Regulatory News:
2Q17 Change
vs 2Q16
1H17 Change
vs 1H16
Adjusted net income1 -
in billions of dollars (B$) 2.5 +14% 5.0 +32%
- in
dollars per share 0.97 +8% 1.98 +25%
Operating
cash flow
before working capital
changes1 (B$)
5.3 +33% 10.0 +30%
Net income2 of 2.0 B$ in
2Q17
Net-debt-to-equity ratio of 20.3% at June 30, 2017
Hydrocarbon production of 2,500 kboe/d in the second quarter
2017
Interim dividend of 0.62 €/share payable in January
20183
Total’s (Paris:FP) (LSE:TTA) (NYSE:TOT) Board of Directors met
on July 26, 2017, to review the Group’s second quarter accounts.
Commenting on the results, Chairman and CEO Patrick Pouyanné
said:
“In a price environment that remains volatile, Total again
delivered an excellent set of quarterly results with adjusted net
income of $2.5 billion, a 14% increase compared to a year ago, and
operating cash flow before working capital changes of $5.3 billion,
a 33% increase, while Brent only increased by 9%. In the first half
of the year, the Group generated more than $3.1 billion of cash
flow after investments, excluding acquisitions and divestments.In
the Exploration & Production segment, second quarter 2017
operating cash flow before working capital changes increased by
almost 50% compared to the same quarter last year, benefiting from
production growth of more than 3%, driven by start-ups and ramp-ups
of new cash-accretive projects, as well as the cost reduction
program, which continues to be implemented with determination. The
Group is also continuing to prepare for the future, with the
signing of a contract related to the development of Phase 11 of the
giant South Pars gas field in Iran, the start-up of operations on
the giant Al-Shaheen field in Qatar and the final investment
decision for Phase 3 of the Halfaya project in Iraq.Despite a
significant program of shutdown in the Refining & Chemicals
segment during the second quarter, the Downstream generated $3.4
billion of cash flow in the first half of the year. The Group
continues to grow its profitable petrochemicals business with the
start-up its ethane-based ethylene production at Antwerp in Belgium
and the launch of major projects at Port Arthur in the United
States and at Daesan in South Korea.In this context, Total has a
stronger balance sheet having reduced gearing to 20%. As a result,
in line with its strategy, the Group has the flexibility to take
advantage of the low-cost environment by being able to launch
profitable projects and acquire resources under attractive
conditions.”
Key figures4
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars, except effective tax rate,
earnings per share and number of
shares
1H17 1H16 1H17
vs
1H16
2,748 2,767 2,524 +9% Adjusted
net operating income from business segments* 5,515
4,402 +25%
1,359 1,382 1,043
+30% Exploration & Production 2,741 1,429
+92%
95 61 43 x2.2 Gas, Renewables & Power 156
116 +34%
861 1,023 1,018 -15% Refining & Chemicals 1,884
2,148 -12%
433 301 420 +3%
Marketing & Services 734 709 +4%
578 591 797 -27% Contribution of
equity affiliates to adjusted net income 1,169 1,296
-10%
28.2% 31.3% 21.8% -
Group effective tax rate5 29.9% 22.3% -
2,474 2,558 2,174 +14% Adjusted
net income 5,032 3,810 +32%
0.97
1.01 0.90 +8% Adjusted fully-diluted earnings
per share (dollars)6 1.98 1.58 +25%
0.88 0.95 0.79 +11% Adjusted
fully-diluted earnings per share (euros)** 1.83 1.41
+29%
2,485 2,457 2,379 +4%
Fully-diluted weighted-average shares (millions)
2,471 2,365 +5%
2,037 2,849 2,088 -2% Net
income (Group share) 4,886 3,694 +32%
4,205 3,678
4,566 -8% Investments7 7,883 9,474
-17%
360 2,898 773 -53%
Divestments8 3,258 1,758 +85%
3,845
780 3,790 +1% Net investments9
4,625 7,713 -40%
3,949 2,944
4,059 -3% Organic investments10 6,893
8,674 -21%
52 12 17 x3.1
Resource acquisitions 64 55 +16%
5,334
4,687 4,000 +33% Operating cash flow
before working capital changes11 10,021 7,708
+30%
4,640 4,701 2,882 +61% Cash
flow from operations 9,341 4,763 +96%
* The new Gas, Renewables & Power segment reflects the
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: 1.10213 in
the second quarter 2017 and 1.08302 in the first half 2017.
Highlights since the beginning of the second quarter
201712
- Signed contract for the development
of Phase 11 of the giant South Pars gas field in Iran
- Started up operations on the giant
Al-Shaheen field in Qatar
- Signed comprehensive partnership
agreement with Sonatrach in Algeria
- Obtained offshore exploration
permits in Mauritania, Senegal and Ireland (Porcupine
basin)
- Launched Phase 3 of Halfaya in
Iraq
- Launched the first development phase
of Vaca Muerta shale resources in Argentina and increased
participation in Aguada Pichana Este license (from 27% to
41%)
- Started up the Badamyar gas project
in Myanmar on time and 20% below budget
- Investment of $450 million to
increase by 30% the capacity of the Daesan integrated refining
& petrochemicals platform in South Korea, a 50/50 joint venture
between Total and Hanwha
- Started up the first phase of the
Antwerp platform upgrade project, with production of ethylene using
ethane feedstock
- Inaugurated the revamped Carling
petrochemicals complex
- Acquired PitPoint B.V., Europe’s
third-largest provider of natural gas vehicle (NGV) fuels
- Started up a solar power plant in
Nanao and launched construction of a solar plant in Miyako in
Japan
Analysis of business
segments
Exploration & Production
> Environment – liquids and gas price
realizations*
2Q17 1Q17 2Q16 2Q17
vs
2Q16
1H17 1H16 1H17
vs
1H16
49.6 53.7 45.6 +9% Brent ($/b)
51.7 39.8 +30%
45.1 49.2
43.0 +5% Average liquids price ($/b)
47.1 36.8 +28%
3.93 4.10
3.43 +15% Average gas price ($/Mbtu)
4.01 3.44 +17%
35.5 37.9
33.0 +8% Average hydrocarbon price ($/boe)
36.7 29.6 +24%
* Consolidated subsidiaries, excluding fixed margins.
> Production
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Hydrocarbon production 1H17 1H16
1H17
vs
1H16
2,500 2,569 2,424 +3% Combined
production (kboe/d)
2,534 2,452 +3%
1,298 1,303 1,253 +4% Liquids
(kb/d)
1,300 1,269 +2%
6,500
6,894 6,466 +1% Gas (Mcf/d)
6,696 6,453 +4%
Hydrocarbon production was 2,500 thousand barrels of oil
equivalent per day (kboe/d) in the second quarter 2017, an increase
of 3% compared to the second quarter 2016, due to the
following:
- +5% due to project ramp ups, notably
Kashagan, Moho Nord, Incahuasi, Surmont and Angola LNG;
- +1% portfolio effect, mainly due to the
acquisition of an additional 75% interest in the Barnett shale in
the United States and asset sales in Russia and Norway;
- +1% due to improved security conditions
in Libya and Nigeria;
- -4% due to natural field decline, the
PSC price effect and OPEC quotas.
In the first half 2017, hydrocarbon production was 2,534 kboe/d,
an increase of more than 3% compared to the first half 2016, due to
the following:
- +5% due to new project ramp ups,
notably Kashagan, Incahuasi, Surmont, Angola LNG, Moho Nord, and
Laggan-Tormore;
- +1% portfolio effect, mainly due to the
acquisition of an additional 75% interest in the Barnett shale in
the United States and asset sales in Russia and Norway;
- +1% due to improved security conditions
in Libya;
- -4% due to natural field decline, the
PSC price effect and OPEC quotas.
> Results
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars, except effective tax rate
1H17 1H16 1H17
vs
1H16
1,359 1,382 1,043 +30% Adjusted
net operating income*
2,741 1,429 +92%
373 315 433 -14% including
income from equity affiliates
688 693
-1%
36.2% 41.9% -0.2%
Effective tax rate**
39.3% -6.1%
3,448 2,636
3,533 -2% Investments
6,084
7,768 -22%
132 113 446
-70% Divestments
245 1,264 -81%
3,296 2,506 3,257 +1% Organic
investments
5,802 7,405 -22%
3,248 3,031 2,208 +47% Operating
cash flow before working capital changes
6,279
4,073 +54%
2,504 2,496 595 x4.2
Cash flow from operations
5,000 2,696
+85%
* Details on adjustment items are shown in the business segment
information annex to financial statements.** Tax on adjusted net
operating income / (adjusted net operating income - income from
equity affiliates - dividends received from investments -
impairment of goodwill + tax on adjusted net operating income).
Operating cash flow before working capital changes from the
Exploration & Production segment was 3,248 M$ in the second
quarter 2017, an increase of 47% compared to the second quarter
2016, notably due to the ramp- ups and strong performance of
cash-accretive projects, such as Moho Nord in Congo, as well as the
cost reduction programs. The segment was thus able to fully capture
upside from higher oil and gas prices compared to the second
quarter 2016.Operating cash flow before working capital changes in
the first half 2017 was 6,279 M$, an increase of 54% compared to
the same period a year ago, for the same reasons as above.
The Exploration & Production segment’s adjusted net
operating income was:
- 1,359 M$ in the second quarter 2017, an
increase of 30% compared to the second quarter 2016, notably due to
production growth, cost reduction, and the increase in oil and gas
prices;
- 2,741 M$ in the first half 2017, an
increase of 92% compared to the first half 2016, due to increased
production, cost reduction, and higher prices.
Gas, Renewables & Power
> Results
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars 1H17 1H16
1H17
vs
1H16
95 61 43 x2.2 Adjusted net
operating income*
156 116 +34%
77 315 95
-19% Investments
392 242
+62%
23 4 6 x3.8 Divestments
27 104 -74%
68 102
90 -24% Organic investments
170
223 -24%
110 20 31 x3.5
Operating cash flow before working capital changes
130 (51) ns
(114) 125 111
ns Cash flow from operations
11
(218) 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 increased to 95 M$ in the second quarter 2017 and to
156 M$ in the first half 2017, notably due to the contribution of
gas activities.
Refining & Chemicals
> Refinery throughput and utilization
rates*
2Q17 1Q17 2Q16 2Q17
vs
2Q16
1H17 1H16 1H17
vs
1H16
1,672 1,917 1,795 -7% Total
refinery throughput (kb/d)
1,796 1,951
-8%
574 625 522 +10% France
600 639 -6%
684 799 803 -15%
Rest of Europe
742 824 -10%
414 493 470
-12% Rest of world
454 488
-7%
81% 91% 77%
Utlization rate based on crude only**
86% 84%
-
* Includes share of TotalErg, as well as refineries in the
French Antilles and Africa that are reported in the Marketing &
Services segment.** Based on distillation capacity at the beginning
of the year.
Refinery throughput
- decreased by 7% in the second quarter
2017 compared to the second quarter 2016, mainly due to significant
shutdown programs, notably at Antwerp in Belgium with the
commissioning of the Optara project, and at Leuna in Germany;
- decreased by 8% in the first half 2017
compared to the first half 2016, due in particular to the
restructuring of European refining activities that are now in
effect with the end of crude oil refining at La Mede and a 50%
capacity reduction at Lindsey.
> Results
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars
except the ERMI
1H17 1H16 1H17
vs
1H16
41.0 38.9 35 +17% European
refining margin indicator - ERMI ($/t)
40.0
35.1 +14%
861
1,023 1,018 -15% Adjusted net operating
income*
1,884 2,148 -12%
401 266 480
-16% Investments
667 741 -10%
20 2,740 23 -13% Divestments
2,760 52 x53.1
381 222
456 -16% Organic investments
603
690 -13%
1,352 1,034 1,137
+19% Operating cash flow before working capital
changes
2,386 2,458 -3%
1,972
1,765 1,561 +26% Cash flow from
operations
3,737 1,142 x3.3
* Detail of adjustment items shown in the business segment
information annex to financial statements.
Refining margins remained at a good level in the second quarter
2017 and petrochemicals also continued to benefit from a favorable
price environment.
Despite significant maintenance programs, operating cash flow
before working capital changes was 1,352 M$ in the second quarter
2017, an increase of 19% compared to the second quarter 2016,
benefiting notably from dividends received from major integrated
platforms in Asia and the Middle East.
Refining & Chemicals adjusted net operating income was
- 861 M$ in the second quarter 2017, a
decrease of 15% compared to the second quarter 2016, notably due to
significant maintenance activities at major platforms;
- 1,884 M$ in the first half 2017, a
decrease of 12% compared to the first half 2016 for the same
reasons as above.
Marketing & Services
> Petroleum product sales
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Sales in kb/d* 1H17 1H16
1H17
vs
1H16
1,760 1,728 1,793 -2% Total
Marketing & Services sales
1,744 1,775
-2%
1,039 1,039 1,074 -3%
Europe
1,039 1,068 -3%
721
689 719 - Rest of world
705 707 -
* Excludes trading and bulk refining sales, includes share of
TotalErg.
Petroleum product sales decreased by 2% in the second quarter
2017 and in the first half 2017 compared to the same periods last
year, notably due to the sale of the retail network in Turkey in
2016.
> Results
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars 1H17 1H16
1H17
vs
1H16
433 301 420 +3% Adjusted net
operating income*
734 709 +4%
258 439 251
+3% Investments
697 502
+39%
182 36 294 -38% Divestments
218 330 -34%
185 95
243 -24% Organic investments
280
334 -16%
602 411 555 +8%
Operating cash flow before working capital changes
1,013 962 +5%
229 313 261
-12% Cash flow from operations
542
841 -36%
* Detail of adjustment items shown in the business segment
information annex to financial statements.
The Marketing & Services segment is growing and continues to
fully capture the benefit of strong marketing margins. Adjusted net
operating income increased by 3% to 433 M$ in the second quarter
2017 compared to the second quarter 2016, while it increased by 4%
to 734 M$ in the first half 2017 compared to the same period a year
ago.
Group results
> Adjusted net operating income from business
segments
Adjusted net operating income from the business segments was
- 2,748 M$ in the second quarter 2017, a
9% increase compared to the second quarter 2016, mainly due to the
strong contribution from the Exploration & Production segment,
which fully captured the benefit of project ramp-ups and higher
prices;
- 5,515 M$ in the first half 2017, a 25%
increase compared to the first half 2016 for the same reasons as
above.
> Adjusted net income (Group share)
Adjusted net income was 2,474 M$ in the second quarter 2017, an
increase of 14% compared to the second quarter 2016, and 5,032 M$
in the first half 2017, an increase of 32% compared to the first
half 2016.This very positive evolution is the result of ongoing
efforts to reduce the breakeven and demonstrates the Group’s
ability to capture upside from higher prices.
Adjusted net income excludes the after-tax inventory effect,
special items and the impact of changes in fair value13.
Total adjustments affecting net income14 were
- -437 M$ in the second quarter 2017,
mainly due to the inventory effect;
- -146 M$ in the first half 2017, mainly
due to the inventory effect, an impairment related to the Fort
Hills project in Canada following the announced cost increase and
the gain on the sale of Atotech.
The Group effective tax rate was:
- 28.2% in the second quarter 2017
compared to 21.8% in the second quarter 2016, mainly due to the
increase in the effective tax rate for the Exploration &
Production segment in a higher price environment;
- 29.9% in the first half 2017 compared
to 22.3% in the first half 2016 for the same reason.
> Adjusted fully-diluted earnings per share
Adjusted earnings per share was
- 0.97 dollars in the second quarter 2017
compared to 0.90 dollars in the second quarter 2016, an increase of
8% calculated on the basis of 2,485 million fully-diluted
weighted-average shares;
- 1.98 dollars in the first half 2017
compared to 1.58 dollars in the first half 2016, an increase of 25%
calculated on the basis of 2,471 million fully-diluted
weighted-average shares.
The number of fully-diluted shares was 2,503 million on June 30,
2017.
> Divestments - acquisitions
Asset sales were
- 207 M$ in the second quarter 2017,
comprised mainly of the completion of the sale of Société du
Pipeline Méditerranée Rhône (SPMR).
- 2,918 M$ in the first half 2017,
essentially comprised of the sale of Atotech and SPMR.
Acquisitions were:
- 103 M$ in the second quarter 2017,
essentially comprised of PitPoint B.V. (natural gas vehicle fuel
provider) and an additional interest in the Baudroie-Mérou license
in Gabon.
- 650 M$ in the first half 2017,
comprised mainly of a 23% equity share in Tellurian, a retail and
logistics network in East Africa, PitPoint B.V. and an additional
interest in the Baudroie-Mérou license in Gabon.
> Net cash flow
The Group’s net cash flow15 was:
- 1,489 M$ in the second quarter 2017
compared to 210 M$ in the second quarter 2016, mainly due to the
1,334 M$ increase in operating cash flow before working capital
changes; net investments were stable over the period;
- 5,396 M$ in the first half 2017
compared to -5 M$ in the first half 2016, mainly due to the 2,313
M$ increase in operating cash flow before working capital changes,
the sale of Atotech, and lower organic investments.
> Return on equity
Return on equity from July 1, 2016, to June 30, 2017, was
9.3%16, an increase compared to last year.
TOTAL S.A., parent company
accounts
Net income for TOTAL S.A., the parent company, was 1,460 M€ in
the first half 2017 compared to 1,142 M€ in the first half
2016.
Summary and outlook
Oil prices remain volatile at the start of the third quarter, in
a context of ongoing high inventory levels. In this uncertain
environment, the Group’s strong financial performance confirms the
success of its strategy to reduce its breakeven point and grow its
cash flow.
In the Upstream, annual production growth should be more than 4%
in 2017, supported by the start-up in mid-July of operations on the
Al-Shaheen field in Qatar and the continued ramp-up of new
projects, notably Kashagan in Kazahkstan and Moho Nord in Congo.
Start-ups of new projects will continue in the second half, mainly
with Libra Pioneiro in Brazil and Edradour-Glenlivet in the United
Kingdom.
In the Downstream, refining margins (supported by cracks for
fuel oil and gasoline) and petrochemical margins remain favorable
at the start of the third quarter. Availability of the integrated
Antwerp platform will be affected by the finalization of the
upgrade program, which should be completed by the end of the third
quarter. In addition, maintenance activities are planned at Port
Arthur in the United States. The Downstream generated 3.4 B$ of
operating cash flow before working capital changes in the first
half and is well positioned to achieve around 7 B$ for the
full-year 2017.
The Group is continuing to relentlessly pursue its efforts to
reduce the cash breakeven. The good results of the cost reduction
program allow the Group to confirm its announced objective of 3.5
B$ for 2017, and the decrease of production costs to 5.5 $/boe in
2017 and then to 5 $/boe in 2018. Organic investments for the year
should be between 14 and 15 B$, which allows the Group to sustain
its growth.
-- -- --
To listen to CFO Patrick de La Chevardière’s conference call
with financial analysts today at 14:30 (London time) please log on
to total.com or call +44 (0)203 427 1931 in Europe or +1 646
254 3375 in the United States (code: 2729316). For a replay, please
consult the website or call +44 (0)207 660 0134 in Europe or
+1 719 457 0820 in the United States (code:
2729316).
Operating information by segment
> Exploration & Production
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Combined liquids and gas
production by region (kboe/d)
1H17 1H16 1H17
vs
1H16
746 806 770 -3% Europe and
Central Asia
776 779 -
656 635
634 +4% Africa
646 632 +2%
514 534 505 +2% Middle
East and North Africa
524 518 +1%
344 334 251 +37%
Americas
339 255 +33%
240 259 264
-9% Asia Pacific
249 268
-7%
2,500 2,569 2,424 +3% Total
production
2,534 2,452 +3%
597
645 627 -5%
including equity affiliates
621 624 -
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Liquids production by region (kb/d)
1H17 1H16 1H17
vs
1H16
266 271 251 +6% Europe and Central Asia
268 251 +7%
505 485 511 -1% Africa
495 515 -4%
376 392 367
+2% Middle East and North Africa
384 374 +3%
126 126
93 +35% Americas
126 99 +27%
26 29 30
-15% Asia Pacific
28 32
-13%
1,298 1,303 1,253 +4% Total
production
1,300 1,269 +2%
244
264 265 -8% including equity affiliates
254 253 +1%
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Gas production by region (Mcf/d) 1H17
1H16 1H17
vs
1H16
2,592 2,891 2,877 -10% Europe and Central Asia
2,740
2,845 -4%
679 713 594 +14% Africa
696 579 +20%
763 787 761 - Middle East and North Africa
776 799
-3%
1,223 1,171 881 +39% Americas
1,197 871 +37%
1,243 1,332 1,353 -8% Asia
Pacific
1,287 1,359 -5%
6,500
6,894 6,466 +1% Total production
6,696 6,453 +4%
1,829 2,015
1,927 -5% including equity affiliates
1,921 1,983 -3%
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Liquefied natural gas 1H17 1H16
1H17
vs
1H16
2.64 2.98 2.81 -6% LNG sales*
(Mt)
5.62 5.50 +2%
* Sales, Group share, excluding trading; 2016 data restated to
reflect volume estimates for Bontang LNG in Indonesia based on the
2016 SEC coefficient.
> Downstream (Refining & Chemicals and
Marketing & Services)
2Q17 1Q17 2Q16 2Q17
vs
2Q16
Petroleum product sales by region (kb/d)*
1H17 1H16 1H17
vs
1H16
2,082 2,206 2,372 -12% Europe
2,144 2,330 -8%
586 560 597 -2%
Africa
573 549 +4%
654 570 597 +10% Americas
612 564 +9%
735 697 705 +4%
Rest of world
716 738 -3%
4,057 4,033 4,271 -5% Total
consolidated sales
4,045 4,181 -3%
538 616 717 -25% Including bulk
sales
577 708 -19%
1,759
1,689 1,761 - Including trading
1,724 1,698 +2%
* Includes share of TotalErg.
Adjustment items to net income (Group share)
2Q17 1Q17 2Q16
In millions of
dollars 1H17 1H16
(108) 236
(486) Special items affecting net income (Group
share)
128 (336)
125 2,139
(14) Gain (loss) on asset sales
2,264
344
(54) (5) (2) Restructuring charges
(59)
(4)
(32) (1,718) (178) Impairments
(1,750) (178)
(147) (180) (292) Other
(327) (498)
(310) 55 405
After-tax inventory effect: FIFO vs. replacement cost
(255) 222
(19) - (5)
Effect of changes in fair value
(19) (2)
(437) 291 (86) Total
adjustments affecting net income
(146) (116)
2017 Sensitivities*
Scenario Change
Estimated impact on
adjusted
net operating income
Estimated impact on cash 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
2Q17 1Q17 2Q16 2Q17
vs
2Q16
In millions of dollars 1H17 1H16
1H17
vs
1H16
3,949 2,944 4,059 -3% Organic
investments
6,893 8,674 -21%
166
111 172 -3% capitalized exploration
277 400 -31%
443
158 257 +72% increase in non-current loans
601 829 -28%
(153) (187) (301) -49% repayment
of non-current loans
(340) (401) -15%
103 547 206 -50% Acquisitions
650 399 +63%
207 2,711
472 -56% Asset sales
2,918
1,357 +115%
- - 3 ns
Other transactions with non-controlling interests
- 3 ns
3,845 780 3,790
+1% Net investments
4,625 7,713
-40%
Net-debt-to-equity ratio
In millions of dollars 6/30/2017
3/31/2017 6/30/2016 Current borrowings
13,070
13,582 13,789 Net current financial assets
(3,377) (3,694) (1,628) Net financial assets classified as
held for sale
(2) (2) (97) Non-current financial debt
41,548 42,017 41,668 Hedging instruments of non-current debt
(558) (877) (1,251) Cash and cash equivalents
(28,720) (27,526) (22,653)
Net debt
21,961 23,500 29,828
Shareholders’ equity - Group
share
107,188 103,831 97,985 Estimated dividend payable
(1,762) (3,239) (1,618) Non-controlling interests
2,772 2,823 2,904
Adjusted shareholders'
equity 108,198 103,415 99,271
Net-debt-to-equity ratio 20.3% 22.7%
30.0%
Return on equity
In millions of dollars
July 1, 2016 toJune 30, 2017
April 1, 2016 toMarch 31, 2017
January 1, 2016 toDecember 31, 2016
Adjusted net income 9,661 9,363
8,447 Average adjusted shareholders' equity
103,734 99,784 96,929
Return on equity (ROE) 9.3%
9.4% 8.7%
Return on average capital employed
> Twelve months ended June 30, 2017
In millions of dollars
Exploration &Production
Gas,Renewables& Power
Refining &Chemicals
Marketing &Services
Group Adjusted net operating income 4,529 479
3,931 1,584 10,609 Capital employed at 6/30/2016*
107,405 4,622 12,249 5,789 129,635 Capital employed at 6/30/2017*
108,618 5,363 10,957 6,937 130,831
ROACE 4.2% 9.6%
33.9% 24.9% 8.1%
> 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 document does not constitute the Financial Report for the
first half of 2017 which will be separately published, in
accordance with article L. 451-1-2 III of the French Code monétaire
et financier, and is available on the Total website total.com.
This press release presents the results for the second quarter
and half-year 2017 from the consolidated financial statements of
TOTAL S.A. as of June 30, 2017 (unaudited). The notes to these
consolidated financial statements (unaudited) are available on the
TOTAL website total.com.
This document may contain forward-looking information on the
Group (including objectives and trends), as well as forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, notably with respect to the financial
condition, results of operations, business, strategy and plans of
TOTAL. These data do not represent forecasts within the meaning of
European Regulation No. 809/2004.
Such forward-looking information and statements included in this
document are based on a number of economic data and assumptions
made in a given economic, competitive and regulatory environment.
They may prove to be inaccurate in the future, and are subject to a
number of risk factors that could lead to a significant difference
between actual results and those anticipated, including currency
fluctuations, the price of petroleum products, the ability to
realize cost reductions and operating efficiencies without unduly
disrupting business operations, environmental regulatory
considerations and general economic and business conditions.
Certain financial information is based on estimates particularly in
the assessment of the recoverable value of assets and potential
impairments of assets relating thereto.
Neither TOTAL nor any of its subsidiaries assumes any obligation
to update publicly any forward-looking information or statement,
objectives or trends contained in this document whether as a result
of new information, future events or otherwise. Further information
on factors, risks and uncertainties that could affect the 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.
1 Definitions on page 2.2 Group share.3 The ex-dividend date is
set for December 19, 2017, and the payment date is set for January
11, 2018.4 Adjusted results are defined as income using replacement
cost, adjusted for special items, excluding the impact of changes
for fair value; adjustment items are on page 10.5 Tax on adjusted
net operating income / (adjusted net operating income – income from
equity affiliates – dividends received from investments –
impairment of goodwill + tax on adjusted net operating income).6 In
accordance with IFRS norms, adjusted fully-diluted earnings per
share is calculated from the adjusted net income less the perpetual
subordinated bond coupon7 Including acquisitions and increases in
non-current loans8 Including divestments and reimbursements of
non-current loans.9 Net investments = investments - divestments -
repayment of non-current loans - other operations with
non-controlling interests.10 Organic investments = net investments
excluding acquisitions, asset sales and other operations with
non-controlling interests.11 Operating cash flow before working
capital changes, previously referred to as adjusted cash flow from
operations, is defined as cash flow from operating activities
before changes in working capital at replacement cost. The
inventory valuation effect is explained on page 13.12 Certain
transactions referred to in the highlights are subject to approval
by authorities or to other conditions as per the agreements.13
Details shown on page 10.14 Details shown on page 10 and in the
annex to the financial statements.15 Net cash flow = operating cash
flow before working capital changes - net investments (including
other transactions with non-controlling interests).16 Details shown
on page 12.
Total financial
statements_______________________________________
Second quarter and first half 2017
consolidated accounts, IFRS
CONSOLIDATED STATEMENT OF INCOME
TOTAL (unaudited) (M$) (a)
2nd
quarter
2017
1st quarter
2017
2nd quarter
2016
Sales 39,915 41,183 37,215 Excise taxes
(5,433) (5,090) (5,504) Revenues from sales 34,482 36,093 31,711
Purchases, net of inventory variation (23,398) (23,987) (20,548)
Other operating expenses (6,106) (6,166) (5,906) Exploration costs
(199) (197) (536) Depreciation, depletion and impairment of
tangible assets and mineral interests (2,798) (4,579) (2,968) Other
income 570 2,325 172 Other expense (106) (291) (133) Financial
interest on debt (345) (331) (267) Financial income and expense
from cash & cash equivalents (37) (11) 1 Cost of net debt (382)
(342) (266) Other financial income 285 228 312 Other financial
expense (159) (160) (166) Equity in net income (loss) of affiliates
310 548 776 Income taxes (472) (693) (330)
Consolidated net income 2,027
2,779 2,118 Group share 2,037 2,849 2,088
Non-controlling interests (10) (70) 30
Earnings per share ($) 0.79 1.14 0.86
Fully-diluted earnings per share ($) 0.79 1.13
0.86 (a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL
(unaudited) (M$)
2nd quarter
2017
1st quarter
2017
2nd quarter
2016
Consolidated net income 2,027
2,779 2,118 Other comprehensive income
Actuarial gains and losses 32 126 (132) Tax effect (12) (41)
40 Currency translation adjustment generated by the parent company
4,524 940 (2,113) Items not potentially
reclassifiable to profit and loss 4,544 1,025
(2,205) Currency translation adjustment (1,218) (200) 589 Available
for sale financial assets 1 (1) (4) Cash flow hedge (79) 113 (66)
Share of other comprehensive income of equity affiliates, net
amount (794) 331 355 Other (3) 3 - Tax effect 30 (39)
21 Items potentially reclassifiable to profit and loss
(2,063) 207 895
Total other comprehensive
income (net amount) 2,481 1,232
(1,310)
Comprehensive income 4,508
4,011 808 Group share 4,507 4,074 795
Non-controlling interests 1 (63) 13
CONSOLIDATED
STATEMENT OF INCOME TOTAL (unaudited) (M$) (a)
1st half
2017
1st half
2016
Sales 81,098 70,056 Excise taxes (10,523)
(10,823) Revenues from sales 70,575 59,233 Purchases, net of
inventory variation (47,385) (38,187) Other operating expenses
(12,272) (12,042) Exploration costs (396) (730) Depreciation,
depletion and impairment of tangible assets and mineral interests
(7,377) (5,648) Other income 2,895 672 Other expense (397) (203)
Financial interest on debt (676) (541) Financial income and expense
from cash & cash equivalents (48) 11 Cost of net debt (724)
(530) Other financial income 513 503 Other financial expense (319)
(321) Equity in net income (loss) of affiliates 858 1,274 Income
taxes (1,165) (282)
Consolidated net income
4,806 3,739 Group share 4,886 3,694
Non-controlling interests (80) 45 Earnings per share
($) 1.93 1.54 Fully-diluted earnings per share ($)
1.92 1.53 (a) Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL (unaudited) (M$)
1st
half
2017
1st half
2016
Consolidated net income 4,806
3,739 Other comprehensive income Actuarial
gains and losses 158 (213) Tax effect (53) 72 Currency translation
adjustment generated by the parent company 5,464
1,528 Items not potentially reclassifiable to profit and loss
5,569 1,387 Currency translation adjustment (1,418)
(1,355) Available for sale financial assets - (14) Cash flow hedge
34 32 Share of other comprehensive income of equity affiliates, net
amount (463) 354 Other - 3 Tax effect (9) (3) Items
potentially reclassifiable to profit and loss (1,856)
(983)
Total other comprehensive income (net amount)
3,713 404
Comprehensive income 8,519 4,143
Group share 8,581 4,103 Non-controlling interests (62) 40
CONSOLIDATED BALANCE SHEET TOTAL
(M$)
June 30, 2017
(unaudited)
March 31, 2017
(unaudited)
December 31, 2016 June 30, 2016
(unaudited)
ASSETS Non-current assets Intangible assets, net
14,119 14,048 15,362 14,207 Property, plant and equipment, net
112,659 111,100 111,971 111,420 Equity affiliates : investments and
loans 21,705 21,638 20,576 20,683 Other investments 1,483 1,381
1,133 1,411 Non-current financial assets 558 877 908 1,251 Deferred
income taxes 4,981 4,766 4,368 4,175 Other non-current assets
4,411 4,114 4,143 4,467
Total
non-current assets 159,916 157,924
158,461 157,614 Current assets
Inventories, net 14,273 14,985 15,247 15,021 Accounts receivable,
net 12,923 12,235 12,213 11,933 Other current assets 14,034 13,955
14,835 14,850 Current financial assets 3,618 3,971 4,548 2,018 Cash
and cash equivalents 28,720 27,526 24,597 22,653 Assets classified
as held for sale 421 413 1,077 1,257
Total current assets 73,989
73,085 72,517 67,732 Total
assets 233,905 231,009 230,978
225,346 LIABILITIES & SHAREHOLDERS' EQUITY
Shareholders' equity Common shares 7,797 7,667 7,604 7,846
Paid-in surplus and retained earnings 110,305 109,583 105,547
106,343 Currency translation adjustment (10,314) (12,819) (13,871)
(11,619) Treasury shares (600) (600) (600)
(4,585)
Total shareholders' equity - Group share
107,188 103,831 98,680
97,985 Non-controlling interests
2,772 2,823 2,894
2,904 Total shareholders' equity
109,960 106,654 101,574
100,889 Non-current liabilities Deferred income taxes
10,920 10,936 11,060 11,345 Employee benefits 4,127 3,711 3,746
3,887 Provisions and other non-current liabilities 16,924 16,714
16,846 17,270 Non-current financial debt 41,548
42,017 43,067 41,668
Total non-current
liabilities 73,519 73,378
74,719 74,170 Current liabilities
Accounts payable 21,914 21,633 23,227 20,478 Other creditors and
accrued liabilities 14,862 15,151 16,720 14,983 Current borrowings
13,070 13,582 13,920 13,789 Other current financial liabilities 241
277 327 390 Liabilities directly associated with the assets
classified as held for sale 339 334 491
647
Total current liabilities 50,426
50,977 54,685 50,287 Total
liabilities & shareholders' equity 233,905
231,009 230,978 225,346
CONSOLIDATED STATEMENT OF CASH FLOW TOTAL
(unaudited)
(M$)
2nd quarter
2017
1st quarter
2017
2nd quarter
2016
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
2,027 2,779 2,118 Depreciation, depletion, amortization and
impairment 2,930 4,660 3,361 Non-current liabilities, valuation
allowances and deferred taxes (50) (197) (477) (Gains) losses on
disposals of assets (151) (2,232) (48) Undistributed affiliates'
equity earnings 501 (295) (280) (Increase) decrease in working
capital (268) (54) (1,752) Other changes, net (349)
40 (40)
Cash flow from operating activities
4,640 4,701 2,882 CASH FLOW USED IN
INVESTING ACTIVITIES Intangible assets and property, plant and
equipment additions (3,323) (2,678) (4,094) Acquisitions of
subsidiaries, net of cash acquired (6) (319) 11 Investments in
equity affiliates and other securities (433) (523) (226) Increase
in non-current loans (443) (158) (257)
Total expenditures (4,205) (3,678)
(4,566) Proceeds from disposals of intangible assets and
property, plant and equipment 74 6 200 Proceeds from disposals of
subsidiaries, net of cash sold - 2,696 270 Proceeds from disposals
of non-current investments 133 9 2 Repayment of non-current loans
153 187 301
Total divestments
360 2,898 773 Cash flow used
in investing activities (3,845) (780)
(3,793) CASH FLOW USED IN FINANCING ACTIVITIES
Issuance (repayment) of shares: - Parent company shareholders 406
15 4 - Treasury shares - - - Dividends paid: - Parent company
shareholders (1,462) (538) (1,173) - Non-controlling interests (61)
(15) (72) Issuance of perpetual subordinated notes - - 1,950
Payments on perpetual subordinated notes (90) (129) - Other
transactions with non-controlling interests - - 3 Net issuance
(repayment) of non-current debt 290 56 400 Increase (decrease) in
current borrowings (1,167) (1,413) 1,011 Increase (decrease) in
current financial assets and liabilities 979 658 1,399
Cash flow
used in financing activities (1,105)
(1,366) 3,522 Net increase (decrease) in
cash and cash equivalents (310) 2,555
2,611 Effect of exchange rates 1,504 374 (528) Cash and cash
equivalents at the beginning of the period 27,526
24,597 20,570
Cash and cash equivalents at the end of the
period 28,720 27,526
22,653 CONSOLIDATED STATEMENT OF CASH
FLOW TOTAL
(unaudited)
(M$)
1st half
2017
1st half
2016
CASH FLOW FROM OPERATING ACTIVITIES Consolidated net income
4,806 3,739 Depreciation, depletion, amortization and impairment
7,590 6,096 Non-current liabilities, valuation allowances and
deferred taxes (247) (745) (Gains) losses on disposals of assets
(2,383) (415) Undistributed affiliates' equity earnings 206 (516)
(Increase) decrease in working capital (322) (3,297) Other changes,
net (309) (99)
Cash flow from operating
activities 9,341 4,763 CASH FLOW USED IN
INVESTING ACTIVITIES Intangible assets and property, plant and
equipment additions (6,001) (8,240) Acquisitions of subsidiaries,
net of cash acquired (325) (122) Investments in equity affiliates
and other securities (956) (283) Increase in non-current loans
(601) (829)
Total expenditures (7,883)
(9,474) Proceeds from disposals of intangible assets and
property, plant and equipment 80 992 Proceeds from disposals of
subsidiaries, net of cash sold 2,696 270 Proceeds from disposals of
non-current investments 142 95 Repayment of non-current loans
340 401
Total divestments 3,258
1,758 Cash flow used in investing activities
(4,625) (7,716) CASH FLOW USED IN FINANCING
ACTIVITIES Issuance (repayment) of shares: - Parent company
shareholders 421 4 - Treasury shares - - Dividends paid: - Parent
company shareholders (2,000) (2,127) - Non-controlling interests
(76) (75) Issuance of perpetual subordinated notes - 1,950 Payments
on perpetual subordinated notes (219) (133) Other transactions with
non-controlling interests - 3 Net issuance (repayment) of
non-current debt 346 554 Increase (decrease) in current borrowings
(2,580) (2,016) Increase (decrease) in current financial assets and
liabilities 1,637 4,145
Cash flow used in financing
activities (2,471) 2,305 Net
increase (decrease) in cash and cash equivalents 2,245
(648) Effect of exchange rates 1,878 32 Cash and cash
equivalents at the beginning of the period 24,597
23,269
Cash and cash equivalents at the end of the period
28,720 22,653
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS'
EQUITY TOTAL
(unaudited)
Common shares issued Paid-in surplus and retained
earnings Currency translation adjustment Treasury
shares Shareholders' equity -
Group share
Non-controlling interests Total shareholders' equity
(M$)
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 half 2016
-
- 3,694 - - - 3,694 45 3,739 Other comprehensive Income - - (91)
500 - - 409 (5) 404
Comprehensive Income - -
3,603 500 - - 4,103 40
4,143 Dividend - - (3,188) - - - (3,188) (75) (3,263)
Issuance of common shares 63,204,391 176 2,490 - - - 2,666 - 2,666
Purchase of treasury shares - - - - - - - - - Sale of treasury
shares (1) - - - - 1,580 - - - - Share-based payments - - 52 - - -
52 - 52 Share cancellation - - - - - - - - - Issuance of perpetual
subordinated notes - - 1,950 - - - 1,950 - 1,950 Payments on
perpetual subordinated notes - - (77) - - - (77) - (77) Other
operations with non-controlling interests - - (40) - - - (40) 6
(34) Other items - - 25 - - - 25 18 43
As of June 30, 2016
2,503,262,274 7,846
106,343 (11,619) (113,966,178)
(4,585) 97,985 2,904
100,889 Net income from July 1 to December 31, 2016 -
- 2,502 - - - 2,502 (35) 2,467 Other comprehensive Income - - (17)
(2,252) - - (2,269) 6 (2,263)
Comprehensive Income -
- 2,485 (2,252) - - 233
(29) 204 Dividend - - (3,324) - - - (3,324) (18)
(3,342) Issuance of common shares 27,434,856 75 1,063 - - - 1,138 -
1,138 Purchase of treasury shares - - - - - - - - - Sale of
treasury shares (1) - - (163) - 3,047,088 163 - - - Share-based
payments - - 60 - - - 60 - 60 Share cancellation (100,331,268)
(317) (3,505) - 100,331,268 3,822 - - - Issuance of perpetual
subordinated notes - - 2,761 - - - 2,761 - 2,761 Payments on
perpetual subordinated notes - - (126) - - - (126) - (126) Other
operations with non-controlling interests - - (58) - - - (58) (49)
(107) Other items - - 11 - - - 11 86 97
As of December 31,
2016 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 half 2017 - - 4,886 - - -
4,886 (80) 4,806 Other comprehensive Income - - 138 3,557 - - 3,695
18 3,713
Comprehensive Income - - 5,024
3,557 - - 8,581 (62)
8,519 Dividend - - (3,297) - - - (3,297) (76) (3,373)
Issuance of common shares 71,170,026 193 3,103 - - - 3,296 - 3,296
Purchase of treasury shares - - - - - - - - - Sale of treasury
shares (1) - - - - 4,000 - - - - Share-based payments - - 74 - - -
74 - 74 Share cancellation - - - - - - - - - Issuance of perpetual
subordinated notes - - - - - - - - - Payments on perpetual
subordinated notes - - (142) - - - (142) - (142) Other operations
with non-controlling interests - - (7) - - - (7) 7 - Other items -
- 3 - - - 3 9 12
As of June 30, 2017
2,501,535,888 7,797 110,305
(10,314) (10,583,822)
(600) 107,188 2,772
109,960 (1) Treasury shares related to the restricted
stock grants.
BUSINESS SEGMENT INFORMATION TOTAL
(unaudited)
2nd
quarter 2017
(M$)
Exploration & Production Gas,
Renewables & Power 42,735 Marketing
& Services Corporate
Intercompany Total Non-Group sales 2,068 2,671
17,347 17,831 (2) - 39,915 Intersegment sales 5,118 274 6,016 169
90 (11,667) - Excise taxes - - (680)
(4,753) - - (5,433)
Revenues from sales
7,186 2,945 22,683 13,247 88
(11,667) 34,482 Operating expenses (3,547) (2,857)
(21,918) (12,729) (319) 11,667 (29,703) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,344)
(40) (245) (158) (11) -
(2,798)
Operating income 1,295 48 520
360 (242) - 1,981 Equity in net income
(loss) of affiliates and other items 487 13 148 258 (6) - 900 Tax
on net operating income (512) (24) (142)
(123) 214 - (587)
Net operating
income 1,270 37 526 495 (34)
- 2,294 Net cost of net debt (267) Non-controlling
interests
10
Net income - group
share 2,037
2nd quarter 2017 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales -
(27) - - - - (27) Intersegment sales - - - - - - - Excise taxes
- - - - - - -
Revenues from sales - (27) - -
- - (27) Operating expenses (117) (25) (411)
(80) (64) - (697) Depreciation, depletion and impairment of
tangible assets and mineral interests (15) 1 -
- - - (14)
Operating income
(b) (132) (51) (411) (80)
(64) - (738) Equity in net income (loss) of
affiliates and other items (4) (16) (53) 121 - - 48 Tax on net
operating income 47 9 129 21 22
- 228
Net operating income (b)
(89) (58) (335) 62 (42) -
(462) Net cost of net debt (7) Non-controlling interests
32
Net income - group share
(437) (a) Adjustments include special items,
inventory valuation effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - (372) (54) - On net operating income - -
(270) (45) -
2nd quarter 2017 (adjusted)
(M$) (a)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
2,068 2,698 17,347 17,831 (2) - 39,942 Intersegment sales 5,118 274
6,016 169 90 (11,667) - Excise taxes - - (680)
(4,753) - - (5,433)
Revenues from
sales 7,186 2,972 22,683 13,247
88 (11,667) 34,509 Operating expenses (3,430)
(2,832) (21,507) (12,649) (255) 11,667 (29,006) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,329) (41) (245) (158) (11)
- (2,784)
Adjusted operating income
1,427 99 931 440 (178) -
2,719 Equity in net income (loss) of affiliates and other
items 491 29 201 137 (6) - 852 Tax on net operating income
(559) (33) (271) (144) 192 -
(815)
Adjusted net operating income 1,359
95 861 433 8 - 2,756 Net
cost of net debt (260) Non-controlling interests
(22)
Adjusted net income - group share
2,474 Adjusted fully-diluted
earnings per share ($)
0.97
(a) Except for earnings per share.
2nd quarter 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
3,448 77 401 258 21 - 4,205 Total divestments 132 23 20 182 3 - 360
Cash flow from operating activities 2,504 (114)
1,972 229 49 - 4,640
BUSINESS SEGMENT
INFORMATION TOTAL
(unaudited)
1st
quarter 2017
(M$)
Exploration & Production Gas,
Renewables & Power 42,735 Marketing
& Services Corporate
Intercompany Total Non-Group sales 2,103 3,197
18,574 17,298 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 - group share 2,849
1st quarter 2017 (adjustments)
(a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales - -
- - - - - Intersegment sales - - - - - - - Excise taxes -
- - - - - -
Revenues
from sales - - - - -
- - Operating expenses - (89) 57 (15) - - (47)
Depreciation, depletion and impairment of tangible assets and
mineral interests (1,854) (26) (50) -
- - (1,930)
Operating income (b)
(1,854) (115) 7 (15) - -
(1,977) Equity in net income (loss) of affiliates and other
items (210) (63) 2,209 5 - - 1,941 Tax on net operating income
329 - (88) 5 - -
246
Net operating income (b) (1,735)
(178) 2,128 (5) - - 210
Net cost of net debt (7) Non-controlling interests
88
Net income - group share 291
(a) Adjustments include special items, inventory valuation effect
and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - 83 (15) - On net operating income - - 58
(5) -
1st quarter 2017 (adjusted)
(M$) (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 -
group share
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)
2nd
quarter 2016
(M$)
Exploration & Production Gas,
Renewables & Power 42,735 Marketing
& Services Corporate
Intercompany Total Non-Group sales 1,822 1,914
16,567 16,913 (1) - 37,215 Intersegment sales 4,340 194 5,540 208
81 (10,363) - Excise taxes - - (924)
(4,580) - - (5,504)
Revenues from sales
6,162 2,108 21,183 12,541 80
(10,363) 31,711 Operating expenses (3,692) (2,078)
(19,523) (11,768) (292) 10,363 (26,990) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,529)
(34) (246) (151) (8) -
(2,968)
Operating income (59) (4) 1,414
622 (220) - 1,753 Equity in net income
(loss) of affiliates and other items 543 63 210 47 98 - 961 Tax on
net operating income 202 (21) (378)
(190) (10) - (397)
Net operating income
686 38 1,246 479 (132) -
2,317 Net cost of net debt (199) Non-controlling interests
(30)
Net income - group share
2,088
2nd quarter 2016 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales -
(6) - - - - (6) Intersegment sales - - - - - - - Excise taxes
- - - - - - -
Revenues from sales - (6) - -
- - (6) Operating expenses (358) - 449 110 - -
201 Depreciation, depletion and impairment of tangible assets and
mineral interests (200) - - - -
- (200)
Operating income (b)
(558) (6) 449 110 - -
(5) Equity in net income (loss) of affiliates and other
items - - (76) (13) - - (89) Tax on net operating income 201
1 (145) (38) - - 19
Net operating income (b) (357) (5)
228 59 - - (75) Net cost of net
debt (5) Non-controlling interests
(6)
Net income - group share (86) (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - 516 118 - On net operating income - - 331
84 -
2nd
quarter 2016 (adjusted)
(M$) (a)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
1,822 1,920 16,567 16,913 (1) - 37,221 Intersegment sales 4,340 194
5,540 208 81 (10,363) - Excise taxes - - (924)
(4,580) - - (5,504)
Revenues from
sales 6,162 2,114 21,183 12,541
80 (10,363) 31,717 Operating expenses (3,334)
(2,078) (19,972) (11,878) (292) 10,363 (27,191) Depreciation,
depletion and impairment of tangible assets and mineral interests
(2,329) (34) (246) (151) (8)
- (2,768)
Adjusted operating income 499
2 965 512 (220) - 1,758
Equity in net income (loss) of affiliates and other items 543 63
286 60 98 - 1,050 Tax on net operating income 1 (22)
(233) (152) (10) - (416)
Adjusted net operating income 1,043 43
1,018 420 (132) - 2,392 Net cost
of net debt (194) Non-controlling interests
(24)
Adjusted net income - group share
2,174 Adjusted fully-diluted earnings per
share ($)
0.90 (a) Except
for earnings per share.
2nd quarter 2016
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
3,533 95 480 251 207 - 4,566 Total divestments 446 6 23 294 4 - 773
Cash flow from operating activities 595 111
1,561 261 354 - 2,882
BUSINESS SEGMENT
INFORMATION TOTAL
(unaudited)
1st half
2017
(M$)
Exploration & Production Gas,
Renewables & Power 42,735 Marketing
& Services Corporate
Intercompany Total Non-Group sales 4,171 5,868
35,921 35,129 9 - 81,098 Intersegment sales 10,666 583 12,362 443
195 (24,249) - Excise taxes - - (1,381)
(9,142) - - (10,523)
Revenues from
sales 14,837 6,451 46,902 26,430
204 (24,249) 70,575 Operating expenses (7,234)
(6,326) (44,796) (25,394) (552) 24,249 (60,053) Depreciation,
depletion and impairment of tangible assets and mineral interests
(6,412) (112) (532) (302) (19)
- (7,377)
Operating income 1,191
13 1,574 734 (367) -
3,145 Equity in net income (loss) of affiliates and other
items 677 (32) 2,601 288 16 - 3,550 Tax on net operating income
(951) (61) (498) (231) 385
- (1,356)
Net operating income 917
(80) 3,677 791 34 - 5,339
Net cost of net debt (533) Non-controlling interests
80
Net income - group share 4,886
1st half
2017 (adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales -
(27) - - - - (27) Intersegment sales - - - - - - - Excise taxes
- - - - - - -
Revenues from sales - (27) - -
- - (27) Operating expenses (117) (114) (354)
(95) (64) - (744) Depreciation, depletion and impairment of
tangible assets and mineral interests (1,869) (25)
(50) - - - (1,944)
Operating
income (b) (1,986) (166) (404)
(95) (64) - (2,715) Equity in net
income (loss) of affiliates and other items (214) (79) 2,156 126 -
- 1,989 Tax on net operating income 376 9 41
26 22 - 474
Net operating income
(b) (1,824) (236) 1,793 57
(42) - (252) Net cost of net debt - - - - - -
(14) Non-controlling interests - - - -
- - 120
Net income - group share
- - - - - - (146)
(a) Adjustments include special items, inventory valuation
effect and the effect of changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - (289) (69) - On net operating income - -
(212) (50) -
1st half 2017 (adjusted)
(M$) (a)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
4,171 5,895 35,921 35,129 9 - 81,125 Intersegment sales 10,666 583
12,362 443 195 (24,249) - Excise taxes - -
(1,381) (9,142) - - (10,523)
Revenues from sales 14,837 6,478 46,902
26,430 204 (24,249) 70,602 Operating
expenses (7,117) (6,212) (44,442) (25,299) (488) 24,249 (59,309)
Depreciation, depletion and impairment of tangible assets and
mineral interests (4,543) (87) (482)
(302) (19) - (5,433)
Adjusted operating
income 3,177 179 1,978 829
(303) - 5,860 Equity in net income (loss) of
affiliates and other items 891 47 445 162 16 - 1,561 Tax on net
operating income (1,327) (70) (539)
(257) 363 - (1,830)
Adjusted net operating
income 2,741 156 1,884 734
76 - 5,591 Net cost of net debt (519)
Non-controlling interests
(40)
Adjusted
net income - group share
5,032 Adjusted fully-diluted earnings per share ($)
1.98 (a) Except for earnings per
share.
1st
half 2017
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
6,084 392 667 697 43 - 7,883 Total divestments 245 27 2,760 218 8 -
3,258 Cash flow from operating activities 5,000 11
3,737 542 51 - 9,341
BUSINESS SEGMENT
INFORMATION TOTAL
(unaudited)
1st half
2016
(M$)
Exploration & Production Gas,
Renewables & Power 42,735 Marketing
& Services Corporate
Intercompany Total Non-Group sales 3,711 3,939
30,505 31,899 2 - 70,056 Intersegment sales 7,718 420 9,688 340 151
(18,317) - Excise taxes - - (1,885)
(8,938) - - (10,823)
Revenues from
sales 11,429 4,359 38,308 23,301
153 (18,317) 59,233 Operating expenses (6,999)
(4,392) (35,305) (22,068) (512) 18,317 (50,959) Depreciation,
depletion and impairment of tangible assets and mineral interests
(4,775) (62) (499) (296) (16)
- (5,648)
Operating income (345)
(95) 2,504 937 (375) -
2,626 Equity in net income (loss) of affiliates and other
items 1,170 114 389 51 201 - 1,925 Tax on net operating income
515 (16) (655) (275) 28 -
(403)
Net operating income 1,340 3
2,238 713 (146) - 4,148 Net cost
of net debt (409) Non-controlling interests
(45)
Net income - group share 3,694
1st half 2016
(adjustments) (a)
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales -
(132) - - - - (132) Intersegment sales - - - - - - - Excise taxes
- - - - - - -
Revenues from sales - (132) - -
- - (132) Operating expenses (691) - 242 33 -
- (416) Depreciation, depletion and impairment of tangible assets
and mineral interests (200) - - -
- - (200)
Operating income (b)
(891) (132) 242 33 - -
(748) Equity in net income (loss) of affiliates and other
items 329 (8) (77) (21) - - 223 Tax on net operating income
473 27 (75) (8) - - 417
Net operating income (b) (89) (113)
90 4 - - (108) Net cost of net
debt (11) Non-controlling interests
3
Net income - group share (116) (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
(b) Of which inventory valuation
effect
On operating income - - 311 41 - On net operating income - - 198 34
-
1st
half 2016 (adjusted)
(M$) (a)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Non-Group sales
3,711 4,071 30,505 31,899 2 - 70,188 Intersegment sales 7,718 420
9,688 340 151 (18,317) - Excise taxes - -
(1,885) (8,938) - - (10,823)
Revenues from sales 11,429 4,491 38,308
23,301 153 (18,317) 59,365 Operating
expenses (6,308) (4,392) (35,547) (22,101) (512) 18,317 (50,543)
Depreciation, depletion and impairment of tangible assets and
mineral interests (4,575) (62) (499)
(296) (16) - (5,448)
Adjusted operating
income 546 37 2,262 904
(375) - 3,374 Equity in net income (loss) of
affiliates and other items 841 122 466 72 201 - 1,702 Tax on net
operating income 42 (43) (580) (267)
28 - (820)
Adjusted net operating
income 1,429 116 2,148 709
(146) - 4,256 Net cost of net debt (398)
Non-controlling interests
(48)
Adjusted
net income - group share
3,810 Adjusted fully-diluted earnings per share ($)
1.58 (a) Except for earnings per
share.
1st
half 2016
(M$)
Exploration & Production Gas,
Renewables & Power Refining & Chemicals
Marketing & Services Corporate
Intercompany Total Total expenditures
7,768 242 741 502 221 - 9,474 Total divestments 1,264 104 52 330 8
- 1,758 Cash flow from operating activities 2,696
(218) 1,142 841 302 - 4,763
Reconciliation of the information by business
segment with consolidated financial statements TOTAL
(unaudited)
2nd quarter 2017
(M$)
Adjusted Adjustments (a)
31-Dec-16 Sales 39,942 (27)
39,915 Excise taxes (5,433) - (5,433) Revenues from sales
34,509 (27) 34,482 Purchases, net of inventory variation (22,939)
(459) (23,398) Other operating expenses (5,868) (238) (6,106)
Exploration costs (199) - (199) Depreciation, depletion and
impairment of tangible assets and mineral interests (2,784) (14)
(2,798) Other income 206 364 570 Other expense (58) (48) (106)
Financial interest on debt (338) (7) (345) Financial income and
expense from cash & cash equivalents (37) - (37) Cost of net
debt (375) (7) (382) Other financial income 285 - 285 Other
financial expense (159) - (159) Equity in net income (loss) of
affiliates 578 (268) 310 Income taxes (700) 228
(472)
Consolidated net income 2,496
(469) 2,027 Group share 2,474 (437) 2,037
Non-controlling interests 22 (32) (10) (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
2nd quarter
2016
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 37,221
(6) 37,215 Excise taxes (5,504) - (5,504) Revenues
from sales 31,717 (6) 31,711 Purchases, net of inventory variation
(21,130) 582 (20,548) Other operating expenses (5,875) (31) (5,906)
Exploration costs (186) (350) (536) (a) Adjustments include special
items, inventory valuation effect and the effect of changes in fair
value.
(b) Of which inventory valuation
effect
(2,768) (200) (2,968) Other income 172 - 172 Other expense (65)
(68) (133) Financial interest on debt (262) (5) (267) Financial
income and expense from cash & cash equivalents 1 - 1 Cost of
net debt (261) (5) (266) Other financial income 312 - 312 Other
financial expense (166) - (166) Equity in net income (loss) of
affiliates 797 (21) 776 Income taxes (349) 19
(330)
Consolidated net income 2,198 (80)
2,118 Group share 2,174 (86) 2,088 Non-controlling interests
24 6 30 (a) Adjustments include special items, inventory
valuation effect and the effect of changes in fair value.
Reconciliation of the information by business segment with
consolidated financial statements TOTAL
(unaudited)
1st half 2017
(M$)
Adjusted Adjustments (a)
31-Dec-16 Sales 81,125 (27)
81,098 Excise taxes (10,523) - (10,523) Revenues from sales
70,602 (27) 70,575 Purchases, net of inventory variation (46,929)
(456) (47,385) Other operating expenses (11,984) (288) (12,272)
Exploration costs (396) - (396) Depreciation, depletion and
impairment of tangible assets and mineral interests (5,433) (1,944)
(7,377) Other income 314 2,581 2,895 Other expense (116) (281)
(397) Financial interest on debt (662) (14) (676) Financial income
and expense from cash & cash equivalents (48) - (48) Cost of
net debt (710) (14) (724) Other financial income 513 - 513 Other
financial expense (319) - (319) Equity in net income (loss) of
affiliates 1,169 (311) 858 Income taxes (1,639) 474
(1,165)
Consolidated net income 5,072
(266) 4,806 Group share 5,032 (146) 4,886
Non-controlling interests 40 (120) (80) (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
1st half 2016
(M$)
Adjusted Adjustments (a)
Consolidated statement of income Sales 70,188
(132) 70,056 Excise taxes (10,823) - (10,823)
Revenues from sales 59,365 (132) 59,233 Purchases, net of inventory
variation (38,487) 300 (38,187) Other operating expenses (11,676)
(366) (12,042) Exploration costs (380) (350) (730) (a) Adjustments
include special items, inventory valuation effect and the effect of
changes in fair value.
(b) Of which inventory valuation
effect
(5,448) (200) (5,648) Other income 343 329 672 Other expense (119)
(84) (203) Financial interest on debt (530) (11) (541) Financial
income and expense from cash & cash equivalents 11 - 11 Cost of
net debt (519) (11) (530) Other financial income 503 - 503 Other
financial expense (321) - (321) Equity in net income (loss) of
affiliates 1,296 (22) 1,274 Income taxes (699) 417
(282)
Consolidated net income 3,858
(119) 3,739 Group share 3,810 (116) 3,694
Non-controlling interests 48 (3) 45 (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/20170727005682/en/
TotalMike 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
TOTAL (NYSE:TOT)
Historical Stock Chart
From Feb 2024 to Mar 2024
TOTAL (NYSE:TOT)
Historical Stock Chart
From Mar 2023 to Mar 2024