Regulatory News:
Total (Paris:FP) (LSE:TTA) (NYSE:TOT):
1Q17 1Q16
Changevs 1Q16
Adjusted net income1 - in
billions of dollars (B$) 2.6 1.6 +56% - in dollars per
share
1.01 0.68 +49%
Operating cash flowbefore
working capital changes1 (B$)
4.7 3.7 +26%
Net income2 of 2.8 B$ in 1Q17
Net-debt-to-equity ratio of 22.7% at March 31, 2017
Hydrocarbon production of 2,569 kboe/d in the first quarter
2017
Interim dividend of 0.62 €/share payable in October
20173
Total’s Board of Directors met on April 26, 2017, to review the
Group’s first quarter accounts. Commenting on the results, Chairman
and CEO Patrick Pouyanné said:
“Supported by the OPEC/non-OPEC agreement, Brent prices remained
volatile in the context of high inventories and averaged 54 $/b
this quarter. In this environment, Total’s adjusted net income
increased by 56% to $2.6 billion in the first quarter 2017, in line
with the strong recent quarterly results of 2016, due to good
operational performance and a steadily decreasing breakeven.
Excluding acquisitions and asset sales, the Group generated $1.7
billion of cash flow after investments, mainly due to a 63%
increase in operating cash flow before working capital changes from
the Exploration & Production segment and investment
discipline.Upstream production continued to grow by 4% per year
with the start-up of the giant Moho Nord field in Congo. To prepare
for future growth, Total signed a strategic alliance with
Petrobras, gaining access to the giant Iara and Lapa fields in
Brazil, without being preempted by any of the partners in the
license. In addition, Total signed a global partnership agreement
with Sonatrach, enabling it to consolidate its future development
in Algeria.The Downstream continued to take advantage of favorable
margins due to the high availability of its installations. The
Group is pursuing its profitable growth strategy for petrochemicals
with the sanction of two major new investments in the United States
and South Korea, benefiting from the current low cost environment.
The Marketing & Services segment completed the acquisition of
new assets in East Africa, reinforcing its leadership position on
the continent.In this context, the net-debt-to-equity ratio
decreased to 22.7%, notably due to the finalization of the $3.2
billion sale of Atotech. The strength of the balance sheet and
relentless pursuit of cost reductions allows the Group to launch
new projects and acquire resources while fully benefitting from the
ongoing deflation in the oil sector.”
Key figures4
In millions of dollars, except
effective tax rate,earnings per share and number of
shares
1Q17 4Q16 1Q16
1Q17vs 1Q16
Adjusted net operating income from business segments*
2,767 2,676 1,878 +47% Exploration
& Production
1,382 1,007 386
x3.6 Gas, Renewables & Power
61 132 73 -16% Refining
& Chemicals
1,023 1,131 1,130 -9% Marketing &
Services
301 406 289 +4%
Contribution of equity affiliates to adjusted net income5
591 720 499 +18% Group effective tax
rate6
31.3% 31.3% 22.9%
Adjusted net income
2,558 2,407 1,636
+56% Adjusted fully-diluted earnings per share (dollars)7
1.01 0.96 0.68 +49% Adjusted
fully-diluted earnings per share (euros)**
0.95
0.89 0.62 +53% Fully-diluted weighted-average
shares (millions)
2,457 2,433 2,350
+5%
Net income (Group share)
2,849 548
1,606 +77%
Investments8
3,678 5,855
4,908 -25% Divestments
2,898 927
985 x2.9 Net investments9
780
4,928 3,923 -80% Organic investments10
2,944 4,728 4,615 -36% Resource
acquisitions
12 650 38 -68%
Operating cash flow before working capital changes11
4,687 4,758 3,708 +26% Cash flow from
operations
4,701 7,018 1,881
x2.5
* The new Gas, Renewables & Power segment reflects the
Group’s ambition in low-carbon energies. It encompasses downstream
Gas activities previously integrated in the Upstream (now
Exploration & Production) segment, New Energies activities
(excluding biotechnologies) previously integrated in the Marketing
& Services segment and a new Innovation & Energy Efficiency
division. The Exploration & Production, Refining &
Chemicals (which includes a new Biofuels division) and Marketing
& Services segments have been restated accordingly. 2015 and
2016 historical data is available at total.com.** Average €-$ exchange rate: 1.0648 in
the first quarter 2017.
Highlights since the beginning of the first quarter
201712
- Started up Moho Nord in the Congo
with production capacity of 100,000 barrels per day
- Obtained exploration permits in the
deep offshore Gulf of Mexico, with three in Mexico and four in the
United States close to the North Platte discovery
- Signed final agreement sealing
strategic alliance with Petrobras and Total’s definitive entry into
the Iara and Lapa concessions, as well as Downstream gas assets in
Brazil
- Sanctioned development of Vaca
Muerta shale resources in Argentina and increased interest in
Aguada Pichana Este license (27% to 41%)
- Increased stake to 50% in the
Absheron license, currently under development in
Azerbaijan
- Signed comprehensive partnership
agreement with Sonatrach in Algeria
- Investment of $1.7 billion to
develop petrochemical activities in Texas through a new joint
venture with Borealis and Nova, with Total holding a 50%
interest
- Investment of $450 million to
increase the capacity of the Daesan integrated refining &
petrochemicals platform in South Korea by 30%, a 50/50 joint
venture between Total and Hanwha
- Signed new LNG supply contract with
JERA in Japan, the largest LNG buyer, and MoU with Pavilion Energy
to supply LNG as bunker fuel in Singapore
- Finalized the sale of Atotech for
$3.2 billion
- Announced sale of stakes in several
mature fields in Gabon for approximately $350 million
Analysis of business
segments
Exploration & Production
> Environment – liquids and gas price
realizations*
1Q17 4Q16 1Q16
1Q17vs1Q16
Brent ($/b)
53.7 49.3 33.9 +58%
Average liquids price ($/b)
49.2 46.1
31.0 +59% Average gas price ($/Mbtu)
4.10
3.89 3.46 +18% Average hydrocarbon price
($/boe)
37.9 35.6 26.4 +44%
* Consolidated subsidiaries, excluding fixed margins.
> Production
Hydrocarbon production 1Q17 4Q16
1Q16
1Q17vs 1Q16
Combined production (kboe/d)
2,569 2,462
2,479 +4% Liquids (kb/d)
1,303
1,257 1,286 +1% Gas (Mcf/d)
6,894
6,597 6,441 +7%
Hydrocarbon production was 2,569 thousand barrels of oil
equivalent per day (kboe/d) in the first quarter 2017, an increase
of 4% compared to the first quarter 2016, due to the following:
- +6% due to project ramp ups, notably
Kashagan, Laggan-Tormore, Surmont, Incahuasi and Angola LNG;
- +1% perimeter effect, mainly due to the
acquisition of an additional 75% interest in the Barnett shale in
the United States, which was partially offset by asset disposals
(Russia, Norway…);
- +1% related to improved security
conditions in Libya and Nigeria;
- -4% due to natural field decline and
the PSC price effect.
> Results
In millions of dollars, except effective tax rate
1Q17 4Q16 1Q16
1Q17vs 1Q16
Adjusted net operating income*
1,382 1,007
386 x3.6 including income from equity affiliates**
315 429 260 +21% Effective tax
rate***
41.9% 47.1% -48.2%
Investments
2,636 4,833 4,235
-38% Divestments
113 818 818
-86% Organic investments
2,506 3,705
4,148 -40%
Operating cash flowbefore working capital
changes
3,031 2,895 1,865 +63% Cash flow
from operations
2,496 4,039 2,101
+19%
* Details on adjustment items are shown in the business segment
information annex to financial statements.** Includes foreign
exchange effect on Yamal LNG financing, which is reversed for total
adjusted net operating income.*** Tax on adjusted net operating
income / (adjusted net operating income - income from equity
affiliates - dividends received from investments - impairment of
goodwill + tax on adjusted net operating income).
Exploration & Production adjusted net operating income was
1,382 M$ in the first quarter 2017, nearly four times higher than
in the first quarter 2016, due to production growth, cost
reductions and a 44% increase in the average realized hydrocarbon
price.
Operating cash flow before working capital changes increased by
63% to 3,031 M$ for the same reasons. Exploration & Production
generated 525 M$ of organic cash flow after investments in the
first quarter 2017.
Gas, Renewables & Power
> Results
In millions of dollars 1Q17 4Q16
1Q16
1Q17vs 1Q16
Adjusted net operating income*
61 132
73 -16%
Investments
315 (118) 147
x2.1 Divestments
4 29 98
-96% Organic investments
102 (61) 133
-23%
Operating cash flowbefore working capital
changes
20 103 (82) ns Cash flow from
operations
125 732 (329) ns
* Detail of adjustment items shown in the business segment
information annex to financial statements.
Adjusted net operating income for the Gas, Renewables &
Power segment was 61 M$ in the first quarter 2017 in an unfavorable
context for solar activities. The acquisition of a 23% equity stake
in Tellurian, which is developing an integrated LNG project in the
United States, was finalized in the first quarter.
Refining & Chemicals
> Refinery throughput and utilization
rates*
1Q17 4Q16 1Q16
1Q17vs 1Q16
Total refinery throughput (kb/d)
1,917 2,010
2,105 -9% France
625 717
756 -17% Rest of Europe
799 787 844 -5% Rest of world
493 506 505 -2% Utlization rate
based on crude only**
91% 87% 91%
* Includes share of TotalErg, as well as refineries in South
Africa and the French Antilles that are reported in the Marketing
& Services segment.** Based on distillation capacity at the
beginning of the year.
Industrial performance was strong in the first quarter 2017 even
though the Antwerp integrated platform was affected by ongoing
works as part of the modernization program. The restructuring of
European refining is in place and refinery throughput was reduced
by nearly 200 kb/d compared to a year ago, due to the ending of
crude oil refining at La Mede and a 50% capacity reduction at
Lindsey.
> Results
In millions of dollars
except the ERMI
1Q17 4Q16 1Q16
1Q17vs 1Q16
European refining margin indicator - ERMI ($/t)
38.9
41.0 35.1 +11%
Adjusted net operating income*
1,023 1,131 1,130 -9%
Investments
266 566 261 +2% Divestments
2,740 15 29 x94.5 Organic
investments
222 552 234 -5%
Operating cash flowbefore working capital
changes
1,034 1,365 1,321 -22% Cash flow
from operations
1,765 1,746 (419)
ns
* Detail of adjustment items shown in the business segment
information annex to financial statements.
In the first quarter 2017, the Group’s European refining margin
indicator (ERMI) was 38.9 $/t, reflecting strong refined product
demand. Petrochemical margins were down from the very high levels
of the first quarter 2016 but remain satisfactory.
In this context, adjusted net operating income from the Refining
& Chemicals segment was 1,023 M$ in the first quarter 2017, a
decrease of 9% compared to the first quarter 2016. The segment
maintained 1.8 $B of cash flow from operations despite a decrease
in operating cash flow before working capital changes notably due
to taxes related to the gain on the Atotech sale.
Marketing & Services
> Petroleum product sales
Sales in kb/d* 1Q17 4Q16 1Q16
1Q17vs 1Q16
Total Marketing & Services sales
1,728
1,808 1,757 -2% Europe
1,039
1,123 1,062 -2% Rest of world
689
685 695 -1%
* Excludes trading and bulk refining sales, includes share of
TotalErg.
Petroleum product sales decreased by 2% in the first quarter
2017, notably due to the sale of the marketing network in Turkey in
the second quarter 2016.
> Results
In millions of dollars 1Q17 4Q16
1Q16
1Q17vs 1Q16
Adjusted net operating income*
301 406
289 +4%
Investments
439 500 251
+75% Divestments
36 65 36
- Organic investments
95 460 91
+4%
Operating cash flowbefore working capital
changes
411 417 407 +1% Cash flow from
operations
313 340 580 -46%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
The Marketing & Services segment captured the benefit of
strong marketing margins, and adjusted net operating income
increased by 4% to 301 M$ compared to the first quarter 2016.
Group results
> Net operating income from business
segments
Adjusted net operating income from the business segments was
2,767 M$ in the first quarter 2017, a 47% increase compared to the
first quarter 2016, mainly due to the increased contribution from
Exploration & Production, which fully captured the benefit of
higher hydrocarbon prices.
The effective tax rate13 of the business segments increased to
35.4% in the first quarter 2017 compared to 24.3% in the first
quarter 2016, mainly due to the increase in the effective tax rate
for the Exploration & Production segment.
> Net income (Group share)
Adjusted net income was 2,558 M$ in the first quarter 2017
compared to 1,636 M$ in the first quarter 2016, an increase of
56%.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value 14.
Adjustment items15 had a positive impact on net income of 291 M$
in the first quarter 2017. This includes a positive 55 M$ inventory
effect and 236 M$ of special items comprised mainly of the gain on
the sale of Atotech and an exceptional depreciation related to the
cost increase on the Fort Hills project in Canada.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share, calculated on the basis of 2,457
million fully-diluted weighted-average shares, increased by 49% to
1.01 dollars in the first quarter 2017 from 0.68 dollars in the
first quarter 2016.
Based on an interim dividend of 0.62 euro per share, the pay-out
ratio was 65%.
The number of fully-diluted shares was 2,458 million on March
31, 2017, compared to 2,351 million on March 31, 2016.
> Divestments – acquisitions
Asset sales were 2,711 M$ in the first quarter 2017, essentially
comprised of the sale of Atotech.
Acquisitions were 547 M$, mainly comprised of the 23% equity
share Tellurian and the marketing and logistics network acquired in
Kenya, Uganda and Tanzania.
> Cash flow
In the first quarter 2017, the Group’s net cash flow16 was 3,907
M$ compared to -215 M$ in the first quarter 2016. Operating cash
flow before working capital changes increased by nearly 1 B$
compared to a year ago to 4,687 M$ in the first quarter 2017 due to
the higher contribution from Exploration & Production. Net
investments decreased by more than 3 B$ to 780 M$ in the first
quarter 2017 mainly due to investment discipline and the sale of
Atotech.
> Return on equity
Return on equity from April 1, 2016, to March 31, 2017, was
9.4%17.
Summary and outlook
Total continues to reduce its breakeven by cutting costs in line
with the 3.5 B$ savings target for the year and benefiting from
project start-ups. The Group also intends to take advantage of
opportunities offered by the current oil cycle. Total is therefore
launching new projects in a favorable cost environment and
acquiring resources under attractive conditions, as demonstrated
recently in Brazil and Uganda.
In the Upstream, the Group maintains its production growth
objective of more than 4% in 2017. Production will benefit in the
second quarter from the ramp up of projects recently started up,
including Moho Nord, but will be affected by seasonal maintenance
as well as the full implementation of OPEC quotas. From July,
production will benefit from the entry into the Al Shaheen
concession in Qatar.
In the Downstream, refining margins remain favorable going into
the second quarter. Maintenance operations are planned at Leuna and
Normandy, as well as at the petrochemical facilities of the Antwerp
integrated platform.
Cash flow will benefit from production growth and cost
reductions, while organic investments, excluding resource
acquisitions, are expected to be 14-15 B$ in 2017 as previously
indicated.
-- -- --
To listen to CFO Patrick de La Chevardière’s conference call
with financial analysts today at 14:00 (London time) please log on
to total.com or call +44 (0)203 427 1916 in Europe or +1 646
254 3388 in the United States (code: 5625577). 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 (code:
5625577).
Operating information by segment
> Exploration & Production
Combined liquids and
gasproduction by region (kboe/d)
1Q17 4Q16 1Q16
1Q17vs 1Q16
Europe and Central Asia
806 752 788
+2% Africa
635 625 630 +1% Middle East and North
Africa
534 503 531 +1% Americas
334 319 258 +29% Asia
Pacific
259 263 271 -4% Total
production
2,569 2,462 2,479 +4%
including equity affiliates
645 561 620
+4%
Liquids production by region (kb/d)
1Q17 4Q16 1Q16
1Q17vs 1Q16
Europe and Central Asia
271 258 251
+8% Africa
485 483 518 -6% Middle East and North
Africa
392 365 380 +3% Americas
126 121 104 +21% Asia
Pacific
29 30 33 -12% Total
production
1,303 1,257 1,286 +1%
including equity affiliates
264 233 240
+10%
Gas production by region (Mcf/d)
1Q17 4Q16 1Q16
1Q17vs 1Q16
Europe and Central Asia
2,891 2,665
2,814 +3% Africa
713 710 564 +26% Middle East and
North Africa
787 767 837 -6% Americas
1,171 1,108 860
+36% Asia Pacific
1,332 1,347 1,366
-2% Total production
6,894 6,597
6,441 +7% including equity affiliates
2,015
1,779 2,039 -1%
Liquefied natural gas
1Q17 4Q16 1Q16
1Q17vs 1Q16
LNG sales* (Mt)
2.98 2.75 2.69
+11%
* 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)
Petroleum product sales by region (kb/d)* 1Q17
4Q16 1Q16
1Q17vs 1Q16
Europe
2,206 2,330 2,288 -4%
Africa
560 569 501 +12% Americas
570 313 531 +7% Rest
of world
697 997 771 -10% Total
consolidated sales
4,033 4,209 4,091
-1% Including bulk sales
616 678
699 -12% Including trading
1,689 1,723
1,635 +3%
* Includes share of TotalErg.
Adjustment items to net income (Group share)
In millions of dollars 1Q17 4Q16
1Q16 Special items affecting net income (Group share)
236 (2,133) 150 Gain (loss) on asset sales
2,139 (45) 358 Restructuring charges
(5) (10) (2) Impairments
(1,718) (1,886) - Other
(180) (192) (206) After-tax inventory
effect: FIFO vs. replacement cost
55 262
(183) Effect of changes in fair value
0
12 3 Total
adjustments affecting net income
291 (1,859)
(30)
2016 sensitivities*
Scenario
Change
Estimated impacton
adjustednet 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 essentially
attributable to Refining & Chemicals.
Investments - Divestments
In millions of dollars 1Q17 4Q16
1Q16
1Q17vs 1Q16
Organic investments
2,944 4,728 4,615
-36% capitalized exploration
111 119 228 -51%
increase in non-current loans
158 157 572 -72% repayment of
non-current loans
(187) (511) (100)
+87% Acquisitions
547 616 193
x2.8 Asset sales
2,711 416 885
x3.1 Other transactions with non-controlling interests
- - - na Net investments
780 4,928 3,923 -80%
Net-debt-to-equity ratio
In millions of dollars 3/31/2017
12/31/2016 3/31/2016 Current borrowings
13,582
13,920 10,858 Net current financial assets
(3,694) (4,221) (3,231) Net financial assets classified as
held for sale
(2) (140) 83 Non-current financial debt
42,017 43,067 43,138 Hedging instruments of non-current debt
(877) (908) (1,236) Cash and cash equivalents
(27,526) (24,597) (20,570)
Net debt
23,500 27,121 29,042
Shareholders’ equity - Group
share
103,831 98,680 96,443 Estimated dividend payable
(3,239) (1,581) (3,250) Non-controlling interests
2,823 2,894 2,960
Adjusted shareholders'
equity 103,415 99,993 96,153
Net-debt-to-equity
ratio 22.7% 27.1% 30.2%
Return on equity
In millions of dollars
April 1, 2016 toMarch 31, 2017
January 1, 2016 toDecember 31, 2016
Adjusted net income 9,363 8,447 Average adjusted
shareholders' equity 99,784 96,929
Return on
equity (ROE) 9.4% 8.7%
Return on average capital employed
> Twelve months ended March 31, 2017
In millions of dollars
Exploration &Production
Gas,Renewables& Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income 4,213 427
4,088 1,571 10,245 Capital employed at 3/31/2016*
104,826 4,669 12,555 5,836 127,754 Capital employed at 3/31/2017*
106,937 5,036 11,130 6,331
128,810
ROACE 4.0% 8.8%
34.5% 25.8% 8.0%
> Full-year 2016
In millions of dollars
Exploration &Production
Gas,Renewables& Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income 3,217 439
4,195 1,559 9,274 Capital employed at 12/31/2015*
103,791 4,340 10,454 5,875 121,143 Capital employed at 12/31/2016*
107,617 4,975 11,618 5,884 127,423
ROACE 3.0% 9.4%
38.0% 26.5% 7.5%
* At replacement cost (excluding after-tax inventory
effect).
This press release presents the results for the first quarter
2016 from the consolidated financial statements of TOTAL S.A. as of
March 31, 2017 (unaudited). The notes to these consolidated
financial statements (unaudited) are available on the TOTAL website
total.com.
This document may contain forward-looking information on the
Group (including objectives and trends), as well as forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, notably with respect to the financial
condition, results of operations, business, strategy and plans of
TOTAL. These data do not represent forecasts within the meaning of
European Regulation No. 809/2004.
Such forward-looking information and statements included in this
document are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment.
They may prove to be inaccurate in the future, and are subject to a
number of risk factors that could lead to a significant difference
between actual results and those anticipated, including currency
fluctuations, the price of petroleum products, the ability to
realize cost reductions and operating efficiencies without unduly
disrupting business operations, environmental regulatory
considerations and general economic and business conditions.
Certain financial information is based on estimates particularly in
the assessment of the recoverable value of assets and potential
impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the 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. Performance indicators excluding the
adjustment items, such as adjusted operating income, adjusted net
operating income, and adjusted net income are meant to facilitate
the analysis of the financial performance and the comparison of
income between periods. These adjustment items include:
(i) Special 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 herein 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.
Total financial statements
First quarter 2017 consolidated accounts,
IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL (unaudited) (M$) (a)
1st
quarter2017
4th
quarter2016
1st
quarter2016
Sales 41,183 42,275 32,841 Excise taxes
(5,090) (5,408) (5,319) Revenues from sales 36,093 36,867 27,522
Purchases, net of inventory variation (23,987) (23,967) (17,639)
Other operating expenses (6,166) (6,791) (6,136) Exploration costs
(197) (260) (194) Depreciation, depletion and impairment of
tangible assets and mineral interests (4,579) (4,939) (2,680) Other
income 2,325 337 500 Other expense (291) (473) (70) Financial
interest on debt (331) (299) (274) Financial income and expense
from cash & cash equivalents (11) (2) 10 Cost of net debt (342)
(301) (264) Other financial income 228 203 191 Other financial
expense (160) (161) (155) Equity in net income (loss) of affiliates
548 409 498 Income taxes (693) (437) 48
Consolidated net income 2,779
487 1,621 Group share 2,849 548
1,606 Non-controlling interests (70) (61)
15 Earnings per share ($) 1.14 0.20
0.67 Fully-diluted earnings per share ($) 1.13 0.20
0.67
(a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (unaudited) (M$)
1st
quarter2017
4th
quarter2016
1st
quarter2016
Consolidated net income 2,779
487 1,621 Other comprehensive income
Actuarial gains and losses 126 205 (81) Tax effect (41) (64)
32 Currency translation adjustment generated by the parent company
940 (3,515) 3,641 Items not potentially
reclassifiable to profit and loss 1,025 (3,374)
3,592 Currency translation adjustment (200) 619 (1,944)
Available for sale financial assets (1) 3 (10) Cash flow hedge 113
94 98 Share of other comprehensive income of equity affiliates, net
amount 331 458 (1) Other 3 1 3 Tax effect (39) (32)
(24) Items potentially reclassifiable to profit and loss
207 1,143 (1,878)
Total other comprehensive
income (net amount) 1,232 (2,231)
1,714
Comprehensive income 4,011
(1,744) 3,335 Group share 4,074 (1,676) 3,308
Non-controlling interests (63) (68) 27
CONSOLIDATED BALANCE
SHEET TOTAL (unaudited) (M$)
March 31,2017(unaudited)
December 31,
2016(unaudited)
March 31,2016(unaudited)
ASSETS Non-current assets Intangible assets, net
14,048 15,362 14,512 Property, plant and equipment, net 111,100
111,971 111,636 Equity affiliates : investments and loans 21,638
20,576 20,411 Other investments 1,381 1,133 1,413 Non-current
financial assets 877 908 1,236 Deferred income taxes 4,766 4,368
3,955 Other non-current assets 4,114 4,143
4,329
Total non-current assets 157,924
158,461 157,492 Current assets
Inventories, net 14,985 15,247 13,887 Accounts receivable, net
12,235 12,213 12,220 Other current assets 13,955 14,835 15,827
Current financial assets 3,971 4,548 3,439 Cash and cash
equivalents 27,526 24,597 20,570 Assets classified as held for sale
413 1,077 724
Total current assets
73,085 72,517 66,667
Total assets 231,009 230,978
224,159 CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL (unaudited) (M$)
1st
quarter2017
4th
quarter2016
1st
quarter2016
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
2,779 487 1,621 Depreciation, depletion, amortization and
impairment 4,660 5,030 2,735 Non-current liabilities, valuation
allowances and deferred taxes (197) (275) (268) (Gains) losses on
disposals of assets (2,232) 58 (367) Undistributed affiliates'
equity earnings (295) 65 (236) (Increase) decrease in working
capital (54) 1,913 (1,545) Other changes, net 40
(260) (59)
Cash flow from operating activities
4,701 7,018 1,881 CASH FLOW USED IN
INVESTING ACTIVITIES Intangible assets and property, plant and
equipment additions (2,678) (5,742) (4,146) Acquisitions of
subsidiaries, net of cash acquired (319) 118 (133) Investments in
equity affiliates and other securities (523) (74) (57) Increase in
non-current loans (158) (157) (572)
Total
expenditures (3,678) (5,855) (4,908)
Proceeds from disposals of intangible assets and property, plant
and equipment 6 413 792 Proceeds from disposals of subsidiaries,
net of cash sold 2,696 - - Proceeds from disposals of non-current
investments 9 3 93 Repayment of non-current loans 187
511 100
Total divestments 2,898
927 985 Cash flow used in investing
activities (780) (4,928) (3,923) CASH
FLOW USED IN FINANCING ACTIVITIES Issuance (repayment) of
shares: - Parent company shareholders 15 60 - - Treasury shares - -
- Dividends paid: - Parent company shareholders (538) (534) (954) -
Non-controlling interests (15) (16) (3) Issuance of perpetual
subordinated notes - 2,761 - Payments on perpetual subordinated
notes (129) - (133) Other transactions with non-controlling
interests - - - Net issuance (repayment) of non-current debt 56
(105) 154 Increase (decrease) in current borrowings (1,413) (335)
(3,027) Increase (decrease) in current financial assets and
liabilities 658 (3,006) 2,746
Cash flow used in financing
activities (1,366) (1,175)
(1,217) Net increase (decrease) in cash and cash
equivalents 2,555 915 (3,259) Effect of
exchange rates 374 (1,119) 560 Cash and cash equivalents at the
beginning of the period 24,597 24,801 23,269
Cash and cash equivalents at the end of the period
27,526 24,597 20,570
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
TOTAL
(unaudited)
Common shares issued
Paid-insurplus
andretainedearnings
Currencytranslationadjustment
Treasury shares
Shareholders'equity -
Group share
Non-controllinginterests
Totalshareholders'equity
(M$)
Number Amount
Number Amount
As of January 1, 2016
2,440,057,883 7,670 101,528
(12,119) (113,967,758)
(4,585) 92,494 2,915
95,409 Net income of the first quarter 2016 - - 1,606 - - -
1,606 15 1,621 Other comprehensive Income - - 30 1,672 - - 1,702 12
1,714
Comprehensive Income - - 1,636
1,672 - - 3,308 27 3,335
Dividend - - - - - - - (3) (3) Issuance of common shares 13,972,093
39 573 - - - 612 - 612 Purchase of treasury shares - - - - - - - -
- Sale of treasury shares (1) - - - - 1,230 - - - - Share-based
payments - - 25 - - - 25 - 25 Share cancellation - - - - - - - - -
Issuance of perpetual subordinated notes - - - - - - - - - Payments
on perpetual subordinated notes - - (33) - - - (33) - (33) Other
operations with non-controlling interests - - (11) - - - (11) 11 -
Other items - - 48 - - - 48 10 58
As of march 31, 2016
2,454,029,976 7,709
103,766 (10,447) (113,966,528)
(4,585) 96,443 2,960
99,403 Net income from April 1 to December 31, 2016 -
- 4,590 - - - 4,590 (5) 4,585 Other comprehensive Income - - (138)
(3,424) - - (3,562) (11) (3,573)
Comprehensive Income
- - 4,452 (3,424) - -
1,028 (16) 1,012 Dividend - - (6,512) - - -
(6,512) (90) (6,602) Issuance of common shares 76,667,154 212 2,980
- - - 3,192 - 3,192 Purchase of treasury shares - - - - - - - - -
Sale of treasury shares (1) - - (163) - 3,047,438 163 - - -
Share-based payments - - 87 - - - 87 - 87 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 - - (170) - - - (170) - (170) Other
operations with non-controlling interests - - (87) - - - (87) (54)
(141) Other items - - (12) - - - (12) 94 82
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 Net income of the first quarter 2017 - - 2,849 - - -
2,849 (70) 2,779 Other comprehensive Income - - 173 1,052 - - 1,225
7 1,232
Comprehensive Income - - 3,022
1,052 - - 4,074 (63)
4,011 Dividend - - - - - - - (15) (15) Issuance of common
shares 23,571,852 63 987 - - - 1,050 - 1,050 Purchase of treasury
shares - - - - - - - - - Sale of treasury shares (1) - - - - - - -
- - Share-based payments - - 44 - - - 44 - 44 Share cancellation -
- - - - - - - - Issuance of perpetual subordinated notes - - - - -
- - - - Payments on perpetual subordinated notes - - (69) - - -
(69) - (69) Other operations with non-controlling interests - - (6)
- - - (6) 6 - Other items - - 58 - - - 58 1 59
As of march 31,
2017 2,453,937,714 7,667
109,583 (12,819) (10,587,822)
(600) 103,831 2,823
106,654
(1) Treasury shares related to the restricted stock grants.
BUSINESS SEGMENT INFORMATION
TOTAL (unaudited)
1st quarter
2017(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 2,103 3,197 18,574 17,298 11 - 41,183
Intersegment sales 5,548 309 6,346 274 105 (12,582) - Excise taxes
- - (701) (4,389) - -
(5,090)
Revenues from sales 7,651 3,506
24,219 13,183 116 (12,582)
36,093 Operating expenses (3,687) (3,469) (22,878) (12,665)
(233) 12,582 (30,350) Depreciation, depletion and impairment of
tangible assets and mineral interests (4,068) (72)
(287) (144) (8) - (4,579)
Operating income (104) (35) 1,054
374 (125) - 1,164 Equity in net income
(loss) of affiliates and other items 190 (45) 2,453 30 22 - 2,650
Tax on net operating income (439) (37) (356)
(108) 171 - (769)
Net operating
income (353) (117) 3,151 296
68 - 3,045 Net cost of net debt (266)
Non-controlling interests
70
Net
income 2,849
1st quarter 2017
(adjustments) (a)(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales - - - -
- - - Intersegment sales - - - - - - - Excise
taxes - - - - - -
-
Revenues from sales - - - -
- - - Operating expenses - (89) 57 (15) - -
(47) Depreciation, depletion and impairment of tangible assets and
mineral interests (1,854) (26) (50) -
- - (1,930)
Operating income (b)
(1,854) (115) 7 (15) - -
(1,977) Equity in net income (loss) of affiliates and other
items (210) (63) 2,209 5 - - 1,941 Tax on net operating income
329 - (88) 5 - -
246
Net operating income (b) (1,735)
(178) 2,128 (5) - - 210
Net cost of net debt (7) Non-controlling interests
88
Net income 291
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income - -
83 (15)
- On net operating income - - 58 (5) -
1st quarter 2017
(adjusted)(M$) (a)
Exploration&Production
Gas, Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 2,103 3,197
18,574 17,298 11 - 41,183 Intersegment
sales 5,548 309 6,346 274 105 (12,582) - Excise taxes -
- (701) (4,389) - -
(5,090)
Revenues from sales 7,651 3,506
24,219 13,183 116 (12,582)
36,093 Operating expenses (3,687) (3,380) (22,935) (12,650)
(233) 12,582 (30,303) Depreciation, depletion and impairment of
tangible assets and mineral interests (2,214) (46)
(237) (144) (8) - (2,649)
Adjusted operating income 1,750 80
1,047 389 (125) - 3,141 Equity
in net income (loss) of affiliates and other items 400 18 244 25 22
- 709 Tax on net operating income (768) (37)
(268) (113) 171 - (1,015)
Adjusted
net operating income 1,382 61 1,023
301 68 - 2,835 Net cost of net debt
(259) Non-controlling interests
(18)
Adjusted net income
2,558 Adjusted fully-diluted earnings per share ($)
1.01
(a) Except for earnings per share.
1st quarter
2017(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Total expenditures 2,636 315 266
439 22 - 3,678 Total divestments 113 4
2,740 36 5 - 2,898 Cash flow from operating activities 2,496
125 1,765 313 2 - 4,701
BUSINESS SEGMENT INFORMATION
TOTAL (unaudited)
4th quarter
2016(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 2,066 3,675 19,077 17,454 3 - 42,275
Intersegment sales 5,187 306 6,707 257 82 (12,539) - Excise taxes
- - (784) (4,624) - -
(5,408)
Revenues from sales 7,253 3,981
25,000 13,087 85 (12,539) 36,867
Operating expenses (3,724) (3,847) (23,155) (12,535) (296) 12,539
(31,018) Depreciation, depletion and impairment of tangible assets
and mineral interests (4,329) (193) (252)
(154) (11) - (4,939)
Operating
income (800) (59) 1,593 398
(222) - 910 Equity in net income (loss) of
affiliates and other items 25 (50) 162 41 137 - 315 Tax on net
operating income (53) (5) (392) (132)
77 - (505)
Net operating income
(828) (114) 1,363 307 (8)
- 720 Net cost of net debt (233) Non-controlling
interests
61
Net income 548
4th quarter 2016
(adjustments) (a)(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales - 17 - -
- - 17 Intersegment sales - - - - - - - Excise
taxes - - - - - -
-
Revenues from sales - 17 - -
- - 17 Operating expenses - (64) 379 (116) - -
199 Depreciation, depletion and impairment of tangible assets and
mineral interests (1,889) (139) - (1)
- - (2,029)
Operating income (b)
(1,889) (186) 379 (117) -
- (1,813) Equity in net income (loss) of affiliates
and other items (406) (59) (32) (20) (4) - (521) Tax on net
operating income 460 (1) (115) 38
1 - 383
Net operating income (b)
(1,835) (246) 232 (99) (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$) (a)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 2,066 3,658
19,077 17,454 3 - 42,258 Intersegment
sales 5,187 306 6,707 257 82 (12,539) - Excise taxes -
- (784) (4,624) - -
(5,408)
Revenues from sales 7,253 3,964
25,000 13,087 85 (12,539) 36,850
Operating expenses (3,724) (3,783) (23,534) (12,419) (296) 12,539
(31,217) Depreciation, depletion and impairment of tangible assets
and mineral interests (2,440) (54) (252)
(153) (11) - (2,910)
Adjusted
operating income 1,089 127 1,214
515 (222) - 2,723 Equity in net income
(loss) of affiliates and other items 431 9 194 61 141 - 836 Tax on
net operating income (513) (4) (277)
(170) 76 - (888)
Adjusted net operating
income 1,007 132 1,131 406
(5) - 2,671 Net cost of net debt (227)
Non-controlling interests
(37)
Adjusted
net income
2,407 Adjusted
fully-diluted earnings per share ($)
0.96
(a) Except for earnings per share.
4th quarter
2016(M$)
Exploration&Production
Gas,Renewables &
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Total expenditures 4,833 (118)
566 500 74 - 5,855 Total divestments
818 29 15 65 - - 927 Cash flow from operating activities
4,039 732 1,746 340 161 -
7,018
BUSINESS SEGMENT INFORMATION
TOTAL (unaudited)
1st quarter
2016(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 1,889 2,025 13,938 14,986 3 - 32,841
Intersegment sales 3,378 226 4,148 132 70 (7,954) - Excise taxes
- - (961) (4,358) - -
(5,319)
Revenues from sales 5,267 2,251
17,125 10,760 73 (7,954) 27,522
Operating expenses (3,307) (2,314) (15,782) (10,300) (220) 7,954
(23,969) Depreciation, depletion and impairment of tangible assets
and mineral interests (2,246) (28) (253)
(145) (8) - (2,680)
Operating
income (286) (91) 1,090 315
(155) - 873 Equity in net income (loss) of
affiliates and other items 627 51 179 4 103 - 964 Tax on net
operating income 313 5 (277) (85)
38 - (6)
Net operating income
654 (35) 992 234 (14) -
1,831 Net cost of net debt (210) Non-controlling interests
(15)
Net income 1,606
1st quarter 2016
(adjustments) (a)(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales - (126) -
- - - (126) Intersegment sales - - - - - - -
Excise taxes - - - - - -
-
Revenues from sales - (126) -
- - - (126) Operating expenses (333) -
(207) (77) - - (617) Depreciation, depletion and impairment of
tangible assets and mineral interests - - -
- - - -
Operating income
(b) (333) (126) (207) (77)
- - (743) Equity in net income (loss) of
affiliates and other items 329 (8) (1) (8) - - 312 Tax on net
operating income 272 26 70 30 -
- 398
Net operating income (b)
268 (108) (138) (55) - -
(33) Net cost of net debt (6) Non-controlling interests
9
Net income (30)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
(b) Of which inventory valuation effect
On operating income - -
(205) (77)
- On net operating income - - (133) (50) -
1st quarter 2016
(adjusted)(M$) (a)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Non-Group sales 1,889 2,151
13,938 14,986 3 - 32,967 Intersegment
sales 3,378 226 4,148 132 70 (7,954) - Excise taxes -
- (961) (4,358) - - (5,319)
Revenues from sales 5,267 2,377 17,125
10,760 73 (7,954) 27,648 Operating
expenses (2,974) (2,314) (15,575) (10,223) (220) 7,954 (23,352)
Depreciation, depletion and impairment of tangible assets and
mineral interests (2,246) (28) (253)
(145) (8) - (2,680)
Adjusted operating
income 47 35 1,297 392 (155)
- 1,616 Equity in net income (loss) of affiliates and
other items 298 59 180 12 103 - 652 Tax on net operating income
41 (21) (347) (115) 38 -
(404)
Adjusted net operating income 386
73 1,130 289 (14) - 1,864
Net cost of net debt (204) Non-controlling interests
(24)
Adjusted net income
1,636 Adjusted fully-diluted earnings per share
($)
0.68
(a) Except for earnings per share.
1st quarter
2016(M$)
Exploration&Production
Gas,Renewables&
Power
Refining &Chemicals
Marketing & Services
Corporate Intercompany
Total Total expenditures 4,235 147 261
251 14 - 4,908 Total divestments 818 98
29 36 4 - 985 Cash flow from operating activities 2,101
(329) (419) 580 (52) -
1,881
Reconciliation of the information by business segment with
consolidated financial statements TOTAL
(unaudited)
1st quarter
2017(M$)
Adjusted Adjustments (a)
Consolidatedstatement of
income
Sales 41,183 - 41,183 Excise taxes
(5,090) - (5,090) Revenues from sales 36,093 - 36,093 Purchases,
net of inventory variation (23,990) 3 (23,987) Other operating
expenses (6,116) (50) (6,166) Exploration costs (197) - (197)
Depreciation, depletion and impairment of tangible assets and
mineral interests (2,649) (1,930) (4,579) Other income 108 2,217
2,325 Other expense (58) (233) (291) Financial interest on debt
(324) (7) (331) Financial income and expense from cash & cash
equivalents (11) - (11) Cost of net debt (335) (7) (342) Other
financial income 228 - 228 Other financial expense (160) - (160)
Equity in net income (loss) of affiliates 591 (43) 548 Income taxes
(939) 246 (693)
Consolidated net income
2,576 203 2,779 Group share 2,558 291 2,849
Non-controlling interests 18 (88) (70)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
1st quarter
2016(M$)
Adjusted Adjustments (a)
Consolidatedstatement of
income
Sales 32,967 (126)
32,841 Excise taxes (5,319) - (5,319) Revenues from sales
27,648 (126) 27,522 Purchases, net of inventory variation (17,357)
(282) (17,639) Other operating expenses (5,801) (335) (6,136)
Exploration costs (194) - (194) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,680) -
(2,680) Other income 171 329 500 Other expense (54) (16) (70)
Financial interest on debt (268) (6) (274) Financial income and
expense from cash & cash equivalents 10 - 10 Cost of net debt
(258) (6) (264) Other financial income 191 - 191 Other financial
expense (155) - (155) Equity in net income (loss) of affiliates 499
(1) 498 Income taxes (350) 398 48
Consolidated net income 1,660 (39)
1,621 Group share 1,636 (30) 1,606 Non-controlling interests
24 (9) 15
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
1 Definitions on page 2.
2 Group share.
3 The ex-dividend date will be September 25, 2017, and the
payment date will be set for October 12, 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 9.
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 coupon
8 Including acquisitions and increases 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 12.
12 Certain transactions referred to in the highlights are
subject to approval by authorities or to other conditions as per
the agreements.
13 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).
14 Details shown on page 12.
15 Details shown on page 9 and in the annex to the accounts.
16 Net cash flow = operating cash flow before working capital
changes - net investments (including other transactions with
non-controlling interests).
17 Details shown on page 11.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170427005854/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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