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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Total Se | LSE:TTA | London | Ordinary Share | FR0000120271 | TOTAL ORD SHS |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 39.315 | 38.68 | 38.94 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
TIDMTTA
2Q17 Change 1H17 Change
vs 2Q16 vs 1H16
Adjusted net income1
- in billions of dollars (B$) 2.5 +14% 5.0 +32%
- in dollars per share 0.97 +8% 1.98 +25%
Operating cash flow 5.3 +33% 10.0 +30%
before working capital changes1 (B$)
Net income2of 2.0 B$in 2Q17
Net-debt-to-equity ratio
of 20.3%at June 30, 2017
Hydrocarbon production of 2,500 kboe/din
the second quarter 2017
Interim dividend of 0.62 EUR/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 In millions of dollars, 1H17 1H16 1H17
vs except vs
2Q16 effective tax rate, 1H16
earnings per share and
number of shares
2,748 2,767 2,524 +9% Adjusted net operating 5,515 4,402 +25%
income
from business segments*
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 1,169 1,296 -10%
affiliates
to adjusted net income
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 1.98 1.58 +25%
earnings
per share (dollars)6
0.88 0.95 0.79 +11% Adjusted fully-diluted 1.83 1.41 +29%
earnings
per share (euros)**
2,485 2,457 2,379 +4% Fully-diluted 2,471 2,365 +5%
weighted-average
shares (millions)
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 10,021 7,708 +30%
working capital changes11
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 EUR-$ 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 $450 million to increase by 30% the capacity of the
Daesan integrated refining & petrochemicals platform in South Korea, a
50/50 joint venture between Total and Hanwha
-- Started up the first phase of the Antwerp platform upgrade project,
with production of ethylene using ethane feedstock
-- Inaugurated the revamped Carling petrochemicals complex
-- Acquired PitPoint B.V., Europe's third-largest provider of natural
gas vehicle (NGV) fuels
-- Started up a solar power plant in Nanao and launched construction
of a solar plant in Miyako in Japan
Analysis of business segments
Exploration & Production
>Environment - liquids and gas price realizations*
2Q17 1Q17 2Q16 2Q17 1H17 1H16 1H17
vs vs
2Q16 1H16
49.6 53.7 45.6 +9% Brent ($/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 36.7 29.6 +24%
price ($/boe)
* Consolidated subsidiaries, excluding fixed margins.
>Production
2Q17 1Q17 2Q16 2Q17 Hydrocarbon production 1H17 1H16 1H17
vs vs
2Q16 1H16
2,500 2,569 2,424 +3% Combined production 2,534 2,452 +3%
(kboe/d)
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 In millions of dollars, 1H17 1H16 1H17
vs except vs
2Q16 effective tax rate 1H16
1,359 1,382 1,043 +30% Adjusted net operating 2,741 1,429 +92%
income*
373 315 433 -14% including income from 688 693 -1%
equity affiliates
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 6,279 4,073 +54%
flow before
working capital changes
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 In millions of dollars 1H17 1H16 1H17
vs vs
2Q16 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 130 (51) ns
working capital changes
(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 1H17 1H16 1H17
vs vs
2Q16 1H16
1,672 1,917 1,795 -7% Total refinery throughput 1,796 1,951 -8%
(kb/d)
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 86% 84% -
on crude only**
* 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 In millions of dollars 1H17 1H16 1H17
vs except the ERMI vs
2Q16 1H16
41.0 38.9 35 +17% European refining margin 40.0 35.1 +14%
indicator - ERMI ($/t)
861 1,023 1,018 -15% Adjusted net operating 1,884 2,148 -12%
income*
401 266 480 -16% Investments 667 741 -10%
20 2,740 23 -13% Divestments 2,760 52 x53.1
381 222 456 -16% Organic investments 603 690 -13%
1,352 1,034 1,137 +19% Operating cash 2,386 2,458 -3%
flow before
working capital changes
1,972 1,765 1,561 +26% Cash flow from operations 3,737 1,142 x3.3
* Detail of adjustment items shown in the business segment information annex to financial statements.
Refining margins remained at a good level in the second quarter 2017 and petrochemicals also continued to benefit from a favorable price environment.
Despite significant maintenance programs, operating cash flow before working capital changes was 1,352 M$ 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 Sales in kb/d* 1H17 1H16 1H17
vs vs
2Q16 1H16
1,760 1,728 1,793 -2% Total Marketing & 1,744 1,775 -2%
Services sales
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 In millions of dollars 1H17 1H16 1H17
vs vs
2Q16 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 1,013 962 +5%
working capital changes
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 MEUR in the first half 2017 compared to 1,142 MEUR 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.comor 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 Combined liquids and gas 1H17 1H16 1H17
vs production by region vs
2Q16 (kboe/d) 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 524 518 +1%
North Africa
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 621 624 -
affiliates
2Q17 1Q17 2Q16 2Q17 Liquids production 1H17 1H16 1H17
vs by region (kb/d) vs
2Q16 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 384 374 +3%
North Africa
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 254 253 +1%
affiliates
2Q17 1Q17 2Q16 2Q17 Gas production by 1H17 1H16 1H17
vs region (Mcf/d) vs
2Q16 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 776 799 -3%
North Africa
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 1,921 1,983 -3%
affiliates
2Q17 1Q17 2Q16 2Q17 Liquefied natural gas 1H17 1H16 1H17
vs vs
2Q16 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 Petroleum product sales 1H17 1H16 1H17
vs by region (kb/d)* vs
2Q16 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 128 (336)
income (Group share)
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: (255) 222
FIFO vs. replacement cost
(19) - (5) Effect of changes in fair value (19) (2)
(437) 291 (86) Total adjustments affecting (146) (116)
net income
2017 Sensitivities*
Scenario Change Estimated Estimated impact
impact on cash flow
on adjusted
net operating
income
Dollar 1.1 $/EUR -0.1 $ per EUR +0.1 B$ 0 B$
Brent 50 $/b +10 $/b +2 B$ +2.5 B$
European refining 35 $/t +10 $/t +0.5 B$ +0.6 B$
margin
indicator (ERMI)
* 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 $-EUR sensitivity on adjusted net operating income is essentially attributable to Refining & Chemicals.
Investments - Divestments
2Q17 1Q17 2Q16 2Q17 In millions of dollars 1H17 1H16 1H17
vs vs
2Q16 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 601 829 -28%
loans
(153) (187) (301) -49% repayment of non-current (340) (401) -15%
loans
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 - 3 ns
non-controlling
interests
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 (2) (2) (97) as held for sale 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 103,734 99,784 96,929
shareholders'
equity
Return on equity (ROE) 9.3% 9.4% 8.7%
Return on average capital employed
>Twelve months ended June 30, 2017
In millions Exploration Gas,Renewables& Refining Marketing Group of dollars &Production Power &Chemicals &Services Adjusted 4,529 479 3,931 1,584 10,609 net operating income Capital 107,405 4,622 12,249 5,789 129,635 employed at 6/30/2016* Capital 108,618 5,363 10,957 6,937 130,831 employed at 6/30/2017* ROACE 4.2% 9.6% 33.9% 24.9% 8.1%
>Twelve months ended March 31, 2017
In millions Exploration Gas,Renewables& Refining Marketing Group of dollars &Production Power &Chemicals &Services Adjusted 4,213 427 4,088 1,571 10,245 net operating income Capital 104,826 4,669 12,555 5,836 127,754 employed at 3/31/2016* Capital 106,937 5,036 11,130 6,331 128,810 employed at 3/31/2017* ROACE 4.0% 8.8% 34.5% 25.8% 8.0%
> Full-year 2016
In millions Exploration Gas,Renewables& Refining Marketing Group of dollars &Production Power &Chemicals &Services Adjusted 3,217 439 4,195 1,559 9,274 net operating income Capital 103,791 4,340 10,454 5,875 121,143 employed at 12/31/2015* Capital 107,617 4,975 11,618 5,884 127,423 employed at 12/31/2016* 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 (EUR-$) 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$)(a) 2ndquarter 1stquarter 2ndquarter
2017 2017 2016
Sales 39,915 41,183 37,215
Excise taxes (5,433) (5,090) (5,504)
Revenues from sales 34,482 36,093 31,711
Purchases, net of inventory (23,398) (23,987) (20,548)
variation
Other operating expenses (6,106) (6,166) (5,906)
Exploration costs (199) (197) (536)
Depreciation, depletion (2,798) (4,579) (2,968)
and impairment of
tangible assets and
mineral interests
Other income 570 2,325 172
Other expense (106) (291) (133)
Financial interest on debt (345) (331) (267)
Financial income and expense (37) (11) 1
from cash & cash equivalents
Cost of net debt (382) (342) (266)
Other financial income 285 228 312
Other financial expense (159) (160) (166)
Equity in net income 310 548 776
(loss) of affiliates
Income taxes (472) (693) (330)
Consolidated net income 2,027 2,779 2,118
Group share 2,037 2,849 2,088
Non-controlling interests (10) (70) 30
Earnings per share ($) 0.79 1.14 0.86
Fully-diluted earnings per share ($) 0.79 1.13 0.86
(a)Except for per share amounts.
CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) 2ndquarter 1stquarter 2ndquarter
2017 2017 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 4,524 940 (2,113)
adjustment generated
by the parent company
Items not potentially reclassifiable 4,544 1,025 (2,205)
to profit and loss
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 (794) 331 355
of equity affiliates, net amount
Other (3) 3 -
Tax effect 30 (39) 21
Items potentially reclassifiable (2,063) 207 895
to profit and loss
Total other comprehensive 2,481 1,232 (1,310)
income (net amount)
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$)(a) 1sthalf 1sthalf
2017 2016
Sales 81,098 70,056
Excise taxes (10,523) (10,823)
Revenues from sales 70,575 59,233
Purchases, net of inventory variation (47,385) (38,187)
Other operating expenses (12,272) (12,042)
Exploration costs (396) (730)
Depreciation, depletion and impairment of (7,377) (5,648)
tangible assets and mineral interests
Other income 2,895 672
Other expense (397) (203)
Financial interest on debt (676) (541)
Financial income and expense (48) 11
from cash & cash equivalents
Cost of net debt (724) (530)
Other financial income 513 503
Other financial expense (319) (321)
Equity in net income (loss) of affiliates 858 1,274
Income taxes (1,165) (282)
Consolidated net income 4,806 3,739
Group share 4,886 3,694
Non-controlling interests (80) 45
Earnings per share ($) 1.93 1.54
Fully-diluted earnings per share ($) 1.92 1.53
(a)Except for per share amounts.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
TOTAL
(unaudited)
(M$) 1sthalf 1sthalf
2017 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 5,464 1,528
by the parent company
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 (463) 354
of equity affiliates, net amount
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 March 31, 2017 December June 30, 2016
(unaudited) (unaudited) 31, 2016 (unaudited)
ASSETS
Non-current
assets
Intangible 14,119 14,048 15,362 14,207
assets,
net
Property, plant 112,659 111,100 111,971 111,420
and
equipment, net
Equity 21,705 21,638 20,576 20,683
affiliates
: investments
and loans
Other 1,483 1,381 1,133 1,411
investments
Non-current 558 877 908 1,251
financial
assets
Deferred income 4,981 4,766 4,368 4,175
taxes
Other 4,411 4,114 4,143 4,467
non-current
assets
Total 159,916 157,924 158,461 157,614
non-current
assets
Current assets
Inventories, 14,273 14,985 15,247 15,021
net
Accounts 12,923 12,235 12,213 11,933
receivable,
net
Other current 14,034 13,955 14,835 14,850
assets
Current 3,618 3,971 4,548 2,018
financial
assets
Cash and cash 28,720 27,526 24,597 22,653
equivalents
Assets 421 413 1,077 1,257
classified
as held for
sale
Total current 73,989 73,085 72,517 67,732
assets
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 110,305 109,583 105,547 106,343
and
retained
earnings
Currency (10,314) (12,819) (13,871) (11,619)
translation
adjustment
Treasury shares (600) (600) (600) (4,585)
Total 107,188 103,831 98,680 97,985
shareholders'
equity
- Group share
Non-controlling 2,772 2,823 2,894 2,904
interests
Total 109,960 106,654 101,574 100,889
shareholders'
equity
Non-current
liabilities
Deferred income 10,920 10,936 11,060 11,345
taxes
Employee 4,127 3,711 3,746 3,887
benefits
Provisions 16,924 16,714 16,846 17,270
and other
non-current
liabilities
Non-current 41,548 42,017 43,067 41,668
financial
debt
Total 73,519 73,378 74,719 74,170
non-current
liabilities
Current
liabilities
Accounts 21,914 21,633 23,227 20,478
payable
Other creditors 14,862 15,151 16,720 14,983
and accrued
liabilities
Current 13,070 13,582 13,920 13,789
borrowings
Other current 241 277 327 390
financial
liabilities
Liabilities 339 334 491 647
directly
associated
with the
assets
classified
as
held for sale
Total current 50,426 50,977 54,685 50,287
liabilities
Total 233,905 231,009 230,978 225,346
liabilities
& shareholders'
equity
CONSOLIDATED STATEMENT
OF CASH FLOW
TOTAL
(unaudited)
(M$) 2ndquarter 1st quarter 2nd quarter
2017 2017 2016
CASH FLOW FROM OPERATING
ACTIVITIES
Consolidated net income 2,027 2,779 2,118
Depreciation, depletion, 2,930 4,660 3,361
amortization
and impairment
Non-current liabilities, valuation (50) (197) (477)
allowances and deferred taxes
(Gains) losses on disposals (151) (2,232) (48)
of assets
Undistributed affiliates' 501 (295) (280)
equity earnings
(Increase) decrease (268) (54) (1,752)
in working capital
Other changes, net (349) 40 (40)
Cash flow from operating 4,640 4,701 2,882
activities
CASH FLOW USED IN INVESTING
ACTIVITIES
Intangible assets and property, (3,323) (2,678) (4,094)
plant and equipment additions
Acquisitions of subsidiaries, (6) (319) 11
net of cash acquired
Investments in equity affiliates (433) (523) (226)
and other securities
Increase in non-current loans (443) (158) (257)
Total expenditures (4,205) (3,678) (4,566)
Proceeds from disposals 74 6 200
of intangible assets
and property, plant
and equipment
Proceeds from disposals - 2,696 270
of subsidiaries,
net of cash sold
Proceeds from disposals of 133 9 2
non-current investments
Repayment of non-current loans 153 187 301
Total divestments 360 2,898 773
Cash flow used in investing (3,845) (780) (3,793)
activities
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 - - 1,950
subordinated notes
Payments on perpetual (90) (129) -
subordinated notes
Other transactions with - - 3
non-controlling
interests
Net issuance (repayment) 290 56 400
of non-current debt
Increase (decrease) in (1,167) (1,413) 1,011
current borrowings
Increase (decrease) in 979 658 1,399
current financial
assets and liabilities
Cash flow used in financing (1,105) (1,366) 3,522
activities
Net increase (decrease) in (310) 2,555 2,611
cash and cash equivalents
Effect of exchange rates 1,504 374 (528)
Cash and cash equivalents at 27,526 24,597 20,570
the beginning of the period
Cash and cash equivalents 28,720 27,526 22,653
at the end of the period
CONSOLIDATED STATEMENT OF CASH FLOW
TOTAL
(unaudited)
(M$) 1sthalf 1sthalf
2017 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 (247) (745)
allowances and deferred taxes
(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, (6,001) (8,240)
plant and equipment additions
Acquisitions of subsidiaries, net of cash acquired (325) (122)
Investments in equity affiliates (956) (283)
and other securities
Increase in non-current loans (601) (829)
Total expenditures (7,883) (9,474)
Proceeds from disposals of intangible assets 80 992
and property, plant and equipment
Proceeds from disposals of subsidiaries, 2,696 270
net of cash sold
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 1,637 4,145
assets and liabilities
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 24,597 23,269
the beginning of the period
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 - Non-controlling interests Total shareholders' equity
Group share
(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 - - 1,950 - - - 1,950 - 1,950 subordinated notes Payments on perpetual - - (77) - - - (77) - (77) subordinated notes Other operations with - - (40) - - - (40) 6 (34) non-controlling interests 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 - - 2,502 - - - 2,502 (35) 2,467 to December 31, 2016 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 - - 2,761 - - - 2,761 - 2,761 subordinated notes Payments on perpetual - - (126) - - - (126) - (126) subordinated notes Other operations with - - (58) - - - (58) (49) (107) non-controlling interests 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 - - (142) - - - (142) - (142) subordinated notes Other operations with - - (7) - - - (7) 7 - non-controlling interests 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) 2ndquarter 2017 Exploration & Gas, Renewables & Power 42,735 Marketing & Services Corporate Intercompany Total (M$) Production Non-Group sales 2,068 2,671 17,347 17,831 (2) - 39,915 Intersegment sales 5,118 274 6,016 169 90 (11,667) - Excise taxes - - (680) (4,753) - - (5,433) Revenues from sales 7,186 2,945 22,683 13,247 88 (11,667) 34,482 Operating expenses (3,547) (2,857) (21,918) (12,729) (319) 11,667 (29,703)
Depreciation, (2,344) (40) (245) (158) (11) - (2,798) depletion and impairment of tangible assets and mineral interests Operating income 1,295 48 520 360 (242) - 1,981 Equity in net income 487 13 148 258 (6) - 900 (loss) of affiliates and other items Tax on net operating (512) (24) (142) (123) 214 - (587) income Net operating income 1,270 37 526 495 (34) - 2,294 Net cost of net debt (267) Non-controlling 10 interests Net income - 2,037 group share 2ndquarter Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total 2017 Production (adjustments)(a) (M$) Non-Group sales - (27) - - - - (27) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - (27) - - - - (27) Operating expenses (117) (25) (411) (80) (64) - (697) Depreciation, (15) 1 - - - - (14) depletion and impairment of tangible assets and mineral interests Operating income(b) (132) (51) (411) (80) (64) - (738) Equity in net income (4) (16) (53) 121 - - 48 (loss) of affiliates and other items Tax on net operating 47 9 129 21 22 - 228 income Net operating (89) (58) (335) 62 (42) - (462) income(b) Net cost of net debt (7) Non-controlling 32 interests Net income - (437) group share (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 - - (270) (45) - income 2ndquarter 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (adjusted) Production (M$) (a) Non-Group sales 2,068 2,698 17,347 17,831 (2) - 39,942 Intersegment sales 5,118 274 6,016 169 90 (11,667) - Excise taxes - - (680) (4,753) - - (5,433) Revenues from sales 7,186 2,972 22,683 13,247 88 (11,667) 34,509 Operating expenses (3,430) (2,832) (21,507) (12,649) (255) 11,667 (29,006) Depreciation, (2,329) (41) (245) (158) (11) - (2,784) depletion and impairment of tangible assets and mineral interests Adjusted operating 1,427 99 931 440 (178) - 2,719 income Equity in net income 491 29 201 137 (6) - 852 (loss) of affiliates and other items Tax on net operating (559) (33) (271) (144) 192 - (815) income Adjusted net 1,359 95 861 433 8 - 2,756 operating income Net cost of net debt (260) Non-controlling (22) interests Adjusted net income 2,474 - group share Adjusted 0.97 fully-diluted earnings per share ($) (a) Except for earnings per share. 2ndquarter 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Production Total expenditures 3,448 77 401 258 21 - 4,205 Total divestments 132 23 20 182 3 - 360 Cash flow from 2,504 (114) 1,972 229 49 - 4,640 operating activities BUSINESS SEGMENT INFORMATION TOTAL (unaudited) 1stquarter 2017 Exploration & Gas, Renewables & Power 42,735 Marketing & Services Corporate Intercompany Total (M$) Production 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, (4,068) (72) (287) (144) (8) - (4,579) depletion and impairment of tangible assets and mineral interests Operating income (104) (35) 1,054 374 (125) - 1,164 Equity in net income 190 (45) 2,453 30 22 - 2,650 (loss) of affiliates and other items Tax on net operating (439) (37) (356) (108) 171 - (769) income Net operating income (353) (117) 3,151 296 68 - 3,045 Net cost of net debt (266) Non-controlling 70 interests Net income - 2,849 group share 1stquarter Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total 2017 Production (adjustments)(a) (M$) Non-Group sales - - - - - - - Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - - - - - - - Operating expenses - (89) 57 (15) - - (47) Depreciation, (1,854) (26) (50) - - - (1,930) depletion and impairment of tangible assets and mineral interests Operating income(b) (1,854) (115) 7 (15) - - (1,977)
Equity in net income (210) (63) 2,209 5 - - 1,941 (loss) of affiliates and other items Tax on net operating 329 - (88) 5 - - 246 income Net operating (1,735) (178) 2,128 (5) - - 210 income(b) Net cost of net debt (7) Non-controlling 88 interests Net income - 291 group share (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect On operating income - - 83 (15) - On net operating - - 58 (5) - income 1stquarter 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (adjusted) Production (M$) (a) 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, (2,214) (46) (237) (144) (8) - (2,649) depletion and impairment of tangible assets and mineral interests Adjusted operating 1,750 80 1,047 389 (125) - 3,141 income Equity in net income 400 18 244 25 22 - 709 (loss) of affiliates and other items Tax on net operating (768) (37) (268) (113) 171 - (1,015) income Adjusted net 1,382 61 1,023 301 68 - 2,835 operating income Net cost of net debt (259) Non-controlling (18) interests Adjusted net income 2,558 - group share Adjusted 1.01 fully-diluted earnings per share ($) (a) Except for earnings per share. 1stquarter 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Production Total expenditures 2,636 315 266 439 22 - 3,678 Total divestments 113 4 2,740 36 5 - 2,898 Cash flow from 2,496 125 1,765 313 2 - 4,701 operating activities BUSINESS SEGMENT INFORMATION TOTAL (unaudited) 2ndquarter 2016 Exploration & Gas, Renewables & Power 42,735 Marketing & Services Corporate Intercompany Total (M$) Production Non-Group sales 1,822 1,914 16,567 16,913 (1) - 37,215 Intersegment sales 4,340 194 5,540 208 81 (10,363) - Excise taxes - - (924) (4,580) - - (5,504) Revenues from sales 6,162 2,108 21,183 12,541 80 (10,363) 31,711 Operating expenses (3,692) (2,078) (19,523) (11,768) (292) 10,363 (26,990) Depreciation, (2,529) (34) (246) (151) (8) - (2,968) depletion and impairment of tangible assets and mineral interests Operating income (59) (4) 1,414 622 (220) - 1,753 Equity in net income 543 63 210 47 98 - 961 (loss) of affiliates and other items Tax on net operating 202 (21) (378) (190) (10) - (397) income Net operating income 686 38 1,246 479 (132) - 2,317 Net cost of net debt (199) Non-controlling (30) interests Net income - 2,088 group share 2ndquarter Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total 2016 Production (adjustments)(a) (M$) Non-Group sales - (6) - - - - (6) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - (6) - - - - (6) Operating expenses (358) - 449 110 - - 201 Depreciation, (200) - - - - - (200) depletion and impairment of tangible assets and mineral interests Operating income(b) (558) (6) 449 110 - - (5) Equity in net income - - (76) (13) - - (89) (loss) of affiliates and other items Tax on net operating 201 1 (145) (38) - - 19 income Net operating (357) (5) 228 59 - - (75) income(b) Net cost of net debt (5) Non-controlling (6) interests Net income - (86) group share (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 - - 331 84 - income 2ndquarter 2016 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (adjusted) Production (M$) (a) Non-Group sales 1,822 1,920 16,567 16,913 (1) - 37,221 Intersegment sales 4,340 194 5,540 208 81 (10,363) - Excise taxes - - (924) (4,580) - - (5,504) Revenues from sales 6,162 2,114 21,183 12,541 80 (10,363) 31,717 Operating expenses (3,334) (2,078) (19,972) (11,878) (292) 10,363 (27,191) Depreciation, (2,329) (34) (246) (151) (8) - (2,768) depletion and impairment of tangible assets and mineral interests
Adjusted operating 499 2 965 512 (220) - 1,758 income Equity in net income 543 63 286 60 98 - 1,050 (loss) of affiliates and other items Tax on net operating 1 (22) (233) (152) (10) - (416) income Adjusted net 1,043 43 1,018 420 (132) - 2,392 operating income Net cost of net debt (194) Non-controlling (24) interests Adjusted net income 2,174 - group share Adjusted 0.90 fully-diluted earnings per share ($) (a) Except for earnings per share. 2ndquarter 2016 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Production Total expenditures 3,533 95 480 251 207 - 4,566 Total divestments 446 6 23 294 4 - 773 Cash flow from 595 111 1,561 261 354 - 2,882 operating activities BUSINESS SEGMENT INFORMATION TOTAL (unaudited) 1sthalf 2017 Exploration & Gas, Renewables & Power 42,735 Marketing & Services Corporate Intercompany Total (M$) Production 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, (6,412) (112) (532) (302) (19) - (7,377) depletion and impairment of tangible assets and mineral interests Operating income 1,191 13 1,574 734 (367) - 3,145 Equity in net income 677 (32) 2,601 288 16 - 3,550 (loss) of affiliates and other items Tax on net operating (951) (61) (498) (231) 385 - (1,356) income Net operating income 917 (80) 3,677 791 34 - 5,339 Net cost of net debt (533) Non-controlling 80 interests Net income - 4,886 group share 1sthalf Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total 2017 Production (adjustments)(a) (M$) Non-Group sales - (27) - - - - (27) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - (27) - - - - (27) Operating expenses (117) (114) (354) (95) (64) - (744) Depreciation, (1,869) (25) (50) - - - (1,944) depletion and impairment of tangible assets and mineral interests Operating income(b) (1,986) (166) (404) (95) (64) - (2,715) Equity in net income (214) (79) 2,156 126 - - 1,989 (loss) of affiliates and other items Tax on net operating 376 9 41 26 22 - 474 income Net operating (1,824) (236) 1,793 57 (42) - (252) income(b) Net cost of net debt - - - - - - (14) Non-controlling - - - - - - 120 interests Net income - - - - - - - (146) group share (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect On operating income - - (289) (69) - On net operating - - (212) (50) - income 1sthalf 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (adjusted) Production (M$) (a) 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, (4,543) (87) (482) (302) (19) - (5,433) depletion and impairment of tangible assets and mineral interests Adjusted operating 3,177 179 1,978 829 (303) - 5,860 income Equity in net income 891 47 445 162 16 - 1,561 (loss) of affiliates and other items Tax on net operating (1,327) (70) (539) (257) 363 - (1,830) income Adjusted net 2,741 156 1,884 734 76 - 5,591 operating income Net cost of net debt (519) Non-controlling (40) interests Adjusted net income 5,032 - group share Adjusted 1.98 fully-diluted earnings per share ($) (a) Except for earnings per share. 1sthalf 2017 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Production Total expenditures 6,084 392 667 697 43 - 7,883 Total divestments 245 27 2,760 218 8 - 3,258 Cash flow from 5,000 11 3,737 542 51 - 9,341 operating activities BUSINESS SEGMENT INFORMATION TOTAL (unaudited) 1sthalf 2016 Exploration & Gas, Renewables & Power 42,735 Marketing & Services Corporate Intercompany Total (M$) Production Non-Group sales 3,711 3,939 30,505 31,899 2 - 70,056 Intersegment sales 7,718 420 9,688 340 151 (18,317) -
Excise taxes - - (1,885) (8,938) - - (10,823) Revenues from sales 11,429 4,359 38,308 23,301 153 (18,317) 59,233 Operating expenses (6,999) (4,392) (35,305) (22,068) (512) 18,317 (50,959) Depreciation, (4,775) (62) (499) (296) (16) - (5,648) depletion and impairment of tangible assets and mineral interests Operating income (345) (95) 2,504 937 (375) - 2,626 Equity in net income 1,170 114 389 51 201 - 1,925 (loss) of affiliates and other items Tax on net operating 515 (16) (655) (275) 28 - (403) income Net operating income 1,340 3 2,238 713 (146) - 4,148 Net cost of net debt (409) Non-controlling (45) interests Net income - 3,694 group share 1sthalf Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total 2016 Production (adjustments)(a) (M$) Non-Group sales - (132) - - - - (132) Intersegment sales - - - - - - - Excise taxes - - - - - - - Revenues from sales - (132) - - - - (132) Operating expenses (691) - 242 33 - - (416) Depreciation, (200) - - - - - (200) depletion and impairment of tangible assets and mineral interests Operating income(b) (891) (132) 242 33 - - (748) Equity in net income 329 (8) (77) (21) - - 223 (loss) of affiliates and other items Tax on net operating 473 27 (75) (8) - - 417 income Net operating (89) (113) 90 4 - - (108) income(b) Net cost of net debt (11) Non-controlling 3 interests Net income - (116) group share (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 - - 198 34 - income 1sthalf 2016 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (adjusted) Production (M$) (a) Non-Group sales 3,711 4,071 30,505 31,899 2 - 70,188 Intersegment sales 7,718 420 9,688 340 151 (18,317) - Excise taxes - - (1,885) (8,938) - - (10,823) Revenues from sales 11,429 4,491 38,308 23,301 153 (18,317) 59,365 Operating expenses (6,308) (4,392) (35,547) (22,101) (512) 18,317 (50,543) Depreciation, (4,575) (62) (499) (296) (16) - (5,448) depletion and impairment of tangible assets and mineral interests Adjusted operating 546 37 2,262 904 (375) - 3,374 income Equity in net income 841 122 466 72 201 - 1,702 (loss) of affiliates and other items Tax on net operating 42 (43) (580) (267) 28 - (820) income Adjusted net 1,429 116 2,148 709 (146) - 4,256 operating income Net cost of net debt (398) Non-controlling (48) interests Adjusted net income 3,810 - group share Adjusted 1.58 fully-diluted earnings per share ($) (a) Except for earnings per share. 1sthalf 2016 Exploration & Gas, Renewables & Power Refining & Chemicals Marketing & Services Corporate Intercompany Total (M$) Production Total expenditures 7,768 242 741 502 221 - 9,474 Total divestments 1,264 104 52 330 8 - 1,758 Cash flow from 2,696 (218) 1,142 841 302 - 4,763 operating activities Reconciliation of the information by business segment with consolidated financial statements TOTAL (unaudited) 2ndquarter 2017 Adjusted Adjustments(a) 31-Dec-16 (M$) Sales 39,942 (27) 39,915 Excise taxes (5,433) - (5,433) Revenues from sales 34,509 (27) 34,482 Purchases, net of inventory (22,939) (459) (23,398) variation Other operating expenses (5,868) (238) (6,106) Exploration costs (199) - (199) Depreciation, depletion (2,784) (14) (2,798) and impairment of tangible assets and mineral interests Other income 206 364 570 Other expense (58) (48) (106) Financial interest on debt (338) (7) (345) Financial income and expense (37) - (37) from cash & cash equivalents Cost of net debt (375) (7) (382) Other financial income 285 - 285 Other financial expense (159) - (159) Equity in net income 578 (268) 310 (loss) of affiliates 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. 2ndquarter 2016 Adjusted Adjustments(a) Consolidated statement of income (M$) Sales 37,221 (6) 37,215 Excise taxes (5,504) - (5,504) Revenues from sales 31,717 (6) 31,711 Purchases, net of inventory (21,130) 582 (20,548) variation Other operating expenses (5,875) (31) (5,906) Exploration costs (186) (350) (536) (a)Adjustments include (2,768) (200) (2,968) special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect Other income 172 - 172 Other expense (65) (68) (133) Financial interest on debt (262) (5) (267) Financial income and expense 1 - 1 from cash & cash equivalents Cost of net debt (261) (5) (266) Other financial income 312 - 312 Other financial expense (166) - (166) Equity in net income 797 (21) 776 (loss) of affiliates Income taxes (349) 19 (330)
Consolidated net income 2,198 (80) 2,118 Group share 2,174 (86) 2,088 Non-controlling interests 24 6 30 (a)Adjustments include special items, inventory valuation effect and the effect of changes in fair value. Reconciliation of the information by business segment with consolidated financial statements TOTAL (unaudited) 1sthalf 2017 Adjusted Adjustments(a) 31-Dec-16 (M$) Sales 81,125 (27) 81,098 Excise taxes (10,523) - (10,523) Revenues from sales 70,602 (27) 70,575 Purchases, net of inventory (46,929) (456) (47,385) variation Other operating expenses (11,984) (288) (12,272) Exploration costs (396) - (396) Depreciation, depletion (5,433) (1,944) (7,377) and impairment of tangible assets and mineral interests Other income 314 2,581 2,895 Other expense (116) (281) (397) Financial interest on debt (662) (14) (676) Financial income and expense (48) - (48) from cash & cash equivalents Cost of net debt (710) (14) (724) Other financial income 513 - 513 Other financial expense (319) - (319) Equity in net income 1,169 (311) 858 (loss) of affiliates 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. 1sthalf 2016 Adjusted Adjustments(a) Consolidated statement of income (M$) Sales 70,188 (132) 70,056 Excise taxes (10,823) - (10,823) Revenues from sales 59,365 (132) 59,233 Purchases, net of inventory (38,487) 300 (38,187) variation Other operating expenses (11,676) (366) (12,042) Exploration costs (380) (350) (730) (a)Adjustments include (5,448) (200) (5,648) special items, inventory valuation effect and the effect of changes in fair value. (b) Of which inventory valuation effect Other income 343 329 672 Other expense (119) (84) (203) Financial interest on debt (530) (11) (541) Financial income and expense 11 - 11 from cash & cash equivalents Cost of net debt (519) (11) (530) Other financial income 503 - 503 Other financial expense (321) - (321) Equity in net income 1,296 (22) 1,274 (loss) of affiliates 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.
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
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