environment – liquids and gas price
realizations*
4Q16 3Q16 4Q15 4Q16
vs
4Q15
2016 2015
2016 vs2015
49.3 45.9 43.8 +13% Brent ($/b)
43.7 52.4 -17%
46.1 41.4
38.1 +21% Average liquids price ($/b)
40.3 47.4 -15%
3.89 3.45
4.45 -13% Average gas price ($/Mbtu)
3.56 4.75 -25%
35.6 32.4
33.1 +8% Average hydrocarbon price ($/boe)
31.9 39.2 -19%
* Consolidated subsidiaries, excluding fixed margins.
> Production
4Q16 3Q16 4Q15 4Q16
vs
4Q15
Hydrocarbon production 2016 2015
2016 vs2015
2,462 2,443 2,352 +4.7% Combined
production (kboe/d)
2,452 2,347 +4.5%
1,257 1,290 1,251 - Liquids
(kb/d)
1,271 1,237 +3%
6,597
6,286 5,993 +10% Gas (Mcf/d)
6,447 6,054 +6%
Hydrocarbon production was 2,462 thousand barrels of oil
equivalent per day (kboe/d) in the fourth quarter 2016, an increase
of 4.7% compared to the fourth quarter 2015, due to the
following:
- +7% due to new start ups and ramp ups,
notably Laggan-Tormore, Surmont Phase 2, Kashagan, Incahuasi, Moho
Phase 1b, Angola LNG and Vega Pleyade;
- +1% due to the acquisition of an
additional 75% interest in the Barnett field in the US;
- -3% due to natural field decline and
maintenance operations.
For the full-year 2016, hydrocarbon production was 2,452 kboe/d,
an increase of 4.5% compared to 2015, due to the following:
- +6% due to new start ups and ramp ups,
notably Laggan-Tormore, Surmont Phase 2, Termokarstovoye, Gladstone
LNG, Moho Phase 1b, and Vega Pleyade, and Incahuasi;
- -1.5% due to the security situation in
Nigeria and Yemen, and wild fires in Canada;
- Natural field decline was offset by PSC
price effect and portfolio effects.
> Results
4Q16 3Q16 4Q15 4Q16
vs
4Q15
In millions of dollars, except effective tax rate
2016 2015
2016 vs2015
1,234 781 405 +205% Adjusted
operating income*
2,737 4,925 -44%
44.5% 28.1% 55.1%
Effective tax rate**
26.6% 45.5%
1,131 877 748 +51% Adjusted net
operating income*
3,633 4,774 -24%
446 260 415 +7% including income
from equity affiliates***
1,427 1,723
-17%
4,611 3,648
5,293 -13% Investments
16,035
24,270 -34%
839 129 1,402
-40% Divestments
2,331 3,215
-27%
3,552 3,356 5,108 -30%
Organic investments
14,316 20,508 -30%
3,049 2,751 2,514 +21% Operating
cash flow before working capital changes
9,912
11,179 -11%
4,199 2,380 2,624
+60% Cash flow from operations
9,675
11,182 -13%
* Details on adjustment items are shown in the business segment
information annex to financial statements.** Tax on adjusted net
operating income / (adjusted net operating income - income from
equity affiliates - dividends received from investments- impairment
of goodwill + tax on adjusted net operating income).*** Includes
foreign exchange effect on Yamal LNG financing, which is reversed
for total adjusted net operating income.
In the fourth quarter 2016, Upstream operating cash flow before
working capital changes was 3,049 M$, an increase of 21% compared
to 2015, notably due to a combination of increase in production,
decrease in operating costs and higher hydrocarbon prices. Cash
flow from operating activities increased by 76% compared to the
third quarter 2016, essentially due to a reduction in working
capital requirements of nearly $1.2 billion since the end of the
third quarter 2016.
For the full-year 2016, Upstream operating cash flow before
working capital changes was 9,912 M$, a decrease of 11% compared to
2015, essentially due to the decrease in hydrocarbon prices,
partially offset by the increase in production and decrease in
operating costs.
Upstream adjusted net operating income was:
- 1,131 M$ in the fourth quarter 2016, an
increase of 51% compared to the fourth quarter 2015, essentially
due to the increase in production, decrease in operating costs, and
higher hydrocarbon prices.The effective tax rate increased compared
to the third quarter 2016, linked to the rise in hydrocarbon
prices.
- 3,633 M$ for the full-year 2016, a
decrease of 24% compared to 2015. The increase in production
combined with the decrease in operating costs as well as the lower
effective tax rate partially offset the impact of lower hydrocarbon
prices.
Technical costs for consolidated affiliates, calculated in
accordance with ASC 93210, were reduced to 20.4 $/boe in 2016
compared to 23.0 $/boe in 2015. This decrease was essentially due
to the reduction in operating costs from 7.4 $/boe in 2015 to 5.9
$/boe in 2016.
Refining & Chemicals
> Refinery throughput and utilization
rates*
4Q16 3Q16 4Q15 4Q16
vs
4Q15
2016 2015
2016 vs2015
2,010 1,947 2,012 - Total
refinery throughput (kb/d)
1,965 2,023
-3%
717 681 682 +5% France
669 674 -1%
787 771
831 -5% Rest of Europe
802
849 -6%
506 495 499 +1%
Rest of world
494 500 -1%
Utlization rates**
87% 85%
87% Based on crude only
85% 86%
89% 87%
88% Based on crude and other feedstock
87% 88%
* Includes share of TotalErg, as well as refineries in Africa
and the French Antilles that are reported in the Marketing &
Services segment. The condensate splitters at Port Arthur and
Daesan are also included and 2015 figures have been restated.**
Based on distillation capacity at the beginning of the year.
Refinery throughput:
- was stable in the fourth quarter 2016
compared to the fourth quarter 2015. Good operational performance
of the platforms led to high utilization rates;
- decreased by 3% for the full-year 2016
compared to 2015, notably due to shutdowns in Europe and the US in
the second quarter and the sale of the Schwedt refinery in
Germany.
> Results
4Q16 3Q16 4Q15 4Q16
vs
4Q15
In millions of dollars
except the ERMI
2016 2015
2016 vs2015
41.0 25.5 38.1 +8% European
refining margin indicator - ERMI ($/t)
34.1
48.5 -30%
1,220 891 997 +22% Adjusted
operating income*
4,373 5,649 -23%
1,138 917 1,007 +13% Adjusted
net operating income*
4,201 4,889 -14%
165 150 117 +41% including
Specialty Chemicals**
581 496 +17%
560 550
586 -4% Investments
1,849
1,843 -
13 21 836 -98%
Divestments
86 3,488 -98%
548
399 494 +11% Organic investments
1,636 827 +98%
1,369 1,052
1,042 +31% Operating cash flow before working
capital changes
4,878 5,785 -16%
1,750 1,698 2,127 -18% Cash flow
from operations
4,587 6,432 -29%
* Details on adjustment items are shown in the business segment
information annex to financial statements.** Hutchinson and
Atotech. Bostik until February 2015.
In the fourth quarter 2016, the Group’s European refining margin
indicator (ERMI) was 41 $/t given high levels of maintenance across
the industry. The ERMI average was 34 $/t for the full-year 2016, a
decrease of 30% compared to the high level of 2015, in the context
of high inventories of refined products. Petrochemicals continued
to benefit from a favorable environment in 2016.
Refining & Chemicals adjusted net operating income was:
- 1,138 M$ in the fourth quarter 2016, an
increase of 13% compared to the fourth quarter 2015. The segment
took advantage of a favorable environment with a strong operational
performance of its platforms.
- 4,201 M$ for the full-year 2016, a
decrease of 14% compared to 2015, essentially due to the decrease
in refining margins. Petrochemicals continued to generate good
results, notably due to the strong contribution from the Group’s
major integrated platforms in Asia and the Middle East.
Marketing & Services
> Petroleum product sales
4Q16 3Q16 4Q15 4Q16
vs
4Q15
Sales in kb/d** 2016 2015
2016 vs2015
1,808 1,814 1,797 +1% Total
Marketing & Services sales
1,793 1,818
-1%
1,123 1,113 1,065 +5%
Europe
1,093 1,092 -
685
701 732 -6% Rest of world
700
726 -4%
* Excludes trading and bulk refining sales, includes share of
TotalErg.
Petroleum product sales increased in the fourth quarter 2016
compared to the fourth quarter 2015 due to the strong performance
of retail networks and heating oil sales in Europe, offsetting the
impact from the divestment of the retail network in Turkey.
For the full-year 2016, refined product sales decreased slightly
compared to 2015, essentially due to the sale of the retail network
in Turkey. Excluding portfolio effects, retail network sales
increased by around 4%. Sales of land-based lubricants also
increased by around 4%.
> Results
4Q16 3Q16 4Q15 4Q16
vs
4Q15
In millions of dollars 2016 2015
2016 vs2015
18,719 17,964 18,326 +2% Sales
69,421 77,887 -11%
488
565 691 -29% Adjusted operating income*
1,818 2,098 -13%
411 545
530 -22% Adjusted net operating income*
1,586 1,699 -7%
5 100 277
-98% including New Energies
26
108 -76%
602
1,175 689 -13% Investments
2,506 1,841 +36%
73 40 56
+30% Divestments
446 856
-48%
560 322 736 -24% Organic
investments
1,432 1,569 -9%
358
600 598 -40% Operating cash flow before
working capital changes
1,831 2,065
-11%
903 495 289 +212% Cash flow
from operations
1,623 2,323 -30%
* Details on adjustment items are shown in the business segment
information annex to financial statements.
Marketing & Services adjusted net operating income was:
- 411 M$ in the fourth quarter 2016, a
22% decrease compared to 2015. The contribution from New Energies
was particularly high in the fourth quarter 2015 due to the
delivery of the Quinto solar farm in the US. The retail network
sector benefited from growing sales and strong margins;
- 1,586 M$ for the full-year 2016, a 7%
decrease compared to 2015. Excluding New Energies, net operating
income was stable despite asset sales (retail network in
Turkey).
Group results
> Net operating income from business
segments
Adjusted net operating income from the business segments
was:
- 2,680 M$ in the fourth quarter 2016, an
increase of 17% compared to the fourth quarter 2015, mainly due to
the strong operating performance of the Upstream combined with a
more favorable price environment;
- 9,420 M$ for the full-year 2016, a
decrease of 17% compared to 2015. Production growth and lower costs
partially offset the 19% decrease in hydrocarbon prices and 30%
decrease in refining margins.
The effective tax rate14 for the business segments was:
- 33.0% in the fourth quarter 2016
compared to 28.4% in the fourth quarter 2015, essentially due to
the relative weight of the Upstream, taxed at a higher rate than
other sectors of the Group;
- 25.8% for the full-year 2016 compared
to 33.9% in 2015, due to the relative weight and lower tax rates in
the Upstream in a lower hydrocarbon price environment.
> Net income (Group share)
Evolving in line with net operating income, adjusted net income
was:
- 2,407 M$ in the fourth quarter 2016
compared to 2,075 M$ in the fourth quarter 2015, an increase of
16%;
- 8,287 M$ for the full-year 2016
compared to 10,518 M$ in 2015, a decrease of 21%.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value15.
Total adjustments affecting net income (Group share)16 were:
- -1,859 M$ in the fourth quarter 2016,
mainly due to the inventory effect and impairments on Gladstone LNG
in Australia, Angola LNG, and Laggan-Tormore in the United Kingdom,
reflecting the decrease in gas price assumptions for the coming
years;
- -2,091 M$ for the full-year 2016, for
the same reasons.
> Adjusted net income per share
Adjusted fully-diluted earnings per share, based on 2,390
million fully-diluted weighted average shares, was 3.38 dollars in
2016 compared to 4.51 dollars in 2015.
The number of fully-diluted shares was 2,436 million on December
31, 2016, compared to 2,336 million on December 31, 2015.
> Divestments – acquisitions
Asset sales were:
- 416 M$ in the fourth quarter 2016,
mainly comprised of the sale of a 15% interest in the Gina Krog
field in Norway.
- 1,864 M$ for the full-year 2016, mainly
comprised of the sale of a 15% interest in the Gina Krog field in
Norway, the retail network in Turkey, and the FUKA gas pipeline
network in the North Sea.
Acquisitions, including resource acquisitions,were:
- 616 M$ in the fourth quarter 2016,
mainly comprised of the acquisition of the additional 75% interest
in the Barnett shale gas field in the US;
- 2,033 M$ for the full-year 2016, mainly
comprised of the additional 75% interest in the Barnett shale gas
field, and the acquisitions of Saft, Lampiris and a retail network
in the Dominican Republic.
Resource acquisitions were:
- 650 M$ in the fourth quarter 2016,
mainly due to the additional 75% interest in the Barnett shale gas
field in the US;
- 780 M$ for the full-year 2016,
comprised mainly of the additional 75% interest in the Barnett
shale gas field. These acquisitions, at a cost of less than one
dollar per barrel, enabled the Group to achieve its objective of
adding one billion barrels of resources in 2016.
- Organic investments and resource
acquisitions were 18,264 M$ in 2016.
> Net cash flow
The Group’s net cash flow17 was:
- -170 M$ in the fourth quarter 2016
compared to 76 M$ in the fourth quarter 2015. Although net cash
flow benefited from a 9% increase in operating cash flow before
working capital changes and a 11% decrease in investments, assets
sales were lower in the fourth quarter 2016 compared to the fourth
quarter 2015. The sale of Atotech for $3.2 billion was closed on
January 31, 2017.
- -769 M$ for the full-year 2016 compared
to -984 M$ in 2015, an improvement despite a nearly 10 $/b decrease
in the Brent price in 2016 compared to 2015. The decrease in
investments was able to offset the decrease in operating cash flow
before working capital changes mainly caused by the decrease in
hydrocarbon prices and European refining margins.
> Return on equity
Return on equity from January 1, 2016 to December 31, 2016 was
8.7%18, an increase compared to the period from October 1, 2015 to
September 30, 2016, due to strong results in the fourth quarter
2016.
TOTAL S.A., parent company
accounts
Net income for TOTAL S.A., the parent company, was €4,142
million in 2016 compared to €11,067 million in 2015. During 2015, a
strong volume of dividends was paid by affiliates of TOTAL S.A. to
the parent company.
Proposed dividend
The Board of Directors met on February 8, 2017 and decided to
propose to the Combined Shareholders’ Meeting, which will be held
on May 26, 2017, an annual dividend of 2.45 €/share for 2016, an
increase compared to 2015. Given the three previous 2016 interim
quarterly dividends of 0.61 €/share, a fourth quarter 2016 dividend
of 0.62 €/share is therefore proposed, representing an increase of
1.6% compared to the previous three interim dividends.
The Board of Directors also decided to propose to the Combined
Shareholders’ Meeting the alternative for shareholders to receive
the fourth quarter 2016 dividend in cash or in new shares of the
company with a discount that will be set between 0% and 10%.
Subject to approval at the Combined Shareholders’ Meeting, the
ex-dividend date for the fourth quarter dividend will be June 5,
2017, and the payment of the dividend in cash or the delivery of
the shares issued in lieu of the dividend in cash is set for June
22, 2017.
Summary and outlook
Since end 2016, Brent increased to around 55 $/b with the
announced production cuts agreed by OPEC and non-OPEC countries,
including Russia. However, inventory levels are high and prices are
likely to remain volatile. In this context, the Group is continuing
to cut costs with the objective of achieving $3.5 billion of cost
savings in 2017 and bringing production costs down to 5.5 $/boe for
the year. Investments are moving into the sustainable range needed
to deliver profitable future growth and are expected to be between
$16 and $17 billion in 2017 including resource acquisitions.
In the Upstream, production is set to grow by more than 4% in
2017, supporting the objective of increasing production on average
by 5% per year from 2014 to 2020. As a result of this growth, the
sensitivity of the portfolio to Brent increases to $2.5 billion for
a 10 $/b change in Brent in 2017. The Group plans to take advantage
of the favorable cost environment by launching around 10 projects
over the next 18 months and adding attractive resources to the
portfolio.
The Downstream is expected to continue generating stable
operating cash flows of around $7 billion per year thanks to its
diverse portfolio of activities. Refining & Chemicals’
performance has been strengthened by the restructuring and the
segment will continue to benefit from the quality of its integrated
platforms, notably in Antwerp, in the United States, in Asia and in
the Middle East. The final investment decision to launch the Port
Arthur side-cracker is expected to be taken in 2017. The Marketing
& Services segment is pursuing its cash generation growth
strategy by leveraging its strong position in high-potential retail
and lubricant markets.
In 2017, the Group’s breakeven will continue to fall, reaching
less than 40 $/b pre-dividend. Cash flow from operations is
expected to cover investments and the cash portion of the dividend
at 50 $/b. TOTAL confirms its objective to achieve a
net-debt-to-equity ratio of 20%.
The Group is committed to maintaining attractive returns for its
shareholders and will eliminate the discount on the scrip dividend
with Brent at 60 $/b.
-- -- --
To listen to the presentation made by Chairman and CEO Patrick
Pouyanné and CFO Patrick de La Chevardière to financial analysts
today at 14:00 (London time) please log on to total.com or call +44
(0)203 427 1912 in Europe or +1 646 254 3367 in the United
States (access code: 7820602). For a replay, please consult the
website or call +44 (0)203 427 0598 in Europe or
+1 347 366 9565 in the United States (access code:
7820602).
Operating information by segment
Upstream*
4Q16 3Q16 4Q15 4Q16
vs
4Q15
Combined liquids and gas
production by region (kboe/d)
2016 2015
2016 vs2015
752 720 681 +10% Europe and
Central Asia
757 664 +14%
625
649 638 -2% Africa
634
639 -1%
503 529 503 -
Middle East and North Africa
517 531
-3%
319 285 255 +25%
Americas
279 255 +9%
263
261 275 -4% Asia Pacific
265
258 +2%
2,462 2,443 2,352
+5% Total production
2,452 2,347
+4%
561 592 544 +3% including
equity affiliates
600 559 +7%
4Q16 3Q16
4Q15 4Q16
vs
4Q15
Liquids production by region (kb/d)
2016 2015
2016 vs2015
258 238 227 +14% Europe and
Central Asia
249 215 +16%
483
524 526 -8% Africa
509
521 -2%
365 380 361 +1%
Middle East and North Africa
373 372
-
121 118 100 +21%
Americas
109 95 +15%
30
29 37 -18% Asia Pacific
31
34 -10%
1,257 1,290 1,251
- Total production
1,271 1,237
+3%
233 249 220 +6% including
equity affiliates
247 219 +13%
4Q16 3Q16
4Q15 4Q16
vs
4Q15
Gas production by region (Mcf/d) 2016
2015
2016 vs2015
2,665 2,594 2,435 +9% Europe and
Central Asia
2,737 2,413 +13%
710 617 545 +30% Africa
621 581 +7%
767 813 779
-2% Middle East and North Africa
795
874 -9%
1,108 927 869
+28% Americas
944 896 +5%
1,347 1,335 1,365 -1% Asia
Pacific
1,350 1,290 +5%
6,597
6,286 5,993 +10% Total production
6,447 6,054 +6%
1,779
1,831 1,739 +2% including equity affiliates
1,894 1,828 +4%
4Q16 3Q16 4Q15
4Q16
vs
4Q15
Liquefied natural gas 2016 2015
2016 vs2015
2.75 2.74 2.48 +11% LNG sales**
(Mt)
10.99 10.22 +8%
* The regional reporting has been changed to reflect the
Company’s internal organization. Historical data is available at
total.com.** Sales, Group share, excluding trading; 2016 data
restated to reflect volume estimates for Bontang LNG in Indonesia
based on the 2016 SEC coefficient.
Downstream (Refining & Chemicals and Marketing &
Services)
4Q16 3Q16 4Q15 4Q16
vs
4Q15
Petroleum product sales by region (kb/d)*
2016 2015
2016 vs2015
2,330 2,430 2,298 +1% Europe
2,355 2,184 +8%
569 537
547 +4% Africa
551 619
-11%
313 627 489 -36%
Americas
517 570 -9%
997
567 620 +61% Rest of world
760
632 +20%
4,209 4,161 3,954
+6% Total consolidated sales
4,183
4,005 +4%
678 706 688 -1%
Including bulk sales
700 649 +8%
1,723 1,641 1,469 +17% Including
trading
1,690 1,538 +10%
*Includes share of TotalErg.
Adjustment items
> Adjustments to operating income
4Q16 3Q16 4Q15
In millions of
dollars 2016 2015
(2,177)
(115) (5,677) Special items affecting operating
income
(3,389) (8,182)
(3) (15)
(48) Restructuring charges
(37)
(48)
(2,029) - (4,933) Impairments
(2,229) (6,877)
(145) (100)
(696) Other
(1,123) (1,257)
347 (47) (464) Pre-tax inventory
effect: FIFO vs. replacement cost
652 (1,113)
17 (18) - Effect of changes in fair
value
(4) (16)
(1,813)
(180) (6,141) Total adjustments affecting
operating income
(2,741) (9,311)
> Adjustment to net income (Group share)
4Q16 3Q16 4Q15
In millions of
dollars 2016 2015
(2,133)
(98) (3,386) Special items affecting net income
(Group share)
(2,567) (4,675)
(45)
(32) 579 Gain (loss) on asset sales
267 1,810
(10) (18) (29)
Restructuring charges
(32) (72)
(1,886)
(33) (3,443) Impairments
(2,097)
(5,447)
(192) (15) (493) Other
(705) (966)
262 (5) (315)
After-tax inventory effect: FIFO vs. replacement cost
479 (747)
12 (13) -
Effect of changes in fair value
(3) (9)
(1,859) (116) (3,701) Total
adjustments affecting net income
(2,091)
(5,431)
2017 Sensitivities*
Scenario Change
Estimated impacton
adjusted
net operatingincome
Estimatedimpact oncash
flow
Dollar 1.1 $/€ -0.1 $ per € +0.1 B$
~0 B$
Brent 50 $/b +10 $/b +2 B$
+2.5 B$
European refining margin indicator (ERMI)
35 $/t +10 $/t +0.5 B$ +0.6 B$
* Sensitivities are revised once per year upon publication of
the previous year’s fourth quarter results. Sensitivities are
estimates based on assumptions about the Group’s portfolio in 2017.
Actual results could vary significantly from estimates based on the
application of these sensitivities. The impact of the $-€
sensitivity on adjusted net operating income is mainly attributable
to Refining & Chemicals.
Investments - Divestments
4Q16 3Q16 4Q15 4Q16
vs
4Q15
In millions of dollars 2016 2015
2016 vs2015
4,728 4,082 6,365 -26% Organic
investments
17,484 22,976 -24%
119 136 232 -49% capitalized
exploration
655 1,198 -45%
157
135 553 -72% increase in non-current
loans
1,121 2,260 -50%
(511)
(101) (196) +161% repayment of
non-current loans
(1,013) (1,616) -37%
616 1,018 33 18.7 x Acquisitions
2,033 3,441 -41%
416 91
2,101 -80% Asset sales
1,864
5,968 -69%
- (107) 8
-100% Other transactions with non-controlling interests
(104) 89 -217%
4,928
5,116 4,289 +15% Net investments
17,757 20,360 -13%
Net-debt-to-equity ratio
In millions of dollars 12/31/2016
9/30/2016 12/31/2015 Current borrowings
13,920
13,383 12,488 Net current financial assets
(4,221) (1,375) (6,019) Net financial assets
classified as held for sale
(140) (81)
141 Non-current financial debt
43,067 44,450
44,464 Hedging instruments of non-current debt
(908) (1,089) (1,219) Cash and cash
equivalents
(24,597) (24,801) (23,269)
Net debt 27,121 30,487 26,586
Shareholders’
equity - Group share
98,680 98,168
92,494 Estimated dividend payable
(1,556)
(1,629) (1,545) Non-controlling interests
2,894 2,948 2,915
Adjusted shareholders'
equity 100,018 99,487 93,864
Net-debt-to-equity
ratio 27.1% 30.6% 28.3%
Return on equity
In millions of dollars
January 1, 2016 toDecember 31, 2016
October 1, 2015 toSeptember 30, 2016
January 1, 2015 toDecember 31, 2015
Adjusted net income 8,447 8,207 10,698 Average
adjusted shareholders' equity 96,941 98,538
92,854
Return on equity (ROE) 8.7%
8.3% 11.5%
Return on average capital employed
> Twelve months ended December 31, 2016
In millions of dollars Upstream
Refining &Chemicals
Marketing& Services
Group Adjusted net operating income
3 633
4 201
1 586
9 274
Capital employed at 12/31/2015*
105 580
10 407
8 415
121 143
Capital employed at 12/31/2016*
108 713
11 618
9 701
127 423
ROACE
3,4%
38,1%
17,5%
7,5%
> Twelve months ended September 30, 2016
In millions of dollars Upstream
Refining &Chemicals
Marketing& Services
Group Adjusted net operating income
3,250 4,070 1,705 8,968
Capital employed at 09/30/2015*
108,425 11,319 7,865 123,904
Capital employed at 09/30/2016*
110,590 12,030 10,316 130,534
ROACE
3.0% 34.9% 18.8%
7.0%
> Twelve months ended December 31, 2015
In millions of dollars Upstream
Refining &Chemicals
Marketing& Services
Group Adjusted net operating income
4,774 4,889 1,699 11,400 Capital employed at
12/31/2014* 100,497 13,451 8,825 120,526
Capital employed at 12/31/2015* 105,580 10,407
8,415 121,143
ROACE 4.6% 41.0%
19.7% 9.4%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the full-year 2016
from the consolidated financial statements of TOTAL S.A. as of
December 31, 2016. The audit procedures by the Statutory Auditors
are underway. This document does not constitute the Annual
Financial Report (Rapport Financier Annuel) within the meaning of
article L. 451-1-2 of the French monetary and financial Code
(Code monétaire et financier).
This document may contain forward-looking information on the
Group (including objectives and trends), as well as forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, notably with respect to the financial
condition, results of operations, business, strategy and plans of
TOTAL. These data do not represent forecasts within the meaning of
European Regulation No. 809/2004.
Such forward-looking information and statements included in this
document are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment.
They may prove to be inaccurate in the future, and are subject to a
number of risk factors that could lead to a significant difference
between actual results and those anticipated, including currency
fluctuations, the price of petroleum products, the ability to
realize cost reductions and operating efficiencies without unduly
disrupting business operations, environmental regulatory
considerations and general economic and business conditions.
Certain financial information is based on estimates particularly in
the assessment of the recoverable value of assets and potential
impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the Company’s
financial results or the Group’s activities is provided in the most
recent Registration Document, the French language version of which
is filed by the Company with the French Autorité des Marchés
Financiers and annual report on Form 20-F filed with the United
States Securities and Exchange Commission (“SEC”).
Financial information by business segment is reported in
accordance with the internal reporting system and shows internal
segment information that is used to manage and measure the
performance of TOTAL.
In addition to IFRS measures, certain alternative performance
indicators are presented, such as performance indicators excluding
the adjustment items described below (adjusted operating income,
adjusted net operating income, adjusted net income), return on
equity (ROE), return on average capital employed (ROACE) and
net-debt-to-equity ratio. These indicators are meant to facilitate
the analysis of the financial performance of TOTAL and the
comparison of income between periods. They allow investors to track
the measures used internally to manage and measure the performance
of the Group.
These adjustment items include:
(i) Special itemsDue 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
effectThe 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
segments’ performance and facilitate the comparability of the
segments’ 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 valueThe effect of changes in fair
value presented as an adjustment item reflects, for some
transactions, differences between internal measures of performance
used by TOTAL’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 Group’s internal economic performance. IFRS precludes
recognition of this fair value effect.
The adjusted results (adjusted operating income, adjusted net
operating income, adjusted net income) are defined as replacement
cost results, adjusted for special items, excluding the effect of
changes in fair value.
Euro amounts presented for the fully adjusted-diluted earnings
per share represent dollar amounts converted at the average
euro-dollar (€-$) exchange rate for the applicable period and are
not the result of financial statements prepared in euros.
Cautionary Note to U.S. Investors – 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 “potential reserves” or “resources”,
that the SEC’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 N° 1-10888, available from us
at 2, place Jean Millier – Arche Nord Coupole/Regnault - 92078
Paris-La Défense 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 SEC’s website sec.gov.
1 Definition on page 2.2 Group share.3 The ex-dividend date will
be June 5, 2017, and the payment date will be set for June 22,
2017.4 Adjusted results are defined as income using replacement
cost, adjusted for special items, excluding the impact of changes
for fair value; adjustment items are on page 11.5 Includes foreign
exchange effect on Yamal LNG financing, which is reversed for total
adjusted net operating income.6 Tax on adjusted net operating
income / (adjusted net operating income – income from equity
affiliates – dividends received from investments – impairment of
goodwill + tax on adjusted net operating income).7 In accordance
with IFRS norms, adjusted fully-diluted earnings per share is
calculated from the adjusted net income less the perpetual
subordinated bond coupon8 Including investments and increase in
non-current loans.9 Net investments = investments - divestments -
repayment of non-current loans - other operations with
non-controlling interests.10 Organic investments = net investments
excluding acquisitions, asset sales, and other operations with
non-controlling interests.11 Operating cash flow before working
capital changes, previously referred to as adjusted cash flow from
operations, is defined as cash flow from operating activities
before changes in working capital at replacement cost. The
inventory valuation effect is explained on page 14.12 Certain
transactions referred to in the highlights are subject to approval
by authorities or to other conditions as per the agreements.13 FASB
Accounting Standards Codification Topic 932, Extractive industries
– Oil and Gas.14 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).15 Details shown on page 11.16
Details shown on page 11 and in the annex to the financial
statements.17 Net cash flow = operating cash flow before working
capital changes at replacement cost - net investments (including
other transactions with non-controlling interests).18 Details shown
on page 13.
Total financial statements
____________________
Fourth quarter and full year 2016
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL (unaudited) (M$) (a)
4th
quarter
2016
3rd quarter
2016
4th quarter
2015
Sales 42,275 37,412 37,749 Excise taxes
(5,408) (5,587) (5,457) Revenues from sales 36,867 31,825 32,292
Purchases, net of inventory variation (23,967) (21,223) (21,874)
Other operating expenses (6,791) (5,469) (6,248) Exploration costs
(260) (274) (727) Depreciation, depletion and impairment of
tangible assets and mineral interests (4,939) (2,936) (7,672) Other
income 337 290 833 Other expense (473) (351) (298) Financial
interest on debt (299) (268) (241) Financial income and expense
from cash & cash equivalents (2) (5) 25 Cost of net debt (301)
(273) (216) Other financial income 203 265 300 Other financial
expense (161) (154) (171) Equity in net income (loss) of affiliates
409 531 600 Income taxes (437) (251) 1,381
Consolidated net income 487
1,980 (1,800) Group share 548 1,954 (1,626)
Non-controlling interests (61) 26 (174)
Earnings per share ($) 0.20 0.79 (0.72)
Fully-diluted earnings per share ($) 0.20 0.79
(0.71)
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (unaudited) (M$)
4th quarter
2016
3rd quarter
2016
4th quarter
2015
Consolidated net income 487
1,980 (1,800) Other comprehensive
income Actuarial gains and losses 205 (363) 358 Tax
effect (64) 47 (140) Currency translation adjustment generated by
the parent company (3,515) 439 (2,171) Items
not potentially reclassifiable to profit and loss (3,374)
123 (1,953) Currency translation adjustment 619 (362)
604 Available for sale financial assets 3 15 16 Cash flow hedge 94
113 4 Share of other comprehensive income of equity affiliates, net
amount 458 123 (95) Other 1 (3) - Tax effect (32)
(41) (7) Items potentially reclassifiable to profit and loss
1,143 (155) 522
Total other comprehensive
income (net amount) (2,231) (32)
(1,431)
Comprehensive income (1,744)
1,948 (3,231) Group share (1,676) 1,909
(3,033) Non-controlling interests (68) 39 (198)
CONSOLIDATED
STATEMENT OF INCOME TOTAL
(M$) (a)
Year
2016
Year
2015
Sales 149,743 165,357 Excise taxes (21,818)
(21,936) Revenues from sales 127,925 143,421 Purchases, net of
inventory variation (83,377) (96,671) Other operating expenses
(24,302) (24,345) Exploration costs (1,264) (1,991) Depreciation,
depletion and impairment of tangible assets and mineral interests
(13,523) (17,720) Other income 1,299 3,606 Other expense (1,027)
(1,577) Financial interest on debt (1,108) (967) Financial income
and expense from cash & cash equivalents 4 94 Cost of net debt
(1,104) (873) Other financial income 971 882 Other financial
expense (636) (654) Equity in net income (loss) of affiliates 2,214
2,361 Income taxes (970) (1,653)
Consolidated net
income 6,206 4,786 Group share
6,196 5,087 Non-controlling interests 10 (301)
Earnings per share ($) 2.52 2.17 Fully-diluted
earnings per share ($) 2.51 2.16
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (M$)
Year
2016
Year
2015
Consolidated net income 6,206
4,786 Other comprehensive income Actuarial
gains and losses (371) 557 Tax effect 55 (278) Currency translation
adjustment generated by the parent company (1,548)
(7,268) Items not potentially reclassifiable to profit and loss
(1,864) (6,989) Currency translation adjustment
(1,098) 2,456 Available for sale financial assets 4 9 Cash flow
hedge 239 (185) Share of other comprehensive income of equity
affiliates, net amount 935 120 Other 1 1 Tax effect (76)
53 Items potentially reclassifiable to profit and loss
5 2,454
Total other comprehensive income (net
amount) (1,859) (4,535)
Comprehensive income
4,347 251 Group share 4,336 633
Non-controlling interests 11 (382)
CONSOLIDATED BALANCE
SHEET TOTAL
(M$)
December 31,2016
September
30,2016(unaudited)
December 31,2015
ASSETS Non-current assets Intangible assets, net
15,362 14,916 14,549 Property, plant and equipment, net 111,971
113,433 109,518 Equity affiliates : investments and loans 20,576
20,870 19,384 Other investments 1,133 1,565 1,241 Non-current
financial assets 908 1,089 1,219 Deferred income taxes 4,368 4,434
3,982 Other non-current assets 4,143 4,534
4,355
Total non-current assets 158,461
160,841 154,248 Current assets
Inventories, net 15,247 14,635 13,116 Accounts receivable, net
12,213 11,501 10,629 Other current assets 14,835 14,927 15,843
Current financial assets 4,548 1,755 6,190 Cash and cash
equivalents 24,597 24,801 23,269 Assets classified as held for sale
1,077 1,045 1,189
Total current assets
72,517 68,664 70,236
Total assets 230,978 229,505 224,484
LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity
Common shares
7,604 7,849 7,670 Paid-in surplus and retained earnings 105,547
106,189 101,528 Currency translation adjustment (13,871) (11,448)
(12,119) Treasury shares (600) (4,422) (4,585)
Total shareholders' equity - Group share
98,680 98,168 92,494
Non-controlling interests 2,894
2,948 2,915 Total shareholders' equity
101,574 101,116 95,409
Non-current liabilities Deferred income taxes 11,060 11,390
12,360 Employee benefits 3,746 4,247 3,774 Provisions and other
non-current liabilities 16,846 17,320 17,502 Non-current financial
debt 43,067 44,450 44,464
Total non-current
liabilities 74,719 77,407
78,100 Current liabilities Accounts payable 23,227
19,799 20,928 Other creditors and accrued liabilities 16,720 16,895
16,884 Current borrowings 13,920 13,383 12,488 Other current
financial liabilities 327 380 171 Liabilities directly associated
with the assets classified as held for sale 491 525
504
Total current liabilities 54,685
50,982 50,975 Total liabilities
& shareholders' equity 230,978 229,505
224,484 CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL (unaudited) (M$)
4th quarter
2016
3rd quarter
2016
4th quarter
2015
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
487 1,980 (1,800) Depreciation, depletion, amortization and
impairment 5,030 3,297 8,278 Non-current liabilities, valuation
allowances and deferred taxes (275) (539) (1,862) (Gains) losses on
disposals of assets 58 94 (665) Undistributed affiliates' equity
earnings 65 (192) 39 (Increase) decrease in working capital 1,913
265 937 Other changes, net (260) (165) (89)
Cash flow from operating activities 7,018
4,740 4,838 CASH FLOW USED IN INVESTING
ACTIVITIES Intangible assets and property, plant and equipment
additions (5,742) (4,124) (5,919) Acquisitions of subsidiaries, net
of cash acquired 118 (1,119) (42) Investments in equity affiliates
and other securities (74) 177 (80) Increase in non-current loans
(157) (135) (553)
Total expenditures
(5,855) (5,201) (6,594) Proceeds from
disposals of intangible assets and property, plant and equipment
413 57 1,437 Proceeds from disposals of subsidiaries, net of cash
sold - - 58 Proceeds from disposals of non-current investments 3 34
606 Repayment of non-current loans 511 101 196
Total divestments 927 192
2,297 Cash flow used in investing activities
(4,928) (5,009) (4,297)
Issuance (repayment) of shares: - Parent company shareholders 60 36
31 - Treasury shares - - - Dividends paid: - Parent company
shareholders (534) - (592) - Non-controlling interests (16) (2) (3)
Issuance of perpetual subordinated notes 2,761 - - Payments on
perpetual subordinated notes - - - Other transactions with
non-controlling interests - (107) 8 Net issuance (repayment) of
non-current debt (105) 3,127 2,039 Increase (decrease) in current
borrowings (335) (909) (531) Increase (decrease) in current
financial assets and liabilities (3,006) 257 (3,320)
Cash flow
used in financing activities (1,175)
2,402 (2,368) Net increase (decrease) in
cash and cash equivalents 915 2,133
(1,827) Effect of exchange rates (1,119) 15 (762) Cash and
cash equivalents at the beginning of the period 24,801
22,653 25,858
Cash and cash equivalents at the end
of the period 24,597 24,801
23,269 CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL (M$)
Year
2016
Year
2015
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
6,206 4,786 Depreciation, depletion, amortization and impairment
14,423 19,334 Non-current liabilities, valuation allowances and
deferred taxes (1,559) (2,563) (Gains) losses on disposals of
assets (263) (2,459) Undistributed affiliates' equity earnings
(643) (311) (Increase) decrease in working capital (1,119) 1,683
Other changes, net (524) (524)
Cash flow from
operating activities 16,521 19,946 CASH FLOW
USED IN INVESTING ACTIVITIES Intangible assets and property,
plant and equipment additions (18,106) (25,132) Acquisitions of
subsidiaries, net of cash acquired (1,123) (128) Investments in
equity affiliates and other securities (180) (513) Increase in
non-current loans (1,121) (2,260)
Total
expenditures (20,530) (28,033) Proceeds from
disposals of intangible assets and property, plant and equipment
1,462 2,623 Proceeds from disposals of subsidiaries, net of cash
sold 270 2,508 Proceeds from disposals of non-current investments
132 837 Repayment of non-current loans 1,013 1,616
Total divestments 2,877 7,584
Cash flow used in investing activities (17,653)
(20,449)
Issuance (repayment) of shares: - Parent company shareholders 100
485 - Treasury shares - (237) Dividends paid: - Parent company
shareholders (2,661) (2,845) - Non-controlling interests (93) (100)
Issuance of perpetual subordinated notes 4,711 5,616 Payments on
perpetual subordinated notes (133) - Other transactions with
non-controlling interests (104) 89 Net issuance (repayment) of
non-current debt 3,576 4,166 Increase (decrease) in current
borrowings (3,260) (597) Increase (decrease) in current financial
assets and liabilities 1,396 (5,517)
Cash flow used in financing
activities 3,532 1,060 Net
increase (decrease) in cash and cash equivalents 2,400
557 Effect of exchange rates (1,072) (2,469) Cash and cash
equivalents at the beginning of the period 23,269
25,181
Cash and cash equivalents at the end of the period
24,597 23,269 CONSOLIDATED STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY TOTAL
Common shares issued Paid-in surplus and
retained earnings Currency translation adjustment
Treasury shares Shareholders' equity -
Group share
Non-controllinginterests
Total shareholders' equity (M$)
Number
Amount
Number Amount
As of January 1, 2015
2,385,267,525 7,518 94,646
(7,480) (109,361,413)
(4,354) 90,330 3,201
93,531 Net income 2015 - - 5,087 - - - 5,087
(301) 4,786 Other comprehensive Income - - 185 (4,639) - - (4,454)
(81) (4,535)
Comprehensive Income - -
5,272 (4,639) - - 633
(382) 251 Dividend - - (6,303) - - - (6,303) (100)
(6,403) Issuance of common shares 54,790,358 152 2,159 - - - 2,311
- 2,311
Purchase of treasury shares
- - - - (4,711,935) (237) (237) - (237) Sale of treasury shares (1)
- - (6) - 105,590 6 - - - Share-based payments - - 101 - - - 101 -
101 Share cancellation - - - - - - - - - Issuance of perpetual
subordinated notes - - 5,616 - - - 5,616 - 5,616 Payments on
perpetual subordinated notes - - (114) - - - (114) - (114) Other
operations with non-controlling interests - - 23 - - - 23 64 87
Other items - - 134 - - - 134 132 266
As of December 31,
2015 2,440,057,883 7,670
101,528 (12,119) (113,967,758)
(4,585) 92,494 2,915
95,409 Net income 2016 - - 6,196 - - - 6,196 10 6,206
Other comprehensive Income - - (108) (1,752) - - (1,860) 1 (1,859)
Comprehensive Income - - 6,088
(1,752) - - 4,336 11
4,347 Dividend - - (6,512) - - - (6,512) (93) (6,605)
Issuance of common shares 90,639,247 251 3,553 - - - 3,804 - 3,804
Purchase of treasury shares - - - - - - - - - Sale of treasury
shares (1) - - (163) - 3,048,668 163 - - - Share-based payments - -
112 - - - 112 - 112 Share cancellation (100,331,268) (317) (3,505)
- 100,331,268 3,822 - - - Issuance of perpetual subordinated notes
- - 4,711 - - - 4,711 - 4,711 Payments on perpetual subordinated
notes - - (203) - - - (203) - (203) Other operations with
non-controlling interests - - (98) - - - (98) (43) (141) Other
items - - 36 - - - 36 104 140
As of December 31, 2016
2,430,365,862 7,604 105,547
(13,871) (10,587,822)
(600) 98,680 2,894
101,574
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL (unaudited)
4th quarter 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 4,475 19,077 18,719 4 - 42,275
Intersegment sales 4,948 6,707 260 82 (11,997) - Excise taxes
- (784) (4,624) - -
(5,408)
Revenues from sales 9,423 25,000
14,355 86 (11,997) 36,867 Operating
expenses (5,730) (23,149) (13,841) (295) 11,997 (31,018)
Depreciation, depletion and impairment of tangible assets and
mineral interests (4,331) (252) (346)
(10) - (4,939)
Operating income (638)
1,599 168 (219) - 910 Equity in
net income (loss) of affiliates and other items 37 169 (21) 130 -
315 Tax on net operating income (90) (394)
(98) 77 - (505)
Net operating income
(691) 1,374 49 (12) - 720
Net cost of net debt (233) Non-controlling interests
61
Net income 548 4th quarter 2016
(adjustments) (a)
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 17 - - -
- 17 Intersegment sales - - - - - - Excise taxes
- - - - - -
Revenues
from sales 17 - - - -
17 Operating expenses - 379 (180) - - 199 Depreciation,
depletion and impairment of tangible assets and mineral interests
(1,889) - (140) - -
(2,029) (a) Except for per share amounts.
(1,872) 379
(320) - - (1,813) Equity in net income
(loss) of affiliates and other items (405) (28) (84) (4) - (521)
Tax on net operating income 455 (115) 42
1 - 383
Net operating income (b)
(1,822) 236 (362) (3) -
(1,951) Net cost of net debt (6) Non-controlling interests
98
Net income (1,859) (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 - 380 (33) - On net operating income - 281 (14)
-
4th quarter 2016 (adjusted)
(M$) (a)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 4,458 19,077
18,719 4 - 42,258 Intersegment sales 4,948
6,707 260 82 (11,997) - Excise taxes - (784)
(4,624) - - (5,408)
Revenues from sales
9,406 25,000 14,355 86 (11,997)
36,850 Operating expenses (5,730) (23,528) (13,661) (295)
11,997 (31,217) Depreciation, depletion and impairment of tangible
assets and mineral interests (2,442) (252)
(206) (10) - (2,910)
Adjusted operating
income 1,234 1,220 488 (219)
- 2,723 Equity in net income (loss) of affiliates and
other items 442 197 63 134 - 836 Tax on net operating income
(545) (279) (140) 76 - (888)
Adjusted net operating income 1,131 1,138
411 (9) - 2,671 Net cost of net debt
(227) Non-controlling interests
(37)
Adjusted net
income
2,407 Adjusted fully-diluted
earnings per share ($)
0.96
4th quarter 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Total expenditures 4,611 560 602
82 - 5,855 Total divestments 839 13 73 2 - 927
Cash flow from operating activities 4,199 1,750
903 166 - 7,018
BUSINESS SEGMENT
INFORMATION
TOTAL (unaudited)
3rd
quarter 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 3,398 16,050 17,964 - - 37,412
Intersegment sales 4,701 5,072 147 74 (9,994) - Excise taxes
- (875) (4,712) - - (5,587)
Revenues from sales 8,099 20,247 13,399
74 (9,994) 31,825 Operating expenses (4,954)
(19,101) (12,708) (197) 9,994 (26,966) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,480)
(251) (194) (11) - (2,936)
Operating income 665 895 497
(134) - 1,923 Equity in net income (loss) of
affiliates and other items 213 227 57 84 - 581 Tax on net operating
income (40) (196) (138) 58 -
(316)
Net operating income 838 926
416 8 - 2,188 Net cost of net debt
(208) Non-controlling interests
(26)
Net income
1,954 3rd quarter 2016 (adjustments)
(a)
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales (116) - -
- - (116) Intersegment sales - - - - - - Excise taxes
- - - - - -
Revenues
from sales (116) - - - -
(116) Operating expenses - 4 (68) - - (64) Depreciation,
depletion and impairment of tangible assets and mineral interests
- - - - - - (a) Except
for per share amounts.
(116) 4 (68) -
- (180) Equity in net income (loss) of affiliates and
other items (123) 16 (67) - - (174) Tax on net operating income
200 (11) 6 - - 195
Net
operating income (b) (39) 9 (129)
- - (159) Net cost of net debt (6)
Non-controlling interests
49
Net income
(116) (a) Adjustments include special items, inventory
valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - 4 (51) - On net operating income - 21 (33) -
3rd quarter 2016 (adjusted)
(M$) (a)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 3,514 16,050
17,964 - - 37,528 Intersegment sales 4,701
5,072 147 74 (9,994) - Excise taxes - (875)
(4,712) - - (5,587)
Revenues from sales
8,215 20,247 13,399 74 (9,994)
31,941 Operating expenses (4,954) (19,105) (12,640) (197)
9,994 (26,902) Depreciation, depletion and impairment of tangible
assets and mineral interests (2,480) (251)
(194) (11) - (2,936)
Adjusted operating
income 781 891 565 (134) -
2,103 Equity in net income (loss) of affiliates and other
items 336 211 124 84 - 755 Tax on net operating income (240)
(185) (144) 58 - (511)
Adjusted net operating income 877 917
545 8 - 2,347 Net cost of net debt
(202) Non-controlling interests
(75)
Adjusted net
income
2,070 Adjusted fully-diluted
earnings per share ($)
0.84
(a) Except for earnings per share.
3rd quarter 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Total expenditures 3,648 550
1,175 (172) - 5,201 Total divestments 129 21
40 2 - 192 Cash flow from operating activities 2,380
1,698 495 167 - 4,740
BUSINESS
SEGMENT INFORMATION
TOTAL (unaudited)
4th
quarter 2015
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 3,457 15,969 18,326 (3) - 37,749
Intersegment sales 4,342 5,532 215 59 (10,148) - Excise taxes
- (1,073) (4,384) - -
(5,457)
Revenues from sales 7,799 20,428
14,157 56 (10,148) 32,292 Operating
expenses (5,716) (19,606) (13,445) (230) 10,148 (28,849)
Depreciation, depletion and impairment of tangible assets and
mineral interests (7,189) (293) (183)
(7) - (7,672)
Operating income (5,106)
529 529 (181) - (4,229) Equity
in net income (loss) of affiliates and other items 571 759 (97) 31
- 1,264 Tax on net operating income 1,328 (74)
(135) 218 - 1,337
Net operating income
(3,207) 1,214 297 68 -
(1,628) Net cost of net debt (172) Non-controlling interests
174
Net income (1,626)
4th quarter 2015 (adjustments) (a)
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales (205) - -
- - (205) Intersegment sales - - - - - - Excise taxes
- - - - - -
Revenues
from sales (205) - - - -
(205) Operating expenses (413) (429) (161) - - (1,003)
Depreciation, depletion and impairment of tangible assets and
mineral interests (4,893) (39) (1) -
- (4,933)
Operating Income (b)
(5,511) (468) (162) - -
(6,141) Equity in net income (loss) of affiliates and other
items (58) 596 (116) (19) - 403 Tax on net operating income
1,614 79 45 7 - 1,745
Net
operating income (b) (3,955) 207
(233) (12) - (3,993) Net cost of net
debt (11) Non-controlling interests
303
Net
income (3,701) (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - (359) (105) - On net operating income - (247)
(68) -
4th quarter 2015 (adjusted)
(M$) (a)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 3,662 15,969
18,326 (3) - 37,954 Intersegment sales 4,342
5,532 215 59 (10,148) - Excise taxes - (1,073)
(4,384) - - (5,457)
Revenues from sales
8,004 20,428 14,157 56 (10,148)
32,497 Operating expenses (5,303) (19,177) (13,284) (230)
10,148 (27,846) Depreciation, depletion and impairment of tangible
assets and mineral interests (2,296) (254)
(182) (7) - (2,739)
Adjusted operating
income 405 997 691 (181) -
1,912 Equity in net income (loss) of affiliates and other
items 629 163 19 50 - 861 Tax on net operating income (286)
(153) (180) 211 - (408)
Adjusted net operating income 748 1,007
530 80 - 2,365 Net cost of net debt
(161) Non-controlling interests
(129)
Adjusted net
income
2,075 Adjusted fully-diluted
earnings per share ($)
0.88
(a) Except for earnings per share.
4th quarter 2015
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Total expenditures 5,293 586 689
26 - 6,594 Total divestments 1,402 836 56 3 -
2,297 Cash flow from operating activities 2,624 2,127
289 (202) - 4,838
BUSINESS SEGMENT
INFORMATION
TOTAL
Year 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 14,683 65,632 69,421 7 - 149,743
Intersegment sales 17,070 21,467 747 307 (39,591) - Excise taxes
- (3,544) (18,274) - -
(21,818)
Revenues from sales 31,753 83,555
51,894 314 (39,591) 127,925 Operating
expenses (20,438) (77,553) (49,538) (1,005) 39,591 (108,943)
Depreciation, depletion and impairment of tangible assets and
mineral interests (11,589) (1,002) (895)
(37) - (13,523)
Operating income
(274) 5,000 1,461 (728) -
5,459 Equity in net income (loss) of affiliates and other
items 1,489 833 84 415 - 2,821 Tax on net operating income
363 (1,245) (506) 164 - (1,224)
Net operating income 1,578 4,588 1,039
(149) - 7,056 Net cost of net debt (850)
Non-controlling interests
(10)
Net income
6,196 Year 2016 (adjustments) (a)
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales (231) - -
- - (231) Intersegment sales - - - - - - Excise taxes
- - - - - -
Revenues
from sales (231) - - - -
(231) Operating expenses (691) 627 (217) - - (281)
Depreciation, depletion and impairment of tangible assets and
mineral interests (2,089) - (140) -
- (2,229)
Operating income(b)
(3,011) 627 (357) - -
(2,741) Equity in net income (loss) of affiliates and other
items (199) (39) (230) (4) - (472) Tax on net operating income
1,155 (201) 40 1 - 995
Net operating income (b) (2,055) 387
(547) (3) - (2,218) Net cost of net
debt (23) Non-controlling interests
150
Net
income (2,091) (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - 695 (43) - On net operating income - 500 (13)
-
Year 2016 (adjusted)
(M$) (a)
Upstream
Refining &Chemicals
Marketing & ervices
Corporate Intercompany
Total Non-Group sales 14,914 65,632
69,421 7 - 149,974 Intersegment sales 17,070
21,467 747 307 (39,591) - Excise taxes - (3,544)
(18,274) - - (21,818)
Revenues from
sales 31,984 83,555 51,894 314
(39,591) 128,156 Operating expenses (19,747) (78,180)
(49,321) (1,005) 39,591 (108,662) Depreciation, depletion and
impairment of tangible assets and mineral interests (9,500)
(1,002) (755) (37) - (11,294)
Adjusted operating income 2,737 4,373
1,818 (728) - 8,200 Equity in net
income (loss) of affiliates and other items 1,688 872 314 419 -
3,293 Tax on net operating income (792) (1,044)
(546) 163 - (2,219)
Adjusted net
operating income 3,633 4,201 1,586
(146) - 9,274 Net cost of net debt (827)
Non-controlling interests
(160)
Adjusted net income
8,287 Adjusted fully-diluted earnings per
share ($)
3.38
(a) Except for earnings per share.
Year 2016
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Total expenditures 16,035 1,849
2,506 140 - 20,530 Total divestments 2,331 86
446 14 - 2,877 Cash flow from operating activities 9,675
4,587 1,623 636 - 16,521
BUSINESS SEGMENT INFORMATION
TOTAL
Year 2015
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 16,840 70,623 77,887 7 - 165,357
Intersegment sales 17,927 26,794 911 218 (45,850) - Excise taxes
- (4,107) (17,829) - -
(21,936)
Revenues from sales 34,767 93,310
60,969 225 (45,850) 143,421 Operating
expenses (21,851) (87,674) (58,467) (865) 45,850 (123,007)
Depreciation, depletion and impairment of tangible assets and
mineral interests (15,857) (1,092) (744)
(27) - (17,720)
Operating income
(2,941) 4,544 1,758 (667) -
2,694 Equity in net income (loss) of affiliates and other
items 2,019 1,780 297 522 - 4,618 Tax on net operating income
(294) (1,105) (585) 171 -
(1,813)
Net operating income (1,216) 5,219
1,470 26 - 5,499 Net cost of net debt
(713) Non-controlling interests
301
Net income
5,087 Year 2015 (adjustments) (a)
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales (519) - -
- - (519) Intersegment sales - - - - - - Excise taxes
- - - - - -
Revenues
from sales (519) - - - -
(519) Operating expenses (564) (1,035) (316) - - (1,915)
Depreciation, depletion and impairment of tangible assets and
mineral interests (6,783) (70) (24) -
- (6,877)
Operating income (b)
(7,866) (1,105) (340) - -
(9,311) Equity in net income (loss) of affiliates and other
items (264) 1,172 24 (19) - 913 Tax on net operating income
2,140 263 87 7 - 2,497
Net
operating income (b) (5,990) 330
(229) (12) - (5,901) Net cost of net
debt (11) Non-controlling interests
481
Net
income (5,431)
(a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
On operating income - (859) (254) - On net operating income - (590)
(169) -
Year 2015 (adjusted)
(M$) (a)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Non-Group sales 17,359 70,623
77,887 7 - 165,876 Intersegment sales 17,927
26,794 911 218 (45,850) - Excise taxes - (4,107)
(17,829) - - (21,936)
Revenues from
sales 35,286 93,310 60,969 225
(45,850) 143,940 Operating expenses (21,287) (86,639)
(58,151) (865) 45,850 (121,092) Depreciation, depletion and
impairment of tangible assets and mineral interests (9,074)
(1,022) (720) (27) - (10,843)
Adjusted operating income 4,925 5,649
2,098 (667) - 12,005 Equity in net
income (loss) of affiliates and other items 2,283 608 273 541 -
3,705 Tax on net operating income (2,434) (1,368)
(672) 164 - (4,310)
Adjusted net
operating income 4,774 4,889 1,699
38 - 11,400 Net cost of net debt (702)
Non-controlling interests
(180)
Adjusted net income
10,518 Adjusted fully-diluted earnings per
share ($)
4.51
(a) Except for earnings per share.
Year 2015
(M$)
Upstream
Refining &Chemicals
Marketing &Services
Corporate Intercompany
Total Total expenditures 24,270 1,843
1,841 79 - 28,033 Total divestments 3,215
3,488 856 25 - 7,584 Cash flow from operating activities
11,182 6,432 2,323 9 - 19,946
Reconciliation of the information by business segment with
consolidated financial statements TOTAL
(unaudited)
4th quarter 2016
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 42,258
17 42,275 Excise taxes (5,408) - (5,408) Revenues
from sales 36,850 17 36,867 Purchases, net of inventory variation
(24,253) 286 (23,967) Other operating expenses (6,704) (87) (6,791)
Exploration costs (260) - (260) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,910) (2,029)
(4,939) Other income 337 - 337 Other expense (263) (210) (473)
Financial interest on debt (293) (6) (299) Financial income and
expense from cash & cash equivalents (2) - (2) Cost of net debt
(295) (6) (301) Other financial income 203 - 203 Other financial
expense (161) - (161) Equity in net income (loss) of affiliates 720
(311) 409 Income taxes (820) 383 (437)
Consolidated net income 2,444 (1,957)
487 Group share 2,407 (1,859) 548 Non-controlling interests
37 (98) (61)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
4th quarter 2015
(M$)
Adjusted Adjustments (a)
Consolidatedstatement of
income
Sales 37,954 (205)
37,749 Excise taxes (5,457) - (5,457) Revenues from sales
32,497 (205) 32,292 Purchases, net of inventory variation (21,410)
(464) (21,874) Other operating expenses (6,063) (185) (6,248)
Exploration costs (373) (354) (727) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,739) (4,933)
(7,672) Other income 169 664 833 Other expense (47) (251) (298)
Financial interest on debt (230) (11) (241) Financial income and
expense from cash & cash equivalents 25 - 25 Cost of net debt
(205) (11) (216) Other financial income 300 - 300 Other financial
expense (171) - (171) Equity in net income (loss) of affiliates 610
(10) 600 Income taxes (364) 1,745 1,381
Consolidated net income 2,204 (4,004)
(1,800) Group share 2,075 (3,701) (1,626) Non-controlling
interests 129 (303) (174)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
Reconciliation of the information by business segment with
consolidated financial statements TOTAL
Year 2016
(M$)
Adjusted Adjustments (a)
Consolidatedstatement of
income
Sales 149,974 (231) 149,743 Excise
taxes (21,818) - (21,818) Revenues from sales 128,156 (231) 127,925
Purchases, net of inventory variation (83,916) 539 (83,377) Other
operating expenses (23,832) (470) (24,302) Exploration costs (914)
(350) (1,264) Depreciation, depletion and impairment of tangible
assets and mineral interests (11,294) (2,229) (13,523) Other income
964 335 1,299 Other expense (537) (490) (1,027) Financial interest
on debt (1,085) (23) (1,108) Financial income and expense from cash
& cash equivalents 4 - 4 Cost of net debt (1,081) (23) (1,104)
Other financial income 971 - 971 Other financial expense (636) -
(636) Equity in net income (loss) of affiliates 2,531 (317) 2,214
Income taxes (1,965) 995 (970)
Consolidated
net income 8,447 (2,241) 6,206 Group share
8,287 (2,091) 6,196 Non-controlling interests 160 (150) 10
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
Year 2015
(M$)
Adjusted Adjustments (a)
Consolidatedstatement of
income
Sales 165,876 (519)
165,357 Excise taxes (21,936) - (21,936) Revenues from sales
143,940 (519) 143,421 Purchases, net of inventory variation
(95,558) (1,113) (96,671) Other operating expenses (23,984) (361)
(24,345) Exploration costs (1,550) (441) (1,991) Depreciation,
depletion and impairment of tangible assets and mineral interests
(10,843) (6,877) (17,720) Other income 1,468 2,138 3,606 Other
expense (405) (1,172) (1,577) Financial interest on debt (956) (11)
(967) Financial income and expense from cash & cash equivalents
94 - 94 Cost of net debt (862) (11) (873) Other financial income
882 - 882 Other financial expense (654) - (654) Equity in net
income (loss) of affiliates 2,414 (53) 2,361 Income taxes
(4,150) 2,497 (1,653)
Consolidated net income
10,698 (5,912) 4,786 Group share 10,518
(5,431) 5,087 Non-controlling interests 180 (481) (301)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170209005995/en/
TOTAL S.A.Mike SANGSTERNicolas FUMEXKim HOUSEGORomain
RICHEMONTTel. : + 44 (0)207 719 7962Fax : + 44 (0)207 719
7959orRobert HAMMOND (U.S.)Tel. : +1 713-483-5070Fax : +1
713-483-5629
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